The draft law imposing a tax on financial transactions will concern only companies headquartered in France and whose market capitalization exceeds one billion euros, according to BFM radio-TV business, which publishes the text Monday.  

The project, to be presented Wednesday by the Cabinet, applies to "acquisition" of securities "issued by a company whose headquarters is located in France and whose market capitalization exceeds one billion euros in the first January of the taxation year ", according to this document.

It is therefore a levy of 0.1% on the exchange of shares and credit default swaps (CDS) called "naked", these financial derivatives intended to act as insurance to bondholders but are accused of promoting speculation on sovereign debt.

One hundred companies concerned

Currently, more than one hundred companies listed on the Paris Stock Exchange exceeds the market valuation. The high-frequency trading, suspected of serving speculation and based on discussions conducted a nanosecond, by computer, will also be affected by this law.  

But order cancellations or order changes will, however, lower taxes beyond a certain threshold. "Since the rate of cancellation or change orders within the scope of this tax exceeds a threshold, on a trading day, the tax amounts to 0.01% of the amount of orders canceled or changed beyond this threshold, "the statement said.

The document states that "the threshold is set by decree" but "can not be less than two-thirds of orders addressed and can be modulated depending on the size of balance sheet of the operators concerned." This tax would generate a billion euros a year will be applied from 1 August, stated the head of state Nicolas Sarkozy announcing its establishment.

Berlin has been sold for 3.644 billion euros in loans to ten years against 6 billion expected, so that the Bundesbank, the German central bank, had to buy the remaining 39% to avoid failure of the operation.

The very low yields offered by the Bund have dampened the appetite of investors, already concerned about the cost that will impose on Germany a spiral of debt crisis in Europe.

"This is a complete disaster, absolute," said Marc Oswald, strategist Monument Securities in London.

The sustainable palm oil seems increasingly preferred to curb deforestation, according to the World Wide Fund for Nature (WWF). But the efforts of the major European manufacturers and retail chains involved are still too slow, said Tuesday the NGO. In a study of 132 European companies, WWF estimates that nearly a distributor of two and a manufacturer in five does not meet the charter of the Roundtable for Sustainable Palm Oil (RSPO), an association created in 2004 bringing together producers, industry and NGOs worldwide.Indonesia and Malaysia produce between them about 80% of world production of palm oil product with multiple uses (cosmetics, food, bio-fuels).

In a note which had been prepared for the G20 summit held in Cannes last week, but was not published until Friday, the Fund believes that the recovery of advanced economies patina.

"Paralysis and inconsistency have exacerbated the uncertainty, loss of confidence and increased tension of the financial market," he diagnosed.

The most advanced countries should urgently propose program medium-term fiscal consolidation credible and further reform the financial sector, while the emerging edge must accelerate the appreciation of their currencies, he said.

In particular, the IMF observes, there is "considerable uncertainty" about how to achieve fiscal sustainability in the United States, Japan and some countries in the euro area.

Around 4:05 p.m. GMT, group, owner of the trademarks Corn Flakes, Frosted Flakes and Rice Krispies, lost 7.00% to 50.25 dollars while the S & P 500 advanced 1.04%.

In 2010, the company had to recall millions of boxes of Froot Loops, and other cereal brands, due to suspicious odor.

She reached the third quarter net earnings of $ 290 million (211 million) or $ 0.80 per share, against 338 million ($ 0.90 / share) a year ago.

The composite indicator of consumer confidence stood at 82, up two points from September.

The 17 economists and analysts polled by Reuters on average expected a figure of 79 and the most pessimistic estimates gave it to 78.

Fell to 77 in October 2008, the barometer of consumer sentiment had risen to 91 in early 2010.It evolves from September 2007 below its historical average of 100.

"The opinion of households on their personal financial situation, past and future progress: the corresponding balances each earn two points and households are also more likely in September to consider as appropriate to make major purchases" (3 points), INSEE said in a statement.

"Households feel the time is more favorable than in September to save. After the sharp drop in the summer (-8 points between July and September), the corresponding balance increased by 2 points," said INSEE.

In October, households are also less likely to anticipate an increase in unemployment.This indicator loses 12 points after a sharp rise this summer (23 points between July and September).

The INSEE survey is conducted each month (except August) by telephone from approximately 2000 households.

The announcement comes as pressure intensifies on European banks to increase their own funds.

In a document addressed to the regulators, the largest bank in the euro area states want to increase its capital by about $ 1.5 billion in Santander Consumer States.

The transaction values ​​Santander Consumer United States to four billion dollars, according to estimates by the bank.

Last month, its chief executive Alfredo Saenz was, however, said the bank did not plan to raise equity.

The consortium Sponsor Auto Finance Holdings Series subscribe to the capital increase up to a billion dollars and Dundon DFS up to $ 150 million.

Santander will retain a majority share of 65% in Santander Consumer United States after the operation, Sponsor Series Auto Finance Holdings will own 25% and 10% DFS Dundon.

The consumer credit in the United States is one of the most profitable activities of Santander, analysts said, and generated a net profit of $ 455 million in 2010.

Around 8:45 GMT, taking 2.73%, outperforming the IBEX simultaneously up 1.13%. The Stoxx Europe 600 bank and earned 2.02%.

Including applications made by creative entrepreneurs of the self-reported basis, 41,697 companies were created last month, a figure up 7.5% from July, which was the worst month for a year and a half.

Excluding self-entrepreneurs, the increase reached 27.8% from one month to another, with 23,174 CVS-CJO creations.

The last three months, the cumulative number of start-ups fell by 9.1% over the previous period last year."The sectors that contribute most to this decline are supporting business and trade," INSEE said in a statement.

At 12 months, lower start-ups is 10.0%.

"It's absolutely crucial to consolidate and strengthen the quality and credibility of the Italian strategy, and its solvency," he said, holding out the promise from Silvio Berlusconi, who committed last month to fill the gap budget by 2013.

The ECB, which has bought Italian bonds again undermined in recent days to try and halt the increase in performance, appears more and more pressing with respect to Rome.

Jean-Claude Trichet, speaking to the press in Cernobbio, Lombardy, had made a similar appeal the day before in the columns of the financial daily Il Sole 24 Ore.

The revision of the austerity plan, adopted in haste last month to reassure financial markets about the soundness of public accounts, the subject of intense negotiations that concern partners in Italy.

The government has given up a "solidarity tax" for the highest incomes and lowered the sacrifices required of local authorities.

Wednesday, the team of Silvio Berlusconi has also given up trying to push back the retirement age by not taking into account more years in higher education or military service.

These changes have cut plan 4-6000000000 savings, but the lack of detail prevents experts to assess whether the measures adopted will be sufficient to reduce the state budget in balance in 2013.Originally, it provided 45.5 billion euros in savings.

Stressing also the urgency of the situation, Italian President Giorgio Napolitano expressed regret that no government will be committed to reducing public debt that now threatens to spiral out of control.

"We hesitated to tackle decisively and consistently to constraints due to the enormous burden of debt that could have been eased and broken," he said at a conference in Cernobbio.

The French economy stagnated in the second quarter according to the first estimate published Friday by INSEE.This cons-performance compromise in the eyes of many economists, the goal of a 2% growth this year.

For 2012, the government table at the moment of an increase of 2.25% of gross domestic product (GDP).

"It is likely that it will revise downwards the growth," admitted one source close to the president quoted by Les Echos.

The meeting scheduled for Tuesday between Nicolas Sarkozy and Prime Minister François Fillon will be the source, including dedicated to "define the quantum of savings" in these necessary conditions for holding the objective of reducing the deficit to 4.6 % of GDP in 2012, after 5.7% expected this year.

Nicolas Sarkozy is to receive in the afternoon, German Chancellor Angela Merkel to discuss the debt crisis and financial pressures in the euro area.

The Minister of Economy, Baroin, and his colleague in the Budget, Valérie Pécresse, must present Wednesday to president and head of government proposals for new savings and trade-offs on the new budgetary measures are expected on 24 August.