Sundial of world news

The subject is no longer taboo. According to information of the German weekly Der Spiegel revealed this Sunday, German Finance Minister Wolfgang Schäuble would seriously consider bankruptcy of Athens, which could result in a departure from the country of the euro. While this information was then "denied by Germany," according to the Greek Finance Minister Evangelos Venizelos, it comes as markets are increasingly skeptical about a rescue of Greece, whose economy continues to worse. To this must be added the recent publications of economists, who now publish the "fictions" about the abandonment of the euro in Athens.

Natixis economist Patrick Artus has decrypted this scenario in an analysis published Monday.Taking into account the levels of debt, public deficits and outside Greece, he felt that Athens should depreciate its currency by 55% to balance its accounts. For now, the country will wipe a deep recession "for the next 18 months." It is characterized by a drop in growth and "a sharp decline in purchasing power" due to inflation, a consequence of the devaluation ("with a surge in import prices by about 30%" ) and monetization of public debt as the deficit persists. Similarly, the bank UBS in a note published evoked early September at a cost of 9,500 to 11,500 euros per person the first year of a release of the European currency.

A scenario "imaginable" and "sustainable"

According to Patrick Artus, this bad patch should then be completed at the end of "two or three years," with a resumption of growth.But for Europe, the bill would be salty, since leaving the euro, Greece should convert its debt in its new currency. Which would cost banks and institutional investors in the euro area some 166 billion euros, according to the devaluation held by Natixis.

An output of the euro remains of Athens "imaginable" and "sustainable", argues Patrick Artus. However, "[he] would not attempt the coup," he insists, for fear that the markets get the idea that other countries in difficulty, in turn, leave the single currency. With online focus, Italy and Spain (under perfusion of the ECB through a program to purchase obligation), the output of the euro is, this time, "not at all imaginable, "given the size of their economies.

Public expenditure or fiscal austerity?

For the economist, only a policy of renewed growth in Greece would head out of the water."We must stop this hard to Athens on the reduction of the deficit, he loses his temper. We are killing the country. Instead of giving him three years to reduce its deficit, which gives him six, and that helps companies to find the path of growth and competitiveness. "

A view shared by economist Nouriel Roubini, calling to reactivate the lever of public spending on pain of falling into a "Great Depression". Tance but Jürgen Stark, the former chief economist of the ECB, for whom "a fiscal stimulus would only increase the level of debt and would therefore only increase those risks further." Whatever decision the euro area, it will in all cases act quickly to prevent the "taboo" from turning into disasters scenarios.

Deezer has won a round in the standoff between the site of listening to music online in the first world producer of music, Universal Music. For several months, Deezer available on their website from the stable of artists Universal, Lady Gaga, Justin Bieber, … Rihanna – without renewing his contract with the record company. The reason? Anxious to push users to pay for music, Universal Music wants to listen to a repeat title is limited to five, beyond what digital music lovers will have to pay. Stress too important to Deezer, which peaked in June, listening to music on the overall site to five hours per month.

Failing agreement, Universal Music France has turned to justice. For the subsidiary of Vivendi, Deezer is guilty of infringement. On Monday, the judge of the Tribunal de Grande Instance of Paris has decided otherwise and dismissed Universal.For justice, Deezer has "sufficiently established in the interim stage the possibility that the company Universal Music France has committed an abuse of dominant position which has the effect of depriving the bans based on the copyright it claims ". Thus, the court allows Deezer, which Orange is a shareholder at 11%, to continue to operate free catalog of Staff … "In conditions that were not accepted by Universal," Vivendi's subsidiary storm, with Deezer attack now on the bottom.

Find a deal

"This decision clearly express the idea that we have several models on the French market for it to grow, said Axel Dauchez his part, Director General of Deezer. Furthermore, it can not be any different solutions for each producer. "Satisfied with the decision of the court, he readily admits that the Universal catalog is "essential to the existence of Deezer" and he'll have to reach an agreement. A fortiori Deezer while preparing its international expansion. In 2012, France could be less than half the income of the start-up. It opened an office in England and is expected to announce the launch of its service in the coming days. The French experience is not foreign. In addition to tickets sold in packages Orange (1.1 million), claiming in effect Deezer 100,000 subscriptions sold directly from that listening is limited to 5 hours per month. "With success, it is logical that we seek to replicate it abroad," said Axel Dauchez.

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The U.S. stock markets may well wake up so brutally that they fell asleep. Shortly before their opening on Tuesday, the markets were indeed approached up slightly after the day gleaned 0.34% for the Dow and 0.15% for the Nasdaq. The index futures Standard & Poor's 500 and Nasdaq 100 rose by 1.66% to 1141.90 points and 2076.50 points to 1.50%. The Dow Jones was waiting for his part in an initial advance of 1.41% to 11,000 points.

New home sales for the month of July in the United States are known to 16 hours. They are expected at 310,000 according to a consensus of analysts against 312,000 previously. This will be the only macroeconomic indicator on the agenda Tuesday.If others will be announced in the coming days, investor caution, but market volatility, however, should remain in force throughout the week until Friday.

That day, in fact, speak the chairman of the Federal Reserve, Ben Bernanke. Speculation is rife, some still hoping that it will decide a third monetary easing to support the U.S. economy. Will also be unveiled for the second estimate of U.S. GDP for the second quarter.

Banks and investment funds turbulent agitated

As for values, it will be interesting to see if the securities of the banking sector managed to recover. The meeting this Monday night has been very rough in New York, the indices have again been a roller coaster free 3-in-1 credit report.If technology stocks have bounced back, supported by investors looking for bargains, banks have suffered greatly, however. These are the titles of the financial sector that weighed most heavily on the DJIA. Bank of America has yielded 7.9% on rumors of capital increases.

News is expanded on the side of investment funds. The investment fund Cerberus and its partner Chatham Lodging Trust and have informed the United States real estate company Innkeepers Trust (Marriott franchise) they did not buy the walls of 64 of its hotels in the United States. The transaction, amounting to $ 1.1 billion, was announced in May.

The investment fund Jana Partners in New York and the pension fund Ontario Teachers Pension Plan, shareholders of the publisher McGraw-Hill, for their part, state recommend a separation of the group.The two investors, who had announced in early August have acquired a total of 5.2% of the capital, advocated in a paper presented to the authority of the U.S. equity markets (SEC) that the group split its divisions Education, Information and Media and stock index Standard & Poor's.

Finally, on the front of mergers over the world stock markets, the Committee on Foreign Investment in the United States (CFIUS) approved on Tuesday the merger of NYSE Euronext and Deutsche Börse, which should give birth to the first exchange operator world.

The ACOSS, the umbrella organization responsible for collecting Urssaf social security contributions from businesses, released its annual report. The balance sheet shows a 10% increase in the amounts recovered through adjustments made during the year 2010. More than one billion euros (1.023 billion) have been recovered from the companies.

Black labor, professional fees undeclared exemptions from incorrect, contribution rates are the cause erroneous adjustments. Pierre Burban, president of ACOSS, questioned by the quotidienLes Echos, is however clear that this increase does not mean that companies have defrauded more. "If amounts are recovered record to fund Social Security is that the controls are more effective," says he.

Undeclared work is the priority

Last year, the 1550 inspectors and 220 inspectors have examined past 43 billion euros in contributions, a total of more than 260 companies were inspected milliards.37.000. The organization's priority is the fight against undeclared work. This resulted in adjustments of 185 million euros, or 42% more than in 2009, and three times more than five years ago payday loan. In this mission, the Urssaf are supported by the Labour Inspectorate, the tax authorities, police, gendarmerie and customs. And since 2009, the tools available to collectors contributions have expanded. The Urssaf can now cancel enjoyed exemptions from a company caught in the act of undeclared work. They can also apply standard adjustments.An arsenal that has helped raise 39 million euros in 2010.

In addition to the black, the adjustments involved in the errors and abuses of exemptions on low wages overwhelmingly, but also overtime, in the free zones. In almost half of cases, adjustments are made for the company … because the annual report also states that 214 million euros of overpayment were made to businesses.

According to the report, the amount of adjustments should continue to grow in 2011. The Urssaf have indeed received instructions from the Ministry of Labour: at least 190 million euros this year will be recovered only for adjustments related to illegal work.

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Carrefour and its major shareholders still have progress to make to master the subtleties of samba. The merger of the Brazilian subsidiary of global distributor with the second casino, Grupo Pao de Acucar (GPA), is abandoned.

Scaffold for months in the back of its local partner Casino Abilio Diniz (President and owner of 21% of GPA), with the support of BNDES, the Brazilian equivalent of the Deposit, the project would have allowed Crossroads take control of all activities involving the two Brazilian groups. The company, known as Pao de Acucar Novo, would have made 30 billion euros in sales and held 32.3% of the local market, against 11.1% for the U.S. WalMart.

Las.The latter, entered the capital of the retailer in March 2007, when the action was worth 53 euros, have increased the project, or attempted to bounce the stock price, which dropped by half since: sale of Brazilian and Chinese subsidiaries , public offerings of real estate branch, split Dia. In vain.

Brazil lost the battle has also cast a cruel light on the performance of Carrefour in the country, its first growth opportunities ahead of China payday advance lender. Abilio Diniz revealed that the operating profitability of Carrefour Brazil was 1%, seven times less than that of GPA. Casino and pointed the loss of market share of hypermarkets in Brazil, for the benefit of supermarkets and convenience stores.If its chain of wholesale stores Atacadao is a success, Carrefour, local leader, sees its hypermarkets suffer against those of Extra, a subsidiary of ABM.

Overconfidence

After 550 million of provisions recorded by Carrefour last year as a result of accounting fraud at its Brazilian subsidiary, the latter saw his image tarnished again. The withdrawal of the BNDES also shows that Carrefour had underestimated the political power relations in Brazil, or too trusted Abilio Diniz …

If new proposed combination with GPA must be submitted to the board of Carrefour in the coming months, it would still be opposed to casino, and no political support in Brazil. This time, the independent directors of Carrefour might well make their voices heard.

This time, the Fininvest will have to pay. The court sentenced him on Saturday appealed the group owned by Silvio Berlusconi to pay 560 million euros in the CIR group, owned by Carlo de Benedetti. The judges of the Court of Appeal of Milan have found that control of the publisher Mondadori, obtained in 1991 by Fininvest, to the detriment of the EIF through a favorable court decision, was made possible by the corruption of judge and lawyers involved. In 2007, the Criminal Justice had issued a similar notice, including the judge sentenced Vottorio Metta was stationed in nearly three years in prison.

On appeal, the Milan judges, however, reduced the magnitude of the financial penalty, determined in the first instance to 750 million euros.Unlike 2007, the decision will also be immediately enforceable: Fininvest will address 560 million euros in damages without waiting for the trial to the Supreme Court that the group should seek. "Our lawyers are already beginning to study the complaint," has indeed responded Marina Berlusconi, the eldest daughter of the Head of Government and president of Fininvest. This assesses the amount of the penalty "to double the participation of Fininvest in Mondadori."

Electoral setback and legal troubles

The Cavaliere had nevertheless worked hard to save the payment of such penalty to the group. Approaching the verdict, he did not hesitate to try to vote by Parliament an amendment to the Civil Code suspending sanctions in excess of 20 million euros on appeal, until the final decision of the court of Cassation.A measure to be adopted in the Bill ratifying the austerity plan. Faced with the outcry in the opinion of this measure, the Cavaliere has this week backed down.

This decision is more bad news for the chairman, who combines political defeats in recent months and legal troubles. Also implicated in the "Rubygate" Silvio Berlusconi suffered a severe mid-June electoral setback. The Italians have indeed overwhelmingly (over 94%) rejected four bills proposed by his government and put to a referendum: one devoted to the construction of new nuclear power stations, one on the privatization of water management by municipalities, and two providing legal immunity of ministers and the chairman of the board. Silvio Berlusconi, who announced Friday he would not stand in 2013, probably did not finish with the law.

Here are the planned changes on 1 July 2011.

• Retirement

The law on pension reform, enacted November 10, 2010 after a long parliamentary battle will come into effect on Friday. The legal age will gradually increase from 60 to 62, with four more months per year. The first people affected are those born after 1 July 1951.The age of the full rate – that is to say that from which an employee receives a full pension even though he has not contributed enough quarter (165 quarters forward) – is raised gradually from 65 to 67 between 2016 to 2023.

By persons possessing a degree of permanent disability of at least 20% and, after notice of a multidisciplinary committee, those possessing a degree of permanent disability between 10 and 20% are still able to go to 60 years.

• SMIC

The minimum wage was last adjusted on 1 January will not be automatically upgraded in July. The rise in prices which reached 2% since last revaluation of the minimum wage – could lead to an increase in August the minimum wage indexed to inflation.Prime Minister François Fillon has also been clarified that no additional boost would be granted.

• Unemployment benefits

Unemployment benefits will be revalued by 1.5% from 1 July, decided Thursday Unédic or at a rate lower price developments and the minimum wage increase of 1.6% occurred at the beginning of years. "The debate was very long to the Board of UNEDIC" consisting of representatives of employers and employee organizations, which manage all unemployment insurance, said the president of UNEDIC, Gaby Bonnand at a press conference.

• Transport

– SNCF: the prices of train tickets will increase by an average of 2.5%. This increase will, as every year, uneven tickets. It will range from 10 cents to 2.70 euros by destination.The price discount cards remains unchanged.

– RATP Navigo Pass packages will increase by 2.7%, except for Zone 5. Zone 6 is removed and merged with the 5, which will mechanically decrease by 11% the price paid by its users, reduced from 123.60 to 109.90 euros for a monthly fee. In detail: the monthly zone 1 and 2 increased from 60.40 euros to 62 euros (+2.6%). That of zones 1 to 3 passes to 80.30 euros (+2.7%), and that of zones 1 to 4 to 98.10 euros (+2.7%). The single ticket remains unchanged at 1.70 euro.

The bus fare increases to 1.90 euro (+5.5%), while the book of 10 tickets will increase to 12.5 euros (+4.2%).

• Energy

– Electricity: Household bill increases of 2.9%.The industries and large companies take 4.4 to 4.9% according to the rate at which they are submitted.

– Gas: gas rates for individuals do not change, but those businesses increased by 3.2%.

• E

La Poste has announced that the price of postage for mailings of letters under 20 grams would rise by two cents, from 0.58 to 0.60 cents.

• Mobile Phone

The price of mobile communications passed from another European country down. It will now cost 42 cents per minute against 47 before. Subscribers operators in metropolitan departments and overseas subscribers Dom operators in mainland France also benefit from lower rates.

• Environment

A thousand everyday products will be subject to an experimental display decided at the Grenelle Environment Forum.Packaging will be accompanied by a statement indicating their carbon footprint and their impact on biodiversity, water, etc..

• Bank

A summary of bank charges (basket of services, payment systems, operational occurrences, agios) will now be on the monthly bank statements, which also display the ceiling of the overdraft.

• Pets

The electronic chip designed to identify the pet becomes mandatory for all animals that will travel outside French territory.

(With agencies)

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Renault is working to revive its sales in Europe in 2012. The automaker, whose image was tarnished by the case of false intelligence to launch a "flurry" of new products next year on the old continent, said La Tribune.

Starting with the renovation of smaller models. The group of diamond brand and will revamp its Twingo "with a front face far more original," says the group business daily. No time to breathe, the group will then present its model for electric car Zoe in March 2012 at the Geneva Motor Show prior to the market at a price of 15,000 euros from August 2012.

Then, the Clio IV will land on the market. The aim is to produce 450,000 Clio IV year, said La Tribune bad credit pay day loans. The vehicle will be produced in Bursa in Turkey but also Flins, near Paris. The new Clio will replace the previous ones.

New Dacia

On the Dacia brand, the group plans to launch a "compact van." Then the manufacturer will present models of renewed Logan and Sandero. These vehicles will be sold under the Renault brand outside Europe and Africa.

In the longer term, in 2014, new small city car produced in conjunction with Smart (Daimler) will emerge. Twingo a third version, and a smart four-seater will be produced on a single platform based in Slovenia. The year 2014 should be the revival of high-end vehicles.

With one of the highest birth rate in the European Union, the French threw every year a million diapers that end up buried or incinerated. Further pollution to which a pilot project, called "Happy Nappy" ("happy coat" in English), seeks to end. Conducted by SITA, a subsidiary of Suez Environnement, the program has evaluated the recyclability of liners for babies and adults. Conclusion: they can be recycled to 90%.

This program of 340,000 euros, 40% funded by the Agency for Environment and Energy Management (ADEME), spread over more than two years. After grinding the layers and their separate components, the program evaluated the energy recovery potential of each subject.Based on the work of the team, which make up plastics from 10 to 20% of the layers are recyclable, as are the fibers (10-20%) and feces and urine (50-70%). Only superabsorbent polymers (5-10%) remain unresolved recycling. Upon arrival, a "triple value" with energy production, compost and recycled materials. Research is being conducted in other countries but "the idea of ​​the triple value is unique," says Laurent Galtier, project manager.

Final stage of the program: a solution to the residual organic matter from anaerobic digestion: they could be valued in agriculture. "It remains to perform tests on the agricultural sector in line with the Ecole Nationale Superieure Agronomique de Toulouse (ENSAT)," says Laurent Galtier.

"In a nursery, the act of sorting is done"

How to collect, then the used diapers? "Initially, we are interested in nurseries and nursing homes," said Laurent Galtier who visited both types of institutions and who claims to have met an "immediate acceptance" of his project. "In the nursery, the act of sorting is done," says he: the babies are, in fact, changed in the same place and layer thrown into the same bin.

The recycling plant layers could settle near a water treatment plant, to use the treated water discharged by the station and to enjoy the digester already present. "These are two very important points of synergy that could cause the project's success," said Laurent Galtier.

Concerned, diaper manufacturers have contacted the team.According to Laurent Galtier, a possible collaboration could include the development of plastic components and superabsorbent polymers. They "could be a future pilot project," says Laurent Galtier elsewhere.

The economic viability of the project "Happy Nappy" will be evaluated by the end of the year. Its director, however, provides that there is "no industrial process before 2013 at best."

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Most renewed the attack on the RSA. On the eve of the opening of the convention on the theme of social justice organized by the presidential party tomorrow, Wednesday, June 8, Jean-Francois Cope, secretary general of the UMP, exhibited in an interview with the daily La Voix du North's proposals for certain recipients of income solidarité active (RSA) work "between five and ten hours per week serving the community of residence." In Le Parisien, Aujourd'hui en France, his deputy, Marc-Philippe Daubresse, which promotes these same proposals.

"About a third of the 1.15 million households that receive the old RMI are not able to work without heavy social support. But for the others we'll be offered a social utility paid five to ten hours per week, in communities or integration structures, "he says.In case of refusal, "the RSA may be reduced on a declining basis," said deputy general secretary.

Keeping the philosophy of law Hirsch

"Laurent Wauquiez has asked good questions," says he with reference to the controversy raised in mid-May by the Minister of European Affairs on the "excesses of the assistantship. Marc-Philippe Daubresse former Minister of Solidarity nevertheless believes that active-Laurent Wauquiez who wanted to impose hours of social service, did not provide "necessarily the right answers for those who know the complex workings of the RSA low interest personal loan.

He said the crisis has eased the innovative principle of active solidarity revenue, created to allow anyone who works to earn more than doing nothing, and he wants to add a second component.This new proposal he said the answers "to questions by Laurent Wauquiez, while keeping the philosophy of law Hirsch.

Create one-stop shops

Marc-Philippe Daubresse also wants to create one-stop and check that one department to another, that households whose situation is similar enjoy the same rights. The monthly business-RSA today paid quarterly, is also considered.In order to track social security fraud, the UMP also wants to implement a automatic reporting of income by Urssaf the family allowance funds.

These proposals were laborées at the request of President Chirac who, while saying that RSA is "a major social advance of this five-year", said it was perfect.

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