China must wait for Europe proposes a plan to end the crisis of sovereign debt feasible prior to contribute, said Friday an adviser to the People's Bank of China (COPD) but stressed that Beijing should have " some controls "on the use of funds provided.
China will study with other emerging countries, namely Brazil, Russia, India and South Africa possible initiatives to help Europe overcome the crisis of sovereign debt, said Li Daokui , a member of the Monetary Policy Committee of the Chinese central bank, speaking at a conference in Beijing.
"If we make money (the Europeans), we need some controls. We can not say we give you the money you spend as you wish.It's not fair that you keep a lavish lifestyle, "said Li told reporters.
The European Union is the largest trading partner of China and Li provides a limited contraction of the Chinese trade surplus this year to 150-160 billion yuan.
"For Europe, we can not just watch what happens and do not help," he added.
Li Daokui said that the figure of $ 100 billion to buy European sovereign debt and the media have given it was only a "theoretical figure."
Li warned that the growth of China's GDP to slow to 8.5% in 2012 from 9.2% expected in 2012, adding that China should maintain its current economic policy throughout the next year.
The revolt of the Greek people is all governments in Europe under pressure "and" this is only the beginning of a process, "he hoped.
François Bernacchi, vice president of Attac Country of Avignon, estimated that Mr. Papandreou shows "the example it is possible to have a democratic consultation." This event marked the beginning of a "people's summit" because of panel discussions and organized until Thursday in Nice, in response to the G20 Summit this weekend in Cannes, whose center is completed by strict safety device, 30 miles away.
Five arrests
In the morning, three Spaniards claiming a movement "anarcho-punk" and in possession of axes, and two Belgians equipped with steel balls, were arrested in Nice. The first three appear in court Wednesday, the two Belgians were released.
The activity in the private sector in France shrank in October for the first time since mid-2009, according to first estimates released Monday by Markit PMI, which indicate a risk of recession.
The PMI "flash" composite fell to 46.8 from 50.2 in September, falling below 50 which separates growth and contraction and reaching its lowest level in 29 months.
The services index goes well below this bar to 46.0 from 51.5 in September, reaching its lowest level in 27 months.
The PMI industry has, however, rose slightly to 49.0 from 48.2 in September, the activity still continues to contract.
Economists polled by Reuters on average expected the services index and an index to 50.5 from 48.0 in the industry.
"The economy went into decline early in the fourth quarter," said Jack Kennedy, economist at Markit. "Clearly, the impact of the European crisis on the real economy hits hard, demand and confidence were affected."
"At these levels, the PMI figures imply a quarterly contraction of around 0.5-0.6% sensitive," he says. "A recession may be coming unless we see a quick turnaround," said he.
Flash PMIs are calculated on the basis of about 85% of the responses of the sample followed by Markit, composed of 750 companies in services and manufacturing.
The resident of Calvados in September which won the sum of 162 million euros in the Euro Millions became known to the French Games. He was thinking of "investing in the French economy." If the Euro Millions grid costs two euros across Europe, certain terms of games vary from one country to another.
The winner of the jackpot of 162,256,622 euros in the Euro Millions draw of 13 September, which had approved the ballot in Calvados, became known to the French Games (FDJ) and received his check, said Thursday morning the JDF in a statement.
This player, who wishes to remain anonymous, has the highest gains in French Euro Millions and all-time record earnings in a money game in France.He "thinks about investing in the French economy", or to real estate projects adds the JDF without elaborating, at the request of the player, on the date of payment or the locality where the Calvados has been validated winning newsletter . {P}
Manchester United football club's most successful in England, received the green light from the Singapore Stock Exchange for an IPO representing one billion dollars (722 million), told Reuters two sources familiar with the operation.
With the amount so raised, the club held by the U.S. Glazer family since 2005, wants to reduce a debt of nearly $ 500 million, the cost has weighed on its books in recent years.
Of 2009-2010, Manchester United has posted a record operating profit of 101 million pounds (115 million), but the level of net income, the loss was 84 million pounds due to the cost of debt.
By choosing a listing in Asia, the club hopes to increase the already very important, its supporters in the region.
Of the 330 million Manchester United fans worldwide, two thirds live in Asia.
By drawing a name as famous as that of Manchester United, Premier League title, the Singapore Exchange makes a killing in the race for IPOs brought to Hong Kong.
This leads, however, because the ball has become a destination for major international brands such as luxury goods group Prada and cosmetics manufacturer L'Occitane.
Preference Shares
The placing on the market including Manchester United should be made through the issuance of preference shares do not offer voting rights to the Glazer family does not lose control of the club, the sources said.
The choice of preference shares, which are attached a higher dividend than ordinary shares, has been criticized by investors as well as fans, they have always denied the presence of the Glazer family to head the club.
The Glazer, the club also own the Tampa Bay Buccaneers American football in the U.S., are accused by supporters to have high debt Manchester United in their takeover of the club, thus limiting its ability to recruit players.
Drasdo Duncan, general manager of "trust" supporters of Manchester United, told Reuters that the degree of control of a majority shareholder was likely to be a source of concern for minority investors seeking a return on acceptable investment.
Experts in corporate governance have criticized the Singapore Stock Exchange for allowing a form of IPO minimizing the influence of new shareholders.
Manchester United spent the last week to tour the major Asian institutional investors, including sovereign wealth fund Temasek in Singapore, according to sources.
Job creation in the private sector in the United States were below expectations in August, according to the results of the monthly ADP released Wednesday.
It was created 91,000 jobs in August, while the market was expecting 100,000.
The number of jobs created in July was revised down to 109,000, against 114,000 in the first estimate.
ADP Employer Services survey, conducted in partnership with Macroeconomic Advisers LLC, is considered a leading indicator of monthly statistics on employment figures which are expected on Friday.
Economists polled by Reuters anticipate 75,000 new posts in the private and the public, but outside the agricultural sector after 117,000 in July.
The CEO of Publicis, Maurice Lévy, the French hope that the richest pay an outstanding contribution to participate in the national effort to reduce the deficit. The CEO of the advertising group Publicis, Maurice, in December 2010.
The President of the French Association of Private Enterprises (Afep), Maurice Levy, said he favored a "outstanding contribution" of the highest incomes to reduce the budget deficit of France, in an article in Le Monde newspaper published Tuesday. Calling for an "outstanding contribution of the richest, most privileged, the wealthy," the CEO of Publicis, considers "essential for the solidarity effort begins with those whom fate has preserved."This recommendation echoes that of billionaire investor Warren Buffett, who on Monday called on U.S. lawmakers to raise taxes for the wealthy to reduce the huge budget deficit of the United States.
In its platform, Maurice Levy says will include "all those who can by their means necessary to participate in this national effort" and not just CEOs. The government intends to introduce a windfall tax from 1% to 2% on income tax reference than one million euros. The device will be stopped by the end of September.
To achieve the reduction of public deficit, the president of the Afep also stresses that it is necessary "to cut as much spending as planing or remove tax loopholes."Other measures that advance figure "a deep reform of our administrative structures and social systems", without further details. "This is to bring the deficit to zero and to reduce the tax burden to bring them to the European average," he adds.
About the golden rule of balancing the budget, he "regrets" that it "is not universally supported by all political" because "it is in the future of our country." This "golden rule" is planning to include in the Constitution the principle of "framework laws to balance public finances," who plan on at least three fiscal efforts that France must provide to restate its accounts.This constitutional reform remains to be adopted by a majority of three fifths by the deputies and senators met in Congress at Versailles, while the opposition, denouncing a communication operation of the government, refused to vote.
The Societe Generale shares ended Thursday on a rebound of almost 4%, with most other financial stocks after the French heavy fall the previous day.
Extreme nervousness prevailed throughout the session as investors fearing a scarcity of financial resources available in the European banking system.
Banks borrowed more than 4 billion euros, its highest since mid-May, the European Central Bank under the Credit Facility to one day of the ECB, which is higher than others.
French banking stocks, after being divided down in the late morning, have all ended in the green.
Societe Generale, which had plunged nearly 15% Wednesday, closed on an increase of 3.7% to 23.00 euros, Credit Agricole of 5.14% to 6.385 euros.
Affected by exposure to Italy, BNP Paribas has completed the session on a more limited increase of 0.31% to 35.72 euros.
The European banking index on the other hand finished up 3.9%, particularly driven by the rebound in banking stocks Italian and British.
Asia banking sources have told Reuters that Asian bank had cut its credit lines to large French banks and five other institutions in the region were currently reviewing their credit.
European leaders multiply contacts under pressure from the markets that call for radical action to halt the spiral of debt crisis.
With the drop in world stock markets Friday, a rapid intervention of political authorities is necessary for a return to calm financial community destabilized by the possibility of a relapse of the U.S. economy and the expansion of the debt crisis in the euro area.
After two weeks of continuous decline, the streets of Paris, Rome, Madrid and Lisbon fell to their levels of more than two years.
Thursday, investors did not appreciate that the ECB has not bought the Spanish and Italian paper as part of the relaunch of its bond purchase program, limited to the State debt Irish and Portuguese even though the performance of Spanish and Italian securities exceeded 6%.
After Greece, Ireland and Portugal, investors fear that it is now the turn of Italy and Spain, third and fourth economies in the euro area, have to seek a rescue.
According to sources close to the situation Friday, the European Central Bank is ready to redeem Italian and Spanish bonds if the Italian Prime Minister Silvio Berlusconi is committed to implement fiscal reforms accurate.
Silvio Berlusconi, who called the day the Spanish Prime Minister Jose Luis Zapatero and European Council President Herman Van Rompuy, was to hold a press conference at 1700 GMT.
President Nicolas Sarkozy was in turn confer by telephone with German Chancellor Angela Merkel and José Luis Rodriguez Zapatero.The head of the French state, while France chairs the G20 would also continue discussions begun the day with ECB President Jean-Claude Trichet.
China and Japan, the two largest foreign creditors of the United States, called for international cooperation, joined by the European Union.
"The international policy coordination across the G7 and the G20 is crucial," said European Commissioner for Economic and Monetary Affairs Olli Rehn, who interrupted his vacation to return to Brussels where he held a press conference .
He has announced that the European Commission will present a report after the summer on the idea of common obligations to the euro area ("Eurobonds") and long-term opportunities for infrastructure in the euro area.
Olli Rehn would also discuss the situation with the United Kingdom, which is not part of the euro area suffers heavily from the excitement of the markets. He had to meet with the Chancellor of the Exchequer George Osborne and the Governor of the Bank of England, according to a British Treasury.
Business in France dangerously slow. For Michael Meunier, president of the Young Business Leaders, if labor costs do not fall, the French economy is doomed to slow growth and a high unemployment rate. Activity indicators in France turn red. Are you worried?
Yes of course, especially as the slowdown is confirmed in all sectors, from manufacturing to services. And the coming months promise to be just as difficult. In business, negotiations with suppliers but also with customers are increasingly strained. And duration of contracts was divided by three. Order books are empty and businesses no longer have any visibility. Fortunately, since the crisis, they are heavily debt-free. Remains today, they burned their cash, their access to credit is still difficult.And without cash, they will postpone their capital projects and hiring. However in the medium term, if SMEs do not invest, France is doomed to a very low growth rate and a high unemployment rate. For it must be remembered that small and medium-sized enterprises represent 60% of GDP, 63% of total employment and are now causing 85% of new posts.
France has more and more difficult to create growth. How do you explain it?
Mainly because the labor costs are too high. France, with 873 billion euros of tax burden, is Europe's number one and number five in the world. It is urgent to reduce the tax burden of companies to restore competitiveness. Today we walk on the head. We built a system of levies that punctures priority work.Social security costs 21% of our GDP and is mainly financed by payroll taxes on labor. And it is the companies that fund family policy. Results for many companies, payroll accounts for 80% of their turnover. How do you invest and create growth! CJD in that we are fighting for the cost of labor is at the heart of the presidential campaign.