European markets opened up after the appointment of Mario Monti to form the new Italian government and the cabinet formation Papademos in Greece, which offers fresh hope for a gradual improvement on the forehead of the debt crisis in the area euro.
The government of technocrats being developed in Rome and the national unity cabinet was sworn in Athens are expected to regain some confidence to investors.
"The fact that Italy and Greece have avoided the political vacuum is a good thing. The question is whether the governments of national unity will work", says Katsunori Kitakura of Chuo Mitsui Trust Bank in Tokyo.
The Eurostoxx 50 0.63% progressed to twenty minutes after the start of trade.In Paris the CAC 40 gained 0.58% to 3167.52 points while the Milan stock exchange rebounded 2.1%.
Among banking stocks exposed to Italy and Greece, Credit Agricole, BNP Paribas and Societe Generale rose 2.25%, respectively, 3.66% and 2.12%. UniCredit took 4.42%.
Caution should however be in order before the first real test that will, in the morning, the award of three billion euros of five-year bonds by the Italian Treasury.
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 stock exchanges of Paris, Frankfurt and London have opened up Friday, after falling the previous day as investors hope for feeding a step towards resolving the debt crisis. In Paris the CAC 40 index advanced 0.8% shortly after the opening.
The European banking sector shows some of the strongest performances, gaining 2.4%.
"Investors remain optimistic about a favorable outcome to the debt crisis in Europe.Markets are driven by the hope that the leaders agree on 23 October a viable solution to turn the EFSF, recapitalize the banks and save Greece (…) European leaders could announce release a sum of 940 billion euros to fight against the crisis "Saxo Bank in a note.
At the request of Paris and Berlin, an additional peak in the euro area will probably be held next Wednesday to not only agree on how to maximize the firepower of the European Financial Stability Fund (EFSF), one of the expected by the market to combat the crisis, but also review the new plan to rescue Greece.
The Tokyo Stock Exchange ended down slightly from 0.04%.Title Olympus closed on a new fall of 6.81%, yielding about 50% of its value since October 13.
The euro turned down against the dollar and the price of U.S. light crude continues to rise.
Countries of the European Union agreed Thursday to recapitalize their banks to the tune of 100 billion euros but profound differences between Paris and Berlin on how to reform the fund to support the euro area led them to re- postpone the most important decisions.
This Friday is held an extraordinary meeting of European finance ministers for the summit on 23 October.
The budget deficit widened further in Greece in September due to a recession driven by austerity measures, in spite of new tax measures that were supposed to increase revenue.
The budget deficit increased by 15% annually, to 19.16 billion euros over the period from January to September, show statistics from the Ministry of Finance released Wednesday.
In September, Athens increased VAT on catering to 23% and began collecting a special tax of 1% to 5% on gross revenues.
However, tax revenues fell by 4.2% over the nine months January to September, after falling 5.3% over a period of eight months.
The European Central Bank has not changed interest rates on Thursday, the rise in inflation last month having won on expectations of lower rates in response to the deepening crisis in the euro area.
The refinancing rate remains at 1.5%, the deposit facility rate to 0.75% and the marginal lending rate to 2.25%.These rates have not budged since 7 July, when all three were found a quarter of a point.
President Jean-Claude Trichet will give his final at 12:30 GMT news conference before handing over to the end of Mario Draghi.
The markets are wondering if a possible break leave for the ECB to lower rates anyway by the end of the year or if it will announce the resumption of bidding Long.
According to a report published Wednesday, parallel trade in cigarettes leads to a shortfall of 2.7 billion euros a year for public finances. About 50% of that traffic comes from cross-border shopping. About 30% of parallel trade in contraband cigarettes comes from the
Parallel trade in cigarettes poisons public finances. Less than a month after the plan to fight against this phenomenon announced by Valérie Pécresse, three MPs filed Wednesday in the Finance Committee of the National Assembly, a report detailed information on "the tax consequences of illicit sales of tobacco. " And the result makes you cough. Details.
A loss of 2.7 billion euros in state
The shortfall in the accounts of the state is estimated at 2.7 billion euros each year.The report states that 20% of sales of tobacco are outside the formal network, made up of 28,000 tobacconists state-controlled. The deputies focused their attention on two types of trade: sales outside formal network but legal (cross-border shopping, duty free …), and the illegal (smuggling, counterfeiting, Internet purchases, etc.).. The first 15% of total cigarette sales, the other 5%. Untaxed, these two forms of traffic respectively deprive France of nearly 2 billion euros in tax revenues for one and 800 million for the other.
The exception rolling tobacco
The report also draws attention to the more favorable taxation of rolling tobacco. This product is a substitute for cigarettes when their prices rise.The consumption of rolling tobacco is in fact the only increase (9% between 2004 and 2010) and continues to pull up the turnover of manufacturers (16.6 billion euros in 2010, + 27% since 2000).
And also the tax side, the economic consequences are "devastating" the report said. No fewer than 5,000 tobacconists have closed since 2002 in France. The border departments undergo the phenomenon of head-on, sales were down 52% in volume from 2002 to 2010. By way of explanation, the report points including "differences in prices and taxes" in Europe. In the Hexagon, cigarettes cost between 60 cents and 3.30 euros more than in all neighboring countries. And it's not over: 17 October, the prices of packages will grow by 6%. Even if it does not explain everything, the total tax applied to tobacco products is one of the main causes.In France, it is one of the most aggressive in Europe, representing over 80% of the original price.
Cross-border cigarette smuggling accounts for 50% of parallel trade
This environment encourages such cross-border purchases, depressing the French tobacconists. Such traffic is 50% of informal trade of cigarettes, according to professionals. "These purchases are legal. The French government authorizes, for now, consumers to return five packets of foreign countries. But they are expensive to the state. And we must not delude ourselves. Many do not meet the threshold legal, "says the rapporteur Thierry Lazaro, UMP deputy from the North.
To stop it, Members recommend to first "convergence of prices of tobacco with the neighboring states," including by simplifying tax, but also by setting the initial prices in consultation with the countries concerned.The report also urges governments to implement the price increases coming in a measured and steady in the Cancer Plan 2009-2013. The idea is to avoid sharp rises and irregular.
Finally, against the advice of the Government, Members reiterated the importance of maintaining the limit of purchases of cigarettes abroad in five packages. The European Commission recently sued France to the European Court of Justice to prevent the free movement of goods. It calls for the removal of the threshold of five packets. If France and sentenced, the threshold will be deleted, or it will be fined. "Tobacco is not a commodity like any other. It is harmful and addictive. We must insist and keep this limit. Regardless of the European Commission", insists the rapporteur Jean-Marie Binetruy, UMP Doubs.
Haro on smuggling and the danger of counterfeiting
Smuggling (30%) and Internet purchases (20%), a process banned in France, representing nearly all the rest of the parallel trade. Vendors buy illegal cigarettes at low cost abroad, then sell them in France, in the street or on the Internet for example. The report is also concerned about the increasing number of cigarettes made by manufacturers in countries neighboring the EU that do not meet its standards, but also end on the French market. "Smuggling is dangerous for the economy but also for health. There are many counterfeit, especially from Eastern Europe. These cigarettes often contain anything," warned Thierry Lazaro.
The report calls for the launch of an information campaign about the dangers of counterfeiting, backed by the government and tobacconists.Should then increase the traceability of packets to trace the supply chains and where cigarettes are manufactured. MEPs recommend, finally, hardening and improving the judicial arsenal, for the training of magistrates instructions and rulings, as well as the ability to give justice to disable a suspect website time to investigation.
He who led the PS group in the Senate for seven years was elected by his peers Saturday President of the Upper House of Parliament. He promises to respect the opposition. Jean-Pierre Bel, an elected Ariège, 59, was elected on October 1 by his peers first socialist president in the history of the Senate.
Jean-Pierre Bel, an elected Ariège, 59, previously unknown to the general public, was elected the first Saturday in October by his peers first socialist president in the history of the Senate and became the same time the second character of the Republic. President of the Socialist Group in the Senate since 2004, he burst onto the front of the stage with the unusual shift to the left of the second chamber of Parliament during the renewal Senate last Sunday.Candidate of the new Senate majority PS, PCF, PRG, EELV, he was elected on the first ballot by 179 votes against 134 votes for President outgoing UMP Gérard Larcher, and 29 votes for the former Secretary of State François Fillon, Valérie Létard, centrist candidate. Jean-Pierre Bel got seven votes more than the absolute majority of votes cast in the individual and secret vote in the gallery.
After receiving félications Gerard Larcher, Jean-Pierre Bel delivered his first address as president. "We also heard the deep anger" of the territories of the Republic "for" have been stigmatized, disoriented, perhaps abandoned their face immense difficulties, "he said. He announced the meeting" soon "to States General of elected officials.'s voice choked with emotion, he paid tribute to his family, and communist resistance, and its southwestern region."We will not go into some sort of bastion," "I'll never be there to serve a clan or a Customer: I want always to turn to the collective interest," promised the sixth President of the Senate since the beginning of the Fifth Republic. He called for a "refurbished bicameralism in which the opposition will be respected." It could well be left to the right as President of the Committee on Finance.
François Rebsamen likely chairman of the PS in the Senate
The first task the new president will also get on with the new governance of the Senate, a site not easy given the narrowness of his majority, 177 elected, two more than the majority. No political group will not hold its own. He expressed support for lowering the threshold for the creation of groups of 15 to 10 senators, as claimed by the 10 senators EELV.This may allow the RDSE (mostly PRG), which had 16 members to survive the departure of its three senators on the right, including Jean-Marie Bockel (GM), who joined the centrist group. It will also order of battle group PS with a new president should be the senator and mayor of Dijon, François Rebsamen.
Prime Minister Francois Fillon has asked "to meet him at Matignon in the coming days." During their telephone conversation, Mr Fillon told him "that he wished the government and the Supreme Assembly to work in a climate of responsibility." Martine Aubry welcomed her as a "great day" for the Republic and "victory rally" of all those "who want to change in our country."For the Mayor of Lille, "the election of a Socialist President shows the frustration of elected officials in the field who are tired of being despised by the outgoing President and see every day our Republic a little damaged." François Hollande, a favorite of the primary PS, said he was also "happy" with the election of his "friend" to the presidency of the Senate, seeing "the consecration of the story of a man who gave a portion of his life to activism. "
The trial of Michael Jackson's doctor will soon bring the light of the circumstances of the death of the King of Pop. It is also an opportunity to revelations gains post-mortem of the star and use. Michael Jackson has reported nearly 400 million since his death June 25, 2009.
Two years and three months after his death, Michael Jackson continues to be talked about. The trial of the doctor opens Tuesday in Los Angeles. Conrad Murray is accused of manslaughter for having administered a powerful anesthetic June 25, 2009. But the trial is also an opportunity to shed light on the business post-mortem of Michael Jackson.
A hoard of 400 million
According to a report filed with the court a few days ago by the two executors of Michael Jackson, John Branca and John McLain, the gains of the singer since his death amounted to $ 310 million.And again, this sum is it terminated in December 2010. "Since then, commercial sales have continued to report additional income," specify the executor without giving the amount. According to Forbes, his total income would be close in fact $ 400 million, after the commercial success of his posthumous album "Michael" (3 million records) and sales of the DVD "This is it."
The singer's productions are not the only source of income. The catalog of songs owned by the company and Sony Jackson, valued at $ 1.5 billion, would yield each year between 50 and 100 million to two companies.It includes a half-million songs including 250 Beatles songs, titles of Bob Dylan, and Elvis Presley.
A fortune used to offset debts
The financial windfall of the singer in particular was used to pay the huge debts accumulated by Michael Jackson. And there were many. The Wall Street Journal has even mentioned the $ 500 million in the aftermath of his death, but this was not confirmed. He owed money to "tens of debtors," said the report simply the executors. Of the total 310 million won, "159 million was spent to pay the debts, maintenance of children and to cover funeral costs," Forbes understands.Canadian newspaper The Winnipeg Free Press said that some of the debt has been mopped but some creditors are still demanding their money.
Jackson claims his family heritage
Part of the remaining amount will soon return to the family of the singer. According to the document, John Branca and John McClain, the heirs have requested the release of $ 30 million. This amount will be divided between the mother of Michael Jackson, Katherine, and three children of the singer, Paris, Prince and Michael Joseph Junior, custody of their grandmother since the death of the artist. Another part will be allocated to charities, but the text does not mention who they are or how much will be allocated. In addition, the document states that $ 30 million will be only the beginning, other unlocks should come later.
The text adds that Katherine Jackson would sell the family home in Encino Hayvenhurst. It has not yet been estimated but it was worth $ 4.15 million in 2010. The family should take a much higher price, after making many renovations inside. The judge in the case must approve such requests on Wednesday.
Jackson brand: a bottomless pit?
The revenues of the star continue to benefit from the huge wave of nostalgia that has gripped the world after his death June 25, 2009. U.S. magazine Billboard have estimated the first anniversary of his death that the singer had reported $ 1 billion of revenue to the various cultural actors in the sale of CDs, movies, ringtones by phone, or even video games …
The effects on sales, however, should stabilize in the coming years, says Forbes.But nothing to worry about the Jackson family. According to the calculations of the magazine, the singer's earnings could be between 75 and 100 million dollars a year. Enough to leave Paris, and Prince Michael Joseph Junior freedom from want for a few years …
The Strategic Investment Fund (ISF) announced Tuesday it had invested 4.1 billion euros in French companies since its launch in 2008.
These sums have been invested in the form of direct interests in companies to the tune of 2.8 billion euros and 1.3 billion through sector funds like the Fund to modernize the automotive (FMEA) for the sector or InnoBio Biotech.
These investments correspond to a cruising speed of 1.7 billion euros a year, yet indicated the ISP.
With 20 billion euros in capital, the sovereign fund "French" was launched in late 2008 crisis to invest capital in companies deemed strategic and promising growth.
It is 51% owned by Caisse des Depots and 49% by the French State. If the two shareholders have yet to bring him 3 billion euros in cash, an amount of 1.5 billion euros has been allocated as a long-term loan from the savings fund, which manages funds A. Booklet
In particular, the ISP back to the capital of French companies such as STMicroelectronics, Vallourec, Soitec and Gemalto.
The insurance group Axa said Thursday that improved results in the first half it was validated hopes on its new strategic plan, a set of goals by 2015 to regain favor with investors.
The main parameters of AXA Financial in the first half is better than expected.
Operating income up 10% to 2.222 billion euros, earnings increased 9% to 2.393 billion euros and net income is multiplied by more than 4 to 3,999,000,000 euros thanks to disposals made by the group.
The consensus made by the editor of Reuters on the basis of forecasts of nine analysts showed an average of 2.187 billion euros operating profit 2.275 billion to 3.588 billion and adjusted earnings to net income.
Axa has also highlighted the progress of the new business margin in life insurance, savings, retirement has increased from 21% to 26%, and improvement of 3.8 points in its combined ratio to 99.2% for demonstrate recovery.
If the insurer has depreciated by 92 million euros for Greece in the first half, its low exposure to the country has enabled him – unlike other big financial stocks like Societe Generale – to avoid significant losses .
TRACK
"The results of the first half showed that we are on track to achieve the objectives in our strategic plan AXA Ambition," he said in a statement the CEO Henri de Castries.
If the markets initially welcomed the strategic plan presented in June 2015, the share price has suffered, like the sector, the crisis of sovereign debt in the euro area.
Plan Axa several objectives such as to generate 24 billion cumulative operating cash flow available from 2011 to 2015 and 15% ratio of return on equity.
Axa has also redeployed some of its capital to emerging markets and reduce its costs in mature markets.
This strategy resulted in 2010 by selling a portion of its business life insurance in the UK and the acquisition of the Asian operations of the Australian subsidiary AXA APH. The sale of the Canadian subsidiary announced last June is also in the process.
The AXA ordinary share has slightly outperformed the industry in 2011 with a decline of 3.37% since the beginning of the year against a withdrawal of 7.87% for the European insurance.