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After the state budget, MPs are looking at the Social Security budget for 2012. Objective: To reduce the deficit by more than four billion euros. Some proposed measures to achieve this will give rise to heated debates. The Palais Bourbon.

Members look from this Tuesday the draft budget law for 2012 Social Security (PLFSS). The 2012 budget for a deficit Safely down 25% from 2011, to 13.9 billion euros. The improvement is mainly on account of the austerity plan announced in late August 11 billion by François Fillon.This plan includes an increase in payroll taxes on capital income, a rise in prices of tobacco and alcohol, and especially the doubling (from 3.5 to 7%) Tax on Contracts for Health "solidarity and accountable "for complementary health.

The measure, passed in September during the 2011 supplementary budget and expected to bring $ 1.1 billion in 2012, is widely criticized. It should indeed lead to higher rates of 4.7% on average in 2012, according to the French Mutuality who also warned of a "major risk" to access to care of the population. To appease critics, including relayed by the Socialist deputies, the government passed last week in committee an amendment raising the income ceiling to qualify for assistance from the state to acquire a complementary health.Currently, only 532,000 people benefit from "health check" as two million are potentially eligible.

Another tax has already been much talked about: the tax on sodas. The terms of this new beverage tax added sugar formed during the debate on the draft 2012 budget law a bone of contention between MPs and the government. The first wish to also apply to beverages with sweeteners in order to double the revenue, while the latter can be influenced by lobbying from Coca-Cola refused to tax all sodas, on behalf of the fight against obesity. Finally, the Assembly voted two taxes: one on the sugar added to soft drinks (two cents per can) and on drinks containing artificial sweeteners.Manufacturers of sweeteners and the National Union of soft drinks were outraged.

Right and left opposed to lower sickness benefits

Among the steps that are to vote, that reforming the calculation of compensation for the disease is probably the most criticized by the left but also from the right. The government has decided by decree, applicable from 1 January 2012, the per diem currently 50% of gross salary would increase to 60% of net wages. A key, 220 million of additional revenue for health insurance. Seven million French are concerned, first 30% of employees without a contract contingency.This measure would reduce from 40 euros per month for an employee paid at minimum wage and 85 euros for a frame.

There is no doubt that MPs from all sides – including the UMP president of the Committee on Social Affairs, Pierre Mehaignerie, and the General Rapporteur of the Social Security budget, the UMP-Yves Bur, who unsuccessfully opposed the measure in committee, will return to the load session. Especially since they have already voted, in committee, a compensation: submit to payroll benefits of breach of employment contract if they exceed twice the maximum Social Security, or 73,000 euros.

For another battle: the project promoted by the budget minister, Valérie Pécresse, to submit to the CSG compensation for parental leave.MEPs decided in committee and unanimously not to retain the provision that the expected return is 140 million. But the government could push through. Finally, an amendment tabled today by the UMP deputy Philippe Meunierne, co-signed by 67 deputies, should also lead to heated clashes between the majority and the opposition. This is the book Solidarity allowance for the elderly (minimum age) only to "French, European and foreign nationals who fought for France".

This allocation – 742.27 euros per month for a single person and 1181.77 euros per month for a couple-cost 612 million euros a year. In the statement of reasons for the amendment, argued that Philip Meunierne of 70,930 recipients, 22,803 are foreign nationals outside the European Economic Area.The deputy of the Rhône amounts to "more than 200 million" euros savings resulting from the adoption of the amendment.

Theolia is now ready to consider acquisitions of wind farms with actors who would experience financial difficulties, said Friday its general manager, Fady Khallouf.

Operations could be done at reasonable prices given the current economic environment, said in an interview with Reuters the owner of the French specialist in wind, on the brink of bankruptcy in 2010 and during recovery.

"A number of actors have tried to develop parks and reaches a certain point, but are weakened by the current economic climate.We have the ability to take over projects and to accelerate, "said Fady Khallouf.

"There are a number of new opportunities from the current crisis (…) We look at a number of topics, it can be small things or things more consistent."

The uncertainties surrounding global economic conditions even strengthen the group's strategy.

"When there are economic difficulties and a number of concerns, both in terms of energy, environmental or financial, I see them as opportunities for us," said Fady Khallouf.

"The fundamentals are stubborn"

"The fundamentals are stubborn. In Europe, production capacity and an older (…) we will have to invest.Whichever way you look at the production, there will be an increase in electricity prices.From there, the wind can no longer be considered a subsidized activity but to be sufficiently close to the market price trend, "said Fady also Khallouf.

"Instead of pretending not to see and panic in a few years, I think all actors – authorities, industrial and financial – have an incentive to engage in reasoned dialogue (…), even if the energy renewables will not displace completely the traditional means."

Fady Khallouf further indicated that his group was about to welcome a new partner in the investment vehicle Theolia Utilities Investment Company (tuica), he has established with the Swiss electrician IWB Industrielle Werke Basel (IWB) to finance wind projects in France, Germany and Italy.

"We are finalizing the entry of a new actor of the same size qu'IWB (…). It is a 'utility' Europe is the 'cross-boarder", he said, considering a deal "imminent".

"This vehicle is intended to go perhaps in other European countries as opportunities (…).It has been so successful that I am asked by various stakeholders who wish to enter, "said Fady Khallouf, which emphasizes, however, at first a round of stabilization and effective launch of its business.

POSSIBLE INCOME IN 2013

Tuica, for producers and distributors of electricity, will have 100 million of capital invested and may use project finance, with the aim to invest over 300 million euros.

Held so far to 70% and 30% Theolia IWB, it will acquire wind projects with the French group, which will ensure the development, construction and operation of the life of the parks and collect a fee for each of these benefits.

Theolia has been profitable than in a single year, in 2010, the mechanical effect of the capital increase, but could generate a net profit in 2013 if the crisis does not delay some of its projects said Fady Khallouf.

"As and when we succeed in achieving the goals I set, we will also have the ability to attract more investors and in that time, the question will arise whether to increase capital or not, or some other scheme that could be to expand the investment vehicle, "he said.

"It will not arise in 2012, we have sufficient cash resources and a very healthy."

The Slovak government resigned and the main opposition party agreed Wednesday to support a strengthening of the European Financial Stability Fund (EFSF) on the occasion of a new parliamentary vote by Friday.

The leaders of three of the four parties in the coalition government met with the leader of Smer, following the rejection by members of the EFSF reform and the resignation of the government of Iveta Radicova, which was liable the vote.

Of the 17 Member States of the euro area, only Slovakia has not yet ratified the plan that strengthens the powers of the EFSF to fight against the debt crisis.The green light 17 is required for its entry into force.

The Smer, which supports the EFSF in principle, abstained from the vote, causing the development of minority government. A new vote in Parliament to be held by no later than Friday, said the leaders of the majority party, the Slovak Democratic and Christian Union (SDKU), and Smer, Robert Fico and Mikulas Dzurinda.

"We decided that during the parliamentary session (Thursday), we will work on a proposal to shorten the election period to conduct an election on March 10.Immediately after, tomorrow or Friday, we will discuss proposals related to EFSF, "said Mikulas Dzunrinda, who was foreign minister of the government resigned, at a press conference.

"With this agreement, and the laws associated EFSF may be approved either tomorrow night or Friday morning at the latest," said Robert Fico.The vote, he added, "will take place immediately after the adoption of the constitutional law on holding early elections in March 2012."

The Smer remain in opposition until the deadline of March.

The increase in lending capacity of EFSF to 440 billion represents a contribution of 7.7 billion euros in Slovakia.

"RAPID ADOPTION"

The day after the rejection of the text, the presidents of the European Union and the European Commission, Herman Van Rompuy and José Manuel Barroso, urged Slovakia to approve as soon as possible the expansion of the EFSF.

"We call on all parties in the Slovak Parliament to overcome the short-term political considerations and use the next opportunity to quickly adopt a new agreement," they wrote in a joint statement.

"We remain confident that the Slovak authorities and the Parliament are well aware of the centrality of having a stronger European support fund to preserve the financial stability of the euro area.And this in the interest of all countries have adopted the euro, including the Slovak people. "

Under pressure from its European partners, President Ivan Gasparovic, who must nominate the next prime minister, cut short a visit to Asia and is expected to return to his country Thursday.

Iveta Radicova asked Mikulas Dzurinda, the head of SDKU, to initiate discussions also involving two smaller parties in the governing coalition.

The Freedom and Solidarity Party (SAS), the fourth component of the coalition that refuses EFSF, will not take part in the new round to break the deadlock.

The Sas had refused to ratify the European level, in accordance with the position of its leader, Richard Sulik, who estimates that less wealthy countries in the euro area do not have to incur expenses for the rich as Greece .

The Bank of France reiterated Monday its forecast of growth of 0.1% of the French economy in the third quarter, based on the results of its latest monthly business survey.

She had halved its forecast last month.

The business climate indicator in industry has remained stable in September at 97 while the service sector shrank from one point to 96.

In September, "industrial activity has remained stable, the contraction in the automotive and manufacturing equipment was offset by the increase observed in the food industry and some sectors of production of consumer goods" , says the Bank of France.

She added that the forecasts of business leaders expect a stable business. "

The utilization of production capacity improved slightly, to 79.3% against 78.8% in August. However, it remains below its historical average of 82.

In services, says the Bank of France, sales rebounded in September, "particularly in transportation, computer services and to a lesser extent temporary employment." The outlook for the coming months, however, foreshadow a slowdown in activity.

Air France, which opened its first Sunday "based province" in Marseille, comes directly hunt on the lands of the companies' low-cost "as Ryanair or Easyjet broken at prices of 13 destinations.

The first flight "new formula" of the French company took off Sunday at 9:35 of the tarmac from Marseille to Istanbul.Passengers paid 80 euros each way.

In total, Air France thus opens 13 new routes from Marseille-Provence – three in France (Mulhouse, Biarritz, Brest) and ten abroad (Athens, Copenhagen, Düsseldorf, Eindhoven, Milan, Moscow, Prague, Beirut, Casablanca and Istanbul).

"We create a mini-Marseille airline with its aircraft and personnel," said the CEO of Air France-KLM, Pierre-Henri Gourgeon, during his visit Thursday to Marseille airport for the official launch of the first "base province" of the French company.

After Marseille, which is the "size test", Air France plans to open bases in spring 2012 in Nice and Toulouse and Bordeaux.

To regain market share against the pressure of the TGV and low-cost airlines, which continue to gain ground on short and medium haul, the French company has set up an optimization of resources and a new organization negotiated with pilots and crews.

TEN AIRBUS based in Marseille

A total of ten Airbus A319 and A320 are now based at the airport in Marseille. Depending on the destination, they will perform at least two trips a day between 06:00 and 23:00.

On a voluntary basis, 120 pilots and 220 flight attendants were assigned to these new lines.The ground staff was also strengthened.

This device should allow the airline to tighten the price (50 euros for domestic flights to 110 euros one way on Moscow) maintaining the benefits typically offered by the French company on its other flights as the choice of place , newspapers and snacks on board or free luggage.

"This development meets one of the main expectations of our customers travel quickly at competitive prices," said the president of the Marseille-Provence airport, Jean-François Brando.

In five years, the airport Provence has surfed the wave of low-cost, doubling the number of scheduled airlines direct: 51 in 2006, 104 in 2011.

The opening of the first low-cost airport in Europe in 2006 allowed him to record a steady growth in passenger traffic, reaching 7.5 million passengers in 2010.

"With more than 150 companies and 5,000 employees on the platform, the airport is one of the leading employers in the area and generates more than three billion euros in economic benefits for the territory Marseille Provence," concludes Jean-François Brando.

The Tokyo Stock Exchange finished up Wednesday modest, increasing only its rich gains yesterday, but investors have become wary about the willingness of Europeans to stem the debt crisis.

In addition, the stock market no longer had the support of procurement from the dividends that had enabled the Nikkei gaining almost 3% Tuesday.

Tuesday was for investors on the last day to buy Japanese equities and collect their dividend for the first half of the fiscal year.

Finally, the volume of business was low, suggesting that investors prefer to sit on the sidelines as the bargain hunting.

"Half or less of the shares of the Tokyo Stock Exchange were ex-dividend today, so there has been tying this, not to mention the uncertainty about the developments in Europe, it makes buyers cautious and it limits the upside potential, "said Yutaka Miura (Mizuho Securities).

The Nikkei gained 5.70 points (0.07%) to 8615.65. The Topix, broader, more compelling displays a gain of 5.52 points (0.74%) to 754.07.

Values, Japan Tobacco, the cigarette third world was a very popular time, the state has announced that it would sell its 50%. The action peaked three years to shift down and to include in closing down 2.86% to 356,500 yen.

Tokyo Electric Power (TEPCO) jumped 8.23%.The Yomiuri newspaper wrote that the government advise the operator of the Fukushima nuclear power plant to remove 14% of its regular staff, or 7,400 jobs, to participate in the repairs that followed the disaster of 11 March.

The restructuring plan Tepco be unveiled on October 3, the paper said, without citing sources.

Wolfgang Schäuble, German Finance Minister, said that Greece could not come back next year on the capital market and will need a decade to have a competitive economy.

In an interview published Saturday by the economic weekly "WirtschaftsWoche", the great financier think it is "clear that Greece will not be able to return to the capital market in 2012, as we thought in 2010."

Against the backdrop of European fears of a possible failure of Athens to its sovereign debt, the chief economist of the German insurer Allianz, Michael Heise, told German radio that restructuring ("haircut") important Debt holders of Greek government bonds would only increase the risk of contagion in the euro area.

"I do not think the time has come for a similar debt restructuring," he said in response to Greek media reports – denied by Athens Friday – a scenario for overcoming the crisis and would be a default ordered at a discount of 50% for holders of sovereign debt.

To the economist, similar scenario would create new problems and increase the risk of contagion to other countries in the euro area, which would create "a very, very serious."

European shares cut their gains late Friday morning on profit taking after a violent rally triggered by the announcement of a concerted action of the banks to provide liquidity in dollars from European banks.

This measure, which boosts financials, does not solve the central problem of the euro area, the crisis of sovereign debt, stress professionals who say they do not expect a resolution of the Greek question at the end of the meeting of finance ministers of the Eurogroup in Wroclaw, Poland.

Around 12:05, the CAC 40 index, which jumped 3.27% on Thursday, rose 0.2% to 3,051 points, banks still leading the movement.

"Some profit taking.And we do not expect a solution to the debt crisis in the euro immediately, "said one vendor." The market is divided between those who believe in the rescue of Greece and those who think it will not be able to meet the requirements for better management of public finances, "he adds.

For Patrice Pérois, sales trader at Kepler Capital Markets, "the beginning of concerted actions of various central banks announced yesterday is very positive.If this is confirmed, all the conditions are ripe for a rally of the banks. "

But, he added that "the day will be highly technical with the expiration of futures and options on stock indices," he adds.

Some banks take the rating, including Societe Generale which accounts for 1.85%.Natixis, which is outside the CAC 40 index after the close of this evening to be replaced by Safran (-1.9%), gaining 0.12%.

London gained 0.8%, 0.9% and Frankfurt Milan 0.7% and European indices, STOXX 50 0.63%.

The performance of the German government bond (Bund) is relaxed to 10 years of 1 basis point to 1.93% while the euro weakened against the greenback and traded around the 1.3795 dollar against 1.3866 on Thursday.

Hermes (-7.5%) shows the largest decrease of the SBF 120 after the justice system has validated the family shareholders to sanctuaries a majority stake in the group face to the appetites of LVMH.

U.S. President plans to eliminate many tax loopholes that benefit high-income.

Barack Obama spoke for the first time Monday of tax increases to finance his plan. They would focus on eliminating the tax exonératons enjoyed by businesses and the wealthiest Americans. They would include the elimination of tax loopholes for oil and gas companies, owners of business aircraft and households with annual incomes exceeding $ 250,000.

Obama, candidate for re-election in November 2012, and Republicans have already clashed in December 2010 on the issue of tax breaks inherited from the era of George W. Bush. After a hard-won compromise, these measures were extended until the end of 2012.The announcement on taxation provoked an immediate reaction from the majority leader in the House, Eric Cantor: "I really hope that the president is not proposing that we pay for his proposals with a massive increase in taxes at the end of 2012 to create jobs that we rely on to reduce unemployment, "he warned.

"It is fair to say that this increase in taxes on job creators is the What kind of proposal rejected both parties in the past," said meanwhile Brendan Buck, spokesman for the president the House of Representatives John Boehner, leader of Republicans in Congress.

The job plan proposed Thursday by President Barack Obama is betting the recovery of consumption and public investment, at a time when the U.S. desperately needs growth drivers."Ultimately, our recovery is not caused by Washington, but our businesses and workers. But we can help," Obama said in Congress.

Growth in need of help. Fell to levels starving this year (0.7% annual rate in the first half), it is very far from being able to reduce unemployment, stuck at 9.1%. The presidential plan of $ 447 billion is allocated according to the encryption of the White House, from 57% of tax cuts and 43% of expenditure. Obama wants to invest just over $ 100 billion in the rehabilitation or construction of transport infrastructure and telecommunications, schools and homes or business premises vacant.

He also hopes to put more money into the pockets of employers and employees by giving up more than $ 250 billion in tax revenue. Hope this will help private consumption.The rest must supply targeted measures to job seekers or maintenance of public employment. Such a plan "would give a significant boost to GDP and employment in the short term," analysts have estimated the Macroeconomic Advisers, whose monthly estimates of GDP are used for dating recessions and expansions in the United States. For 2012, Macroeconomic Advisers estimated 1.3 percentage point contribution to growth, and 1.3 million jobs for the job.

Mark Zandi of Moody's Analytics, expects 2 percentage points and 1.9 million jobs. He sees "a commendable effort" of the president, but remember the risk that the plan be cut by Congress, which elected Republicans reject new spending. "There are compelling reasons why the Obama administration and Congress should provide more budgetary support to the economy," argued economist.For Goldman Sachs, instead of removing 1.1 percentage point of growth without the plan, fiscal policy in 2012 would add 0.4 percentage points with the plan.

"The private forecasters said in their initial assessment, it would make a very substantial contribution to growth at a time when we need it, and it would help to put hundreds of thousands or more Americans to work," welcomed the Treasury secretary, Timothy Geithner.

"We believe the prudent and responsible thing to do now is to do more for the short-term growth," he added, in an interview on Bloomberg TV channel from Marseille.

Economists noted that Obama had not discussed the financing of these measures at this point. "The president proposes to reduce social security contributions and the financing of social protection.Yet it remains the greatest threat to long-term solvency of the United States, "said Jason Schenker, Luxury Economics. To offset the cost of those measures, Obama announced for September 19" plan deficit reduction more ambitious "than the present. No details are known at this time. To M. Schenker, it shows" that the chances of a positive effect on the labor market and the economy are limited " .

JPMorgan, the second U.S. bank by assets, falling sharply Tuesday on Wall Street, as the entire banking sector, investors fearing prosecution series on the subject of mortgages sold to investors during the housing bubble.

The federal agency that oversees the mortgage market in the U.S. (Federal Housing Finance Agency) filed a complaint Friday against 17 major financial institutions, having sold more than $ 200 billion of bonds backed by home loans by presenting these operations in one day wrong.

These bonds are now owned by the giants Fannie Mae and Freddie Mac.

JPMorgan gave the title 3.5% by 1700 GMT, Bank of America gave 3.4% and 2.8% Citigroup.The banking sector index fell by his side at 1.97%, underperforming the S & P 500 down 1.8%.

Analysts said investors feared a flurry of lawsuits related to the identification of mortgages become toxic.

The title of Bank of America reached $ 6.80 during the session. Its course is returned to a level below the closing price recorded just before the billionaire Warren Buffett announced the acquisition of five billion dollars of preferred securities.

This transaction, announced Aug. 25, the title was boosted by 26%.