The European equity markets and U.S. signed remarkable performance under the agreement Wednesday night in Europe on Greek debt restructuring, capacity building fund to support the euro and the recapitalization of banks in Europe.
European authorities have in fact agreed to recapitalize the banking system of the European Union to the tune of 106 billion euros and received in exchange for bankers they divide by two the value of government debt securities held in their accounts to try to stem the debt crisis in the eurozone.
Professionals solar electricity on Thursday presented their general condition. They believe France is capable of producing 20 gigawatts by the age of 10, which would allow it to interfere in an expanding global market.
Do not waste the potential of the photovoltaic sector. That's essentially the message that wanted to pass Thursday industry professionals gathered as part of the presentation of their general condition. According to them, photovoltaics can create 100,000 jobs by 2020. They argue that the solar electricity market is exploding worldwide, and that within 10 years will weigh between 79 and 129 billion euros a year in revenue. They believe this type of energy could begin to be as efficient as electricity from the grid by 2016.It provides for a reduction in production costs by 50% by 2020, following the industrialization of the sector. And a boom in sales following a European directive which induces that all new homes to be energy self-sufficient over a year since 2020.
The professionals ensure that France has the means to take advantage of this expansion. To do this, it must be able to install a power production of 20 gigawatts (GW), which happens according to professionals with an investment of 800 million euros per year and the establishment of a "regulatory framework visible and stable. " "Instead of the objective of the Grenelle 5.4 GW in 2020, we offer 20 GW, which will create 100,000 jobs of which 12,000 can not be relocated in the industry," said Loïc de Poix, responsible of the Association of French industrial PV.
After several months of the States General, all industry players have submitted their proposals to the press for the future of a sector that has suffered greatly from the moratorium imposed in 2010 by the government, which resulted in the removal some 10,000 jobs. These proposals focus on four areas: defining a stable regulatory framework with measures to support demand and supply meet the production target to 20 GW by 2020 against 5.4 GW currently adapting the rates redemption of the solar electricity and regionalization. If nothing is done, the sector could be a deficit and a half billion euros in 2020.
France Telecom announced Wednesday the appointment of Gervais Pellissier for the position of Chief Operating Officer and the appointment of three new deputy directors-general.
The appointments take effect on 1 November 2011.
Gervais Pellissier will retain his position as executive director in charge of finance and information systems group, is it said in a statement.
In addition, Group CEO, Stéphane Richard decided to appoint, with effect from 1 November 2011, Delphine Ernotte Cunca, Executive Director of Orange France, Pierre Louette, Executive Director in charge of the General Secretariat, Division France and Operators purchases and Bruno Mettling, Executive Director in charge of human resources.
Jean-Philippe Vanot, France Telecom has therefore now four deputies.
The action France Telecom closed Wednesday at 13.11 euros (0.69%). She lost 15.93% since the beginning of the year.
Germany justified its refusal to grant a banking license in EFSF citing treaties. But there are other explanations that the legal argument to explain the veto of Angela Merkel. German Chancellor Merkel, Slovenian Prime Minister Pahor and President Sarkozy in Brussels.
"The treaties do not allow it." In explaining his refusal of the French proposal to transform the European Financial Stability Fund (EFSF) in the bank, allowed to refinance at the ECB, Berlin relied on legal argument. This is one reason that stands. But that does not really understand the inner motivations of this veto.
Avoid a slap in the Bundestag
To convince Germany, Angela Merkel is not only that we must win, but all members of the Bundestag.The German Constitutional Court has recently decided as follows: all decisions on the euro zone must obtain the approval of Parliament. And given the difficulties faced by the Chancellor with his coalition, the vote of an instrument that could be used to finance massive debt fragile seemed complicated. All the Green MPs a vote last week has mandated an agreement of 620 elected and not 42 members of the Committee Affairs budget as planned initially. "Presumably, if the French proposal was adopted, the vote could have given rise to heated debates and passionate," said Céline Antonin, an economist at the OFCE.
Preserve the independence of the ECB
The institution is far out of his terms for a year and a half.She began to buy back debt from fragile countries in May 2010 (Greece, Italy and Spain in particular) and a further 4.5 billion euros of bonds last week, more than double the week before. In total, the amount of transactions on the secondary market amounted to 170 billion euros. The ECB has also put hundreds of billions of euros of liquidity available to banks that have struggled to find on the market conditions as favorable. But Germany has reluctantly agreed to these interventions. So was it not possible for her to give the EFSF a kind of drawing right on the ECB via the proposed banking license. Berlin would prefer to see the guardian of the euro back to its original objectives of controlling inflation, according to Céline Antonin. "It was created on the model of the Bundesbank.And right now we try to avoid it too so its mandate, even if the buyback is expected to continue in the coming weeks, "said the economist. According to the German press, the capacity of EFSF not would not be sufficient to take the baton, they should buy back the debt jointly.
Avoid stopping just over the ECB balance sheet
If the French solution was preferred, the EFSF would have borrowed directly from the ECB. In exchange, the Fund would have a guarantee of debt securities of countries weakened. This would have meant to burden the balance sheet of the institution and, ultimately, to require states to put the hands in their pockets to recapitalize the institution. Germany wanted not to get there, especially since the ECB has already accumulated a lot of bad loans."Central banks have already full of rotten loans, credit claims more toxic than the debts of the states in trouble," said the economist and the OFCE, Jean-Paul Fitoussi.
No decision will be announced following the summit of the euro area held late Sunday afternoon in Brussels, even if the work is progressing well, said Nicolas Sarkozy and Angela Merkel.
French President and German Chancellor, speaking at a joint press conference after a summit in the first twenty-seven on Sunday morning and noon, said the work "techniques" were still to be completed by the next level of the EU and the euro area on Wednesday.
"Work is progressing well on the banks of the fund and the potential use of this fund are tightening the assumptions and broad agreement is taking shape.On the issue of Greece things are progressing.
The transformation of the European Financial Stability Fund (EFSF) in the bank, which insisted on France, no longer part of the options considered by the finance ministers of the euro, has also said Angela Merkel.
Without commenting on this issue, Nicolas Sarkozy said that France was just as attached as Germany the independence of the institution in Frankfurt, which is itself hostile to the possibility of granting a banking license and Unlimited funding EFSF.
"No solution is viable if it does not have the support of all European institutions," said Nicolas Sarkozy.
The two leaders also said they urged the Italian Prime Minister Silvio Berlusconi, with whom they met ahead of the summit, for it to decisively implement a program of growth and debt reduction Alps.
"I hope that decisions will be taken (…) Italy is a major economic force but Italy has a very high public debt should be reduced in a credible way in the coming years," said Angela Merkel.
Nicolas Sarkozy has outbid by saying that Paris and Berlin were "confident sense of responsibility of all the Italian authorities' political, financial and economic," said Nicolas Sarkozy.
Faced with the housing crisis, Marc Pigeon, president of the federation of real estate developers, advocates PTZ redeploy funds to benefit the construction of new housing. http://www.flickr.com/photos/jeanlouis_zimmermann/271745826/sizes/z/in/photostream/ You publish a white paper under the title The housing priority for the Republic. Is it a guide to good ideas for presidential candidates?
Why not? What is certain is that the current situation is no longer tenable. We are in a deep housing crisis that it is imperative to get out. Housing is on average nearly a quarter of the household budget, a record.Between 2000 and 2010, the purchasing power of households grew by 43%, while new home prices jumped 84% and those of existing homes soared by 241%! This discrepancy between the increase in household incomes and rising house prices is no longer eligible. Why this situation? When you look over a long period, there was only after a vigorous effort for building the "Thirty Glorious Years", a break occurred during a decade (1975-1988) where the number of homes built has remained well below changing needs. It is as if an unmet demand for housing was made that was never resolved thereafter, creating a persistent quantitative imbalance between supply and demand for housing.One solution to overcome the present crisis: build much more! For this, we must mobilize all the levers.
You state that the modification of zoning regulations is the first project that must be addressed?
There is no point to heaps of money on the table if the planning rules do not change. Land use planning should be the keystone of the edifice. This means first a simplification in the process of granting building permits: we can divide the time by two. Then we have to stop wanting to build the city over the city. Instead, we must develop new urban spaces. Grounds exist. Look at the periphery of city centers, there are always lots available to build new shopping centers. Why not build there, of new housing by bringing all the necessary public services.This can be done since France is a country in Europe or the population density per square kilometer is the lowest in Europe.
Should we return to the products of tax exemption?
No. But it can not happen today financial resources of the private investor to build more. But it is absolutely necessary condition these tax benefits. More rents out these programs will be low, more tax benefits will be significant. That's an interesting idea to take off social housing or intermediate.
Precisely, one of the evils of this crisis is the blocking of social housing. How to get out?
It is true that the system of social housing is completely blocked: the gap between rents and those of the public park private park is so huge that people refuse to leave a public housing even when their family or financial situation would allow the.Where waiting lists and the freezing of rotations. We must break this deadlock. The idea is to create private law firms, 50% owned by private companies and 50% by housing agencies. Their main objective is to develop a rental housing through: that is to say housing where rents are cheaper than in the private sector but more expensive than social housing. Families could then leave the park freeing HLM housing. One could imagine a system where after ten years, tenants become owners of their homes. With this system, social housing finds its primary function: housing the poor.
Unlocking the social home ownership?
In 1990, the lower fringe of the middle class represented 80% of home buyers. Today, they are more than 30%.Therefore restoring the purchasing power of these households. We spend huge sums in interest-free loan without reaching resolvabiliser these households. I propose that the 1.3 billion spent in the financing of PTZ in the former are redeployed. € 900 million could be spent to finance the construction of new homes on the market with price caps and revenue caps for buyers. The remaining 400 million could be used to fund social home in the former in exchange for renovations heat.
Rating agencies are firing on all cylinders against the countries of the euro area. After Spain and the "warning to France, it's time for Slovenia to suffer the wrath of one of them. The President of Slovenia Danilo Turk announced Sept. 28 elections early parliamentary December 4, following the overthrow of the center-left government of Prime Minister Borut Pahort.
The rating agency Standard and Poor's downgraded Wednesday by one notch credit rating of Slovenia, pointing degradation "of budgetary conditions" of the small Alpine country member of the euro area.
Standard and Poor's has increased from "AA" to "AA-" credit rating of the bonds Slovenian long-term, explaining that "budgetary conditions of Slovenia has deteriorated since the financial crisis of 2008" without that "the Government has presented a credible strategy of consolidation."
"AA-" is the fourth best score on the scale of Standard & Poor's and Ljubljana retains its status as issuer of high quality. In late September, it was Moody's had downgraded the sovereign rating of the country and threatened to lower it again, highlighting the fragility of banks and the risks to the government having to intervene again to support the sector.
Fitch's colleague had done the same in the process, lowering by one notch to "AA-" rating of the country, citing similar reasons. Fitch also regretted the rejection of the pension reform, "which is" a setback for long-term soundness of public finances. "
The decision by Standard and Poor's comes as pressure continues to deepen in the euro area, which is still unable to stem the debt crisis, while financial markets have placed their hopes in the top of the EU in Brussels on Sunday.
Tuesday, it is Spain which has been targeted by the rating agencies, with Moody's lowered the country's credit rating by two notches, and indicating that it might be lowered further in the medium term ."The debt burden has declined in Slovenia between 2002 and 2008 and has grown rapidly due to government policy to protect the economy and the banking system of the negative impact of the crisis," noted the agency in a statement.
Standard and Poor's has reported a "stable outlook" for the former member of Yugoslavia because "the expectation" of the agency to see "the government strengthen its finances and implement a program to consolidate budget ". The Slovenian government was overthrown in late September and early elections were called for December 4.
This election "is an opportunity for the new government to avoid another slip (public debt) and to implement structural reforms," said the American agency.Former student model from the former communist members of the EU, Slovenia has been hit hard by the economic crisis and financial crisis of 2008/2009 and is struggling to recover.
Unemployment has nearly doubled in three years. The public debt rose from 22.5% to 43.3% of gross domestic product (GDP) between 2008 and 2010, but remained well below the limit imposed by the Stability Pact and European growth (60%).
Inflation in Britain has reached its highest level for three years in September, according to official figures released Tuesday.
The National Statistics Office (NSO) said that consumer prices increased by 0.6% a month to month and 5.2% a year, their largest increase since September 2008 after 4.5% in August.
Analysts expected a 0.4% inflation a month to month and 4.9% year on year.
The ONS said the price increases by four of the six major utilities companies were included in the figures for September and that those of the two remaining ones would be in October.
The post electricity, gas and expenses jumped 18.3% year on year in September, said the ONS, while transport costs increased by 12.8%. The food prices have increased by 6% each.
The Bank of England (BoE) expects inflation of 5% this year, well above its 2% target, but the recent deterioration in economic outlook augurs a return in the medium-term objective the BoE, which is 2% annual rate.
The Japanese government said Monday it for the first time in six months, revised downward its assessment of the economic situation, saying the slowdown in global growth weighed on the pace of recovery in output and exports.
The study involved monthly in Tokyo ten days after the Bank of Japan (BoJ) left its monetary policy unchanged, based on the assumption of a recovery at a moderate pace of the Japanese economy.
On this occasion, the central bank had, however, highlighted the growing risks weighing on the country's economic activity, the European debt crisis and the depressed global growth.
"The Japanese economy is still expanding while the decelerating pace of recovery against a backdrop of persistent difficulties related to the earthquake (11 March)," the government in its study.
The third world economy plunged into recession following the natural disaster occurred at the end of winter.
But production and exports have registered a marked increase in recent months, companies have made great efforts to replace the various production lines and delivery and to reopen factories.
The government has revised down its expectations in terms of exports, industrial production and household spending for the first time since April.
"Even if transport equipment support exports, electronic products and machinery equipment weaken, reflecting the slowdown in the global economy," said Shigeru Sugihara, head of macroeconomic analysis to the General Secretariat of government.
The report is, as always, writes that the government expects the Bank of Japan that support the economy "by appropriate monetary policy actions and decisive, and in close cooperation with the government."
According to sources familiar with the matter, the Japanese central bank is likely to revise downward its growth forecasts in a semi-annual report to be published by the end of the month.
Nearly three-quarters of Japanese companies expect a stagnation of the economy in the coming months, and 12% of them see it fall into recession because of growing concerns about global activity, shows a Reuters poll published on Friday .
Several European banks must be recapitalized, said Friday the president of the Eurogroup Jean-Claude Juncker, adding that intensive discussions on the subject would begin next Monday.
Luxembourg Prime Minister said at the microphone of the German radio Deutschland Funk that the problems of banks and debt of the States were going to get worse and you need a custom solution for banks.
Asked if a forced recapitalization was intended to force the banks to contribute more, Jean-Claude Juncker said: "Banks should be aware that if the current voluntary creditors is not sufficient (…), then we must realize that we need a mandatory participation of creditors. "