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The Italian Senate on Friday approved the law of financial stability, a set of austerity measures demanded by the European Union to deal with the debt crisis in the euro area.

The Chamber of Deputies will vote Saturday on the text and Prime Minister Silvio Berlusconi, private on Tuesday its majority in the House, has promised to resign in the wake to give way to a broad-based government should be led by the former European Commissioner Mario Monti.

The latter voted for the first time Saturday at the Palace Madame – he was appointed senator for life last Wednesday by President of the Republic Giorgio Napolitano.He also called Italian President to express his confidence in his "leadership".

Nicolas Sarkozy announced that he would speak in the day Friday with Giorgio Napolitano.

A MONTI market confidence

"What is needed is that we could get back on track in Greece, it is happening, our Italian friends, who so many ties bind us is what is being to be. I will immediately President Napolitano on the phone, "he said on the sidelines of celebrations of the Armistice of November 11,.

The U.S. Treasury Secretary Timothy Geithner stressed that the crisis in Europe was "the main challenge to global growth."

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.

EFSF: the real reasons of "nein" Germany to France

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.

Steve Jobs, Apple's legendary boss, has died at age 56

Steve Jobs, co-founder and iconic Apple chief, died Wednesday at age 56 after a long battle against cancer.

His immense contribution to the computer and creativity, which revolutionized the everyday practices of millions of people worldwide, were immediately welcomed in the political class and the world of new technologies but also among Apple customers, often become unconditional followers of products born of his imagination.

"Steve Jobs was among the greatest innovators Americans brave enough to think differently, bold enough to think himself capable of changing the world and talented enough to do so," said President of the United States Barack Obama, saying that the world had "lost a visionary."

From Los Angeles to Sydney, admirers began to pay tribute to Steve Jobs before the Apple Stores'. Before one of these stores in New York, candles, flowers, an apple or an iPod were filed in an impromptu memorial. In San Francisco, some waved their iPads by including one on the screen in black and white portrait of Steve Jobs.

The phenomenon also affects many websites, including Apple, which changed its home page to display a picture of his co-founder, simply titled "Steve Jobs: 1955-2011."

At company headquarters, the flags were taken at half-mast.Employees have left flowers on a bench.

"For those of us who were lucky enough to work with him, it was an insanely great honor," said former rival Bill Gates, former head of Microsoft and other icon of the computer, using the phrase "insanely great" that liked to use Steve Jobs himself.

Outside the residence of Steve Jobs in Palo Alto, neighbors and friends laid flowers and left messages on the sidewalk."Thank you for changing the world," it said in particular.

SOLID COMPANY

Steve Jobs has died in Palo Alto, California, surrounded by his wife and his closest relatives, said Apple, with no other details.

He resigned in late August from his position as CEO of Apple, saying that his health no longer allowed him to take charge.He was then sent to Tim Cooks his right arm over the reins of the company was born, according to legend, in a garage.

For most analysts and investors, Steve Jobs gives a company strong enough to continue growing despite the loss of one who was also its main source of innovation and its charismatic promoter.

Apple, the second market capitalization on Wall Street behind the oil major Exxon Mobil, however, faces many challenges, including the face of competition from Google, whose Android operating system team more and more smartphones.

The Cupertino company is also engaged in a legal showdown with South Korea's Samsung Electronics in terms of intellectual property.

"Steve Jobs has introduced many revolutionary changes in the field of information technology and it was a great entrepreneur. His innovative spirit and its remarkable achievements remain forever etched in the minds of people around the world," said Samsung boss, GS Choi.

The famous "keynote"

Steve Jobs's death occurs after the presentation by Tim Cook of the new iPhone 4S in a "keynote" as Steve Jobs featured at each release of a new Apple product. The new device has attracted little enthusiasm, much regretting the lack of major innovation for the product best-selling worldwide.

Steve Jobs's death was announced after the end of virtually all trade with the New York Stock Exchange.The Apple stock ended the session at 378.25 dollars but the title side yielded 3.7% in Frankfurt on Thursday morning.

Tim Cook said that Apple would hold "soon" in-house ceremony in honor of Steve Jobs.

"Intelligence, passion and energy of Steve were the source of countless innovations that have enriched and improved the lives of all of us. The world is infinitely better thanks to Steve," Apple wrote in a statement.

Steve Jobs' wealth is estimated by Forbes magazine to seven billion dollars and it is unclear how it will be distributed.

Soon Eurobond for good students?

Vice-President of the European Commission, Viviane Reding, proposes to create obligations for the European countries most solid. She wants to be a "rock in the middle of the storm." European Commissioner for Justice, Viviane Reding, called "irresponsible" attitude of France and Germany on the reform of the Stability Pact (here at a conference in Brussels REPSSI September 29, 2010)

The European Commission has raised the possibility Friday of Eurobonds restricted to six countries in the euro area receiving the highest rating by the agencies, among the options being considered to better face the future with debt crises excessive. This idea is supported personally by one of the vice-presidents of the EU executive, the Luxembourg Viviane Reding.

"The United States are in a difficult situation but have no problem with the bond market because it is so great" at home, argued Commissioner Reding, responsible for justice issues, in an interview published Friday by the German daily Hannoversche Allgemeine Zeitung. "This is why I propose that all states in the euro area receiving the highest rating, AAA-rated states – France, Germany, Luxembourg, Austria, Netherlands and Finland – are pooling their bond markets "she said.

Such a mechanism for sharing national public debt of the most solid would be "a rock in the middle of the storm," she said.The spokesman of the Commission, Pia Ahrenkilde, said in Brussels that this idea was part of various options under consideration within the EU executive, which plans soon to submit a feasibility report on Eurobonds with the various possible formulas.

"There are a number of options are discussed, the remarks of the Vice-President (Viviane Reding) must be seen in this context," she told reporters. The creation of such a pot of government borrowing by countries in the monetary union is seen by its promoters as the only lasting solution to the debt crisis by ensuring that fragile states are protected by the strongest . However, Germany refuses because she sees an incentive to fiscal laxity. Its Ministry of Finance rejected this mechanism again Friday, although limited to countries rated triple "A"."Our position has not changed" and "this is true whatever the composition of the group (country) which would be backed Eurobonds," said a spokesman for the Ministry in Berlin.

Havas growth slows but the margin improves

Havas reported Tuesday a slowdown of its turnover in the second quarter but its operating margin improved significantly, however, in favor of a strict cost control.

The sixth largest global advertising did not provide forecasts for the full year 2011 in a statement.

In the first half, the group recorded organic growth of 5.6% of its turnover to 765 million euros, while analysts' estimates ranged from 6.0% to 6.5% organic growth in a range between 767 and 776 million euros turnover.

For comparison, the worldwide WPP grew 6.1% while the French Publicis rose 7.1%.

The second quarter alone, Havas rose by 4.5% after 6.8% in the first three months of the year against 7.6% and 7.2% for Publicis to the American Omnicom.

The group suffered from particularly persistent problems in Southern Europe, including Greece, Spain and Portugal.

Throughout the first half, the group, including Vincent Bollore is the chairman and largest shareholder, has recorded 940 million euros in net gains budgets, against 1.2 billion during the same period last year.

Inflation in the euro zone will remain above 2%, says Trichet

Inflation in the euro area is expected to remain significantly above 2% in the coming months, said Monday the president of the European Central Bank, Jean-Claude Trichet.

"Everyone understands, especially in the present situation, it is crucial that the ECB maintains its inflation expectations well anchored. It is crucial to overall confidence," said Jean-Claude Trichet before the commission Economic and Monetary Affairs of the European Parliament.

Wall Street opens up conservatively expected direction

Wall Street opened higher in cautious Tuesday, after a little less poor indicators of activity expected in China and the euro area.

Investors, who will be attentive to the numbers of new home sales in the U.S. in July (14:00 GMT, consensus: 310,000), should nevertheless be cautious when approaching the highly anticipated speech of the President of the Federal Reserve Ben Bernanke on Friday conference in Jackson Hole (Wyoming).

Ten minutes after the opening, the Dow Jones took 0.22% to 10,879.02 points, the S & P 500 0.07% to 1,124.65 and the Nasdaq Composite 0.36% to 2354.28.

"The rise of today is not sustainable.This is exactly what we saw yesterday and indicators from abroad are not sufficiently great to generate this kind of increase, "said Phil shortly before the opening Streibl, MF Global.

"The market place too many expectations in Jackson Hole, and even if Bernanke may say something that is likely to stabilize markets, the probability (new monetary stimulus) is almost zero," he said.

Meanwhile, investors found little reason to buy.The first estimate of the index of purchasing managers of HSBC for the industrial sector in China in August is slightly higher than the final figure for July, but still indicates a contraction in activity.

In the euro area, the service sector has paused in August after two years of growth, an initial estimate of the PMI sector emerging the lowest since September 2009.

The banking sector will be particularly guarded on Tuesday after UBS announced the elimination of nearly 3,500 items, 45% in the bank, to save about two billion francs (1.76 billion euros) by the end of 2013.

At the opening of Wall Street, UBS shares gained 0.76% in dollars, while Bank of America lost 5.76%, investors fear that the group needing to raise equity capital due to legal troubles in mortgage activity.

Goldman Sachs fell by 1.29%, a government source who reported that the bank had hired Reid Weingarten, a lawyer of reputation, what markets see as the harbinger of a tough legal battle over the role of the bank in the 2008-2009 financial crisis.

U.S. consumer confidence to a low of 30 in August

U.S. consumer sentiment fell in August to its lowest level in more than 30 years, amid fears for economic recovery and disillusionment over government policies.

Preliminary estimates of the survey Thomson Reuters / University of Michigan released Friday, the index fell to 54.9, the highest since May 1980, after 63.7 in July. Analysts on average expected 63.0.

After this publication, the major indices on Wall Street erased some of their gains and the Nasdaq fell even in the red, before resuming their advance.In Paris the CAC 40 also briefly reduced his earnings.

The high unemployment, stagnant wages and the interminable debate between Democrats and Republicans over raising the debt ceiling weighed on consumer sentiment, who were interviewed before the downgrade of sovereign states United by Standard & Poor's.

"In the history of this survey, we have never had so many consumers who spontaneously mentioned the negative role of government," said in a statement the director Richard Curtin of the investigation.

"It's more than just the recognition that traditional monetary and fiscal measures are exhausted in large part, it is the realization that the government was unable or unwilling to act to do so."

Bitterness and CONCERNS

The Obama administration is reaping the negative opinions of 61% of respondents, the worst score among all the previous presidents.Two thirds of respondents felt that the economy had deteriorated recently.

And 75% are expected in early August in difficult times for the economy, a ratio approaching the historic peak of pessimism hit 82% in 1980.

The component of current conditions index fell more sharply than expected to 69.3, its lowest level since November 2009, after 75.8 in July and while the market awaited 74.3.

The expectations fell to 45.7, also unheard of since May 1980 against 56.0 in July to 55.3 and consensus.

Inflation expectations one year were flat in August to 3.4% last month compared with July, as well as expectations to five years, to 2.9%.

"The surprise is the sharp decline" of consumer sentiment, said Stephen Stanley, Pierpont Securities.

"Some numbers are even lower than what was seen during the recession and financial crisis. The fall in expectations appears to be due to the bitterness of the people on the political situation and their concerns about the financial markets. "

However, this study concern was partly minimized markets after the release of a 0.5% increase in retail sales in July in the United States, or their biggest increase since March.

"The expenses of people do not always match their mood. I doubt that things are as bad as what is suggested by the index of consumer sentiment," said Stephen Stanley.

All you need to know about the crisis in the euro area

Why do countries in the euro area they not borrow directly from the ECB? Who pays to save Greece, Ireland, etc..? Which European countries are likely to see their score worse? The responses of the writing of L'Expansion. Com. The logo of the euro to the European Central Bank in Frankfurt.

We asked you to ask us any questions you may have about the debt crisis. Here are those for the euro area and the public debt in general and our responses.

Why European states can not they borrow from the ECB, rather than through private banks?

Historically, central banks have indeed been created to fund the States. But now, states are required to obtain financing from capital markets. It is officially recorded in France since 1973 and is primarily in the Treaty of Maastricht.This rule is justified by the idea, questionable, that would reach more markets to discipline the poor performers: if a state is too extravagant or too much debt, the markets by requiring the sanction of the highest interest rates. And Germany is the assurance that states will not abuse the printing press which could lead to hyperinflation.

Which countries of the European Union who are under the risk of their score to deteriorate?

Greece, first. The country is already one or two notches of default. The rating agencies have already announced that the Greek note will rise to D (default) upon entry into force of the new rescue plan, which provides for an exchange of maturity and interest rate debt of the country, either losses for investors. Spain and Italy next.Both countries are under pressure from financial markets for several weeks, they feared a contagion of debt. Weaknesses: low growth prospects, a fragile banking system and a high unemployment rate for Spain, a high level of debt and a structural lack of competitiveness in Italy. Spain has already seen its rating (AA) degraded twice since 2009. Rating of Italy (AA2) is itself placed on negative watch by Moody's since June. The United Kingdom then and maybe even France. The austerity policy implemented by the country London is currently protected from cyclones in the financial markets. But the negative impact of the austerity of the British growth worries. As for France, S & P said that his "AAA" was stable. The agency has even praised Paris for its fiscal policy.This does not preclude some analysts to express concern. Because France has the worst fiscal ratios of the European Group of triple A.

ECB eases Italy and Spain by buying their bonds. But with what money? Who pays?

Nobody pays. As the central bank creates money in the refinancing of commercial banks, it is also to buy the debt of distressed states. If one country fails, it passes in provisions for losses on its balance sheet. Except that the ECB reluctant to pursue such purchases, pushing the European financial stability to take over, as provided by the latest aid package to Greece. To do this, the EFSF will issue bonds on financial markets.If Greece fails on these loans, the countries involved in the EFSF will repay creditors and there will be much the taxpayers who pick up the bill.

And if the debt was owned not by markets but by citizens, such as in Japan?

This is one of the solutions proposed to reduce dependence on markets and to guard against the loss of confidence that may arise, for example, a deterioration in the sovereign rating of the country. On the left, is defended by such Montebourg Arnaud and Jean-Pierre Chevenement. Japan's debt, which exceeds 200% of GDP, is considered more stable because it is owned approximately 95% by domestic investors. The postal bank converts debt including the vast majority of deposits. Some believe that 17% of the French savings rate, one of the highest in the EU, would make this system possible.Strong supporter of the re-nationalization of the debt, the journalist Jean-Michel Quatrepoint Tribune suggests the issue of treasury bills perpetual, paid around 4.5%, part of which would be recovered by the levies and the remainder reinvested in the economy. Economist Jean-Pierre Petit, interviewed by Expansion. Com, think instead that "saving the French would not have sufficient absorption capacity": the end of 2010, 1149 billion were placed on life insurance and 199 billion of the savings books, when the government debt exceeds 1.6 trillion. "It would not change the nature of the problem, said he, too, since these borrowers French-insurance companies, institutional investors, etc .- have the same fear of repayment capacity that international investors."