After months of negotiations, the operation of a $ 4.1 billion, will allow the two stock exchange operators to pool their complementary strengths in a rapidly consolidating industry.

The Tokyo Stock Exchange (TSE) controls 90% of equity trading in cash while the Osaka Securities Exchange (OSE) attracts the largest volumes of futures contracts on the Nikkei and other derivatives.

The combined value of these securities listed on stock exchanges comes behind that of NYSE Euronext (12,000 billion) and Nasdaq OMX Group (close to 4.000 billion), according to figures from the World Federation of Exchanges (WFE).

Over the past five years, mergers and acquisitions announced in the stock sector operators accounted for about $ 83 billion, the players wanting to reduce costs and diversify the face of weak revenue from the traditional trading of shares.

The TSE will offer 480,000 yen per share OSE, a premium of 14% over the closing price on Monday.

The entity formed by the merger will remain as a vehicle listing title OSE, which gained up to 5.5% after the announcement, before closing up 4.6%.

The ratio of the TSE merger valued at approximately 1.7 times the OSE, whose market capitalization reached $ 1.5 billion.

The agreement is a victory for European governments, struggling with the financial consequences of the debt crisis in the euro area, rejected the will of MEPs to increase the Community budget of over 5% next year .

But by linking the progress of Community resources on expected inflation in 2012, the EU could find itself unable to meet certain expenses, prevent some European officials.

Gross domestic product grew 0.4% between July and September, slightly higher than expected average of the 31 economists polled by Reuters had forecast a 0.3% increase."Employment is zero, the most dangerous."

VICIOUS CIRCLE

In a separate statement, INSEE has announced that the employment of non-agricultural market sectors had created "only" 7,400 jobs between July and September, which amounts to a zero contribution.

If consumption and investment spending of households supported the performance of GDP in the third quarter, spending by non-financial firms are divided into lower, 0.3%, an alarming signal judged by professionals.

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.

The trade deficit of France was a switchblade in August. It fell to 4.97 billion euros, 6.36 billion after July when adjusted for seasonal variations. The decrease was due to a sharp rise in exports of transport equipment, Customs said Friday.

"In August, the implementation of major aerospace contracts causes a sharp increase in exports of transport equipment. In addition, industrial supplies remain firm.In the end, the deficit is entirely due to the transport sector ", have they said in a statement.

The accumulated balance in the trade balance since 1 January but still reached record highs. He came to indeed -48.560 billion euros, against -33.184 billion in the first eight months of last year. And over the last twelve months, the gap between imports and exports widened to 66.8 billion euros, against 51.5 billion for 2010. Exports reached on August 37.42 billion euros, up 2.9% at three months. Imports have risen to 42.387 billion euros from 41.628 billion in July.

In August, France sold its 16 Airbus reported 1.345 million euros against 20 in July to 1.183 million.In addition, France has delivered two satellites, one in China (112 million) and the other in the United States (130 million). The performance of aerospace and aeronautics, powered shots of large contracts, are very volatile from one month to another.

In Paris, the CAC-40 ended up on 3.27% to 3045.62 points.

The European Central Bank (ECB) has also helped to sustain the upward movement of European stock. She said Thursday that it would conduct operations at a fixed rate to three months from October to December, offering to banks as many dollars as they want.

These operations are intended to amortize any drying up of liquidity that could occur later this year.

Banks in the euro area show a gain of 6%.BNP Paribas in particular gaining 13.4%, after surging 22% to the announcement of the ECB.

However, UBS ended the day on a loss of 10.8%.

A trader suspected of being linked to losses of some $ 2 billion announced Thursday morning by UBS was arrested in London, said on Thursday from several sources.

Fears about the banking stocks have been very heavy on Monday on all European markets. In Paris, Societe Generale tumbled 8.64% to 20.25 euros, signing the largest decrease in the CAC 40. BNP Paribas lost 6.34% to 31.30 euros, Crédit Agricole (-5.51% to 5.84 euros) and Natixis (-5.68% to 2.55 euros). In the background, the difficulties of Greece, the threat of a lawsuit in the United States against 16 banks – including Societe Generale – for their responsibility in the subprime crisis, and the desire to recapitalize European banks by the IMF .Dominique Dequidt but remains optimistic.

What are the fears about banks today?

First, the gradual disappearance of the sovereign rating in Greece opened the door to further degradation, Ireland and Portugal in the lead. This is one of the great fears in the market today. Investors fear losses that may result in banking stocks that are exposed. Indeed some of the U.S. money market funds that had liquidity of investments in Europe have rather taken off the market last week. The second point is the deterioration of the American note in the summer. She amplified these fears and stoked fears of slowing global growth.

These fears are justified?

It is not really justified, at least in the short term. It is mainly a crisis of confidence that undermines the market.But look closer, banks are healthy. When we look at the credits granted by banking institutions in Europe, there is no need to panic. They rose 3% in the first quarter and 4% in the second. And despite a rather European growth at half the second quarter.

Banks are robust enough to withstand the risk of European sovereign debt and the threat of global recession?

Yes, in the event that we are not witnessing a collapse of the banking system. But there is no need to be as alarmist as the IMF on the recapitalization of banks. They have made big profits in the first half. BNP Paribas, despite its 450 million refinancing of provisions in the Greek debt, posted a profit of more than 2 billion euros in the first quarter.

But banks are very fearful to lend to each other.The level of cash placed with the European Central Bank has now reached 151 billion euros …

We are in a tense situation since the beginning of August the fears are heavy on the strength of some banks. Hence the difficulty they face to lend to each other. This level is certainly high compared to six months ago. But we are still far from the amounts of their outstanding 2008 in which the ECB had reached astronomical levels.

The trial of the U.S. federal government against 16 global banks – including the general society – he may weigh on an already difficult climate?

I do not think, at least for France and Europe. They are not involved in the trial. And regarding the risks of fines, it is called, in the extreme case, a fine running into hundreds of millions of euros.This is a difficult but there is no major concern to have.

To what extent can we expect an impact on the real economy if the situation worsens?

Banks have made a big effort on their balance sheets, it is not in the same situation of overheating than during the crisis. They are now well prepared for the state of distrust of the markets. But the phenomenon of double-dip recession may occur. 3 months ago investors imagined a soft landing in growth after the good figures of 2010. Today expectations are more cautious, and go up to imagine a recession in 2012.

"Total is preparing to set up a network of about 500 service stations at low prices in the Hexagon in 2012 to compete with supermarkets, several union sources indicate" the business daily reported.

This project must be presented to trade unions at a works council on Sept. 9, according to Les Echos, which said it will not apply to motorway service stations.

"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.

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.