According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" against a target of 21% decided on July 21 with the banking sector. They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF).The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised.

A "discount" is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% borne by the private sector, the second program of financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts.

• Banks recapitalized to the tune of 100 billion euros

The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece said "messy" serious consequences. "It's a negotiation s'entame," said Didier Reynders, Belgian Finance Minister, before a meeting with his colleagues throughout the European Union on Saturday. These discussions, held in Brussels with representatives of the Institute of International Finance (IIF), the banking lobby, "still, there is no agreement yet," said a source told AFP familiar with the matter.

In return for the effort required on the Greek claims, it is intended to recapitalize European banks to the tune of nearly 100 billion euros. The subject was Saturday in the agenda of the ministerial meeting. According to sources cited by Reuters, an agreement in principle was reached by European finance ministers on the recapitalization. European diplomats interviewed by AFP were less categorical in the late afternoon. "There is no agreement on the recapitalization, it gets stuck a little." According to one of these diplomatic sources, "Spain insists on having a comprehensive, not only on the recapitalization of banks but also on strengthening the European Financial Stability Fund (EFSF). " On the other hand, "the ministers are trying to agree on the minimum capital."

The European Banking Authority (EBA) has proposed that banks reach a level of capital of 9% by mid-2012. A diplomat acknowledged that some countries in the viewfinder of the markets, like Italy, Spain or Portugal, feared that the recapitalization will further undermine public finances.

• The Fund will not support a bank

Moreover, the French proposal to grant a banking license to the Fund support the euro area (EFSF) so he can refinance with the European Central Bank "is no longer on the table," said Minister Dutch Finance Jan Kees de Jager. Only two options are being discussed to increase the firepower of the device, he told reporters Saturday.These two tracks on the agenda now that the mechanism acts as a partial insurance of the public debt of countries in difficulty or higher participation of the IMF to the device, according to a German government source. But there is "significant differences between countries" on the issue, said Jan Kees de Jager.

How to leverage the capacity of the EFSF was the main sticking point between Berlin and Paris at the approach of the EU summit. France, worried about its budget deficit and are "triple AAA" prefer tap into the existing European funds, starting with the ECB. Germany, also sensitive to the separation of powers as inflation risks, refuses anything resembling a crisis by printing money in Europe.France was not only to advocate the involvement of the ECB, arguing that this system worked very well in the United States or Great Britain. She was supported by Spain, Italy or Belgium.

The European Relief Fund currently has a lending capacity of 440 billion euros, part of which is already committed for Ireland and Portugal. This envelope is considered insufficient to prevent contagion of the debt crisis in countries as large as Italy and Spain, increasingly in the firing line of credit rating agencies.European countries negotiate so hard for weeks on the best way, via a "leverage" to multiply by up to five response capacity of the Fund's financial debt of fragile countries.

(With agencies)

ALSO READ:

"GRAPHICS – The crisis of the euro, or the history of contagion

"SPECIAL – Banks in turmoil

"Paris and Berlin are seeking a solution for banks

Turnover of Intel blazed by 28% in the third quarter to $ 14.2 billion, for a net profit of 3.5 billion, up 17%. The strong increase is explained by the dynamism of chips for PCs, whose sales rose 22% to 9.4 billion. "Companies around the world support the purchase of PC. In addition, there is an upmarket laptops, "explains Stéphane Negro, CEO of Intel in France. Thus, the average selling price of a microprocessor increases, resulting in the margins of the group.

Activity remains the most profitable chips for servers, the mainframe computers used in particular to oversee a network of PCs.The demand for this class of machine is very high due to the construction of new data centers, conversion of companies in cloud computing (cloud computing) and scientific computing. Then, the next chip for servers is "twenty times more demand than that of the previous generation, at the same time," says Stéphane Negro easy pay day loans.

"Ultrabooks" second generation

In addition, one third of the growth of Intel, in the third quarter is attributable to acquisitions. The security software company McAfee and the modem division of German Infineon boosted sales of 1.1 billion. To support its growth, Intel will invest at least $ 10.2 billion to modernize its plants in 2011. This is a record for the group and probably for the entire sector information technology.Intel retool its plants to increase the density of transistors on each chip, reducing the burning characteristics and deploying a new production technology. Its development should be used in one year for the second generation of "ultrabooks" laptops, powerful and lightweight.

Paul Otellini, Intel's CEO, confirmed that in 2012, the group will finally chips used in smartphones and tablets. The stock has gained 4% yesterday.

ALSO READ:

"Samsung is partnering with Intel over a mobile system

Delicate challenge

For Sharp, the bet is tricky. This is not to be the nth smartphone in the European market, running Android market segment dominated by Korean and Chinese brands. To differentiate themselves, the Japanese put on the 3D display of the phone. While it is the third, after LG and HTC to offer a device with such a characteristic. But only the Aquos almost instantly converts 2D images into 3D.It is also equipped with two optical, which can take photos or videos in 3D and then watch them on their smartphone, or share them on other screens in relief.

Abandonment of the shelf

On a strategic decision to Sharp raises some questions. The brand has announced the abandonment of its shelf Galapagos there just two weeks. But it also reflects the key role of the smartphone market for players in consumer electronics. To exist, they can not do without. Even if only a very symbolic presence. Orange has only ordered 10,000 copies of the Aquos, probably made prudent by the very small success of the 3D Optimus LG and HTC Evo 3D. Sharp will make us forget the bad reputation of free 3D, even on small screen, according to users, giving a headache and seasickness

Concordant sources, in fact, Dexia, the Deposit Bank and postal workers, under the watchful eye of the state, to create a new bank, public, local communities. Friday, none of the parties did not wish to make comments.

The new entity will take over long held by Crédit Local de France (CLF), ancestor of Dexia, with mayors, councils and other French regions.Its creation would be an opportunity to ease the minds of elected officials, heated by the explosion of interest on certain loans "toxic", including underwritten by Dexia before 2008. The new state-owned bank could put forward a much more wise.

Above all, his arrival on the market would open the tap of credit to local communities. In a financial crisis, Dexia and its competitors, such as savings banks, Societe Generale and foreign banks have largely abandoned this market in recent months.

The Postal Bank and the Caisse des Depots would hold society together, Dexia that may remain a shareholder.They should also take control of all or part of the loan portfolio of existing communities with Dexia French (70 billion euros) and Dexia Municipal Agency: such operators shall ensure, by means of mortgage bonds, the refinancing of the commitment of Dexia. A new ownership would bring also the financial strength necessary to maintain its "AAA" rating.

Pirouette history

For Dexia, the operation could be an opportunity to significantly reduce its balance sheet totaling more than 500 billion euros guaranteed online personal loans. It has already been reduced by 15% year on year, thanks to the divestment of assets made in the first half. But despite this recent treatment, the group remains fragile, especially in the current distrust of markets against financial groups in Europe.

"The idea is on the table.Its terms are far from being arrested, "said a source familiar with the matter. The role of Dexia, the volume of the transferred assets, their quality – particularly with regard to loans that are the subject of disputes with communities who have subscribed – all of which are still on the table. Many criteria which depend then the financial terms of the transaction.

The reactive pattern of lines of inquiry explored from 2008-2009. Even then, the idea of ​​the deposits of La Banque Postale deal with Dexia loans (assets of French local authorities are placed in the Treasury) was considered. The arrival of the CDC in the capital of La Banque Postale has facilitated the project. The project has also the flavor of a sacred spin the story to the Fund: Crédit Local de France was born of a branch of the Caisse des Depots, which then end up twenty years after a historic activity.But for the CDC, the issue is complex: it has (with the NOC) 20% of Dexia, it has recapitalized with the Belgian shareholders in 2008 to see the action rolled back in recent months. Perform an operation which finally reduces the bank's balance sheet and liquidity requirements would constitute a significant step forward. This is what its proponents would argue with the board, including representatives from Belgium, possibly as early as next Tuesday.

Like European and Asian stock markets, Wall Street is not immune to the anxiety surrounding the health of the global economy. This pessimism has been going on yesterday and pessimistic of the U.S. central bank. The Fed has held that the U.S. economic recovery was "slow" and threatened by "high risk". The central bank, in this context, announced an operation to extend the maturity of the assets it holds up to 400 billion dollars by June 2012."You can interpret this decision as the Fed's will not to launch three quantitative easing (monetary easing to boost the U.S. economy, ed) immediately, says Arnaud Poutiers, executive vice president of IG Markets.

The general concern about global growth has been reinforced by concerns about the economic situation in China. Manufacturing activity in the country has deteriorated in September, reaching its lowest level in two months, according to preliminary PMI bank HSBC said on Thursday. PMI Purchasing Managers calculated by HSBC in September reached 49.4 against 49.9 in August, knowing that a figure below 50 means contraction.

In France, the growth of private sector activity in September fell to its lowest level since the beginning of the recovery in 2009, while in Germany, the composite PMI, which includes industry and services, has emerged to 50.8, its lowest level since July 2009 against 51.3 in August.

The U.S. Treasury Secretary Timothy Geithner also said Thursday in Washington that the slow economic growth was a challenge "greater" than the debt and that the governments around the world should give priority to support growth .

On the issue of European debt disturbing fact, little progress.Greece has just announced yesterday it will launch new austerity measures to get the funding it needs Troika in October to avoid bankruptcy.

Bad news on employment front

The announcement of a rise in weekly jobless across the Atlantic is not reassuring. According to the U.S. Department of Labor, 423,000 people registered as unemployed during the week of September 10 to 17. The consensus of analysts expected 420,000 new applications for unemployment benefits.

Other important indicators, such as managers' index index advanced sprix estate, are in the program.

In this context, oil prices plunged more than 5% Thursday to open in New York, returning to their lowest levels in a month.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for November delivery traded at 81.28 dollars, down 4.64 dollars (5.4%) compared to the previous day. On the currency markets, the euro continued to sink against the dollar: the euro back below the $ 1.35 dollar to 1.3462 (-0.82%).

Values ​​to follow

On the corporate side, Bank of America (-5.02% to 6.06 dollars), Wells Fargo (-2.02% to 23.23 dollars) and Citigroup (-4.47% to 24.38 dollars) should still suffer from the deterioration of their rating by Moody's. The agency that the state may fly to their rescue.

Fedex (-10.15% to 65.14 dollars) has reported an EPS according to the consensus of $ 1.46 in the first quarter, a turnover of 10.52 billion dollars.

United Technologies (-7.16% to 69.51 dollars) will buy the equipment manufacturer Goodrich Aviation (10.06% to 120.50 dollars) to $ 16.5 billion (12.2 billion euros) cash, a transaction that would be the largest acquisition of U.S. industrial giant in 10 years.

Like the Asian markets, the benchmark index of the Paris market is supported by the slight increase in U.S. markets, reassured by the Federal Reserve. Investors are indeed more and more convinced of the will, confirmed last night by the U.S. central bank to act to restore growth.

In addition, the Atlantic, financial markets are close to their level of January 1, which could be an equilibrium point.Also an element of support for the Paris Bourse, even if it is far from that level (3847.63 points Jan. 3, 2011).

Chapter macroeconomic, investors will learn in 12 hours of agricultural price indices in July. United States, the employment figures for August will be published in the early afternoon, followed by the index of industrial activity in the Chicago area and in industrial orders in July and inventories crude oil.

On the currency front, having been an upward trend since the beginning of the week, the euro fell slightly against the dollar on Wednesday after the announcement Tuesday in a poor indicator of the European economy weighed on the currency European.In mid-session in Paris, the European currency was worth 1.4441, up 0.02%.

Values ​​to follow

In a market with relatively low volumes since the beginning of the week is a new salvo of publication of results, broadly in line with expectations, that drives the third weekly session.

Bouygues strongly supports the trend. After being briefly suspended trading at the opening, the title of group jumped 12.54% to 25.98 euros. The conglomerate has finally published its results on Wednesday, not Tuesday reported on the acquisition of 11.7% of its shares for 1.25 billion euros, a 30% premium over the closing price of the security last night.In addition, the group published a half-year net profit down 27% to 391 million euros.

Similarly, Vivendi (3.55% to 16.75 euros) said it had doubled its half-year net profit to 2.5 billion euros, with a net gain of $ 1.2 billion related to the settlement of a dispute over the PTC shares in Poland. Its subsidiary, Canal +, 80% owned by Vivendi, reported first half sales of 2.39 billion euros, up 2.8% year on year, operating profit increasing by 1 , 9% over this period easy payday loans.

In turn, Carrefour is the sentence (-3.19% to 18.05 euros), after the group announced a net loss of 249 million euros in its first half.Above all, the group has revised downwards its forecasts, expects 15% drop in its earnings.

Last night, L'Oreal (-1.70% to 75.70 euros) has reported an increase in operating profit of only 2% to 1.70 billion euros in the first half. Its operating margin for its part fell 50 basis points to 16.8%, while analysts expected an increase, on average expected a figure of 17.5%.

Vinci (1.48% to 36.06 euros) for registration in the first half net profit up 15.7% year on year and raised its annual forecast.

Cac 40 off the healthy group Hermes (-0.75% to 262.95 euros) is confirmed.The specialist luxury published net income up 49.5% to 290.9 million euros.

Bolloré (stable at 158 ​​euros) saw its net profit grow by 29%, boosted by a gain from the sale of shares of the maker of seamless steel tubes Vallourec.

For its part, Havas (1.82% to 2.8 euro) reported net income up 8% in the first half thanks to an improved operating margin.

Aéroports de Paris (0.74% to 57.27 euros) it has slightly lowered its forecast for fiscal 2011.

Hi-media (-5.31 euros, 3.39 euros) back into the green in the first half, revealing a net profit of 5.1 million euros.

For its part, the oil reacts little to the continued rise in oil prices, and the strategic agreement signed between Rosneft and will explore together the Arctic and as such invest $ 3.2 billion.Technip wins 2.28%, to 66.45 euros and a total advance of 31%, to 33.59 euros.

For its part, Bourbon wins 1.62%, to 22.86 euros. The oil services specialist maritime published a group net profit halved in the first half, to 41 million euros, but put on a recovery in the offshore oil and gas. It also confirms the objectives of its 2011-2015 plan.

Note that Ruby, Mersen (ex-Carbone Lorraine), April, Lagardère, Outremer Telecom, Eiffage, Stef-TFE, Fleury Michon, Bongrain, GFI Informatique, Gameloft, Sopra, Virbac, Reculex, Mr. Bricolage and reveal their Guyenne et Gascogne half-year after the stock market.

ALSO READ:

"Wall Street somewhat reassured by the Fed

"Hi-Media keeps one foot in the electronic payment

"Rosneft and Exxon together explore the Arctic

Of the other major European stock markets, the FTSE-100 from the London Stock Exchange gained 0.67% at end-30 Dax and the Frankfurt Stock Exchange is 1.07%.Wall Street closed Monday evening while a cautious rebound Asian stock markets advance slowly, scheduled to open on Tuesday, and more open up if we believe the index futures.

While awaiting the president's speech to the U.S. central bank, Ben Bernanke, Friday, and the publication of the second estimate of U.S. GDP in the second quarter, the same day, the markets remain nervous and are attentive to the situation in Libya where the prospect of regime change seems inevitable after 42 years of rule of Colonel Gaddafi. The wait also dominates the New York Stock Exchange opened in a small increase.

Oil prices retreat slightly

As a result, oil prices are cautious on Tuesday. a barrel of Brent North Sea crude for October delivery barrel of Brent took only 18 cents to 108.54 dollars, after losing 18 cents in early trade.In New York, a barrel of "light sweet crude" for delivery in October has opened up 66 cents to 85.06 dollars.

On the macroeconomic front, the growth in activity in France has re-accelerated slightly in August, but three months to offset the sharp slowdown that has just experienced. The manufacturing PMI rose to 53.6 points against 53.2 in July.

But, overall, the indicators of the day are at least mixed. The barometer of confidence Zew, who searches the expectations of German financial community, still has significantly declined in August for the sixth consecutive time. Private activity in euro area, it stagnated and remains at a low of nearly two years.

In the U.S., sales of new homes in July emerged declined by 0.7% in July, after falling 2.9% in June, according to figures released Tuesday by the Commerce Department.On an annual basis, the sales trend was 298,000 units, after 300 000 (revised 312000) in June. Analysts on average had forecast 310,000.

On the corporate side, while the regime of Colonel Gaddafi is expected to end, the oil is in the form: Technip wins 1.45% to 60.69 euros and total advances of 1.15% to 33.085 euros.

The CAC was increased by cyclic: Air Liquide (2.85% to 68.22 euros) signed the largest increase in the Paris index.

Schneider Electric: + 2.09% to 86.63 euros

Schneider Electric continues for the second time its tender offer in cash on all shares of Spanish Telvent at a price of 40 dollars per share.

Carrefour: + 0.62% to 18.755 euros

Carrefour announced Monday the appointment of Thierry Garnier, currently executive director of distribution group for growth markets, the Executive Director for China and Taiwan, replacing Eric Legros.

Sanofi: + 1.68% to 49.95 euros

Aventis Pharma, Indian subsidiary of Sanofi, is close to buying activities without prescription Universal Medicare, an unlisted Indian pharmaceutical company to 75.8 million euros, said on Tuesday two sources close to the situation.

Societe Generale: -0.31% to 21 euros

Societe Generale has asked the bank Rothschild to set up a liquidity contract with a budget of 170 million euros to support its action, which has lost more than 40% of its value in a month.

Christophe de Margerie. – What do you want Total to answer those who have already tried? However, I am ready to discuss the importance of our results and what they serve. In the first half, we invested 11.3 billion euros. We prepare the future, not just to look for oil and gas but also by positioning ourselves on new energy sources such as photovoltaic. In the second quarter, our results in dollars rose by 7% yoy and 19% in the first half.This is a more moderate increase than in oil and gas knowing that it mainly benefits the producing countries, our average tax rate was increased to nearly 60%.

It blames the gasoline pumps, starting with Total, a secret on prices …

There are no more transparent than the fuel market in France: the prices are posted daily on the Internet and on motorways. But the best protection for consumers is competition. The distribution market in France is hypercompetitive, with margins among the lowest in Europe, less than 1 cent per liter. This has led almost all the major oil companies to withdraw from the French market, but at least not total! For me, the fewer stations in France is a concern because it affects access to energy for all the French.Let us not forget that if our brand image of a monopoly, it is never that 20 to 25% of the market based on fuel. Far from the supermarkets, which account for more than 60%.

In France, Total is testing gas stations cheap, will you extend this experience?

The first results are satisfactory. We intend to extend the experience. Many issues remain unresolved, including the name and position in relation to our current network. One thing is certain, if we convert the try, we'll do it our way, with low prices, certainly, but also a real quality of service. Before any changes, a necessary preliminary: the dialogue with social partners.

You explore and exploit deeper and deeper, further. Is not it risky?

We do not manage a pension.Our goal is to identify and develop the reserves today that will meet the demands of tomorrow payday advance. For this, we must actually take calculated risks but the real risk of being hindered in accessing new reserves. So yes, we are going to countries 'difficult' in the political, technical or environmental: Burma, Nigeria, Libya or Canada and its oil sands … Production costs have soared. A barrel today is much more investment than ever, it is of a barrel of "high technology". Macondo after (the explosion of the BP platform in 2010 in the Gulf of Mexico, Ed), our security requirements are more than ever the priority but it will take part in rising costs, as well as requirements energy efficiency and reducing emissions of greenhouse gas emissions.I remind you that Total is committed to halving its volume of gas flared between 2005 and 2014.

What is your strategy to access these new reserves?

We are strengthening our strategy begun almost two years. We have made acquisitions of high quality. While we were rather conservative on sales, we prove that we know sell and sell well. We have sold our interests in the Spanish company Cepsa, to nearly $ 4 billion in an offshore block in Angola, most recently in the Norwegian gas pipeline network.We breathe our asset portfolio and disclaim cash flow for future growth on younger workers, focused on our growth areas in high technology – the ultra-deep offshore, liquefied natural gas (LNG) or gas as unconventional shale gas – while ensuring a good geographical balance. These eighteen months we have seen thus strengthen our position in Russia, Australia, Canada or in East Africa.

With shale gas, Total is it becoming a group more gas?

Our strategy includes both oil and gas. Today, gas is essential, it is cleaner than coal and oil to produce electricity. Gas now accounts for 45% of the total production, oil 55%. Shale gas has upset the market in the United States.In Europe, we start – when you can – just exploring, although many of exploration permits for the shale gas is already taken. However, we are already permits in Denmark, Poland, with Exxon, and Argentina.

Finally, another source of motivation for investors: the good results from Apple. After those, equally good, IBM, the group reported Tuesday a quarterly revenue again well above expectations, driven by strong sales of iPhones, particularly in Asia, and tablets iPad.This new support this morning all the technology stocks in the region.

In Japan, the Nikkei shows a rise of 1.15% at 10,003 points at a time of closing, including increased by Pioneer (3.12%), SoftBank (2.61%), Toshiba (2 , 99%) and TDK (3.18%).

The Stock Exchange of Hong Kong more timidly climbed from 0.10% to 21,914 points. The bank is on the rise as Bank of Communications (0.91%). In contrast, the Shanghai Stock Exchange was down 0.41% to 2785 points. In Korea, the Kospi up 1.15% and the Indian Sensex gained 0.36%. The S & P Australian advance of 1.60%, boosted by the progresison heavyweight BHP Billiton (1.64%), which announced that a new record for annual production of iron ore. Action News Corp (3% to 14.94 dollars) is also continuing its rebound after the hearing of his boss Rupert Murdoch in front of British parliamentarians.

Oil up

Oil prices were also up Wednesday in electronic trading in Asia, with investors encouraged by the figures better than expected real estate in the United States, analysts said.

In morning trading, a barrel of "light sweet crude" for delivery in August took 80 cents to 98.30 dollars. That of Brent North Sea crude for September delivery took 69 cents to 117.75 dollars.

Xavier Bertrand Tuesday reiterated the government's intention, not to establish a "maximum wage", but to increase the levies on companies' pay extravagant wages "- which in his view, means" several million euros. " The idea was initiated by a part of the majority in the debate on the alleviation of the ISF and the end of the tax shield. The Left had also seen a way to feel good after a "gift to the rich" … The measure should be passed in the fall.It could take two forms: a new tax or the inability to deduct the payments of the tax base of companies. "I favor the latter possibility," the minister said Tuesday.

"Branding a category»

Neither of the two formulas, in any case not suitable for Afep. Its chairman, Maurice Levy (Publicis Groupe), found the need to "be bad enough faith to consider that there is a problem together" on the compensation of top managers of French companies instant credit reports. Based on a study Aon Hewitt, he assured that they are on average paid less than their counterparts at the head of U.S. companies, Swiss, British, Spanish or German. "It's not healthy to attack a general executive compensation. This leads to stigmatize a category, "says Maurice Levy."I'm not at all support the idea that decides what should be the compensation of one or the other, in a total abstraction of what the company," he says. As to subject executive compensation to the general meeting of shareholders, rather than the board or a special committee, the president of the Afep sees "no need to submit to such AG decision over another ", saying that there is already" in the company a democracy that works very well. " Annual reports, accessible, detailed executive compensation.

"Personally," Maurice Levy, however, sees "no objection" that the persons whose total income is high "contribute more in difficult times," as an "element of solidarity."

See also:

"Chérèque does not believe in a maximum salary