The top news headlines

 

There are increases that hurt the wallet, and others are welcome. The April 1 announcement of more good news than bad.

• Pensions

Pensions of the general (civil servants and private employees) rose 2.1% from the 1st April. A decision expected. A few days ago the joint supplementary pension schemes AGIRC (executives) and Arrco (all employees) have also taken account of inflation higher than expected in 2011 and have upgraded the pensions of 2.3%.

In a joint statement the Ministers of Economy, Baroin, and Labour Xavier Bertrand pointed out that the pension increases took into account inflation in 2012 (1.8%, revised upwards) and inflation recorded in late 2011 (2.1%) a differential of 0.3%.

• Minimum age

The minimum age knows him, a stronger increase of 4.7% and is increased to 777.16 euros per month for a single person and 1,237 euros for a couple. The minimum pension which is paid to 400,000 pensioners the most modest, however, does not yet live above the poverty line which is 954 euros per month for a single person. The proportion of the population living below the poverty line is 13.5%. During the five year period the allowance will be increased by 25% as promised by Nicolas Sarkozy.

• Disabled adult allowance

The disabled adult allowance (AAH) passes almost 760 euros on April 1st, up 2.2%. Accordance with the promise of Nicolas Sarkozy to the upgrade of 25% for the duration of his five years, the AAH "and go to 759.98 euro 743.62 euro per month against current" and "a second revaluation of 2.19% , take place on 1 September, "said recently the Ministry of Solidarity. It would then amount to 776.59 euros per month, or 155.32 euros more than in 2007. The AAH was seen by 915,000 people in late 2010.

• Family benefits

Family benefits increased by 1% (including family allowances, grants for child care, the allowance for school …). Previously, family benefits were revalued on 1 January. But last year, the government had rejected the revaluation at 1 April, making 130 million euros in savings.

In addition, as part of austerity measures, it was decided that family benefits are not adjusted according to inflation but growth. The expected savings are 400 million euros for 2012 and 500 million for 2013. Prime Minister Francois Fillon said that this would be limited to one year.

• VAT on books

After construction and restaurants, it's time to see their books go this Sunday VAT by 5.5% to 7%. Increases announced in fall 2011 and denounced by the booksellers, whose business is already one of the least profitable. At the Book Fair, the PS candidate Francois Hollande said it intends to reduce its rates "from 7 to 5.5%" if elected, to "defend the digital book at one price" and "protect the rights Copyright and the network of booksellers. "

Booksellers manifest on April 28, between the two rounds of presidential elections, on the feast of the independent bookstore.

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The reverse trend was apparent in January. After seven months of withdrawals exceed deposits, and a record 3.8 billion euros in net outflows (deposits less withdrawals) in December, flows on life insurance contracts appear to be stabilizing. In February, the payments for the first time since last August were higher than withdrawals, according to figures released by the French Federation of Insurance Companies (FFSA) and the Group of mutual insurance companies (Gema).

The amount of deposits has been higher than 300 million euros to the withdrawals. A level far below the record numbers in July 2011 to 2.7 billion euros. Since this rise is not due to increased payments for savers on their contract. They have instead further decreased by 14% compared to January 2012. The trend reversal is in fact due to a sharp slowdown in redemptions, which fell 24% from the previous month. They still remain higher than 21% from their level in February 2011. In fact, Bernard Spitz, president of the FFSA, remains cautious, and denies seeing a continuing trend payday loans online.

Leaded by the crisis which encouraged investors to choose short-term investments, or to deleverage rather than investing, life insurance has lost ground to rival the booklet Who is disputing the preference of the French. The latter has also continued its growth with a collection of 1.93 billion euros in February. A total of 222.3 billion euros are now placed on the 60 million booklets A possessed the French. An amount that is still very far from those placed on life insurance contracts which reaches 1.377 billion euros in late February.

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A few weeks before the start of the tourist season in Greece, industry professionals are concerned about given the country's image abroad. The clashes that broke out between police and demonstrators, repeated strikes in public transport and the crisis affecting the economy, trade and health, greatly tarnish the reputation of "Mediterranean paradise" Greece had so far.

For Francoise Deschamps, Director of Travel Agency Profile in Athens, it is a bad trial because the country. "Violence is not the nature of the Hellenes. There are fewer demonstrations and strikes if they only last a few hours when it comes to archaeological sites. The Acropolis is always accessible to all, "protested she.  

Lower prices

While acknowledging that bookings were down this summer, Francoise Deschamps makes a point of honor to overcome stereotypes, "apart from the American Express (which is rarely accepted because traders are unwilling to pay 7% commission) you can pay everywhere with a credit card or a Visa. No need to bring cash into oneself. Distributors are always stocked, "she says.

The large luxury resort with beach, private pool and gourmet restaurant at the guesthouse, hoteliers were for the most part, forced to lower room rates and offer additional services to each reservation. "Our prices have dropped by at least 20%," says Adrian Vassilikos, director of Airotel, owns six hotels in the country. If the crisis is especially hoteliers, because of increased taxes and reduced bookings, Adrien Vassilikos remains confident: "Tourists know that Athens, like the rest of the country, is one of the most safest in the world. No risk of terrorism or crime. The crisis has not increased the number of pickpockets. To this we must add that in case of accident or illness, we have very capable hospitals, providing care free and urgency, "he said cash advance payday loan.

Of solidarity

Tourism is the second largest economic sector in the country, representing 17% of GDP, after shipping. In 2011, Greece has benefited more or less the effect of revolutions and Arab tourism, compared to the previous year, increased by 10%. This year, some professionals rely on the solidarity towards Greece, shot by the crisis. This movement is gaining ground worldwide and in all sectors. Twenty major Greek groups, as the airline Aegean or Coca-Cola Hellenic, even financed full-page newspaper ads French, German, Dutch, Belgian and British. Under the slogan "give a chance to Greece", these advertisers show a country in flux, despite its economic vicissitudes.

A bank of tourism in the study

To improve the competitiveness of the tourism sector, the Greek government uses the aid of the "task force". This working group of the European Commission, whose representatives are installed in the Greek capital, shook the tourism industry. "Being competitive yes, but then to build infrastructure for mass tourism, there is a margin," worries Francoise Deschamps, Director of Travel Agency Profile. "Greece is a country that fits the needs of every tourist. You can still find himself alone on a beach, eating in a tavern or family homestay accommodation is unique and should not destroy it for the sake of competitiveness, "she adds. Several projects are in preparation at the Ministry of Finance including the creation of a bank or tourist development projects of ancient sites, remote islands from Piraeus or agricultural areas.

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A new episode is crucial for Greece plays Monday in Brussels. Finance ministers of the euro area must agree on the second bailout, 130 billion euros. They must also erase the floor on 50% of the debt with private creditors, or 100 billion euros. Crunch time for Athens to meet March 20 to maturity of debt of 14.5 billion.

Representatives of the ECB and finance ministries have called yesterday to advance to the final details. But many European leaders showed their confidence in recent days. Just yesterday, the Austrian finance minister, Maria Fekter, was upbeat about a deal: "For now, we will exactly in that direction." Even if it recognizes that "there will be intense negotiations on control mechanisms. "  

For its part, the Greek government keeps its commitments: Saturday it approved the final plan for additional savings, amounting to 325 million euros (cuts in pensions, lowering the minimum wage), claimed by the Troika EU-ECB-IMF in exchange for the release of funds.

With the deadline approached, the Greeks were again called upon to take to the streets yesterday. But austerity exhausted, they no longer have the heart to manifest. The depredations committed a week earlier in the center of Athens in small groups of anarchists-as the burning of a listed building of the nineteenth century, gave a very bad image of the country. And while some still hoped to then change the course of things, the adoption by government austerity measures makes them feel that much is now played.

Attachment to the euro

Under a blazing sun, only three thousand trade unionists from the private and public had traveled to Parliament, meeting under a banner that proclaimed, in Greek: "The policies we require an effort of national unity but there nation has more than when there is more that of the hungry and destitute! "In the crowd, another banner proclaimed in English:" We are all Greeks, Merkel and Sarkozy are freaks! "(" We are all Greeks, Merkel and Sarkozy are crazy! ").

But the protesters do not represent the whole of Greece. Walking through the rural areas of the Peloponnese, we see that the population has resigned itself to the efforts required by the troika of countries. "People here realize that Euroscepticism is leading nowhere and that the output of the euro would be a disaster for everyone," says Le Figaro Petros Tatoulis, the elected president of the region, who gave up any political affiliation. "It is for us now to invent a new model of development and export our fine Mediterranean products under the brand name of the Peloponnese, which is received worldwide as a premium brand." ….. …

A survey shows that 73% of Greeks are in favor of maintaining in the euro area, although only 49% of them believe the country will succeed in the next two years.

The problem now is what political leadership is responsible for the implementation of austerity measures. Elections are scheduled for April. But according to another survey, the two major parties of former coalition government today (PASOK and New Democracy) would collect a total of only a quarter of the votes, the lion's share going to the extreme left. But leaders of the latter have been careful to make any commitments in writing in respect of the troika.

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The figures are record: 101,700 megawatts (MW) consumed by the French at 19 o'clock last night, a record that surpasses the previous day, to 100,500 megawatts. The previous record was 15 December 2010 to 96,710 megawatts. With each new wave of cold correpond a new historic peak of consumption to meet the increased need for hot water and heating.

Why do we save these records, while 2011 saw a decrease of 6.8% of electricity consumption in France? The sensitivity of electricity consumption to cold temperatures has increased over the last decade, the order of 70 MW per year, says the electricity transmission network (RTE), a subsidiary of EDF responsible for network of power lines. In addition, our electro-climate sensitivity is higher than our neighbors to each degree less, Europeans consume more today 5000 MW, of which only 2300 MW in France! In comparison, Britain consumes 600 MW for each degree lost, Germany and Italy 500 MW 300 MW.

This explains why the French electrical consumption was so low in 2011, the warmest year since 1900. Instead, the cold snap earlier this year led to a series of daily records: the scale of temperatures, the geographic scope (on the whole territory) and the duration of this wave creates a phenomenon of "cold accumulating," said Herve Mignon, Director of Economy, Planning and transparency in TEN.

More electric heaters, more devices

The origin of this particular sensitivity to cold in France: electric heating, which team nearly a third of homes and is installed in 80% of units built in 2009, according to the Environment Agency to control Energy (ADEME). "The electric heaters (except models with heat accumulation) contributes to peak electricity consumption observed around 19h," says this on his site. "It's a French specialty, says Francoise Clement, Information Officer at ADEME. We relied on electric heating, which makes us very dependent on climate. "

Easier and cheaper to install than central heating, it is elected by overwhelming in a country where electricity is more abundant than elsewhere. However, it may prove far more expensive to use, especially since many homes are poorly insulated. "The actual search for energy savings is still new in France, Clement says Françoise. We had no temperature control before 1975 and our expertise in high performance homes is still underdeveloped. "Now, the heat losses are significant: 25% to 30% through the roof, 25% by walls and 10% to 15% by windows.

In parallel, the use of electrical appliances has been steadily improving. In the living room consoles, computers and televisions are increasingly hungry for electricity, as well as kitchen equipment, such as coffee makers and electric robots. "The spirit of cocooning" increases in household demand, explains Françoise Clemente: "We like to equip themselves, we want to be like home."

We must add that the growing electricity demand with economic growth and the continued increase in population. In its latest forecast balance, RTE still see electricity consumption to grow by 1.1% by 2015. Then, assuming an improvement in energy efficiency in buildings, consumption could increase by 0.6% per year by 2030.

All will be played Wednesday. "No decision will be announced following the summit of the euro area, which takes place this Sunday late afternoon in Brussels, although work is progressing well," said Nicolas Sarkozy and Angela Merkel in a joint press conference after a meeting of leaders of 27 countries of the European Union. French President and German Chancellor said that the work "techniques" were still to be completed by the new top of the euro area on Wednesday. The summit will be preceded by another meeting of twenty-seven, they said. "Work is progressing well on the banks of the support fund and the potential use of this fund. The assumptions are tightening and a broad agreement is taking shape. "

On the issue of Greece, progress, assured the leaders without giving details.The stabilization of the indebted country will pass through international loans and additional losses of creditor banks in the country. Europe the figure to at least 50%. According to the report of the troika (representatives of the EU, the ECB and the IMF), the discount should be 60% to maintain unchanged the envelope of € 109 billion promised to Greece, as part a second rescue plan officially recorded on July 21.

Main stumbling block between Paris and Berlin, the transformation of the European Financial Stability Fund (EFSF) in the bank, which insisted on France, finally does more of the options considered by the finance ministers of the single currency. The idea was that the Paris Fund bank can borrow from the European Central Bank. "The two options still on the table to strengthen the EFSF do not involve the ECB," confirmed the German Chancellor.This leaves two options: either the mechanism acts as a partial insurance of the public debt of troubled countries or the IMF is expected to increase its participation in the scheme.

In another area, "the work is progressing well on the recapitalization of banks," said Nicolas Sarkozy, again without providing details on the proposed solutions. Countries of the European Union discussed a budget from 107 to 108 billion euros at the meeting of finance ministers on Saturday night. "Banks must find the money markets," stressed Angela Merkel.

Finally, the pressure on Italy is maximum. The two leaders 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 online payday advance."I hope that decisions will be taken (…) Italy is a major economic force but it has a very high public debt should be reduced in a credible manner in the years to come," says 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."

"Do not repeat the mistakes of the past"

"We must work differently in the future," said Angela Merkel. German Chancellor said that we should not "repeat the mistakes of the past." The problem of the euro area far exceeds that of Greece, she hammered, emphasizing the need for each country to conduct "a tighter fiscal policy."The President of the European Union, Herman Van Rompuy, confirmed on Sunday that the EU treaty could be modified to improve the functioning of the euro area. "The aim is to deepen our economic union and strengthen our fiscal discipline," he said.

Europe is facing economically to "serious challenges", said Herman Van Rompuy, at the opening of the EU summit this morning. He felt that the decisions to be taken by EU leaders to deal with were "perhaps the most important" they've ever had to face the financial crisis. Greek Prime Minister George Papandreou, had also felt it was "time" to take "decisive and effective." "It is clear that the crisis (debt) is not Greek. This is a European crisis, "he judged.

For its part, the Belgian Prime Minister Yves Leterme had tried hard not announce anything at all on Sunday, in light of market pressure. "It is essential for tomorrow morning at the opening of markets, we have made sufficient progress so as not to jeopardize the credibility of the euro area," he said. Same story for the European partners have not adopted the single currency, which are concerned about the fallout from the debt crisis. "The crisis in the euro area is being extended to all our economies, including that of Great Britain ', launched the British Prime Minister David Cameron.

(With agencies)

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New blow for the euro area. After Fitch, it was the turn of Standard & Poor's to break down a notch credit rating of Spain, which changes to "AA-". The rating agency also maintains a negative outlook on the country. In other words, a further downgrade of the country can not be excluded.

The agency believes that financial services' growth prospects are uncertain "because of" increasing risks "facing the economy. The agency referred in particular to "the incomplete reform of the labor market will continue to hinder economic recovery." In the view of S & P, Spain could fall into recession next year, with GDP expected down 0.5%.

The fragility of the financial system is also the Achilles heel of the fourth largest economy in the eurozone.S & P is concerned and "a probable further deterioration of asset quality of the Spanish financial system."

The agency also questioned the budgetary targets of the Zapatero government. The Spanish public deficit forecast at 6.2% of GDP for 2011 could be exceeded. As for reducing the deficit to 4.4% of GDP in 2012, it will not be possible without "additional measures".

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Fitch Ratings lowered the rating two notches from Spain, which now stands at "AA-". Spain held so far a "AA +", the fourth highest on a scale of twenty. More worryingly, the note is accompanied by a 'Negative' outlook, which means that the agency could lower it back to medium term.

Spanish growth at half mast

Moody's in turn should decide by the end of October on a possible downgrade Spanish now "Aa2" (the third best possible)."With significant funding needs" of the Spanish State, to cover its budget expenditures and net external debt is "one of the highest in the world" (91% of GDP), said Fitch, "the more volatile strong a negative effect on financing conditions in the market of Spain. "

But there are also internal factors in the country "risks to fiscal consolidation as a result of performance parts." The same agency Fitch has lowered Wednesday including the long-term rating of the Basque Country, one of the richest region in which it criticizes the "weak fiscal performance." Growth forecasts have been revised downwards. Wednesday, the Bank of Spain announced that the country's growth expected to slow in the third quarter, to reach an economic activity 'lackluster'.The Spanish government has also recognized that the economic growth targets it had set for 2011 and subsequent years would be "hard to reach" because of the risk of recession in the world.

Italian governance into question

Fitch also lowered the rating one notch to Italy, "A +" against "AA-" and does not see her again in the fall if the country would miss its targets for reducing the budget deficit. Fitch was the last of three major international rating agencies have not downgraded from Italy since the beginning of the debt crisis in the eurozone guaranteed unsecured personal loan. She explained that the high level of public debt and budgetary financing needs, combined with the low level of potential growth (the country), made in Italy especially vulnerable.The Agency is challenging the country's governance and stressed that the differences in the Parliament and the escapades of the prime minister Silvio Berlusconi, help to weaken the ruling coalition.

Belgium heckled by Dexia

Belgium is also in sight. The agenceMoody's said it was considering lowering its rating, currently at "Aa1", the second best possible. The agency cited three reasons: the crisis in the euro area, concerns for economic growth and the possibility of additional support to the banking system, particularly in establishing Franco-Belgian Dexia.

Another European country in turmoil, Portugal, has been confirmed its rating of "BBB-" (the last before falling into the category of "speculative") by Fitch, which continued on negative watch at least until the end of the year.Standard & Poor's, confirmed Tuesday the rating "BBB-" from Portugal, while maintaining it as a negative outlook. Portugal, the third country in the eurozone after Greece and Ireland to receive international financial assistance, is facing new economic challenges that undermine his efforts to clean up its public accounts. Progress in implementing the program of the European Union and the International Monetary Fund (IMF), and its budget for 2012 will be crucial.

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The U.S. stock markets have opened sharply lower on Monday. In early trade the Dow Jones loose 1.23% and the Nasdaq -1.54%. European divisions over the records of the debt crisis and the rescue of Greece, and political tensions in the United States expected to weigh on investor sentiment. Friday, after a feverish new session, Wall Street had ended in the green on the wire.

Investors will be particularly attentive to the speech of President of the United States, Barack Obama. The U.S. president should propose a new tax plan today to 1.5 trillion dollars over the next decade. The plan also intends to cut the deficit in Washington from 3000 billion over the next ten years, said Sunday night a senior administration official.Worried that his program pushed by Congress, Bush called this weekend to support the Republicans, to avoid "dead end". President Barack Obama presented a plan Thursday night use of 447 billion dollars intended to provide a "shock" to the U.S. economy. He warned the Americans Saturday that they would provide "pull their weight" to reduce the country's budget deficit. The United States must indeed make 1.2 trillion dollars in savings by the end of the year. Barack Obama wants to target primarily the rich and businesses. In this sense, it must provide to Congress today a tax on incomes above taxpayers, those earning over a million dollars a year.

Summit meeting in Greece

Concerns about the situation in Greece should also still produce adverse effects on Wall Street.Following a two-day meeting, Friday and Saturday in Wroclaw, Poland, EU finance ministers decided to postpone their decision until October on a loan of 8 billion euros in Athens. The European finance ministers have also made little progress on the implementation of the second aid package to Greece about 160 billion euros, of which the principle was arrested on July 21. The presence of U.S. Secretary of the Treasury Timothy Geithner will not change. Accused of delay in implementing measures to reduce the deficit, Greece must show its good will.

To try to convince the Greek Finance Minister Evangelos Venizelos has to go today as the yoke of the major creditors of the country, calling for new savings measures.According to his ministry, Evangelos Venizelos will submit to the verdict of the "troika" representing euro area and the International Monetary Fund on a conference call scheduled just after the close of European stock. An interministerial meeting is then scheduled to "specify concrete decisions" to be taken, said on Sunday the Greek Minister.

On Monday, the only indicator of expected importance in the U.S. NAHB housing index is to be released in 16 hours. The main highlight of the week in the U.S. is expected Tuesday and Wednesday with the Fed meeting. Investors expect the institution to take steps to maintain the downward pressure on interest rates and long-term and in turn gives a boost to growth.

The euro against the dollar worth

On the foreign exchange market, the euro accentuated his decline against the dollar on Monday.The euro bought 1.3653 dollars against 1.3797 dollars on Friday night. He fell last week below the threshold of $ 1.36 for the first time since February. Oil prices are also in the red. Around 12:30 in Paris, a barrel of Brent North Sea crude for November delivery traded at 111.75 dollars in London, giving 47 cents from Friday's close. In electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for October delivery gave up $ 1.19 to 86.77 dollars.

Also note, share repurchases by companies have reached record levels over the quarter.They are for non-financial businesses of $ 475.2 billion in the quarter (annual rate) against 277.9 billion dollars for the full year 2010 specialists note Aurel BGC.

Values ​​to follow

The side of values, the general manager of movie rental service Netflix announced on the blog of the company splitting its activities on the internet streaming movies and delivery of DVDs by mail.

Boeing expects to receive "hundreds" of new orders and commitments for the 737 version of its remotorisée in the coming months, told Reuters Randy Tinseth, vice president of Boeing Commercial.

according to reports from CNBC, United Technologies is in talks with Goodrich Corp. to buy the company at a price of 125 dollars per share.

Moreover, according to the Sunday Express, Best Buy would have discussed the prospects of its business in the UK with its shareholders.

GE Transportation, a subsidiary of the giant General Electric announced it would invest $ 200 million to develop manufacturing of locomotives in Texas and Pennsylvania.

The measures announced in mid-August by Angela Merkel and Nicolas Sarkozy are now entering into their implementation phase, wanted to highlight this weekend the Minister of Economy, Baroin, in an interview published in the Journal du Dimanche.

Franco-German work beginning to bear fruit. On the harmonization of corporate taxes first. Baroin said that the proposals on a plate and a single rate in France and Germany are on the table in 2012, for implementation in 2013. "In practice, we expect an early convergence of the supplementary budget in September," said the minister. Impossible, however, as to what are currently the preferred paths to achieve such convergence. If, for example, the corporate tax will fall in France, or if it will increase across the Rhine.

The tax on financial transactions discussed in G20

The terms of the tax on financial transactions announced on August 16 by Angela Merkel and Nicolas Sarkozy also remain mysterious. "What is the basis used? Rate? Who receive income: the Commission, the States? We have not finalized the position on this issue ", said Minister of Economy, Baroin, in an interview published this morning in the Journal du Dimanche.

The German Minister of Economy Wolfgang Schäuble and his French counterpart have yet met last week, including to clarify the contours of the future tax, the timing is tighter quick payday loan. As originally announced by the Franco-German tandem, a first draft of the text should be proposed to the European Commission in the coming weeks."We are preparing a specific proposal that we send to the Committee in September," Baroin repeated the weekly.

Delicate negotiations

A timing that will allow the Commission to bring to the table a legislative proposal on the subject in early October, which will integrate the conclusions of the Franco-German couple. "It will be examined in the fall. We are determined to achieve results at the G20 3 and 4 November in Cannes, "said the minister. So much for the calendar. So far, the European Commission was considering the track instead of a 0.1% tax on transactions involving stocks or bonds, and 0.01% for those on products.

The adoption of such a tax at the European level is difficult, however, regardless of the arrangements envisaged.The unanimous agreement of the 27 states should indeed succeed the vote the proposal by the European Parliament. But Britain, which houses an important financial center, as well as Ireland or Luxembourg, are currently strongly opposed. Main question, the financial sector also protested against such a hypothesis, arguing the risks of travel to areas of the transactions tax warmer.