Consequence: the traffic is slightly disrupted Tuesday. The TGV normally roll axis except Atlantic routes, where seven out of 10 will be provided. For Transiliens – Paris commuter trains – three out of four trains roll on average during peak hours. As for the TER (regional trains), they are also three sets of four that will work.

The situation was complicated, however, on Tuesday morning in the Paris area RER B cash advance. Surla The RATP staff working on this line have invoked their right to withdraw following the discovery of asbestos on some trains.The traffic of this line is very upset: no train run from the Gare du Nord and Saint-Rémy-lès-Chevreuse (Yvelines) between 10:30 and 16:00, and only two on a train run between 7am and 9am and from 16h .

On the other RER lines operated by the SNCF, the traffic is normal on lines A and E. Two out of three trains running on lines B and C, while 7 out of 10 trains run on the line D.

A journey of two will also be provided on average for the Intercity day, with normal traffic on the routes Paris-Clermont-Ferrand, Paris-Limoges-Toulouse and Paris-Amiens-Boulogne.

Monday, a subsidiary of GDF was again surprised by a decision which comes just two years after the government's decision to extend by ten years the three reactors mentioned above. Extension in exchange for which GDF Suez has to pay 245 million euros a year, a tax that Brussels wants to climb to one billion euros. Ironically, ten days ago, GDF Suez had threatened to shut down in advance the three reactors in protest against the increase No teletrak payday loan.

Facing the new situation, Electranel also said it will consider "the possibility of redirecting investments it plans to extend to these plants, or nearly one billion euros to guarantee the future security supply its customers. ".

International ambitions

The quality of its nuclear tool in Belgium allowed GDF Suez to establish its claims internationally.

Earlier this year, the MDD had continued to lose market share (down 0.4 points from January to May). But the trend has reversed this summer. From June to September, the MDD show an increase of 0.4 percentage points, according to SymphonyIRI. This growth could reach 0.5 points throughout the second half.It concerns mainly the heart of the range and not the premium private label, or, more surprisingly, the first price ranges.

Click on the thumbnail to enlarge the graphic.

After rising steadily since their inception in the 1970s, sales of private label had marked a halt for nearly two years, even though the distributors did not cease to give them more room on their shelves. In 2010, domestic brands have responded. With a lot of innovations, promotions, advertising campaigns and price cuts, Danone, Nestle, Coca-Cola and Unilever have then taken the field. So, while Leclerc marks usually represent 35% of sales of the brand, this share fell below 30% during the past year.National brands benefited, at the time of price stability, conducive to buying, and saturation of consumers to the overrepresentation of MDD in radii.

But since the spring, the price increase, following the surge in raw materials, has changed all that. Carrefour to pass on increases in the month of March, after the conclusion of negotiations with suppliers. Other retailers have waited until June Between January and May, the rise in prices has been limited to 1 payday loan.3%. But between June and September, it reached 3.5%.

Descent line

As a result, the constraints of purchasing power of the French took over the top, recalling – to a lesser extent – the situation in 2008.At the time, in a crisis of raw materials, private labels have gained two points of market share, while the level of inflation was nearly 5%.

Household expenditures have dropped from the month of May, before returning in August. "The French have entered a period of rigor in their daily consumption, Jacques Dupré analysis. They limit their spending on products they do not deem necessary and buy fewer products pleasure as confectionery and ready meals. "

Rather than give up certain purchases, more and more consumers prefer to go further upmarket. The shopping basket of many homes has changed significantly in recent months.

This type of buying behavior explains why the MDD leave as soon as the product categories most inflationary, such as coffee, flour or oil.Flour to the radius, where prices rose 10.6% from June to September, their market share rose 3.4 points. This increase reached 5.7 points for milk. Addicted to coffee, whose prices rose 18.5% year on year (to September), have not so far decided not to. They are likely to have delayed their spending to private label which gained nearly a point of market share (June-September). Even if the prices of private labels grew faster than those of manufacturers: 24.9% of private label coffee, against 16.6% for national brands. Product prices in the colors of distributors, however, remain 20 to 30% lower on average.

The giants of agribusiness, penalized by this new, must react quickly to achieve their business goals.

Europe is facing economically to "serious challenges", said President of the European Union, Herman Van Rompuy, at the opening of the meeting. He believed that the decisions to be taken by European leaders to address was "perhaps the most important" they've ever had to face the financial crisis.Greek Prime Minister George Papandreou, 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.

German Chancellor Angela Merkel, however, dampened expectations about the outcome of the summit, from the outset, reaffirming that decisions could be taken next week. "For me it is important to reiterate that today we prepare the decisions of Wednesday" because the negotiations are about "subjects sometimes technically very complex, she said on her arrival in Brussels.

"You have to reassure the markets"

For its part, the Belgian Prime Minister Yves Leterme has 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.

What response to the crisis the Europeans do they negotiate? This response is intended in three stages guaranteed cash advance. It must first stabilize the over-indebted Greece and save him a total failure. This will require further international loans and 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. "We remain willing to explore options on a voluntary basis [for each facility, Ed] and realistic prospects for the economy of Greece and the return of that country on the capital markets," said Charles Dallara Saturday night , the president of the Institute of International Finance (IIF), which brings together major global banks.

In return, a bank recapitalization is provided. Countries of the European Union discussed a budget from 107 to 108 billion euros at the meeting of finance ministers on Saturday night.

Finally, we must strengthen the Financial Assistance Fund for the euro area countries in difficulty, the EFSF, firewall against the contagion to Italy and Spain. But differences remain on how to do this, especially between France and Germany. Yesterday, the French proposal to grant a banking license in EFSF was discarded. Only two options are being discussed to increase the firepower of the device: 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.

For the summit this Sunday, German Chancellor and French President had also met Saturday night to try to resolve their differences, following a meeting of EU finance ministers. They both welcomed the "progress" and "advanced" made in the negotiations.

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Sunday morning, Finance Minister Didier Reynders has indicated in an interview to the channel RTBF, as Belgium does not redeem all of Dexia Bank Belgium (DBB), the Belgian entity of the bank on track to be dismantled. "The state will rise sharply in power. If we were 100% (in the capital of Dexia Bank Belgium), I do not rule, we do not intend to stay indefinitely.This does not mean that we will stay three months or six months, "he said.

Given the scale of the debt crisis, "I do not exclude that in three years, five years, maybe more, we are still present" in the capital of DBB, the retail banking business of Dexia , said the minister.

The pattern of the decommissioning of the Franco-Belgian bank Dexia today favors nationalization of the Belgian entity and the creation in France of a new bank dedicated to local communities.

Board in 15 hours

The board of Dexia, the first victim of bank debt crisis in Europe, will meet this Sunday at 3:00 p cash advance no fax.m. (1:00 p.m. GMT) in Brussels, said a spokesman for the institution.

It will have to decide on the decisions taken by France and Belgium to break up the Franco-Belgian bank, in big trouble.A meeting will be held in Brussels between pre-Yves Leterme and François Fillon, the Prime Ministers of Belgium and French, in an attempt to complete the dismantling of Dexia.

The meeting between the heads of government must be "at lunch", told AFP a source close to the negotiations. However, no details were provided on the venue.

A Luxembourg delegation will also be present during these exchanges, while an international investor has manifested itself this week to resume the Luxembourg branch of Dexia present in the retail banking and asset management."We are ready to enter the final stretch of negotiations," said Saturday night the Belgian Prime Minister in charge of current affairs, following a limited cabinet meeting devoted to the case Dexia.

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After months of standoff, the two operators have approached. Already on Friday, Frédéric Mitterrand, the Minister of Culture and Communication, has publicly that the government did not favor the passage of the LCI DTT to DTT. A position at which the staff of TF1 was more sensitive than the Higher Audiovisual Council has continued to increase, too, signs of reluctance.

Indeed, it is the regulatory body that should have given its approval to such an operation.The CSA has raised the legal difficulties of such an operation and would not have appreciated the statements of Catherine Nayl, director of information at TF1, the possible disappearance of LCI. Today, Canal + and TF1 prefer calm the game's announcement of the acquisition channels Direct 8 Direct and Star by Canal + and that the record fine imposed by the Competition Authority as part of merger with Canal + GST ​​urged to be more generous towards ICL. It would not be good for the group to be, in addition, responsible for the eventual death of the continuous news channel.

For its part, TF1 has weighed the pros and cons of an economic transition to free when the system always loses 5 million for a budget of 43 million euros. The move to free distribution would have widened the gap in the chain up to fifteen million.Difficult to take a risk in times of crisis.

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Everything came together last week to blow away the gold: a warning from the Fed on the U.S. economy, disappointing indicators in Europe and China and a worsening debt crisis in Europe. And yet, the yellow metal has not taken advantage of the panic in equity markets, stopped in its tracks by pushing the dollar that followed the speech by the Fed. For it is the greenback, this time, which used its safe haven status: he flew Thursday to its highest level in eight months against the euro. But the inflation of the dollar makes it less attractive purchases of dollar-denominated metals, like gold.This increase also decreases the value of gold, pushing the funds and investors looking for liquidity, to abandon their positions on the yellow metal to cover losses in other markets.

Thursday, these two factors have reduced the metal king of 90 dollars. Friday, it sank below the threshold of 1,700 dollars per ounce at meetings, in 1666 dollars, its lowest level since early August. On the London Bullion Market, he finished in 1689 dollars at auction in the evening. Since its record high 1,921.15 dollars in September 6th, he gave up more than 10% of its value. But observers remain confident in the ability of gold to rebound.In addition to strong Asian demand, low interest rates charged by the Fed would still enjoy it, because gold is a good safeguard against inflationary pressures that may arise.

In the wake of gold, precious metals industrial markets have collapsed. The money collapsed by 17% over the week to its lowest level since May He finished Friday at 32.90 dollars per ounce. On the London Platinum and Palladium Market, an ounce of platinum finished the week in 1651 dollars, a drop of 8%, while an ounce of palladium finished at 659 dollars, down nearly 10%.

Dollar and oil pessimism saddled

Oil markets, there was also a before and an after Fed. Earlier this week, before knowing the content of the speech of the U.S. central bank, investors showed just cautious.The debt crisis in Europe and global growth forecasts revised downwards by the IMF in any case not an incitement to rise. Tuesday, in a burst of hope, buoyed by the certainty that the Fed launched a new massive operation to support the U.S. economy, growth has occurred, taking a barrel of light sweet crude for October delivery at 86.89 dollars and Brent at 110.33 dollars.

Wednesday started the fall has been rapid. The operation twist the Fed was anticipated and the device does not return any new liquidity in the markets. Hence the skepticism about its effectiveness. Moreover, "the press has depressed the market, noting the significant risks facing the economy," noted analysts at Commerzbank. The rise of the dollar has not helped the situation.

On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for November delivery ended at 80.51 dollars Thursday (-6.3%). Prices fell, the worst of the meeting at 79.66 dollars, its lowest level for over a month. Brent, meanwhile, returned that day at 105.34 dollars. "The combination of concerns about economic growth, oil demand and a stronger dollar helped lower prices," Adam Sieminski noted, Deutsche Bank.

Friday, as markets returned to green, oil prices continued to tumble, unable to bounce back after the collapse of the previous day.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for November delivery ended at 79.85 dollars (-10% for the week), while Brent closed at 104 personal loans for bad credit.25 dollars (-5 %).

Copper drops below $ 8,000

Also in the category of risky assets, investors have fled the base metals. They have been hit hard by the pessimism of the U.S. central bank. In addition, there were ominous indicators of activity in France and Germany. Most strikingly, China, world's largest consumer of base metals, annoncéun a decline in manufacturing activity in September, its lowest level in two months.

All these new, been grafted to the debt crisis in the euro zone, came after the announcement by the IMF revised downward its growth forecasts for the U.S. and the euro area.In this context, investors fear more than ever a return to recession in developed economies and a general decline in demand.

The gloom that has pervaded the London Metal Exchange (LME) was illustrated by the fall of the copper on Thursday and Friday, when stock markets posted heavy losses. The red metal, the market barometer, fell at the meeting under the 8000 points to 7788 dollars, a level not seen since September 28, 2010. Since its historic peak in February (to 10,190 dollars per tonne), the price of copper dropped nearly 30%. Nickel has lost up to 18% of its value in two days, tin over 22%. Aluminium, with a loss of 6% is almost the resistance.

According to observers, this general distrust of investors, fueled by the soaring dollar, however, is exaggerated in terms of market fundamentals, at least for copper.The latter has a higher Chinese imports by 21% in August, its highest since January, as well as tight supply due to a massive strike in a major mine in Indonesia.

The sugar melts

Soft commodities were also shaken last week. Per tonne of white sugar in London has fallen by over 13% in one week, losing nearly a quarter of its value in one month, while in New York, raw sugar prices have plummeted more than 15% in five days. In addition to concerns about global growth, has suffered from the sugar harvest prospects soaring in India and Europe, including Russia and the European Union. China has also marketed 200,000 tons from its stock state.

For its part, cocoa continued to fall Thursday in London to reach its lowest level since August 2009, to 1745 pounds per ton.Brown bean was already suffering from the announcement of record crops in Ghana and Côte d'Ivoire, the two largest exporters worldwide. On the NYBOT, ICE U.S., the contract for December delivery lost 5.5% on Friday week in 2624 dollars, while on the Liffe in London, a tonne of cocoa for December delivery, dropping 2.3% to 1734 lbs.

Coffee prices have also increased their decline, the price of arabica listed in New York yielding over 10% in the week at 234.85 cents. Even bearish for wheat, corn and soybean crops and penalized by the stronger than expected yields in the northern Midwest, United States. The courses also suffered from a shift in Chinese demand for soybeans to Latin America because of rising dollar and competition from countries of Eastern Europe for wheat, shown by the loss of the call supply of Egypt, won by Russia.This lower demand has relieved the stocks were under pressure and stepped down on the Chicago Board of Trade. Bushel of corn (about 25 kg) for December delivery was worth 6.4925 dollars Friday, a bushel of wheat and $ 6.43 soybean contract 12.69 dollars.

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In fact, the government is prepared to accept that the tax is triggered from 250,000 euros per unit. The level advocated by the current UMP Presidents of the Assembly and Senate, Bernard Accoyer and Gérard Larcher. "This is a good level of understanding," they say in the entourage of Gilles Carrez, the rapporteur UMP budget to the Assembly. The draft budget law will be amended in October this.And review, the tax will yield € 300 million to the state, instead of 200 million. It will affect 15,000 to 20,000 homes in 5000 to 10,000 against the original.

Specifically, if the amendment passes, the contribution will trip from 250,000 euros in annual revenue for a single and EUR 500 000 for a couple. For now, it is expected that having a child or children shall not be entitled to any share in the calculation of the contribution.

Regular income concerned

Another difference with the Income Tax (IR): the contribution of 3% apply to "income tax reference." This "reference taxable income" includes wages, but also dividends, interest, capital gains and estate securities short, capital income. "This makes the contribution on very high incomes more effective than the creation of an additional 45% of IR.Indeed, the IR is such that capital income would escape taxation at 45% and would remain taxed at 19%, "said Gilles Carrez.

The government hoped that only households with high incomes are regularly taxed. This is to prevent a dealer who sells one year his business pays the contribution. For this, the income taken into account for the outbreak of the tax will be calculated as an average over three years. This will be discussed, Gilles Carrez wanting only the capital gains are smoothed over three years. The contribution should go out when the deficit below 3% rise in GDP, that is to say in 2014. But many outstanding taxes have been made permanent …

The Europeans hoped "a dialogue between friends," the Americans had "no arrogance." Las. With the destabilization of markets and growing concern on both sides of the Atlantic, the U.S. Treasury Secretary, Tim Geithner, could not resist lecturing his seventeen counterparts in the euro area gathered Friday to Wroclaw (Poland).

The relief provided by five central banks – including the U.S. Fed – banks in the euro area will not long concealed the absence of concerted policy response to the crisis. On behalf of the Europeans, the President of the Eurogroup Jean-Claude Juncker declined projects Tim Geithner, citing "differences in approach with our American colleagues."Treasury Secretary, he has put his finger where the euro hurts: he publicly expressed concern "of the conflict between governments and the European Central Bank," a week after the sensational resignation of the Chief Economist of the ECB .

Barack Obama's America, soon launched a presidential campaign, fearing a collapse of Greece, a contagion to European banks and a possible fracture of the euro area. If the crisis deepens, it is the U.S. economy would suffer the backlash, shock reverse of that which had hit Europe after the collapse of Lehman Brothers in 2008.

The first message in Washing-ton is to push the Europeans to speak with one voice and act decisively. "Governments and the Central Bank should work together (…) to avoid catastrophic risks for financial markets," said Treasury Secretary.And he insists, denouncing the cacophony that destabilizes the common currency: "Everyone should also abstain from loose talk about the end of the euro area." Targeted: the proponents of expulsion from Greece …

Denial of a tax on financial transactions

The unprecedented invitation launched by Poland – host country because currently presiding the EU – Timothy Geithner had anything to embarrass, in turmoil, the finance ministers of the euro. We saw Baroin host the head of U.S. Treasury of a strong handshake in Wroclaw. But the Euro has carefully kept at a distance. He has not formally participated in the circle, but a "preliminary conversation" about an hour. Contrary to custom, he did not sent to journalists.To tell his truths to Europe, he preferred an audience of bankers in another part of town.

Some did not take gloves to say that Europe has no lessons to learn. The United States, collapsing under the deficits should put their own house, says the Belgian Didier Reynders. "America has nothing to dictate when the person refuses flatly our suggestions," added the Austrian Maria Fekter. It is true that Tim Geithner repeated Friday his opposition front to the tax on financial transactions carried to Paris, Berlin and Brussels.

Decisions deferred

For the second time in eight days, Treasury Secretary left Europe empty-handed. Friday, the Europeans have made a face at her suggestion to "leverage" means the EFSF, the bailout fund for countries of the euro in difficulty."This is not a subject that is discussed with a country outside the EU," Jean-Claude Juncker meant. Same end of inadmissibility of the American idea of ​​supporting the growth of public funds "even a donkey does not stumble twice on the same stone, 'says Didier Reynders, convinced of the urgency to fight first against the deficits.

For the Americans as to Europeans, the European event in Wroclaw ends with a disturbing sense of incompleteness, even for emergencies. The Eurogroup has pushed to mid-October a decision on payment of 8 billion euros to Greece. He did not reach an agreement on guarantees that Finland requires Greece.

The recovery, however, has been no acceleration in recent weeks and has even slowed in some areas, according to the U.S. central bank. Growth was moderate or mild in five districts, while seven others have described the activity with words like "very low" and "slower". In the last Fed Beige Book, released in late July, eight regions believed that growth had slowed.This does not rule out further the risk of recession in the United States.

Anyway, the news boosted the U.S. stock markets on the eve of the speech of U.S. President, Barack Obama, who is expected to announce a 300 billion plan to boost employment in the United States. So much so that Wall Street has increased its earnings by mid-evening: The Dow Jones climbed 2.09% to 11,372.44 points, the Nasdaq was up 2.67% to 2539.88 points and the Standard and Poor's rose from 2 , 54% to 1194.88 points.