The Prime Minister believes the government should not have back in 2007 after the failure of legislative reform because the cost of labor is essential. Prime Minister Francois Fillon regret not having done the social TYVA in 2007

Francois Fillon said Thursday evening the balance of Nicolas Sarokzy. The Prime Minister expressed as main regret of his five years at the Matignon "floating" in 2007 on the so-called social VAT, adding that he had to "do it now," referring to the will of the head of state to this measure on track by May When asked on the set of the show "The words and actions" on France 2 why the government wanted to implement the measure within three months of the presidential election, he returned to the turnaround of 2007, during the period between the two towers of the legislation.

"On the cost of labor, you remember we had planned to do in 2007. There was a reluctance on the part of the government team, from the majority that led to a misunderstanding on the part of the French, "argued the Prime Minister, recognizing that this was" probably (had) a reaction in electoral terms "in parliamentary elections at the time." You should never hesitate. When we govern, decide and implement the reforms (…). Here, there was a little flutter, flutter it made it more difficult for some time the implementation of this reform, "he said

……. Ruling out .. "inflation risks" now, François Fillon expressed the need "to do it now". Invited to express his main regret at Matignon, the prime minister has come back "on the case of lower labor costs in 2007. "" We hesitated too. It is a regret I have today, "he repeated. On the contrary the decision that is" most proud ", Mr. Fillon also drew attention to "the reform of social dialogue". "When you see what happened five years ago (…) is a small cultural revolution that has occurred," he judged.

On his favorite memory with the Head of State, with which relations have experienced up and down since 2007, the prime minister called a "great memory" the presidency of the European Union in 2008. "I was very proud of what has been accomplished and the image has given France and the president," he dit.Concernant his worst memory, Mr. Fillon declined to answer: " I have no recollection of this type and even if I had, I do not confide in you. "

The crisis facing the euro area is systemic and it requires its members a greater commitment than they are now showing, said Wednesday José Manuel Barroso.

"Today we are facing a crisis that requires a truly systemic even greater commitment of all major and additional measures", said President of the European Commission to the European Parliament.

He added that a further fiscal integration in the euro area was needed, without creating divisions with the 10 EU countries over 27 who are not members of the single currency.

Once this integration budget will be in place and new tools of governance have been decided, European bonds – seen by many economists as a solution to the crisis – will then become "natural," he further said.

Vodafone said Tuesday it had revised up slightly its annual forecasts after better than expected interim results, supported by buoyant activity in emerging countries and in northern Europe.

The world of mobile telephony has reported a turnover of 23.5 billion pounds (27.4 billion euros) over the first six months of the year, an increase of 4, 1% and a gross operating income of 7.5 billion (+1.3%).

Analysts polled by Reuters had expected 23.4 billion and 7.4 billion.

The results of the British group were fired by strong growth in India and good performance in Germany and Britain.The activity in Turkey has slowed but remained strong.

However, Vodafone continues to face difficult business conditions in Italy and Spain.

For all of 2011, the group noted the low point of its guidance range of adjusted operating profit, now expects a number between 11.4 and 11.8 billion pounds, against 11-11800000000 previously .

BNP Paribas on Thursday posted a net profit fall 71.6% in the third quarter, below market expectations, after having integrated into its accounts at a discount of 60%, higher than expected, on Greek debt and after a sharp decline in income from its trading activities.

The second largest bank in the euro zone by market capitalization, after the Spanish Santander, said in a statement have passed a provision of 2.2 billion euros on its sovereign debt of Greece.

Its quarterly net income totaled 541 million euros where the consensus reached by the editor of Reuters expected a net profit down 48% to 992 million euros, analysts had expected a discount of about 50 % of Greece under the Europe Agreement last Thursday.

After the decision of the Greek Prime Minister George Papandreou to hold a referendum after the Europe Agreement on aid to his country, which has raised speculation about a default or an exit from the euro area of ​​Greece The CEO of BNP Paribas believes that a default on Greek debt is manageable for the bank.

"A fault (Greece, Ed) would be manageable.

Spain Thursday awarded 4.5 billion euros of debt in three to four years at rates much lower than it had to be made this summer when the fears were strong to see the country contaminated with crisis debt in the eurozone.

France, which as the core countries of the euro area has benefited from the flight to quality has seen at the same time its financing conditions fall to historic lows. It has issued 7.498 billion euros of Treasury bonds (OAT) or the top of the announced range (6.5 to 7.5 billion euros) at lower rates than in previous auctions.Aggregate demand reached 17.1 billion euros, giving a high coverage ratio (2.3).

"The primary market seems to be working for the French paper," said Peter Chatwell, rates strategist at Credit Agricole CIB in London.

The Spanish Treasury bonds awarded 3.4% in April 2014, 3.3% and 3.0% in October 2014 to April 2015 average rates of respectively 3.589%, 3.495% and 3.639% against 4.813%, 4.291% and 4 , 23% in August, July and June

"It's a good result.The market will be more convinced of the investor interest in the Spanish paper, "said Peter Chatwell.

The amount issued is in the top of the range announced by the Spanish Treasury (3.5 to 4.5 billion euros).

If the average rates achieved by Spain are down sharply, they remain higher than the coupon of each of the three strains, which is not the case in France.

France has echoed the benchmark 10-year, the 3.25% in 2021, the weighted average rate of 2.72% against 2.9% in September.

At this point, the Agence France Trésor, which manages the state debt, issued 175.4 billion euros of debt in the medium and long term, or 95.3% of its issuance program for 2011 ( 184 billion euros net of redemptions).

The proposal of a tax on financial transactions was passed by the European Commission. Its application could yield up to 55 billion euros. The President of the European Commission Jose Manuel Barroso

The European Union (EU) will go it alone on the front of the tax on financial transactions. Such a proposal was adopted on Wednesday by the Commission. "Over the last three years, Member States have provided aid and provided guarantees to the financial sector to the tune of 4,600 billion euros. It is time, in return, the financial sector contributes to society," said José Manuel Barroso, the president, in a speech on the state of the Union to the European Parliament in Strasbourg.

Paris and Berlin, who would like to apply this measure across the G20, for example to finance development aid, have met with little success.There is "no consensus today" on this issue because of "reservations" U.S. has recognized the French Minister of Finance, Baroin Friday in Washington. The EU has decided to proceed only on the subject.

In the spirit of the Commission, the tax would be a part of its product feed into the budget of the European Union, in return for an equivalent decrease in national contributions to the envelope. "The idea is to help the financial sector, which is in a privileged tax status with the VAT exemption it enjoys, which makes saving 18 billion euros per year in Europe," said one EU source told AFP.

Between 30 and 55 billion euros in revenues per year

Philosophy: a tax that would apply on a plate as wide as possible (stocks, bonds, derivatives, structured products), with rates as low as possible.Financial institutions, banks, stock exchanges and financial services providers, would be responsible for collecting the tax from their customers and their payment. The working hypothesis for several weeks is to impose a rate of 0.1% for stocks and bonds and 0.01% for products. But in the end the rates could be slightly different. These would be minimum, then the states are free to apply higher rates. Depending on the option chosen, the tax could bring in 30 to 50 billion euros per year.

But even within the European Union, the idea is far from unanimous. Some fear, as the government and British business, relocation of financial transactions to third countries, detrimental to the City of London."Below a certain threshold, the incidence of a tax is negligible with respect to the attractiveness of Europe", argued one European source. One way to avoid the relocation also lies in the principle of territoriality: a non-European bank, but registered in Europe for some operations would be affected the same way that a European bank.

It remains to convince all 27, which does not look easy. The British position is shared by Sweden and the Netherlands. The Polish Finance Minister Jacek Rostowski has also, recently expressed fears of outsourcing transactions. In case of failure to achieve unanimity, an enhanced cooperation procedure could be implemented between several EU states.The tax could then be applied only in the euro area, as suggested by recent finance ministers German and Belgian Didier Reynders and Wolfgang Schäuble. In any event, the time that the proposal be discussed and adopted, it will not happen before 2014 at the earliest.

From June to August, the number of housing starts rose by 8%, while the increase was still 35.5% in the first half. But the outlook is not good. An employee on a construction site offices and housing in Marseille.

The rebound Summer housing will be nine-lived. Indeed, despite a better than in August 2010, the pace of recovery in new residential construction is slowing, according to official figures for the first eight months of the year. "The sky darkened on the sector as the recovery is in the process of disappearing," says to AFP Mouillart Michel, professor of economics at the University of Paris West.

From June to August, the number of housing starts amounted to only 74,646, an increase of only 8.1% over the same period a year earlier. While the growth rate was still 35.5% in the first quarter.Over the last twelve me, the number of starts, with 350,991 housing starts, an increase of 19.2% over the previous twelve months. Result: The year 2011 should be completed below 360,000 housing starts that were previously hoped for, still far from strong year in 2007 (415,000), the last before the crisis, Mr. Mouillart prognosis.

Yet in August, with 24,002 housing starts rose by 17.9% over last year. "But apart in 2010, we must return to 2002 to find a low in August as" notes Mr. Mouillart.

Corsica, Normandy and Poitou-Charentes in the "red"

By region, the situation is very mixed.While housing starts rose sharply over 12 months in Rhone-Alpes (30.0%), Aquitaine (26.2%), Champagne-Ardenne (24.2%) and Midi-Pyrenees ( 20.7%), some others have already slipped into the "red" as the Corsica (-5.8%), Basse-Normandie (-1.7%), Haute-Normandie (-0.5%) and Poitou-Charentes (-0.3%).

Concern also for building permits that have reached 116,397 units from June to August, an increase over one year of only 9.8% to 427,456. Again in August, with 36,650 permits filed, 14.4% is higher than in 2010. But it is the area of ​​house, the middle classes that often become homeowners for the first time, that worries the most. With 10,689 permits, it is even decreased by 6.4% over August 2010. "Except in 2008, we must go back to 1998 to find such a bad August for building permits for individual homes pure," said Mr.Mouillart.

"INSEE showed the concern of households on employment and purchasing power. In addition, part of the wealth of these households took off in the stock market crisis," said the expert. Announcements of the increase in the taxation of real estate capital gains on second homes and rental investments (the device says "Scellier") may also contribute to a possible trend reversal. These will inflict the same next year a new look in "plane" on the rate of tax reduction.

Another fear: a shortage of mortgages from the banks affected by the debt crisis of the states. The Secretary of State for Housing, Benoist Appeared, yet remains optimistic.He says that the numbers of housing starts this summer, "a result of market recovery which began at the end of 2009 after the crisis," lie "to the middle level of the previous decade." "Anything can happen after the announcements on Wednesday when presenting the budget 2012: a consolidation of the sector or a decrease," said Mr. Mouillart.

Credit Suisse announced on Monday it agreed to pay 150 million to end an investigation by the prosecutor's office in Düsseldorf, to certain employees.

"A complex and protracted litigation has been avoided, with an agreement that gives legal certainty," the bank said in a statement, adding that the amount will be spent in the third quarter.

Four employees of Credit Suisse since December on suspicion of support for tax evasion, prompting an investigation by German authorities in Düsseldorf.

The research was later extended to four other people, with raids in late February at the offices of the bank in the cities of Hamburg, Hannover, Cologne and Frankfurt, as well as "two smaller sites".

The morale of the cadres in France deteriorated sharply this summer, the financial crisis has revived fears of a recession and a deterioration in living standards, a survey showed Monday Viavoice for Le Figaro and France Inter.

The composite index of moral frameworks dropped 30 points compared to May, the biggest drop since the creation of this quarterly survey, falling to -55, its lowest level ever.

Its previous floor, -47, dating back to May 2010, during the first episode of the debt crisis in the eurozone.

Seventy percent of executives surveyed expect a new recession in France over the coming months and 74% (against 49% in May) say they expect a deterioration in living standards to a horizon of a year.

They are 78%, twice three months ago, anticipating a rise in unemployment.

Nearly one part in two (48%) further provides that their personal financial situation will deteriorate in coming months.

The survey was conducted Viavoice online between August 24 and 18 with a sample of 400 people representative of the population residing in metropolitan frameworks.

The Tokyo Stock Exchange ended up 1.18% Thursday on hopes of a Fed intervention to support the U.S. economy and the figures of Chinese manufacturing.

The Nikkei gained 105.60 points to 9060.80, to lift them above the threshold of 9000 points for the first time in two weeks.

The Topix, broader took 7.68 points (1.0%) to 778.28.

The official PMI purchasing managers released Thursday in China rose to 50.9 in August against 50.7 in July (consensus: 51), just above the threshold of 50, which separates growth from contraction .

"The PMI China gave immediate relief to the market, but the U.S. indicators, particularly employment figures, are still before us," tempers Yutaka Shiraki, equity strategist at Morgan Stanley Mitsubishi UFJ Securities.

Investors await Thursday's U.S. ISM manufacturing index (1400 GMT) before the numbers of non-farm private employment Friday.These indicators should provide a more accurate diagnosis of the health of the U.S. economy and the chances of new support measures from the Federal Reserve.

The director of banking markets of Tokyo-Mitsubishi, however, considered unlikely that a new round of quantitative easing (EQ3) intervene during the month, and said to expect that the volatility in financial markets persists a time.

The Japan Automobile Dealers Association for its part, reported Thursday a 25.5% drop in auto sales (excluding minivéhicules) in August from a year earlier.

Nissan, which saw a decrease of 24.7% of sales, closed up 2.58%.Toyota Motor, whose sales fell off Lexus 24.4%, gained 0.73%.

Honda, whose sales fell by 44.1%, however, closed up 3.35%.