The Finnish group Outokumpu will acquire the division of ThyssenKrupp Stainless, Inoxum for 2.7 billion euros to develop synergies and to defend against competition from Asia. </ P> The agreement will be partly financed by the issuance of one billion euros of new shares and Outokumpu will result in the closure of two smelters and the elimination of 850 jobs in Germany. </ p> Analysts said the merger would enable all European producers of stainless steel to increase their room for maneuver on pricing as the industry is weakened by excess capacity. " / p> Outokumpu will pay one billion euros in cash to ThyssenKrupp and resume at the last 422 million euros of debt.</ P> The German group, whose market share in Europe is estimated between 35 and 40% ceded to pressure from its unions by agreeing to remain a shareholder of discontinued operations ; are: it will hold 29.9% of Outokumpu after the operation. </ p> Action ThyssenKrupp gained 2.4% to 21.6150 euros at 3:40 p.m. GMT the Frankfurt Stock Exchange while the Stoxx European basic resources progressed by 0.2%. In Helsinki, Outokumpu fell at the same time from 11.4% to 6.525 euros. </ P> The IG Metall union, which gave the green light to the operation, a pre specifies that Inoxum plant in Krefeld in North Rhine-Westphalia would be closed by December 31, 2013 and the site of Bochum, located in the same Land, would close the end of 2016. </ p> He said the two groups have obtained the guarantee that no other German production site would be closed before the end of 2015 and that the integration of Inoxum would be no forced departure. </ p> While five years ago in Europe exporting of stainless steel, the increase in production capacity and global competition from Asia and Asia now covers 20% of the needs of the old continent. </ p>

Italy has had to make Friday a record yield of 6.5% at six months in an auction of 10 billion euros in short-term paper, increasing the pressure on the third euro zone economy and new government address the perception in the markets.

The average yield has almost doubled compared to the previous issue of this type in late October (3.5%), indicating that the establishment of a technical executive led by Mario Monti to restore order in the accounts public of the country has not yet stopped the outbreak of its financing costs.

His heart attack until the financial markets, the euro area plays its future in the coming weeks in an economic, budgetary and fiscal conducted forced march under the leadership of Germany.

The countdown to this year has accelerated last week when France, but also Austria, Finland and the Netherlands, saw arrive at their door pressure from investors, which they thought up until there is little protection because of their maximum rating AAA.

Faced with this new situation, the debate on increased intervention of the European Central Bank to support countries in difficulty – to which Germany is now the only one to oppose – has flared up.Angela Merkel's advisors are on the phone at all hours with European capitals, "said she.

"But if they would not get successful, unorthodox solutions are being considered," she said again.

MINI-TREATY?

Several European leaders, France and Germany in particular to reflect the possibility of a mini-intergovernmental treaty outside the community and to circumvent British requests for repatriation of skills in London and, ultimately, unanimously required a revision in formal treaties.

The German government Saturday denied press reports saying that the reserves of the Bundesbank would be used to replenish the European Financial Stability Fund (EFSF), the emergency fund in the euro area.

The Frankfurter Allgemeine Sonntagszeitung reported that the reserves of the German central bank – made of gold and foreign exchange – will be used to increase the contribution of Germany to EFSF over 15 billion euros.

The Welt am Sonntag said the same thing in its columns.

"The foreign exchange reserves and gold in Germany, managed by the Bundesbank, have never been in discussions at the G20 summit in Cannes," said the spokesman of the German government.

The Vatican on Monday called for the creation of a "universal public authority" and a "global central bank" to regulate financial institutions in the current period of turmoil and uncertainty.

The 18-page document, entitled "To reform the international financial system from the perspective of a public authority to universal jurisdiction," should strike a chord with "outraged" over the world protesting against the excesses of the current economic system .

"The economic and financial crisis through which the country calls everyone – people like people – to conduct a thorough discernment of the principles and cultural and moral values ​​that form the basis of social life in common," the Council Pontifical Justice and Peace in a note.

The Vatican warns against "idolatry of the market" and "neo-liberal ideology" that the current problems are only technical.

"The crisis revealed the attitudes of selfishness, greed and hoarding collective goods on a large scale," he says, adding that the world economies were to take an ethics of solidarity between rich and poor countries.

"If no remedy is given to various forms of injustice, the negative effects that will follow in the social, political and economic will be likely to generate a climate of growing hostility and even violence, to undermine the very foundations of democratic institutions, those that are also considered the strongest and safest, "reads the document.

The Holy See called for the establishment of a supranational authority in global dimension and universal jurisdiction responsible for guiding policy and economic decisions.

Such authority should be taken as reference the United Nations to gain independence then.

EFFICIENT STRUCTURES

When asked whether this document could become the manifesto of the "outraged", Cardinal Peter Turkson, president of the Pontifical Council for Justice and Peace, said: "People on Wall Street have to sit and think wisely about whether their current management of global finance is in the interests of humanity and the public interest. "

"We call on all groups and organizations to sit down and rethink the situation," he said at a news conference Monday.

The International Monetary Fund (IMF) has lost its ability to regulate the global creation of money and watch over the amount of credit risk that the system assumes, believes the Pontifical Council.

"In economic and financial matters, the greater difficulties come from the absence of an effective set of structures that can guarantee, in addition to a system of governance, a system of government in the economy and international finance. "

The world needs "a minimum corpus, shared rules to manage the global financial market."

"We see on the bottom, to draw in perspective the need for a body performing the functions of a sort of 'World Central Bank' regulating the flow and the system of monetary exchange, like the national central banks" , says the document.

The Pontifical Council recognizes that the establishment of both bodies will take years and will face resistance from the global players.

"This transformation will take place at the cost of transfer, gradual and balanced within the remit of a national authority in a global and regional authorities, which is necessary at a time when the dynamics of human society and of the economy and the advances in technology, transcend borders that are in fact already eroded in the globalized world. "

The Rugby World Cup ends, after six weeks of competition, during which 20 nations competed in 13 stages. Key figures in images, the economic record of the competition.

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The Ministry of Economy announced Tuesday measures to support SMEs present French export in an attempt to reduce a trade deficit that is moving towards a new record this year.

The government hopes to densify the fabric of small and medium enterprises in the image of what has been practiced in Germany, which has about 400,000 exporting companies, four times more than in France.

"The trade deficit is as bad, perhaps even more importantly, the budget deficit.This is, in fact, the sovereignty of France, "said Pierre Lellouche, Secretary of State for Foreign Trade, during a discussion with business leaders gathered at a trade show of Defense ( Hauts-de-Seine).

"At a time when we speak of 'de-me-dia-li-sa-tion' I see you are the lifeblood of our country, it is you who create jobs," he added a reference to the political program of Arnaud Montebourg, a candidate for the first round of the primary nomination for the 2012 presidential election organized by the Socialist Party.

Pierre Lellouche said that France would support increased financial support to SMEs that have a foreign operation, including a partnership with four French banks and lower warranty costs of Coface, the insurance subsidiary credit of the bank Natixis, offset by an increase for larger groups.

"These banks will commit to increasing their financing needs, a charter to this effect will be signed before the end of the year," said Secretary of State without giving further details.

RECORD

Pierre Lellouche also announced the appointment "in the coming days" of a Commissioner General for the internationalization of SMEs and the so-called intermediate size (ETI) to help them know the existing public.

Industrial sectors for the players together in the same sector will emerge in the field of solar energy, sport and peace, he further said.

Ubifrance, the public agency responsible for international business development, will open new missions in Côte d'Ivoire, Kenya and Libya.

The trade deficit of France totaled 48.6 billion euros in the first eight months of 2011, against 33.1 billion over the same period last year.

According to experts, this aggravation is the result of rising energy bills, the overvaluation of the euro – notably vis-à-vis the Chinese yuan – and the dependence of France to sectors become more competitive such as rail or nuclear.

The trade balance in 2010 showed a deficit of 51.7 billion euros while Germany reported a surplus of over $ 150 billion.

According to a report of the Committee on Finance of the National Assembly, the global market share by value of France in international trade has deteriorated sharply over the past decade, from 5.1% in 2000 to 3 , 4% in 2010.

The French government expects a record deficit of 73.1 billion euros this year, nearly 20 billion more than the previous record set in 2008 to 56 billion.

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.

Some 5,500 French local authorities have contracted with Dexia Credit Local loans "toxic" that are today in financial difficulty and expose even threaten to bankrupt some of them, written release Wednesday.

The daily said that based on a confidential file of Dexia, said that these loans accounted for 25 billion euros from 1995 to 2009 and their additional cost was estimated by the bank to 3.9 billion in late 2009.

These revelations come as the opposition Socialist calls for the creation of a "defeasance structure" funded by a tax on banks, a device that would isolate these loans and relieve municipalities, departments, regions or hospitals involved.The government has promised to consider this proposal but there is a priori not favorable.

The inquiry resumes on Wednesday about his work in the National Assembly. It must be heard in the afternoon elected officials of St. Etienne (Loire) and Saint-Maur-des-Fosses (Val-de-Marne), two cities affected.

These loans were initially to enable affected communities to reduce their costs by benefiting from low interest rates.But these rates were then jumped by following parameters such as parity Swiss franc-sterling, which results in a surge in costs for reimbursement.

Release cites the example of the commune of Antibes, which would have taken 60 million euros and 21 million would pay more, or department of the Loire, which is expected to repay 22 million plus 96 million in loans.

From 30 to 35 BILLION EUROS

According to the newspaper, Dexia loans covered by contracts with communities to "swap" with banks like JPMorgan and Goldman Sachs, now contracts that prevent the bank to transform the toxic loans in fixed rate loans because it would be exposed then "a huge risk of losing" face these banks.

The Court of Auditors estimated in July that 30 to 35 billion euros from 160 billion of debt taken out by hundreds of communities were toxic and that 10-12000000000 had a very high potential.

The independent institution then called in a report to a law prohibiting local officials to purchase these products and proposed the creation of a "funding agency community."

The commission of inquiry headed by the Socialist deputy Claude Bartolone, President of the General Council of Seine-Saint-Denis, a department concerned with these loans, must submit proposals by the end of the year.

Dexia declined to comment on reports of release immediately.A spokesman simply said that the bank did not rule upon "appropriate action in the interests of Dexia and its customers."

In the case of toxic loans, several elected officials have initiated legal action or complaint against the banks, as the mayor of Saint-Etienne PS against Deutsche Bank and Royal Bank of Scotland, the mayor of Unieux (Loire) against Dexia Claude Bartolone, or who filed a complaint against Depfa, Calyon (now Credit Agricole CIB) and Dexia.

French economic growth down, turbulent exchanges, the latest news on the debt crisis.

11:55: Jean-Michel Baylet, president of the Radical Left Party, said Friday that the "golden rule" to return to a balanced budget required by Nicolas Sarkozy was a "political maneuvering," adding that c is "making fun of the mouth of the world."

11:46: The Paris Bourse is undecided. The lack of growth in France has revived concerns that the markets are turning to the important meetings take place between European leaders next week. The CAC 40 has evolved over the opening in a very wide range, between 2% and 1.5%, reflecting the extreme tension that continued to prevail in the market. At 11:19, the index is 1.12% to 3122.07 points in a trade volume of 1.113 billion euros.

11:45: Many Asian banks monitor their exposure to European financial institutions amid concerns about the soundness of the banking sector of this continent. According to Dow Jones Newswires, an Asian bank at least raises the issue. "All banks (in Asia) are currently reviewing their exposures and watch if they must reduce their credit lines to banks in Europe," he added.

11:30: Michel Sapin, PS national secretary for economy and taxation, said: "The complacency of the government and the president will not have long resisted the reality of the economic situation: France n is not out of the crisis. " It seems "obvious that the forecast 2% growth for 2011 will not be achieved. That for 2012 is even more unrealistic.""The government can not deny liability and advance partial explanation, it is overwhelming: the unprecedented austerity and inconsistency of industrial policy have broken the back without reducing the deficit. The government must revise its growth forecasts for 2012 and announced immediate steps taken to reduce the deficit: cancellation relief ISF, eliminating exemptions on overtime and all the tax breaks so that, in 2012, supporting growth and fight against debt and the deficit. "

11:24: Marine Le Pen attack: "France is sinking into economic and social crisis (…) This catastrophic result is a zero points for Nicolas Sarkozy, who does not play the role expected of a leader State: being the protector of his people.In contrast, Nicolas Sarkozy is one of European leaders who fails most miserably in tackling the crisis and take appropriate action (…) It should take two measures quickly break out the cost of France bailouts of countries affected by the euro, that block our debt "and" protect the industry and employment by border guards reasoned

11:00: Help in Portugal. Troika representing the creditors of Portugal has given the green light to release a second tranche of aid amounting to 11.5 billion euros as part of the bailout of the country.

10:58: The Paris Stock Exchange returns to the green. She was buried in the red at the opening, ironing investors to buy on some banking stocks that had lost a lot in recent days.

10:53: In France, the borrowing rate is 10% within 3 years, a first since November 2010.

10:52: Towards a tax on financial taxation? Valérie Pécresse, government spokesman and Minister of Budget, said Friday that the European consensus necessary for adoption of a tax on financial transactions "is moving forward." The President of the Radical Party, Jean-Louis Borloo, said this week that the "moment" was "historic" to implement a tax on financial transactions for a fund anti-speculative. On RMC, Ms. Pécresse said she was "happy" to see Borloo "find this tax (…) paid to the baptismal font by Nicolas Sarkozy." She recalled that the measure was "an idea that Nicolas Sarkozy (had) stood there a little over a year" to "allow all G20 countries to finance development aid."

10:37: The Shanghai Stock Exchange closed up 0.45%, following the rebound on Wall Street yesterday, as markets remain very volatile.

10:27: Plan austerity in Italy. The cabinet was called Friday night for "urgent consideration of financial matters," said Friday morning the Italian Presidency of the Council. Silvio Berlusconi announced Wednesday the adoption of the plan no later than August 18, explaining that he "had to act quickly." This morning, the Milan stock exchange returns from around the green.

The ECB is now discovering that it is an illusion to believe that the only objective of a central bank is price stability

10:24: "The ECB is now discovering that it is an illusion to believe that the only objective of a central bank is price stability," as enshrined in its statutes, notes Paul de Grauwe, economics professor University of Louvain (Belgium)."It was inevitable because it is the only institution (European) that the (financial) resources to act," he says.

10:14: Gold closed lower Friday in Hong Kong, to 1,758.50 dollars per ounce, against $ 1,783.00 Thursday.

9:20: "We have limited the damage," said Christine Boutin on his side, which wants an overhaul of the tax.

9:15: "0% growth, it is not a surprise," in turn shade the budget minister Valérie Pécresse on RMC. "In the first half, growth in France is higher on average than the United States, Great Britain and that a number of our partners."

9:10: "The fundamentals of our economy are good," insists Baroin on RTL. He plays down the growth figures, yet he considers "a little disappointing."

9:00: The French growth is zero (0.0%) in the second quarter of 2011 after a "strong" growth in the first quarter (+0.9%), announced the National Institute of Statistics (INSEE) said in a statement Friday . This figure confirms a marked slowdown in activity, anticipated by analysts, although the Bank of France still expected growth of gross domestic product (GDP) of 0.2% for the quarter in its forecast for Monday .