US & World News

The Institute for International Finance (IIF) said Wednesday that the Greek government and its private creditors are close to final agreement on debt restructuring of the country, a conclusion is expected this week. "We are close to finalizing a voluntary debt exchange as part publicly exposed earlier this week by Jean-Claude Juncker in his capacity as President of the Eurogroup," have clared leaders Ifi. "We expect to conclude next week as discussions on other topics continues." Tuesday, bankers and politicians had suggested that the talks between Greece and its private creditors could come Wednesday. The prospect of such an agreement has contributed to the rise in world stock markets.

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The Education Minister Luc Chatel announced that from February 2012, teachers begin their careers at the minimum wage of 2000 euros gross. About 100 euros per month. Insufficient effort according to FSU. The Education Minister Luc Chatel

Beginning teachers will start their career with a salary in excess of 2000 euros gross in February 2012, which is a "symbolic" of crossed, said Thursday the Minister of Education, Luc Chatel. "The symbolic threshold of 2,000 euros early career will be taken from 1 February 2012," said the minister during a speech at the end of his visit to the Education Fair in Paris. Beginning teachers had already received a gesture of Mr. Chatel in March 2010, so compared to "1690 euros in 2007," the rise of their gross salary is "18% in five years," the Minister added.

France announced Thursday it had called for an investigation to the European financial markets and the AMF after transmission error by Standard & Poor's a message on its sovereign rating.

The Minister of Finance, Baroin said he asked regulators to investigate the causes and possible consequences of the mistake, which he described as "quite shocking rumor of information that do not match any foundation".

"We will not leave any negative message through. It was a strategy, we have an appointment in terms of deficits that is fixed.It will not change one iota, "he said in Lyon on the sidelines of a conference of the economy.

Standard & Poor's has sent a message to some clients who might suggest that the rating of France had been changed.

The rating agency said in a statement that following a technical error, a message was automatically sent to some subscribers suggesting that the credit rating of France had been changed.

"This is not the case notes of the French Republic are AAA/A-1 + with a stable outlook, and this incident is not related to any monitoring activity notes," she said. "We are investigating to determine the cause of this error."

Euro Disney said Wednesday it has widened its annual net loss due to deterioration in the profitability of its property development activities and increased its costs.

The operator of Disneyland Paris has recorded for the year 2011, ended September 30, a consolidated net loss of 63.9 million euros, against 45.2 million last year.

Its annual turnover to 1.297 billion, increased by 1.8%, tourism growing by 4.9% to 1.275 billion while the real estate development saw its sales drop 62.4% to 22.5 million, reflecting a major assignment.

Parks attendance reached 15.6 million visitors, 600.

JCDecaux has significantly exceeded expectations in the third quarter, posting a sales growth almost twice the stated goal, boosted by its transport division and the dynamism of France.

World number one outdoor advertising company in front of the U.S. Clear Channel Outdoor, has for the first time provided a forecast for the full year, saying rely on organic growth of about 5% of its turnover .

"The current economic uncertainties lead us to be cautious," said Chief Executive and Co-CEO Jean-Francois Decaux, in a statement, while the group's growth stood at 6.7% in the first nine months of the year .

French deputies have reduced by nearly 1, 5 billion to 80.321 billion, the deficit in the draft budget law for 2012 at the conclusion of the review, Monday, the first part, the revenue .

The deficit in the original was 81.772 billion euros.

MEPs will vote on Tuesday by a solemn vote of the whole of this first part of the finance bill that the Senate will consider in turn from 17 November.

The level of the deficit is likely to change again with the review by members of the review of the second part of the budget, the expenditure, then the entire text by Senators.

The members of the G20 meeting in Paris should acknowledge the commitment of Europeans Saturday to introduce in the next few days a package of measures to restore stability in the euro area, amid fears over the health of the global economy.

France and Germany have promised to present at the European Summit of 23 October a plan to recapitalize banks, responding to the situation worse than expected in Greece, increasing the firepower of the European financial stability and reforming the governance of the euro area.

"We will over the coming days to continue our discussions but we already have on contractual agreements that will be very important," said French Finance Minister, Baroin, after a meeting Friday with his German counterpart Wolfgang Schäuble and Nicolas Sarkozy.

Meanwhile, European leaders are putting added pressure on banks to force them to recapitalize and enable them to withstand greater losses than expected on the sovereign debt of the most fragile area.

The European plan will be included in a series of commitments that will be announced at the summit of Heads of State and Government of the G20 3 and 4 November in Cannes, which will close the French presidency of the Forum of 20 major economies.

Many measures discussed by finance ministers and central bankers of the G20 meeting in Paris on Friday and Saturday were referred to this deadline.

SUMMIT OF CANNES

In Paris, important steps were expected Saturday on the reduction of major global financial and economic imbalances, a priority for the French Presidency, with the objective that the seven countries identified as major sources of the imbalances present in Cannes "two or three significant steps "in this sense.

"We need fiscal consolidation measures for countries in excessive deficit and measures to support global activity for those who have surplus," explained a French source before the meeting.

According to an official of the G20 countries, the Chinese have thus expressed their readiness to "ensure that growth in China does not slow down, even if there is a risk of inflation through expansionary fiscal policy."

No major breakthrough is expected, however in Paris on the Chinese currency, the yuan, which the strict control by Beijing is considered one of the major causes of global imbalances.

The "path integration" of the yuan in the currency basket of Special Drawing Rights International Monetary Fund, a discussion underpinned by the loosening of the Chinese currency, is among the priorities of Cannes, with the objective of A schedule.

BANK CASH

The draft G20 communique obtained by Reuters Finance reaffirms that its members will ensure that banks have sufficient liquidity, in particular through central banks, as they undertook to do at the recent G7 Finance in Marseille.

The debate on the proposed increase of IMF resources, defended by almost all emerging G20 but faces opposition from the United States and Japan, will also resume in Cannes.

Discussions were still Saturday on whether to publish the list of banks considered to be running in size a systemic risk the global financial system, where the G20 should agree on capital surcharges.Again, final decisions will be taken in Cannes.

"Principles" for emerging economies suffering from speculative capital movements must also be finalized for the upcoming summit of the G20, to help control these flows in order to avoid destabilization of the economy.

Europe should recapitalize its banks on an individual basis and not applied uniformly to all measures in the industry, said Tuesday the German BDB banking association.

"It would be absurd to book the same treatment to all banks," said Michael Kemmer, CEO of the BDB, in an interview on ARD television channel.

If the recapitalization is needed, they must be implemented in the right tempo, he added.

"First, banks themselves must make use of capital markets, although it is very difficult if not impossible, right now," said Michael Kemmer.

"Then, each country must see if we recapitalize banks and only if it is unable to do that EFSF should intervene," he added, referring to the European Stability Financial.

France and Germany have given themselves until the end of October to overcome many obstacles on the recapitalization of banks, the euro and its sickest member, Greece, and on European Governance, at where the sovereign debt crisis has put down the bank Dexia.

German banks, which have increased their level of capital in recent months, are stable and doing well, said Michael Kemmer.

He added that European leaders should stick to the agreement July 21 on Greece, which provides that private creditors pass a discount of 21% on Greek bond holdings.

Many experts believe that this level of discount ("haircut") is insufficient, forcing banks to take further writedowns in the third quarter.

Deutsche Bank, one of the most important members of the BDB with Commerzbank, said late September that the discount that private investors have agreed to take on Greek sovereign debt in the second bailout of Greece could be greater than 21% retained.

Last week, the German IDW auditors are said German banks could follow the example of Deutsche Bank in the third quarter by re-evaluating their market prices Greek bonds.

For the first time since 2008, the price and the number of transactions in the old housing declined in France in 2011. Only Paris continues to grow. http://www.flickr.com/photos/gcattiaux/

For the first time since late 2008, the start of the economic crisis, the number of transactions and house prices falling in France, a trend likely to continue in 2012, according to a survey by the AFP with leading real estate networks. "Sales of existing homes fell 11% in France between the 3rd quarters of 2010 and 2011, while prices fell by 2.7% between the first half and third quarter of 2011," said Laurent Vimont, Chair Century 21, a leading network of estate agents.

Paris alone, due to demand still much stronger than supply, see the prices continue to increase, reaching a new record in Q3 8556 eurs/m2, says Vimont.After a price hike of 22.5% in the second quarter, the highest one-year for 20 years, house prices in the capital will soon level off or even declined slightly, had said in early September notaries in Paris. In the provinces, seven provinces reported, according to Century 21, a fall in prices in Q3: Burgundy (-9.7%), Central (-5.5%), Lorraine (-4.4%), Provence-Alpes Côte d'Azur (-3.7%), Basse-Normandie (-3%), Nord-Pas-de-Calais-Picardie (-3.4%), Champagne-Ardenne (-1.3%).

For Mr. Vimont, the main explanation lies in the fact that "over the solvency of first-time buyers who can not afford to buy, is broken." This decrease since mid-2011 transactions and prices is confirmed by the Real Estate Guy Hiccups."Higher mortgage rates and the presidential election should result in lower overall market in 2012," said its managing director Cédric Monssu. For Nicolas Jacquet, Executive Chairman of Urbania, the next increase in the tax on capital gains on sales of rental and second homes on 1 February 2012, resulted in "significant increase in the number of terms in Sales agencies ".

But in 2012, one can "expect for 2 or 3 years down the number of transactions as a number of people who have not reached withdraw their homes from the sale," he adds . "This announcement will have a devastating effect especially that the liquidity problems of banks should lead to a restriction in the distribution of mortgages," said Bernard Cadeau, president of the Orpi network.But this rush to sell for some households that had exceeded the limit of 15 years for tax exemption on capital gains has unintended consequences. "We remind sellers that we are bound by an obligation of means, not results, and we urge our customers to agree to sign a form stating that we are not liable for administrative delays," said Gilles Ricour Bourges, President for Ile-de-France of Fnaim (National Federation of the estate).

However, one sector is rubbing his hands at the moment: the luxury real estate. "We record a 20% increase in the number of terms because it is necessary that the promise of sale are signed before November 15 to make sure that the final acts to be registered with the notaries before February 1", told AFP Charles-Marie Jottras, Chairman Daniel Féau real estate."Non-standard goods have been no slowdown in demand, on the contrary. The category of quality goods, worth over EUR 1 million, did not suffer either in the capital and stations, sea or mountain fashion, "says Barnes network in a statement.

This increase in tax rates, btisée "Buffett rule", only affect 0.3% of taxpayers, less than 450,000 people. President Barack Obama issued Tuesday, August 2, 2011 text authorizing the raising of the ceiling of U.S. debt.

President Barack Obama will propose Monday to raise taxes on millionaires so that they reach at least the same percentage of their income than that applied to middle-class taxpayers, said Saturday the New York Times.

Citing government officials, the newspaper says Obama will present a draft on this issue during a speech at the White House, he calls the "Rule Buffett", named after the multimillionaire Warren E. Buffet.It was recently pointed out that the richest Americans pay a smaller proportion of their income in federal taxes than middle-income employees.

Profits on investments – such as profits from capital, dividends or premiums paid to investors and holders of risky investments – are taxed less than wages, in fact, explains the New York Times. In addition, those receiving more than 106,800 dollars do not pay Social Security tax.

The newspaper said Obama will not show the tax rate or clear it intends to apply the amount it hoped to achieve through this measure and will not provide further details, these should be included in a program long-term deficit reduction.However, it will call savings of $ 300 billion over ten years of health insurance for the elderly and medical aid to the needy.

A joint committee of Congress is working on a bipartisan agreement on the budget to be presented in late November while the Republican representatives opposed the project of the president to tax the companies in the sectors of oil and gas and individual income above $ 200,000. The tax would only affect 0.3% millonnaires taxpayers, less than 450,000 of the 144 million returns recorded in 2010, according to The New York Times.