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Wall Street opened slightly higher on Monday, the strong results announced by Caterpillar has somewhat overshadowed the skepticism of investors about the ability of the euro zone to resolve its debt crisis.

After the summit on Sunday, investors are eagerly awaiting the outcome of the next European meeting on Wednesday, including the question of the level of depreciation applied to debt securities held by the Greek private sector.

"We assume that the agreements will be announced in the coming days," said Peter Boockvar, market strategist at Miller Tabak & Co.

In early trade, the Dow Jones gained 0.29% to 11,843.15 points.The Standard & Poor's, wider, taking 0.33% to 1242.34 points while the Nasdaq composite gained 0.45% to 2649.43.

The beautiful performance as Caterpillar, up about 5% at the opening, supports the trend.

The world's largest earth-moving machinery and equipment for the mining industry reported Monday a record turnover and a 44% jump in profit in the third quarter, well above analysts' expectations.

Google loses the title, however, 0.45%. The group spoke with at least two private equity investment opportunity to help finance a transaction to buy the core business of its competitor Yahoo (1.97%), reports the Wall Street Journal, citing a source familiar with the matter.

The fiscal deficit of the French government reached 102.8 billion euros at the end of August. The government's goal is to reduce it to 95.5 billion at the end of the year. View of the Ministry of Economy and Finance at Bercy.

The deficit of state budget declined by about twenty billion euros in late August from the previous year to 102.8 billion, thanks to lower expenses and to a lesser extent, higher revenue, announced Friday the Budget Ministry. For the full year 2011, the government deficit is expected at 95.5 billion, but Bercy ensures that the figures for August are "in line with the target."

Tax revenues expected by the end of the year should help to bring the budget in the nails.Compliance with this objective is needed for France to maintain its commitment to reduce the public deficit (state, local and Social Security) 7.1% of gross domestic product (GDP) last year to 5.7% this years. In late August 2010, the state budget recorded a deficit of 122.1 billion.

Expenses (general budget and levies on revenues) fell back sharply, to 243 billion at end August 2011, against 270.1 billion a year earlier, thanks to the almost total extinction of the extra cost associated transient, last year, to reform of business tax. Last year was also marked by the expenditure of "future investment" financed by the "great debt", said the ministry.However, the actual burden of debt interest late August rose by 4.5 billion from the same date a year earlier.

The reform of the ISF has weighed on think

For their part, the general budget revenue (net of rebates and refunds) amounted to 172 billion in late August against 169.5 billion a year earlier. The net tax revenues were up 4.1 billion a year to the next. The proceeds from the corporate income tax, greatly affected during the crisis, continues to rebound and increase by one third. VAT and income tax also report more than last year, but in a much smaller mesure.En contrast, "other taxes" retreat, but the ministry says this is due to "report to September exceptionally this year, the due date of the solidarity tax on wealth, due to the implementation of the recent reform of the taxation of wealth. "

Finally, the "special accounts", which include advances and financial transactions, recorded a deterioration of 10.3 billion euros from the end of August 2011, due in disbursements in January, March and July of loans Greece. But "any significant event" has changed this in August, says Bercy.

The deficit of the general social security will be reduced to 13.9 billion euros in 2012 due to measures announced in late August by Prime Minister François Fillon, to new efficiencies in health and pension reforms, according to the budget proposal presented Thursday.

The improvement comes mainly of sickness, the deficit will be reduced to 5.9 billion euros after -9.6 billion this year. The deficit in the pension industry (pensions) will be reduced to 5.8 billion euros from -6.0 billion in 2011.

"Our forecast for 2012 is 14 billion deficit.Fourteen billion euros when it was scheduled for 2015, so we have two years ahead, more than two years ahead, "said budget minister, Valérie Pécresse, on France 2.

The bill will be discussed on October 5 by the Cabinet and October 25 in the National Assembly.

The deficit of the family branch will be reduced to 2.3 billion euros from -2.6 billion in 2011 and the industry accidents, occupational diseases have a surplus of 100 million euros after a balance in 2011.

Saving measures and provided additional revenue for next year will reduce the deficit of the general system of 7.3 billion euros compared to the balance that would have been projected trend of -21.2 billion in 2012, says government.

Six billion on 12 billion of savings and additional revenue announced in August to reinforce the objectives of reducing the public deficit will improve in particular accounts for Social Security.

Weakening of the PROTECTION

The deficit of the Old Age Solidarity Fund will be reduced to 3.7 billion euros from -3.8 billion in 2011.

Objective National health insurance expenditure (ONDAM), the main instrument for controlling health care costs, will be set as expected to 2.8% next year against 2.9% in 2011. This objective requires to achieve 2.2 billion euros in savings.

The assumptions for calculating the 2012 budget are an increase in the wage bill by 3.7% next year and inflation of 1.7%.Economic growth is expected at 1.75%.

The projected savings for 2012 include new delisting, about 40 million euros, 620 million euros in savings on drug prices through reductions negotiated with pharmaceutical companies and 100 million by promoting generic drugs.

The financial statements included in the calculation of government deficit in France the government wants to reduce to 5.7% of GDP end-2011, 4.5% and 3% end 2012 end 2013, returning to the 3% limit of Stability Pact and European Growth.

The prospect of a return to balanced health insurance in 2015 is now "realistic," says the government.

The Court of Auditors, an independent certifying the public accounts, said in early September that the deficit of the parent threatened the very survival of social protection in France.

It recommended in a report to increase revenue and curb spending, especially health, by cutting including "niche" social, who amputated the Public Accounts for efficiency often discussed.

"The finding of the Court is of the extreme fragility of our social protection", said its first president, Didier Migaud."The sustainability of social deficits now calls into question the sustainability of our welfare system."

The draft budget law (PLF) for 2012, which will detail the steps outside Social Security, will be presented next Wednesday by the Cabinet and October 18 in the National Assembly.

Dexia Bank has distributed to 25 billion euros of toxic loans to municipalities, departments, regions or hospitals according to a confidential listing revealed by Liberation. The additional cost for local governments amount to 3.9 billion.

1500 Five local authorities and public institutions have signed French toxic loans, according to a confidential document which the bank Dexia reported Wednesday Liberation.

The newspaper has obtained "a confidential file of the bank Dexia Credit Local (DCL) which lists 5,500 local governments and public institutions that have subscribed the famous toxic + loan + between 1995 and 2009." "This listing …certify that at the height of the bubble, DCL had distributed 25 billion euros for its customers, "said Liberation, which states that" as estimated by the bank, the additional cost of these loans was estimated at 3.9 billion at the end of 2009 "." This means that communities should pay a penalty of this order, "he says.

Dexia document "shows that everyone is involved: communities of both right and left large urban communities such as towns," said he. The newspaper cites the example of Antibes ", which had borrowed 60 million would pay 21 million in addition to that amount." "The department of the Loire regulations, provide a slate of 22 million in excess of 96 million of loans and toxic Dijon hospital should pay 31 million of interest on a loan of 111 million toxic," writes release. The site of everyday has posted the map of France of Commons infected.

The mechanisms of these toxic loans, the newspaper quoted the party loans to fixed rate and part variable rate "that is, for example indexed to the euro-Swiss franc." "When parity goes below a certain threshold, the rate increased in proportion," says Liberation. "With the crisis of the summer … because of the rise of the Swiss franc, many municipalities have seen their rates rise to 10 or 15%," he writes.

"The addition could still climb with loans running until 2025 or 2030," said Libe which concludes that "these toxic loans have not finished rotting community life. And the taxpayers, who bears a double threat: the increase of local taxes and a deficit of public services ".

Airbus is closely monitoring the evolution of European fiscal crisis, potential vector of global recession, but believes that in this case, Asia, particularly China, represent an island of growth, said Thursday the Director General Officer of Airbus.

"At the end of August, we recorded 1,000 net orders (in Europe) and air traffic is alive and well," said Fabrice Brégier during an interview with Reuters on the sidelines of World Economic Forum in Dalian, China.

"However, we expect some adjustments to come. We are in a very different situation from 2008-2009.This time, we see a difficulty in some European states over-indebted, but the real economy is healthy. "

The European budget crisis has revived fears of a relapse of the economy into recession.Such a scenario would cause a slowdown in air traffic and thus the growth of airlines.

"A major recession would cause a decline in traffic and therefore the companies would not generate enough cash to buy new planes," said Fabrice Brégier.

However, he stressed that EADS subsidiary is in a better position than during the crisis of the 1990s or that of 2008/2009.

"Now we're on the world market, so we no longer sell exclusively to Europe and the United States and most of our order book comes from Asia, especially China," he said .

The first super jumbo Airbus and will be delivered to the carrier China Southern Airlines in the coming weeks and the unit will be operational in November.

In early September, Boeing announced that China would need 5,000 commercial aircraft in the next 20 years, for a total of $ 600 billion, representing an increase of 25% over the previous estimate of U.S. manufacturer.

Airbus, which currently holds a market share of 45% in China, to publish its forecast on Sept. 20 world.According to Fabrice Brégier, the market share of Airbus in China will exceed 50% in the coming years.

"We plan to deliver about 90 aircraft to China next year and about 100 this year," said the chief operating officer.

In June, Chinese companies China Aviation Supplies Industrial and Commercial Bank of China ordered 88 Airbus A320s for 7.5 billion dollars (5.4 billion euros) at list prices, with delivery expected between 2012 and 2015.

The New York Stock Exchange ended down 0.51% Thursday, the Dow Jones industrial yielding 30 points to 12240.26 62.29 points.

The S & P-500, wider, lost 4.18 points, or -0.32% to 1300.71 points.

The Nasdaq Composite Index was up 1.46 points from his side (0.05%) to 2766.25 points.

These data are likely to vary even slightly.

Daimler and Deutsche Telecom may have to pay billions of euros in damages to the German government because of the delay in the installation of a toll system for heavy goods vehicles, reported Monday the Financial Times Deutschland.

The arbitral tribunal should take advantage of the government, which claims more than 5.1 billion euros in damages.

The two German companies have so far committed no provision for the risks of contingent payments, because doing so could be considered an admission of guilt, the newspaper said.

The toll system, which includes a GPS receiver, to be launched in 2003 on German motorways.However, it was delayed for 16 months until January 2005.

The dispute has been ongoing for seven years, according to FT Deutschland, the protagonists are expecting a final decision of the Court in the coming months.

Less than 10% of the local public debt consists of risky assets. Nevertheless, the Court held that the state must do more to prevent new toxic debt. The first President of the Court of Auditors, Didier Migaud, at a press conference July 15, 2010.

The Court of Auditors asked Wednesday, July 13 the State to "go further" in measures to prevent further toxic loans to help secure local public debt. "We need the State from the consequences of development loans structured to prevent this incident happening again," said the first President of the Court of Auditors, Didier Migaud, presenting to the press report on the management of local debt. "We must go further" that the measures taken so far, including the conclusion of a "charter of good conduct" between financial institutions and associations of elected representatives.

Structured loans, or toxic offer a subsidized interest rate for an initial period of amortization, before being associated with highly volatile indices, which can cause sharp increases in interest rates for communities. According to Didier Migaud, on all of the outstanding local government debt, 160 billion, 30-35000000000 consist of structured bonds, which 10-12000000000 have a potentially high risk. However, the Court rejected the idea of ​​a defeasance structure advanced by several elected officials, which would cover the riskiest loans. "It would encourage the renewal of practices not responsible," said the first President of the Court of Auditors.

Court asks for a review of the implementation of the charter of good conduct, including suggesting to ban loans whose interest rate is based on differences of indices outside the euro zone or with leverage. It also proposes to monitor the highly volatile structured products made before the financial crisis and which should remain well into local accounts. These loans "have not yet led to crises, but this possibility is still present," said Didier Migaud.

The revised banking standards as part of the recommendations of the Basel Committee (Basel 3) may penalize long-term loans by tightening rules on bank liquidity, the report also finds. The transposition of these rules at European level is implemented, is recommending that the Court to seek a diversification of funding sources, such as through bonds."We also believe that the proposed a funding agency of local communities deserves to be taken into consideration," said Migaud. But we need guarantees on its operation, including its capital and its ability to comply with the rules of Basel 3.

The European Council President Herman Van Rompuy said Tuesday that there was a very strong commitment in Europe to protect the stability of the euro area.

"Let us be very clear, there is the highest commitment to the highest level to do whatever is necessary to safeguard financial stability," said Herman Van Rompuy to the press during a visit to Lisbon after s be met with Portuguese Prime Minister Pedro Passos Coelho.

Portugal, with Greece and Ireland, is among the countries of the euro zone for which the European Union and the International Monetary Fund organized a bailout.

6 billion m3 annually leaking water systems because of the French poor condition of pipes. But André Flajolet, MP and chairman of the National Water renovation effort should not weigh on the industry. The equivalent of 25% of water consumption would be lost each year due to the poor condition of pipes.

6 billion cubic meters of water leaking pipes each year French, 25% of water consumption. The combination of conduits – the companies responsible to install water pipes – sounding an alarm and an estimated 1.5 billion investment required to avoid this mess.

Large groups of water distribution have yet taken part several years of water bills to maintain the networks. Le Parisien estimated between 3 and 10 billion the amount earned."These companies, which manage the water for many municipalities do not have enough lines maintained they were in charge, and it often for more than half a century. Yet they saw the price of the paid by water users, provisions or guaranteed renewal just to maintain these networks, "also accused on his blog Philippe Kaltenbach, Vice President Socialist regional council of Ile-de-France.

But André Flajolet, UMP deputy and chairman of the National Council for Water is for users to pay for the service they receive.

You recommend to charge users and taxpayers to finance the renovation of pipelines. Why retailers would not participate in the effort?

I think it is okay to ask the user to pay for a service and call the taxpayer backing, since the interest of society is at stakeEspecially since the renovations will benefit SMEs and employment. The current price of water covers the use of users, it is not illogical for the renewal of the pipes leads to higher prices.

The companies have yet accumulated provisions for repair networks.

This system is no longer valid. The big water companies are only service providers that provide know-how, the rest is borne by the community. Critics constantly accusing them of gorging on the backs of consumers is to forget too quickly that they are part of the flagships of our industry.

How much could rise for the consumer?

There are as many answers as services and location. The water prices are already very diverse, with a ratio of one to seven across France. In some areas, the increase will be very low.And in others, where the networks are obsolete and where the work will be most important, prices are often very low because the facilities were largely written off. Meanwhile, the National Water Council is committed to the social water pricing. This allows that, even if it slightly increases the rates, access to water for all will be preserved.