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Universal Music, a subsidiary of Vivendi, announced Friday the signing of a definitive agreement with Citigroup to buy back the recorded music industry of its British rival EMI for a total of 1.2 billion sterling (1.4 billion euros).

The operation, if it goes to completion, will allow the first record company to add to its global purse of music stars such as Coldplay and Katy Perry, but it may be a long review and detailed by the competition authorities.

"It is a historic acquisition for UMG (Universal Music Group) and an important step in preserving the heritage of EMI Music," said Lucian Grainge, CEO of Universal, in a statement.

The U.S. bank, the Financial Times on Friday, would end the deadlock by agreeing to make such commitments at his expense.

Also interested in the recorded music division of EMI, the billionaire Len Blavatnik, owner of Warner Music Group, was considered the favorite, but according to two people familiar with the discussions, he threw in the towel last week after the rejection by Citigroup's offer of a $ 1.5 billion.

The Greek Ministry of Finance announced that new elections would be held on February 19. This date has been set by the leaders of the country's two main parties, George Papandreou and Antonis Samaras. Finance Minister Evangelos Venizelos and the Greek Prime Minister George Papandreou during the vote in Parliament of a new austerity plan, June 30, 2011.

The two main Greek political parties that have managed Sunday evening to a political agreement to form a national unity government agreed that February 19 would be the most appropriate date for the elections, said the Greek Ministry of Finance.

The EU summit Sunday will not lead to a global solution. But behind the technical question of strengthening the EFSF lies a conflict between France and Germany on the new role of the ECB. Explanations. Euro

Europe is in a fog for two days a summit critical to its future. A senior European official said the Thursday night, there will be no complete agreement at the EU summit in Brussels on Sunday. The elements of discord between states include the level of discount on Greek debt to private creditors to impose on the recapitalization of banks and especially the role of the ECB in the context of strengthening the European Financial Stability Fund (EFSF ). For in cettetempête that shakes the eurozone, the ECB can not imagine a savior.His "future ex-" chief economist Jürgen Stark has also referred to this Thursday, the ECB "can not solve the crisis" and does not want to get out of the mandate it has been set. However, it could have a role to play. Explanations.

She refuses to be involved in strengthening the EFSF

One of the bones of contention between France and Germany is the role of the ECB in the rescue of the euro. Paris wants the European Financial Stability Fund (EFSF) obtain a banking license to go with her to refinance. Leverage and the ability to fund intervention limited to 440 billion euros that can lift the markets. Option rejected by the institution headed by Jean-Claude Trichet and Germany do not want the ECB to lend to the Fund in exchange for government bonds as collateral in trouble. Because it would weaken its balance sheet and would require a recapitalization.But Berlin refused to give his hand to the pocket.

Germany therefore recommends allowing the EFSF to act as guarantor to facilitate the obtaining of loans by fragile states. The fund could then provide up to 20% to 30% of their credits would be granted. In other words, the fund would be used to support a loan volume of 3 to 5 times higher in the private sector. This scenario would not involve the ECB.

But according to Cyril Regnier, strategist at Natixis, the track of the transformation of the EFSF bank is not completely abandoned. "I wait for the official release of Trichet's refusal to confirm," he said beforehand. "The ECB reversed its decision several times. She was sure she would not buy debt of struggling countries.Since it did massively. "

She claims to have done his share of work

In fact, the Frankfurt institution has already made several decisions that were outside its remit. Since May 2010, it bought bonds of troubled countries for a total of 165 billion euros, 45 billion for Greece. In exchange, it has hundreds of billions of euros of liquidity available to banks that have struggled to find on the market conditions as favorable. In his last speech as president of the institution, Jean-Claude Trichet has even granted two new lines of credit volume limit of one year, an unusually long. They also pledged 40 billion euros through the repurchase of a portion of their assets, especially real estate.The aim is to allow banks sufficient liquidity to meet their financial deadlines near term. The ECB is already far out of its responsibilities in the crisis. "For now, this is the only institution in Europe to have done something concrete," said Jean-Louis Mourier same.

She wants to return to its basic objectives

For over the events we tend to forget them. "The Bank has a mission, is to ensure price stability. This is too often overshadowed at this point in public perception," said Juergen Stark. This is because he refused these missions outside the mandate of the ECB's chief economist has decided to resign. He also pressed the point home by stating that if the ECB went further, "we not only ruin our reputation, but the ECB would also be overwhelmed by the task, and its independence threatened."Today, the objective of the ECB is that the EFSF is promptly voted and she stops to buy the debt of fragile states. But without really knowing if it will happen quickly. "It takes a lot of precautions. It gave no date for example on the end of the buyback," said Cyril Regnier.

The ECB should it have a stronger role in the future?

Opinion is divided on its role in the institutions. "The ECB is currently the only entity capable of ending the crisis," said Cyril Regnier reminder that the ECB has the weapon of the printing press. And he said, if the institution refuses to EFSF banking license, it could ultimately end up losing. "The EFSF can not buy as many bonds that the ECB did, simply because it has limited resources.And if it's not effective, then the ECB will continue to buy the debt of the States, "says strategist at Natixis. But according to Jean-Louis Mourier, the ECB has no additional role as that is his. "It's not really within its jurisdiction to be the savior of Europe. She has already done much. "He said the key lies rather in a" greater federalism "across Europe.

The "troika" of international donors in Greece recommends to pay as soon as possible to Athens a sixth tranche of aid, despite the dynamic "serious concern" of government debt, according to its draft report.

The economic crisis in Greece is much more severe than expected, the debt situation has deteriorated in recent months and it may be necessary to revise downward its growth forecast over the medium term, we read in this and other Reuters report that was obtained Thursday.

He concludes, however, that further action on budget revenues and expenditures should allow Greece to meet its deficit target in 2012, even if it lacks that of 2011.

The report of the European Commission was prepared with the assistance of the European Central Bank but the International Monetary Fund, the third member of the "troika", which writes its own report on its side.

The Commission and the ECB to pay recommend using "as soon as possible, as soon as previous initiatives agreed on fiscal consolidation, privatization and labor market reform announced by the government have been included in the law."

Greece needs the help of eight billion euros to avoid becoming insolvent in mid-November.

"DYNAMIC CONCERN"

The Troika also finds that the previous projection of a growth close to 3% per year over the period 2015-2020 can not be achieved "in the case of a marked acceleration of structural reform initiatives, including privatization."

She noted deficiencies and delays in implementing fiscal reforms but added that additional measures "are the projection of a deficit in 2012 in line with the agreed ceiling" without the gap or deficit in 2011 fully met.

The Greek financial sector remains fragile due to a drying up of liquidity, deposits continue to decline and banks remain highly dependent on the ECB for financing.

"The dynamics of public debt remains extremely worrying," says the draft report of donors, adding that debt levels remain high "for many years."

"Compared with the prospect of a few months ago, the debt situation has actually deteriorated," they continued, referring in particular the delay in reforms "and the prospect of a recapitalization banks ".

Athens will be at least a quarter behind schedule for privatization, for administrative reasons but also because market conditions have deteriorated in the third quarter, especially on the Athens Stock Exchange, also explains the document.

The level of satisfaction in life is to the French 7.3 out of 10, according to a study. Not surprisingly, satisfaction increases with the standard of living. Participants at the 13th edition of the Paris Techno Parade (September 2011)

The French are quite happy in their lives, and they are all the more as their incomes rise, according to a study released Wednesday by the National Institute of Statistics (INSEE). "In France in 2010, when we ask people to indicate their level of satisfaction in life, they meet an average of 7.3 on a scale of 0 to 10", is the INSEE.

This study was conducted following the report presented in 2009 by Nobel laureate economist Joseph Stiglitz.This report commissioned by President Nicolas Sarkozy suggested to complete the measurement of economic growth, currently estimated by the gross domestic product (GDP), indicators of "well being" taking into account the non-market activities (housework, leisure …) or inequality.

The money buys happiness

According to INSEE, 92% of respondents said a satisfaction greater than or equal to 5, and 60% even give themselves a score between 7 and 9. "The satisfaction increases systematically with the standard of living," said he: it rose from an average of 6 to 10% of the most modest at 7.8 for the 10% most affluent.Similarly, the French have more difficulties, to make ends meet month to pay their bills or have adequate housing, more dissatisfaction is high.

However, most high-income, "plus gain satisfaction is low and other dimensions that the income involved," said INSEE. "The money buys happiness, but only to a certain extent," he told AFP Fabrice Lenglart, Director of Demographic and Social Statistics at INSEE. "This is the first time that we assess subjective indicators. The main interest is to be correlated with objective data that we used to collect," he added.

After the material living conditions, health problems have a strong impact on the well-being felt.Other factors include age (45-49 years are the least satisfied) and the situation vis-à-vis employment (the unemployed are significantly more dissatisfied than assets). Residents of rural communities say they are on their side slightly more satisfied than city dwellers.

The study was conducted in May and June 2010 with a panel of 10,000 households representative of the so-called ordinary French metropolitan population over 16 years, interviewed face to face.

Greece is expected to remain mired in recession next year, complicating his efforts budget as the country is still waiting for the payment of the next tranche of aid that would allow it to avoid bankruptcy.

The Greek economy will contract by 2.5% next year, following a decline in gross domestic product (GDP) of 5.5% expected this year, according to the 2012 budget proposal sent to the country's parliament Monday.

These forecasts are darker than those used to calculate the final in Athens bailout 109 billion euros, which was banking on a return to a growth of 0.6% next year.

The Greek government admitted Sunday he would miss this year's deficit targets that were assigned by its international donors.Athens anticipates a deficit of 8.5% of GDP in 2011, while the EU and the IMF at the planned 7.6%.

The Socialist government of George Papandreou has already announced new austerity measures to try to reduce the budget deficit next year to 6.8% of GDP in 2012 to an original target of 6.5% .

BANKS COULD PAY MORE

The fiscal slippage of Athens could complicate the ongoing negotiations on the second Greek bailout, analysts said.

"In the political debate in Germany, this will probably be used to request the renegotiation of the entire bailout and greater involvement of private investors," said Holger Schmieding, economist at Berenberg Bank.

If the "troika" of donors in Greece – European Union, International Monetary Fund, European Central Bank – concluded in their report due this month that the financing needs of Greece will be greater than expected due of the recession, banks may be required to contribute more than the discount of 21% in July.

The "troika" continue for the time to peel the accounts of Greece and has not given the green light to the payment of a new tranche of eight billion euros vital to prevent the country from be insolvent soon this month, sources said Monday.

Vice Minister of Finance had previously Oikonomou Pantelis said the discussions were over, but for the most part, the sources that have direct knowledge of the case, they are far from it.

Finance ministers of the euro area (Eurogroup) met in Luxembourg on Monday and they had to do even more pressure on the Greek government to implement more forcefully the reforms planned by the international bailouts.

The second plan, set in July, includes in particular the private sector is participating in a plan to exchange debt at a discount.Athens wants at least 90% of the creditors participating in the project goes forward.

The skepticism seems in order in the markets about the ability of Europeans to stem the crisis in Greece, especially after the latest financial reports of the country.

The country's debt should represent 172.7% of GDP next year against an estimate of 161.8% for 2011, according to the draft budget of Athens. The unemployment rate has meanwhile increased to 15.2% this year and to 16.4% in 2012.

Michael Fuchs, vice president of the coalition CDU / CSU to power in Germany, the case is heard: Greece is indeed bankrupt. "There is probably no alternative for us to accept a deletion of at least 50% of its debt," said he.

The chairman of Deutsche Bank, Josef Ackermann, is opposed, in an interview broadcast Saturday, a review of the terms of private sector participation in the second bailout of Greece.

"If we reopen the voluntary agreement of July 21, we not only lose valuable time but also quite possibly the private sector support," said Josef Ackermann in the Sunday edition of Greek newspaper Kathimerini.

"The impact of such a decision will be incalculable.That's why I warn with great energy against any revision material, "the head of Deutsche Bank, who also chairs the Institute of International Finance (IIF).

At the European summit on 21 July, private creditors, represented by the IFIs, have agreed to reduce Greece's debt of some 37 billion euros through a redemption followed by an exchange.

The program anticipates a 21% discount on the underlying bonds, but in recent days, officials from the European Union have suggested that higher discount would be required to read the accounts of Greece by the inspectors of the EU and International Monetary Fund.

Josef Ackermann also finds that the exposure of German and French banks in Greece's debt is "absolutely manageable" and that it is "necessary and important for governments in the euro area to their promises and implement them on time and with determination. "

Few departments will see their funding increase above inflation this year. Among the losers, the Ministries of Labour and of Education, which will eliminate 14,000 jobs in 2012. In pictures, the ranking of worst off and those who are doing better. Changes in envelopes are compared with an assumed increase in consumer prices of 1.7%.

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Thales plans to sell part of its services activities and the name of GFI Informatique circulating as potential buyer, said on Tuesday a union source, confirming a report in Les Echos.

The electronics and defense could be separated from his division "Business Solutions" specializing in large scale integration projects from hospitals in Paris.

"There is a project on 'Business Solutions' management said they were approached for this activity," the source said union Thales.

The name of GFI Informatique has advanced the hypothesis of interest Logica, cited by Les Echos, being more of a "rumor," she said.

A spokesman for Thales declined to comment, as did a spokeswoman for Logica.GFI Informatique, person was not immediately available for comment on the report.

The action Thales wins 3.09% to 24.835 euros to 3:50 p.m., in a market up strongly, gaining 4.7% the SBF120.

The IT services division of Thales, who directed last year 81 million euros in sales and employs approximately 500 people, is part of Thales Services most exposed to competition and further from the heart business of Thales, said a close case cited by Les Echos.

The newspaper said two others, those of outsourcing and agencies in the regions, between them representing more than 300 million in revenue and 3,000 people, could also be offered for sale.

Of such sale will take place when discussions continue between Thales and Safran on a possible asset swap in the defense, which would require the payment of a cash payment by Thales.

Activities that may be made by Safran are indeed valued at 650 million euros in turnover, while those of Thales would represent, according to press reports, that 200 to 300 million turnover.

A year after a break, Safran and Thales had announced in May, have resumed talks on an exchange of assets in the defense, under pressure from the state, their common shareholder that seeks to reduce duplication in a rapidly budget reduction.

The euro rebounded frankly Monday at midday, as equity markets driven by banking stocks after opening sharply lower, thanks to hopes for the European Central Bank cut its interest rates for support the economy.

The ECB is the only one of four 'major' world's central banks to have begun a cycle of rising rates, falling twice since April. The easing of inflationary pressures reinforces those who believe that the ECB will be forced to ease monetary policy because of sluggish growth.

"The ECB does not undertake to advance and rate cuts can not be excluded.It all depends on future developments, "said Ewald Nowotny in the morning, a member of the Governing Council of the ECB.

The euro, which hit a new low in eight months against the dollar and a 10-year low against the yen, is back above $ 1.35 in favor of speculation the ECB and a Ifo business climate in Germany better than expected although declining.

The anticipation of a share of the ECB also feeds a rebound in oil prices.Brent, who had fallen below 102 dollars, is trading around 104.80 dollars a barrel and U.S. crude, which had been reduced to just above 77 dollars, rose above $ 80 a barrel .

The Ifo economist Klaus Abberger Institute said he expected a return of the refinancing rate of the ECB to 1% – against 1.5% now – while stressing that it is difficult to anticipate when the decline could intervene.

This perspective has somewhat overshadowed concerns about the debt crisis in the euro area and the difficulties of European leaders at the curb.

On equity markets, the Paris Bourse takes about 3%, as the Frankfurt Stock Exchange, supported by the values ​​of the insurance and banking, respectively, whose indices resumed about 6% and 4.7% .

The U.S. Treasuries and German Bunds were down in response to buoyant equity markets, but caution is still required and the predominant feeling is that this decline will be only short-term bond markets.

The index futures suggested Wall Street now open sharply higher as they gave a sharp decline in market early in the day.

Eurobond BELIEVED "inevitable"

Asian stock markets were down sharply over yet, as investors once again stung by the fact that the EU leaders' discussions, especially concerning the strengthening of EFSF, have resulted in anything concrete.

Europe has once again been called to beef up Sunday its response to the debt crisis that afflicts him, asking the International Monetary Fund including more action from the European Central Bank.According to the IMF, the ECB is indeed the only player strong enough to "scare" the financial markets.

"As long as political leaders have not developed a long-term solution to address the debt crisis, the short-term outlook for copper and equity markets will remain negative," said Ong Yiling analyst Phillip Futures.

Klaas Knot, Member of the Board of Governors of the European Central Bank (ECB) on Monday called for the creation of an independent budgetary authority to impose sanctions on countries in the euro area with a high deficit.

He also finds "inevitable" the introduction of euro bonds common to the euro area.