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The Russian producer of nickel and palladium, Norilsk Nickel said it had prepared an offer to buy out 15% of its capital owned by the Rusal aluminum companies for about $ 8.75 billion.

The offer proposes to return the securities at a price of 306 dollars, or 20% above their average price over the last six months.

It is still subject to approval by the Board of Directors of Norilsk, which will meet Aug. 24.It will then be valid until September 5, the company said.

This proposed acquisition represents a further attempt to Norilsk to end the standoff delivered by the principal shareholder of Rusal, the oligarch Oleg Deripaska.

The aluminum companies said it would consider the offer.

"Rusal considers its investment in Norilsk Nickel is strategic, and as a public company we are discussing all offers submitted to us in accordance with our internal management procedures," he reacts in a statement.

Oil prices have closed up nearly 3% Monday in the hope that European leaders will eventually find a solution to the debt crisis.

Black gold has also benefited from the new growth in global stock markets and the decline of the dollar.

On the Nymex, the contract on September U.S. crude (WTI) finished with a gain of 2.50 dollar, or 2.93% to 87.88 dollars a barrel.Meanwhile, Brent advanced to 1.61%, or $ 1.74, to 109.77 dollars.

The price of Brent are still lower by about 15% compared to the highest of the year of 127.02 dollars reached in April.

This level, the highest since the outbreak of the 2008-2009 financial crisis had been reached at the time of the eruption of violence in Libya, which disrupted the supply of crude to Europe.

Since the concerns about the state of the global economy is refluxed in the market.

Can not sell tobacco as licensed, the number is limited.

Tobacco sales in four departments overseas since Monday is officially supervised: the councils will have to divide their territory a limited number of outlets licensed and unpopular reforms still unclear which they are reluctant to enter. This change in the sale of tobacco in Martinique, Guadeloupe, Guyane and Reunion (not in Mayotte where taxation is not aligned, ie) arises from the supplementary budget for 2011 in the Official Journal published Saturday.

Article 44, the result of an amendment by Senator Reunion Anne-Marie Payet (Centre Union) who fought for years on behalf of the "public health", thus regulating "effect from 1 August 2011" sale tobacco in the DOM.Now can not sell tobacco as licensed, the number of "maximum" is detailed: for the 540 Martinique, 550 for Guadeloupe, Reunion and 1070 to 300 in Guyana. In other words, a drastic reduction that is already cringe. Historically, the sale of tobacco escaped any regulation since the creation of DOM in 1946 because "some areas have local production," told AFP Anne-Marie Payet.

Thus at the meeting, the Chamber of Commerce and Industry has identified 2,000 sales outlets. "Either for 1 320 inhabitants in 3500 against one in France", denounced Ms. Payette, who recalls "that tobacco kills 600 people a year on the island, ten times the traffic accidents."In the DOM, tobacco is purchased in any small local shops or shopping mall where he can serve as a loss leader: sometimes in baking at the meeting, in "Chinese" (grocers) in Guyana, in gas stations, bars, etc..

The councils are not ready

A transition period was intended to allow those who would not receive a license – which the price remains to be decided by the county councils – to liquidate their stock, "not later than December 31." The president of the rights of nonsmokers, Gerard Audureau, welcomed this "trend that is returning the DOM in the law." "The government will ensure its implementation, but we will do that too," he told AFP.

Through the voice of Baroin, who was budget minister in parliamentary debates, the government had opposed the measure, said it was "not realistic" date of August 1. A view shared by the General Council (GC). "We are absolutely not ready", it has been recognized in Martinique, where it criticizes the criteria for licensing "undefined". In Guadeloupe, the MC asks the State to enforce the regulation itself, denouncing "a new skill without additional resources" to investigate cases.

The CG of the Meeting, he, passed a motion "to oppose the measure and seek, where appropriate, whether the Regional Director of Customs who issues the licenses." In Guyana, where already 30% of sales are illegal, there is concern that the limited outlets encumber all tax revenues (DOM each collection itself tobacco-related taxes).The Ministry of Overseas stressed that the law was "not directly applicable" to a decree clarifying all these gray areas (the award criteria, duration of licenses, etc.). Is' in progress development "and must be published" before the end of the year. "

Air Liquide announced Monday it had benefited from the dynamism of emerging to feed its growing sales and investment decisions it has received in the first half despite the turmoil in Japan and the Middle East.

The worldwide industrial gases, the results are in line with expectations, has confirmed a target steady growth in net profit in 2011 "in a normal environment."

Air Liquide has emerged in the first half current operating income of 1.191 million euros, up 9.9%, giving an operating margin of 16.7%, up 0.3 points at constant prices of natural gas.

The group made a net profit after minority interests in half-year increase of 11.1% to 750 million and a turnover increase of 8.3% to 7.115 million on a comparable basis.

Analysts on average expected a profit from recurring operations of 1.199 million euros, net profit group share of 751 million and a turnover of 7.126 million, according to the Thomson Reuters consensus I / B / E / S.

Air Liquide has received the first half of 970 million euros in investment decisions, up 20% year on year, with a target of about two billion in 2011.

The U.S. economy has stalled in the first half of 2011, grazing the contraction over the first three quarters, which revived fears of a new entry into recession if the budget crisis is not resolved quickly.

Data released Friday by the Commerce Department show that the economic slowdown began much earlier than previously thought.

"The economy including a pause in the first half of the year," said Ryan Sweet, economist at Moody's Analytics.

"Some temporary factors have had a disastrous effect, but they are disappearing.But this raises some concerns about the sustainability of the recovery. "

Gross domestic product (GDP) of the world's largest economy grew by only 1.3% (annual rate) in the second quarter due to sluggish consumption particularly affected by rising gasoline prices.

Analysts had expected a 1.8% growth of U.S. GDP from April to June

Economists generally believe that it takes a minimum growth of 2.5% for the unemployment experience a boom.He is currently at 9.1%.

Final sales increased 1.1% against 1.8% expected, while consumer spending has almost stagnated, rising 0.1% after 2.1% last quarter.

Consumption, which accounts for about 70% of U.S. economic activity, has seen its growth rate is the lowest since his release from recession two years ago.

WINCE MARKETS

The growth in the first three year was also revised sharply to bring out a limited increase of 0.4% against 1.9% previously announced.

The figures in the fourth quarter of 2010 were also revised down to 2.3% against 3.1% estimated in previous estimates, indicating that the U.S. economy already showing signs of slowing even before the price gas only rising again and that is felt the impact of the earthquake in Japan in March.

These figures also show that the recession between 2007 and 2009 was much worse than shown by the above statistics with such a decline of 5.1% of output instead of 4.1%.

Between 2007 and 2010, the U.S. economy shrank at an annual rate of 0.3%.

The budget impasse in Washington, who posed on the sovereign rating of a U.S. threat reduction, contributes to a climate of uncertainty is not conducive to a strong recovery of the economy. Republicans and Democrats have not yet reached a compromise with a view to increasing the ceiling of U.S. debts, currently set at 14,300 billion.(See

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But the Treasury said no longer be able to borrow on Tuesday, causing a situation of default by the U.S. State.

"There is no room for error and failure, whatever its duration, could plunge the country into recession," said Joel Naroff of Naroff Economic Advisors.

The White House reacted to the release of growth figures, saying they prove the need to solve the budget crisis and implement measures to support the economy.

"The world economy is experiencing a period of weakness and we can not afford to do anything that would undermine the recovery in these times," he said in a statement Austan Goolsbee, who heads the Council of Economic Advisers in the White House.

European markets have reacted negatively to the announcement of the American Statistical confirming fears of a market slowdown in the U.S. economy.

European shares ended the session down sharply, recording their worst weekly performance since March.

As U.S. markets, they have declined sharply before erasing some of their losses in mid-session, the markets were somewhat reassured by a call to compromise on the budget issue launched by Barack Obama.

Monday Moody's downgraded the sovereign rating of Greece to "Caa1" to "Ca" is the last step above the default view that the rating agency now estimates the probability to "virtually 100%."

The program of the European Union and the proposed debt exchange should increase the chances of stabilizing Greece and reduce its debt, but the country still faces major challenges in the medium term credit, warns Moody's.

"The program announced by the European Union and the release of the Institute of International Finance imply a probability of trade balance, and thus the absence of Greek sovereign debt, virtually 100%", the agency estimated in a statement.

"The volume of debt (Greek) will be well above 100% of GDP for many years to come, and the country will continue to face significant risks in the implementation of fiscal and economic reform."

Moody's also concerned that the bailout constitutes a European restructuring negative precedent for investors.

"The support plan sets a precedent for future sovereign debt restructuring if the other state in the euro area is as problematic as that of Greece," said Moody's.

The agency said that the note "It" refers to highly speculative bonds are probably in default or being very close.

Prepare France to live with a few degrees warmer is the goal of this plan over 5 years, the first of its kind in Europe. NKM

To anticipate the inevitable effects of global warming expected by the end of the century, France will adopt a national plan of adaptation declined by more than 230 measures and presented Wednesday by the Minister for Ecology Nathalie Kosciusko-Morizet . "Climate change is not in doubt, the uncertainty that still hangs over its size should not prevent action," says one to the department.

The 5-year plan, the first of its kind adopted by a country of the European Union said the report, prepare a list of measures and recommendations for agriculture, water management and forestry, transport, disaster such as floods, or to adapt tourism to the new climate.The exercise is based on scenarios developed by Météo France and the Institut Pierre-Simon Laplace who expect a temperature increase of 2 to 3.5 degrees by the end of this century including a lengthening periods of summer drought and higher temperatures than previously known.

For the only example of water, the plan incorporates the idea of ​​a consumption reduction of 20% by 2020 advanced in May, for aid to recover rainwater, reuse of treated wastewater , improve the performance of cooling towers of nuclear power plants or even better leak detection on networks of drinking water. They are currently responsible for 25% loss of this precious natural element.

Health side, rising temperatures will promote the development of insects, microorganisms producing toxins and allergenic pollen. The creation of a climate-health monitoring must alert the government on critical situations. Learning from the 2003 heatwave, which caused deformation of rails, the plan focuses on the adaptation of transport infrastructure with the establishment, among others, a methodology for assessing the vulnerability of networks .

The President of the European Central Bank, Jean-Claude Trichet, lamented the crisis management of the euro area member states, and felt they had to show more discipline.

"It is absolutely necessary to improve the" verbal discipline ". On subjects as complex and sensitive that the crisis, governments need to speak with one voice," he said in an interview to appear Monday in the Financial Times Deutschland.

In this interview conducted on July 14, Jean-Claude Trichet also pointed out that if a member state of the euro area were to default on its debt, the ECB can no longer accept their bonds as collateral.

France has nearly one million over-indebted households. A phenomenon that the government is unable to control. Explanations. Compared to other countries, French law is more protective for borrowers, especially on revolving loans or mortgages.

Indomitable scourge. Over-indebtedness in France grew visibly despite the maelstrom came the legislative framework in recent years. According to the French Federation of Associations Cresus (Regional Chamber of social debt), more than 900,000 households were in serious debt in late 2010. A number expected to reach one million by the end of the year. In the first half 2011, they were some 106 000 to file an application to the debt commission, or 12% more than last year."A record of debt is registered in France every three minutes," says the report, released Friday by the Tribune. On average, this issue amounts to 45,000 euros depending on the Bank of France, an amount much higher than in other European countries. How to explain this phenomenon, however, that policies seem to want to halt at all costs? Explanations.

Why does the debt still rising?

The crisis, it still. The causes of debt are found especially the deterioration of the purchasing power of households, followed far behind by the accidents of life (divorce etc). Thus, according to the Cresus, cash loans for paying the expenses of daily living 87% of over-indebtedness. Economist Eric Heyer L'OFCE said this: "In France, people who have lost their jobs have not been able to find work.Once their benefits are lost, they fell into poverty until they can not repay their loans. "Clearly, as the country slowly reconnect and businesses with growth, the unemployed were out of employment and poverty gleans from field. This is particularly the case among the middle classes who seem more vulnerable: "They have a very heavy burden. Their kids do not have a scholarship. We must now borrow for education in all schools. It costs money. So they must have access to credit, but very often when they have taken loans and are unable to repay, they réempruntent. "Says the site of Europe 1, Jean-Louis Kiehl, president of the Federation Cresus associations. A situation more delicate than the middle classes generally have no access to welfare or housing benefits.Other at-risk population, the elderly, "who come to the aid of their children, borrow, take credit for helping kids. (…) And it creates dramas that are tragic," complained Jean-Louis Kiehl yet.

There is no legislation that regulates the debt overhang?

Indeed, this is a problem that governments are committed to resolve. Lagarde Law Reform consumer credit is the latest example. Specifically, the law's purpose is to enhance consumer protection by increasing the obligations of banks. Pre-contractual information clear and legible, the prohibition of misleading advertising too good, the evaluation of the creditworthiness of the borrower … since May 1, credit institutions can not afford anything and everything in the granting of credit.These also are exposed to significant fines if they do not respect their commitments. For Cresus However, this reform would be inadequate, too complicated and in some ways impractical. The regional network calls, in particular to end the system of assessing creditworthiness based on the declarative. It also calls for the government to create a positive file listing all the loans taken by individuals, prior to the presidential election. Today Lagarde Law only stipulates the obligation for banks to check the file with payment before granting a loan

What to do?

Strengthen legislation again and again … However, if the trend is great to attack only credit institutions to explain these failures, you have to keep right.Compared to other countries already, the French legislation is much more protective for borrowers, especially on revolving credit or mortgage, very few practiced by banks. In addition, some situations are inherently impossible to predict. This applies to the person who borrows money from a funding agency, loses his job, and finds himself in a few months unable to repay his or her loans.

Should we worry about this?

Difficult to answer that question without falling into schizophrenia. From a purely macroeconomic perspective, the level of indebtedness is not indicative of the average debt of the French, in fact much lower than in other European countries (70% against 83% for the euro area).But this is not necessarily a good thing when the economy is doing well: a high debt ratio helps because consumption and therefore growth. The right slider is finally a high level of debt but which allows borrowers to remain solvent. Finally, the tragedy of over-indebtedness can be understood as follows: "It is proof that the country become poor, and structural unemployment (long term) may be moving beyond cyclical unemployment. It is in that These figures are devastating. Redistribution of wealth does not work, "concludes Eric Heyer.

The Paris Bourse opens slightly lower Wednesday, continuing its consolidation in the wake of U.S. markets yesterday, after degradation by Moody's debt of Portugal.

At 9:24, the CAC 40 index yields 0.28% to 3967.52 points, below the threshold of 4000 passed last Friday.

Banks weigh on the rating, assigned by Moody's decision to degrade the speculative grade debt of Portugal, who raises fears of contagion from the Greek sovereign debt.Credit Agricole (-1.9%), which also confirmed the departure of its chief financial officer, the fastest decline.

Scor was down over 3%, largest drop in SRD, after announcing that the exceptionally high cost of natural disasters in the first quarter led him to issue up to 75 million shares to strengthen its equity .

Other major European markets are also down slightly: London and Frankfurt lost 0.27% 0.19%. Of the European indices, the EuroStoxx 50 yields 0.61% and 0.36% Eurofirst 300.

The euro fell slightly vis-à-vis the dollar and is trading around 1.44 dollars against 1.4421 the previous evening and U.S. light crude gained 31 cents to 97.20 dollars / barrel.