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The 17 countries in the euro area could introduce a tax on financial transactions, even if other states of the European Union are opposed, said German Finance Minister Wolfgang Schäuble.

The German Finance Minister Wolfgang Schäuble estimates that 17 countries in the euro area could introduce a tax on financial transactions, even if other states of the European Union are opposed, in an interview published Monday in the Financial Times. The euro area could be used to test the effectiveness of such a tax and thus convince the United Kingdom to join it, according to Mr.Schäuble hopes that an agreement on the issue at the G20 summit on Thursday and Friday in Cannes (south-eastern France).

The United States and Canada, but also China and Russia have opposed such a tax, new version of the "Tobin Tax" advocated for years by associations fighting against poverty, and that Paris and Berlin are now calling their wishes. The Europeans have agreed to implement this tax in Europe and the European Commission should make proposals to this effect soon. But within the EU several countries are opposed, as the United Kingdom who fears for his financial center of London and Sweden.

The rating agency Standard & Poor's downgraded the sovereign rating Thursday night of long-term credit of Spain by one notch to "AA" to "AA-" with negative implications.

S & P puts forward such weak growth and high debt of the private sector.

In response, the euro has a downward trend in Asian markets opened Friday, but always seems on track to achieve its best performance since the week of January.

"Despite signs of strength in economic performance during the year 2011, we observed an increased risk to the outlook for growth in Spain," said S & P, citing high unemployment, difficult budgetary conditions, the high indebtedness of the private sector and the likely economic slowdown in major trading partners of Spain.

The agency said in a statement to expect that the quality of financial sector assets continue to depreciate.

Standard & Poor's also believes that the reform of the labor market is "incomplete" and therefore constitutes an obstacle to the resumption of economic activity.

"We could lower the rating again if, according to our scenario of decline, the economy is contracting in 2012, if the fiscal situation of Spain deviates significantly from the objectives set by the government or if reforms Additional labor market and other reforms to support growth are delayed, "warns the rating agency.

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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The deposit is located over 2,000 meters deep off the coast of Guyana. But it is too early to estimate its potential. The permit allows the drilling to 6000 meters deep and angered environmentalists.

Oil was first discovered off the coast of Guyana, as Total and Shell. The deposit was located in deep water, in more than 2,000 meters deep, about 150 kilometers northeast of Cayenne.

"We are pleased with the preliminary results of the first ever undertaken exploratory drilling off the coast of French Guiana," said an official with the exploration department of Shell, David Lawrence. The "major" Anglo-Dutch holds the largest share (45%) of the project. She said it is too early at this stage to assess the reserves, but the initial results are "encouraging."

A spokesman for Total, which owns 25% of shares, confirms that this is the first discovery of oil off the French department. Guyana, region and overseas department of French, whose per capita income is one of the lowest in the country, has never produced oil.

A basement as rich as the Gulf of Guinea?

The finding revives hopes for a new Eldorado in the department overseas, prompted by the recent major discoveries in the north-east coast of neighboring Brazil.

Geologists assume that the basement of the northeast coast of South America is similar to the rich in hydrocarbons, Gulf of Guinea in Africa. The two were indeed connected before the continents formed and drift away from each other.

The exploration permit is operated by Guyanese British company Tullow Oil, which owns 27.5% of the project.It allows drilling to 6,000 meters (2,000 feet of water and 4,000 m in the oceanic basement). The installation in March of this platform had attracted the wrath of environmentalists, who worry about such a possibility of operation after the disaster of the Deepwater Horizon platform in the Gulf of Mexico.

According to Total, the drilling has already reached 5711 meters below sea level "After a campaign of intermediate measures, the drilling of the GM-ES-1 will resume soon to reach its planned final depth. The production potential and scope resources will then be identified, "said Total. "The joint venture will continue its drilling, evaluate results and decide next steps," said Shell.

Oil prices fell Thursday in the face of questions about the evolution of global demand after the publication of a series of grim statistics for the U.S. economy.

On the Nymex, the contract to September U.S. crude (WTI) ended on a loss of $ 5.20, or 5.94% to 82.38 dollars a barrel. This is the biggest drop in one day since Aug. 8, when the sovereign rating of the United States was lowered.

The price of crude was also sealed by the strong dollar.

Brent was on his side closed down 3.26% or 3.61 dollars to 106.99 dollars. It is also the largest decline in prices since August 8.

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. "

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.

The morale of French households is somewhat back in July but remains below its long-term average.

The morale of French households is somewhat back in July after months of stability, with a gain of 3 points in the index that measures at 86 points, according to data released Tuesday by INSEE. This level remains low compared to the long-term average (100 points), especially since the French expect increasingly to a new rise in unemployment, is the National Institute of Statistics and Economic Studies .

Households are more satisfied with their personal situation before last (three points) and are more optimistic about the future (two points). The French are also higher than in June to be considered appropriate to make major purchases (4 points). They believe, moreover, that their ability to save is more important, although they consider the least favorable time to do it.

Cons: The households are much more numerous in July to expect a rise in unemployment (10 points), while their predictions were improving in this area since the beginning of the year. However, their views on the general standard of living improved slightly in France, and households less than previously feared a price hike to come.

The CEO of Nexans confirmed Tuesday the objectives of the group in 2011 while the European survey in progress on an alleged cartel in the cable is always a financial risk for the company.

The giant electric cable fell from first to second in the world since the Italian Prysmian bought Dutch Draka, received earlier this month, as eleven other cable-laying, a "statement of objections" from the European Commission.

"I can not say anything else at this stage, if not repeat (…) This poses a significant risk of adverse financial condition of the company, "said the CEO of Nexans, Frédéric Vincent, in an interview with Reuters on the sidelines of a patronage operation at Versailles.

Nexans has meet in Brussels in the second half. "The Commission then takes the time it deems necessary (…) So that means if there is punishment, it will be in 2012," he added.

Frédéric Vincent nevertheless confirmed the Group's financial targets for the full year, up about 5% of revenues and an operating margin of around 5.5%. Nexans will publish its first half results on July 27.

The European Council President Van Rompuy organizes Monday morning when an emergency meeting are invited senior EU officials to discuss the issue of aid to Greece and the pressure on Italy by the markets, officials said Sunday from European sources.

The President of the European Central Bank Jean-Claude Trichet, Eurogroup President Jean-Claude Juncker, President of the European Commission José Manuel Barroso and European Commissioner for Economic and Monetary Affairs Olli Rehn were invited to this meeting sources said.

Dirk De Backer, spokesman Herman Van Rompuy said "it was a coordination meeting and not a crisis meeting," adding that Italy would not be on the menu without giving detail on the issues to be considered.

However, two sources told Reuters that the Italian situation is discussed.

ITALY ATTACKED

The goal is to make a consensus among European leaders prior to the organized, also Monday, a meeting of EU finance ministers who must meet the Greek case and the results of tests of resistance experienced by European banks which will be announced Friday, July 15.

The fear that the crisis of sovereign debt spread to Italian government bonds has increased Friday the slide in equity markets Alps.

The difference between the yield of the loan in ten years Italian and German paper the same maturity hit a record high Friday since the inception of the euro to around 2.45 percentage points, bringing the Italian performance 5.28%, not far from the range of 5.5% to 5.7% that some bankers are as critical to the economy.

The share prices of the largest Italian banks was unscrewed at the final session last week, like that of UniCredit, down 7.9%.

Market pressure on the Italian assets is due to both the debt of Italy, which holds the debt / GDP ratio the highest in the euro area and by the softness of the economy.

The fate of Giulio Tremonti, finance minister of the government of Silvio Berlusconi, is also closely followed, the promoter of drastic budget cuts being Italian in the sights of the chair.

"We can not afford many more days like Friday," said one European official, acknowledging that the European authorities had high concerns about the Italian question.