Economic Analysis and Indicators

The European Commission will propose to create a framing annual economic assumptions used by Member States to build their program of fiscal stability, said on Tuesday European sources.

The Commissioner for Economic and Monetary Olli Rehn, must submit its options Wednesday concrete reform of economic governance, among which also included a broad base of financial penalties and taking into account new factors to assess the levels of debt.

"The idea is to correct the current situation where we have a majority of member states that are singled out because of growth projections as too optimistic," said one source community.

"This report will be prepared by the Commission and published early each year."

Regarding the debt criterion present in the Stability and Growth, the Commission plans to widen the scope of assessment by including new factors such as private debt or inflation.

These debt levels are also now monitored so closely that government deficits.

Finally, as expected, the list of possible sanctions will also be expanded, sources said.

The Commission will initially focus on financial sanctions and should express its willingness Wednesday to suspend the disbursement of EU funds, such as regional cohesion funds or grants related to the Common Agricultural Policy.

This communication is part of the process of reform of economic governance in March decided by the Heads of State and Government.

These were approved June 17 outline the reform prepared by the working group chaired by the President of the European Council, Herman Van Rompuy.

For its part, the Commission hopes to obtain clearance from the finance ministers of the European Union at the Ecofin Council of 13 July on the creation of the European fiscal half, "which provides a focus for European level projects budgets.

Action BP fell Friday to its lowest level in 14 years the London Stock Exchange as investors feared that the British oil giant is forced to raise more funds to finance the cost of the worst oil spill in U.S. history USA.

The market value of the "major" has shrunk by $ 100 billion (81.3 billion) since the beginning of the ecological disaster on April 20th, a fall that now exceeds 50%.

The analysts at broker Nomura emphasized that the group has yet to prove he has sufficient liquidity to continue operating.

"The major turnaround in the performance of the credit as the volatility of the stock indicates that the market is worried about a possible incident of short-term credit on BP," they said in a note.

"Given the high cost of debt and the time required for disposals of assets, we believe that financing for the share issue – perhaps with support from a sovereign wealth fund – could be a solution attractive short term, "they add.

A spokesman for BP, whose CEO Tony Hayward is currently in Britain for a series of meetings with investors, provided that the group had sufficient funds to cover the cost of the disaster and he denied a rumor Market that BP would seek to place themselves under the protection of a bankruptcy regime.

"We have a considerable firepower to deal with all costs as they increase," said the spokesman.

THE WEATHER COULD undermine efforts to BP

After touching a low at 296 Pence, the action of BP traded in London, reduced its losses in the afternoon but still gave up 5.92% to 306 Pence at 14h25 GMT.

Meanwhile, five-year CDS BP, financial instruments used by investors to hedge against risk of default by the group on its debt, increased 40 basis points to 575 points, according to Markit data.

BP said Friday it had already been spent 2.35 billion dollars to contain the oil spill cleanups and compensation fund for victims.

Investors fear, however, it is only a fraction of the cost which the group will perform, while more than 200 legal proceedings have been instituted against him.

Under pressure from U.S. authorities, BP has also agreed to set up a fund of 20 billion dollars to ensure compensation for victims.

The staff said that the bypass is well under construction had detected the well Macondo which oil escapes from April 20 and is expected to start operations soon to dry up the leak.

But the weather could hamper the efforts of the oil group.A tropical storm now sweeping the western Caribbean Sea could indeed become a hurricane over the next few days.

For its part, the government of President Barack Obama was studying various options open to him court after the decision Tuesday, a court in New Orleans to cancel the six-month moratorium he had imposed on deepwater drilling.

Justice had been seized by a dozen oil companies opposed the moratorium.

Amyris was founded in 2003 in California, has developed technologies that allow it to change the way micro-organisms convert the sugar. The company has laboratories and a pilot plant in California and a pilot plant and a demonstration site in Brazil.

Germany, France and Great Britain want to establish a coordinated bank charges to ensure that the rules are identical for the financial industry, announced the German Ministry of Finance, in a joint statement of three countries.

Germany argues that these taxes will be calculated based on the balance sheets of banks, are designed to ensure that banks make a fair contribution to the risks they pose to the financial system.

Their terms may differ from one state to another to take account of national specificities, but the aim of the three countries is to try to ensure that the rules are the same for the entire financial sector.

The Nikkei ended down 0.67% Tuesday, to below 10,000 points, groups such as exporters suffer mixed economic data released the day before the United States and renewed concerns on the financial situation European.

After five sessions of gains, the Nikkei lost 67.75 points to 9,999.40 points and the broader TOPIX, sold 4.9 points (-0.55%) to 887.48 points.

Industrial production rose more than expected in the United States in May but the number of housing starts fell more than expected in the month, falling to a low of five months.

Main victims of these statistics, the export groups.The specialist digital cameras Canon has lost 1.55%, while the manufacturer of semiconductors sold Advantest 1.68% and 0.8% automaker Honda.

In contrast, Fujitsu Ltd. and Toshiba Corp. have each won 1.02% and 0.83% after announcing their intention to merge in October their manufacturing mobile phones, making it the number two industry in Japan.

The yuan, the Chinese currency is overvalued and probably not undervalued as alleged by the United States, said the People's Daily, a leading official Chinese media.

That statement marks a new stage in the standoff between Washington and Beijing that the issue of currency, the U.S. authorities asking for a relaxation of Chinese politics and accusing the authorities of the People's Republic of maintaining the undervaluation of their currencies to promote exports.

In an editorial in its international edition, the People's Daily, the main organ of the Communist Party in power, so the cons take-up of these charges.

"Currently, the issue of RMB exchange rate is not that he underestimated the contrary, he might be overvalued," says Xie Taifeng, an economist at the University of Economics and 'Affairs in Beijing.

The consumer prices in China rose by 68.8% since 1994, when the introduction of the unified system of the yuan, he said.Previously, China had a specific regime for foreign exchange in international trade and used by foreigners.

Since 1994, says Xie Taifeng, cheap exports from China have helped to contain inflationary pressures in the United States.

"Therefore, based on the theory of purchasing power parity, the exchange rate of renminbi against the dollar should not rise, instead it should be falling," concludes the editorial.

This reasoning, however, should not convince many people in Washington.

Last week, the U.S. treasury secretary, Timothy Geithner, said the yuan was an impediment to the rebalancing of the global economy, hinting that U.S. patience on this matter began to collapse.

The United States is not alone in advocating an increase in Chinese currency, which is anchored around 6.83 per dollar since 2008, Beijing has chosen to stop the movement of assessment initiated in 2005 to support its exporters during the economic crisis.

Plastic Omnium announces proposed takeover of Inergy Automotive Systems, the world leader in plastic fuel systems that the Belgian company Solvay codétient.

The French group plans to acquire from Solvay's 50% interest in Inergy Automotive Systems, and hold 100% stake in the company. The transaction amount was not specified.

Inergy Automotive Systems employs approximately 4,000 people worldwide and has 24 production sites in 18 countries.Its turnover is estimated at about 1.1 billion euros in 2010, Plastic Omnium said in a statement.

"By taking control of Inergy, Plastic Omnium strengthen its role as a major player in reducing automobile emissions," he added.

"The group would also benefit from increased capacity development in a global automotive market to grow significantly, especially in China, India and South America."

Plastic Omnium and Solvay plan to finalize an agreement "in the coming months."

The Gabonese government has reached an agreement in principle with Eramet to enter the capital of French mining and metals group, said a spokesman for the company, confirming information Voices.

A tentative agreement was also reached for the door of Gabon 25% to about 35% its stake in their joint venture manganese Comilog, he added.

The spokesman did not however provide details on the size of the proposed participation in Eramet nor the timing of the operation.

According to Les Echos, Gabon could take 4% to 5% stake in Eramet and the agreement should be formalized on Thursday.

This agreement has been reached in the context of a meeting between Ali Bongo, the President of the Gabonese Republic, and Patrick Buffet, CEO of Eramet.

Voices have in turn said that the French government supported the project and that "contrary to what has been intended, Gabon should not buy its shares to Areva.

As part of its financing plan unveiled in late June 2009, the group has planned nuclear sell its stake in the mining and metals group, which amounted to 25.63% in late 2009, but the operation will be done " only block ", the newspaper reported.

The Gabon should instead buy shares on the market, "he said, citing a" familiar with the matter, stressing that the bill will be approximately 300 million euros for 5% of capital.

With this operation, Gabon would fit in a pattern similar to that of territorial Caledonian Society of Industrial Participation (STCPI), a public investment vehicle based in New Caledonia, which owns a minority stake in the subsidiary of nickel in Eramet in the archipelago and which controls about 4% of the group's capital.

Lawrence worked in a government

He was born in 1958 and began travailller to 22 years. As an official Class A, and since it was born after 1 January 1956, the legal age of retirement is postponed for two years with the reform in 62 years. If never passionate about his job, he wanted to continue working, Lawrence will still have to leave at 67 years (the maximum age for civil servants). The other change to Lawrence is increasing its contribution. With the reform, the public is aligned private: instead of 7.85%, the official now contribute 10.55%. Later calculation of the amount, nothing changes: it is based on the salary scale of six months salary before retirement (instead of the average of 25 years for the public). Lawrence should maybe think about having a third child soon enough."Civil servants, men and women could leave after 15 years of service, when they had three children," says Marc Darnault. They will lose this advantage to any third child born after December 31, 2012.

Sophie, 30, works in a private

She began working in the communications sector to 25 years after graduating. She will retire from 62 years and will contribute 41 years and a half to get his full pension. But Sophie is not a great communicator, she is also mom, and intends to initiate a second child next year. Taking into account both maternity leave, she has worked as 148 quarters when it comes to an age of retirement. The calculation of retirement always takes into account this kind of problem: Each maternity leave account for 8 quarters, so that it adds 16.This gives 164 quarters in the end, two missing. For Sophie, it will have to work six months longer to get his full pension after 62 years, provided it knows no time not worked.

Albert began working at age 16

Today, 50 years, even if the legal age of retirement to 62 years, he will always feature "long careers. It may take early retirement if he has already worked 174 quarters (8 more than those who began their careers after 18 years). At 59 ½ years, he will be able to retire, and the full rate. In the proposed reform, even in case of early retirement, the 'premium' always starts after the legal age. Each additional year worked saves 5% more, "a charge that is based solely on Social Security, not the other plans," said Marc Darnault.Finally, if Albert wants to work more to earn more, he will still continue its activity beyond its 62 spring.

Brigitte was born in 1954 and is part

For several years she worked in a business that sells paper, she thought to retire on 1 January 2014, but the reform bill calls into question his project. As she was born between 1951 and 1956, which is part of the French legal age of retirement is gradually phased. Brigitte must wait until 1 May 2015, is his 61 years and four months, but it will also contribute 165 quarters. Since she has started working at 23 years old, he will miss 12 quarters when it reaches the statutory retirement age. Two options open to her for her full pension: it is working quarters that it lacks up to 64 and three months, she bought these quarters."The acquisition of quarters for Social Security is possible if you have a higher education or if some of your working years are incomplete," says Marc Darnault. We may redeem a maximum of 12. " More redemption is late, over the quarter is expensive, but it is partially tax deductible.

Louis, part too, and born in September 1951

Entered the workforce after graduation, he had to buy eight quarters to fulfill its obligation of 163 quarters of contribution in order to retire at age 60 at the full rate in October 2011, as allowed by law before the reform. But as it is part of the first generation affected by the timing of the retirement age, he finds himself forced to work four more months. However, its contribution period does not change. So it has bought a quarter more than it was ultimately need.When assessed each quarter based on a salary ceiling of senior Social Security (or 34,000 euros), this gives 4,500 euros are lost. "The timeline has been set up very quickly, so that in this case some people have paid a quarter too," Marc Darnault analysis. And for now, the government did not mention track reimbursement.