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The option of separate market activities and those of major European banks of deposit will be thinking in Europe, announced Thursday the EU Internal Market Commissioner Michel Barnier, without going so far as to directly question the universal banking model.

This model, championed by French banks BNP Paribas, Societe Generale and Credit Agricole and its major European competitors, is already under pressure in the United States and several European countries, like Great Britain.

"The logic is to identify risks and to face risks at the right level, adequate safeguards," said Michel Barnier at a press conference.

"Is it necessary to go further and move from the segregation of risk and prudential measures to separation, as I see in the report suggest Vickers in the UK or as the Americans wanted to do?"

"I'm not closed to the idea of ​​separation (…) Before going further, I want us to objectively verify all the advantages of separation and the negative effects this could have," he said.

He then observed that the universal banking model, which predominates in Europe, played no role in triggering the financial crisis in 2008 and, in the same way, no model of the Atlantic had not preserved the United States in this crisis.

European officials working on these topics were then clarified that the Commission would not go head on universal banking model but would seek to ensure that the risks inherent in the business market are treated "totally sealed "to protect the activities of deposit.

THE CENTER OF THE PRESIDENTIAL CAMPAIGN

In France, the idea of ​​separation of deposit banks and investment banks – or at least a separation of these types of activities – already among the themes of the presidential campaign.

It is defended not only by the Socialist Party, favorite in the polls, and the left parties but also, on the other side of the political spectrum, the National Front.

The project of the PS in 2012 and states that "we must return to a strict distinction and separation of banking activities of deposit and financial activities," an orientation also defended by the candidate Francois Hollande.

Two of his relatives, former Economy Minister Michel Sapin and the chairman of the Finance Committee of the National Assembly, Jérôme Cahuzac, recently told Reuters support the separation of deposit banks and investment..

French banks, supported by the Bank of France, for their part do not want to hear about this separation.

François Villeroy de Galhau, the network manager at BNP Paribas France had declared the end of September that such a separation would have been of no help when the financial crisis of 2008.

He wanted to show that Northern Rock in Britain was a purely retail bank while Lehman Brothers in the United States was only one bank and investment.

The French Banking Federation was not immediately available to comment on what Michel Barnier.

The term fast cash does not refer to money that falls from the sky. It refers to the money obtained through a cash advance.

Bratislava voted in favor of strengthening the European Financial Stability Fund (EFSF) in a second vote. This is the last country to have approved. Slovak Prime Minister Iveta Radicova and President of movement Freedom and Solidarity (SaS) Richard Sulik in negotiations for el parliamentary vote of expanding the EFSF on 10 october 2011.

The Slovak Parliament approved on Thursday the strengthening of the European Financial Stability Fund (EFSF) in a second vote, allowing the entry into force of this instrument. Slovakia, which was the last of the 17 member countries of the euro area to vote, had a first vote Tuesday rejected the strengthening of the EFSF.

Bratislava's contribution is 7.7 billion euros in guarantees from the state.Of the total 147 deputies present, 114 voted in favor of the safety net for countries in financial difficulties, including Greece heavily in debt. Thirty voted against, three abstained. The first vote, negative, Tuesday evening, due to the refusal of a small party in the coalition to approve the building of EFSF, caused the collapse of the coalition and the fall of the government of Prime Minister Iveta Radicova who had of this vote a matter of trust for his cabinet.

After the failure of this first vote, the opposition Social Democratic Party (Smer-SD) reached an agreement with three parties in the coalition government, totaling 119 seats out of 150, to approve, in exchange for early elections strengthening the EFSF in a second vote. Thursday, Parliament gave the green light to the early elections March 10, 2012.

Without a unanimous agreement of the 17 member countries of the euro area in its building, the EFSF might be maintained in its old form, with limited capacity for action to help states avoid bankruptcy. Worried, the EU asked Wednesday to Slovakia to promptly approve the strengthening of EFSF, emphasizing its importance "crucial" for the euro area.

European shares opened down Wednesday as investors took the excuse "no" to the strengthening of Slovakia's EFSF to continue to take some profits after a period of strong growth.

In Paris, around 9:25, the CAC 40 index lost 1.03% to 3121.16 points, while the Eurostoxx 50 yields 0.91% and 0.91% Eurofirst 300.

The results below expectations Alcoa, attributed to a slowdown in growth, also weighed, including the metal values.

"The impact (of the 'no' Slovak) seems limited, since operators only imagine evil Slovakia could jeopardize such a process aid to Europe, especially as the Troika suggested that the next tranche financial aid to Greece would probably be released soon, "said Saxo Bank in a note.

The euro is stable against the dollar, halting a rally that was motivated by the hope that the Europeans take the necessary measures to stem the debt crisis.The European currency is trading at 1.3647 / 1.3647 dollars against 49 the previous day in the afternoon.

A barrel of Brent is also stable at 110.75 dollars, after five sessions in the green, OPEC has reduced its forecast for growth in global demand.

The financial and cyclical stocks are once again at the forefront of the correction, with a decline of 1.5% of commodity indexes and automotive and 1.2% of the index of bank stocks in Europe .

The Tokyo Stock Exchange ended up 1.76% Thursday, away from a lower-end two and a half hit the previous day as investors to buy back the securities after reassurances from France and Germany, who felt that the place of Greece is well within the euro area.

The Nikkei gained 150.29 points to 8,668.86 points and the Topix, broader, took 10.07 points (1.36%) to 751.76 points.

The support shown to Greece was interpreted by investors as a positive sign for a resolution of the debt crisis in the euro area.

The market participants also welcomed the statements by the European Commission said it would shortly put forward proposals for the introduction of euro bonds.

Values, title Elpida Memory has closed up 5.03%. The third global manufacturer of memory chips has announced the relocation of part of its production in Taiwan and production of new generations of chips.

Inflation as measured by retail prices decelerated in August in Germany, but remains above the target set by the European Central Bank (ECB), according to preliminary statistics released by some states.

According to preliminary data from the figures published by six German states, domestic inflation would reach 2.3% in August, more than the 2% recommended by the ECB, but less than 2.4% the previous month.

From month to month prices fell 0.1% in August because of lower cost energy.They had increased by 0.4% in July.

"With the weakening of the euro area economy, the slowdown in credit growth and inflationary pressures receding in the largest economy in the euro area, it is difficult to find the upside risks to inflation" said Carsten Brzeski, an analyst at ING Financial Markets.

"This will he lead to a reversal of the ECB?"

An alternative measure of inflation, according to the European harmonized standards (HICP) also announced lower prices, with an inflation rate of 2.4%, 2.6%.

Until recently, the ECB was faced with the difficult task of balancing its economic policy to meet both the needs of Germany as peripheral economies in difficulties.

But the sharp slowdown in the German economy as reflected in the recent indicators leading some economists to believe that inflation will also curb it.

Among the six Länder followed, only Hesse, where the economic capital of Frankfurt, said inflation in line with the objectives of the ECB, to 1.9% in August against 2.2% in July.

In North Rhine-Westphalia, the most populated of Germany, prices rose 2.3% in August after 2.7% in July.

European shares resumed some colors Monday after falling last week, but investors looking for defensive stocks in particular, illustrating the wisdom of the market in anticipation of the Jackson Hole speech of the President of the Federal Reserve on Friday.

At 12:45, the CAC 40 index rose 1.4% to 3059.29 points, after opening down 0.9% below 3,000 points. The benchmark index of the Paris, which fell more than 6% Friday, but still acknowledges a decline of nearly 17% since the beginning of the month.

"The market is a bit difficult to read today. We see that these are defensive sectors that take the trend (pharmaceuticals, utilities, telecommunications).Everyone is cautious Jackson Hole, "said a stock dealer based in Paris.

The pharmacy and earns 2.46%, highest growth sector, Sanofi clinching 3.3%, 3.7% GlaxoSmithKline and Novartis 3.17%. Utilities increased by 1.6% (2.18% for EDF, 2.8% for Italian A2A) and telecoms advance 1.4%, driven by TeliaSonera (+3.1%).

The bank will also resume after falling last week, the Stoxx banking sector index was up 0.21% after dropping 3.26% over the previous five sessions. Societe Generale gained 1.29%, 4% Dexia and Sanpaolo Intesa 2.83%.

INVESTOR SHARED

However, the automotive sector is hit by fears of a relapse into recession in developed countries.The sector index (-1.27%) charged down the only sector in Europe, bringing to nearly 29% its decline since the beginning of the month. Renault and Michelin lost 1.24% and 1% in Paris, while Volkswagen sells 1.5% in Frankfurt.

"Investors are shared by two tests: one party hopes that a rebound during the week after the violent downward spiral, while the other prefers to remain cautious, fearing a further fall of the indices," says Saxo Bank in a letter mail.

Other major European markets, London and Frankfurt gained 1.9% 0.49%. Milan, which lost more than 1% in early trade, ahead of 2.57%.Of the European indices, the EuroStoxx 50 rose 1.4% and 1.3% Eurofirst 300.

Illustrating the persistence of investor uncertainty, gold has hit a new record near $ 1,900 an ounce (at 1894.10 dollars) before falling to 1880.49 dollars.The metal end earns about 16% since late July.

"We are suspicious about the validity of the figures turning (double troughs) forming on the clues and prefer to maintain our negative view on equity markets, although the dollar shows no sign of strength for the moment," said however Valerie Gastaldy, an analyst at Day By Day graphic.

The euro also rose against the greenback at 1.4429 dollars (0.43%).

The gap continues to widen between the barrel of U.S. light crude, up 0.94% to 83.03 dollars and Brent, who drops 1.16% to 107.36 dollars, while the end looms conflict in Libya and a possible resumption of oil exports of the country.

The European Central Bank (ECB) announced Monday it had bought for 22 billion of sovereign debt last week as part of its plan to buy back bonds, activated to stop the contagion of debt other countries in the euro area.

This is the largest amount ever spent in one week by the ECB since the program began in May 2010.The first week, the ECB had then bought 16.5 billion euros of Greek bonds.

The ECB has reactivated on August 4 this repurchase program obligations, dormant since March, despite opposition from four members of its Board of Governors.

The monetary institution immediately restarted its operations in the bond market, traders noting first debt redemptions of Irish and Portuguese.

She said four days later that she would "actively implement" the bond buyback program to try to stem the debt crisis that has shaken the euro area, noting also that it would intervene on Spanish bonds and Italian.

The action of the ECB has allowed interest rate for the Rome and Madrid to relax, the performance of their debt to ten years hovering around 5% today against more than 6% previously.

Because of the time it takes for transactions to fall into place, the first debt buybacks Irish and Portuguese occurring this month are also included in the total amount released Monday.

None of the bonds held in the program being expired, the ECB considers the total value of its purchases to about 96 billion euros.

Boeing announced Wednesday the end of the flight program certification 747-8 Freighter cargo version of the last variation of the successful four-engine Boeing.

Since its first flight in February 2010, the 747-8 Freighter has performed more than 1200 flights and 3400 hours spent in the air.

"We are in the run-up to delivery to our customers," said Elizabeth Lund in a statement, Boeing vice president in charge of the program 747.

The first 747-8 Freighter will be delivered to Cargolux in September, once the device has received approval from the Federal Aviation Administration (FAA).

Boeing has received 76 orders for the freighter, the unit list price of $ 319 million.This device is the freighter version of the 747-8 Intercontinental to transport passengers.

Valeo has reached its best first half net profit for 13 years and confirmed its 2011 targets of production and margins, cost control eclipsing the impact of the tsunami in Japan and higher raw material prices.

The automotive supplier achieved in the first half of the year a turnover of 5.33 billion euros, up 11% as reported and 13% at constant perimeter and constant exchange rates, and operating margin of € 345 million, a rate of 6.5% (+0.4 point).

Net income, Group share, rose 30% over the period to 218 million euros, its highest level in a first half since 1998.

"This improvement results from the continuing effort to reduce administrative costs, 6% through the introduction of our new organization," said the CEO of Valeo, Jacques Aschenbroich, during a teleconference.

Arrived at the head of the OEM in 2009, he has committed a simplification of the structure of the group and focus on its four core businesses.

Jacques Aschenbroich found that disruption of the Japanese industry after the tsunami that struck the archipelago in March were reduced by approximately 90 million euros turnover in the first half of the group, and reduced by 20-30 million operating margin.

"A recovery in activity in Japan is now expected in the summer, and the more general, if we can not exclude minor disturbances on the supply chain, they should not impact the global automotive production in the third quarter, "he added.

ORDERS RECORDS

As part of its strategy to achieve 30% of its sales in Asia by 2015, Valeo in February the acquisition of the specialist Japanese Niles steering wheel for $ 286 million, much dam activist fund Pardus for whom the appreciation of the group's share price is not forthcoming.

Despite the tsunami, which reduced by 31% in the first half of automobile production in Japan and led the entire Asian production (-3%), the specialist systems microhybrid "stop & start" and driver assistance (radars and cameras) has confirmed its forecast for 2011 production and margins.

He said he was "confident" in the event of an increase in world production of about 5% throughout 2011, and armed with a record order intake to 7.7 billion euros, an increase of 18% over the year, it has maintained its goal of an operating margin slightly higher than 6.4% in 2010.

The group had operated in that year a significant recovery in profitability since 2009, his margin was only 1.8%.

The Valeo shares closed Wednesday down 2.99% to 44.33 euros, giving a market capitalization of around 3.6 billion euros. Since the beginning of the year, the stock has gained nearly 8%, after rising by more than 73% throughout 2010.

House prices recorded their tenth consecutive month of decline.

The U.S. housing market is reeling from the crisis definitely not. House prices fell for the tenth consecutive month in the U.S. in April, seasonally adjusted data according to Case-Shiller survey released by Standard and Poor's on Tuesday.

In the twenty largest American cities, prices of residential property fell 0.1% from the previous month, after falling 0.3% in March. Standard and Poor's noted, however, that raw data, prices for the first time in eight months, increased from the previous month by 0.7%.

Traditionally, the arrival of new buyers in the spring tends to favor sellers. "Much of the improvement is due at the beginning of the buying season of spring and summer.It is far too early to say whether it is a turning point or merely an effect of warming temperatures, "said one of the authors of the study, said in a statement.

Year on year, the Case-Shiller index fell by 4.0%. This is a drop greater than the forecast of analysts who had forecast 3.9%