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The naked short sales should be totally banned in Europe, says a report in the European Parliament, which argues for greater transparency with respect to these practices for regulators who are accused of being one of the causes of the crisis Financial.

According to the report by French MEP of the Greens Canfin Pascal, which Reuters obtained a copy, this prohibition must cover all financial instruments, including those related to sovereign debt.

"Short selling and naked short sales can lead to overshooting in the fall of a current and decoupling with the fundamental market value.These risks are increased by the fact that these short positions can be taken with limited capital, "said the report should be a first discussion on December 13.

"Accordingly, these practices have increased the leverage used in the financial system, one of the universally accepted causes of the financial crisis", is it still indicated.

The text aims to provide a common European framework for not to relive a situation where a national regulator prohibits this type of activity without any coordination with its neighbors, as was the case during the height of the crisis in the fall 2008 or in May when Germany decided to oversee operations on sovereign debt.

"The lack of a common European legislation has had a negative impact on the effectiveness of measures taken and the performance of the domestic market because the decisions taken by the Member States have not been coordinated or harmonized," says the report.

EXEMPTION FOR THE UNITED STATES

If it takes up much of the proposals by mid-September the European Commission, Pascal Canfin proposes however to go further on the regulation of naked short sales.

He advocates a permanent ban on this practice, including the instruments relating to sovereign debt, and a ban on CDS (Credit Default Swaps) strip, consisting in having insurance on a credit instrument without holding the credit .

Other measures include the reporting of short positions in relevant regulators at the end of each day's trading and repurchase / securities borrowing mandatory four days after the operation.

These measures would apply to both regulated markets and for transactions over the counter and investors from third countries would be affected the same way as their European counterparts.

However, exemptions are provided for the United States, which already have similar rules, and some traders or institutions that play a central role in the market (market makers or "market makers").

ESMA, the new supervisor of European markets, would be granted powers of coordination and definition of new rules, but national supervisors are the front line and retain the power to regulate this practice on their territory.

The Esma, however, could intervene in cases of emergency or acute crisis to restrict and prohibit this practice throughout the territory of Twenty-Seven uniformly.

The text, which is supported by an informal group of the European People's Party of Socialists and Democrats and the Greens could be adopted in committee in February with little change.

An agreement will then be reached with the EU Member States, which discussions are likely to continue until the summer when Britain, the Netherlands and the Scandinavian countries or Eastern Europe East reluctant to legislate on this issue.

Finance ministers of the European Union met in Brussels to discuss the situation in Portugal and a possible mechanism of the country to rescue international, it was learned Sunday authoritative source within the ruling coalition in Germany.

The official, who requested anonymity, also said that negotiations on the role of the private sector in a permanent mechanism for rescue were still ongoing.

A Franco-German agreement was reached during the last hours on the permanent mechanism for crisis management, in particular the principle of participation in each case the private sector, had previously been learned from several sources within the euro area.

In 10 years, the salaries of major French companies have increased by 15% while productivity jumped by 27%. The explanations of Emmanuel Dayan, deputy CEO of Detroyat Associates. Your careful study of twenty major French companies shows an increase in productivity per employee by 27% in ten years. How this performance has been obtained? And there are differences across sectors?

Emmanuel Dayan: This increase must be compared to inflation in 10 years. Excluding inflation, annual growth in turnover per employee is less than 0.5%. That little for international groups whose sales have increased over the last ten years of 3% per year in constant euros. In reality, these groups no longer have the productivity gains which had been allowed technological progress and capital accumulation in post-war decades.Now the numbers to increase accompanies an increase in sales. Growth has become more jobs, even if we do not perceive it as in France where the activity and numbers are stagnant or decreasing. Even today, these are companies that require more capital, industry and telecommunications, which allow to obtain significant productivity gains, often through painful restructurings. In services, employment is increasing faster than sales.

Over the period 1999-2009, wages have also increased by 15% but then almost twice as fast as productivity. The florets did French unevenly distributed value added for the benefit of capital?

They have mostly been more active internationally. During this decade, the share of employees outside of France has risen sharply.Today there are less than a third of companies of the CAC 40 employees in France, against half in 1998. International development, especially in emerging countries, has helped limit the increase in personnel costs. At the same time, capital-intensive groups continued their shift to skilled employment: fewer jobs, but employment more expensive to innovate and use new technologies. These are service companies that limit the more labor costs because they represent the bulk of their value, but it is they who create the most jobs: Carrefour has half a million employees worldwide .

Strong increase in productivity and moderate wage for the CAC 40 … The SMEs have the same economic profile?

SMEs mobilize less capital, less international presence and create more jobs in France.But they are very attentive to the evolution of their staff costs and wages are higher in large companies.

Rigor, growth, dependence, social dialogue … Here are the key points of the policy speech of the Prime Minister, delivered on Wednesday before the deputies.

You should not expect this policy address announcements, or even a detailed roadmap. François Fillon has mainly drawn from the balance sheet in recent months and reiterated on numerous occasions that the executive would continue to reform. Anthology: The basic "we will continue to reform", the metaphorical "do not do what we have on our mattresses lethargy" and even contradictory "I reject any break. The pause is the mark of the undecided ". Contradictory since last March, Nicolas Sarkozy said "the second half of 2011, the government will pause so that the Parliament can, if desired, délégiférer.A quote from Charles Peguy was particularly applauded by the ranks of the Right: "The triumph of demagoguery is fleeting, but the ruins are eternal". A few picks sent to the Socialists. Here's the gist of the speech of the Prime Minister, on the economic and social issues.

Rigor

Do not abandon the rigor, but does not increase the taxes are … The government's promise was confirmed by the Prime Minister who notably said: "The investment of large loan launched earlier this year on the one hand, the other fiscal restraint to reduce our deficits, this is the balance of our economic policy. " François Fillon has announced that there would be "more extra public spending to revive growth. He pledged not to raise taxes, but confirmed a "profound reform of the taxation of wealth" that will be done "consistent product," before summer 2011.In fact, such reform will inevitably be losers, as shown in this article.

Growth

François Fillon expects growth in 2010 "more than 1.5%" and found that the forecast growth of 2% next year "to reach" the French economy. A goal that is likely to reach this year, as INSEE estimates that GDP should grow by 1,, 6%. But 2% in 2011, it will not necessarily playable. The OECD expects only 1.6% next year. But if France is less than 2%, it will be forced to step up the rigor required to fulfill commitments vis-à-vis Brussels, as explained in this article.

Dependence

François Fillon said the national dialogue about addiction, already announced by Nicolas Sarkozy, would be extended to any social protection, citing the regulation of health costs.One way to bury the issue? You can read this article to get an idea … More broadly, the Prime Minister said he had begun "the safeguard and modernization of social protection" with pensions. "Taking good on pension reform, we reaffirmed the authority of the state and the legitimacy of the parliament," he was welcomed. "In doing so, we have clarified the requirements for responsible social dialogue". The unions, who have repeatedly denounced the government's commitment not to negotiate on pensions, will appreciate.

Social dialogue

François Fillon has called for a "new social reform" which will include, he said, by recasting the "rules of the employer's representative", which currently has no measuring instrument, but gives the right to sit and participate in negotiations.So far, the MEDEF, which competes with the General Confederation of Small and Medium Enterprises (CGPME) representativeness of SMEs, has shown no hurry to address this issue. That of union representation has instead been a bill passed in August 2008. A union must include obtaining at least 10% of the vote in elections of representatives to committees established to be considered as representative and negotiate agreements.

The next appointment on social pensions will be held in 2013, said Lawrence Berger, No. 2 of the CFDT. The potential successor to Francois Chereque as head of the union also requests an emergency plan for youth employment, with targets for employment in enterprises. Pension reform, which provides for the deferral of the legal age of retirement at age 62, is enacted. What is the new day of action on 23 November?

The unions intend to give a final disagreement with a reform that is and will remain unfair. But on the episode of pensions, we must now move on to another stage, namely refine our proposals for the appointment in 2013. We will stay mobilized on pensions, but the time for demonstrations in the street every fortnight is over.

In its latest forecast, the OECD is very pessimistic about the decline in unemployment in France, which should remain at high levels by 9.5% in 2011. Nicolas Sarkozy has made the fight against unemployment one of his priorities. He made two tracks for this: support strengthened retrenched and the doubling of training for young persons. Is it enough by yourself?

No, these two measures are far from being the alpha and omega of an employment policy. On retrenched, with the proposed merger of the PTC and CRP, we fear that the government returns the ball to the social partners in financing. More importantly, these measures concern only less than 5% of job seekers. We request that the monitoring mechanism reinforces the unemployed should be expanded to all audiences according to their needs, not their status, including long-term unemployed.On the job training and that's fine to want to double the number, but how? Moreover, the alternative is a solution to fight against youth unemployment, but only for those entering the labor market. It does not help those who are already hard to find a job.

The CFDT has asked the employers to open negotiations on youth employment. What measures will you propose?

We call an emergency plan for youth, which would involve hiring goals in innovative enterprises or strategic, for in the framework of the general assembly industry. The hires would be stimulated by incentives, financed by the state and social partners within the joint bodies that are the training fund, Unedic and Apec.

Is it necessary to subsidize employment for young people?

Unfortunately yes.The corporate culture that dominates the last thirty years is to consider that young people are not experienced enough and that seniors are too expensive. Therefore, these two populations are particularly affected by unemployment.

Nicolas Sarkozy also announced a law on the care of dependent people to fall 2011. He mentioned the creation of a fifth branch of social security but has not ruled out to carry some of the funding by private insurance. What is the position of the CFDT on this issue?

Funding for addiction should remain in the framework of national solidarity, otherwise we risk creating new inequalities between those who have the means to take out private insurance and those who do not have.We must find new resources, such as an increase in taxation of inheritance or an enhanced contribution of retirees via the increase in CSG.

Brian Cowen, Irish Prime Minister, has officially requested assistance from the EU. The total could reach 90 billion euros.

The EU and the IMF have responded favorably to a request Sunday night called to help as much as 90 billion euros for Ireland, which will become the second country in the eurozone this year to benefit from support after Greece.

In Dublin, protesters rallied outside government buildings to protest the decision, called a "national disgrace" by Irish media but defended by Prime Minister Brian Cowen has denied to the press to assume the role of "bogeyman ".

Aid for Ireland "is justified to safeguard the financial stability of the EU and the euro area", said in a statement the finance ministers of the euro area and across the EU, with 'Following a meeting convened in emergency, while at the same time Dublin formalized its request for support.

The ECB welcomed the response of European authorities, as the IMF was ready to make its contribution through a loan over several years.

The amount was not immediately clear. But diplomatic sources have told AFP that it should be between 80 and 90 billion euros.

A budget not far from that given to Greece in the spring. She had obtained a loan of 110 billion euros over three years, then being unable to borrow at affordable interest rates to refinance its debt.

The objective is similar to Ireland.But this time it is mainly to help Irish banks in crisis, as Dublin has had to bail to the tune of 50 billion euros, making the stroke deficit to climb the peaks: 32% of GDP expected this year .

It is also to avoid contagion to other countries with weak public finances of EMU, such as Portugal and Spain, via higher interest rates of bonds. Hence the EU's message Sunday evening, designed to reassure the markets before they opened Monday morning.

Sign of the international dimension of the Irish crisis, consultations were also held on the subject in the evening between the central bankers of the G7 countries (U.S., Japan, Canada, United Kingdom, France, Germany and Italy) .

The French Finance Minister Christine Lagarde, ruled that the EU and the IMF had sent a "strong message" to markets, bringing the "guarantee" necessary to "eliminate" the risk of a collapse of Irish banks.

In detail, Ireland will be eligible for an aid package for countries in the Eurozone in trouble developed last spring after the Greek crisis, with a total of 750 billion euros and includes three components: loans from the EU, the eurozone and the IMF.

It is expected that the United Kingdom and Sweden – two countries outside the euro area – shall complement bilateral loans to Ireland.

The purpose is mainly to establish a fund to help recapitalize banks in Ireland which would require new money, the statement of the EU.

These banks are sealed by the bursting of a housing bubble following the global financial crisis. And Dublin has seen its deficit explode. This deficit should return to the European limit of 3% of GDP by 2014.

In exchange, the EU warned Sunday that the sector, supported also at arm's length by the ECB would have to be "restructured."

Budgetary efforts will also be required, which has already caused anger of public opinion in the island. These measures aim to save 15 billion over four years, nearly 10% of Irish GDP.

Discussions on the details of the assistance and counter-demands are yet to take place in Dublin in the coming days with the team of European experts and the IMF.

On Monday, the euro was up in Tokyo against the greenback.

China's central bank raised the reserve requirement ratio for banks. Beijing is ready to resort to price controls on staples and those necessary for production and energy.

China's central bank announced Friday, November 19 a further increase of 50 basis points to 18% of the reserve requirement ratio for banks, effective from 29 November to fight especially against inflation.

This will be the fifth increase this reserve requirement ratio of banks in China since the beginning of the year. The four previous increases dating back to November 10, to May, February and January. The central bank also intervened in October to meet this rate, still 50 basis points for four major Chinese state-owned banks for a period of two months.

This increase occurs in a context of accelerating inflation led the government to tighten its monetary policy. On Wednesday, he announced he was ready to use if needed price controls on basic commodities, those needed for the production and energy.

October 19, the central bank had raised for the first time in nearly three years interest rates.

The Tokyo Stock Exchange finished up 0.15% Wednesday, with Tokyo instead managed to erase its losses in favor of a decline in the yen regarded by investors as a buy signal for exporting groups, including automakers.

The gains of the Tokyo Stock Exchange have however been limited by the further decline of the Stock Exchange of Hong Kong and Shanghai, the latter having dropped 4% on Tuesday and more than 5% Wednesday on rumors of rising interest rates China.

The Nikkei gained 14.56 points to 9,811.66 points and the Topix broader took 2.53 points (+0.3%) to 850.30 points.

The weaker yen has benefited exporters like Sony Corp. group, who finished with a gain of 1.44%, but particularly automakers, Honda Motor and Nissan Motor have gained respectively 1.98% and 1.4%.

For its part, Mazda Motor Corp. jumped 3.13%, the Nikkei newspaper reported that Itochu Corp and Kajima Corp. were among the ten groups that will buy Ford Motor's participation in the Japanese automaker.

German chip manufacturer Infineon announced Tuesday its intention to pay a dividend to its shareholders for the first time in ten years at the end of a fiscal improvement.

Under its fiscal fourth quarter, Infineon shows a turnover of 942 million euros, up 55% from one year to another.

In the 2009-2010 fiscal year ended in late September, turnover rose by over 50% to 3 custom business cards.3 billion euros.Operating income increased from a loss of 183 million to a profit of 348 million.

Infineon anticipates for the fiscal year just beginning to grow its turnover by almost 10% and an operating margin between 15% and 20%.

Thanks to the performances recorded in fiscal year 2010, the group's leaders said they would recommend a dividend of 0.10 euro per share.

Analysts polled by Reuters on average had forecast a dividend of 0.08 euro.

In trouble last year because of the crisis and the falling prices of computer chips, Infineon was able to bounce back thanks to stringent cost reduction, capital increase and asset disposals unique business cards.

In August, Infineon has transferred its activities in the wireless chips to Intel for $ 1.4 billion (1.03 billion euros).

Wall Street opened lower Tuesday, still affected by the fears of investors see China as an engine for recovery in the global economy, raise interest rates to curb inflationary pressures.

In early trade, the Dow Jones Industrial 30 yielded 0.53% or 59.42 points at 11,142.55. The S & P-500, wider, has lost 6.52 points, or 0.54%, to 1191.23.The Nasdaq Composite fell by his side of 11.83 points (-0.47%) to 2501.99.

Like its European counterparts, the U.S. stock market also weighed down by the budgetary difficulties of Ireland, which will be discussed in the meeting of finance ministers of the euro area scheduled for Tuesday.

The smaller increase than expected producer prices in October in the United States has in turn raised the specter of deflation, sluggish growth of documentation over a long period.

And data on industrial production has disappointed since it remained stable in October while economists had expected an increase of 0.3%.