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For the Chinese government, no question of paying tax on pollutant emissions: a tax imposed by the EU to reduce global warming. The Chinese government's message is clear: "No Chinese airlines to participate in the EU ETS" taxes on carbon emissions "without permission from government authorities," and adds that they are also forbidden to raise their rates to offset the cost of the European measure.

The EU ambassador to China, Markus Ederer, defended the tax, but said Monday that negotiations could take place. "There are several possible ways, bilateral, multilateral or perhaps legal," he told a press conference, implying that a solution for Chinese companies could be paying a carbon tax in China. "We are ready to discussions on equivalent measures that would exempt companies from the countries concerned" the payment of the European carbon tax, he added. "We are witnessing a struggle between the EU and China on this issue. You have to see if China will not soon take retaliatory measures", for its part has responded to AFP Yanyan Luo, an analyst at China Merchants Securities based in Shenzhen (south).

In China, the European law will cost 800 million yuan (97 million) in 2012 to its airlines, and this cost will be multiplied by four in 2020. When asked about the tax by AFP, companies China Eastern and China Southern have refused to comment Monday. Worldwide, airlines encrypt the extra cost of the measure for the sector to € 17.5 billion over eight years. The European Commission for its part argued that the additional cost per ticket for a long haul flight would return between 4 and 24 euros only. By this law came into force on 1 January, the Europeans want to force all airlines, irrespective of their nationality, to buy the equivalent of 15% of their CO2 emissions, or 32 million tonnes. The objective is to fight against global warming. But the arguments of Europeans objected to by 26 of the 36 members of the Aviation Organisation (ICAO), including the United States, China and Russia. They adopted early November a nonbinding resolution recommending to exempt foreign companies from the EU carbon tax.

Going further, the House of Representatives in the United States passed a bill prohibiting U.S. airlines to pay this tax, including Secretary of State Hillary Clinton had asked the Europeans to suspend the entry into force . U.S. companies complain of a discriminatory measure and have filed an appeal in Britain, but their arguments were rejected by the European Court of Justice.

In early January, China said it would not cooperate with the EU to implement the tax that had just come into force and had hinted at retaliation. By the end of last year, the China Air Transport Association (CATA), which brings together most Chinese companies had indicated that "Chinese companies would not participate in the ETS, would not provide carbon monitoring plan to EU countries and would not negotiate preferential policies with the European Union ".

Companies refusing to pay the tax could be imposed a fine of 100 euros per tonne of CO2 or, in extreme cases, be denied landing rights in the 27 EU countries. But carriers have a period, because if the law is already in force, they can buy their license right to pollute for 2012 until April 30, 2013, and no sanctions will be applied before that date .

For the year ending in late March, the maker of consumer electronics forecasts a deficit of 780 billion yen (7.8 billion euros). The market was expecting before the revised forecast a deficit of 470 billion yen, according to ThomsonReuters I / B / E / S.

Rival Sony said Thursday expect an annual loss of 220 billion yen (2.2 billion euros), almost twice more than expected by the market, highlighting the extent of tâ ; che the new boss of the group, Kazuo Hirai.

For the quarter October-December, the third year, the net loss of Panasonic amounts to 197.6 billion yen. The market was expecting a net loss of 8.4 billion yen.

The action Panasonic has dropped by 45% over the last 12 months. Thursday, she finished her read down for over 30 years.

At 9:03, the CAC 40 index advance 1.37% to 2935.01 points after falling 3.41% yesterday.

The Milan Stock Exchange gained 1.35% (-4.74% Monday), the London 0.83% (-2.62% yesterday) and the place of Frankfurt 1.1% (-3.35% Monday ).

Beyond the impact of depreciation on new Greek debt as a result of the Europe Agreement of 27 October and an expected revaluation of debt that will boost results, they should undergo a significant decline in their income banking and investment (BFI), analysts said.

Institutions such as Barclays, UBS and the Swiss German Deutsche Bank, have all recorded sharp decline in income and profits in this sector.

"Given the volatility in the markets since this summer, we will look closely at the impact on market activities," said Christophe Nijdam, an analyst at AlphaValue.

"We'll see if there was blood in the trading rooms in both equity trading activities (actions, Ed) and fixed income (interest rates, Ed)," he says.

The quarterly results will also be an opportunity for French banks to specify the measures they intend to implement to enhance their financial strength to cope with the debt crisis in the euro area in early October that forced the Franco-Belgian Dexia decommissioning.

As part of the recapitalization of the banking sector, the European Banking Authority has estimated that a total of 8.8 billion euros deficit capital of BNP Paribas (2.1 billion), Societe Generale (3.3 billion) and BPCE (People's Bank, Savings Bank) (3.4 billion).

Unions and bankers expect in the context of a degradation of the environment that they are announcing job cuts, especially in their BFI.

The CAC 40 index fell 3.59% to 3148.53 points. The benchmark index of the Paris, however, who managed to stay on top of an important support points in 3136, managed to record a gain of 1.97% for the week.

Other major European markets also stumbled, leaving London and Milan respectively 2.34% and 3.89%.Frankfurt, who had already lost ground yesterday, yielded 3.36%.

For the week, the London was up 3.16% while its German counterpart has remained stable (0.02%).

"There are fears a 'double dip' (relapse), several indicators have turned to orange or red. It's like 'take the cash and run' on the market," said Fabrice Cousté, CEO of CMC Markets France, highlighting the rapid exit of investors from stocks to safe havens.

The Swiss franc and back ground on the European single currency within 1.12 franc per euro (1.1174 francs to 6:13 p.m.), 1.13 franc against most of the day.Similarly, gold rose 2.82% to 1,875.96 dollars per ounce.

SYSTEMIC CRISIS

Another illustration of the renewed risk aversion of investors, the performance of the German government bond (Bund) and 10 years fell below 2% in the wake of the publication of U.S. employment figures.

"We will turn to the Fed and its special meeting two days. But the Fed is out of breath and lack of ammunition.We should not have EQ3, but probably something more technical, "said Fabrice Cousté.

The latter warns that in the meantime the markets should still live on hard times even if investment opportunities should arise in securities of groups able to significantly increase their prices or capacity of important innovations.

Friday, fears of relapse into recession in developed countries have particularly affected the cyclicals and financials.

As for banks, Alpha Bank has dropped 9.26%, Barclays 8.4% and 7.38% Credit Agricole. The automotive industry, PSA fell 5.99%, 5.17% of Volkswagen and Fiat of 4.98%.

"The market values ​​have a relapse into recession scenario.Only a systemic crisis as in 2008 is not yet 'pricée ", explains Benoît Peloille, equity strategist at Natixis.

"However, central banks have just replaced the emergency measures that had helped break the stalemate in the interbank market resulting from the collapse of Lehman Brothers," he adds.

Xavier Bertrand had prepared the ground. The news is, however, the effect of a cold shower: the number of jobseekers in Class A rose by a further 1.3% in July on the rise year on year to 2.8%. A bad result that erases completely stabilize the labor market seen earlier this year. Worse, when you take a step back, the situation of the labor market in France since the crisis began in early 2008 seems particularly depressed.Review detailed figures of black unemployment.

33%: This is the increase since January 2008 the number of registered unemployed persons in categories A, B, C, that is to say job seekers must be positive acts of job search. In nearly four years, this category has swelled from just over one million people.

57%: This is the rise in unemployment for more than 50 years since January 2008. While the youth unemployment is a wound in France. But it is the elderly who have suffered most from the deterioration of the labor market and plans of downsizing in companies.

453 days: This is the average length of job seekers registered at employment center. In January 2008 it was 412 days. The long-term unemployment (more than one year of enrollment) affects 38% of registered voters, against 32% four years ago.The number of registered unemployed for over two years increased by nearly 27% over the last twelve months.

Only 21% of output for Occupation Pole of the unemployed who found a job. An extremely low which demonstrates the low dynamism of recruitment. Radiation administrative account for 10% of outputs at Pole Occupation: they jumped from just over 7% in one year.

16%: This is the decline since January 2008 the number of sustainable jobs (that is to say, longer than 6 months) received Pole Employment. The precariousness of the job market is growing again. In one year, the proposed job "casual" (lasting less than one month) rose 4.7%.

Ford and Toyota want to collaborate on the development of hybrid vehicles and energy efficient, but also embedded telephony, Internet and entertainment.

Seal a final agreement this collaboration is to be concluded during 2012.

Toyota is the world leader in hybrid vehicles with 3.3 million units sold since launching the Prius in 1997. The vans of Ford's F-series are for their best selling in the U.S. market since the 1970s.

"Until we mutualisons not our financial policy we can not have a uniform interest rate. The interest rate differential is an incentive to have a strong economy or a punishment if you head hurt," said Wolfgang Schäuble.

"So the question is, how can we gradually promote political integration.We can not pool the interest rates, "he added.

The creation of bonds issued jointly by the countries of the euro area, some observers and officials consider one of the possible remedies to the debt crisis, was rejected Tuesday by Nicolas Sarkozy and Angela Merkel during their meeting in Paris.

The head of the French government and German Chancellor nevertheless proposed a strengthening of the economic governance of the euro area and some officials believe they open the way for Eurobonds.

Qantas has selected Airbus aircraft for two projects it intends to launch soon in Asia as part of a comprehensive restructuring of its international activities leading to the removal of a thousand jobs.

This will be a high-end company which will be based in Singapore or Kuala Lumpur and the Japanese company low-cost Jetstar.

The company plans to buy between 28 and 32 A320 and the rest will consist of A320neo, remotorisée version of the A320 which has allowed Airbus to replace its rival Boeing single-aisle market once dominated by the family of 737.

Qantas future plays double or quits by refocusing on Asia's international activities, which are losing money, said its CEO Alan Joyce. "To do nothing or to settle the issue would only guarantee half the end of our own International Qantas Australian market," he said.

Asia accounts for half of this year's profits of international airlines, according to estimates by the International Air Transport Association (IATA).

Alan Joyce said Qantas had to its international operations, a cost base 20% higher than its main rivals.

The company postponed to a later date the delivery of six A380 to preserve capital.