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European officials plan to establish a flow of funds for a mutual fund (SPV, special purpose vehicle) that would issue bonds and buy the European sovereign debt, CNBC reported Monday, quoting a European financial responsibility.

The American chain adds that the fund would be created by the European Investment Bank (EIB) and the obligations could also serve as collateral for the European Central Bank (ECB).

"Our feeling is that the project to leverage the EFSF (European Financial Stability Fund) is well underway," said CNBC, adding that it was perhaps not the only project under discussion to address the crisis of debt sovereign in the euro area.

Wall Street has increased its earnings this announcement and the Dow and the S & P 500 ended in gains well in excess of 2%.

No one was immediately available to the EIB.

Another European official, who participates in discussions to find ways to resolve the crisis, found that information "bizarre".

"Frankly, what evokes the EIB is just weird, it's not at all what we are talking," said the official told Reuters.

"We are discussing with the EIB to increase its capacity but only for loans for projects," he added, referring to bonds to finance major infrastructure projects of the European Union.

DIA, the company split from discount stores with Carrefour, reported Tuesday a 10% increase in underlying profits in the first half, strong growth in emerging markets offsetting difficulties in its main markets of France and Spain.

The Spanish group, which made its IPO last month, has reported a gross operating profit (EBITDA) of 233.8 million euros.

The eight analysts polled by Reuters expected a profit of between 217 and 236 million euros.

The action DIA opened up 3.18% to about 2.73 euros.

The stock fell nearly 23% since the IPO of 5 July, amid fears about consumer spending in Spain, France and Portugal, where the group achieved in 2010 over three quarters of its sales.

Sales of DIA, which operates over 6,400 stores in eight countries, emerged up 2.5% to 4.79 billion euros in the first half.

Sales at stores open at least a year jumped 14.4% in emerging markets and increased 0.2% in Spain and Portugal, offsetting a decline of 6.4% in France.

The EBITDA margin increased 30 basis points to 4.9%.

The group said it maintained its full-year, which increased sales by 4% and an increase of 6.5% of adjusted earnings.

Carrefour, the first European distributor, launched last month a warning on its earnings because of its poor performance in France. It must publish its interim results on Wednesday morning.

Orders for durable goods in the United States have increased significantly more than expected in July, according to official statistics issued Wednesday.

The U.S. Commerce Department reported a 4.0% increase in orders in July after a decline of 1.3% (revised from -1.9%) in June

Analysts polled by Reuters on average expected a 2.0% increase.

The strong demand for airplanes and automobiles brought the statistics. Orders for transportation equipment included jumped 14.6%, their largest increase since January.

Excluding transportation, the increase was 0.7%, while the consensus expected a decline of 0.5%, following growth of 0.6% in June (revised from 0.4%).

Excluding defense, a 4.8% increase was announced, the highest since September 2010.The consensus was 3.2% after falling 0.9% the previous month (revised from -1.6%).

The index contracts on Wall Street have erased their losses as soon as these figures and bond markets have exacerbated their losses (in Europe) or erased their gains (the U.S.).

Orders for durable goods are considered a leading indicator of manufacturing activity in the United States.

The U.S. recovery has been fueled mainly by the manufacturing activity, but the fall in equity markets has affected both business and consumer confidence.

The aviation sector has supported the durable goods orders in July with a 43.4% jump in aircraft orders, which makes you forget the 24% decline in June

Boeing said on its website had received 115 aircraft orders, against 48 the previous month.

Orders for motor vehicles rose by 11.5%, their biggest increase since January 2003. They had increased by 0.1% in June

This improvement suggests that the effects of the earthquake of March 11 in Japan on the automotive industry are beginning to dissipate.

The Australian airline Qantas announced Tuesday its intention to acquire 106 to 110 Airbus A320s at a list price exceeding $ 9.4 billion (6.5 billion euros).

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.

The search for safe havens continue to dictate trends in commodity markets, including the gold spot price Thursday crossed the symbolic threshold of $ 1,800 an ounce.

The yellow metal, mounted in the early hours of the day to 1,813.79 dollars per ounce, however, has folded mid-morning around 1775 dollars.

By 0800 GMT, the spot price reached 1,782.64 dollars.

"Gold remains the last bulwark against a possible issue of major currencies from the states, seeking to recapitalize their banks and boost their economies," said UBS in a research note.

Oil, which had closed up sharply Wednesday, continued to rise Thursday, after temporarily declining trend early in the day.

By 0800 GMT, a barrel of light crude gained 1.81% to 84.39 dollars, and that of Brent progressed from 1.0% to 107.75 dollars.

Since the rating agency Standard & Poor's downgraded the sovereign rating of the United States, Friday, Brent fell by about 4%.

Despite déteriodétériorationration economic outlook, which reduces the prospects for growth in oil demand, declining U.S. inventories unexpectedly announced Wednesday came to support prices.

The future of copper is meanwhile up 3.2% to 8.870 dollars per tonne, according to figures robust China's foreign trade for the month of July.

Christine Lagarde will be investigated for "complicity in false" and "complicity in misappropriation of public property." The former boss of Bercy, which is supported by the IMF, minimizes the consequences. Explanations. Christine Lagarde will be investigated for his role in the settlement of the case Tapie / Credit Lyonnais.

The Court of Justice of the Republic (CJR) has to decide: Christine Lagarde, former Minister of Economy recently promoted to head the International Monetary Fund (IMF), will make it the subject of an investigation. Involved, its role in the settlement of the case Tapie / Credit Lyonnais end of 2007, when it was flying Bercy. The petitions committee of the CJR was no further action or to file a "favorable opinion" in an investigation. She finally chose the second option.

Where does this decision?

Christine Lagarde, who took the head of the IMF in Washington on July 5, should have known since last month when his term would be marred by an investigation of French justice. The prosecutor at the Supreme Court, Jean-Louis Nadal, took the petitions committee of the RGC in the month of May, at the request of Socialist deputies.

From 2010 in fact, members of parliament had in effect challenged the decision by Justice Christine Lagarde to resort to an arbitral tribunal for the settlement of the case Tapie / Credit Lyonnais. But December 31, 2010, the Administrative Court of Appeal of Paris ruled inadmissible approach.

In February, it was the turn of the Court of Auditors estimated that the tribunal was not lawful. The judges felt that the state should have questioned the Parliament, and therefore there was "a lack of statutory authority."In late March, the Finance Committee of the National Assembly had also published an information report on the amounts allocated by the state to Bernard Tapie.

The petitions committee of the RGC, which was finally held on July 8, was first postponed its decision because one of its members, the magistrate at the Court of Auditors Laurence Fradin, wife of former minister Peter Joxe, recused herself at the last minute.She finally settled on Thursday.

What is justice wants to know?

Jean-Louis Nadal, several factors suggest an "abuse of authority" by Christine Lagarde in the arbitration that ended in July 2008 the conflict between Bernard Tapie and the former state-owned bank Credit Lyonnais, about the sale of Adidas in 1993.

The arbitral tribunal, a court privately condemned the Consortium de Réalisation (CDR), the public structure that managed liabilities of Crédit Lyonnais, Bernard Tapie to pay 285 million euros in compensation, or 400 million euros interest. While at the time Bercy considered that Bernard Tapie should really feel that between 20 and 50 million of the state, he would, according to some parliamentarians, pocketed more than 200 million euros.

Three points are controversial.First, the fact that Christine Lagarde has chosen, in 2007, a private arbitration rather than litigation. And against the advice of the Department, even though the State had won in 2006 before the Court of Cassation, the highest court in the country.

Second, the arbitration agreement was amended to permit the award of 45 million euros in the single title of "moral damage". Last, Christine Lagarde has given up on behalf of his ministry, in an appeal against the outcome of the arbitration, however, recommended services

Read about: What is accused in the case Bercy Tapie

What will happen now?

The prosecutor at the Supreme Court must now seize the commission investigating the RGC, which will investigate.Jean-Louis Nadal being who retired in late June and his successor Jean-Claude Marin has not yet assumed office, steps back to the first Dean of Advocates-General. Cécile Petit, who is temporarily acting, the commission should take "in the coming days."

The inquest will examine the heads of "complicity in false" and "complicity in misappropriation of public property", heads facing ten years in prison and 150,000 euro fine. A more severe penalty than for "abuse of authority", a crime punishable by five years in prison and 75,000 euros fine. The head of "complicity in false" was chosen because the arbitration of the dispute has been changed to a step in the procedure, allowing spouses Tapie reach 45 million euros in the single non-pecuniary damage, an "anomaly may constitute a false, "a judicial source.

Christine Lagarde's lawyer objected to the choice."It having been in the arbitration agreement, the term moral damages in place of personal injury," said Yves Repiquet But the former economy minister had no knowledge of this change. Therefore, "how do you it is complicit in that?" "I would add that this is not a fake. A project that is changing is not a fake. A fake is when you alter the authenticity of a document," he said. About the complicity of embezzlement of public property, Yves Repiquet judge that the choice of the petitions committee of the CJR is "madness".

Christine Lagarde is she considered?

If the investigation provides sufficient evidence, Christine Lagarde could be referred to the CJR, judging the facts alleged members of the Government in carrying out their duties.But not in the immediate investigation will be long and the boss of the IMF will probably not be judged for several years. Since its inception in 1993, the RGC has examined more than a thousand complaints and has found that six ministers.

What are the risks to his career at the IMF?

A few minutes after the announcement of the decision of the CJR's lawyer Christine Lagarde Yves Repiquet assured that the investigation is "not incompatible" with its "current position as executive director" of the IMF.

The Fund has indicated that member states represented on the board trusted the director Christine Lagarde, despite the opening of the investigation."The board believes it can effectively perform his duties as CEO," said the institution in a statement, noting that the possibility of such an investigation had been discussed prior to his appointment to this post .

"That the petitions committee decides whether or not to continue the investigations, I have exactly the same confidence and the same serenity," said his side had the applicant on July 6, days after his appointment to the IMF.

Paris and other European stock markets have violently turned down by mid-afternoon after the surprise announcement of a slowdown in manufacturing activity in the United States in July.

Relieved in the morning by the Agreement on raising the ceiling of the debt of the United States intervened in extremis Sunday, equity markets find their fears about sovereign debt in favor of reports that Cyprus is a member of the euro area, could appeal to the European aid scheme like Greece, Ireland and Portugal.

Around 17:00, the CAC 40 index lost 1.81% to 3604.86 points after going under 3,600 points and touched a low of 11 months at 3590.11 points.Since the beginning of the CAC 40 lost 5.44%.

London lost 0.25%, 1.78% Frankfurt. Of the European indices, the EuroStoxx 50 loose 1.99% and 0.71% Eurofirst 300. Milan fall of 2.9% Madrid 2.5%.

On Wall Street, indexes have also turned down after the ISM manufacturing index, as they had opened with a gain of about 1%, reflecting investor relief after the compromise reached on U.S. debt.

"The ISM manufacturing index shows that there is no sign of recovery in the U.S.," said James Knightley, economist at ING Financial Markets.He believes that the decline in the employment component of the index does not bode well for a monthly report on employment on Friday.

The same causes produce the same effects, the increase in risk aversion has favored states' obligations rated in the euro area, which were down in the morning.The performance of the 10-year German Bund, the euro area refer Germany, which was above 2.6% in the morning, fell to 2.48%.

The financial market vectors, contribute significantly to the decline in Paris, as the two heavyweights of the index, Total (-1.79%).

BNP Paribas 1.91% and

Societe Generale 3.57%.

Veolia Environnement (-4.87%) remains the largest decrease in the CAC 40, continuing to bear the brunt of its warning on its results after Friday down 9.5%. Oddo Securities and Goldman Sachs lowered Monday particular their recommendations and price targets on the title. and

The euro declined and traded around 1.4237 dollars against 1.4382 dollars in early trading.

Veolia Environnement announced Friday that it would implement new measures for restructuring, conduct a redeployment of its activities and asset sales, which led him to abandon his goals.

The world leader in environmental services said in a statement that such measures would cause it to recognize in its accounts at June 30, asset impairments and provisions for a total amount that should be about 800 million euros.

The new measures announced Friday are dictated by the "latest developments in operations in southern Europe, particularly Italy and North Africa and the United States, particularly in a specific activity of cleanliness," said Veolia, without wanting to give further details.

The group added that for 2011, it will not achieve its growth target of net profit and he expects a recurring operating income excluding Veolia Transdev slightly lower at constant exchange rates compared to the recurring operating income published in 2010.

Previously, Veolia was a growth in recurring operating income by 4% to 8%, excluding merger with Transdev in transport.

The objectives of organic growth of activity, reduce the cost of 250 million euros on sales of 1.3 billion and free cash flow positive after dividend payments, however, are confirmed.

Veolia, which has particularly suffered from lower volumes of waste treated during the crisis, announced that he "will detail the steps to refocus and improve profitability" in the publication of the interim, on August 4.

It also indicates that the amount of sales and partnerships made during the first half exceeds one billion euros and releases capital gains above 400 million for discontinued operations.

France wanted Wednesday continued effort to regulate rating agencies, whose intervention in Greece, Portugal and Ireland are strongly criticized by the European Union.

"France considers that the effort to regulate rating agencies, which started in 2008, must continue," said the spokesman for the French government.

Valérie Pécresse alluded to the degradation of the note of Portugal one of these agencies saying that we should not wear a "hasty decision" that could undermine the financial recovery plan Portuguese.

Bruno Le Maire called "historic" agreement signed Thursday between the agriculture ministers of the G20 on the fight against the volatility of prices of agricultural products. Industry players are skeptical. The French Minister of Agriculture, Bruno Le Maire, welcomed the agreement reached by the G20 to control the volatility of agricultural prices

The twenty most powerful economies in the world reached an agreement Thursday, June 23 in Paris on an action plan to fight against the volatility of agricultural prices. "Today is a great day, we reached an historic agreement", welcomed the French Minister of Agriculture, Bruno Le Maire. The day before, Nicolas Sarkozy had made the regulation of agricultural markets one of the workhorses of the French presidency of the G20.

It says the agreement

Produce more and better: G20 members recognize "the importance of a significant increase in the production and agricultural productivity" considering "the sustainable use of natural resources." The final declaration calls for the resumption of investment (public and private) in this area to "meet the challenge of growing demand." Among the concrete measures envisaged, the G20 will focus on research into the wheat genome, the most widely consumed grain in the world.

More transparency on stocks: to facilitate this information, an "information system on agricultural markets" (AMIS) will be established. This database will be placed under the authority of the FAO (United Nations Organization for Agriculture and Food).It will be complemented by a satellite surveillance system on agricultural production which will also monitor the effects of climate change.

Better international coordination: the G20 has decided to create a "Rapid Response Forum" which will aim to promote "policy coherence and coordination in times of crisis." This device is not to reproduce situations like last summer when Russia, a victim of drought and many fires, established an embargo on exports of wheat, leading to a surge in market prices.

Reduce the effects of price volatility: this provides a toolbox of risk management in agricultural and food security for developing countries.It "invites" the WFP (World Food Programme) to develop a pilot project for the implementation of emergency humanitarian food supplies in developing countries.

Fight against financial speculation: the G20 ministers recognized "the need to develop markets for agricultural raw materials for new operating rules" to fight against "market abuse and manipulation cross." They encourage "strong" finance ministers of the G20, which should be reflected in the fall, "to make appropriate decisions to improve regulation and supervision of agricultural markets" including through "position limits".

Observers believe that this

An advanced …

"We have achieved results beyond our expectations to meet the growing demand for food," a short, diplomatic, Director General of the United Nations Food and Agriculture Organization (FAO) Jacques Diouf . "For the first time, the industrialized countries of the G20 have agreed on a roadmap for the future of agriculture, with a genuine desire to develop regulatory tools, told L'Expansion . com Beulin Xavier, President of the FNSEA, the first agricultural union in France. In this sense, it is a historic agreement. The initiative of France has been heard. "

… considered too conservative

Many NGOs, however, believe that progress is a Thursday "agreed to minimum."NGOs and analysts doubt such as China and India without being forced to provide information on inventory levels and production, while there were far refused, considering that they are critical data. "Everything is based on the willingness of states to get around the table. But without constraint, states will not act against the long-term price volatility. These measures are likely to remain a dead letter," suggests Maureen Jorand, responsible power Agriculture and CCFD, a Catholic NGO that fights against hunger in the world.

"We have agreements in principle on many points, but no action figures or detailed, such as public investment to produce more and better comments for expansion. Com Christian Pees, president of the cooperative Agricultural and founding member of Euralis Momagri, think tank that advocates for regulation of the global agriculture. As long as countries refuse to regulate the physical stocks of commodities, price volatility will continue. This agreement is a first step but the road is still long before the starts up a real regulation and governance of world agriculture, "he says.