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 .

At a press conference in Singapore, he added that the fiscal measures taken by France were sufficient and the exposure of French banks to Greece quite manageable.

At the euro area, Christian Noyer said that the level of sovereign bond yields did not reflect reality, the day after an auction of Italian bonds where yields reached nearly 8%.

Inflation in the euro zone will return to the objective of the ECB in the next few months, also said the board member of the institution in Frankfurt, adding that all that was necessary would be done to avoid deflation or fight against inflation.

The Nikkei gained 160.98 points to 8,801.40 and the Topix, broader, took 13.44 points (1.82%) to 752.02.

Over the whole week, accusing the two indices, however, a decrease of 2.8% and 2.5%.

The beginning of the week had led to panic after Prime Minister George Papandreou had overtaken everyone by announcing Monday he would submit the bailout of Greece to a referendum.

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%.

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.

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.

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.

According to the document that Reuters was able to consult, the maturity of the loans will be extended from 7.5 years at least fifteen years, while interest rates will be lowered to about 3.5%, against around 4 , 5% today in the case of Greece and Portugal.

"We will provide loans to EFSF interest rates equivalent to those of the ease of using the balance of payments (currently approximately 3.5%) without falling below the cost of financing the EFSF" can we read in the project.

"This will be accompanied by a mechanism that will ensure appropriate incentives for the implementation of the program, including if necessary through collateral arrangements," the document, responding to requests by Finland on collateral to make for new credits.

The EFSF will also be allowed to provide preventive lines of credit to any country in the euro area, including those that are not subject to an assistance program of the European Union or the International Monetary Fund (IMF).

The paper added that discussions with the private sector participation in the second bailout of Greece is continuing and that all options are considered in the study.

"The financial sector has shown its willingness to support Greece on a voluntary basis through a list of options (exchange of debt rollover and redemption) on terms comparable to the support of public debt with the guarantee associated with higher credit "reads the project.

The EFSF was established in June 2010 to ensure the soundness of the single currency by giving states troubled loans guaranteed by member countries of the euro area.