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 .

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 mass protests against new austerity measures continued Thursday in Greece for the second day, weakening the government of Socialist George Papandreou at the approach of a summit "crucial" in Brussels Sunday for the country and the euro area.

In Athens, more than 50,000 people participated in the movement, against 70,000 on Wednesday. Throughout the day, the unit staff, private sector employees prevailed. Thus Vanguélis Bouldadakis, in a public hospital doctor put forward "the destruction of the collective agreements" that "reduce our salaries" and "take our rights."The center of Athens was again sealed off to traffic, Parliament surrounded by dozens of vans of riot police and thousands of police.

Clashes marred the protest near the parliament. Fighting hand to hand and shots of lumber and iron protesters opposed to law enforcement. The latter, usually very active in the protests in Greece, had retired to the adjacent streets, sending only a few grenades and tear gas to try to disperse the crowd preventively.

A few sporadic incidents continued in the early evening around the Parliament and even in the tourist district of Monastiraki.Mobile groups of several dozen young people were harassing the police were carrying out acts of vandalism, burning trash, throwing molotov and stoning shop windows and street furniture.

Central to the dispute: a bill to be voted in Parliament to reduce the deficit abyss of the country and it avoid bankruptcy. Its adoption would freeze collective agreements and lead to a sudden drop in living standards of the Greeks, especially civil servants

These events have caused the death of a man. This woman had been transferred to hospital after violent incidents, died of a heart attack, said the hospital management. He "did no injury," Contrary to the media said, the hospital said in a statement. Justice has opened an investigation and sent an attorney for prosecution.The media for their part said that Mason had been hit by stones in the head on the sidelines of violent clashes between protesters and a group of communist troublemakers. The announcement of the death had raised strong emotions in Parliament, where MPs were to adopt in the evening a new law rigorously.

Executive Director of the International Monetary Fund, Christine Lagarde, repeated in an interview published Monday in Germany criticized the application of a European bank recapitalization.

"We think in general it is necessary to recapitalize European banks so that they are strong enough to withstand the risks associated with the debt crisis and low growth," she told the weekly Der Spiegel.

"It is necessary to prevent contagion" problems, she said.

Ms. Lagarde was prompted indignant reactions in Europe already calling a few days ago to strengthen urgently the equity of European banks.

The boss of the IMF, when it was French Finance Minister has criticized Germany's dependence on exports and inadequate intake, also called Berlin in this interview to "stimulate domestic demand, it would be good for the German economy and neighboring countries. "

Lagarde finally claims that "the whole idea (behind the introduction of fiscal rules of thumb) is good," but felt that the inclusion in the constitution limits of public debt "must be understood as a signal to financial markets. "

Germany and France have called on countries in the euro area to adopt such rules of thumb, and Spain responded to the call, although this initiative has been criticized by the President of the European Union Herman Van Rompuy.

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 model collateral must be open to all countries in the euro area.We'll see if this is the case, "said Harald Waiglen, spokesman for the Austrian Ministry of Finance, in the pages of Helsingin Sanomat.

The three countries want to follow the lead of Finland have paid for approximately 11% rescue plan 109 billion euros granted to Athens.

Finland has reached an agreement with Greece on the collateral attached to loans from Helsinki to Athens, which should facilitate the establishment of a Nordic country using the most indebted to the members of the euro area.

The establishment of a collateral – collateral assets in a loan – its loans was a sine qua non for Finland agrees to participate in the Plan aid to Greece.

The country's cooperation with this plan is considered important, not because of the size of its stake, but because it is one of six members of the euro area to receive a rating of "AAA" , the highest possible.

A representative of the Greek government but warned that extending this option to other states in the euro area would be to nullify the effects of emergency aid.

So he quickly indicated that Athens did not evoke such an event with other countries than Finland.

"We do not discuss this," he said on condition of anonymity."Launching such discussions would be to cancel the effect of the rescue plan."

The Greek Minister of Finance declined to comment on this information.

"If other Member States of the euro area require collateral to ensure their contribution to the second bailout plan, the amount of funds available is dwindling, threatening the success of this new aid," said Theodore Krintas Attica Bank.

Marco Valli, chief economist at UniCredit in the euro area, for its part believes that multiple requests "undermines the credibility of the assistance plan."

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 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.

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.