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The Vatican, new paradise … money laundering? The United States has in any case added to the Holy See a list of 68 states where the situation is considered "alarming", according to the annual U.S. State Department on the fight against drug trafficking in the world.

The Holy See joins Albania, Algeria, Belgium, Egypt, Ireland, Portugal or Vietnam. These states are actually in an intermediate category between, on one hand the 76 countries where the situation is considered under control and the other 66 others where money laundering is how a "primary concern". Among them are Afghanistan, Brazil, China, Russia, Iraq but the United States and France.

"Being ranked in this category reflects only a financial system vulnerability to money laundering, therefore mitigates Susan Pittman, the Bureau of International Narcotics and Law Enforcement, within the State Department. The large volume of foreign currency entering the Vatican makes it vulnerable to money. "

A Vatican Finance Authority created in late 2010

Yet the Vatican has adopted since the end of 2010 new rules on financial transparency to comply with international standards, after the Vatican Bank has seen 23 million euros of assets frozen in Italian banks under investigated for violating European anti-money laundering law.  

Pope Benedict XVI has created a financial authority of the Vatican to fight against money laundering and terrorist financing. The Holy See hopes to integrate the "white list" of the Organization for Economic Cooperation and Development (OECD) countries that comply with international standards against tax fraud and money laundering. The decision is expected in June.

A tax assessment record for the richest woman in France. Indeed, the IRS claims the billionaire Liliane Bettencourt, heiress to the L'Oreal empire, more than 77 million euros, according to the site Mediapart. The tax administration has discovered twelve bank accounts in Switzerland and Singapore, credited a total of 100 million euros at the end of 2010.

Also involved, the various properties of the billionaire, whose Arros Island, Seychelles including the purchase in 1997 from a family member of the Shah of Iran for $ 18 million, n ' had not been declared quick payday loans.Lawyers for the heiress of L'Oreal, however, would lead the negotiations to try to reduce the amount claimed.

Third fortune of France, Liliane Bettencourt has assets estimated at 14.45 billion euros. Since investment trust in October, its assets are managed by his daughter Francoise Bettencourt-Meyers and her two grandchildren, son.

The meeting between German Chancellor Angela Merkel with British Prime Minister Cameron, far from marking a reconciliation, a deed the differences between the two countries on the edges of Europe. Despite the cordial declarations of the two heads of government, differences on the issue of saving the euro continues. "Germany's interests, Britain has its own," acknowledged David Cameron at the end of the meeting cash advance.

The issues are still there and no solution in sight, the Chancellor conceded. Britain still refuses the idea of ​​a tax on financial transactions, supported by Paris and Berlin, because it severely handicap the City of London. On the issue of greater involvement of the European Central Bank to resolve the crisis of the euro, which promotes London, the German chancellor has proved inflexible.

The directors of Dexia and states have approved most of the steps needed to dismantle Dexia. Belgium has proposed the purchase to 4 billion euros in Dexia Bank Belgium (DBB), letter of intent attached to the communiqué issued after the board in support. A similar document should also have been initialed on the negotiations with the Deposit and Postal Bank on the financing of local authorities.But according to two sources familiar with the conditions of an agreement between Dexia and Caisse des depots were not met on Monday.

A week ago, however, after an operation of mediation between the parties led by René Ricol, the Deposit and Dexia had agreed on the outlines of the deal: the CDC should buy Dexia Municipal Agency The vehicle refinancing loans from Dexia's long-term form of bonds, for a price estimated at 250 million euros. So business savvy. But the data have changed in the day Saturday, Dexia reassessing its estimate to 380 million.This morning, without targeting specific operation Dexma, Pierre Mariani reaffirmed its determination to defend the interests of the bank and its shareholders.

Another crystallizes the tension between the French public institution and its subsidiary to 20%: the definition of liability guarantees granted by the latter to the former in connection with the operation. Due to insufficient data, the investment committee of the Caisse des depots, while conscious of the urgency has given an advisory opinion but negative on the operation hours of the board of the Franco-Belgian bank.

Simple adventures of a complex negotiation and tense? Recalled to the rescue Saturday night, Rene Ricol has at least reconfirmed the terms of the consensus snatched the previous weekend. The subject should again grow rapidly.We need it to maintain the balance of the scheme to dismantle and symmetry of the actions of both sides of the Franco-Belgian border.

Driving without insurance is not a "marginal phenomenon." Between 370,000 and 740,000 vehicles traveling in France are not insured, according to a report submitted to the Bercy Guarantee Fund compulsory insurance (FGAO), which compensates victims of road accidents when the person is not identified or assured. This represents 1-2% of the total circulation. "Signing a contract of insurance is the only approach someone who does not normally allowed to drive can not do," said François Werner, CEO of FGAO. Indeed, it is possible in France to buy and register a car without a permit, or else to borrow the car of a friend.

For several years, the trend is upward. Road Safety has noted, between 1999 and 2009, a 50% increase in the number of uninsured vehicles responsible for fatal accidents."This practice is approximately 78 million euros each year," said Francois Werner. "The burden falls on the insured who finance the fund with a contribution of 1.2% levied on insurance premiums, or about 2 euros per contract."

Device control incompletD'après the report, which aimed to establish a diagnosis on the degradation of Finance Guarantee Fund, 60% of the uninsured are between 18 and 35. Francois Werner are two categories of drivers are driving without insurance. The "sloppy" on the one hand, that knowingly or not missed steps to ensure their car. They have, for example, not paid their premiums or said buying a new vehicle. "The anti-social and dangerous" on the other hand, are those drivers who simply should not drive. These are people who have never had a license or whose license has been removed for serious and recurrent.In 40% of cases, the vehicles are not insured because of non-payment of premium, says the FGAO. Finally, two-wheelers are over-represented (5.1% of uninsured mopeds and motorcycles 3.1%).

"Very few drivers are aware of the risks they face while driving without insurance," says François Werner, pointing to "an almost non-existent awareness" and offers an auto insurance inadequate personal loans for people with bad credit. "Prices remain inaccessible to some audiences," especially young people. Finally, the Director General of FGAO believes that the repression of the phenomenon is "scattered and based on unreliable information." To overcome this weakness, the Guarantee Fund calls for the creation of a "central repository of files provided," he would manage.

This tool, already in place in several European countries, including Spain, Italy and the UK, would be powered by the file registrations (registration cards) and statements of insurance companies and brokers. A huge database which, in the overlapping information, detect uninsured vehicles without waiting for the fraud was discovered during a traffic stop or accident.

A tool "win-win"

This project could still face the fears of motorists on their privacy. The Director General of FGAO therefore emphasizes the fact that this mega-file does not include "any personal data" and would not be "marketable". It is hoped that consultation with stakeholders – insurers, consumer groups and governments – will start soon in order to establish the terms of this file.If this proposal were adopted, it would take about three years to implement.

For François Werner, the device is a win-win. "A 50% decrease in the number of uninsured vehicles could eventually provide the Fund a saving of 40 million euros. Above all, this central repository would be a valuable tool to prevent tragedies road, it would identify some reckless drivers and put them out of harm's way.. "

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Must catch up behind his desk on time to smoke outside? The issue is being debated in France, where some companies and communities have adopted this measure. In general, they do not boast too much. Reportedly, the primary health insurance fund (CPAM) of Paris has adopted such a rule in several of its centers. Employees who smoke must go débadger when they leave the building and when they return to rebadge their office.

This measure applies from Monday all the officials of the Walloon region for which time is counted cigarette break in working time. "The rule is that when one leaves or enters the building that we register the clock," said Monday the spokesman of the regional government of Wallonia, Hugo Poliart. This measure, for 10,000 people, is being debated in Belgium."It's a stigma against smoking, says Xavier Lorent, an official of the Christian union CSC. Will be tomorrow worry someone will take a few minutes for a coffee break, or goes to the bathroom? ".

80 minutes a day outside his office

For now, no action or no generalization are planned in France. "I'm not shocked by what I encourage debate, says Professor Betrand Dautzenberg, president of the French Office for Smoking Prevention (OFT). This must be done on a company without marginalizing smokers: those who buy his paper leaves or sunbathe must also débadger. "

The OFT conducted a study in 2008 which emphasizes that smoking over 20 cigarettes a day can spend 80 minutes daily outside his office for his cigarette break time.

This study also emphasizes that the time spent on cigarettes has increased since the ban on smoking on the premises forcing employees to take the elevator and out to their business. "This type of measure denormalizes smoking, said Professor Bertrand Dautzenberg. Often, the attitude of the head is different vis-à-vis the cigarette break from his team if he is a smoker or not. This system of measurement of working time ends the convenience of the hierarchy. "

The crisis has not only severely affected the French economy, it also severely impaired employee engagement vis-à-vis their business. In other words, their motivation, commitment, loyalty and loyalty.

Thus, according to a survey by Mercer to appear this morning and Le Figaro revealed economy, one in three employees think "seriously" to leave his company. They were one of only two in 2007. "This is a worrying situation for employers, as can be expected in the immediate departure of precious talent, which could increase if gradual economic recovery," said Eric Sarrazin, head of the investigation .

How to avoid this harmful? "The commitment of employees, major subject of ten years, wins.It is a reflection of the quality of management, "insists Didier Pitelet, founding president of Moons'Factory, a firm in corporate reputation. The initiatives implemented in Flo (Flo signs, Hippopotamus …), Bouygues Telecom and Bain & Company (consulting in strategy and management) demonstrated.

The 1200 participants of the Bain World Cup

"Apart from the second half of 2010, when a ray of sunshine appeared, we were and are still heavily affected by the crisis, admits Dominique Giraudier, chairman of Flo. In response, communication, and even over-communication is essential. "Since 2009, the group has set up a" chat ", where employees have direct contact with him. Since then, the regional directors have taken over.

Earlier this year, a survey to take the pulse of 5,900 employees was conducted. The results are flattering."The teams are highly motivated, strongly attached to the group, 98% proud to be part of. Spread over 300 restaurants, all of which are SMEs, they have a real need for information on our strategy, our vision for three to four years and how they fit into the picture. To give meaning to their daily commitment, meetings have been held in 2011, "said Dominique Giraudier.

Bouygues Telecom (9200 employees), the "staff perception surveys" are conducted every two years. The latest, 88% are "motivated", 95% are "proud" to work in the company and 86% are "confident" in its future. "We are in an area where innovation is the queen, the skills are constantly reevaluated, says HRD, Philippe Cuénot.Meanwhile, since our inception, fifteen years ago, we focused on training, internal mobility and balance between professional and personal life. We have succeeded in building a win-win relationship that meets our employees. "

In the group Bain & Company, the initiative is part of the base. Initially, a handful of football fans. Upon arrival, a major event organized by and for employees. In early September, in Paris, the 25th Bain World Cup has brought together 1200 participants (employees, consultants, partners …) from around the world. On the program: football, but also volleyball and a video contest. "As a result, franchise without aggressiveness, team concept, passion, pleasure, this event demonstrates the values ​​of our group," said John Hazan, Partner of the Paris office.Bernard Lequiller, also associated, added: "During the World Cup, there is no social barrier, communicating with each other. She is involved in the transmission of values ​​from one generation to the next. "

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The Paris Bourse succeed does bind to a fourth straight increase session on Thursday? Yesterday, the Cac 40 ended on a strong increase of 3.07% allowing it to pick up 3250 points. And signals from Wall Street, which also ended the month of August on an increase of 0.46% are good. Also this morning, Asian markets generally appear in the green, backed by the index of manufacturing activity in China has reached 50.9 in August, against 50.7 in July.

Investors seem reassured by the Fed to continue to support that ensures the growth of the United States by a new policy of monetary easing.These remarks, made during the last minutes of the meeting of the Monetary Policy Committee, reinforce those of the Federal Reserve chairman, Ben Bernanke, who on Friday called the elect to make fiscal stimulus measures to complement the action of the bank Central. They were also supported by the publication of encouraging indicators.

Busy schedule in the U.S.

On Thursday, investors will keep an eye on the macroeconomic agenda of the day will still be charged in the United States. On the menu: the Monster Employment Index and weekly jobless claims before the highly anticipated monthly employment report on Friday. Productivity in the second quarter and is expected construction spending and ISM manufacturing.

In France, the unemployment rate as defined in International Labour Office (ILO) decreased slightly by 0.1 points in the second quarter to 9.1% on average in metropolitan (9.6% including the departments of overseas), according to data seasonally adjusted (SA) Interim released Thursday by the INSEE

As for the oil markets, a barrel of "light sweet crude" for delivery in October gained 21 cents to 89.02 dollars in morning trading and a barrel of Brent North Sea crude for October delivery climbed 29 cents to 115 , $ 14. On the currency markets, the euro fell slightly to 1.4358 dollar.

Values ​​to follow

Banking

Greek debt is out of control and the measures taken by the government can not restore the finances, the report of an independent parliamentary commission on Wednesday.

Illiad

The internet service provider reported in the first half of 231,000 new subscribers under its brand Free (excluding Alice), a market share of 36% and saw its EBITDA margin to improve by a , 4 point to 40%, or 416 payday loans online.4 million euros on sales of 1.04 billion (+2.6%).

France Telecom

The U.S. administration has initiated legal proceedings Wednesday to block the sale of Deutsche Telekom's U.S. subsidiary T-Mobile to the giant AT & T for reasons of respect for competition.

Pernod Ricard

The French producer of wines and spirits, announced Thursday a 10% increase in net profit for the year 2010-2011, exceeding for the first time the billion euros.

Eurazeo

The investment company said Thursday in a loss of 106.3 million euros in the first half due to losses on derivatives and goodwill

GDF Suez

The group said it had completed the acquisition of gas storage sites in Germany.

Eiffage

The new CEO of the group does not preclude the sale or closure of loss-making subsidiaries to consolidate the early resumption of the performance of the construction group observed in the first half.

Saint-Gobain

The group announced it would invest $ 100 million (69.41 million euros) in the United States to create a factory specializing in the manufacture of ceramic balls ("proppants") used in wells oil and gas.

Latécoère confirms its objectives

Lagardère

The group was forced to significantly revise down its forecast for operating profit for 2011 because of the difficulties encountered by the sports center in the first half.

Maurel et Prom

The group took the first half of the increase in its oil production and high prices in oil prices to clear the results up sharply.

Guyenne et Gascogne

The group reported a loss in the first half, the franchisee of Carrefour have been penalized by its subsidiary Sogara whose accounts were affected by several non-recurring items.

Latécoère

The group, whose net income rebounded sharply during the first half, confirmed its targets for operating profit in 2011 and 2012.

Theolia

The group reported Wednesday a recovery in its interim results, the French wind power has reduced its interest expense over the period, particularly through the conversion action of nearly two million of bonds.

After market, Neopost will publish its revenue for the second quarter and Stallergenes results for the first half.

The new housing market has definitely signs of weakness. The Federation of developers (FPI) released on Monday of new home sales down 19% in the first half of 2011 compared to the same period of 2010. "It's a market downturn. We are concerned whether the second quarter marked a slight slowdown in the decline (-17%) compared to first quarter (-21%), "responded the president on Monday of the REIT Marc Pigeon.

In addition to a base effect related to a strong rebound in sales in 2009 and 2010, this figure reflects the impact of the behavior of investors in the new home market. In 2009 and 2010, they accounted for almost two thirds of acquirers. But the reform of the Scellier, effective in 2011, and rising interest rates since the fall of 2010, helping to discourage this type of buyers.Between the first half of 2011 and first half 2010, sales to investors and have collapsed by 32%.

Meanwhile, the new interest-free loan, the "PTZ +", is still struggling to convince individuals to invest in the new. Over 70% of loans granted by the state were to purchase an old property, say the developers. Finally, sales "in the accession", down 1% in the first half of 2011, therefore not enough to offset falling sales to investors.

Especially as the prices of new homes continue to rise, contributing to a creditworthy buyers months. Despite lower demand and increased supply, prices jump by 9.7% year over year. The increase was more pronounced as ever in the Ile-de-France, due to the scarcity of land (12.5% ​​yoy, against 6.4 in the rest of France).One reason for this paradox lies in the spread of new buildings low consumption, more expensive but higher quality analysis of IPF cash till payday.

Safe haven

This change in the new home market still contrasts sharply with the market of the former. While the lawyers emphasized in July attenuation of the increase in sales in the first quarter, after a very dynamic year 2010. Ile-de-France in particular, the number of homes sold decreased by 4% in the first quarter of 2011 compared to the same period of 2010. A decrease due to the scarcity of goods for sale in Paris, as well as a relative lull after the peak sales in late 2010. But on the whole of France, sales volumes progressed further by 23% in March 2011 over a year.

Despite rising real estate rates, which crowd out some buyers, prices remain steady increase otherwise.In one year, the apartments are in price by 10.5% and 7.8% of the houses, according to latest figures published by notaries in France. But these increases mask contrasting trends. If the prices of apartments in Paris are more than 20%, 21 counties recorded lower prices in one year, find notaries.

Overall, however, the real estate market should remain strong this year. "The fundamentals of the French market are safe," said Olivier Eluère, an economist at Credit Agricole. The granting of credit is not excessive, the presence of property dealers in the market not significant, while the supply of housing remains structurally inadequate in some areas. The real estate market should furthermore continue to benefit from a safe-haven status in an uncertain economy.Devices such as government or Scellier + PTZ can also support the request. Lower prices should not be generalized profile before long.