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Tokyo has purchased 10% of 3 billion euros of bonds that the European Financial Stability Fund (EFSF) lifted Monday. This is two times less than in the previous issue. The yen is now at its highest level in 15 years against the dollar

Japan purchased 10% of 3 billion euros of bonds to ten years raised Monday by the Relief Fund of the euro area (EFSF), a smaller proportion than the 20% invested in the previous issues, officials said Tuesday at the Ministry of Finance. "We took into account the state of our liquidity in euros, the conditions of issue and the market environment" for deciding the level of Japanese investment, set at 300 million euros this time, said a ministry official.This surge in the yen higher costs of products made in Japan and reduced the value of income from abroad by Japanese exporters group, which ultimately weigh on the recovery of the country recovering from earthquake, tsunami and accident nuclear March 11. The third largest economy is in recession since late 2010 and in particular on exports out of the rut, but the rising yen, combined with slowing global growth could stall restart.

The proceeds of the issue of Monday, the fourth conducted by the EFSF, must be used to finance a portion of the aid to Ireland, which has, like Greece and Portugal, an international aid program. The request was only slightly greater than the amount of three billion euros and the rate stood at 104 basis points above the risk free rate of the same maturity, or 3.59%.

Italy has agreed that the International Monetary Fund (IMF) monitors its progress on economic and structural reforms, said on Friday European source.

The European Commission and the IMF will each report on how Italy is meeting its objectives, particularly with regard to pension reform and labor, the source said.

"Italy has no objection to be monitored, even if the IMF is involved," she said, adding that credit line was not seen as a credible option for the country, lack of confidence markets in its plans for fiscal consolidation.

The world's second largest home appliances Electrolux said Friday he would seek to further reduce its costs, adding an expected decline in demand in its key markets after announcing a drop in quarterly profit.

The group, which owns the brands Electrolux, AEG and Frigidaire, anticipating the year a decline in demand for appliances in Europe of around 1%, not a 1% increase as expected before.

It also expects that the demand in North America fell by 4-5%, against an increase of 3% previously expected.

The group reported a third quarter adjusted operating income of 1.10 billion kronor (122 million) against 1.98 billion a year earlier.

The Reuters gave 1.06 billion crowns.

"Demand has fallen in several major markets (…) southern Europe and the United States, when the cost of raw materials has increased," said its chief executive Keith McLoughlin.

"The third quarter results were affected by the continuing difficult market conditions."

Electrolux said in a statement it would continue to seek to optimize the use of production capacity in North America and Western Europe and also reduce overhead costs.

Philips Electronics said Monday it would cut 4,500 jobs after posting a net profit fall 85% in the third quarter due to higher raw material costs and restructuring charges.

The job cuts form part of a cost reduction of 800 million euros.

The world of lighting has also said it was considering various options for its television subsidiary, adding that negotiations with TVP to cede much of this activity was intense and constructive, but lasted longer than expected.

"In the event that a final agreement is not reached, Philips will consider alternatives," says CEO Frans van Houten said in a statement Monday.

Net income for the third quarter was 76 million euros against 524 million a year earlier. Turnover amounted to 5.394 billion euros against 5.46 billion.

The consensus of analysts polled by Reuters gave a net profit of 53.8 million and a turnover of 5.341 billion.

European shares opened lower Monday after another failure of the party of Chancellor Angela Merkel in local elections, which could add another obstacle on the way, hard-working, a solution to the crisis of sovereign debt euro area.

The inability of Ministers of the euro area to find a solution to the crisis at a meeting in Poland this weekend, hanging over the European currency and has penalized the Asian stock markets this morning.

Around 9:30, the CAC 40 index fell by 2.15% to 2965.91 points.

1.48% let go London, Frankfurt and Milan 1.83% 1.66%.The European indices, STOXX 50, lost 2.07%.

The bank accused the largest decrease sector in Europe, the Stoxx index lost 2.55%.

In Paris, Societe Generale lost 4.01%, BNP Paribas 2.07%.

Largest drop in the index, falling 4.37% Michelin, Morgan Stanley has degraded the title of overweight to underweight.

ArcelorMittal lost 3.97%.Credit Suisse cut its target price of 49 dollars to 35 dollars.

Safran, who made his first steps in the CAC 40 lost 1.1%.

The performance of the German government bond (Bund) to 10 years, reference the euro area expands by 3 points to 1.83%.

The euro remains under pressure and is trading around 1.3696 dollars, against more than 1.37 on Friday night.

A barrel of U.S. light crude lost $ 1.04 to 86.92, Brent 56 cents to 111.65 dollars.

The agreement on raising the U.S. debt ceiling was adopted Monday by the House of Representatives by 269 votes against 161 and will now be considered by the Senate.

The compromise negotiated in extremis by the Republicans and Democrats and announced Sunday evening by President Barack Obama plans to reduce the U.S. deficit of 2.400 billion in 10 years and should allow the world's largest economy to avoid being in default payment.

The Senate should vote to turn in the day Tuesday, the day the U.S. Treasury warned that it would no longer be able to pay bills unless an agreement.

Harry Reid, leader of the Democratic majority in the Senate, announced that the vote would take place at noon (1600 GMT).The text must obtain the votes of at least 60 of the 100 senators, he said.

If senators mimic representatives, the U.S. debt ceiling, currently set at 14,300 billion will be raised and the United States will escape a situation of default, which would have had any impact on the global economic system.

In the hours before the vote in the House, uncertainty still hangs over the attitude of the parliamentary basis, both right and left.

In the ranks of the Republican Party majority in the House of Representatives, elected officials close to the Tea Party had raised objections to the compromise negotiated over the weekend in Washington.

In the ranks of the Democratic Party, the left wing complained that the text does not provide immediate tax increases for the wealthiest households and corporations.

"We are very concerned that the text is to make all these cuts but does not include any contribution of the richest people of our country, no income. It's disconcerting," said Nancy Pelosi, Democratic minority leader of the House, before rallying in the final compromise.

Monday night, 174 Republicans voted in favor of the agreement, against 66 who opposed it. The group has divided Democrats, voting for 95 elected, 95 elected voting against.

The image tarnished the political class

With the vote of the representatives, a first hurdle has been crossed.But concerns remain about a possible deterioration in the sovereign rating of the United States, the Triple A allowing them to obtain financing at favorable rates.

If the world's largest economy was losing the "signature" would increase credit costs in the United States and threaten the fragile economic recovery, with implications for the global economy.

The compromise provides for drastic reductions in public spending over ten years but does not affect taxation.It also creates a bipartisan parliamentary committee responsible for defining the end of November a new plan to reduce the federal deficit.

The Congressional Budget Office (CBO), non-partisan, confirmed that the compromise would reduce the deficit of at least 2100 billion over ten years.

On a political level, hard to say who should win this long and tortuous process.

Barack Obama, who is running in a second term in November 2012, accepted cuts in public spending of a magnitude greater than what he wanted and will have to convince the electorate as he had left no other choice.

However, the Democratic president could garner points among moderate voters and "independent".

"This process was long and messy and, as with any compromise, the outcome is far from satisfactory," he said in a video message released by his campaign. "But he also launched an important debate on how we address the challenges that lie ahead."

Right, John Boehner, the chairman of the House of Representatives, won the cuts he sought and avoided an immediate increase in taxes. But it could emerge from this crisis with a tarnished image, that of a leader under the influence of too sharp Tea Party, the conservative movement that has developed in recent years on the fringes of the Republican Party.

"The process works.It may be ugly, but it works, "Boehner said after the vote.

Finally, the American political establishment as a whole could suffer from these weeks of negotiations, that public opinion could be interpreted as political maneuvering at a time when Washington expects it effective remedies to boost growth and reduce unemployment, which remains at over 9% of the workforce.

"The real loser in this exercise is Washington," said Scott Reed, Republican elections.

The government will soon close 4500 accommodation places for the benefit of emergency housing. A bad strategy as associations, however, who approve its policy of "housing first". A homeless man is housed in a center of the Samu Social de Lille.

The resignation of Emmanuelli served as trigger. Wednesday, the former secretary of state slammed the door of the Samu Social de Paris, which he founded in 1993. "The social emergency, no one believes it is more manageable," he said. In May, the government announced a 3.3% decline the funding of accommodation, to 1.204 billion euros. The association also denounced a drop of the resources allocated to marauding, the day care and the number 115. In late June, the Samu Social even had to close its only center of Paris.Directly affected by the various criticisms, the Secretary of State for Housing, Benoist Appeared, held the same evening to respond on the board of France 2.

But instead of appease stakeholders, it has rekindled the flames by announcing the elimination by the end of the year 4500 hotel accommodation places, replaced by housing. "We have families with children, single women, for whom the care places are not appropriate, because the accommodation yes," he said.

Benoist Appeared in fact follows a strategy launched in autumn 2009, the "housing first". Its principle focus on access to ordinary housing, avoiding as much as possible the transition from shelters.For the National Federation of Home and Rehabilitation (Fnars), it also amounts to saying that housing stability is a condition "prior to the required insertion", not the culmination of a long journey in accommodation, as previously envisaged.

No debate on the merits

This policy would "not necessarily fully shared by Xavier Emmanuelli," said Secretary of State for Housing. His philosophy, at least, is not affected by most organizations, aware of the economic and social costs of accommodation. "The principle of 'Housing First' is not controversial.Now everyone agrees to say yes, with support from hotel 17 euros per night per person more than 1500 euros per month for a mother and two children-hotel accommodation cost more expensive than housing, which is absurd, says Juliette Baronet, head of research expert on housing consulting firm Fors-Social Research.

But replace accommodation places for housing can not be decreed. "Today, we did not, especially in areas where the rental market is very tight as the Ile-de-France and Paris.This policy can be set up on the long term, "said Juliette Baronet.

Benoist Appeared attaches yet to replace 4500 accommodation places by the end of the year, betting mainly on "intermediation rent", to which the state will spend 30 million euros this year: association serve as a third between landlords and tenants, and the state covers the difference between the rent paid by his last and the market price. In 2010, around 5000 homes were affected, and only 1500 are now available, according to the Fondation Abbé Pierre.

Rationalisation costs

"In this context [of lack of affordable housing], it is outrageous to cut the appropriations for hotel nights," complains the executive director, Christopher Robert, interviewed by Les Echos. For several other associations, the government seeks mainly to save money.Representatives of the State "seem deflected in a logic of cost efficiency, providing temporary housing solutions and support small," the worried Fnars in April.

The shortage of accommodation places, however, leads to absurdities, and additional expenses. Assistance Publique-Hôpitaux de Paris (AP-HP) has revealed that 111 families without homes were sheltering emergency between mid-May and early July. "In the long run, their living conditions are even worse than they were at the hotel and the cost to society even more important," observes Juliette Baronet, the bureau Fors-Social Research.

The government portrays him on his positions.The budget allocated to only emergency housing, shelters and rehabilitation has increased from "670 million euros in 2007 to 933 million euros in 2011, and should be at a similar level in 2012, an increase of 39% over the five year period, "reported the firm Valérie Pécresse, the budget minister. But the needs have also exploded. More than 680,000 people still do not have a home personnel, including 133,000 homeless.

Despite the anger in the street, the project received 155 votes out of 300. The country will be able to receive the last installment of the aid from the EU and the IMF and avoid the default.

The austerity plan for the period 2012-2015, Greece needed to secure new funding from its creditors, but strongly contested in the streets because of the sacrifices it represents for the Greek people, was adopted Wednesday by Parliament.

While police continued to make shots of tear gas in front of the parliament which houses since morning demonstrators opposed to the project, the plan finally received 154 votes and a socialist dissident voices on the right, the 298 deputies present ( of 300 seats) in parliament Wednesday, according to an official count. 138 members of the opposition of left and right voted against.

Members who voted one by one to the call of their name and district must also vote Thursday on the implementing legislation which establishes the means to achieve budget savings in the plan by 2015.

A Socialist deputy Panayotis Kouroublis, voted against the plan, but a conservative colleague on the right has defied the instructions of his party in New Démoratie and supported the plan. Five members of the center-right who defected for months the main opposition party of New Democracy voted white.

Immediately after the vote, Prime Minister, George Papandreou, said the group's exclusion of Mr Kouroublis, reducing to 154 votes out of 300 most of which now has the socialist government, faced on Thursday to a new crucial vote on law enforcement's master plan voted on Wednesday.

Mr.Kouroublis had said shortly before the vote that he "could not accept blackmail" exercised by the euro area ", which referred to the probability of bankruptcy of the country to urge Athens to adopt a plan deemed" unfair ".

His colleague Alexander Athanassiadis Socialist, who had previously stated publicly that he would vote against the project changed his mind, saying he was "convinced" by the speech of Prime Minister George Papandreou in the gallery.

He is a member of the Department of Kozani (NW), where a large unit of the public electricity company, the DEI whose planned privatization has faced strong opposition. DEI's employees on strike shall, moreover, to power outages affecting wild for a few days randomly neighborhoods of large cities.

"Framework medium-term fiscal strategy," the new plan, dictated by the EU and the IMF, provides savings by 2015 from 28.4 billion euros and mass privatization to bring 50 billion euros .

Since morning, the whole of Europe had their eye on Athens. This project was a precondition imposed by the euro area for further financial support to avoid a default of Greece, which would put at risk.

The finance ministers of the euro zone must meet July 3 to decide the payment of a fifth installment of the loan assistance of 110 billion awarded last year to Greece.

Wednesday, from morning police fired tear gas before the Greek Parliament to clear the protesters, however, fewer than in previous events, but more determined.Protesters had arrived early Wednesday to try to prevent at least symbolically vote for the project, surrounding the parliament.

From 0500 GMT, police conducted the first firing of tear gas at small gatherings trying to block the main roads around Athens.

The general strike started Tuesday 48H also disrupted for second day air transport, ports also immobilizing the ferries to the islands. Banks and pharmacies are closed, the public sector paralyzed.

In addition to the persistent pressure from the EU, including President Herman Van Rompuy said Tuesday that the hours "ahead are decisive" for Greece, Greek MPs also received a warning from the new executive director of the International Monetary Fund Christine Lagarde, who started his appointment as a call for "national reconciliation" policy in Greece.

The A400M, the future military transport aircraft developed by Airbus, has suffered another setback as it will remain grounded for most of the Paris Air Show, for its first appearance in the first air show world.

The aircraft suffered a problem with one of its reactor just days before the show, participate in the parade of the Patrouille de France on Monday but then will not make any flight demonstration.Spectators will see the ground, said the Airbus management.

"This is not a security issue, but flight tests are very demanding right now," said the head of the military division of Airbus, Domingo Urena-Raso.

Airbus did not provide estimates of the cost or delay caused by this problem, but she assured that it was being resolved. The company has not changed its objective of a first aircraft delivery in early 2013.

The A400M has been developed by France, Belgium, Britain, Germany, Luxembourg, Spain and Turkey at a cost of more than 20 billion euros.The project has already been delayed for four years and he was saved with an extension of 3.5 billion euros from the contributing countries last year.

The aircraft flew in December 2009, Airbus hopes to sell half a thousand.

Approximately 340,000 spectators and participants are expected at the Paris Air Show June 20 to 26

This new setback could also threaten the presentation of the device at an upcoming air show scheduled for July in Britain, in which should be unveiled its official name: Atlas.

This name was chosen to symbolize the endurance of the aircraft by reference to Greek mythology the Titan condemned by Zeus to support the world.Atlas including attempted to transfer the burden to Heracles in vain during the episode of the golden apples of the Hesperides.

Hercules, the Latin double of Heracles, is the official name of the main competitor of the A400M, the C-130 Lockheed Martin.

Oursel Luke, CEO of Areva, is the favorite to replace Anne Lauvergeon head of French nuclear specialist, reports the newspaper La Tribune.

According to a forthcoming article in the Thursday edition of business daily, Nicolas Sarkozy would have sliced ​​and decided not to renew Lauvergeon the end of his second term as chief executive of Areva, which ends June 30

An announcement should be made by Friday, the newspaper reported without citing its sources.

Several names have circulated in the press as potential successors to Anne Lauvergeon, including Marwan Lahoud, Chief Strategy Officer of EADS and of Laurent Collet-Billon, Delegate General for Armaments, income insistently in recent weeks.

But it would ultimately an internal candidate who would hold the rope, according to the Tribune, which has Oursel Luke, one of four members of the Executive Board of Areva, as a "favorite".

Mines graduate, he joined the nuclear giant in 2007 after working in several departments including the functions exercised at Schneider or Geodis.

Areva declined to respond.Asked late Wednesday, the Elysee Palace declined to refute or confirm the report and declined comment.

A member of the supervisory board of the French group told Reuters he was not informed of the possible appointment of Luke Oursel.

Supposed to endorse the choice of the Elysee, the council has not yet been convened, "he added.