The fee will rise to 0.1% of the value of acquiring the shares. It must take effect in August.

Are concerned the major listed companies headquartered in France, "whatever the place of completion of the transaction."

The amount of another tax, which will focus this time on purchases of credit default swaps (CDS) sovereign "naked", will amount to 0.01% of the notional amount of the contract.

The text also plans to tax the transactions of high-frequency trading.

For the latter, the tax will amount to 0.01% of the amount of orders canceled or changed beyond a threshold may be fixed by decree. This threshold "can not be less than two-thirds of orders addressed and can be modulated depending on the size of balance sheet of the operators concerned," we read in the text.

To avoid penalizing the financing of companies and states, the obligations are not affected by these new taxes.

The government hopes these measures will yield one billion euros in a full year.

MORE EXEMPTIONS

The published document is described by BFM Business as draft article to be included in the draft amending budget presented Wednesday by the Cabinet.

Without commenting directly on this document, a source at Bercy said the bill was forwarded to the Council of State and it was not final. 

The document states that the tax on stock purchases is due on the first day of the month following the acquisition.

For 2012, the tax must be paid before November 30 for purchases made between August 1 and October 31.

Several exemptions are provided, especially for market-making activities, purchases made through a share issue, the operations performed by a clearing house or the acquisition of shares between companies within the same group.

The tax on sovereign CDS bare "applies to any purchase by an enterprise carried on in France," it reads in the text.

This tax will not be due if the taxpayer holds a long position in the debt of that State, he said. 

Again, the market-making operations are not affected.

As for the tax on high-frequency trading, it is clear that it will not affect the systems used to optimize the conditions to execute orders or to route orders to one or more trading platforms or affirm those orders.

If we add also the data from Iceland, Norway and Switzerland, the decline was slightly less marked, to -1.4%.

Over the period from January to October, registrations show a decline of 1.2% over the same period in 2010 (-0.9% with Iceland, Norway and Switzerland) to 11,126,000 units.

In Germany, the number of registered vehicles rose 0.6% in October compared to last year (9.8% over 10 months), while in France, sales were up 2.4% Last month, a slight increase of 0.4% over 10 months to 1.829 million units.

The number one European car Volkswagen rose by 3.7% of sales in October, all brands, while the runner, French PSA Peugeot Citroen, saw his fall by 6.4% the month last.

For its part, Renault has declined by 2.3% in October and Fiat a drop of 10.3%.

Coca-Cola has lost. The National Assembly approved Friday the establishment of a tax on soft drinks, the amount will be doubled from the initial project of the government. And it also introduced a tax on beverages containing artificial sweeteners, the lights, against which stood the giant soft drinks. The tax on soda, two cents per can, bring 240 million euros, half of which would finance the reduction of social security in agriculture, and the sweeteners on 40 million euros, said the Minister of Budget, Valérie Pécresse.

It is not Coca-Cola because of trying to oppose it by conducting intensive lobbying. The point that the UMP Bernard Reynes, the source of the amendment proposing to tax the lights, was pessimistic about the chances to see him go. "And I will not deny that it bothers me that the creations of law are dependent groups such as Coca" he admitted even to the expansion. Com shortly before the vote.

"One of lobbying juggernaut"

Drinks lights are in fact 60% of the revenue of Coca-Cola. Well above its competitors. Where the offensive of World No. 1 soft drink for the desired version of the tax. Mailings burst, increase in phone calls and requests for appointments, Bernard Reynes supports even have really been "harassed" by the group. "I had an unacceptable pressure. It is normal for multinationals discuss with MPs.But not how it happened. "

And it is far from alone in being surprised by the firepower deployed by Coca. Many players linked to the Assembly (lobbyists, MPs and their families) show a lobbying "huge", "scary", "pressing as is not permitted" and "the strength of a tank "the giant soft drink with parliamentarians and government.

"They call everybody! We have received phone calls from friends, Bercy for example, who did not care at all about this, but had been called for by Coca they are trying to convince us of abandon the project, "said a member of the cabinet of Jean Dionis du Sejour, Vice President (New Centre) of the Committee on Economic Affairs. Until the discreet meeting between Nicolas Sarkozy and the President of Coca-Cola Europe, Dominique Reiniche, revealed Wednesday by Challenge.fr.

Promises to invest in France, threatens to leave, may give an anti-American image that may scare away other groups … This mixture of "caresses and threats" Coca has been confirmed by several sources MPs we interviewed. In the end, however, the U.S. group may have done too much … "If there is one lesson it is that of the lobbying juggernaut does not work," says Paul Boury, subject matter expert.

A "catastrophe", really?

The action of Coca has not been completely ineffective. The final version of the tax on the lights was indeed amputated 80 million euros compared to the original text. "But that Coke does not care, provides a lobbyist familiar with the matter on condition of anonymity. The group was even willing to pay 250 million euros to the government to abandon the measure.The principle of a tax on lights is a national disaster for them. It stigmatizes products. And a tax, especially in France, is always liable to change. "

The battle is not yet definitively lost to Coke. Valérie Pécresse, who did not support the expansion of the tax, received two separate taxes are adopted. This compromise, said the minister, can "legally secure the device", separating the tax on sodas "we know that the law is indisputable" and that on sweetened beverages, which it has less chance of pass "on the Constitutional Council." And it might explain the legal complaint "arbitrary tax" because not related to a vital public interest clearly identified.In fact, the argument of the national association of food industries, which already qualifies tax sweeteners to "unconstitutional". According to them, in fact, taxing sodas lights rather than any product has "no motivation."

The deficit on trade in goods fell to 5.2 billion euros, against 6.4 billion a month earlier.

Trade in services have stabilized, generating a surplus of one billion euros.

The income balance has reached $ 3.5 billion from 3.6 billion in July while the current transfers deficit was unchanged at 2.2 billion.

The financial account showed a net outflow of direct investment of 800 million euros from 8.5 billion in July.

French direct investment abroad stand at 4.6 billion against 4.3 billion a month earlier.

Portfolio investment recorded net inflows of 21.7 billion euros residents increased their holdings of 34.6 billion while non-residents making sales of French securities to 12.9 billion.

Other investment posted net outflows of $ 4.9 billion after limited net outflows of 5.3 billion.

For the presidency of the last Board of Governors of the ECB, Jean-Claude Trichet, however, disappointed part of the market hoping the announcement of a rate cut by the end of the year as the economy slows and the Bank of England injected 75 billion for his part in pounds sterling (86 billion euros) in cash.

The CAC 40 index ended up 3.41% to 3075.37 points, following a rebound of 4.33%.Other major European markets, London was up 3.71%, 3.15% Frankfurt and Milan to 3.55%. The pan-European Euro Stoxx 50 index rose 3.18%.

"While the speech of Jean-Claude Trichet has disappointed some investors but remains on a positive note and not only to the ECB to intervene to improve the current situation," said Bertrand Lamielle, Director of Management mandated at B * capital.

INVESTORS MORE OPTIMISTIC

"Some had anticipated a rate cut and an increase in the size of EFSF (European Financial Stability), it was not the case.But we must remember that the mandate of the ECB is not the same as the Fed, and that it focuses only on inflation, which is why it has kept its rates unchanged, "he adds .

As before, the cyclical and financial stocks helped support the trend. The automotive sector grew by 4.3% and the construction of 4.04%.

Stoxx index of European banks has provided 4.18% and 5.08% of the insurers, the European Commission has announced that it would propose a coordinated action to recapitalize banks.

However, Dexia has also marked the session, the title having been suspended in the afternoon at the request of the Belgian authorities when he fell over 17%.Belgian regulators have indicated they wanted more details on the ongoing negotiations on the takeover of the Luxembourg subsidiary of Dexia in Luxembourg.

Except for the difficulties faced by the Franco-Belgian bank, investors want more optimistic about the European situation, as illustrated by the award of Spanish debt carried at rates much lower than this summer when the fears were strong to see the country contaminated by the debt crisis in the eurozone.

The yield on government bonds to 10 years is Spanish and dropped below 5% in session before recovering to 5.01% against 5.092% at the close Wednesday, while the Bund yield the same maturity is 1 , 95%, against 1.84% yesterday and nearly 1.72% on Tuesday.

Similarly, the euro was up 0.64% against the greenback at 1.3422 dollar.

Standard & Poor's downgraded Friday the long-term rating of Groupama, a decision to which the French group had prepared internally by announcing Thursday a savings plan and measures to strengthen its financial profile.

"We will now give priority to profitability rather than market share gains (…) Also, we do not expect to make acquisitions in this period (2012-2015), "said Jean Azema, CEO of Groupama, in an interview published Monday.

"The stock market listing of Groupama is reported at period end, that is to say more towards 2015," he adds.

The Director General further states have no particular concern about the solvency of Groupama by the end of the year and believes that a solvency ratio below 100% is not part of the scenarios to the agenda 2011.

"I will not deny that the situation is a bit tense, because we used to be far in excess of 150%. But it is only due to the collapse of financial markets.I have no concern for the end of the year, "he says.

"The measures we are taking should gradually return to our solvency margin to 150%. They should also allow us to improve our underwriting results with a combined ratio (total claims and expenses to premiums) around 98%" , says he.

Asked about the participation of Groupama, including the capital of Societe Generale, Jean Azema said that the investments of his group were part of the long term.

He also stressed the strength of French banks.

"Let us not forget that they have very strong fundamentals.This is what I see, especially as a director of Societe Generale. "

Groupama is exposed to the European sovereign debt to the tune of 770 million euros at end-June in Portugal, Greece and Ireland, as well as $ 1.5 billion to Italy and 670 million for Spain detailed the CEO.

The Nikkei lost 2.31% or 201.99 points to 8,535.67 and the Topix, broader, sold 14.44 points (-1.91%) to 741.26.

Philipp Rösler, German Economy Minister and leader of the liberal FDP, partner of the CDU Angela Merkel in the ruling coalition in Berlin, said that a possible failure of Greece was not taboo.

The possibility of quitting the euro area held at arm's Greece arises after investors were caught off guard by Friday's resignation of Jürgen Stark CEO of the European Central Bank (ECB) because of disagreements on the response to the crisis.

"It is Europe that is at the center of attention, but concerns about the U.S. economy have not gone away Fumiyuki Nakanishi (…)", said.

The index futures on Wall Street seem to suggest a decline, which would come after the fall of more than 2% suffered Friday in the wake of the resignation of Jürgen Stark and the feeling that European leaders can no longer control the crisis debt.

The title Suzuki sold 2.75% after Volkswagen said on Sunday that the manufacturer had breached the terms of their partnership.

Japanese equity markets also fell in anticipation of the statistics of job creation in the United States, expected in fall.

The Nikkei lost 110.06 points to 8,950.74 and the Topix, broader, sold 8.50 points (1.09%) to 769.78.

The Nikkei has sold 9% in August and most market players expect a warmer month of September.The global uncertainty, however, continues to weigh on prices.

Next week, Japanese markets should evolve in the wake of those of the United States, where the tone will be given the speech that President Barack Obama will deliver on the job Thursday night.

Friday, the Tokyo Stock Exchange has responded little to the appointment of the new government formed by Prime Minister Yoshihiko Noda. The latter was chosen for the Minister of Finance Jun Azumi relatively inexperienced.

This choice suggests that Noda, outgoing Finance Minister, will continue to weigh on the country's economic policy.

Export values ​​have suffered in Tokyo. Sony fell 4.3% to 1,625 yen. Toyota and Honda respectively yielded 1.56% to 2,711 yen and 1.96% to 2,507 yen.

The Dutch group, owner of the first supermarket chain in the Netherlands (Albert Heijn) while achieving 60% of its sales in the U.S. market, complete its share buyback program of one billion euros by March 2012, six months earlier than expected so.

Ahold, which has cash of over $ 2 billion, said the schedule change does not signal the abandonment of his hopes for acquisitions and has announced plans to export its format from the supermarket next year in Germany and possibly Belgium.

Around 8:15 GMT, Ahold lost 3.57% to 8.04 euros the Amsterdam Stock Exchange, while the Stoxx European retail sector yielded only 0.09%.

Operating earnings excluding items of the group fell 21% in the second quarter to 275 million euros, less than 309 million euros expected according to Reuters.

The weak dollar and restructuring costs have contributed to this including poor performance, said the group, which operates nearly three.000 stores in 12 countries.

In a context of rising fuel prices, stagnant wages and fear of an economic downturn, retailers have struggled to pass on price increases to consumers in Europe and America.

The Belgian group Delhaize, which also carries the bulk of its sales in the United States, also missed the consensus in the second quarter. The sales of Ahold, slightly better than expected, fell 3.5% to 6.87 billion euros.Market share increased in the United States and the Netherlands.

However, the turnover number of store in the United States was up 1.2% excluding fuel and the operating margin stood at 4.1%, slightly lower progressions that expected.

In contrast to the Netherlands, sales and operating margin, respectively up 2.6% and 6.2%, in line with expectations.

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