At 311.7 million euros, sales of the group recorded organic growth of 8.8%, Orpea said in a statement.

"The dynamics related to both France and abroad, including the continued rise of Belgium and Italy," said Yves Le Masne, CEO of Orpea, quoted in this release.

It says that the group confirmed "with serenity, its goal of a turnover of 1,230 million euros (27.5%) accompanied by sustained profitability" for the full year 2011 .

The EBIT of the company thus stood at 330 million euros for the three months to September against 244 million a year ago.Turnover increased 20% over the period.

Deutsche Boerse and NYSE Euronext have until Nov. 8 to communicate officially to the European Commission their responses to concerns in Brussels about their merger, said last week a source close to the matter.

For now, officials of the two stock exchange operators are still reading and analyzing the "statement of objections" sent to them by the Commission on October 5, it says. This release contains the objections of the EC to the merger in terms of competition.

The agreement to acquire the operator of stock exchanges of New York and Paris by the operator of the Frankfurt Stock Exchange was concluded in February.The merger will create the world's largest exchange operator.

Earlier in the day, another source said that European regulators should organize on October 27 an oral examination of the merger.

The hotel group Accor is always operating income in 2011 of between 510 and 530 million euros. It builds on the pursuit of "sustained activity in Q4 2011 in the absence of signals of a slowdown in demand."

Accor has achieved sales of 1.623 million euros in the third quarter, against 1621.8 million expected by analysts according to Thomson Reuters consensus I / B / E / S. On a comparable basis the increase was 5.8% (4.52% expected) and 2.7% as reported.

The rating agency notes that Spanish banks continue to suffer from the economic crisis over the next 15 to 18 months.

S & P has placed Spain in category 4 (cons from 3) of the scale "Bichri" (Banking Industry Country Risk Assessment), which is 1 for countries with the strongest to the weakest 10.

Among the countries in Group 4, one finds including the Czech Republic, Israel, South Korea, Mexico and Slovakia.

The European Commission said Friday it would submit in the coming days proposals for a coordinated recapitalization which will allow to reassure markets worried about the resilience of the banking system facing the European financial and economic crisis.

They should be ready in time for the summit of the European Union and the euro area provided 17 and 18 October, which will give "a clear signal" on the subject, said German Chancellor Angela Merkel.

Asked during a visit to Armenia, Nicolas Sarkozy said Berlin was "the proper place" to discuss these issues Sunday.

German and European sources, there are reports of disagreements between Paris and Berlin on the use of European Financial Stability Fund (EFSF) to provide the necessary funds, the International Monetary Fund (IMF) estimates that between 100 and 200 billion euros .

For Germany, the appeal to EFSF, which has the capacity for intervention of 440 billion euros, should be a last resort, if the banks were unable to finance on the markets and whether their country are not able to provide them with public funds.

Receiving the Dutch Prime Minister Mark Rutte, Angela Merkel reiterated that the EFSF should be activated "if a country can go it alone."

According to a German source, the French, whose banks have the highest exposure to the debt of the peripheral countries of the euro area, "misunderstood the EFSF" and want money from the European emergency fund is available to all financial institutions in need of capital.

In Brussels, a source close to the talks said that one option considered for the recapitalization of banks is that the countries of the euro "access to EFSF jointly."

"Perfect identity of views"

This idea, which has the support of France but not Germany, would avoid the "stigma effect for a particular country" and display a significant clout vis-to-market, a the source said.

The French Ministry of Economy and Finance has sought to minimize the differences between France and Germany, emerged from discussions within the Eurogroup in Brussels this week, ensuring that the issue had not yet been discussed between the two countries.

"Our position is no different from that of the Germans: it takes more capital for banks, banks must first find in themselves the resources, then if they find private investors outside and ultimately being considered injections of public capital, "it was said at Bercy.

"All this must be discussed at European level and must be coordinated, it is currently being considered," they added noting that the issue of "instruments of a possible recapitalization public has not yet been addressed."

Diplomatic sources in Brussels, it indicates that the position of France is motivated by the desire to maintain the AAA rating on its debt for fear that it is under pressure in case of provision of public funds to banks important.

"The main thing for France is its triple A and it grows as a result of the use EFSF (for the recapitalization)," said this source.

Paris does not further that the current debate among Europeans are limited to this single question.

"It will be among the topics discussed but the main thing about Greece and the euro area, since the banks is a consequence" of the current crisis, said the French Ministry of Economy about talks Sarkozy, Merkel on Sunday.

In announcing last week his forthcoming visit to Germany, the French president had indicated he intended to "continue the work of collaboration and coordination" between Germany and France to protect the euro.

There can be between the two heavyweights in the euro area "a perfect identity of views to resist speculation, to resist the excitement of the markets and to protect Europe," he stressed.

"It is fundamental that there is a policy coordination between countries to weather the current international situation," said Brazilian President Rousseff after meeting officials of the European Council and Commission in Brussels.

"The absence of effective regulation of the financial system is causing the problem," she said.

The economy dominated an annual summit that normally relations in trade and investment.The inability of the EU to find an effective parry to his debt problems upset Brasilia, Washington and Beijing, while market confidence is affected by fears of a global recession.

The leaders of both parties were critical financial regulation more effective in preventing future crises and to prevent national economic problems will spread to other countries or regions.

"We need to overhaul the global financial architecture in order to avoid financial crises in the future," said Herman Van Rompuy later, European Council President, representatives of business circles in Europe and Brazil.

GROWTH, advocates Rousseff

The EU leaders, who will meet this month before the G20 summit scheduled for November in Cannes (France), will have a more united front against economic hardship, said Van Rompuy.

"A strong and coordinated action is necessary to prevent the global economy falls into recession. The EU and Brazil will cooperate closely to prevent this from happening at the G20 summit in Cannes, he added.We must cooperate more on trade and exchange rates. "

Dilma Rousseff, whose country has itself gone through a debt crisis in the 1980s before re-emerge as a major economic power, said that "holders of tax adjustments recession" made when Brazil had problems of debt, had aggravated his stagnation.

"We can end the crisis by stimulating economic growth," she said on the occasion of his first visit to the EU as president.

The EU is the largest trading partner of Brazil, and European investments in this country represent more than all of those of the Union in China, India and Russia.

Brazil wants greater involvement of the EU's leading industries such as telecommunications, oil extraction and refining. For its part, the EU hopes to benefit from a Brazilian economy that recorded last year a growth rate of 7.5%, its fastest in 24 years.

However, discussions on a free trade agreement between the EU and the South American bloc Mercosur, dominated by Brazil and Argentina, are deadlocked.

The Spanish deputies approved Friday by an overwhelming majority the inclusion in the Constitution a "golden rule" of fiscal stability, despite the growing social and political discontent in the country. The parliamentarians approved, to 316 votes for and 5 against, the text, which includes the Basic Law the principle of limiting the public deficit, allowing the transmission to the Senate next week as part of a procedure emergency.

Spain will become the first country to respond to the call on August 16 by France and Germany, which wanted the 17 countries of the Eurogroup adopted before the summer of 2012 the "golden rule" to a balanced budget.Berlin includes in its constitution since 2009, while Italy and France also have this project.

For Madrid, the reform, which is accompanied by an organic law (passed by June 2012) includes a numerical limit to 0.4% of GDP, should serve as a vaccine against the financial markets still skeptical about the strength of countries.

Ben Bernanke said the Fed would meet two days in September, instead of originally planned to study, among other things, the possibility of providing the economy with a new monetary stimulus.

Around 9:30, the CAC 40 index was progressing 1.36% to 3129.71 points, but still showed a decline of nearly 15% since the beginning of the month.

"Bernanke has tried reassuring.He said with confidence that the economy is resumed and that the Fed would do everything possible to encourage growth, "says Saxo Bank in a newsletter.

The bank also believes that prudence displayed by the Federal Reserve shows that she thinks "seriously" in a way to stimulate the economy. "What is rather positive," says Saxo Bank.

Other major European markets, Frankfurt and Milan s'adjugent respectively 1.25% and 0.98%, while the London is closed on Monday.The pan-European Euro Stoxx 50 index gained 1.16%.

"A third wave of 'quantitative easing' does not seem justified because, unlike last year, there is no risk of deflation in the short term interest rates are already very low," observing their side strategies Natixis.

As for values, banks in the euro area is progressing despite the 0.69% tax Christine Lagarde, director of the International Monetary Fund (IMF), stressing the need to restructure European banks.

Renewed investor confidence, however, is unfavorable to the less risky assets such as German government bonds (Bunds) to 10 years, whose performance is trading around 2.18% against 2.15% against almost Friday night at closing.

The euro rose 0.26% against the greenback at 1.4529 dollar.

A barrel of U.S. light crude advance of 0.53% to 85.82 dollars while Brent fell by 0.11% to 111.24 dollars.

The final pillar of the law Tepa ("Labour, employment and purchasing power"), passed in the summer of 2007 and the five-year symbol of Nicolas Sarkozy, teetering dangerously. After the tax shield, the tax credit on mortgage interest relief, or inheritance tax and gift tax, the tax exemption of overtime could be eliminated, or at least scaled down – Claims loads are decreasing and the number of hours maximum. François Fillon said the union leaders with whom he met on Monday night.The secretary general of the UMP, Jean-Francois Cope, for his part acknowledged this morning that it was a "track" in the new savings plan to be presented Wednesday by the government. This device, however, was the symbol's flagship campaign slogan of Nicolas Sarkozy in 2007, "work more to earn more." The reasons for the sacrifice of the tax shelter on the altar of triple A tricolor.

Because it's a niche that is very expensive

The tax exemption of overtime is one of the tax and social niches most expensive ever. The shortfall for Social Security is about three billion, one for the IRS is about $ 1.5 billion. 4.5 billion euros per year on average in less revenue for the public finances.4 billion euros, it is precisely the amount of additional savings that the government must release this year to keep the deficit target to 5.7% of GDP is assumed that growth will not reach the 2% forecast . The government does not intend to delete the entire device, but the plane at the margin, the gain will be only a few hundred million euros according to Le Figaro.

Because the device generates abuse

Employers as employees have a common interest to declare overtime. Which generates abuse. In short: the employees who were already working before measuring 39 or 40 hours, and recovering lost profits in the form of RTT or bonuses, overtime these institutionalized, and have declared.But "there was no additional overtime," is the UMP deputy Jean-Pierre Gorges, author of a parliamentary report published last June. An observation already singled out in 2010 by Pierre Cahuc and Stephane Carcillo. According to two economists, if the number of paid overtime has certainly increased by 25% since 2007, working hours, that is ultimately the number of hours worked, has not budged. They conclude that the tax exemption of overtime is actually a tax planning tool for businesses. The exemption from payroll taxes on overtime, on average, reported 1.3 billion euros per year to businesses. This makes it more attractive for companies to pay overtime to their employees rather than pay them bonuses or increase their salaries.

Because the gain in purchasing power is not significant

The device offers a gain in real purchasing power. Thus, it is an average of 3.2 billion euros will be donated to some 9.4 million workers each year through the exemption from social security contributions (paid at the time is gross) and the tax exemption ( the overtime pay is deductible from income tax). The average annual gain for employees would be about 500 euros per year, or 42 euros per month. What put the light butter in the spinach, or even feed her book A, but not strongly enough to boost consumer spending. In addition, the tax exemption of overtime benefits neither self-employed or part-time employees, and a whole taxable to employees only.Are excluded from my device the most modest.

Because this niche is not in use

Nicolas Sarkozy has already announced in late July that he would not touch the niches "in the employment service." You're in luck because the tax exemption of overtime hours he is rather harmful, if one believes the unions and the left opposition. They believe the device is a brake on hiring: companies prefer to use overtime rather than hiring in times of high activity. They are not the only ones to think so. From the introduction of the device in 2007, a report of CAE (Centre for Economic Analysis) denounced the potential windfall for companies. The very serious account of the Court has also denounced in 2010 effect "ambiguous" on the job because "the increase in working hours may induce firms to substitute work hours for men."This is demonstrated in the second quarter 2011, growth in the volume of overtime hours rose 5.8% year on year, after rising 5.7% in first quarter 2011, while unemployment remained at a high level. "The levels of overtime since the start of 2011 now exceed those observed since 2008, while employment has still not regained its pre-crisis levels," fell in July ACOSS, the organization that brings together the Urssaf.

We still rocking illusions about the quality of French research. While the university reform initiated by Valérie Pécresse was in the right direction, but it is still very low. We have to realize that French research is a worrying delay and a significant financial and immediate effort is required. The differences between the financial resources of institutions of higher learning French and U.S. reach levels of concern.The budget per student in French universities is close to 10 000 euros, against 40,000 euros on average in the U.S. institutions and nearly 200 000 euros in the best universities, where research is concentrated in the United States. In this global competition to attract and retain the best faculty and best students is the financial effort that makes the difference.

The State should he do more to financial?

In France, nearly all of university income comes from the state budget, the U.S. is less than half of public universities and only a quarter in major research institutions to private structure. We can not ask for more to the French state. We must therefore take on other drivers.

Or find the money?

It must first play on the registration fee.It is a kind of hypocrisy in France is that the fees are very low for the sake of equality. In reality, it is well aware that only children of middle and upper classes benefit. We must therefore increase costs of entry for wealthy families and develop scholarship that would cover all expenses for the most disadvantaged. Second source of financial income: raising funds from private companies. If this business is more professional, we can reasonably hope to bring hundreds of millions of euros each year. Still, if these means are sprinkled on all the institutions, their impact will be negligible. They must focus on a handful of institutions of excellence to have a significant impact on projects to fund.Let's get the homogenization of management and with the non-competition between schools!