International News

The UMP fully supports the pension reform and its author, Eric Woerth. To prove his spokesmen have held a press conference, while the Social Affairs Committee of the Assembly had finished examining the text. Dominique Paille, who usually wears a refined language, attacked with vigor to Jean-Marc Ayrault. He accused the owner of PS members to behave in "real filibuster" which "seeks to scuttle the debate by completely unnecessary intrusion. "Those who come to break the menu with shameful look at considerations before intervening in the debate!" He said in a fit of male outrage.

The PS group had set the tone early work of the commission, promising to "constantly incidents meeting" with allusions to the case Bettencourt.The operation was supposed to prove that Eric Woerth was too "weak" to defend the reform. It has not achieved its goal, much to the relief of the UMP.

But the majority knows that it is not the end of his sentences. And many of its leaders are beginning to say that "we" had "made a mistake in the text referring to the back, instead of extending the session to push through July 31. "On", Raymond Soubie. The office of the adviser had convinced Elysee Nicolas Sarkozy to let the summer to prove his readiness for dialogue with unions, while Francois Fillon would rather go fast. The Prime Minister has not been heard. An MP close to him sigh: "In the end, unions have the summer to replenish their unity in a climate rotten history Bettencourt.Of course, what happens in Woerth was not foreseeable, but we know that in France the reform was.

One minister argued

In the Assembly, but also in the executive, some whisper Eric Woerth would do well to "shoot himself the consequences of damage it causes" to his political family. Clearly, to resign, but his departure could be in any way be attributed to Nicolas Sarkozy. "The president supports his minister doggedly, and will not do anything that might suggest that he wants to get rid of, explains it to the UMP. But nothing prevents Woerth demand a cease-fire. "

Apparently, the Minister of Labour is not in that frame of mind. Encouraged by the demonstrations of solidarity that come each day of his camp, he makes a point of honor to lead the reform of pensions. The leaders of the majority will therefore help.The delay until September consideration of amendments on the hardship, including those signed by Xavier Bertrand, part of the strategy. In case of back politically and socially turbulent, the government will need room for negotiation.

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A little over a week after its expiration, the license of Google in China has been renewed, said Friday the U.S. Internet giant. "We are delighted to have received the annual renewal of the license and can continue to provide products and services to our users," said David Drummond, the official blog of the group.

The renewed the license comes after a period of uncertainty and a long standoff with the Chinese government, Google is saying exceeded by China's censorship and cyber attacks come from this country.David Drummond, vice president of Google, announced on June 29 last, one day before the expiration of the license for Google in China, as if the license was not renewed, he "cut off all contact with China .

In March, Google had decided not to censor its Chinese site and transfer it to Hong Kong.But last week, Google announced a new "approach" in China, changing its system to stop censoring its search engine, in an effort to meet the demands of Chinese authorities.

China: more than 400 million Internet

Currently, all Internet users in mainland China are headed on a new page of google.cn, a website in China which now has links with the Hong Kong site.

"It was obvious that we should stop to reroute" automatically on the website of Hong Kong, said Google CEO Eric Schmidt was quoted Friday by the Financial Times, before the announcement of the renewal of the operating license in China .

With the renewal of its license, Google will be able to continue to operate on the largest Internet market in the world.China is the largest Internet market in the world with over 400 million users, according to official figures.

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Marc-Philippe Daubresse the new Minister of Youth and Active Solidarity, presented Tuesday 10 measures' technical and structural "simplifying and improving the RSA enjoyed by 1.78 million households. The goal? To better inform potential recipients of RSA (base and activity) to accelerate the build-up of these two devices created by Martin Hirsch 13 months ago. "Many individuals do not use the RSA of ignorance, complex procedures or for fear of being thought of welfare," said Marc-Philippe Daubresse justified.

To improve access for audiences to information, the minister will send a letter in September to eight million of housing "simply explaining the scheme and encouraging them to do a simulation" of rights on websites of CNAF or MSA.The application forms for entitlement to the RSA will be simplified by the end of October to make them more understandable. Leaves quarterly reporting resources will be reduced to one page and syringes "on the model of the tax return.

A "checkbook services"

The Minister will also launch in September a committee comprising all stakeholders of the RSA and "to examine the changes made to the mechanism in terms of practices, but also legally."A second referee RSA will also be appointed within each agency employment center to link with their counterparts in the general councils to strengthen coordination between the two institutions.

Good practices to facilitate the payment of the allowance of personal re-employment (APRE) – which aims to take over all or part of the costs incurred by a beneficiary when an activity begins or resumes – will be broadcast on the throughout. A "checkbook services" – composed of good standard in exchange for a service – designed to accompany the resumption of employment will be created."The establishment of this checkbook will be appraised in September and proposed gradually, as needed, to departments wishing to use them," said Marc-Philippe Daubresse.

The government also proposes to organize in each department a day devoted to the development of integration pacts "which in particular define the modalities for coordination of actions undertaken by different actors to promote social and professional integration of beneficiaries the RSA. The first day will be held in December 2010.

The Autorité des marchés financiers (AMF) to better protect investors. Like announced last April, the MFA has launched with the collaboration of the supervisory authority, a new public financial information. His goal? To better inform its clients on banking, savings, insurance, financial markets or the credit. The public will get information on insurance products (home, auto, life, health …), bank accounts, means of payment, bank books or the functioning of financial markets, products collective savings, companies listed on the Stock Exchange, the securities account.

"Applications will be redirected by the operators to specialists of the AMF or the supervisory authority," says Madeleine Guidoni, mediator of the AMF.The policeman of the Exchange hopes to meet customer expectations disappointed that their banks do not have better information about the content of such Fund.

Life buoy

"The financial institution has taken to bad habits for marketing of financial products", regrets the AMF Ombudsman Paperless payday loans. With this new service, the regulator should thus be able to better track business practices of banks and better focus the control activities.

After the merger of the bank authorities and insurance giving birth to the supervisory authority, the creation of this service, as required by the economy minister, Christine Lagarde, is like a lifeline to investors, including confidence in financial markets has been severely affected by the numerous cases of fraud or scam.

Called Bank Savings Insurance News Service, is available in a website – www.abs-infoservice.fr – a telephone helpline – 0811901801 – and a postal address – 61 Rue Taitbout, 75009 Paris. The domestic number is available Monday through Friday from 8:00 to 6:00 p.m..

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The rating agencies do not trust Japan. "Without a strong fiscal consolidation plan and credible by the Government of Japan notes will be threatened with demotion to the long term," he said Monday in Tokyo Andrew Colquhoun, director of public debt ratings for Asia-Pacific .

The warning is not innocent. It was made just hours before Prime Minister of Japan, Naoto Kan, announces an increase in the consumption tax, now one of the world's lowest, 5%, designed to rebalance country's finances, would not the day "before two or three years" paydayloans.

In the eyes of Fitch, Tokyo is obviously not fast enough, while the country's debt reaches 201% of its gross domestic product (GDP).

Between the French listed companies and U.S. investors, the reports are looking good. Despite the crisis, Paris remains the third preferred destination after Great Britain and Germany. But this affinity could become even more intensity, if we believe a research firm Financial Dynamics on the attractiveness of companies listed on the Paris Stock Exchange with 30 institutional investors on Wall Street. Europe weighs only 13.8% of their portfolio and the size of France went a small 1.6%, which suggests the study, could grow if the managements of French companies were showing "greater transparency and if the publications were more accurate results and frequent. All these qualities, however, already claimed by large listed companies. Yet Americans remain unsatisfied.While 62% feel well informed about investment opportunities, 38% complain that they do not quite grasp the subtleties of the governance and regulation at the French. This does not prevent them from playing for high: 39% of respondents prefer large-cap, over 10 billion euros. And 23% opt for those between 5 and 9.99 billion euros.

To choose between two companies in the euro area, 53% of investors focus first on to dissect the "fundamentals", only 16% consider the prospects for growth as critical. Which is good in this day and age.

This is not a surprise but the time is more than ever in a pinch. Angela Merkel and Nicolas Sarkozy will meet on Monday to prepare the European Council by the end of the week and the G20 Toronto. Discussions will focus obviously on public deficits in the euro area, including sanctions to apply against the states that are lax or new ways of coordination of economic policies. Originally scheduled on June 7 last, the interview was postponed, allowing the two leaders unveiled their own plans for savings.

French plan considered "practicable"

The plan submitted by Paris this weekend, is considered "feasible" by the Governor of the Bank of France, Christian Noyer.This has indeed said Sunday he is "perfectly possible" for France to bring its public deficit to 3% of Gross Domestic Product (GDP) by 2013 as foreseen in the government aims to reduce the public deficit (government, corporate accounts, local communities), 100 billion. To do this, the Governor of the Bank of France has called for "priority measures to reduce expenses."

Effort on the sources of expenditure

And that's the government's target. The Budget Minister Francois Baroin said Sunday that the objective will be achieved by making "a major effort on all sources of expenditure, the state plans to cut public spending by 45 billion euros. The Minister added that this effort on ITélé would "not less" than in Germany.In Germany, the government wants to save 80 billion by 2014, thanks to budget cuts in military spending and social.

The question remains what the market reaction. For now, a report published Sunday by the Bank for International Settlements (BIS) says that the bailout of the European Union has not defused the fears of the markets. The institutions in Basel has also reaffirmed that the French and German banks are particularly exposed to the debts of Greece, Ireland, Portugal and Spain with a respective total of 493 billion and 465 billion dollars.

AIG will not access the request of Prudential. While the British insurer claimed a decrease of 10% of the purchase price under pressure from its shareholders, AIG said Tuesday in a statement it will not alter the terms of the proposed sale of its Asian subsidiary AIA UK Prudential, whose price is set at 35.5 billion dollars (nearly 29 billion euros).

Prudential acknowledges and will respond "in due course"

In another statement, Prudential said take note of the decision of AIG and said he will make a statement in "due course". He confirmed that he proposed a reduction in price and said that his new proposal is 30.38 billion dollars (24.7 billion euros).This represents a decrease of 14.4% of the purchase price, not 10% as first announced by the prospective acquirer.

To partially finance this acquisition, Prudential would need a capital increase of 21 billion dollars (about 17 billion dollars). What worried shareholders, who must decide on the draft on June 7

Prudential and AIG have resumed negotiations last week to save this agreement, several shareholders of the British insurer has estimated that the price offered to become the dominant player in Asia's life insurance was too high.

After this new twist, we expect that the shareholders of Prudential eagerly await the response that Prudential will this announcement.Prudential Will he finally pay $ 35.5 billion and will reach there to give AIG? Unless the proposed acquisition would not be abandoned.

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Goldman Sachs began his defense alone. According to the report in the Financial Times, Lloyd Blankfein, the chairman of the bank, alleged organizer of the Securities Exchange Commission (SEC) fraud surrounding the collapse of the U.S. housing market, a slab as counsel yesterday. He allegedly spent part of Wednesday's call customers to restore the reputation of Goldman Sachs. The officer believes that the case rests primarily on political elements.

Lloyd Blankfein should be heard next week by the SEC, probably with a former trader, Fabrice Tourre, suspected to have developed structured products involved in this case alleged fraud by Goldman Sachs. The list of those candidates is not yet official.The names of those called to testify before the Senate subcommittee investigation on the financial crisis could be unveiled this Thursday payday loan no faxing.

But the suspicions of the SEC against Goldman Sachs are dehorned by the potential beneficiaries of the alleged fraud. The billionaire John Paulson and Paolo Pellegrini, a former head of its fund Paulson Co, assure for their Paris on the falling U.S. housing market, now at the heart of the controversy over Goldman Sachs, have been prepared under the rules art, and that their pronouncements t?aient public. They promise to provide evidence of such transparency in a timely manner.

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On only two months of the year, the Greeks withdrew from their bank accounts around 4.5% of the total money in the country's banking system, according to the Central Bank of Greece.

The four largest Greek banks – National Bank of Greece, EFG Eurobank, Alpha Bank and Piraeus Bank – bemoan the evaporation of about 10 billion euros of bank deposits, and implore the government to help, the Financial Times in its Thursday edition.

George Papaconstantinou, the finance minister said Wednesday that all banks had asked for the remaining 28 billion euros of financial support plan provided by the state banks at the height of the crisis in 2008.

Yields never achieved

These calls for help comes as Greek interest rates hitting record highs this week.Wednesday afternoon, the yield (rate) of the Greek requirement to 10 years reached 7.176%. Greek and yields move away from the benchmark, the German Bund, the gap between the two are digging more than 400 basis points (4 points).

Markets reacted to the ruling of Athens, that the measures proposed by the IMF are too severe. "This is one reason, but there are others, as investors are forced to sell because interest rates are now too high," said Jean-Francois Robin, an analyst at Natixis bad credit payday loans .

Some are forced to unwind their positions in part because of the Basel II regulations."The number of potential investors has reduced and the purchase is," said Ciaran O'Hagan, of Societe Generale.

The National Bank of Greece will be "heavily impacted"

As a market leader in deposits, the National Bank of Greece "could be greatly impacted by the movement of outflows affecting Greece since the early beginning of the year," noted analysts at Natixis in a note published Thursday morning, which degrades the value to "ease" cons "before buying" and lowers its price target from 19 to 15 euros.

According to the broker, bank, however, is "the best equipped to deal with the crisis with a Greek core tier 1 ratio (reserve ratio) by 9.4%, and high exposure to Turkey, whose performance in 2010 should offset the slowdown in Greece.

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