International News

After two sessions of sharp decline, the Asian stock markets resumed colors Tuesday. In Japan, the Nikkei 225, which had fallen below 11,000 points, it brings back, gaining 0.62%, to 10,976 points.

In Hong Kong, the Hang Seng up 0.8% at 21,576 points. The S & P / ASX Sydney is 0.33%, to 4931 points. And the Bombay SE Indian wins 0.34%, to 17,459 points.

Bank stocks and airlines have regained some lost ground in recent days, says one local broker, because the complaint against Goldman Sachs for some, and the ash cloud for other

The day before, Wall Street has ended without direction, while European stock markets closed in decline consequent.

The charges against Goldman Sachs continues to be central to the concerns of investors worldwide Fast Cash Without a hassle.The investment banking side has explained to Congress. Sec could go for other banks. And AIG could also file a complaint against Goldman Sachs.

Toyota still reminders

Toyota (-1.89% to 3.625 yen) announced Tuesday the recall of 34,000 worldwide 4×4 vehicles that could run off the road if driven too fast around corners, a new concern for the automotive giant Japanese also regard the Lexus, its luxury brand ultra-lucrative.

This comes as yet another reminder Toyota has agreed to pay a record fine of nearly $ 16.4 million in the United States, where he is accused of being slow to call on other cases of defects.

Since Tuesday, investors are moving away from safe-haven assets following the various signs of recovery in the global economy. The success of Intel promote appetite for risk. What will weigh on the dollar. Just as the maintenance of the speech by the Fed, which promotes interest rates still very low even for long.

EUR / USD – Sessions hectic since early April

After the Easter weekend, there has been a depreciation of the euro against the dollar in a climate of distrust of so-called risky currencies. The operators were cooled in their appetite for risk because of their fear on the issue of Greece. The single currency has lost about 220 pips * from a quotation of dollar 1.3500 1.3282 U.S. dollar on Thursday at 10am (lowest of the week).

Then the tension on the markets have weakened.Speech by Jean-Claude Trichet, president of the ECB (European Central Bank) last Thursday, has eased the financial world. He said he pursued the policy of low interest rates up to 1% in the euro area. And it has said that "Greece was able to reduce its deficit" and had already started to employ strong measures.

Nothing better to give a boost to the euro. The last weekend, offering assistance to 30 billion euros – Athens does "not want to use" – the European Union gave a big blow oxygen, allowing the euro to rise around 1 36 dollar on Monday.After two sessions of stagnation (Monday and Tuesday), the exchange rate has increased again, bolstered by renewed investor optimism about the strength of the global recovery due to favorable economic statistics, while comments Fed chairman on a forecast of "moderate growth" have weighed on the greenback.

On Tuesday, the foreign exchange markets have welcomed the issuance by Athens Treasury bills.And on Wednesday, Ben Bernanke (Beige Book) reiterated Wednesday that the rate of the institution should remain close to zero, at which they are set since December 2008, for an extended period, dismissing speculation of an anticipated tightening of Fed monetary policy, which has given new impetus to the euro.

As expected by analysts Realtime Forex Tuesday, which saw the euro test the 1.3541 support for better back, it is mounted to 1.3667 to 18 hours.

CDN / JPY – Same trend

Nippon side, the euro followed the same "trend" * weekly against the yen. The single currency began a decline of more than 400 pips against the yen. On Monday, the euro / yen was quoted at 127.70 to touch a low of 123.40 yen. But from the response Trichet yesterday, the euro strengthened to 125.60 yen to return.

The yen fell for the sixth straight session against the euro, with one course from Wednesday to 127.07 yen against 126.83 yen the day before.

GBP / USD – Sterling held up better than the euro

Across the Channel, the BoE (Bank of England) has also left interest rates unchanged at 0.5%, indicating that this was not the time to make an adjustment of rates.

Monetary side, the pound sterling, however, fared better than the euro against the dollar. Like British macro-economic figures emerged this week (GDP 0.4% and manufacturing output up 1.3%), the pound has evolved into a "range *" between 1.5130 and 1.5320 dollar.

* The cable is able to break this channel by treating up to 1.5473 dollar.

Against the yen, the pound again the delay and found almost the level of 144.21 yen on Monday.

CHF / EUR – Swiss Franc still going strong

On Wednesday, the Swiss franc 1.4362 per euro symbol. This is a very strong for the Swiss franc, which traded in 2009 almost all the time between 1.50 and 1.54.

Since the beginning of the year, the Swiss Frabce climbed more than 5%. This is not the business of the Swiss Central Bank, whose foreign exchange policy is heckled.

The yuan under the spotlight of the world

On Wednesday, Ben Bernanke, who appeared before the Joint Economic Committee of Congress, reiterated that "the United States must continue to press China to bring it to revalue its currency, the yuan."Barack Obama this week's encounter homolgue Chinese President Hu Jintao on China's trade deficit background.

Most economists agree that the currency is undervalued – by 40% according to analysts and has been used to obtain an economy more oriented toward exports to domestic consumption.

On the one hand, in case of revaluation, China would be ready to counter the speculative bubbles that threaten, and inflationary pressures. But then again, remember that a more expensive yuan will be more expensive for the "Western" to fill all Chinese products.And they will have the effect of melt exchange reserves in dollars of the Chinese, which does allow them to buy as many more U.S. Treasury Bonds, and therefore finance the debt of the United States …

* Definitions

• Forex: For Foreign Exchange, or foreign exchange market

• Technical analysis: analyst or chartist. She studied graphic evolution courses. The research in the historical price behavior involved in a situation to predict the evolution of financial securities.

• Pips: Price Interest Point. Unit rating for foreign currency. It designates the last digit used: in the case of the euro, the fourth decimal place.

• Trend: trend.

• Range: range.

• Support: value as the price has very little chance to pass down.

• Resistant: value as the price has very little chance to overtake on the rise.

• EUR: Euro, USD: U.S. Dollar, or U.S. dollar JPY Japan Yen or Japanese yen, GBP: British Pound, CHF: Swiss franc.

LE FIGARO. – Your estate at the head of Generali was held a week ago by Mediobanca, the main shareholder. The agreement was then found that satisfy you?

Antoine Bernheim. – No. Of course I understand that we did not wish to renew for three years president of 85 years. But in this case, it is obvious that age is an excuse. I do not accept the way things have been made against me and against Generali. Me, I was offered an "honorary president", but not at the board of directors! As for the company, its management has been decided from the outside, in Mediobanca. And he provides a board where no one outside the two managing directors (CEOs, Ed) will not know anything for insurance. They even rejected Claude Tendil, president of Generali France, which is one of the best insurers in the world.Generali deserves better than that. We do not yet know how the powers will be defined between the two managing directors and the president. As for Mr. Geronzi, who must take the presidency, I wonder … This is not an insurer and he always said he did not want this job.

Will you accept this patronage?

Honestly, I do not know yet. Thanks to Mediobanca, I'm not even on the list of directors to be presented at the meeting April 24. Given what I represent in the history of Generali, I think it's an insult. Ultimately, I could accept such a position, if I was director. And then, when we, like me, been kicked out of a masterful kick, one is rather tempted to retaliate. I am.I would add that on April 24, the small shareholders in Generali will, too, have a say.

Vincent Bollore, who is close to you has participated in the council and Mediobanca will become vice chairman of Generali. This does not "compensate" Does not your departure?

Vincent Bollore said he did everything he could within the nominations committee of Mediobanca. I think, though, in reality, I think that he is not against the idea of a withdrawal to my age. He advises me for months already to accept a honorary president for life and the benefits attached to them.Do I need? After all, my phone rings again …

As for the future role within the board of Generali, Vincent Bollore – who, as intelligent and dynamic as it is, is not an insurer – I do not know what he can be when we clearly supports a takeover of Generali by Mediobanca.

What do you mean?

I think if you put me in the door today Generali, because I defend an orthodox management, exclusively serving the interests of the company and its shareholders, not special interests. I also fought for what is Generali of Italy, a treasure, one of his very few companies to be known worldwide. We're number two in France, Germany, Central Europe, in China too (private sector).But for the merchant bank Mediobanca, which is no longer the hub of the Italian economy it was the time of Enrico Cuccia, the issue has always been to return to power at Generali easy pay day loans. What has never been neither in the interests of the company and its customers or the interests of Italy.

The defense of Generali, it was also against the appetites of other insurers. Have you, during your presidency, proposed a marriage with AXA?

My duty has always been to defend, with all my strength, the "Italian character" of Generali. So yes, Axa has always wanted a reconciliation, but I've always been against. And I have often said Claude Bebear.If it was thought at one time or another, the fact that French is the head of Generali was a godsend, he finally had to give in to reason.

Compare yourself today the circumstances of your departure to the 1999?

When I became the CEO of Generali in 1995, it achieved very little of its profit in connection with its object. She was content to sell property to make profits! In four years, I had doubled the turnover consolidated global market capitalization tripled. But Mediobanca from me in 1999. As I said at the time, and this remains true, the recognition is a disease of the dog not transmissible to man!

And then in 2002, Mediobanca, very concerned about the financial situation of Generali, which was lost, asked me to return. What not to the liking of everyone.Antonio Fazio, Governor of the Bank of Italy, has done everything for me put a spoke in the wheels. But he failed. Others were convinced that I would not set goals that I had with the two managing directors: we had developed a considerable business plan, for a term of three years for the management, instead of just one year as was. And as I have done my job, they could not get rid of me … until now.

This special relationship between Generali and Mediobanca did she embarrassed in your plans for the insurer?

Yes, because Mediobanca would not be diluted stake in Generali. They have never wanted me to realize any capital increase. Mediobanca may not, from his point of view, giving room for maneuver to Generali, and I worry for its future.Because if the company has managed to partially rebuild its capital after the terrible financial crisis we went through these past two years, it will not be sufficient to meet future regulatory requirements under Solvency 2 Directive nor more needs to be developed by means not only organic but also by major acquisitions.

At one point, he will make a capital increase. And better sooner than later because the liquidity has been abundant in recent months, will not always what you …

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For Nicolas Sarkozy, "nothing would be worse than to change course." Three days after the defeat of the right in regional elections, the Head of State said "understand the impatience of the French", but promised to "continue the reforms."

In a television address after the Council of Ministers, the President detailed the major projects to come. Regarding pension reform, one of the most important issues of his mandate Nicolas Sarkozy has promised "not to go into force" while ensuring that it would be adopted "six months".

Also on the economic front, he expressed his desire to "continue to reduce labor costs and investment" to help France to recover from the crisis.Regarding agriculture, the Head of State expressed its readiness to provoke a "crisis in Europe rather than accept the dismantling of the Common Agricultural Policy.

The president also announced he would launch a "concerted" on the medical outreach. Several unions went on strike March 11 to demand a revaluation of the base rate of consultation, and a new operation is scheduled April 8

A law on the full veil

On social issues, Nicolas Sarkozy was back on the table the issue of the burqa guaranteed payday loans . "The full veil is contrary to the dignity of women. The government will introduce a bill banning "he said, without specifying the timing.

The president also brandished the threat of suspension of allowances for parents of children skipping classes. To the head of state, "the responsibility of parents must be committed." Moreover, "young people who can not attend a normal school will be placed in appropriate facilities where they disrupt the lives of most others and they will receive special support," he said.

The carbon tax postponed sine die

While stressing "the choice of a green tax", Nicolas Sarkozy confirmed on Wednesday that the Executive conditioned the establishment of the carbon tax to a hypothetical European Agreement on the device."I makes the creation of a carbon tax to a tax internal borders that will protect our agriculture and our industries against unfair competition from those who continue to pollute without shame", was it right after the first council government ministers slightly modified, which the Secretary of State for Environment Jouanno Chantal did not participate.

An ad that was not one. The Russians do not enter the race for the tender of 35 billion dollars to supply 179 tanker aircraft to the U.S.. The company export Russian Rosoboronexport arms and aerospace manufacturer United Aircraft Corp (UAC) denied Monday to prepare a proposal.

Friday night, it was about a partnership between UAC and "a U.S. publicly traded" interfering in the list of contenders for the giant contract.At least that's what John had said Kirkland, who appeared as counsel for the future identity.

April Fools before the hour

"We know absolutely nothing of this tender," said Vyacheslav Davidenko, spokesman for the Russian arms exporter, the only Russian company authorized to participate in tenders of foreign military personal loans for people with bad credit .

With UAC, the news was taken with humor: "I think someone is preparing to advance an April Fool," said spokesman UAC, which said not even know "the lawyer "he read the name" first Friday "on the Internet and in newspapers.

Boeing still alone

For example, Boeing is still single track. But EADS could seep again.The European manufacturer has applied for a period of 90 days for the closing of the tender to submit a new proposal. At the Pentagon to decide. The installment is currently scheduled for May 10.

EADS had been ejected from the race in February, while its U.S. partner Northrop Grumman had withdrawn from a competition judged biased.

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On Wednesday the European Commission has strongly urged the France "to clarify the budgetary strategy which will enable it to correct its excessive deficit and reduce its debt. The latter has in fact intended to increase "substantially because of the likely deficit, but also as a result of the issuance of public debt to finance public investment."In other words, Brussels is concerned about an economic policy which aims to increase the debt …

Ambitions intact

The Government does not intend to revisit all his ambitions downwards coincidence, Fran?ois Fillon returned Wednesday by the Council of Ministers launched the operational program for future investments – 35 billion that will go into teaching Higher education, research, industrial clusters and SMEs, sustainable development and digital.

The Prime Minister announced the holding of an interdepartmental committee before the end of April, "after which will be signed the first agreements between the State and operators responsible for the granting of funds" (OSEO, National Agency for Research Fund deposits …).

These agreements specify the selection process of projects – they will catch up to France, while creating wealth and jobs – and the arrangements for monitoring investments. They make it possible to launch "within weeks" of the first calls for projects for their selection as 2010.

The first would involve investment in high speed, "a subject on which we want to go fast," said a government source.

Moreover, the list of international juries who must select the campus of excellence is almost ready and their choices, investment monitoring, should be done quickly.In the field of nuclear research, the government also wants early investments occur this year.

Other actions, which do not require the launch of calls for projects, will lead "to finance faster," says Matignon. This applies for example to strengthen the core of OSEO to 1.5 billion euros, the granting of "green loans" subsidized industrial enterprises and aid for thermal renovation of housing for households with low incomes.

The Commissioner General for investment, Rene Ricol, has his eye on a single euro spent … What reassure Brussels?

Antoine Gosset-Grainville, deputy director of Fran?ois Fillon's office for nearly three years, will soon be appointed Director General of the Caisse des Depots et des Consignations (CDC). A decree of the President of the Republic should, except surprise formalize the appointment.

Revealed last week by Le Point, arriving rue de Lille, where they are officially "no comment" – is not expected until May. It would also be included in a broader reorganization of the management team of the Caisse des Depots, whose mission has grown with the crisis of the past two years.

Antoine Gosset-Grainville, 44 years Wednesday, should be specifically in charge of financial matters and strategic subsidiaries and shareholdings.Alain Quinet, currently director of finance, strategy and sustainable development, would be offered another position in the house.

Inspector of Finance, former lawyer for competition at Gide Loyrette Nouel, "the man with suspenders" Matignon is both well-versed in the intricacies of state and business community for having had the upper hand with the Prime Minister on economic issues: strategist, he has "all the qualities for the job," says a former employee.

The idea of the director general of the public, Augustin de Romanet, is among other muscles of the piloting of subsidiaries – NPC, Transdev, ISPs … – and the role of shareholder faxless payday advance .The CDC is indeed present in this capital of many companies, some of which (Post, Dexia) will be on center stage in the months ahead.

By calling to him near the existing power-AGG is not only close to Fran?ois Fillon but also appreciated the team-Elysian former Deputy Secretary General Jacques Chirac is also an asset in his game Admittedly, Augustine Romanet is now guaranteed to go to the end of his term when his post had been many rumors at the beginning of the quinquennium.But the CDC and its branch are under surveillance, to the end of March 2012 will arise when the question of renewing the current mandate.

On Monday, the CGT said that "if confirmed, the arrival (Antoine Gosset-Grainville editor's note) would complete the questioning of the republican principle of autonomy of the CDC, which is threatened to" UMPisation " . Outside of any political stripe, the CDC has seen in recent years, several deputy directors of the Matignon office. Dominique Marcel (with Lionel Jospin), Augustin de Romanet (with Jean-Pierre Raffarin) and Alain Quinet (with Dominique de Villepin) especially had before him, opted for the venerable institution.

Investors began to doubt when the morale of U.S. households showed slightly degraded. Americans are less optimistic about employment prospects. The index of consumer sentiment fell to 72.5 in March against 73.6 in February.

The effect on U.S. markets was immediate. While in the early exchanges, they open up, already after three consecutive sessions in green, Dow Jones, Nasdaq and S & P 500 are passed into the red.

Around 16:30, they retreat respectively of 0.06%, 0.34% and 0.19%.

This Friday at 14:30, retail sales in the United States have resisted to the bad weather in February.Against all odds, they rose by 0.3% compared to January (in data seasonally adjusted) while analysts felt they had declined by 0.2%.

This supports other new ad, released Thursday, which was rather reassuring, even if they still underscore the difficulties overseas cheapest one. Like the U.S. trade deficit fell to 37.29 billion dollars from 39.9 billion in January. For specialists Barclays Exchange, "it is a pleasant surprise to the extent that economists were expecting a deficit of 41 billion dollars."Other good news side of the labor market "listings weekly unemployment fell to 462,000 from 469,000 the previous week.

Oil prices rose Friday in the opening exchanges in New York on a more optimistic market demand after the new forecast of the International Atomic Energy. The barrel of light sweet crude for April delivery was trading at the opening at 82.97 dollars, up 86 cents from the previous day.

On Wall Street will be sitting under the sign consumer with the publication of sales information for the month of February and the preliminary estimate of consumer confidence.Business inventories for the month of January will be published in late afternoon.

Citigroup rose 20% in 4 sessions

On the side of values, the CEO of Citigroup has pledged a return to profitability of the bank. The state could get rid of all of its shares within twelve months. The title of Citigroup rose 30% since the beginning of the month and by 20% since the stock market Monday. Friday, the shares resumed their breath, down from 0.7% to $ 4.15.

For several sessions throughout the banking sector enjoys a renewed interest from investors. On Thursday, he was also concerned by the failure of talks in the U.S. Senate to reform the financial system.After several months of effort, Senator Dodd, chairman of the Senate Banking Committee, failed to reach an agreement between Republicans and Democrats on this bill to reform the banking system.

In the energy sector, Devon Energy (0.51%, to 72.41 dollars), the specialist production of oil will sell at BP Plc for seven billion dollars of assets located in Brazil, Azerbaijan and Gulf of Mexico.

Note also the manufacturer of semiconductor National Semiconductor announced after the close of the NYSE, a profit of 53.2 million, or 22 cents a share against 18 cents expected by analysts' consensus. Turnover was 361.9 million against 348.6 million expected by analysts. Titles rise of 0.63%, to 14.44 dollars.

It keeps more Ryanair. The low-cost airline, offering unbeatable prices every month and opens new destinations this year will become the first European carrier. With 65 million passengers pass it to Air France and Lufthansa. This success, however, relies on flamboyant resort to illegal aid from airports served.

According to Air France, the aid would have amounted to 660 million euros in Europe in 2008, including 35 million in France. Based on its estimates, the company has decided to refer the case to the European Commission, confirming the details of Figaro. The complaint should be filed against Ryanair in the coming weeks, includes several charges: "lack of prior notification," "breach of equality and distortion of competition ',' illegal state aid.

Air France has conducted a proper investigation before doing so.This included all decrypted reports of regional chambers of accounts (CRC) on the subject. Using data sometimes old, crossed with his information on the field, experts have reconstructed the puzzle of allegedly illegal subsidies received by Ryanair. It shows that on average, chambers of commerce and industry, who manage airports, support the activities of Ryanair in France up 9 to 32 euros per enplaned.

A cultural crusade

From the bottom of the range found in France (using a 11 euros per passenger) and by a simple rule of three with the European operations of Ryanair (60 million passengers in 2008), Air France said that its competitor has received this year 660 million euros of aid to Europe. In support of its investigation, the French company relied on its partners KLM and Alitalia.She has found that the aid granted to Ryanair at the airport of Ostend and Alghero were above its low estimate of 11 euros.

"It's a bit weak reasoning, recognizes a part of Air France. There is no organization in Europe that will do the job of regional chambers of accounts. But the 11 euros of aid per passenger is carried in Europe by the airport we could see. We therefore believe that Ryanair affects 660 million euros in Europe. "

Pushing his argument further, Air France calculates that Ryanair, which posted a net profit of 390 million for its fiscal year 2007-2008 and a loss of 169 million in 2008-2009, has been virtually lost 270 million in 2008 and 829 million last year.

The aid takes several forms.They can be direct, as aid to start extending in contradiction with EU legislation. It also aids "indirect" form of rebate granted on ground handling and airport charges.

The method Ryanair is known: for aid in exchange for an airport serving unprofitable, the company highlights the financial windfall of Anglo-Saxon tourists it carries. In case of refusal, or if the aid is criticized, it selects a nearby airport.

This crusade Air France is not the new episode of a commercial battle, since he rarely Ryanair frontally competition. It is more cultural. "The prices charged by Ryanair give a false perception of the value of our service to passengers, said a part of Air France.The Irish company is considered the musketeer who is offering unbeatable prices respond to national companies and terminate abnormally high rates. In fact, Ryanair flies with the European taxpayers' money. "

Ryanair responds to accusations

Contacted by Le Figaro, Ryanair denies receiving any state aid on the airports where it operates. According to the spokesman of the company, "Air France is who receives illegal subsidies in the form of reductions in airport taxes on its domestic routes in France. "We do not pay attention to false claims of companies such as Air France who perform high prices and fuel surcharges, said the spokesman of the company.They complain because they can not make us competitive. "Ryanair has been traveling 6 million people in the departure or arrival of the French regions and said" support 6 000 jobs in France. In addition, Ryanair announced that "the economic model of Air France is in danger because the company can match its prices. This explains the false accusations. "

End of story. For several weeks, negotiations between the seven countries A400M customers and executives of EADS, parent company of Airbus, have punctuated the news. At yet another meeting, in Berlin, a "tentative agreement" was reached, provided the giant European aerospace in a statement.

Customers (Belgium, Britain, France, Germany, Luxembourg, Spain and Turkey) will pay 3.5 billion euros extra. What survival program, which accumulates nearly four years late and reaped 5.2 billion euros of additional costs.

Specifically, they shall have two billion more on the initial price of the contract and provide $ 1.5 billion in exchange for a share of future exports, according to EADS.The original contract must be amended in the "coming weeks".

In addition, it was agreed to accelerate payment of PDP between 2010 and 2014, but no timetable has yet been arrested.

The time for congratulations

EADS considers that this agreement provides a basis "healthy" for a successful evolution of the A400 program M.

The French Minister of Defense Herv? Morin was commended for his share "of the finalization of the negotiations. "This agreement completes the implementation of decisions taken by ministers at the meeting organized at the initiative of France in Le Castellet July 24, 2009, during which the nations have decided to continue this program emblematic of Europe defense, "he said.

In January, EADS said it planned to simply abandon the program, saying while threatening the sustainability of the group.

The Minister then assured that France would "do anything to save" the project. A few days before, the multipurpose aircraft designed to replace the Transall C-160, for example, 45.1 meters long and 14.7 meters high, can Tranporter troops and equipment, had made its third flight.

Profit warning

This agreement is obviously good news. But EADS will pay the piper in recent months. The group was informed on Friday that it will record an operating profit (EBIT) and net earnings were negative in 2009.In case the provision of 1.8 billion euros for the additional costs of A400 million, he announced today in a statement.

"The final figures will be disclosed during the announcement of full results of fiscal 2009 EADS March 9, 2010.

CM-CIC, which was released yesterday, Thursday, a "preview" (a score prediction results), banking on a net income of 60 million euros, while the Bloomberg consensus provided 21 million euros. But these figures do not include the provision because it was not known.

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