International News

During the past several months, discussions on financial reform should be completed June 26 The Senate and House of Representatives have each passed a different version of the text. Elected officials from each chamber are now trying to work on a common version. Congress hopes to be ready for the G20, to be held on 26 and 27 June in Toronto, where regulation of the financial sector will be a central theme. The final text could be adopted just before the recess of parliament in early July. It will then be submitted to President Barack Obama for enactment.

Proposals expected in Europe in a few weeks

A desire to succeed which is felt also in Europe.On Wednesday, the President of the Republic, Nicolas Sarkozy and German Chancellor Angela Merkel, have co-signed a letter to José Manuel Barroso, President of the European Commission, urging the agency to "accelerate its work" on "enhanced supervision" of financial markets. They attract attention of the European Commission on the issue of regulation of swaps and CDS. The naked short selling could be banned in the entire European Union.The two leaders also stressed the need for greater transparency in the global markets, that there trading stocks or bonds, sovereign bonds according to their benefit as soon as attention particular.

Proposals of measures could be presented in a few weeks.

A "circuit breaker" on Monday in the U.S.

In the U.S., initial development of markets will be set up incessantly. In its effort regulation of the financial sphere, the system of "circuit breaker" required by the Securities and Exchange Commission (SEC) could indeed come into force next Monday. It provides for a suspension of trade in a way which would fluctuate more than 10% in less than five minutes on the market.With this rule, the Constable of financial markets hoping to avoid the stock market panic like that of May 6.

The SEC is considering extending these fuses, which concern the companies currently listed in the Standard Poor's 500, over a thousand companies.

The Paris Bourse, which sailed around the equilibrium in the morning suddenly stalled in mid-session, disappointed by U.S. employment figures and worried by the fall of the euro.

At the finish the CAC 40 plunged 2.86% to end the session very much below the threshold of 3,500 points to 3,455.61 points exactly. On the whole week in Paris index shows a decline of 1.7% bringing its losses since the beginning of the year to more than 12%.

Reflecting investor nervousness, activity was sustained, with almost 5 billion euros traded on the great values of the Paris stock exchange. Other stock markets in unison dévissaient London lost 1.63% and 1.91% Frankfurt, Milan and Madrid 3.79% 3.80%.The Euro Stoxx 50 index dropped 3.20%.

Investors skeptical of increasing the strength of economic recovery plans for fear that strict hindering growth, obviously await any excuse to sell. They took advantage Friday of a disappointment on the job market in the United States to pass the act.

The euro under $ 1.20

In the U.S., unemployment fell in May to 9.7%, but the net new jobs (431,000) were significantly worse than expected. The NYSE has also reacted badly to this statistic, always closely watched by the markets. Wall Street was changing rapidly decline with the approach of the close of European stock exchanges. The Dow Jones lost 2.16% and the Nasdaq 1.80%.

In Europe, a new front in the crisis began in Hungary.The local currency, the forint, the Budapest Stock Exchange, and covers the failure of Hungarian debt (CDS, credit default swap) tumbled after the alarmist statements about the economic situation on the part of politicians, from the majority place.

Those fears pushed investors to the traditional safe havens like the dollar or Swiss franc. And for the first time since March 2006, the euro fell below $ 1.20. In Paris, financial stocks were once again the front line. Societe Generale lost 7.5%, BNP Paribas and Crédit Agricole over 5%.

The pressure rises another notch on Olli-Pekka Kallasvuo, CEO of Nokia. The action of the world's largest mobile phone has dropped by nearly 15% Tuesday in Helsinki. Investors are tired of poor results of the Finnish telecom giant. Its net income in first quarter to 349 million euros, below expectations. Its revenues, to 9.52 billion euros, rising only 3%. Finally, its forecasts have been downgraded savings account payday loans.

The poor results follow each other. In the third quarter of 2009, the group had published its first quarterly loss since 1996. On Thursday, the CEO admitted "continue to face a very tough competition in the smartphone and market conditions very difficult for Infrastructure Network.

Caught between the Asian and Apple

The International Monetary Fund (IMF) has just been presented with a request for assistance from Greece. Until now, the IMF provided only technical assistance to Athens. The team of experts is hard at work in the capital of Greece. "We are ready to act quickly in response to this demand," said Dominique Strauss-Kahn Friday, IMF Managing Director. And Youssef Boutros-Ghali, chairman of the board of the institution, recalled: "Aid to Greece will take time. This can not happen from one day to another. "Especially since the Papandreou government is engaged in negotiations on a plan" covering several years. "

So far, the IMF had not been involved in developing the plan of the European Union. This is not a member of the board of the fund. The proposals could therefore engage the IMF, said it does in Washington.It is expected to "several weeks" of negotiations. The amount of the full plan could exceed the record $ 58 billion set by Korea in 1997 with the conditions negotiated by the IMF.

The multilateral institution also assumed that the share of aid to Greece will represent one third of the package agreed by the other countries of the euro area. But this figure could possibly change after the verdict of the negotiators of the fund. The absence of a margin for adjustment by devaluation, however, seriously complicates the terms that the IMF should negotiate with the Greek authorities.This is not entirely without precedent: for example, Latvia has received 1.7 billion euros from the IMF in 2008, as part of an international package of 7.5 billion, while keeping its currency indexed euro.

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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.

We knew the loopholes in the tax and social in the sights of government. Fran?ois Fillon reiterated Thursday that he did not intend to scale back its ambitions in this area. Before the senators, the Prime Minister has once again stated that the government would propose the "elimination or capping of tax and social niches. Lower taxes for donations to associations, loan interest deductions for a property purchase, VAT at 5.5% for other work and reduced taxation for life insurance contracts now know what to expect !

Bercy's goal to reduce by 2 billion euros per year tax loopholes, and for 3 years. An ambitious goal that requires the Department of Economics at all look under the microscope, one by one. "There are two ways to act: either to consider each of the niches and see the feasibility of its abolition.Or set up a rule on all tax and social niches, "said Thursday the prime minister. In other words, the planing.

In late January, in an interview igaro F, Francois Fillon was e indicated that the government does would create "no more". "Then we must question their effectiveness: some of them are not, or more strategic. We will limit the other in time – to force us to regularly check if they meet their goals – and minimize their ceilings, "he explained.

Decisions mid-May

The government has made a religion on the subject for many months already.For even if the deficit was revised slightly downwards for this year – 8% of GDP instead of the initial estimate of 8.5% – a considerable effort will need to be made to the path of public finances on leave again the right slope, having slipped sharply during the crisis.

Politically, addressing niche has an advantage: it is the best way to increase taxes without seeming to. But the task is not easy technically. Touching the niches that benefit businesses? The government is not keen, not to nibble again their competitiveness, it has worked so hard to restore it elsewhere. Last week, Secretary of State for Employment Laurent Wauquiez, was thus excluded from the touch – even slightly – to employer contributions, because "the relief load is undoubtedly the policy tool of the job more effective. "It finds that, according to the minister, a report issued a few weeks ago by the Inspector of Finance, Jean-Luc Tavernier. According to the report, 21 billion of relief support enjoyed by companies on low wages would save between 600 000 and 800 000 jobs. Unable to touch in times of high unemployment.

Addressing niche enjoyed by individuals? Difficult also, without taking the risk of being accused of sacrificing the wallet of the French. On this issue, the prime minister has also several reports in his drawers for the inspection of Finance. One focuses on tax loopholes related to inactivity. Another niche on the taxation of savings. One thing is certain: the topic will be addressed at the national conference of the deficits projected for mid-May Nicolas Sarkozy has already announced that the decision "important" would be taken.

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. "

There are just a year he had won the grand prize of BFM manager and made the headlines in the magazines, which presented him as a guru technologist and strategist warned telecom. With only two known passion, except tech gadgets. His wife, Gilberte, banker at HSBC, and the trees of his house in Sologne. Alas, this image has eroded since the summer, while a series of suicides has plunged the group.

Hue on some sites, a company that has yet veneration of the leader, Didier Lombard, in his wheedling air and round cheerful, is affected. The mathematicians more comfortable in the labs among engineers that under the camera, commits some awkwardness of language that mark the spirit but do not reflect his thinking. Like when he talks of "fashion" about suicide.

The runaway media, which has a genius visionary, is suddenly switch to a boss with autism.A shift that shows how it is excessive as it is radical.

For Didier Lombard is fully committed to "home" and its employees, where he began his career as a young Polytechnique, before joining the Directorate General of Industry at Bercy. There he will manage all major industrial issues, Bull Thomson. It will keep the obsession with the voice of France and Europe in the "global digital village," between the American omnipotence and new ambitions Chinese Business Card Holders .

Capacity in countries emerging

When it comes to the head of France Telecom in 2005, replacing Thierry Breton became Minister of Economy, the company is just the head. Crushed by debt, it almost went bankrupt.Didier Lombard accelerates plan "TOP" drastic cost reductions initiated by Thierry Breton, and continues the transformation of enterprise fixed mobile integrated operator with its plan Next. A transformation vital to the survival of the group plunged into the competition, but that is no longer welcome by some of the employees in historical France. At the international France Telecom is strengthening in the emerging countries, but also in Switzerland and Great Britain, even if the marriage with the Nordic TeliaSonera fails.

In taking over, St?phane Richard will give a flat part of this strategy.Starting probably content, even if their weight in the group activity is inversely proportional to the media buzz they generate.

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In the wake of their European counterparts, U.S. exchanges have closed the week on a steep decline: the Dow Jones lost 0.96% and the Nasdaq, 1.22%. However, publication of results in the fourth quarter of giant Intel on Thursday night after-hours trading was better than expected. But the JP Morgan Chase established the doubt. The day before the U.S. markets have closed up slightly, despite the disappointing statistics across the Atlantic. The sectors of health and technology have supported the trend.

Earlier Friday morning, Asian stock markets closed broadly in the green. Tokyo The Nikkei ended the session up 0.68% at 10,982.10 points. The Hang Seng in Hong Kong, however, ended down 0.3% to 21,654.16 points as investors still worried about a possible tightening of Chinese monetary policy.

The President's speech yesterday, Obama did not surprise the markets.As announced by the spokesperson of the White House, a proposed tax of fifty largest banks will be presented to Congress in the coming weeks. According to the Financial Times, the U.S. Treasury would press other countries to also adopt a tax on banks.

New wave of statistical significance

The consumer prices in the United States rose by 0.1% in December, bringing inflation over the whole of 2009 to 2.7%, according to figures released Friday by the Labor Department. In the short term, the inflation risk sembre low.

Industrial production in the United States rose in December by 0.6%, as expected by analysts, according to official figures published Friday, but this increase was primarily allowed by having an unusually cold boosted the energy sector.

The technology and banking suffer

Intel sells 3.17% to 20.80 dollars, while the U.S. group confirmed on Thursday evening the resumption of its activities, with net income nearly tenfold in the fourth quarter of 2009, which has reduced to 17% of the decline annual net profit to 4.369 billion dollars. This exceeds the expectations formulated earlier by analysts. "The market has seen a nice rise, everybody expected a good showing from Intel. To some extent it is a classic case of sales at the time of the announcement, "said Owen Fitzpatrick of Deutsche Bank. Even setback for Microsoft (-0.32% to 30.86 dollars), IBM (-0.38% to 131.81 dollars) and Cisco (-2.20% to 24.40 dollars).

Boosted by a return to growth in the fourth quarter, PC sales grew by 5.2% in 2009, according to a study by analyst firm Gartner published yesterday.Acer dethroned Dell (-2.04% to 14.40 U.S. dollars) in second place worldwide.

Even surprise to JP Morgan Chase, which lost 2.26% to 43.68 dollars. The U.S. bank has yet announced having doubled its net profit in 2009 to 11.7 billion dollars. Per share, net income reached 74 cents per share in the fourth quarter, against 62 held by analysts. In the fourth quarter alone, the bank has increased by more than four net profit to 3.3 billion dollars. The bank's CEO, Jamie Dimon, welcomed the news that the bank in late 2009 enjoyed a "very strong capital ratios Tier 1 of 11.1%. But the cost of risk (failure to pay on credit) remains "high". The bank especially in its accounts last quarter to 7.3 billion dollars in reserves to cover these risks.Morgan Stanley lost 2.88% to 30.30 dollars, Goldman Sachs 1.95% to 165.25 dollars, and Bank of America 3.33% to 16.26 dollars.

Citigroup (-2.85% to 3.41 dollars) would be decided by the Financial Times, to cap the bonus at $ 100,000.

Market research firm NPD has revealed sales of video game consoles in the United States for year-end 2009 total, the three major manufacturers have passed 40 million consoles in 2009, including 20 million for the Wii Nintendo, 10 million for the Xbox 360 and 10 million for the PlayStation 3 (PS3) by Sony, thanks to an aggressive policy of lower prices.

In addition, Verizon Communications (-2.05% to 30.58 dollars) will host a conference on its wireless subsidiary, which is partly owned by Vodafone (-1.82% to 22.09 dollars).

Oil retreats, dollar strengthens

Side materials, oil slipped below the 79 dollars a barrel and connects its fifth session lower after the report of the International Atomic Energy: global consumption of oil should rebound by 1.7% in 2010 fully supported by demand from emerging countries and Asia, after falling 1.5% in 2009.

The dollar is strengthening against the euro, which is penalized by the situation in Greece after the publication of inflation. One euro is worth 1.4385 dollars.

The carbon tax is passed to the door Tuesday censured by the Constitutional Council. The government promised to submit within three weeks, a new mechanism. Anyway, the series of texts budget voted in recent weeks Finance Act 2010, Act funding Social Security, supplementary budget for 2009 includes several other measures affecting the taxation of households this year. Here are the key.

• Ceiling overall tax loopholes

For income received in 2010, a taxpayer may not reduce their income tax using the tax loopholes (working from home, child care, grants to associations, Scellier …) beyond an amount equal 20 000 plus 8% of its taxable income. Introduced in late 2008, the overall ceiling was far more generous, to 25 000 plus 10% of income.Taxpayers who use the niches Dom-Tom, Scellier, or devices for tourist homes have a respite: they have signed an investment commitment before December 31, 2009, they escaped the drop in overall ceiling .

• Act Scellier

The reduction of income tax, taxpayers enjoyed buying a new home for rent under certain conditions, remains at the same level as in 2009 – representing 25% of the purchase price – for homes purchased in 2010 that they meet or not the standard "building low-power" (BBC). The "greening" starts from 2011 for non-BBC dwellings, the tax cut to 15% next year and 10% in 2012. For homes BBC, it remains at 25% in 2011 and then fell to 20% in 2012.The Scellier disappears at December 31, 2012.

For new housing, the loan rate zero (PTZ) was doubled in 2009 and will continue until June 30, 2009. Photo credits: Pascal SITTLER / REA