International News

The Organization for Economic Cooperation and Development (OECD) maintains its pressure on Switzerland and its banking secrecy. The Global Forum on transparency and exchange of tax information, which includes 101 countries, under the auspices of the OECD released Wednesday night, Bermuda, his verdict on nine countries, including France, United States, Switzerland and Singapore, two financial centers deemed opaque.

Not surprisingly, the OECD does not spare the Swiss Confederation. The report highlights several "shortcomings" of the Swiss legislation in the light of new international agreements on tax matters. In March 2009, following the UBS scandal in the United States, and under pressure from the G20, which forced the OECD to draw up lists of black and gray havens, Switzerland pledged not to oppose its banking secrecy when investigation for tax evasion.To exit the "gray list", where she had fallen at the time, the Confederation has revised most of its bilateral tax agreements – 29 new agreements have been signed since – to include the latest standards of fiscal transparency required by the OECD.

Problem: According to the OECD Global Forum, the Swiss legislation, pending approval by Parliament, is still too restrictive, preventing the de facto transfer of information on tax evaders. Indeed, the new Swiss legislation stipulate that the requesting State must have the name and address of the alleged fraudster, to avoid "blind fishing" for information.

New promises

Result: "a minority" of the new agreements are found to comply with OECD standards.Alerted this winter, it might be re-pinned to its opacity in the exchange of tax information, Switzerland has made amends, at least orally. Last February, the Ministry of Finance Helvetian committed to make adjustments in its legislation by February 2012 so that the absence of name of alleged fraudster is no longer a barrier to information sharing.

Hailed by the OECD, this new concession Bern was very badly received by the Swiss financial sector, which fears of losing the whole banking secrecy fearing further withdrawals of funds for the benefit of Asian financial centers, less scrupulous. In Switzerland, where the subject is very sensitive, conservative politicians of the UDC accuse the federal government to yield to the injunctions of Paris and Berlin.They hope that at the end of the race, a referendum will force the federal government to reconsider its promises.

Helvetic anger is even stronger than the OECD report on Singapore, released at the same time, is more lenient. The gaps relate to the authority in charge of investigations for tax evasion. According to the World Forum, this institution is not equipped with adequate investigative powers to obtain information from banks and offshore companies. Now it is to Singapore as the most hidden funds have sought refuge in Switzerland for two years.

SNCF would she yielded to the temptation of quotas? A belief in Le Parisien, Aujourd'hui en France, SNCF controllers have actually quantified targets to be achieved. A confidential memo was sent in April to all employees of a commercial Train (ECT) in Paris to show them to achieve "four cases per day, with 41% of the amount of PV cashed directly for a minimum of 50 euros per day, the newspaper said.

A bonus system also encourages officers to be zealous by directly targeting travelers who can pay right away, writes the daily. On each transaction, the agents receive a percentage of the total amount, the newspaper said, noting that this system is much more advantageous for controllers if passengers pay on the spot.And that can pay big dividends: The Parisian-Today in France indicates that controllers can receive monthly bonus of up to 700 euros, depending on the zeal and grade. But often, these bonuses, paid from the thirtieth euros harvested, have little impact on total compensation for officers, the newspaper said.

"It will help you be muted

Better performance would also facilitate subsequent ascension of hierarchical controllers. "Everyone knows that if you're a good little soldier, you will have more incentive and it will help you be transferred to the TGV, where you will be better paid," says Sebastian Tarbes, Controller and activist South Rail at Paris- Today in France. Conversely, agents that do not quite verbalize would be punished, according to the newspaper, which cites the case of three officers who received a layoff of five days.They would not have achieved their objectives.

In an interview with Le Parisien, Aujourd'hui en France, Patricia Lacoste, director of operations at the station, says "there is no political figure but a political fight against fraud." The ruling added that "the objectives are defined in terms of rate control and non-regularization. "The number of adjustments made by a skipper is measured and observed by the average of its capital," says Patricia Lacoste. It also states that "controllers have four objectives: safety, security and backup service."

"Contrary to company policy"

Contacted by lefigaro.fr, CFDT Railwaymen also stresses that "controllers are primarily responsible for sales agents Security and welcoming travelers.In addition, the organization said they had not been aware of the note and "if such guidelines were handed down to us, we would have intervened with management," said a spokesman. The union added that this type of instructions is "contrary to company policy which is not in a logic of repression but rather in a desire to preserve revenue. As for the Advancement of supervisors, the union says they are based on passing examinations, seniority and rating agents.

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The new prime minister, in power since last March, addresses the problem of unemployment, which remains the black spot in the Irish economy. Enda Kenny has presented on Wednesday a package of measures aimed at creating 100,000 jobs over four years.

The plan provides for reduced charges on low wages, a lower rate of VAT from 13.5% to 9% on some goods and services related to tourism to boost the sector and an increase in infrastructure spending for roads and schools. The government also wants to facilitate the upgrading of the unemployed through training programs.

Since 2008, hundreds of thousands of jobs have been destroyed under the impact of financial crisis, the bursting of the housing bubble, bank failures and austerity plans to repeat that the government had to place to contain soaring deficits and debt.In recent years, the unemployment rate has skyrocketed from 4% in 2007 to 14.7% today. The country is also facing an exodus of the population, especially young people, who try their luck in Canada or Australia. After the tutelage of the IMF and the EU, which granted in November a plan to help 85 billion euros in the country, the government faces a budget deficit of 32% of GDP, provides for a very narrow scope.

Rebound in exports

To finance this plan, Enda Kenny has decided to introduce a new tax – 0.6% – on pension funds, which should bring 470 million euros per year, totaling 1 instant credit report.9 billion euros . This has inevitably raised strong criticism in the profession. Growth side, the latest forecasts predict a return to the green this year, after three years of recession.The main institute in the situation, ESRI, reported Wednesday its forecast, anticipating a rise in GDP of 2% this year and 3% in 2012. A result that is nevertheless perspective, because this new dynamism "based entirely on exports," says ESRI report, given that domestic demand will fall further this year. Knowing that this rebound of external trade is linked to many multinationals operating in Ireland. Moreover, the GNP, which does not take into account their business will only grow 0.5% in 2011, according to ESRI.

Precisely for this reason that the Prime Minister does not intend to compromise with its European partners, who demand a higher rate, very attractive, the corporate tax (currently 12.5%) in exchange for a relaxation of the rescue plan negotiated by his predecessor, Brian Cowen."The Irish have made some overtures in that domain," says one good source, however, the French Ministry of Economy. Negotiations could therefore release in the coming weeks.

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"Ireland is very close to losing his rank of reliable borrower

Finance ministers of the euro area hoping to keep their meeting Friday night at the Chateau de Senningen, Luxembourg, secret. Not a chance. It was stale, in real time by the website of the magazine Der Spiegel, the most famous of Germany, who found a little faster, there was talk of an "exit" of Greece to the euro area. A new contradicted on all sides, which was enough to plunge the euro of 1.30%, to $ 1.43 on Friday night.

If the output of the euro was a rumor "completely fanciful" in the words of Bercy, the financial position of Greece was indeed part of the discussions in the Grand Duchy.A situation so explosive, with a debt of 350 billion euros in early 2011 (150% of GDP), that this appointment did not appear on any official agenda …

Were present in Luxembourg: Jean-Claude Juncker, head of the Eurogroup, which took the initiative of the meeting, Christine Lagarde, Wolfgang Schäuble, Julio Tremonti of Italy, the Greek Finance Minister George Papaconstantinou; Minister Spanish Solgado Elena, the ECB president, Jean-Claude Trichet and European Commissioner for Economic Affairs, Olli Rehn.

"We did not discuss output Greece to the euro! It's a stupid idea! We do not want the euro area explodes! "Insisted Jean-Claude Juncker after the meeting, visibly annoyed. "We also exclude the option of restructuring the heavily cited by the markets," he added."Greece needs a further adjustment program," he insists.

Rejected by France, the ECB, the European Commission and the boss of the Eurogroup, who fear the contagion effect in the euro area (see below), the assumption of a debt restructuring Greek has nevertheless been mentioned, as "mild" a debt rescheduling. But it was not accepted as a reasonable assumption, including the Germans. "This is not the agenda," says Will we in Berlin, even though the Liberals in the coalition are pushing for banks to charge, and, failing to leave Greece in the euro area …

A hole estimated at 30 billion

Leaving aside these two extreme options, there is only one solution: a new financial extension beyond the 110 billion euros of loans already granted by the EU and the IMF to Greece.This amount is insufficient today to cover the financing needs of Greece to June 2013, when the rescue plan will expire today.

To fill a hole estimated at 30 billion euros, before the coming into force the European mechanism of stabilization (TSS), a new form of rescue was considered, in Luxembourg.

According to the Greek finance minister, he would "use the recent European Council decision authorizing the Fund to redeem the debt Greek." This is not Greece which would directly lesmarchés in 2012, as agreed at the first save, but the Fiscal Stabilization Fund (EFSF), which would acquire the newly issued debt by Athens at the height of 25-30000000000 euros. The EFSF, sovereign rated 'AAA' markets, has 440 billion euros of lending capacity.

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The Paris Bourse took a breather on Thursday morning at the open after sharp declines seen the day before (the CAC 40 fell 1.31% and fell below 4050 points). At 9:00, the index lost 0.10% to 4039.10 points. Otpimiste trend a bit more in Europe where the FTSE London hotel departed from 0.19% to 5995.27 points while the Dax wins 0.46% to 7408.17 points. Both indices had suffered the heaviest losses the Cac yesterday.

In Japan, markets are still closed, but in the rest of the region, the trend has been generally plombéepar investors disappointed by the economic numbers have fallen the day before the United States, which have been faltering and Wall Street. The U.S. ISM services has indeed disappointed while the ADP employment figures in April came out worse than expected.Furthermore, oil inventories surged against all odds, which gave the lead in using oil, which fell below $ 110 in New York yesterday, and changing CNoR down in Asian trade this morning .

On the foreign exchange market, the euro is also strong: it is trading at 1.4878 dollars (+0.32%) to 9 hours after once again exceeded $ 1.49 during the meeting Wednesday.

In anticipation of the ECB

Statistical side to follow on Thursday in Germany, at noon, destatis provide figures on German industrial orders in March. On Thursday, the ECB meets in Helsinki to decide on interest rates that will apply. Jean-Claude Trichet said Thursday it is the price of silver in early June or summer. In England, the BoE also decide on interest rates.

United States, expected productivity in the first quarter (first estimation) to 14.30.Same time, it will be the traditional unemployment claims. The employment figures that will fall tomorrow, Friday, are eagerly awaited. Yesterday, investors learned that ADP figures have reported a creation 179,000 jobs in April, less than expected.

Societe Generale falling, Carrefour sentence

Side values, a publication of rain fell again on Thursday quarterly earnings including Societe Generale, disappointing driving down the stock price by nearly 3% at the opening, drape the CAC.

After the excellent figures given yesterday by BNP Paribas, leading bank in Europe, SocGen announced a net profit of 916 million euros in the first quarter, a decrease of 13.8% over the same period of 2010 attributed to effect accounting related to the revaluation of its own debt.

Gadin the other day, the retail group Carrefour (-2.37% to 30.86 euros), which announced Thursday the departure of its Executive Director James McCann France and the postponement of a controversial quotation of its real estate subsidiary, but maintained its draft rate 100% subsidiary of Dia and its financial targets for 2011.

Lafarge (-1.43% to 45.02) reveals a net loss of 29 million euros in the first three months of the year for a turnover up 9% to 3.55 billion euros .

Legrand (-0.95% to 30.17 euros) in the first quarter increased 13.7% in sales and 41.2% of its net profit, thanks to emerging markets and new market segments which the group has made a priority, which has confirmed its annual targets.

Bureau Veritas (-0.74% to 57.88 euros) confirmed anticipate strong growth in its turnover and adjusted operating profit this year after an increase of 23.2% of its activity in the first quarter .

AXA (-0.37% to 14.94 euros) expressed confidence in improving its profitability despite a drop of 2% of its turnover in the first quarter to 27.92 billion euros.

Maurel & Prom, Arkema and Capgemini climb

The independent oil company Maurel & Prom announced Thursday want to split and rate of its independent subsidiary in Nigeria, whose shares will be distributed to the shareholders in proportion to their participation in the group cash advance to savings account. The action takes off from 4.87% to 14.74 euros this morning.

Arkema (4.34% to 4.24 euros). The net profit quadrupled to 151 million euros and EBITDA (EBITDA) reached 17% of sales through an increase much higher than the market. This puts us among the best chemists.

The French group consultancy Capgemini and Computer Services (2.07% to 41.35 euros) saw sales increase by 14.5% in first quarter 2011 to 2.3 billion euros and confirmed its objectives of achieving a growth in turnover of between 9 and 10% for the year.

The producer of wines and spirits, Pernod Ricard (1.93% to 68.27 euros) Thursday announced an increase in its turnover in the third quarter and confirmed its targets for its entire fiscal year (July 2010 – June 2011).

Air Liquide (+0.48% at 97.41 euros) wants equity for the premium

Its CEO said he was open to the principle of paying a bonus to employees in case of dividend increase, provided to maintain the equity in a group with more than three-quarters of the members are outside France.

Alstom: 0.16% to 42.69 euros Moody's raised its outlook on the Baa1 rating on the group stable, negative cons.

Total: 0.56% to 42 euros, GDF Suez: 0.37% to 26.78 euros a parliamentary commission on Wednesday passed a bill to ban UMP in France in the exploration and exploitation of hydrocarbons not conventional gas and oil shale.

Michelin (+0.35% at 66.74 euros) announced an increase in the price of its truck tires, civil engineering, public works, agricultural and handling in Europe to meet the continually rising cost of raw materials.

TF1 (+0.12% at 12.68 euros), which has suffered several setbacks during the hearing last month, decided to appoint a new program director, Jean-François Lancelier, which takes the place of Laurent Storch .

The French chemicals group Rhodia (+0.14% to 31.52 euros) on Thursday posted net unbénéfice 151 million euros in the first quarter more than doubled over one year and raised its profitability target for 2011 to become a recurring gross operating profit of "more than 1 billion euros."

Veolia Environnement (+0.54% at 22.27 euros) on Thursday posted a turnover up 11.3% in the first quarter thanks in particular to the resumption of its activities in the waste.

Mr DIY (+0.64% at 14.14 euros) confirmed its targets for 2011 after publishing a stable turnover in the first quarter to 135.2 million euros.

Gifi (+2.15% at 75.99 euros) registered a growth of 5.2% of its turnover for the first half of its fiscal year 2010-2011, to 351.3 million euros.The turnover of the group's second fiscal quarter ended March 31 rose 7.5% to 139.1 million euros.

Cegedim (0.94% to 43.05 euros) has reported a sales increase of 2.9% as reported to 211.5 million euros, but down 1.4% comparable data available, and maintained its target of 4% growth in turnover for 2011.

The food group Bonduelle (0.57% to 68.50 euros), specializing in vegetables, posted a rise in its turnover for the third quarter from 14.6% to 421.6 million euros thanks to an improvement in consumption, particularly in eastern Europe, according to a statement.

Tonight will be the turn of Vale, Wendel, Eiffage French Cement and NextRadioTV publish.

It is not just in France that soaring fuel worries. Whether in Beijing or Washington, the great powers anxiously watching the prices soar. United States, the phenomenon begins the popularity of President Obama. In China, leaders tried Saturday to end a protest by truckers of the Port of Shanghai. These last Friday blocked access to the terminal docks Baoshan.

After closed-door negotiations with the local road, the authorities announced on Saturday a "lower standard fees and the abolition of taxes outstanding." The decision was announced by making an effort to reduce "the pressure on carriers 'costs' and mitigate the effects" of rising inflation, is it explained in a statement. No mention of the strike.

Not sure the extent sufficient to satisfy the carriers.According to testimonies collected on the spot Saturday by news agency Reuters, the drivers intended to continue the movement until you see the concrete effects of tax cuts. "It's not that I strike, but what's the point of working if I lose money?" Said one trucker.

Beijing is trying to stifle any rebound media movement. No public statement had been made to this press Saturday and it was broadcast in English. It was only taken up by the official Xinhua News Agency, also in English. Chinese leaders fear that the waltz prices facing the country could trigger a vast movement of popular protest. Despite efforts to cool an overheating economy, inflation has been above expectations in March fast cash now. It reached 5.4% on a year to a growth rate of 9.7%, also higher goals of Beijing.

Obama disapproved

Across the Pacific, even dissatisfaction at the pump. In the U.S., the price of fuel has surpassed the symbolic $ 4 a gallon (unit equivalent to about 3.8 liters). The popularity of President Obama suffers. According to a survey New York Times / CBS released this weekend, 57% of Americans disapprove of the economic policy of the host of the White House. They are also 80% believed that the economic situation stagnates or deteriorates.

After a week to defend his choices for the federal budget, Barack Obama was forced to admit Saturday that rising fuel prices for Americans is "a burden when the situation is already difficult." But it does not mean advanced solution in the short term.Changes in gasoline prices more than justifies any investment in green energy, he was merely hammering during his weekly radio address this Saturday: "In the long term, the response. This is the solution to help people who are full and reduce our dependence on oil from abroad. "

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After two difficult years, the market for used cars has finally erased the impact of economic recession and scrapping. With over 510,000 registered vehicles in March, he returned to a level he had not met since April 2008. This is twice the new home market, as 257,000 new cars were registered in the period.

The recovery appears sustainable. 38% of members of the National Occupational automobile (CNPA), which includes dealers and professionals the opportunity to anticipate an increase in their turnover in their activity during the second quarter of 2011. There were only 14% to be optimistic about a year ago. These professionals do indeed represent only 40% of the market, 60% being made between individuals, but they give a good idea of ​​its evolution.

After Ireland and Portugal, Iceland could be the third country to experience a major diplomatic or political crisis, directly resulting from the economic and financial crisis of 2007 and 2008. On Saturday, some 230,000 Icelanders go to the polls have indeed voted in a referendum against the agreement Icesave, the name of the online banking subsidiary of Landsbanski, the second Icelandic bank nationalized in 2008 after going bankrupt.

Since March 6, 2010, the date of an initial consultation, the question arose on the repayment to Great Britain and the Netherlands of compensation paid at the time of their nationals Icesave victims (about 340,000 savers). Totaling over $ 3.9 billion. A financial burden that Icelanders have refused to take in view of the first results of the referendum held Saturday, April 9.

"No problem to solve our debts"

According to figures almost final, non prevail widely, with 57.7% of the vote, against 42.3% of voters in favor of yes. Certainly, the rejection is much less massive than a year ago, Icelanders have been 92% to vote against the assumption by the State for damages caused by international private banks. However, the consequences seem equally or even more complicated for the government in place since 2008. Iceland had indeed engaged in December last year to repay the Netherlands and Great Britain, all amounts advanced to their injured citizens.To plan would run from 2016 to 2046.

Already, even before the final election results, the Dutch Minister of Finance Kees Jan De Jager said he was "very disappointed" by the decision of the Icelandic people do not accept the agreement between the three countries to try to resolve a situation that has become almost inextricable. For British and Dutch side, no question that the matter ends there, whereas the two countries now that the litigation must be brought to justice.

In London and The Hague, the respective Ministers of Finance are studying the possibility of litigation to settle the case before the EFTA (European Free Trade Association). A first procedure had already been initiated by the Netherlands to that authority, then stopped to allow the three countries directly negotiate terms of an agreement.With the refusal of the Icelandic people Saturday "the negotiation stage is over" said Niels Redeker, spokesman for the Dutch Ministry of Finance. He thus echoes the English Treasury number two, Danny Alexander, who considers "disappointing" that the negotiated settlement with Iceland is either resulted in a release.

"No problem to solve our debts"

Therefore, the EFTA will resume in the coming weeks the record in hand. And Iceland may be worried because the authority was already acknowledged in 2010 that the amounts claimed by the Netherlands to Iceland and they were well due. The arrival of the United Kingdom in the proceedings, which examined the possibilities Sunday "to join it" could further complicate the task of the Icelandic government.Because if it believes it has "no problem to pay its debts" in the words of Steingrimur Sigfusson, his Finance Minister, is it always that the Icelanders are still refusing to pay the slate of private banks. More for foreign citizens. Therefore politically difficult to Reykjavik to meet its promises after two resounding rejection of his countrymen.

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After Operation Oil cons food (Oil for Food) "designed not to starve the Iraqi people emerge from the Gulf war, Argentina has invented a new form, but lighter, clearing:" From Wine cons of Porsche. "

In Buenos Aires, the fight against the deficit of trade balance is in effect a special twist. The Government has authorized imports of Porsche country Fangio, obtaining in return compensation, dollar for dollar, the price of cars by the importer, the group Pulenta. To obtain satisfaction, this distributor is committed to export the same value in wine and olive oil as the hundreds of Porsche imported this year, about 5 payday loans.7 million.A real challenge, since the distributor will sell about 1 million bottles to meet the Argentine government.

All manufacturers of luxury cars are housed in the same boat: to sell his Audi in Argentina, the VW group is committed to export more cars manufactured in the country. As for BMW, whose cars are popular, the brand would consider implementing a motorcycle plant.

France-Soir has missed its target. Relaunched on January 17 with great fanfare with a promotional campaign for a $ 4.5 million, the newspaper of the young Russian Alexander Pugachev can not take off in sales. According to data reported to OJD, the distribution of the daily France paid amounted to 71,361 copies in January 2011 against an average of 74,531 copies in 2010. The new France-Soir has witnessed a drift of its newsstand sales. These are lowered in January to 46,000 copies, the worst month ever recorded the title since its first revival in March 2010, where he sold more than 73,000 newsstand copies. The situation had deteriorated again in February.At the same time, sales by third parties (airlines, restaurants …) journal has never been higher, at 22,000 copies in January, compared to less than about 4,000 copies in March 2010.

The new formula was launched under the leadership of Remy Dessart, managing editor since last August, would enable France-Soir "to pass more quickly to more than 100,000 copies," hammered in early owner. But Alexander Pugachev, who has already invested over 50 million euros in the newspaper, took the risk of destabilizing its faithful readers.It has increased the selling price of 10 cents to 0.60 euro for a paging maintained at 32 pages, and especially his book horse was reduced to almost nothing, pagination as the racing decreased from 8 to 3 pages .

Crédit mutuel sought

The son of Russian oligarch Sergei Pugachev, who plans to inject another 20 million euros this year, he will continue long to replenish the paper? "Everything goes well, we work hard to make the newspaper," Remy loose Dessart, who does not wish to comment on the financial difficulties of France-Soir. Last Tuesday, Alexander Pugachev convened a crisis meeting with his directors, as revealed by Press News. While its monthly losses always exceed two million euros, France-Soir was hoping to break even in 2012 with a circulation of 150,000 to 170,000 copies.Goals that are too far pushing Alexander Pugachev to seek partners. He recently asked Michael Lucas, chairman of Mutual Credit and leading publisher of regional newspapers throughout the Group Ebra.