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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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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 a recovery rate of payday loan lenders.

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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If confirmed, this would be the heaviest fine ever imposed by the U.S. National Highway Safety Agency (NHTSA) to a manufacturer. This requires the Japanese Toyota fined 16.375 million dollars (12.191 million euros). A record amount justified, she said, by the slow reaction of the manufacturer's faults found and deliberately concealed its vehicles.

The U.S. government accuses him of hiding Toyota for "at least four months' issues of accelerators is jamming in the down position, and this" contempt of risk "led to drivers. According to the Minister of Transport Ray LaHood, the leaders of Toyota "did not take steps to protect millions of drivers and their families."

Toyota has two weeks to pay the fine or contest it.If he refuses to pay and can not agree with NHTSA, the matter will be referred to a court.

Procedural defects

The NHTSA had opened an investigation last February 16 to see if Toyota had been slow to reveal these problems, finds a first time Toyota has not notified within five days after discovery of problems, as the law The imposed.

According to the U.S. Department of Transportation (DoT), the 70,000 pages of documents presented by Toyota have revealed that the manufacturer "knew his problems pedals are jamming on their own since at least September 29.It was at that date that Toyota "has launched repair procedures with its distributors from 31 European countries and Canada to address issues accelerator stuck, sudden increase and tachometer sudden acceleration of the vehicle, "says the report.

But the documents show that "Toyota knew that consumers in the United States suffered the same problems as those in Europe and Canada.Yet, September 29, the band announced the recall of 3.8 million vehicles in the U.S. claiming only the possibility that the accelerator pedal gets stuck in the floor mat and ignoring the problems of blocking pedals 'themselves in the lowest position online cash advance.

It was not until January 21 that the manufacturer recalls 2.3 million vehicles in the U.S., reported first involuntary acceleration unconnected mats but the pedals are blocking themselves . In the end, Toyota has recalled more than 6 million vehicles in the U.S. on 9 million recalled in the world.Either the largest recall ever recorded by an automaker.

Organizational Change

In a statement, Toyota has defended: "We have already taken a significant number of measures to improve our communication with regulators and clients on security issues and strengthened our commitment to quality." This includes "the appointment of a new director of quality in North America and a greater role dedicated to regional leaders in the decision making process related to quality," says the manufacturer.

But the DOT has not said its last word. He announced as still investigating to determine if the manufacturer had "committed other offenses meriting further sanctions."

Reminders continue

Meanwhile, Toyota continues its recall campaign.The Japanese announced Tuesday its intention to recall 12,984 vehicles sold in South Korea because of mats may impede the accelerator pedal.

The three models involved are the Lexus ES350, Camry and Camry Hybrid. Motorists concerned will receive free repairs from April 19.

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According to the index comprises the 50 largest capitalization in the Asia-Pacific, the S & P Asia, the trend is down slightly, from 0.23% to 3039 points to 7 hours, one day after closing without trend Wall Street.

In Japan, the Nikkei 2005 advance him, of 0.36%, 11,136 points, breaking yet another record 18 months after already rising the previous day. The weak yen Dopen export values.

In Hong Kong, the Hang Seng index plaice 0.13% at 21,346 points while the Shanghai CSI 300 loose 0.29% at 3357 points amid profit taking.

In Sydney, the S & P / ASX similarly lost 0.27% at 4903 points. The values of construction and saddled the financial index.While the flagship index of New Zealand rose 0.4% to 3262 points.

Oil side, in morning trading, a barrel of light sweet crude for May delivery yielded six hundred U.S. dollars to 82.31 while Brent North Sea with identical maturity took a cent to 81.29 dollars low fee payday advance.

Toyota setting sales surge

Sales in the United States of Japanese automaker Toyota, which fell in January and February in the wake of massive recalls, could have rebounded 35% in March on a year through a series of promotions, said Tuesday a spokesman for the group.

In Australia, MacArthur Coal soared (+14.6%) while the group has received an offer of 3.3 billion Australian dollars from an American mining group Peadoby Energy Corp., which he refused.

Also in the continental countries, BHP Billiton down 0.8% after the group was awarded with steel producers to fix prices of short-term contracts for coking coal.

Rio Tinto up 0.6% while four employees have been harshly sentenced to prison two days ago. The Australians have doubts about the conditions of the trial held in China.

The Commonwealth Bank of Australia lost 0.4%.

The U.S. computer group Hewlett-Packard announced Friday that it was revising downward its first quarter results because of the legal costs of its subsidiary Electronic Data Systems (EDS).

The judicial authorities have in fact ordered DHS to pay 300 million euros – in all – group British Sky Broadcasting and British Sky suscribers Services (BSkyB), which had continued since 2000 to a dispute concerning a development project to system update management (CRM customer relationship) second by the first …went wrong.

After delays and budget overruns (48 million pounds sterling at the base), BSkyB had then resolved to complete the project alone.

On 1 March, in addition to a sentence of 230 million euros imposed in January, HP has been added to interim payment of 77 million euros.

96 to 93 cents per share

Thus, net income amounted to 2.25 billion dollars instead of 2.32 billion announced in February. The world of computers was then revised upwards its estimates of revenues and earnings for fiscal 2010 lagged cash advance .Net earnings per share is reduced to 93 cents, against 96 cents previously.

Last November, Hewlett-Packard unveiled a decline in net income of 8% annually to 7.7 billion, although the last quarter it was up 14% yoy to 2.4 billion dollars. At this time, Dell has introduced quarterly profit falls by 54% and a revenue and earnings per share below expectations.

In May 2008, HP had offered the number two global services company EDS for $ 13.9 billion.

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Polls difficult cases and poorly negotiated since the fall does not undermine the morale Elysian. Nicolas Sarkozy sees the ordinary burden of a president in mid-term and continues to relativize the scope, particularly in comparing himself to his predecessors. Since the Christmas holidays, he has also given much time to calibrate the outline of its strategy for the second half of the quinquennium. On the form, we have seen since early January that this strategy was through the reaffirmation of listening skills. On the merits, the head of state will play its trump card after the regional. After undergoing controversy that was not planned, it will take a debate front of which he knows by heart the social and political risks. But he also sees the benefits it will reap vis-?-vis the electorate.It is, of course, the pension reform.

The results of regional elections should have little impact on this strategy. The Elysee to environmental stresses that "the majority can not be further sanctioned in 2004, where she could keep only two regions. With this diagnosis, Nicolas Sarkozy has already said he would take the election results, but should still maintain its current balances in the government team, headed by Fran?ois Fillon.

However, he can thank Martine Aubry. By declaring in the first instance, supported a postponement of the age of retirement at age 62, the first secretary of the PS opened the debate much earlier than expected, and it gave credibility to the government's position.Polls in support, the Elysee is now convinced that the French are ripe.

The time has come for the act

Nicolas Sarkozy wants to move quickly on this issue. No way to let the unions take to the streets in October to protest against a proposed reform dashed again. Everyone remembers the November 1995 strikes against pension reform remains the worst memory of the line for fifteen years. Sarkozy wants then arbitrate on the reform of pensions as early as June And to pass a law "in the month of July," confirmed by several sources. He then turned to a mixed solution, combining the lengthening of the contribution period and delaying the legal retirement age.Symbolically, the change of the legal age of retirement would impact tenfold, and it seems that even the Elysee Raymond Soubie, the great clockmaker of social relations which advises the president, is convinced that the time has come proceed to act. Elysian source, a special session of Parliament in July appears to have "acquired" given the workload of the two assemblies.

Of course, the government expects a tough clash with the social partners. For now, the waters unions are barely wrinkled a few ripples. But beware of "the calm before the storm," warns a minister concerned about the mobilization of the month of May According to someone close to Nicolas Sarkozy, these events present at least the advantage of reform credibility with voters."Plus there will be parades, plus French will credit him for having the courage to decide on this matter," smiled one of his friends. Another adviser very point that "nobody has noticed the reform of universities because there were no strikes at the time." In addition to the mobilization of spring, the Elysee is also expected to fall very volatile. "There will be upward pressure on wages as the recovery will be felt," admits an advisor, providing an inflow of association necessarily muscular. It's time that Sarkozy chose to discuss other reforms in 2010, including the legal proceedings or fifth risk Social Security.

But he also intends to take this year-end 2010 to return in force on the international stage. "He will chair the G20 in the month of November 2010, and until summer 2011, said his entourage.The president wants to play again when the partition that had been so successful during the presidency of the European Union in late 2008. The regional elections, hopefully it will be so far.

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A rock concert without a little moss, is like "a guitar without the strings" in the words of Didier Wampas. "Beer is part of the concert!" Confirms Franck Le Bihan, head of debit, the company that supplies drinking the Zenith in Paris. In good years, that is to say those who have many dates of foreign rock bands or hard and metal, he sold 70,000 liters of beer and worse (when the French variety is the poster) 40,000 liters. "This is hard rock that consumes the most," says he, even if the reggae concerts Appliances are not left behind. Thus in 2009, Mot?rhead concert which brought together 3000 spectators, it is 3000 liters of beer are gone, one liter per person! Some shows, however, reserve some surprises to the landlord of the premises."To Vanessa Paradis, spectators often come in pairs, drank lots of champagne," says he. However, at 8 euros cutting cons 4 euros the 33 cl beer, has quickly made. But beware, even if an artist sells a lot more drinking than another, it affects not percentage. The drink is for the room.

Unlike the Z?nith, the Palais Omnisport de Paris Bercy (POPB) does not go through a dealer, is the room that takes care of the bar to which it employs, as the night between 40 and 70 people. Again, these are the concerts or hard metal that consume the most. Thus, for two performances of AC-DC (17,000 spectators each time), fans of Angus Young have drunk more than half a liter per person …cons under 25 for B?nabar cl.

The sale of alcohol is so important for rooms that Zenith is a 10% discount on the amount of rent if the artist makes an intermission … It must be said that at the Zenith in Paris, the bar is not less than 20% of annual turnover! In POPB is 10% "only" because of the large number of sporting events for which it is forbidden to sell alcohol. "I often say, if one takes away the bar, the ticket prices will increase by 20%!" Says Daniel Colling director of Zenith in Paris. Certainly, it is the artist who set the ticket prices and not the room, but if it earns more money from the bar, it will increase the rent and the amount of seats will be increased.Therefore Pascal Negro, CEO of Universal Music France sums up the situation thus: "the lemonade is the future of music-hall!".

Minor awards of the bar at the Zenith in Paris

For the 2008-2009 season, viewers spent an average per person:

2.34 EUR B?nabar (variety)

4.04 euros for Trust (French hard rock)

6.97 euros for Alpha Blondy (reggae)

7.06 euros for Prodigy (electro)

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European consumers should avoid this year's gas war, which traditionally opposes Russia to Ukraine. However, last week, the European Union monitors to close another front – this time oil – which is taken to Moscow and its close neighbor, Belarus.

It is populated by the republic of 10 million inhabitants, formerly subservient to the Soviet government, which handles a significant part of Russian oil destined for Europe. Now, Moscow intends to Minsk taxing exports of black gold, which should account for this small country a net loss of about 1.8 billion euros. In tough negotiations are taking place in the Russian capital, with the fear still present, the Russian government abruptly interrupted deliveries of oil.

Flowing through the Druzhba pipeline, the oil supplies to refineries in the Czech Republic, Slovakia, Hungary and Lithuania. Further downstream, 15% of oil consumed in Germany goes through this famous pipe, a proportion which reaches 75 in Poland! "We remain very attentive to the changing situation, said Thursday the spokesperson of European Commissioner for Energy, Andries Piebalgs. Brussels has negotiated with Moscow the introduction of an early warning system, designed to prevent energy crises.

"Bringing the country in the right way"

As usual in energy, trade dispute that combines economic and political considerations. Moscow wants to change the preferential treatment that allows today to Belarus, as a former Soviet republic, to pay no duty on the oil it imports from Russia.

The unspoken goal of the Russian government is to "bring in the right way" Belarussian President Alexander Lukashenko, who is attempting a rapprochement with the EU. Oil, which constitutes 37% of Belarusian exports, is easy ammunition. Meanwhile, Moscow and Minsk – allies in Astana, the capital of Kazakhstan – three negotiating the creation of a customs union, hardly compatible with the flirtation European Belarus. Between the Russian oil and Brussels, Alexander Lukashenko will probably choose.

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Around 13 hours, the CAC 40 in advance from 0.72% to 3784 points, after a cumulative loss of 2.34% over the last three sessions. Operators conducting repurchases cheaply despite the announcement by Standard & Poor's. The agency said that Spain risked a deterioration of its sovereign rating to a two-year horizon. It has downgraded the outlook to "negative" cons "stable" before, while maintaining its rating of "AA +" to the long-term debt of the country.

The Wall Street Journal reports that Gordon Brown and Nicolas Sarkozy on Thursday proposed a "global compact long term" of banking regulation. They would support a tax bonuses in banks and greater coordination of economic policies of states.

Values follow

BNP Paribas Assurance acquires 100% of Dexia Epargne Pension. The bank wishes to complete the transaction before the end of first quarter 2010.The transaction amount was not disclosed. The title takes BNP Paribas 0.92%.

Sanofi-Aventis (0.53%) and the American biotechnology company Alopexx Pharmaceuticals have signed a cooperation agreement on a new monoclonal antibody for the prevention and treatment of infectious diseases contracted in hospitals. Moreover, the vaccines division of Sanofi Pasteur, will expand into Latin America program of clinical trials of its vaccine against dengue.

Thomson collapses over 7%. The title returns to below 1 euro to 0.90 euro. The group released its backup plan to reduce its debt by 45% and will be submitted to its creditors on 21 and 22 December. Thomson provides a capital increase of approximately 348 million euros.

According to the Financial Times, RWE and E. ON would have to choose between Areva (0.81%) and Toshiba to build four to six reactors in the United Kingdom.The decision will be rendered within six months. Nuclear projects could reach 20 billion pounds (22 billion euros).