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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-à-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 François 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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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 two bad U.S. indicators have failed to curb the enthusiasm of investors on the Paris Bourse. The CAC 40 closed up about 0.32% to 3910.75 points, above the threshold of the fateful 3900 points. When the volume of trade, they remain very low at 2.02 billion euros.

After a setback, following the publication of figures for new home sales in the United States and the index of consumer confidence, the market has finally resumed.

Defensive stocks in the spotlight

The largest increase in the CAC 40 is up to STMicroelectronics (1.80% to 6.34 euro).The group is supported by the resumption of investment in semiconductors.

Elsewhere in the charts are essentially defensive stocks such as PPR (+1.64% at 83.09 euros) or L'Oreal (+1.40% at 77.57 euros).

Great shape early in the session, as the Sanofi-Aventis does nibbles as 0.45% at closing. The pharmaceutical company would consider acquiring a stake in the Danish biotech company Zealand Pharma.

Veolia is maitient up (+1.06% to 22.79 euros). According to information from the Figaro, the group would link with the Italian railway company Trenitalia to launch TGV from France in 2012 to compete with the station.

EDF (+0.53% at 40.86 euros) has shown up throughout the meeting. The electricity supplier could open the French market for electricity in Russia's Gazprom by Voices."Gazprom will supply gas and electricity recovery in Europe," according to an anonymous source.

CAC Hors, Maurel & Prom Signs finest performance of the SBF 120. The title gained 4.15% to 12.55 euros after the announcement of successful tests on the exploration well OMGW-1 (Gwedidi-1), located in Gabon, on the exploration permit Omoueyi.

As for cuts, Suez Environment fall from 1.45% to 15.96 euros. On Tuesday, the group announced a contract for 34 million euros for the construction of a facility responsible for treating wastewater from PetroChina's refinery, located in Chengdu, the capital of Sichuan province, China.

Thomson continued his yoyo Wednesday. After more than 20% earlier this week, the title loses 2.77% to 0.95 euro.

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).

It is expected that Monday morning, important announcements of Government of Dubai, after the panic that swept over the markets last week following the announcement by Dubai World to a deferment of six months minimum payment of a debt of 3.5 billion. The reaction of local exchanges, after four days of closure because of the Eid holiday, was also highly anticipated.

It seems that support the day by the Central Bank of UAE, which has decided to provide creditors with more cash, has not reassured investors. The Exchange has unscrewed from 8.31% in Abu Dhabi and Dubai lost 7.3%. "The security of the Central Bank is limited to banks to avoid a systemic effect.But this does not solve the crisis, "notes Pascal Devaux, economist at BNP Paribas.

Dubaïotes authorities have not made this Monday in response to a specific exit strategy. The only communication came through the Ministry of Finance, who said that the emirate would not assume the liabilities of the conglomerate. "It is for creditors to assume their own responsibility in the decision to lend to businesses," said Abdulrahman Al Saleh, director general of the ministry on the television channel Dubai TV. "The creditors believe that Dubai World is part of the state, which is incorrect.The State owns the company, but since its creation, it is determined that the company is not guaranteed by the state, "he added.

Lack of transparency

By disconnecting and Dubai World, a huge conglomerate that has a dozen subsidiaries and displays 59 billion in debt, including 25 billion for real estate division Nakheel, the emirate is likely to worsen the climate of uncertainty and lack of investor confidence. Just as many experts criticized the lack of transparency and communication, particularly on economic issues in the emirate.

The target for Dubai is to prevent contagion to the entire economy of the region. "He actually tries to distinguish the business risk of sovereign risk," says economist of BNP Paribas.This to avoid that risk assessment has a negative impact not only on the sovereign risk of Dubai but also in its larger neighbor Abu Dhabi. For, while suggesting that the rescue medium term can only come from the oil revenues of big brother.

Besides this solution, Dubai has little alternative to overcome the crisis. Either the conglomerate renegotiate its debt with the risk of a higher price if the markets continue to fall. The other option is to sell off its property assets that have lost much value with the crisis. If this seems impossible at this time, Dubai will not be shy of a restructuring.

Finally, one thing is certain: by the agency Moody's, the impact of the crisis "could be disastrous" for the confidence of investors by pushing interest rates upward.What curb heat recovery of an economy still recovering and setting appropriations for the restart.

"In town, ruined speculators cross workers unemployed

19 h 30, the feast in full swing at the Opera Gallery in the trendy chic Cheongdam, Seoul. Artists, businessmen, bankers are scrambling in the art gallery. "The Korean miracle? But there is no miracle. Since 1997, the country is simply vaccinated against the economic and financial crises, slips between two small kilns the boss of a large hotel chain. With growth of 2.9% in the third quarter compared with the previous quarter, South Korea appears as the OECD (Organization for Economic Cooperation and Development) who is recovering quickly. But for Lee Dong-keun, Deputy Director, Department of Trade performance is nothing magical. "The efforts to restructure our business and our financial institutions during the 1997 financial crisis provided a solid foundation to our economy.And this crisis has taught us that with a solid foundation can overcome the difficulties very quickly, "says he.

Weak Won

Twelve years ago, the "minor IMF (International Monetary Fund), that is to say cheap, flourished in windows of restaurants in Seoul. They symbolize a country to tighten their belts under the yoke of the international institution. Today, Bentley and Equus, the top model of Hyundai, the sparkle of luxury car. In truth, what makes the difference with the 1997 financial crisis is that the government has reacted very quickly.Between 2008 and late 2009, he has injected 88 400 billion won (50.8 billion euros) in the economy, including 26.8 billion in the form of tax reductions and lowered its interest rate of 5.25% to 2%.

"We come out faster because the initial conditions were not the same as those of Europe or the United States," said Hur Kyung-wook, Vice Minister of Finance. "The financial sector was not in the same situation as twelve years ago. The banks had money and had very little exposure to subprime loans. "

If the government failed to arrest the fall in exports, down from 20.7% in the first nine months of the year, it has saved its trade balance with the weakness of the won and the reduction imports."Our discussions have been penalized less than other Asian countries due to the diversification of our markets and our products," welcomes Yoon Jong-won, director general of the Office of Economic Policy at the Department of Strategy and Finance. Behind China (21.7% of exports), Europe (13.9%), North America (11%) and countries of ASEAN (Association of the South-Eastern Asia ) are in fact almost on a par. It remains to convert the try.

"Green Growth"

Unlike Japan, South Korea has no plans to ease its measures to support the economy. "The recovery is driven by the public and until the private sector recovers, emergency measures are necessary as well as fiscal stimulus.Exit plan would be entirely premature, "says Hur Kyung-wook.

The government relies on the vast field of "green growth", driven directly by President Lee Myung-bak to restart the machine. This project, which should raise some 60 billion euros of public and private spending in the next five years and create 1.8 million jobs, will own the car in the management of large rivers of the country, through the eco-towns. From the largest to smallest, all companies are required to participate. "They give us very positive signs," says Yoo Beom-sik, director of the Presidential Program Green Growth. Korea, which is 97% dependent on foreign countries for its oil and gas, is facing an energy bill of more than 93 billion dollars per year.As she turns to renewable energy, it is hoped that these will enable rapid development of new technologies.

It is also necessary now that the provinces play the game and also invest. The controversy has erupted in recent days, even within the ruling party, on the project to move 9 departments and 4 government agencies to Seoul Sejong City, 150 kilometers south of the capital, shows that the N is not won. It might even, in the eyes of some Koreans, delay or jeopardize the reform agenda of President Lee Myung-bak.

"South Korea: strongest growth in seven years