International News

The AMF (AMF) is finally reached. In a work that appears on Thursday, entitled "Natixis: investigation of a bankrupt state" (Editions First Editions), Matthew Pechberty, economic journalist of The Tribune reveals that the former leaders of Natixis, Charles Milhaud and Dominique Ferrero respectively Chief Executive and Managing Director of Natixis at the time, had provided false information regarding the losses incurred by the subsidiary of Banques Populaires and Caisse d'Epargne (BPCE) in October 2008.

Thus, November 12, 2008, The Tribune published an article claiming that the French bank lost 975 million euros during the month of October 2008. The next day, Natixis publish a press release reporting a loss of 500 million euros.After two attempts that were inconclusive for lack of evidence, the MFA works on a third survey that revealed in the fall of 2009, that former leaders of Natixis lied, without confirming the figure released by the Tribune. Thereafter the policeman of the Stock Exchange sent a notification of grievance Natixis which he accuses of having issued false information to financial markets. Currently, the MFA has refused any comment.

Jouyet want to prove that he has turned the page "EADS"

The fate of former leaders of Natixis is now in the hands of the Enforcement Committee, which has still not taken any decision on it. According to the author of the book, the final decision could be announced in the month of March payday loans no teletrack .This committee consists of twelve members: two state councilors appointed by the Vice-President of the State Council, two advisers to the Supreme Court designated by the first President of the Court of Cassation, six members appointed by the Minister Economy, and two employee representatives designated by the Minister of Economy.

In the meantime, this decision should celebrate the Adam (Association for the Defense of Minority Shareholders), and Déminor. Last March, the Adam chaired by Colette Neuville has indeed brought a criminal complaint against Natixis for "misleading", "false balance" and "fictitious dividends. In January, it was the turn of Déminor, firm specializes in advising shareholders, headed by Fabrice Remon, a complaint, but a civil rather than criminal.One option that could help stop the proceedings at any time to negotiate amicably with Natixis and compensate shareholders.

Although close to François Perol BPCE current boss, is to think that Jean-Pierre Jouyet, chairman of the AMF, has at heart to carry out this procedure, to avoid the Paris to undergo another blow, we know it still marked by the action taken on the matter EADS.

The two former leaders of Natixis, Charles Milhaud and Dominique Ferrero, risk a financial penalty of up to 10 million euros.

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Good news: 3,600 farmers have chosen to convert their farms to organic in 2009, is 20% more than last year. "This is a historic increase in the last ten said Elisabeth Mercier, director of the Bio Agency, the body responsible for promoting bio in France. The increase in 2009, is the total of seven years earlier. "

Better yet is no room for complacency: the organic still represents only 2.4 to 2.5% of the agricultural area in France. To meet the objectives of the Grenelle of the environment, it should reach 6% in 2012 and 20% in 2020 …

A French two consumes Bio

The barometer 2009 Agency bio makes it clear that organic products are completely integrated into the everyday consumer. "A French consumes two organic at least once a month, says Elisabeth Mercier.It is a structural trend, we can not really speak of fashion. "Despite the crisis, all indicators are green: 84% of French believe that organic agriculture should continue to grow and 25% of consumers of organic intend to grow in the next six months their consumption (against 22% in 2008) while they are 71% want to keep it low fee payday loans . New organic buyers also progressing with 20% of consumers who are being less than two years. They are also often to feed a newborn in the family.

Price of success, imports of organic products should rise further in 2010. The Agency considers the bio to 30% on average with significant differences depending on the product.If the local supply of meat, eggs or wine can meet the demand, much less the case for milk, cereals and products of high culture. As for fruits and vegetables and groceries dry areas on which the demand is strong, imports represent up to 50% or 60%. Since it takes three years for a farmer to convert to organic, the offer is not about to join the request.

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The agency bio

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, Stéphane 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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Didier Lombard, head of Orange multimédaillé

The time of easy financing of the debt it is soon gone to the United States and the United Kingdom? Large investment funds such as Pimco and BlackRock, fear that record levels of debt can cause a rise in interest rate markets. For states, this means a debt more expensive to finance. For investment funds, this translates into a loss of value of their bond portfolio. These have accordingly reduced their exposure to U.S. debt and the UK, according to them particularly vulnerable.

The California Pimco, the largest bond investor in the world which manages 199.5 billion dollars on this market, has reduced its shares of American and British debts to a level not seen since the bankruptcy of Lehman Brothers in September 2008, reports agency Bloomberg.The European BlackRock has in turn reduced its exposure to these securities at its lowest level in two years, the Financial Times.

Investment funds fear two things: that the interest rate, the lower back quickly and that the market can absorb the debt securities issued as required by the states … fueling the rise in yields . A concern that is primarily about the United States and the United Kingdom.

Decline in value of portfolio

"The question posed to the fund now is: when and how fast interest rates will they go?" Analysis Bruno Cavalier, chief economist at Oddo. A rise in interest rates next, helped by economic recovery, would mechanically increase the yields of bonds issued in the coming months.As a result, the securities purchased in the past by the fund with a lower yield, would see their market prices fall. This would melt the value of fund portfolios.

In this perspective, bond yields have rebounded. "Today, the yield on the U.S. ten years is around 3.8% against 3.2% last month and a half … and cons 2% a year ago," notes Bruno Cavalier. Same trend for UK Treasury bills. A consensus of analysts surveyed by Bloomberg, the ten-year yields should rise by 4.01% today to 4.31% by end 2010.

Still, the natural demand for sovereign debt should continue, slowing the rise in rates. The new regulations are put in place will indeed require banks to offset the risk by increasing their liquidity cushion.They then turn to bonds. Therefore, "even if emissions of sovereign debt increased sharply, demand should rise dramatically," said Laurence Boone, chief economist at Barclays, before agreeing, referring to ads Pimco: "We are never at 'immune from turmoil in a market if investors decide to all move together … "

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).

Malaise in the drafting of TF1 and LCI. During these two days, a petition full of anxiety concerning the working conditions of editorial running in the first group of television. The fear expressed is that of seeing down the "information quality" of the first media of France, given the new organization that is gradually established. This should lead eventually to a complete merger of the newsrooms of the two channels.

In this document signed by all the trades the group's information, the signatories say loud and efforts on behalf of the savings plan of the chain. Nonce Paolini, CEO of the group, has promised to market savings of some 70 million euros to spare no one. Thus, the wording has already recorded a score of departures on its total to 330 journalists. Or 200 and TF1 and LCI 130.But it is also the organization of work teams worried: less time to subjects, and especially fewer people to make reports.

"Standing"

TF1 teams are restricted to two instead of three. Pell-mell added demands on the growing intensity of the pace of work and wages deemed insufficient and that some classes require to upgrade. "We do not BFMTV, whispers it in Backstage. TF1 has a luxury it must keep. The restrictions must not impair the antenna. "

A position that is far from denying Catherine Nayler, director of information of the first string of France: "This document from an Inter-five organizations including the apparent desire to maintain the quality of work. It is a concern that I share too.As a major general news channel, TF1 must absolutely and always respond to this need and keep its label. No reform will be to the detriment of the quality of the newspaper, "says she. "The questions that arise so concentrated in this text today, we talk every day together. We are facing a double challenge: that of an economic crisis affecting all media, forcing them to reorganize and that of the pooling of resources between the two antennas.The organization of TF1 was frozen for twenty years, I understand evolve is not clear. "Not to mention that November 25 will be holding elections to appoint professional staff delegates.

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