International News

Nintendo 3DS landed Friday in the French shops. This portable game console that lets you play in relief, without needing to wear special glasses, is a boon for video game publishers. They swung their great success in 3D. It's a way to recycle old titles and launch new ones. Prices are driven up. The games will be sold between 45 and 50 euros. 5 to 10 euros more than the price of those of the previous generation.

During the presentation of the console, Satoru Iwata, Nintendo's CEO, indicated that a large number of publishers have decided to design specific titles for this console that render stereoscopic images. It is clear that the omen of the CEO is found.Alongside Nintendo (with three games Nintendogs), publishers Capcom (Street Fighter IV), Electronic Arts (Sims 3), Namco Bandai (Ridge Racer), Konami (PES 3D), LucasArts (Lego Star Wars III, The Clone Wars ), Sega (Super Monkey), Tecmo Koei (Samurai Warriors) and Ubisoft offering specific titles.

Among these actors, the French publisher is betting on a successful series of the 3DS. "The public, already extended by Nintendo with the DS, is expected to increase. The boot should be two times faster than the DS in the early years, "said Yves Guillemot, CEO of Ubisoft. Today, the French publisher will offer four of the fifteen titles available at launch for the handheld. Three of the four games have been developed at Ubisoft's fourth and its sister company, Gameloft, specializing in adaptations of games for smartphones and internet tablets.It was she who designed the race cars Asphalt 3D.

The French had also focused on the adaptations of Tom Clancy's universe, which has exclusive rights, with the stealth game Splinter Cell 3D and especially the strategy game Ghost Recon Shadow Wars, developed specifically for 3DS in studio Ubisoft Montreal.

A stronger anti-piracy

These songs contain small videos to stunning 3D graphics effects. In addition, the Rayman character, developed by the team of French Michel Ancel, gains in depth, with its version in relief. During the second phase of launch, which could happen in June, Ubisoft will also be the most prolific alongside Nintendo, especially with The Raving Rabbids.

This commitment to his backhand. A quarter of Ubisoft's revenue in 2008 was linked to games for the DS, the ancestor of 3DS, sold 130 million units worldwide.When sales fell because of piracy, the French publisher has suffered severely. With 3DS, "the anti-piracy mechanism was strengthened," says an editor who will not be more specific. The manufacturer is no more eloquent.

Anyway, the 3DS contains new communication features (challenges, blindly, in the street) or augmented reality games (using the camera to generate images in relief).

After opening down, Wall Street back into positive territory on Friday. The Dow Jones gained 0.16% to 12,003 points, the S & P 500 ahead 0.50% to 1302 points and the Nasdaq rose 0.33% to 2710 points. Caution remains appropriate. Investors fear the consequences of the earthquake that hit Japan last night. Bad news that comes on top of disappointing indicators released Thursday and the tensions that persist in Libya.

Oil continues to unwind

These concerns, however, help to relax the price of oil which opened Friday down $ 3.05, passing below the 100 dollars to 99.65 dollars exactly.

On the macroeconomic front, retail sales in the U.S. rose 1.0% in February from January, as analysts anticipated, according to figures released Friday in Washington by the Department of Commerce.

U.S. consumer confidence fell in March, according to an index released Friday by the University of Michigan, which was 68.2 against 77.5 the previous month.

Restocking of manufacturing firms and corporations increased 0.9% compared to December in the U.S., according to figures released Friday by the Washington Department of Trade and rather good news for the U.S. GDP.This increase is slightly greater than the median forecast of analysts who gave 0.8%.

AIG: -0.49% to 36.30 dollars

The insurer American International Group said on Thursday to buy back $ 15.7 billion in cash (11.4 billion) of mortgage assets that the U.S. government had recovered during the financial crisis through the bailout group.

National Semiconductor: 3.88% to 14.71 dollars

National Semiconductor has published an annual turnover less than expected for the third quarter of fiscal year due to destocking at its distributors, but its forecast of sales growth for the current quarter is in line with expectations .

Clearwire: -1.74% to 5.65 dollars

The Clearwire CEO Bill Morrow has resigned as part of a wider reshuffle at the head of the wireless network operator, amid difficulties to finance its investments and dispute between the group and its majority shareholder Sprint Nextel.

Chevron: 0.64% to 99.71 dollars

Chevron announced the sale of its refinery in Pembroke, Great Britain, for 730 million dollars U.S. refiner Valero. The latter said in a separate release that the acquisition would be accretive to its earnings immediately, adding that the transaction should be finalized in the third quarter.

Apple: +0.41% to 348.09 dollars

Apple launches this Friday the marketing of the new version of its iPad tablet.

The European debts go back under the yoke of rating agencies. Moody's has announced this Thursday morning having degraded by one notch the debt rating of Spain, who is now at "Aa2." The note could be further downgraded in the future, since the rating agency maintains a negative outlook on Spain. Moody's explained its decision by his doubts about the ability of Madrid to redress public finances, given the weak growth outlook for the country. Furthermore, measures to clean up the Spanish banking sector would cost more than expected and would increase the country's debt, according to the rating agency.

The Spanish economy minister has expressed his "differences" with the Moody's analysis on the cost of restructuring the banking sector.But Elena Salgado's statements should not prevent a new outbreak of foot on interest rates from Spain to climb again on Thursday, after reaching new levels yesterday, while those in Italy beyond the 5 %, the first since November and that the Portuguese rate stood at a level considered critical by analysts. On Wednesday, the interest rates paid by Lisbon ten years has exceeded 7.5%. And two-year bond were issued at an interest rate of nearly 6%, where the country was paying 4.09% in September, for the same maturity. Economists estimate that the refinancing conditions become difficult to bear for the country free instant credit score. Yet Portugal should emit at least 20 billion debt this year to finance its expenditures.Experts estimate that the country would be about to seek aid from Europe to solve its budget problems, despite repeated denials by the authorities.

A highly anticipated Eurogroup

"Portugal is in the financial and economic emergency," said last night the Portuguese President Anibal Cavaco Silva, in his inaugural speech. "The state funding continues to be abnormally high, which affects the functioning of the Portuguese financial system and our economy."

The Heads of State and Government of the eurozone, which meets tomorrow, should examine the situation in Portugal, says Reuters. The summit of the Eurogroup will focus on "economic policy measures that Portugal is to address its financial difficulties," said the Elysee.

The seventeen heads of state and government should also "discuss strengthening the coordination of national economic policies in the euro area." But many doubt that the summit came to an agreement.

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The heritage of the French is the center of attention early this year. Earlier this week, Budget Minister Baroin opened the working sessions of parliament to tax reform. Tuesday, Jérôme Chartier, UMP to study the harmonization of taxation French and German, submitted its report in favor of a reduction of the solidarity tax on wealth (ISF) and taxing the sale of principal residence . The Treasury Department has also provided some of the parliamentary majority, a study identifying the true heritage of the French in 2009.

Taxing capital income

Friday in Les Echos, that Alain Minc, a close advisor of President of the Republic, to take part to a suppression of the ISF. "Total control of the ISF is necessary because it is a bad tax.Its development would not cause qu'insatisfaction and frustration, "he says. In return, he called for taxing capital income equivalent to that of labor income, "Capital income should be taxed at the same level as Labour (…) Personally, I find it abnormal that dividends paid to me by my consulting company are taxed at 31% and not 41% (tax rate on income which must be added the CSG, Ed), as is an employee. " He also expressed support for a levy on capital gains realized upon the sale of a principal residence. "Yes, we need all the gains of individual securities and property are concerned."

Risk of blocking the property market

Business on BFM guest this Friday, the boss Guy Nafilyan promoter Kaufman & Broad, is totally opposed to this new tax which he calls "economic nonsense". "We can not tax the housing at the entrance and exit. Today we pay a fee when buying ". He explained that the capital gains when selling a home are not comparable to stock market gains, "when you sell it to buy a new home." An argument widely distilled by all professionals.

Guy Nafilyan also evokes another risk, that of a price increase. "Sellers will incorporate the costs of this tax in the selling price," he says. According to him, a deadlock could Schoolmistress the creation of this tax."If we tax the main homes for resale, people will no longer sell and we will block the second buyers market, which already lacks fluidity." We will find ourselves in a situation where the person who sells his housing may not repurchase the same because it will not have the means, "he concludes.

Alain Minc said that to be sustainable, the creation of this tax on the sale of a principal residence "means (…) correct the effect of inflation", particularly the soaring property prices. " Argument does not by Guy Nafilyan. The owner of Kaufman & Broad in effect rejects the price surge.

While he admits that they have significantly increased in Paris, he believes that the statistics released by estate agents are not significant.In the ninth, and the provinces, "we can not talk of an outbreak," he said adding that the prices of goods offered by kaufman "rose only 2% in 2010, and rising will be similar in 2011. An analysis that differs from that presented in the Treasury report that the richness of the French would have doubled in ten years because of housing prices that would have increased by 111% between 1999 and 2009.

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Oil plays yoyo

The start of the year was heckled for oil. The latter, who finished 2010 at a highest in two years, failed to remain at that level on a regular basis. On Monday, the euphoria of earlier this year, which affected the stock market, spread the oil, allowing the barrel of light sweet crude for February delivery finished at 91.55 dollars. "The economic indicators, but not overwhelmingly positive, continue to be encouraging and investor appetite is confirmed in respect of raw materials and energy" in particular, explained Antoine Halff, of Newedge Group.

But the rest of the week was marked by doubt. Profit taking and have been falling heavily barrel last Tuesday, to below 90 dollars to 89.38 in New York."We approached the year with speculative positions rising to a record" on the market, "said John Kilduff, of Capital Again. "I think many expected a strong wave of purchases with the start of the new year, which did not happen."

On Wednesday, the barrel is increased again (to 90.30 dollars), driven by good figures on the weekly U.S. oil and gas reserves and good figures ADP private employment, published that day in the United States. But this weekend, prices have relapsed. At issue: the sharp rise in the dollar and bad employment figures in the United States in décembre.L euro has indeed fallen below $ 1.30 for the first time since Dec. 1. Crude prices have dropped to 88.03 dollars Friday in New York. "It's a strange start to the year for crude," said Matt Smith of Summit Energy."Because of concerns surrounding the euro, investors are returning to the dollar is really affecting crude prices." "The courses met with some resistance between 92 and 95 dollars, the market is still not comfortable with the idea of a barrel to over $ 90," said Tom Bentz of BNP Paribas.

Copper, always higher

In the market for base metals, copper has started the year as he finished 2010 on a record. That which is considered a barometer of the market has hit during the week the 9754 dollars per tonne. Unheard of. The supply pressures remain the main explanation for the runaway. Investors anticipate a rapid increase in demand in a context of global economic recovery this year no faxing payday loans.

These same reasons have pushed other metals up.Aluminium rose Friday to 2531 dollars per tonne, its highest for two years, lead has reached $ 2700 per tonne for the first time since 2008, nickel was trading at 25,300 dollars per tonne, the lowest seen since May 2010. Tin and zinc have also fallen to levels not seen for several months.

The weekend was more complicated following the publication of the monthly U.S. employment and boost the dollar. But bargain hunting to quickly regained the lead, allowing the metals on the LME to close the week in green.

The gold ran out of steam

When expectations are more optimistic about the global recovery, precious metals are suffering. Gold, a refuge par excellence, has been shown. Investors feel ready again to take risks.Result: The yellow metal fell Friday to 1,352.50 dollars per ounce, its lowest since November 2010. The rising dollar has also contributed to this decline. Far from its previous record of 1431.25 dollars, gold closed Friday at 1367 dollars an ounce.

In the fall, the precious metal led to the money. The latter finished Friday at 28.39 dollars per ounce against 30.63 dollars a week earlier. Palladium has followed suit, ending at 754 dollars against 791 dollars a week earlier. Only the platinum remained almost unchanged at 1735 dollars.

Mixed week for soft commodities

This week on Liffe shortened due to a holiday Monday in London ended on a note to the dispersed agricultural materials. Cocoa fell despite political tensions still present in Cote d'Ivoire.Tonne of cocoa for delivery in March 1913 was worth £ 2013 pounds on Friday against the previous Friday.

The cafe has stabilized to 2028 dollars, just like sugar. The latter has experienced a correction earlier this week before rebounding, driven by concern about supply suiteaux floods in Australia. On Liffe in London, a tonne of white sugar for March delivery was worth 777.20 pounds on Friday.

As for cereals, the increase was required. A bushel of soybeans for March delivery traded at 13.71 dollars. The contract was worth 6.01 dollars of corn and a bushel of wheat amounted to 7.87 dollars

A crop in good and due form. The president, on Thursday at his vows to the social partners, spoke on the 35 hours, while the endless controversy over grow in the majority. The 35 hours' hard 'to' Mrs. Aubry had "consequences éfavorables" to "competitiveness of enterprises, the purchasing power and on public finances," he said. But with the flexibility introduced since then, "the 35 hours, uniform binding, no longer exist," says Nicolas Sarkozy.

So, yes, "there is no taboo subjects." But the head of state borders the debate: no question of "touching the purchasing power of employees" or "influence the competitiveness of enterprises". Include: no increase in expenses, which would put pressure on labor costs, or increase or elimination of the statutory working hours.This would reduce the number of overtime. These have enabled "5.3 million people" through exemptions from charges and income tax, to supplement their monthly in 2010.

"For an average wage worker makes two additional hours per week, the net gain in purchasing power is 150 euros per month, said Nicolas Sarkozy. I do not know how to tell employees to work more without earning more. "Thinly veiled allusion to the boss of the UMP, Jean-Francois Cope, who wants to bring down the 35 hours but acknowledged it would mean "very short term" work longer for the same pay.

Bernard Thibault singled

Nicolas Sarkozy and Jean-Claude Mailly (FOR) during the vows.

The snow and weather are not good for business. French companies surveyed by the institute Markit believe that the great wave of cold weather and has sealed their activity in December. The PMI, created from these responses, reflecting a slowdown in growth, displayed to 55.3 points against 56.4 in November.

"If the weather conditions have slowed the rise in activity in December, the French economy remains healthy at the end of 2010 as reported by the stronger growth in the volume of new business," nuance Jack Kennedy economist at Markit.

The PMI industry falls to 56.3 points, to 55 services, respectively, against 57.9 and 55 in November."PMI data indicate, for the entire fourth quarter, a growth rate lower than previous quarters," says Jack Kennedy.

The volume of new business is clear from the rise, thanks, according to respondents, improving the overall economic situation. The export sales, in particular, "recorded their fastest growth since November 2006," says Mark. In parallel with the increase in activity, job creation is continuing, especially in services.

The German motor

In the rest of Europe, Germany still stands by its strong momentum. The activity growth accelerated further to its fastest pace in four years and a half. The composite PMI "flash" rose to 59.7 against 59.0 in November. Across the eurozone, the PMI index for the industry reached its highest since April, to 56.8.In contrast, services are disappointing, to 53.7 in December against 55.4 last month.

"The PMI for the euro area countries are somewhat disappointing, despite the impressive strength of Germany," said Ken Wattret, BNP Paribas. "This implies that the peripheral countries (Ireland, Portugal, Spain and Greece, ed) continue to struggle, especially in the service sector, heavily dependent on local demand."

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Two years after the start of the case Madoff, the liquidator of the fund's American crook, Irving Picard, multiplies the proceedings to recover $ 50 billion lost by investors in the largest securities fraud in history . The banks involved are particularly targeted:

HSBC

Nine billion. It is the largest amount claimed by Irving Picard to a company in Madoff. And this company is HSBC, which the liquidator has "created, promoted and supported an international network of a dozen feeder funds domiciled in Europe, the Caribbean and Central America." British bank denies everything."HSBC will vigorously defend against the prosecution of the case Madoff who are in various jurisdictions worldwide, including lawsuits in partnership with the United States," argued the bank in a statement.

JP Morgan

Main bank fund Madoff, Bernard L. Madoff Investment Securities, JP Morgan is also accused of complicity by the liquidator. The liquidator claimed $ 6.4 billion. He said the U.S. financial institution would be encouraged and assisted the fraud set up by Madoff. "JP Morgan has voluntarily closed its eyes to this fraud, even after being aware of the many warnings against Madoff," wrote one of the boards of Irving Picard in a statement.JP Morgan said the accusation was "irresponsible and exaggerated."

UBS

Irving Picard calls for an additional $ 555 million in Swiss bank. This brings the total amount requested from 2.5 billion dollars.UBS is accused of complicity in the scam. Specifically, he alleged that UBS had recovered the money stolen by Madoff investors in its two funds, mutual funds and Luxalpha Financial Group Limited. UBS, which has denounced the accusations "false", said he was not "liable to those investors unfortunate consequences of the scandal Madoff.

Natixis / Citigroup

And the list goes on. The administrator responsible for the liquidation of the company from American financier Bernard Madoff has filed a new action against seven banks, including Citigroup and Natixis which Irving Picard calls respectively 400 million and $ 425 million.The other five are the Belgian Fortis (BNP Paribas), the Dutch ABN Amro, the Spanish Banco Bilbao Argentaria Vzcaya, Japan's Nomura and Merrill Lynch groin Americas, owned by Bank of America. Natixis dispute a charge, saying "have always acted in good faith and has neither received nor participated or had knowledge of the fraud committed by Bernard Madoff.

BNP Paribas

The liquidator has also filed a complaint against Legacy Capital BNP Paribas and he accuses of having profited from the scam. According to Irving Picard, Legacy Capital has received at least $ 255.8 million (191.3 million euros) by Bernard L. Madoff Investment Securities (BLMIS) between 2000 and December 11, 2008, when the fraud was revealed. Of this total, some 89.3 million represented payments fraud.However, according to the administrator, BNP Paribas took control of the accounts of Legacy Capital in 2004 while being aware of suspicions of fraud at the time already weighing on Bernard Madoff.

UBP

Also, good news reached the ears of victims: Tuesday, the Geneva bank, UBP has paid cash almost half a billion dollars to the Trustee, American authority administering the bankruptcy funds formerly controlled by Bernard Madoff. An agreement between the bank and the liquidator that the Bankruptcy Court in Manhattan must approve. This is the first international agreement on such a scale. Victims will cross our fingers that this is not the only one.

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PPR Conforama succeeded in selling at high prices. The furniture chain, bought in 1991 to LVMH, will pass under the flag of South Africa. Steinhoff, a manufacturer and distributor of furniture now in England, Germany and Italy, won the auction organized by Rothschild.

Reportedly, the group, advised by RBS, Citigroup and HSBC, had already completed its financing, and set the table a little over 1.6 billion euros. Steinhoff, who was interested in Conforama past two years has outstripped the Carlyle consortium led by the owners of Purpose, associated with the Permira Funds. With the result of this sale, François-Henri Pinault, the CEO of PPR, which also seeks to separate from FNAC and La Redoute, may redeem the clothing brands to build a pole "sport-lifestyle" around Puma.

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"The ball is in the camp ministry, assured on Wednesday morning the main pilots' union, SNPL Alpha France. It was understood. Accordingly, the SNPL lifted its strike call in air transport, which was scheduled for November 5 to 8. In the aftermath, the two other unions that had filed similar notice – namely the union of flight attendants (SNPNC) and UNAC, the second pilots' union – have also decided not to call the airline workers to stop French work.

The three unions at the airline had launched the appeal earlier this week to protest against the taxation of certain accrued benefits. But in the context of discussions which started Tuesday evening with the government, unions have been successful. The disagreement concerned Article 16 of the Law of Social Security financing."After consultation, an amendment was proposed by the government and accepted by the Committee on Social Affairs of the Senate, announced the SNPL Alpa France in a statement. "The scope of Article 16 went beyond the government's objectives. We wanted only the earnings are concerned and not the accrued benefits, "said Jocelyn Smykowski, chairman of ALPA SNPL France at Figaro.fr.

All sectors of activity

Section 16 provided that "any amount or benefit granted to an employee by reason of his business by a person who is not his employer, is considered earnings. Clearly, airline tickets discounted awarded by another airline that their employer would be subject to payroll tax for employees and businesses alike.Jocelyn Smykowski stresses that "the provision should apply to employees in all occupational sectors, not just the airline industry guaranteed pay day loans.

"At all airlines under French law, it is the transport facilities which are mainly threatened with serious financial and social consequences for the ground staff and flight. More severely affects the text all retirees, had complained of his side, the flight attendants' union (SNPNC). Earlier this morning, Atiha Aggoune-Schneider, president of SNPNC, however, had indicated to Figaro.fr that there was "an opening" toward the ministry.

Mobilization at airports Thursday

This movement of pilots and crew is to distinguish the call of four federations of Transport (CGT, CFDT, FOR, CFTC) to a day of mobilization and strike this Thursday at airports on the subject of pensions. This day of action could lead to disruptions in access for travelers.

Federations were parallel transport mounted slot on Article 16 of the Finance Act of Social Security. They had asked the government Wednesday in a joint statement, "to amend the text in the sense of respect for agreements."The right to transport facilities "has been negotiated between the parties concerned, Urssaf departments, companies and unions, there are just two years," recalled the federations.

The draft law on financing social security (PLFSS) for 2011 was adopted on Tuesday afternoon on first reading by the National Assembly, 330 votes against 224. The government's goal is to limit spending to keep the deficit at 21.3 billion euros in 2011 against 23.1 billion in 2010. The text will be considered in the Senate from November 8.

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