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Brussels puts Google and Facebook in its sights

Saturday, July 10th, 2010

The threat of an investigation Brussels comes from Google. Wednesday at a symposium on digital media organized by the University College London, Joaquin Almunia, Vice-President of the European Commission responsible for Competition, said the complaints carefully examine the American search engine was the subject in Brussels. Last February, the Commission announced a query to Google after receiving complaints from the price comparison site UK Foundem, legal search engine ejustice.fr and compare prices at Ciao, a subsidiary of Microsoft.

"My services are currently examining allegations of anticompetitive conduct in the field of online research. The work is at a preliminary stage, but given the importance of online research on a competitive digital market, I look at these allegations very carefully, "said Joaquin Almunia.Without mentioning Google by name, the European envoy said that "the first search engine in Europe has a market share of 95%.

He also wondered about the possible manipulation of search engine results, while "information flows more quickly over the Internet." Finally, he noted that if the Web services differ, they are very likely to opt for the same business model: the monetization through advertising. A market where Google is also present through the marketing of listings.

Facebook in the viewfinder

The speech wrapped kits diplomatic caution suggests difficult days for Google, which could suffer the same fate that other giant U.S. technology in Brussels.Methodically pursued by the European Commission for ten years for abuse of dominant position, Microsoft has been fined for an amount of 1.68 billion euros.

Google, for its part, denies any evil intent. "We have always worked hard to ensure our success was gained in a fair, through technological innovation and good products, rather than the confinement of our users or advertisers, or creating artificial barriers to entry, "stated the group after the filing of complaints to Brussels in February.

If the question of Google has become the most urgent, Brussels is not only concerned the latter's dominance in online search. Social networks are also in the crosshairs of Joaquin Almunia. European number one, Facebook has a market share of 70%, he believes.But "changing search engine may seem easy enough. Changing social network is more difficult because of the effects of stronger networks and data portability, "says the vice-president of the Commission. Another concern: "The online advertising market is it the same when the advertising is broadcast on search engines or social networks?"

In the case of Google as Facebook, Brussels fears that having acquired strong positions in their respective markets allows these players to capture other activities.

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United States: the richest country, not the happiest

Friday, July 9th, 2010

Money does not buy happiness, it is often said. Gallup conducted a global study whose results appear to confirm the adage. According to the study, published in the American Journal of Personality and Social Psychology, whose findings were released by the Christian Science Monitor, the U.S. is perhaps the richest country in the world, but they are far from be the happiest.

The global study was conducted among 136,000 people in 132 countries between 2005 and 2006. His basic premise: there are two definitions of happiness. On the one hand, happiness linked to a sense of well-being. On the other, that which is derived from specific moments of joy.If the first definition depends largely on personal income and wealth of the state in which one lives, the second responds rather to how psychological and social needs of all are met, the researchers said Gallup.

Yet with the highest GDP per capita in the world (46,400 dollars per capita, according to the CIA), the U.S. can only 16th in the ranking prepared by Gallup in regard to the general welfare, and only in 26th position out of 132 in terms of moments of satisfaction. The Americans were upstaged by the Danes, who are happiest with a general point of view, and by New Zealanders, who are champions of the moments of joy. Far from the United States, Denmark is the 31st worldwide in terms of GDP per capita ($ 36,000 in 2009) and New Zealand 51st (to 27,300 dollars), according to CIA data.

The importance of social relationships

"While enriched with a sense of general satisfaction on his life, it is perhaps not as big an impact than we imagine how we appreciate each moment," says Ed Diener, a researcher at the University of Illinois and in Gallup. The researcher stresses the importance of "quality of social relations" in the lives of everyone. He cites, for example, Costa Rica, despite income levels below those of South Korea, would have a population happier.

One issue that has also gained ground in France. To determine the limits of GDP as an indicator of social progress, President Nicolas Sarkozy in 2008 mandated a committee chaired by Professor Joseph Stiglitz, the Nobel Prize in economics.Its report, delivered in late 2009, believes that there is often "a gap between declared, first, the usual measures of major socio-economic variables such as growth, inflation, unemployment, etc.., And, Moreover, widespread perceptions of these realities. " The Committee also questioned "the relevance of these data as a tool to measure societal well-being."

The adage has limits

For example, northern Europe and Anglo-Saxon beautiful lie on top of the global economic scale, these areas have nothing to envy of Latin America, which is relatively well positioned in the rankings of Gallup . This reasoning, however, limits. "Many if not most people want and run after money for most of their days, in fact, admit the authors of the study.Unsurprisingly, the countries of Africa's poorest arrive back of the pack, and this, in the two rankings of happiness!

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AGBANK expected to raise more than $ 22 billion

Wednesday, July 7th, 2010

The official announcement will take place tomorrow. But sources familiar with the matter, Agricultural Bank of China (AGBANK), China's third largest bank, on Tuesday set the prices of its dual IPO in Shanghai next July 15 and in Hong Kong Tuesday.

In Shanghai, the price stood at the top of its indicative range which started at 2.52 yuan. AGBANK and sell for 22.24 billion yuan-denominated shares at a price of 2.68 yuan coin, or 59.6 billion yuan (8.8 billion dollars).

In Hong Kong, AGBANK sold 25.4 billion shares, representing 8% of its enlarged capital, at a price of 3.20 Hong Kong dollars part, totaling U.S. $ 10.4 billion, reports Reuters.

Offer oversubscribed

According to reports from Reuters, the offer of AGBANK in Shanghai was 20 times oversubscribed by institutional investors.In Hong Kong, the institutional demand came from Asia to 4%, 30% U.S. 25% Europe you saving account payday loan. Individuals have however shown little enthusiasm in Shanghai, like Hong Kong.

In total, AGBANK rise $ 19.3 billion through its dual listing and even 22.2 billion dollars if the over-allotment option is exercised. It is widely expected in the financial sphere. This would become the largest ever in the world.Previously, the largest IPO was that of javait Industrial & Commercial Bank of China with 21.9 billion in 2006.

The IPO allotment option included, values AGBANK about 150 billion dollars (nearly 120 billion euros), making it the fourth largest bank in terms of global market capitalization behind ICBC, China Construction Bank and HSBC .

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This increases from today

Thursday, July 1st, 2010

• Transport

– Station: Ticket prices for trains Coral, Intercity and TER (Regional Express Train) will increase an average of 2.5%. This will result in higher ticket from 10 cents to 2.30 euros depending on distance traveled during the trip.

As for the discount cards (cards 12-25, Senior, and Child Escapes +), their prices remain unchanged.

– RATP: The price of individual tickets will go from 1.60 euro to 1.70 euro.

Subscriptions Navigo will also increase, except for packages zone 1-5 and 1-6.The monthly Zones 1 and 2 (Paris and suburbs) rises from 56.60 to 60.40 euros (+6.7%), the zones 1-3 of 74.40 to 78.20 euros (+ 5.1%) and the zones 1 to 4 from 91.70 to 95.50 euros (+4.1%).

• Energy

– Gas: After an initial increase in April, prices will increase again by 2% to 4.7% (about 8 euros per year for those who use gas for hot water and cooking 45 per year for those who use it also for heating)

– Bulbs: As part of the scheduled end of incandescents in the EU to promote energy saving, incandescent lamps of 60 watts are removed from store shelves.Those whose power was 100 watts or more have disappeared from shelves in 2009.

• Bonus for scrap

The premium case is lowered to 500 euros instead of 700 for any car ordered until December 31.

• Stamps

The price of postage for mailings of letters under 20 grams, will increase by two cents from 56-58 cents, up 3.5% No faxing 1 hour payday loans.

• Retirement

The index points which is the basis for calculating salary in three public (state, territorial and hospital) must be revalued by 0.5%.

• Unemployment benefits

Allowances of approximately two million unemployed by unemployment insurance compensation will be revalued by 1.2%.

• Communication

– Hadopi: It is from this Thursday that the first warnings will be mailed to users in violation of the law on downloading.

– Phone: The price of calls made and received from another EU country (roaming within Europe) will be reduced to 39 cents per minute excluding VAT cons 43 cent today. Receiving a call will be charged € 0.15 per minute instead of EUR 0.19.The SMS tariff remains unchanged for its 11 cents per message.

• Business and Disability

Firms with more than 20 employees employ any disabled person and took no action to promote employment of disabled people will have their penalties tripled to about 13,000 euros per person missing.

• Livret A

Currently at its lowest level since its inception to 1.25% – Return of the booklet A should move to 1.50% or 1.75% from 1 August by Budget Minister Francois Baroin.

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Lagarde freeze gas prices

Saturday, June 26th, 2010

The Regulatory Commission (CRE) had just agreed to the request of GDF Suez to raise gas prices as of July 1. They grow by 4.7%, bringing the increase to nearly 15% since the beginning of the year. Although this further increase was expected, the household energy bill begins to weigh.

However, Christine Lagarde, Minister of Economy, warned Friday that gas prices will not move until January 1. Consumers will escape upwards so that additional sketched already by 1 October – the price revision is now making quarterly.

The "pause" as required by the Minister is made on behalf of a review of the formula that currently GDF Suez to calculate its rates. In spring, the regulator had already begun an audit. It will therefore continue, before the drawing, probably new method of calculation.Knowing that GDF Suez is currently conducting a number of renegotiations with producer countries. 'I hope that the CRE do an audit of this formula because I'm quite surprised at the speed of execution and I wish that as a result of this audit, we determine if the formula is good, "said Friday Christine Lagarde on France Inter.

"The current tariff is not obsolete, but it can be optimized," says one expert dossier.In discussion, the long-term contracts underlying the supply of GDF Suez (with key suppliers such as Russia, Algeria and Norway), while the spot price of gas fall very weakly into account in calculating the formula.

The government takes the hand

"On a more general issue is whether to continue to index the price of oil on gas prices, even though overproduction of gas worldwide has resulted in a fall prices, "says one expert. However, increased consideration of market prices in the establishment of the formula may increase the volatility of the prices. In all cases, the balance is difficult to find.

For government, the issue of gas prices remains thorny.Early this year he thought he had found a solution by entrusting exclusively to the regulator, on the proposal of GDF SUEZ, the task of settling. But after two significant increases in quick succession, the government, well aware of the unpopular side of the increases among the public, are now forced to return to the game

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Titles restaurant to pay its yoghurt

Tuesday, June 22nd, 2010

Employees benefiting from restaurant vouchers will soon lunch a pleasant change. Christine Lagarde, Minister of Economy, hopes to "quickly" to sign a decree extending the application of this method of payment in convenience stores, super and hypermarkets.All fruit and vegetables and dairy products (milk carton of yogurt to cheese through) can be resolved in this way.

Specifically, holders of securities (Ticket Restaurant, Cheque restaurant, lunch voucher, voucher table) may offer yogurt and fruit as a breakfast without these products come with a "heart meal (sandwich, casserole fresh, frozen or canned, prepared salads and salad), as set up a charter in force since 1 March between retail and restaurant National Securities Commission (NTRC).

This text, which limits the use to two titles per checkout, had framed the scope of application of restaurant vouchers. The purchase of dairy products was already in effect accompany the famous "heart of meals."The next order will make lawful use hitherto only tolerated at the margin (the purchase of dairy products) and expand the use of meal voucher for the purchase of all fruits and vegetables, not only those immediately consumable. This means that a basket of securities paid restaurant may contain raw vegetables such as broccoli and potatoes … In the entourage of Christine Lagarde, one highlights the benefits of this extension for both health and for the agricultural sector.

"The ink is barely dry, it says, however Bercy. We are awaiting the official presentation of the report of the Working Group. "The latter was established in March, due to abuses in the supermarkets.Some users of securities not hesitate to make part of their grocery shopping with this method of payment, while the system is designed to enable employees, in particular SMEs, to pay their lunch to tax-advantaged, like those enjoyed by employees of large companies often have an in-house restaurant.

The restaurateurs are preparing to respond

Another important point Bercy wants to increase very significantly the number of outlets which can be used for the restaurant vouchers to spend from 4,000 to 10,000.These guidelines are intended to clarify practices that have evolved in recent years.

In 2009, the share of debt redemption made to the restaurant food surfaces (hypermarkets, supermarkets, convenience stores) reached 20%, according to the NTRC, exceeding for the first time that the "similar restaurants (bakeries, delicatessens and caterers) at 19%. Directly concerned, the traditional dining and fast, which became the lion's share (61%), waiting to know the exact contents of the decree to react.

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The requirement for U.S. investors

Friday, June 18th, 2010

Between the French listed companies and U.S. investors, the reports are looking good. Despite the crisis, Paris remains the third preferred destination after Great Britain and Germany. But this affinity could become even more intensity, if we believe a research firm Financial Dynamics on the attractiveness of companies listed on the Paris Stock Exchange with 30 institutional investors on Wall Street. Europe weighs only 13.8% of their portfolio and the size of France went a small 1.6%, which suggests the study, could grow if the managements of French companies were showing "greater transparency and if the publications were more accurate results and frequent. All these qualities, however, already claimed by large listed companies. Yet Americans remain unsatisfied.While 62% feel well informed about investment opportunities, 38% complain that they do not quite grasp the subtleties of the governance and regulation at the French. This does not prevent them from playing for high: 39% of respondents prefer large-cap, over 10 billion euros. And 23% opt for those between 5 and 9.99 billion euros.

To choose between two companies in the euro area, 53% of investors focus first on to dissect the "fundamentals", only 16% consider the prospects for growth as critical. Which is good in this day and age.

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Fillon wants to reduce spending by 45 billion euros

Monday, June 14th, 2010

Found 100 billion euros in three years. This is the government's objective to reduce the deficit from 8% to 3% in 2013, reiterated Prime Minister François Fillon on Saturday, which gave details of the proposed measures. "We have pledged by 2013 to reduce our deficit from 8% to 3% and all our efforts will focus on this priority. It means basically that should reduce the deficit of 100 billion by 2013, "he said during a meeting with new members of the UMP Salle Gaveau.

The $ 100 billion, "we (them) to find the half in spending cuts and half in revenue increases," said the head of government.The 50 billion euros in spending cuts will be made up of "45 billion by reducing public expenditure, 5 billion on reducing tax loopholes."

On the revenue side, the 50 billion do not result from increased taxes and levies, "said Francois Fillon. He bets on "35 billion upgrading after the crisis, loss of revenue cyclical. (…) As and when growth returns, revenues are growing once again, "he said. And the remaining 15 billion? They "will correspond to the end of the steps we have taken to boost the economy and have obviously not meant to last beyond this period of recovery," he added no fax pay day loan.

In May, Francois Fillon had already announced a freeze in spending value of the state but had not detailed the targets.These details are involved a little less than a week after Berlin has adopted a plan rigorously evaluated at 80 billion euros. France is under pressure from financial markets and rating agencies, who urged him to detail the measures to be taken to reduce debt.

"New sources of funding"

The Prime Minister also addressed the issue of pensions. While the government prepares to release his reform plan, Francois Fillon reiterated its intention to extend the duration of activity and pushing the "symbol" of the statutory retirement age to 60 years.

It will also seek new financing, he added. "Justice will lead us to seek new sources of financing because the effort must be shared by all," he said.Nevertheless, the government has temporarily waived taxing incomes over 11,000 euros per month, according to information from Figaro.

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Trade Electrical trial Kerviel

Friday, June 11th, 2010

The first witnesses in the trial of Jerome Kerviel to show unfavorable to the former trader. However, the three lawyers of the Societe Generale seem nervous.

My Veil, Reinhart and Martineau do not in place. Sometimes they twirl and shake, like swallows on a wire, while nearly two representatives of the Crown. The result is a mass effect on the side of the charge, which accentuates the loneliness of the accused, sitting in a chair – which is probably not displease her advice. Sometimes, in turn, lawyers for the plaintiff are powerful whisper the word to reporters, as if they have trumpeted the court might be misunderstood.

Here are just a witness who has everything to please them: SN is a trader at Societe Generale. Tall, slim, short hair, gray suit (a standard, obviously), this old friend of Mr.Kerviel stands slightly hunched, embarrassed of the man whose belly gargoyle society. "I do not necessarily asked to be there," he slips to the President. But since there is, he sings the lament of an honest financial embittered: "We all have limits to respect. Jerome Kerviel took positions stratospheric, endangering the bank and its employees. We are fighting every day to earn a little money in the bank. I am disappointed and disgusted. "

Mr. Metzner asticote this model employee: "If you say the lesser evil of the Company generally, you would find your chair tomorrow?"

The witness, categorically: "Yes."

The lawyer, humbug "Try …"

Martineau and yelping My Veil: "MSunder oath! We want him to give false testimony: "The prosecutor Jean-Michel Aldebert, while caveat:" Do not terrorize witnesses, Master! "

Mr. Metzner and his partner, Nicolas Huc-Morel, now produce a picture that at first sight, shows that the theoretical limit imposed on the traders would have been "disabled" – understood: it was not expressly prohibited Kerviel to invest billions. Claire Dumas, part of SocGen, refutes the argument. The three councils of the bank seriously nod of the head, Mr. Metzner is gloating.As Mr Kerviel, but it should be noted that his ostensible irony and his disposition to take up anyone questioned irritate the president, who often questioned.

Societe Generale, it comes out of his sleeve a graphic frightening: If it had not "unwound" Kerviel aberrant positions from January 2008, she had said she lost, not 4.9, but 29 billion. This time, his trio swagger, while Mr. Metzner, red as a peony, storm: "These pieces have not been disclosed to the defense!"

The performance resumed Friday morning.

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The G20 bury the global banking fee

Saturday, June 5th, 2010

Barely out of cardboard, the global banking fee is already forgotten. After two days of meetings in the South Korean port of Busan, the G20 finance ministers have finally buried the idea of imposing a universal tax on banks to finance the rescue of the financial sector. Under pressure from Canada, Japan and several emerging countries, the G20 has decided that the imposition of tax concerns only countries where governments have funded bailout of their banks following the financial turmoil triggered Wall Street in 2008. A compromise that left the United States and European countries the right to establish their own tax waiver on their banking sectors, but reflects differences in approach within the group of the twenty largest economies in the world.

Canada, which will host on June 26 in Toronto the next summit of G20 leaders, as well as Australia and Japan have argued that their banks should not pay for the mistakes of their American and European counterparts. An application supported by big emerging countries like Brazil and India argued that their banking sector is healthy and does not require the establishment of a security background. "This is a view somewhat optimistic" said Dominique Strauss-Kahn, the IMF head who introduced new tax proposals in Busan.

The South Korean Presidential G20 hopes to win here at their summit in Seoul in November, an agreement on guidelines that would frame the future bank charges while leaving wide latitude to reluctant countries.

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