In total only seven of 91 major European banks subject to tests of resistance have been realigned, as the Committee of European Regulators (CEBS), which means they will raise funds to strengthen their financial position. They may need to raise 3.5 billion euros.By comparison, 10 of 19 U.S. banks had been tested in early 2009 over the obstacle.

CONCERE tests in Europe, there are five Spanish banks (Civica Cajasur, Unnim, and Espiga Diada), a Greek bank (Atebank) and Germany's Hypo Real Estate. No major surprises so. The institutions cited were regularly advertised as the most fragile. Note that none of the seven institutions is listed on the Exchange. Among the banks that failed this test, regulators believe that capital requirements are the most important elements in establishing German Hypo Real Estate (HRE), which needs to 1.245 billion euros to raise the minimum, and The Spanish savings bank Diada (Caixa Catalunya, Caixa Tarragona Caixa Manresa), too short of 1.032 billion.

Among the 84 banks that have successfully passed the tests, several lie exactly at the required level, a ratio "Tier One" 6%.It is the establishment Greek Piraeus Bank, and Spanish banks Banco Pastor, Caja Sol, while many German regional banks and savings banks in Spain will fall only slightly above 6%. C This is also where the largest Slovenian bank Nova Ljubljanska Banka (NLB) which displays a level of 6.3% and decided, therefore, increase its capital on its own initiative.

Analysts reviews

"It was too lenient. We anticipated the failure of 10 banks, but only seven have failed. No institution has failed side. This has dispelled any fears that existed until now and all questions were asked before (stress tests) will continue to be asked "critic James Hughes, market analyst at CMC Capital in London.

For Chris Rupkey, economist at Mitsubishi UFJ in New York, "The monetary authorities need to reassure international investors and to show skeptics that European banks are sound from a financial point of view. Despite the questions about transparency and the fact that stress tests are not subject to stress tests U.S. last year, I think these tests will begin to concerns about the eurozone behind us. There could be an initial disappointment leading to some selling on Monday at the reopening of markets, but the market will quickly pass over. " He continued: "The market was asking too much at once. At one stage it was thought that U.S. banks drank the cup in terms of equity because there was significant depreciation of their assets in mortgages.This was not true, so it is not "fair" that the market wants to see a decline in the value of sovereign debt in the euro area in the accounts of banks'

European regulators have scrutinized the 91 largest banks in the European Union to ensure that their capital levels are sufficient to enable them to cope with shocks even more severe than the bankruptcy of Lehman Brothers in September 2008, which sparked a near-collapse of global financial markets. Banks unable to maintain a ratio of Tier 1 capital of at least 6% by end 2011 in the hardest of these scenarios will be considered as having failed the tests.

France has fully passed the examination, the four banks involved in these tests (BNP Paribas, Societe Generale, Credit Agricoleet BPCE-Banque Populaire Caisse d'Epargne) have shown that they retain a sufficient level of funds in proportion different scenarios.

French banks "among the strongest"

The "brand of French banks is really a very strong resilience, welcomed Christian Noyer, governor of the Bank of France, with the results of these tests, commissioned by the European Commission and organized by the CEBS (Committee European Banking Supervisors). With these results, show that French banks "are among the strongest in Europe," says the Bank of France again.These results were "predictable" because they are "in line with the results obtained in tests conducted regularly in France and the demonstrated ability of French banks weather the recent crisis," he added.

Banks were tested maintain a level of equity called "Tier One" (reported capital commitments of the bank) of 6% for the regulator considers that they had passed the test. However, tests have shown that if stress of a major financial crisis, the ratio of cumulative four French banks would fall to 9.3% at end 2011 against 9.9% in late 2009.For Christian Noyer, even in cases of "adverse scenario, the banks maintain a" level of income in 2010 and 2011 roughly the same as in 2009.

"Cum laude" for Christine Lagarde

The Minister of Economy Christine Lagarde, who in the columns of Le Figaro said it had "full confidence on the health of French banks said they had succeeded in" hands down "the exam. "The French banks have passed the exam, I would say: with honors," she said."The test was particularly difficult," ruled the economy minister, stressing that the simulation was at once assumed an economic recession and crisis of sovereign debt of countries of the European Union.

"It's obviously a matter for satisfaction," she said, "because it means we will be able to finance the economy, finance households, businesses, and the distrust of markets should now disappear, given this exercise in transparency. " "These good results reflect the overall strength of the French banking and in particular the significant strengthening of the capital of French banks in recent months, and exposure to sovereign risk control," she said in a statement ."They demonstrate the relevance of the model of regulation and supervision of French, based on a demanding approach to risk prevention," stressed the minister, who said "the efforts of French authorities during the financial crisis in 2008 and 2009 stabilizing the French financial system have borne fruit. "

A statement that refers to the revelations published by the Financial Times Deutschland on Monday. The newspaper said Airbus would have in effect reduced its prices by at least 10% for each tank, compared to the offer already made in 2008. "Boeing said lowering its prices. I do not know, I do not have access to prices charged by Boeing and I have no comment on that. We have fixed a price with a goal of profitability.I think we're competitive, "said Louis Welsh.

"A situation more unfair"

EADS CEO also regretted the postponement of the publication by the World Trade Organization a report on the subsidies received by Boeing. Originally scheduled for mid-July, it should finally be delivered in September, even though a harsh report on public aid for its part, Airbus has benefited already been published paydayloan. "I am extremely frustrated. We find ourselves in a situation more and more unjust.[...] We will have a balanced view that when the two reports will be made, "said Louis Welsh, however, cautiously optimistic about his chances to take this strategic market.

"Impressed" by the relationship forged in the U.S. between its teams and the Pentagon, he said EADS had his chances to actually win the contract. A victory that would constitute a major strategic move for EADS, beyond the mere financial interest. For EADS wants long roots in the United States, by far the biggest world market for defense. "We must be in the United States is a huge market and clearly we must be winners," said Louis Welsh before calling the offensive EADS overseas would continue, with or without the contract tanker of pocket.Because whatever happens, it will "live" without this contract if the EADS bid was ultimately not successful, warned Louis Welsh.

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"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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Already, in an interview with Le Parisien, the leader has unveiled details of its new strategy. Stéphane Richard wants to empower his group to answer the series of suicides that has shaken the operator for more than a year. Thus, the leader has established "a new charter with five key managerial principles whose watchwords are autonomy, trust and respect." The boss also advocates listening.Stéphane Richard also wants to create a "dozen" in "places of training for 20,000 manageurs group" and a stabilization of the workforce in 2010, with "3500 recruitment to offset departures"

Emerging in the viewfinder

Furthermore, the leader plans to spend 200 to 300 million customers worldwide by 2015. The strategic plan "Conquests 2015, and based on the development of communication networks. The officer also refers to "the conquest of the international, especially in emerging countries.

Stéphane Richard also announced the merger of France Telecom and Orange "well before 2015.

Standard & Poor's predicted an earthquake in the scoring in the United States. She believes that the current reforms on the financial regulation in the United States threatens the business of Moody's. For example, "investors may sue the agencies in the event of fraudulent or reckless notation, notes S & P, which" increased legal costs of Moody's "dramatically," says S & P.

Moody's might also face a drop in sales, ahead its competitor.New laws in effect remove the references to footnotes in regulatory agencies and investors could then no longer need their services.

Black Series

The decision by Standard & Poor's added to the long series of bad news qu'essuient its competitor. In recent months, Moody's has seen some of its former analysts testify against her before the U.S. Senate. One of its main shareholder, billionaire Warren Buffett, has withdrawn in part. And the agency was roundly criticized by some investors for notes attributed too generous to Greece, Portugal or Spain. When she does not suffer from the wrath of authorities for the untimely degradation States Notes.

Logically, these arguments on the ratings business in general, thus also relates to Standard & Poor's."This decision serves as a warning signal for the whole sector," Norbert Gaillard analysis, an economist and specialist agencies. The agencies are so far very profitable, with operating margins (operating income compared to the number of cases) between 30 and 40%.

Concerns about the sector

The agency draws she shot in the foot by publicly worrying about the future of its industry? Yes and no. If she criticizes his rival, it is mainly because the turnover of the latter depends on more than 90% of rating business alone. This is not the case of S & P. "She has put in place, long ago, a diversified business model (financial, S & P 500), regulatory reforms under threat," said Norbert Gaillard.

Moody's will be difficult to replicate its rival news: it is not publicly traded, it is backed by a large group, McGraw Hill. And if attacked, S & P will always assert its good faith by recalling that it had downgraded the rating of its own parent a few years ago.

On Monday, after having risen during the session, the Dow Jones fell into the red after a further deterioration of Greece's debt by Moody's. At the finish, the Dow Jones dropped 0.20% while the Nasdaq has eaten 0.02%.

On Tuesday, markets were reassured by national indicators considered generally positive. The subscript "Empire State" measuring the evolution of manufacturing in the state of New York continued to rise in June although employment has declined sharply, according to the regional Federal Reserve. The index stood at 19.57 against 19.11 in June in May

Also note, the import prices in the U.S., who have registered their biggest drop in ten months in May because of the plunge in prices of petroleum products.

U.S. investors are also added reassuring the reaction of European markets after the announcement of the deterioration of the debt rating by Moody's greek last night. The evolution of the euro (which returns above the $ 1.22) has become a yardstick of investor appetite for risky assets. But auctions Spanish, Irish and Belgian reassured markets on the debt problems of the region despite the lowering of the Greek sovereign rating speculative grade by Moody's.

BP, still under pressure

On the side of values, BP shares traded on the NYSE are attacked again, facing political pressure on the British group: they fall from 1.29% to 30.39 dollars. According to the parliamentary committee of inquiry of Congress, BP took risks to save money in the drilling of Macondo, the source of the spill in the Gulf of Mexico. A hearing leaders of the group is scheduled today before this Committee and President Barack Obama has a speech tonight faxless pay day loans.

In addition, Fitch downgraded six notches Tuesday of the memorandum of oil due to higher estimated cost for compensation of victims of the spill.

The media group News Corp. (0.61% to 13.20 dollars) submitted to the British BSkyB, which already owns 39%, a bid rejected for being too low, but both companies are continuing discussions with a view a friendly offer.

Apple (1.21% to 257.36 euros) announced Tuesday the launch of a new version of its Mac mini personal computer, its entry-level model, sold from $ 699.

Best buy (-5.94% to 38.61 dollars) Tuesday reported a bpa of 36 cents under its first quarter and a turnover up 7% to 10.8 billion dollars. The consensus of analysts polled by Reuters gave an bpa 50 cents on revenue of 10.930 billion dollars.

Pepsico (0.58% to 64.22 dollars), the world's number two soft drinks, has no plans to split its bottling subsidiaries, whose capital it has recently risen to 100%, said Monday one of its leaders, Tom Greco, while his arch rival Coca-Cola has hinted he might go that route. He added that the buyout of minority other bottlers not among the priorities of PepsiCo but it could be a buyer if some shareholders wanted to sell their shares.

Hershey (-0.26% to 50.75 dollars) said on Monday forecast earnings per share (EPS) 2010 adjusted between 2.47 and $ 2.52, in line with the consensus. It also anticipates a turnover up 6 to 7% in 2010 compared to 2009.Hershey plans to cut between 500 and 600 jobs, or 5% of its workforce, as part of a restructuring plan and cost savings of 60 to 80 million dollars (49 to 65 million euros) per year.

Even mood on Wall Street, where the Dow Jones gained 1.16% and the Nasdaq 1.66% shortly after the close of European stock.

And Thursday morning, Asian stock markets confirms the renewed investor optimism. The indices are displayed in positive territory while a series of good gives figures balsam inside investors.

U.S. growth is reassuring, Ben Bernanke also

Published yesterday, the Fed's Beige Book confirmed an increase in economic activity in the United States without signs of inflation, reinforcing the idea that the Fed is in no hurry to raise interest rates.The Federal Reserve announced it was expecting a GDP of 3.5% for 2010 and "somewhat" more in 2011. In May, the Fed was between 3.4% and 4.5% for 2011.

Its chairman, Ben Bernanke, indqiué he remains attentive to the evolution "of the situation abroad. His comments are aimed at Europe in turmoil budget. He said however, "reassured by the answers of Europeans," holding that they have developed a "substantial program.

The economic indicators of importance

Industrial production in France in April will be known at 8:45. At the same time, figures on employment in the first quarter will be released by INSEE.

In Frankfurt, while it is held by the Governing Council, Jean-Claude Trichet, head of the European Central Bank, will deliver the Bank's decision on interest rates to 1% today.A status quo is preferred.

Like every Wednesday, the weekly unemployment benefit claims in the United States will be published at 14.30. The figures on foreign trade in April will be known at the same time.Then, 20 hours, investors will follow the budget execution figures for the month of May

Japan remains the second largest economy after the United States, while the revised official figures and show a growth of 5% in the first quarter of 2010.

France Telecom, one aggrégateurplus a producer

Value-laden France Telecom, which held its annual meeting Tuesday, it appeared necessary to adapt its strategy contained in the competitive environment and has therefore become more assertive as an aggregator and as a producer, said Wednesday Stéphane Richard, his manager General at the General Assembly no teletrack payday loan.

In addition, the telecom authority (Arcep) on Wednesday defended a regulatory context to counterbalance the dominance of France Telecom in the telephony market in France.

Air France-KLMSelon information Figaro, Ethiopian Airlines is preparing to sign an agreement with Star Alliance to join the alliance dominated by Lufthansa. Air France is being shaken to its network and the most profitable.

Total oil group participates in the construction of a solar concentrator 100 megawatts in Abu Dhabi, the largest in the world.

Renault head to change the financial department. Thierry Moulonguet will be replaced by the CEO of RCI Banque.

Imerys The Strategic Investment Fund (ISF) has announced Wednesday the fall departure of chief executive Gilles Michel, who will join the group of industrial minerals and construction materials, which is expected to become CEO in 2011, to succeed Gerard Buffière.

The Auchan retail group and its Taiwanese partner Ruentex preparing to list their Chinese activities on the Stock Exchange of Hong Kong, according to Les Echos published Wednesday. A first for the family business.

French Members Banks, which begin Thursday in open discussion of the draft law regulating banking and finance, also want to discuss with the Government of the German measure to ban naked short selling.

EADS Eurofighter has launched negotiations with Germany, Spain, Britain and Italy to convince these countries to invest 10 billion euros in the next phase of production of its combat aircraft.

Moreover, during the Berlin Air Show, Louis Welsh, the executive chairman said he was "delighted if we could forge a partnership with Embraer, the Brazilian counterpart, said FinanzNachrichten.

The form that could take this partnership has not been specified. In the past, EADS has held a minority stake in Embraer, which he sold in 2007.

However, to see the effect in relief, it is necessary to be right in front of the small screen, 30 cm apart. "We can only produce small screen in this technology. In addition, 12.7 cm diagonal. It must be well in front, otherwise the perception of 3D fade, "says Patrick Chardin, director at Sharp France. To develop its new technology, the Japanese group has improved its previous innovations.Three years ago, in Tokyo, Sharp has introduced an innovative technology which allowed three people to watch at the same time, a different program broadcast by the same TV, depending on the position of each face on the screen. Each point on the screen was broadcasting a different image depending on the viewing angle of the viewer.

According to this principle, with an image emitted for each eye, the semiconductor division of Sharp has designed its new 3D display device called an "interlaced effect. The additional cost compared to a conventional screen is not excessive.For the screen in landscape consists of a conventional LCD panel on which is placed a filter.

Nintendo

But because of its limited size for the 3D effect, "we focus on three markets: portable gaming devices, smartphones (note: mobile phones for surfing) and embedded screens, such as GPS in cars" said Patrick Chardin best payday advance.

Production should begin in September. One of the first objects that can use this technology should be the next portable game console, Nintendo 3DS, announced last week and promised for 2011. For its previous screens of the DS, sold 125 million units, Nintendo had already appealed to Sharp as a supplier.

Nintendo's next console will be presented in June in Los Angeles at E3.The Japanese group said the old games the DS can be reused on its future console. With 3DS, the group led by Satoru Iwata will take another step ahead of the Sony PSP (67 million), which was sold two times less than the DS. In addition, the CEO of Nintendo will reduce competition from the iPhone and iPod Touch which guests are on the market for portable game consoles.

Moreover, it could sell 78 million smartphones equipped with 3D screens by 2018, says DisplaySearch.For now, only one mobile is sold only in Japan by Hitachi, with a 3D effect without glasses.

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"High definition in 2009, the third dimension in 2010

Sarkozy the American, the return. Dampened by the failure of regional confronted with doubts of his majority, battered in the polls, the president could not find better than this visit to the United States to escape the burdens hexagonal. The chances of diplomatic agenda sometimes things well. A discreet arrival Saturday in New York, along with Carla Sarkozy, the ritual of jogging in Central Park on Sunday morning, then a family day, away from cameras and microphones before the official on the scene Monday morning, with a speech at Columbia University.

The opportunity for Nicolas Sarkozy to urge "a friend" the United States to "work with Europe to invent a new global model", in order to regulate capitalism, stabilize currencies and improve governance World."If Europe and the United States do not invent this new model, nobody will," argued the head of state before several hundred students and professors from the prestigious University of New York. Amount to the podium in an imposing neoclassical dome, Nicolas Sarkozy has openly made his speech to his aide – "if you read this kills creativity", he said, before launching into a very controlled improvisation. "The crisis we've known we offer extraordinary opportunities," said the head of state. By asking the regulation of capitalism, I lay the groundwork that will save capitalism without rules is killing freedom, "he said, a few" blocks "of Wall Street, the epicenter of the financial earthquake.

"Irresponsible"

In the field of environment, access to raw materials, Nicolas Sarkozy has also called for support of the United States. "In two years, the price of oil has risen from 30 to 150 dollars, is this normal?," He noted. Have we no interest in laying the foundations for a regulation that would have a barrel to 80 dollars? "Even imperative of transatlantic cooperation for reform of global governance" that the United States and Europe must request. It will, he said, the resolution of major challenges such as Iran, against which "the alliance with the United States is fundamental, but also the fight against terrorism.

"We love you, admire you, we expect a lot from you," Nicolas Sarkozy has launched the Americans.A friend, therefore, but a demanding friend, who also does not hesitate to lecture the United States, calling for tolerance, "not closing" on themselves and listen to Europe. For, he launched the first world power, "no nation, however strong it is, can the twenty-first century impose its views to the world."

"Some hundreds of irresponsible done anything with the money of others is indefensible," he also said the French president, warned that "the same are ready to begin. "There are hundreds of thousands of Americans who lost their jobs because of this crisis, is this normal?" Asked by a student on the reform of the health system, Nicolas Sarkozy congratulated Barack Obama. But he also gave a pike: "When we see this debate on health, it was sometimes hard to believe, in Europe it is fifty years we have solved the problem.In France, we do not ask your credit card before going to hospital ", he shackled, before launching his audience:" Welcome to the club of states that do not allow people to fall sick! "

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