Pébereau has resisted the stock market battles, crises and even big night bank. But a simple date in a calendar, and he is defeated. Thursday 1 December, the most influential banker in France or Europe, will no longer be president of BNP Paribas, the old lady he was winded in eighteen years the first French bank. At 69, the inspector of finance promotion Marcel Proust was found by time. No matter. A few days before his abdication, he remains the first line on the front of the euro. One day, debating on a television with Jose Manuel Barroso, President of the European Commission. Another received at Downing Street by David Cameron, the British prime minister. There's a fire in the house and the euro Financial has an address book to make the government gives tirelessly envious of the voice. That of BNP Paribas. That of France.
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Saturday, November 12th, 2011
At a silver lining. The great blunder of the rating agency S & P issued Thursday to its subscribers in error message suggesting that the note of France was degraded allowed to know the exact impact would have been the suppression agencies rating of the famous "AAA" from France. This information has been totally denied by the U.S. agency Standard & Poor's and the Financial Markets Authority (AMF) has launched an investigation, but the damage was done.
As such, it must be remembered that the S & P is not his first "mistake". In early August, when the deterioration in the rating of the United States, the agency had already deceived 2,000 billion in the calculation of the federal debt.
This lack of reliability of the agency does not affect the market reaction.Thursday, shortly after the dissemination of this false information to 3:57 p.m., the French rate on loans to ten years amounted to 3.46%, bringing the pay gap with German bonds of similar duration to a record 166 points percentage not seen since the creation of the euro.
Everyone to understand that France will soon be degraded
This Friday, at the opening transaction, rates eased around 3.36%, but markets have learned their lesson. In exchange, everyone understood that in case of deterioration in the rating of France, synonymous with loss of the "triple A", the rates of government bonds with ten years showed 3.46%, or 3 , 5%. This would mean that in this case, France would borrow twice from Germany!
The shock is harsh, but it is ultimately not so dramatic as that. A 3.46 or 3.5% borrowing conditions in France remain reasonable.
Recapitalization of banks: difficult negotiations in Brussels
Sunday, October 23rd, 2011Creditor banks in Greece will have to accept losses "substantial" in the new bailout of the country, warned Saturday that the European Ministers of Finance. Last night, the central bankers of the euro zone had "agreed to say that we had to have a substantial increase in the contribution of banks" in the form of a depreciation of their claims, said the leader of European finance ministers, Jean-Claude Juncker.
According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" against a target of 21% decided on July 21 with the banking sector. They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF).The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised.
A "discount" is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% borne by the private sector, the second program of financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts.
• Banks recapitalized to the tune of 100 billion euros
In any event, the second bailout in late July, just after the first amounting to 110 billion euros agreed in spring 2010, will have to be redesigned. "It's pretty clear that we need a substantial discount on Greek debt," also said Saturday the Swedish Finance Minister Anders Borg on his arrival in Brussels for a meeting with colleagues from across the EU."We will now work on a new plan Greek, there is an effort of European countries [to, ed] and will also require an effort of the private sector," said his Belgian counterpart Didier Reynders.
The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece said "messy" serious consequences. "It's a negotiation s'entame," said Didier Reynders. These discussions, held in Brussels with representatives of the Institute of International Finance (IIF), the banking lobby, "still, there is no agreement yet," said a source told AFP familiar with the matter.
In return for the effort required on the Greek claims, it is intended to recapitalize European banks to the tune of nearly 100 billion euros. The subject was Saturday in the agenda of the ministerial meeting.According to sources cited by Reuters, an agreement in principle was reached by European finance ministers on the recapitalization faxless pay day loans. European diplomats interviewed by AFP were less categorical in the late afternoon. "There is no agreement on the recapitalization, it gets stuck a little." According to one of these diplomatic sources, "Spain insists on having a comprehensive, not only on the recapitalization of banks but also on strengthening the European Financial Stability Fund (EFSF). " On the other hand, "the ministers are trying to agree on the minimum capital."
The European Banking Authority (EBA) has proposed that banks reach a level of capital of 9% by mid-2012.A diplomat acknowledged that some countries in the viewfinder of the markets, like Italy, Spain or Portugal, feared that the recapitalization will further undermine public finances.
• The Fund will not support a bank
Moreover, the French proposal to grant a banking license to the Fund support the euro area (EFSF) so he can refinance with the European Central Bank "is no longer on the table," said Minister Dutch Finance Jan Kees de Jager. Only two options are being discussed to increase the firepower of the device, he told reporters Saturday. These two tracks on the agenda now that the mechanism acts as a partial insurance of the public debt of countries in difficulty or higher participation of the IMF to the device, according to a German government source.But there is "significant differences between countries" on the issue, said Jan Kees de Jager.
How to leverage the capacity of the EFSF was the main sticking point between Berlin and Paris at the approach of the EU summit. France, worried about its budget deficit and are "triple AAA" prefer tap into the existing European funds, starting with the ECB. Germany, also sensitive to the separation of powers as inflation risks, refuses anything resembling a crisis by printing money in Europe. France was not only to advocate the involvement of the ECB, arguing that this system worked very well in the United States or Great Britain.She was supported by Spain, Italy or Belgium.
The European Relief Fund currently has a lending capacity of 440 billion euros, part of which is already committed for Ireland and Portugal. This envelope is considered insufficient to prevent contagion of the debt crisis in countries as large as Italy and Spain, increasingly in the firing line of credit rating agencies. European countries negotiate so hard for weeks on the best way, via a "leverage" to multiply by up to five response capacity of the Fund's financial debt of fragile countries.
(With agencies)
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G20: Paris seeks to prevent patterns of tension
Saturday, October 15th, 2011A sequence at high risk for economic diplomacy opened on Friday in Paris with a G20 Finance Ministers, which ends in mid-afternoon today. The summit precedes the meeting of European heads of state, October 23 in Brussels, to enable Europe to get united at the top twenty richest countries in the world, at Cannes, 3 and 4 November. The road is marked. But after the race progress is uncertain. The subjects of accumulated tensions between developed countries, amid Sino-US tensions around the issue of exchange rates.
Aware of the pitfalls, Paris, who chairs the G20 seeks to avoid the reasons for tension. First objective: to show that Europe is determined to solve the crisis of its debt, which raises concerns around the world.To do this, nothing better than to show the strength of the Franco-German couple at a luncheon on Friday at the Elysee, bringing together around the president, the French finance minister and Baroin his German counterpart Wolfgang Schäuble.
"We have made good progress on the path to find how to package a comprehensive and lasting agreement," said the French way out. For Baroin, progress has been made "on the joint bank recapitalization," he may say no more.According to European sources cited by Bloomberg, the euro area is working on the assumption of a default of 50% of Greek debt and would have identified seven options to boost the European Financial Stability Fund (EFSF), from the processing bank the simple assurance of securities issued by the countries most vulnerable.
Individual Solutions
Paradoxically, this sacred union between France and Germany is no longer visible in the markets bad credit personal loan lenders. Yesterday, the spread between ten-year French and German was 93 basis points, to the detriment of the former. Never since the creation of the euro area, France has borrowed as much from Germany even though the absolute rates at ten years French remain historically low.In the eyes of financial markets, it shows the weakness of leeway in Paris, to boost the EFSF or possibly refinance its banks.
The other cause of tension that the French Presidency is to avoid global order. At their working dinner last night, finance ministers from the G20 should discuss ways "to ensure global growth strong, sustainable and balanced", as agreed for three years. But unlike previous summits, where everyone was asked to revive its economy, the solutions will be this time individual. "At Cannes, each country will come with two or three steps to support its economy depend on the fiscal space of each other," says Bercy. What display a facade of unity.
However, the Twenty will not avoid the reasons for tension.The heaviest between China to the United States, since the passage by Congress in Washington, a bill denouncing the undervaluation of the yuan. The newest arrived yesterday: the emerging propose strengthening of $ 350 billion financial capacity of the IMF for help, among other things, to finance Europe. A proposal that has received a plea of receiving U.S. Treasury Secretary Timothy Geithner, for whom the IMF has "largely sufficient resources to deal with the crisis."
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Soon a film based on the life of Steve Jobs
Monday, October 10th, 2011Sony would be willing to pay one million dollars to acquire the rights to the only authorized biography of Steve Jobs. Conducted by the former editor of Time, Walter Isaacson, it is forthcoming. According to the site deadline.com, which revealed the existence of these negotiations, a source quoted by AP, the Japanese group is preparing to bring to the screen the existence of the co-founder of Apple.
The realization of "biopics" has already earned some success to Sony, as evidenced by The Social Network, chronic early Facebook around the personality of its founder, Mark Zuckerberg, who cardboard box office and won three Oscars.
Commercial success
As for Steve Jobs, his character had so far been brought to the screen only once, as part of an American TV movie focusing on the rivalry between Apple and Microsoft in the 1980s absolutely free credit score.The character of the co-founder of Apple was then played by the actor Noah Wyle, best known for his performance in the series Medical Emergency.
The biography of Steve Jobs also promises to be alone is a huge commercial success. The date of publication of this book of 750 pages, made from forty successive interviews Steve Jobs, has been repeatedly advanced. Initially planned for spring 2012, the release of Steve Jobs-not iSteve: the Book of Jobs, considered as a time will eventually take place on October 24 in the United States, said its U.S. publisher, Simon & Schuster. In France, the book came out at JC Lattes is scheduled for Nov. 2. A first printing of 500,000 copies is already planned.
The Paris Bourse started the session sharply down
Tuesday, October 4th, 2011The mood is gloomy Tuesday in the Paris Bourse. The debt crisis and fears of a default still saddled Greek markets. The CAC plunged 2.98% in the early morning at 2 839.50 points after having been closed on Monday, down 1.85% to 2926.83 euros. Elsewhere in Europe, London was down 1.40% to 5,004.51 points and Frankfurt from 1.72% to 5376.60 points. Also down sharply, Wall Street Monday reached its lowest level since September 2010.
Monday evening, the finance ministers of the Eurogroup announced after their meeting that they see "in October," the decision on the next tranche of 8 billion euros to Greece. Europe is planning to review the private sector in the second aid plan and is considering increasing the relief fund for indebted countries (EFSF).Finance Ministers have also agreed on the granting of collateral in exchange for loans to Greece.
Athens, meanwhile, announced new measures after Sunday warned that the country would not meet its deficit targets required by its creditors.
Oil down
Despite these announcements, this is no time to calm the markets on Tuesday morning. In Asia, the Nikkei yield 1.31% to 8433.27 points and the Hang Seng in Hong Kong 1.59% to 16,554 points. Fears weigh on the euro area also on the European currency has reached Monday, a low of ten years against the Japanese currency at 100.96, yen. This morning the euro is worth 101.21 yen and 1.3218 dollar.
Oil markets, concerns about the global economy weigh on prices: a barrel of "light sweet crude" for delivery in November lost $ 1.11, to 76.50 dollars in early electronic trading.A barrel of Brent North Sea crude for November delivery gave up 92 cents to 100.79 dollars.
In terms of macroeconomic indicators, investors will pay attention to the publication of industrial producer prices in the euro zone at least August. Overseas, industrial orders in the U.S. for August are expected in 16 hours. At the same time, the president of the Federal Reserve, Ben Bernanke, scheduled to speak before a congressional committee on "economic forecasts".
Dexia has announced the sale of its flagship
The entire banking sector will be followed on Tuesday. The board of directors of Dexia (-27.7% to 0.94 euros) announced last night to have initiated a process to solve the structural problems of the group but did not mention track in particular.The Franco-Belgian bank should speed up the sale of its jewels and isolation of its non-performing assets in a "bad bank". His last note was placed on negative watch by Moody's.
The sugar group Cristal Union will acquire in a friendly group Vermandoise for nearly a billion euros to create the number five European sugar industry, which will be number two in France behind Tereos. Vermandoise group includes two companies listed on NYSE-Euronext Paris, the Society of Sugar Vermandoise (SVS) and the Sugar Company of the Old Pithiviers (SSPLV). The listing of the two securities is suspended.
GDF Suez (-0.20% to 22.40 euros) has completed the sale of the Rete Gas G6 consortium of infrastructure funds F2i, AXA Private Equity and Enel Distribution.The sale values the distribution assets at an enterprise value of 772 million euros, to 103% of the regulated asset base in 2010, 9.3 times Ebitda and 17.5 times net income. This was announced in June.
Bonduelle (-0.80% to 64.34 euros) reported a sharp drop in its annual net profit by 48% to 30.4 million but expects a rebound in profitability for the year 2011-2012. The food group is also in talks to buy the vegetables Aucy in Russia.
Naturex (-0.76% to 49.42 euros), a specialist in natural ingredients of plant origin, will launch a capital increase of € 49.3 million to fund acquisitions and increase its free float stock.
Nicolas Sarkozy praised his "toughness" against unemployment
Sunday, September 4th, 2011It is in a climate much different than at the conference in support of Libya, the day that Nicolas Sarkozy was on Friday, his first visit in the province since September. He chose to address the issue of rising unemployment in the Vosges, where he is three points above the national average (9.1%), visiting the company KDGFrance specializing in the manufacture of DVD .
One way to illustrate the policy to support training through professional transition contracts. But the Elysée had also clearing the way for some 60 miles away, sending his agriculture adviser, Daniel Perrin, to listen to the grievances of the employees laid off soon a group Lactalis Cheese Company, which manufactures including cheese … President .While polls show an improvement, but in the context of attacks on returning the case Bettencourt, Nicolas Sarkozy wanted to place his action under the sign of toughness. "The important thing is persistence. It is a keyword. (…) We are not in Libya would not have happened without toughness … the same tenacity will be put on employment, competitiveness of France. You have to fight inch by inch and finally get results, "he said.
By repeating the word seven times, Nicolas Sarkozy coined the slogan of the day.He also managed to draw a parallel between the end of the Gaddafi regime, which fell when everyone was betting on the stalemate, and the "titanic battle for France again become a place of production."
Sarkozy has nevertheless recognized that unemployment figures for the last three months were "clearly not good, but how could they be in the context of global economic and financial crisis?". He preferred to put forward some encouraging statistics, such as increasing the number of jobs created (120,000 in the first six months of 2011) quick cash. As his Secretary of State for Tourism Frédéric Lefebvre, he also established a link between unemployment and the demographic vitality of the country."A workforce that is increasing every year 150,000 people (…) is good news because in thirty years, France will be larger than Germany (and) it's good for the financing of our system of retirement, "he was glad. But "before reducing to one the number of unemployed is to find 150,000 jobs for 150,000 new" entering the labor market, he said.
On the concrete cures, Nicolas Sarkozy has remained modest. He announced a boost of 20,000 additional assisted contracts for young people and more than 50 years. But in a crisis of sovereign debt, no way to release the tightening imposed on the state budget. For the first time, the head of state has defended the new plan unveiled last week by Francois Fillon, who has to save one billion euros in 2011 and 11 billion in 2012.However, he vigorously defended the inclusion of the golden rule in the Constitution. "My God, but where's the catch? Are those temporarily in charge of the direction of France can not undertake that the annual budget goes toward equilibrium? ".
He cited the example of bipartisan agreement that has just spoken in Spain, "the Socialists and the Spanish right love their country more than their party, and I hope for France that politicians love their country more than their parties and their personal interests, "commented the head of state to the attention of the opposition.
Expected to increase conservative Wall Street this afternoon
Wednesday, August 31st, 2011Shortly before the opening of the New York Stock Exchange, the index futures Standard & Poor's 500 and Nasdaq 100 advanced 0.91%, respectively, to 1215.80 points and 2246.25 points to 0.86%, leaving hope for a beginning of the session up. The Dow Jones was expected to share up 0.79% at 11,583 points.
U.S. investors, it seems, was reassured, once last night, by the tone of "minutes" of the last monetary policy committee of the Fed. This report has indeed confirmed that the U.S. central bank did not rule to use new tools of monetary easing to support growth ever more threatened. A perspective that also prompted the European markets to rebound on Wednesday morning, when he had closed the previous day on a mixed note.Also in the interests of peace, the United States, President Barack Obama said on Tuesday that the U.S. economy had a "heart attack" she was recovering at a slow pace as he prepares to unveil a new stimulus package.
Meanwhile, the volume still low despite the likely return of holidays for most investors, however, reflect a cautious market that continues. The current rebound, often excessive, thus remain fragile, the sudden relapse is, at every moment possible. And the meeting this Wednesday is evident, in this regard, not without risks.
The employment figures highly anticipated
Indeed, investors should react in particular the results of the ADP survey of employment in the private sector for the month of August, to be unveiled at 2:15 p.m. before, so the opening of Wall Street.The Chicago PMI index of industrial activity for the month of August, from 3:45 p.m., will also be closely monitored. Orders to industry for the month of July (1600) and the weekly oil inventories (16:30) conclude the list of publications of macroeconomic days.
On the corporate side, the American phone AT & T (1.23% on Tuesday in closing) pledged Wednesday to repatriate to the United States currently filled 5,000 jobs in its call centers overseas, where the green light to the acquisition challenged T-Mobile, the U.S. subsidiary of Deutsche Telekom.These employees will be "well paid", assured the group in a statement, recalling that he was the only major U.S. telecom operators to accept unions in its stores.
Bank of America (-3.21%) is preparing to further reduce its scope of activity in the mortgage, by stopping the sale of mortgage loans through independent agents, said Wednesday the Wall Street Journal, citing people close the file.
Hewlett-Packard (-0.26%) will temporarily restart production of its TouchPad Tablet, whose sales soared since the U.S. computer giant announced mid-August that he would cease to manufacture. HP announced on August 18 a sudden change in its strategy, through the cessation of production of its new tablet and its smartphones using the operating system of Palm webOS.HP also plans to separate its activities from production computers to refocus on software.