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. "

Yi Tang – Rather than "slow", I prefer to use the term "consolidation". China has still a yoy growth of 10.3% in the second quarter. The Chinese economy has certainly been a highest of 11.9% in the first quarter of this year and two of the three engines of China's economic growth in infrastructure investment and consumption have in fact seen their share in gross domestic product ( GDP) decline, while exports increased. But this consolidation is a natural and even necessary to avoid overheating. Note that the consolidation levels are higher than last year at the same time.Now, the year 2009 was so exceptional for the Chinese economy as a result of comparison with this year will necessarily be less favorable. We expect GDP% between 9 and 10% in 2010 to China.

What impact is there on the Chinese stock markets?

Paradoxically, since the confirmation of the consolidation of the Chinese economy, Asian stock markets' performance rather positive. However, fears of overheating and "double dip" (recession followed by recovery and then a new relapse) had plagued the financial markets and new opportunities for the long-term investors on the Shanghai and Scholarships Hong Kong. We encourage individuals to return to Chinese equities from one or two months and are positive for twelve or eighteen months.We also note that investors have a vision of increasing long-term actions, while so far the Chinese were accustomed to behave as short-term approach and more sheepish than international investors. He must be aware of that being a portfolio manager is very young in this country: the first asset management companies in China were introduced in 1998.

The change of status of China, which moves from an economy driven by exports to an economy supported by domestic consumption, he will offer new opportunities for investors?

Absolutely. This change is very positive for China and especially since it is now confirmed. The country has long said he would change the economic model without it being proved by the figures. Quite the contrary. The share of domestic consumption in GDP fell between 2001 and 2007.But since 2008, the government has clearly realized its desire to boost domestic demand by increasing spending on health and grants for education or for poorer totally free credit score.

This change will he impact your portfolio allocation?

We will clearly strengthen us in the consumer values. Our specialists will visit various areas of the region and identify trends. We are generally positive on the cyclical sectors in which the valuations are relatively attractive.

We will also strengthen the real estate industry. Three months ago, the government has taken a series of measures in this field. While the sector has seen massive sales, we have to position ourselves.Since April, we recorded an increase of 20% for a pocket which represents only 6% of our portfolio. Finally, we are strengthening in the commodities sector, because we thought that economic activity remains strong in China, and that the sector is oversold.

Conversely, we will reduce the share of defensive stocks such as pharmaceuticals (6.5% to 2%) and telecommunications (15% to 12/13%), for which we won respectively 40% and 50% and between 11% and 20%. We believe, unlike other managers forced to remain invested through management benchmarked, that valuations are too high now. For the first time we have seen in China as heads of companies bought back shares with their own money. This confirms our fundamental belief that companies are good and that the Chinese economy remains in good health.Rather than trying to replicate the performance of an index, we prefer to focus on the fundamentals of companies and their level of recovery.

Agricultural Bank of China could become the biggest IPO. Have you positioned in this title?

We have not invested in Agricultural Bank of China because we believe that the action is too expensive. Moreover, we do not, in general, the market capitalization as a criterion for management. We are lacking in banking stocks for nearly two years, but gradually reinvest in this sector. If the fundamentals of the Chinese economy evolve only very rarely, the value of its businesses varies, it very quickly. We will focus again to the Agricultural Bank of China, where the valuations of financial stocks will be more attractive.

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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The group plans to invest two billion dollars (1.62 billion euros) in the construction of 144 new offshore vessels – 80 and 64 supply ships carrying personal – on which he plans to propose an availability rate of at least 95% with a cost reduction of around 4% at constant rate by 2015.At that time, it should dopnc a fleet of 600 boats.

The CEO, Jacques de Chateauvieux, during a conference call from Shanghai in China, emphasized the perspective view of an average annual growth of 17% of sales from offshore between 2011 and 2015, after aligned with a 28% per year on average between 2002 and 2009 Guaranteed no fax payday loans.

Hiring for

According to forecasts of Bourbon, "the combined effect of generating cash flow (Cash, Ed) by operating activities, transfer of assets in 2010 and the new payment policy of ships, representing 75% of price paid on delivery, is expected to record a ratio of debt to equity of less than 0.5, and to generate a net cash position as of 2013."

In addition, as part of this plan, Bourbon will recruit some 5,000 new staff who will join the 7,000 men and women working there.

The company is also a ratio for 2015 gross operating profit (EBITDA) on revenues of 45% for the offshore and EBITDA ratio on capital employed of 20%.

A note to shareholders: the dividend distribution policy of Bourbon will be about 40% of consolidated net income.

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'First disappointing quarter for CGG Veritas

"We find orders of magnitude quite similar to (those of the storm, ed) Xynthia" for the party claims related to flooding and not the storm, said at a news conference, Mr. Spitz who noted that the average cost of a loss related to water was significantly higher than that of a loss related to the wind.

60% of the victims compensated in three months

The importance of the bill can be explained by the fact that many businesses were affected, and many car dealerships, said President of the FFSA, which also mentions several herds decimated."We do not yet make a more precise estimate than that," said Mr. Spitz, indicating that many insurers have themselves been victims of floods, making it difficult to make accurate estimates.

The torrential rains last week in the Var and the floods that have caused have affected 1,000 companies, according to the prefecture of the Var.

The cost of the storm Xynthia, which swept France in the west is February 28 and killed 53 people, was estimated by the FFSA to 1.5 billion euros, 700 million due to flooding to about 500,000 claims in total. Mr. Spitz said that in three months, about 60% insured Xynthia victims had received compensation.

deterioration of the profitability of insurers

"The year 2010 does not start better than 2009 in terms of claims," commented the managing director of the FFSA Jean-François Lequoy. Propagation of climatic events in 2009, including storms and Klaus Quinten, but also the increase of thefts and claims costs have put pressure on insurers, who have been forced to raise their prices in home and automobile.

The impact of floods but also Var Xynthia the storm on the combined ratio (compensation and overhead ratio of the amount of premiums collected) for insurers "will be visible," said Stéphane Penet, director of property insurance and liability The FFSA, which should lead to a further deterioration of the profitability of insurers.

Impact on the accounts of French insurance in 2010 should still be "substantially mitigated by the effect of reinsurance," assured Mr. Penette. Once again, Mr. Spitz called for strengthening the policy to prevent natural hazards in France. He has proposed to bring together all available data on the subject, by crossing those departments, insurers and the Central Reinsurance Fund (JRC). "There is a mobilization of public actors to improve the prevention work," observed the President of the FFSA.

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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So far, the IMF had not been involved in developing the plan of the European Union. This is not a member of the board of the fund. The proposals could therefore engage the IMF, said it does in Washington.It is expected to "several weeks" of negotiations no teletrack payday loans. The amount of the full plan could exceed the record $ 58 billion set by Korea in 1997 with the conditions negotiated by the IMF.

The multilateral institution also assumed that the share of aid to Greece will represent one third of the package agreed by the other countries of the euro area. But this figure could possibly change after the verdict of the negotiators of the fund. The absence of a margin for adjustment by devaluation, however, seriously complicates the terms that the IMF should negotiate with the Greek authorities.This is not entirely without precedent: for example, Latvia has received 1.7 billion euros from the IMF in 2008, as part of an international package of 7.5 billion, while keeping its currency indexed euro.

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These appointments were, in principle, a specific purpose: to expose government stakeholders and especially the method of the calendar months. In the method, it is clear that it will be a consultation and not negotiation. The Executive will not seek to sign an agreement with unions he knows already lost the bet and try to get, at best, the benevolent neutrality of both restrained anger of others …

On the calendar, some guests Eric Woerth has already been informed of the broad potential.Except reversal, the government is a parliamentary debate early in the fastest possible in September. To avoid giving the impression to "trap" the French text, revealing a heart of summer, this would require legislation by the Cabinet in late June and early July.

In this context, the Minister of Labour should offer to unions and employers to review in early May to scan all possible to rectify the accounts, then dig in some more detail in a few weeks later. This agenda will not prevent small employer and union representatives today to remind the Minister priorities. Starting with the maintenance of the legal age of retirement at age 60 for all unions except the CFE-CGC."It is vital that young people regain confidence in our pension system, said the representative of the union executives, Daniele Karniewicz. If the government is prepared to guarantee to every French pension representing a minimum percentage of their final salary, that percentage could be higher for minimum wage earners than for executives, then we are prepared to look hard. "

"Taking the specific

If the file pension remains explosive, the Elysee seems to send some recent signs of goodwill towards the unions. Nicolas Sarkozy has discussed the idea of relaxing, it was minimal, the tax shield, which would allow the "efforts" necessary to save the pension to be borne by all.

Aides to President also raised the possibility of a "specific charge on certain categories" population Guaranteed pay day loans. Tracks that can only talk to the CGT or CFDT, who constantly demand the abolition of the shield, or FP, which requires additional resources for retirement.

Another element could help to relax the atmosphere a little: the unions know that the documents be published on Tuesday Guidance Council pensions-that is the second highlight of the week will go less far than expected. The NRC will assess, as expected, "the extent of damage."In recalling an annual shortfall of 100 billion euros to balance plans in 2050 in late January in Le Figaro, Francois Fillon has already set an order of magnitude.

However, encryption of 7 scenarios for postponement of retirement age or longer duration of assessment is delayed two weeks at least. And it will be published as part of an "Attachment", supposed to have less power than a traditional formal report. There are a few more days, Jean-Christophe Le Duigou (SGC) raged against "these extravagant hypotheses tested without scientific rigor."But this time might amount only to fall to jump better.

A deep left-right

According to a Harris Interactive poll for RTL (online survey 8 and April 9 to 1 073 people quota method), the French consider it necessary to pension reform (80%) … but to show opposed to preferred by the tracks government. 56% say they are not "personally willing to contribute for longer" and 60% rejected the idea of lower legal age of retirement.

These two cases show a deep political divide. The left-wing supporters refuse to 78% as the legal age of retirement is down beyond 60 years. The supporters are right whereas 62% consider this track.Oddly enough, a story appears, however, collect some consensus: 87% say "right" but 77% of respondents "left" are in favor of "a pension plan for employees in the same public and private . That would still be, from a strictly technical point of view, one of the most complex to implement!

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It aims mainly to prevent that, beyond the threshold turnover limit set by law, the self-declared cease contractors additional income rather than spending in the common law system. The measure aims both to limit the extent of undeclared work and to force these self-experienced entrepreneurs to move after three years to the classical scheme of the contractor.For companies under common law, and especially the artisans, complain of unfair competition that they oppose the self-entrepreneurs. According to INSEE statistics, one third of them practicing in effect as artisans, but does not pay the charges which have submitted their congeners.

"Either the regime is bad and should be abolished or he is good, and it must be sustainable"

The senators also want to impose an obligation to report sales, even if it is zero, see this as an opportunity "to increase accompanying autoentrepreneurs" says John Pouch, the deputy Senate payday loans. And thus better identify them.It is particularly possible to distinguish those who use the system for enhancing and supplementing their income for which the senators see no harm in what they are autoentrepreneurs much time they want – from those who Entrepreneurs are self-full time and are destined to become true entrepreneurs.

Herve Novelli has already voted against this measure, which he sees a way to complicate a system that owes much to its simplicity. In 2009, 320,000 entries were in fact registered as such. Unheard of.Fran?ois Hurel, President of the Union of Autoentrepreneurs says his side "does not quite understand this proposition, or the system is bad and should be abolished or he is good, and it must be sustainable 't believe he stressed that the establishment of the regime of self-contractor has already helped a lot of money back into the bosom of the state coffers. Finally, "from when to reauthorize eligible to enroll?" Asks he. So many questions to be answered by the senators.

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London south-east England, computers and documents were seized sixteen addresses professional and personal. Of those arrested, one was working, according to the BBC, at Moore Capital, a hedge fund's most prominent in London guaranteed high risk personal loans .Two senior bankers from leading firms have also been arrested, said the FSA. These professionals are suspected of passing insider information to traders who have been through it, realize significant profits.

Earlier this month, the FSA had already ordered an ex-banker veteran Cazenove, broker to the queen. The UK intends to muscle its fight against market abuse. She plans to ask the firms in the City store and keep mobile phone conversations of some 16,000 employees.