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. "

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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LE FIGARO – The morale of your customer shops is it affected by the crisis?

Jean-Charles Naouri – Many signs show that pessimism has worsened. He returned in September 2008, at the peak of the crisis. Because of the crisis of Greek and that of the euro, the fear of losing his job and has increased the concern about the standard of living reached a record high since 2007.The French prefer the job security to their purchasing power and their career. This general pessimism is, however disconnected from the real economy, which seems to gradually resume. The France is no longer in a situation of risk of deflation, interest rates are permanently lower guarantee for the future and the weak euro is an element of revival. The figures, including our own business performance, are better that one or two years.

Consumer behavior changes there?

We found two relatively recent trends: first, in an environment perceived as more complex, consumers no longer want it decides for them. They want to regain control over the quality of products, their origin and value for money in particular.Similarly, while far to the client, other consumers were at best indifferent and at worst seen as troublemakers, he now draws more and more choices to their preferences and ratings. This horizontal communication facilitated by the Internet, this new proximity, we must reflect and inspire us to develop relationships with our customers in and outside the store.

How are you adapting?

We have an edge in this field, for we have long since put its proximity to the heart of our strategy. We could for example indicate, in each point of sale, the preferred products or selling. We already strong commitments on the quality of our products.We reassure our customers, for example about what they buy indicating on the Casino-brand products, in addition to the nutritional use, carbon footprint, or that they are no palm oil and gluten free. We just set up within the group, a Health Committee attended by several senior experts whose mission is to anticipate health issues and help Casino in making choices on offer. We also test innovative book-entry systems allow customers to share their recommendations.

Hypermarkets Géant Casino continue to lose market share.Are they so essential for the massification of procurement and management of shopping malls you plan to transfer them not to invest in your most promising formats nearby?

I believe in small and medium format hypermarkets (6 000-8 000 square meters), which constitute the backbone of malls. I believe in the relevance of non-food offer in textiles, leisure and home furnishings. Casino has no reason to separate from Géant Casino. Our superstores are as profitable as those of our competitors, and we set the target that market share has stabilized Géant Casino this year.Remember, also, that 40% of group turnover from international have a double-digit growth in France and the formats most carriers (Franprix, Monoprix supermarket Casino …) know growth significantly, which boosts the growth of overall revenue of the Casino.

How is the recovery of your brand discount Leader Price, whose sales fell sharply last year?

This is another priority group in France in 2010. We are very pleased with the sales growth in stores converted to the new concept and we accelerate the pace of renovation of retail outlets every week.

Could you introduce CDiscount stock exchange to accelerate the deleveraging of the group?

This is not the agenda.A listing imposes many constraints on management whose priority now is to continue growing at double-digit turnover. We are the leader, but in a very competitive environment.

Can you imagine Rueducommerce complementarities with the site, which Rally has just 8% of capital?

It is a very minority participation, without presence on the board of directors.

Nestle has taken action against Casino, which distributes coffee capsules Nespresso competing …

Making coffee capsules is not allowed! You know, in this area, the magistrate is the customer. He has to decide which coffee is better.It turns out that since our Casino capsules are on sale in the Paris region, the top-selling product in our store … We will soon sell them near St. Stephen and the webcast will be gradually extended throughout our network .

The major French retailers have started savings plans that have a significant impact on their workforce. How do you handle this situation, so that distributors suffer a bad reputation of employers, with a high turnover rate and the employment of older low?

We continue to hire in our stores and discount and the number of tellers has not declined. With hindsight, we can say today that the ticket machines do not destroy jobs. Overall, our social indicators are improving. Absenteeism and turnover have decreased in recent months.This is the result of an ambitious social policy and belief that diversity in all its forms is a chance for the group. Thus, we installed in a series of specific measures to promote gender equality and we are committed to recruit 500 people over the age of 50 over three years. Concerning disability, Casino went beyond the legal quota of 6%, with 9.8% of employees concerned.

Some of your franchisees Franprix remain open illegally on Sundays after 13 hours? Do you think the evolving regulatory environment?

The Casino has always respected the law, including work on Sundays. The cases you refer to only a few franchisees that do not represent the position of the group. However, we intend to respect the law and they have made it very firmly.This issue is societal debate but attitudes and practices are changing.

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The head of state has asked his Labour Minister, Eric Woerth, think by September of possible changes to be incorporated by amendment to the House.And so on three themes: careers long, arduous, and polypensionnés. Three subjects dear to the CFDT. The latter is not even addressed in the present text. These are provided by several statutes passed during their careers (public, private, independent agricultural system …). The calculation of pensions is often disadvantageous for them.

Opening the arduous

But it is on the hardship that opening sketched payday advance. The employees for whom an occupational disease or an accident caused the failure of at least 20% will leave at 60 with full pension, the bill provides. Unpublished, but not enough for the unions.They argue that the mere fact of being exposed to certain factors (heavy lifting, breathing chemicals, environmental noise, night work …) reduces life expectancy in good health, and so should go on retire earlier.

Fearing an uncontrollable costs, the government said no to this point. Eric Woerth, however, acknowledged Sunday on Europe 1 that certain factors can "trigger almost invariably physical disorders. Article 9 of the text in 2012 require employers to record exposure to these "risks" in a "medical record in occupational health" that will follow the employee from one employer to another. Prerequisite to a device for all these people to stop working before the legal age? The Minister of Labour was careful to say so explicitly.

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On Tuesday, it comes from the days when he officiated at Societe Generale. As usual, two competing theories. That the defendant, who ensures that his positions were stratospheric in plain sight at all times by his superiors and the various supervisory bodies, both in terms of unrealized losses (less than 5 billion euros in July 2007) in terms gains (1.4 billion in December of that year).And his defense to the form of 'graph', a comparison of the cash positions of the eight traders of the Delta One desk.

It shows seven lines of different colors follow almost straight trajectories, as brave barges pretending to race in the same channel. And then a red line, Jerome Kerviel, who could have been drawn by a trader during an exercise in crazy bungee jumping. It falls very low, it goes very loud, it falls, and so on. Mr. Metzner triumph, the yoyo manic over the barges is apathetic to him one more proof that the hierarchy "could not ignore" what was going on in the trading room of La Defense.

But it would be too simple. Because the plaintiff out of his sleeve another powerful "graph," which proves exactly the opposite.In this figure apparently scientific but objectively confused lines sawtooth cross in all directions. That of Mr. Kerviel is drowned amidst the other, no more extravagant than the average. "It's like comparing apples and oranges," protested the prisoner. "Not at all, contends Ms. Dumas. This is the other "graph" 'which is misleading because it is a focus on a small activity of Delta One "— the risk-free, which should have been monopolizing the energy of Mr Kerviel.

In short, it turns in circles.

In the afternoon, Moussa Bakir, 34, appeared at the bar. He was a trader at Soc Gen where he hugged Jerome Kerviel. Then he joined the brokerage subsidiary of the bank, Fimat, as broker.In mid 2007, the two men how to work and seems to become friends – witness the picturesque email exchanges, interspersed with "lol" and whatnot lexical far removed from the professional jargon.

Mr Bakir recounts how, at the end of 2007, he executes orders more and more — there will be tens of billions of euros — initiated by his friend: "The volume increases, commissions too. But my work has been monitored, encouraged and welcomed. I saw nothing unusual in my case. " At stake, a bonus of nearly $ 1.5 million for the broker.But the huge volume of financial products that negotiates on behalf of Jerome Kerviel it puts some flea in his ear, and he asks the trader for whom he acts: "He told me it was for a client bank, a fund based in London, through a so-called "Doubt," which he had often done by telephone, he saw some who scolded and whose goal was to win one billion. Jerome has often spoken of Mat.

Jerome Kerviel: "It did not happen like that. He was insistent, so I told him about a client. Yes, it was a hoax.

The President: "But why would he have spoken again later?"

The accused: "I do not remember having done."

The Chairman: "Keep up your statements?"

Witness: "I stand".

Monday, Kerviel felt twice as playing with the controls of the bank constituted a "national sport".The next day, he acknowledges having created a "hoax" to counter the curiosity of a friend. A big hoax, namely: Mr. Kerviel, which multiplied the fictitious positions to hide his positions, he also invented a client of flesh and bone to justify its investments unreasonable. He was named "Mat". How long he thought he would play only this game of chess?

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Valued around 130 million euros for 100% of capital, the subsidiary of interest to major European insurers. The Tribune cites the names of CNP Assurances, AXA, Aviva, Allianz, The World, Generali, Covea, Groupama or Swiss Life.

CNP Assurances and AXA favorites

According to La Tribune, Barclays Bank would seek a partner insurer in line with the target affluent customers that the bank prefers.What exlurait Groupama Covea, which would be considered too public.

Citing "several sources familiar with the matter," the paper argues that CNP Assurances and AXA would therefore Favorites payday loans. CNP Assurances was signed in June 2009 a 25 year contract with Barclays to expand its life insurance and retirement in Spain, Portugal and Italy. As for Axa, it is the provider of Barclays Bank two insurance products: Guaranteed life accidents and Master Life. The daily added that the group may also be based on proven experience in the field of bancassurance agreement, notably in Italy with the bank Monte dei Paschi di Siena.

Tough competition

But according to La Tribune, Axa has an advantage over CNP Assurances: the insurer owns a network specializing in life consists of general agents.What the British bank would be significant since it would consider "establishing a partnership Cros distribute its products in the distribution of the insurer," says The Tribune. But groups like Aviva, Allianz and Swiss Life have not yet said their last word. The competition looks tough.

At the heart of this sudden clenching of association, wages and employment.The Inter held insufficient a proposal from the Executive Airbus to raise, from 1.5% to 1.9% its offer to general wage increase in 2010. According to the unions, this offer is too far from the 3.5% achieved in 2009. "We advocate the preservation of purchasing power and reward the efforts made to maintain delivery targets record (498 units by 2009) this year and the challenges associated with the A380, the A350 and the A 400M. Engineering the companion, through the course, everyone is under pressure, "said Jean-Francois Knepper, delegate of FP, the majority union."Employees are however not responsible for the strategic mistakes of the managers on programs A380 and A400M," said Pierre-Henri Coat CFDT delegate Central in Nantes, also affected by blockages targeted.

Inventories buffers "

The unions also want to obtain an interest in more "generous": "At Airbus, the participation will be EUR 0 and the incentive of 557 euros, while Astrium participation will be 2700 euro and the incentive of 1000 euro , "argues Jean-Francois Knepper. Another claim, get the hiring of 700-800 people, as in Germany.

Regarding the direction, it said that his proposal is within the upper range of that offer members of the Aerospace Industries Group, Gifas (between 1.5 and 2%)."Between 2005 and 2009, wages increased by 17.9%," said a spokesman for Airbus.

Spoiled the employees of Airbus? While many employees are subject to discipline – not to mention social plans. "Few companies have a backlog of five or six years, making Airbus a comfortable market situation, 'explains Pierre-Henri Coat. On Monday, Airbus is serene wanted: "For now, the final production is not affected. We have buffer stocks which can work normally. "The showdown has begun.

As for the Seine-Saint-Denis, "for four months, it has a 32% increase in revenue from estate duty, with a recovery of real estate," says Pierre Jamet. Understood, this department alone has passed a 2010 budget in balance – an act widely publicized by the President PS council, Claude Bartolone – is no longer in danger. In contrast, a dozen others may fail to maintain their balanced budget during the year, due to slippage in social spending. "We must therefore establish a monitoring committee at the government level. And the State will assist in June or July to emergency departments, by advances of funds by contributions, or even "recommends Pierre Jamet. Estimated boost: maximum 100 million euros.

Cost Standards

Nothing says that the government will retain this recommendation. For now, Francois Fillon has agreed only to launch in May a consultation with the Assembly of the departments of France. Matignon prefer to retain other recommendations: curbing the proliferation of standards and highlight good practices, including the cost of administering benefits. Pierre Jamet also insists on including the need for effective monitoring computer: "A software company has crossed the files of the RSA family benefit fund with those of a department. In 67 000 110 000 records, differences have emerged "in the name, address or income … In the longer term, the report recommends improving the redistribution of wealth between departments.The latest proposal is not as uncontroversial: that the career firefighters is managed by the local government service, rather than headquarters.

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The Greek interest rates to ten years has exceeded 8% in the day Wednesday. Investors wonder if Greece will well repay the debt, with growth stifled by a plan of unprecedented stringency.

At midterm, the CAC 40 yields 1.05%, to 3935.75 points.

Rain clues to look closely

This session will be loaded in major economic indicators. In France, growth accelerated in April in the French private sector, with a strong burst of activity in services, according to the PMI survey published Thursday by Markit Economics.The composite index rose to 58.4, its highest level in four months, against 55.8 in March.

The morale of French companies has jumped four points in April compared to March to reach 97 points, despite backlogs still scanty, according to Insee.

Moreover, the French manufacturing industry has confirmed its recovery in April from the previous month, according to the business survey released Thursday by the INSEE.The synthetic indicator of business climate index rose four points to 97, while remaining below its long term average.

Finally across the Atlantic, at 14:30, investors become aware of producer prices in March and traditional weekly claims for unemployment benefits and then at 16 hours, home resales for the month of March ser

Schneider, Vallourec and L'Oreal to take on the ACC

Schneider Electric on Wednesday confirmed its 2010 target of a moderate increase in its turnover in organic figures. The shares were down 2.06%, to 86.427 euros.

Vallourec (-0.74%, to 148.4 euros) has announced the acquisition for 150 million euros Serimax, a company specializing in offshore pipelines.

The group Areva (0.50% to 382.75 euros), yet prey to big delays on another local project, the favorites to meet the tender of the Finnish government, which wants to build two new reactors.

Also in ACC 40, L'Oreal (0.46%, to 80.37 euros) said it signed an agreement to acquire the U.S. Essie Cosmetics, make-up brand nail polish, whose sales sales amounted to 28 million (about 21 million euros) over the last twelve months.

The Competition Commission has prohibited the merger between Orange, a subsidiary of telecom operator France Telecom (-1.16%, to 16.97 euros), and Sunrisecom "> cash advance. The company resulting from the merger would have created, together with Swisscom, a collective dominant position on the market for mobile telephony.

Guy Wyser-Pratte does not increase its stake from 0.53% in Lagard?re group with which it engaged in an arm-wrestling to be appointed to its supervisory board and change its governance.Lagardere shares were down 1.71%, to 31.35 euros.

Publications animate Exchange

Later publications, they have been good for Sodexo (3.19% to 45.60 euros), Remy Cointreau (1.32%, to 43.82 euros) and Carbone Lorraine (2.67%, to 27, 70 euros), which are among the highest increases in the SBF 120.

Sodexo has recorded an operating profit better than expected in the first half, and now expects a range between 770 and 790 million euros for the full year.

Carbone Lorraine on Wednesday released a stable turnover in the first quarter at constant perimeter and exchange rates and confirmed its targets for 2010.

The wine and spirits group Remy Cointreau announced Thursday an increase in its annual turnover (April 2009-March 2010) of 13.1% to 807.8 million euros.

Vranken-Pommery has also published a large turnover of 39.4 million euros, up 38.1% (+11.4% on a constant basis, excluding integration Listel), thanks to the recovery its activity champagne. The company expects a sales growth of over 20% "medium term". The shares are 2.63%

In addition, Publicis made a surprise Thursday by posting organic growth of 3.1% of its income in the first quarter, two times higher than that of Havas. Its shares rise 1.70% to 34.02 euros.

Plastic Omnium (-1.32% to 33.01 euros) announced an increase of over 43% of its activity in the first quarter, benefiting from a favorable base effect with the automotive market crisis a year ago.

Surprises

Side decreases, Nexans has the highest drop in the Paris stock exchange: -9.38% to 58.90 euros.The leader in the cable industry has registered a turnover of 1.35 billion euros, up 8.4% yoy while in the course of constant non-ferrous metals, it reached 971 million of euros, down 11.1%.

Just behind Technilocolor – formerly Thomson – was down 5.60% to 1.03 euro. The company posted a turnover of 691 million euros for the first quarter, down 24.4%.

Since 2004, Wall Street has found a new Eldorado, CDOs (collateral debt obligation). These financial products assembled from scratch, called "synthetic" because they only reflect the value of other real assets, they, as loans granted to low-income households, the famous subprime. In 2007, Goldman Sachs creates such mass-produced and dubbed "Abacus".

The needs of a large customer

Paulson & Co is the time a small hedge fund. It will become one of the biggest thanks to its bet on the decline in U.S. housing. In the year 2007, his boss will cash alone a profit of some 3.7 billion dollars and will save 15 billion to its customers! The SEC in 2006, Paulson & Co has the right intuition that the subprime market is fragile. He put on his fall.Its Paris can take two forms: buy CDS (credit default swaps), the "insurance" against default that will naturally grow in value when the risk will increase, or "short" CDOs, that is ie sell futures without holding them.

A French in the loop

Paulson & Co. is not alone in feeling the wind change on CDOs. At Goldman, you think too. This is particularly the case of a young French – the "Frenchies" are highly respected in the business of structured finance – Fabrice Tourre. The banker of 31 years, citing the SEC's complaint, went on the benches of Henri IV and Louis-le-Grand, has joined Goldman Sachs after Stanford and Central Paris. It is he who makes and sells the Abacus series. On January 23, 2007, he sent an email to a friend: "more and more leverage in the system.Any building can fall at any moment now … only surviving potential, the fabulous Fab, standing amid all these complex transactions, (…), exotic we've created without necessarily understanding all the implications of these monstrosities No teletrack payday loans ".

Fraud

The fund Paulson wants to "short" of CDOs, the most fragile, if possible. Goldman is going to create. According to the SEC investigation, the investment bank has simply made the model 2007-AC1 Series Abacus according to the wishes of his client. Paulson has directly participated in the selection of loans that this CDO would be representative. The bank was then entrenched behind an independent firm, ACA. This firm, which appear to have selected the credits of this CDO when it will be sold to investors.

Goldman said that "ACA has selected the benchmark portfolio, omitting any mention of the fact that Paulson, an actor whose interests were contrary to those of investors, had played a significant role," says the SEC to justify its accusation of fraud.

In fact, few investors have bought shares knowing that a heavyweight like Paulson urged to Paris on their fall! ACA would for his part acted in good faith.While representatives from attending meetings Paulson – "surreal" by Fabrice Tourre – with those of Goldman, but suggesting that hedge funds also invest in shares of CDOs.

Victims

SEC's complaint cites two main victims of the banks handling it denounces the German IKB, the subprime crisis has brought to its knees and the Dutch ABN Amro, fully nationalized today … The first would have lost 150 million, almost all of its investment. As for ACA, it is off … "Investors of Abacus 2007-AC1 lost more than one billion dollars. The opposing positions on CDS Paulson reported a profit of approximately one billion, "says the SEC.