International & World Report

Spain, drawn into the same tub as Greece, is an emergency that Europe would have gone well. The Twenty-Seven, which are at the summit in Brussels on Thursday, hoping to overcome the crisis of the euro and the purging of public finances. Clearly, raising the horizon and talk to new growth and employment.

Not a chance for those who preach another message that the turns of the screw and the bailout: it is once again under pressure from the markets that European leaders will have to prove themselves. The "economic government", a body that lacks even a roadmap, build the first German thoroughness prior to use in French voluntarism.

Not surprisingly, the centerpiece of this one-day session will be "the strengthening of budgetary discipline," according to the draft final declaration.With incentives but also early and graduated sanctions for those who violate it. Challenging the susceptibilities of national parliaments, the political body of the EU will also confirm the introduction in the first half of 2011 a collective monitoring of budget proposals from each Member State.

To this arsenal already included in the text, could add further punishment policy, advanced Monday by Angela Merkel and Nicolas Sarkozy: the suspension of voting for the worst offenders. The rest of the EU has not yet ruled. Probably necessary, modification of treaties implies unanimity.

Question of credibility approach on the G20 in Toronto, the bloc wants to take the rut European financial regulation.Despite the effects of repeated ad since 2008, the new architecture of banking supervision remains stalled with Parliament, as the framework for hedge funds, including hedge funds.

Tax on banks

The Commission, it has not yet formulated its code for derivatives (CDS and selling). On both fronts, the summit will mark her impatience. It will push the flames of a European tax on banks and, perhaps, a tax on financial transactions desired by Paris and Berlin.

So busy filling the gaps in the past, EU leaders will find good reasons to expect with the confirmed entry of Estonia into the euro in 2011 and the opening of negotiations almost gained entry to Iceland EU.But the chapter devoted to the crisis and the real upturn in business, hoping next year is looking pretty thin.

The Twenty-Seven "finalize" the growth strategy adopted by the Commission for ten years. It assumes, for each country, employment goals, training, research, "social inclusion" and the fight against global warming. Originally called "EU 2020, this catalog has been renamed for a good cause: it is now" The new European strategy for jobs and growth ". But she does not elaborate on how to restart the machine.

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Must "act quickly". Nicolas Sarkozy and Angela Merkel, the German Chancellor, are on the same wavelength. The French President, recently returned from his trip to China, held a Saturday morning "business meeting" at the Elysee on the Greek crisis, after which, the Minister of EconomieChristine Lagarde, said that agreement on the rescue plan could take place on Sunday, even before "the start of the Eurogroup (meeting of finance ministers from the eurozone, Ed)," which takes place Sunday at 16 am in Brussels.

The total amount of support provided is "not yet determined," according to Christine Lagarde.However, it should "probably" be in the range suggested by the IMF and the Commission, who spoke of "100 and 120 billion euros," she said, adding that it is "a plan over three years, the current year, 2011 and 2012.

The French plan completed in one week

On the French side, the legislative process to unlock a maximum of 6.3 billion euros – 3.9 billion by 2010 – about 30 billion of the EU (in addition to 15 billion IMF), should be completed in the next week.

The examination in public at the National Assembly will begin Monday at 18 hours and should be adopted no later than Tuesday morning.The Senate vote in the wake the bill.

Barouin Francis, Budget Minister reiterated that the financial assistance at no cost to French taxpayers, puisquil is a loan to an interest rate of 5% "with repayment in three years to come," and which requires the Greek government to initiate a tight fiscal policy to clean up its accounts.

Stop the speculation

"The support of Member States of the euro area is to stop speculation and ensure stability in the euro area," Nicolas Sarkozy has insisted Saturday.For several weeks, the markets are panicked by the Greek cases, causing bouts of fever in the Greek long rate, which surpassed 11% this week, and that "the surge has no limits", according to economists.

Less disturbing, but nonetheless indicative of the fears on the markets, the euro fell to the rhythm of Greek concerns on the record. Today around 1.33 dollar, the euro has rebounded a bit from Tuesday it had fallen to 1.31.However, the European currency remains "at healthy levels for the economy of the Old Continent," says Pierre-Antoine Dusoulier, CEO of Saxo Bank.

Strengthening surveillance

Nicolas Sarkozy and Angela Merkel intend to take "initiatives in the coming days" for Europe to strengthen monitoring mechanisms within the euro area, expedite its work on the fight against speculation and improving the transparency of products derivatives and make further proposals on the regulation of rating agencies.

For these rating agencies, Banier Michel European Commissioner for Internal Market and Services, expressed support on Friday to create such an entity in Europe that would complement three existing credit rating agencies, all U.S., Standard & Poor's, Moody's and Fitch.

Their mission note states, businesses, communities, or financial transactions in order to give investors a comprehensive view of credit risk among market players.

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The case Goldman Sachs has taken the weekend of 24 and 25 April, a new political era with the publication by the U.S. Senate emails embarrassing for the bank, accused of having enriched in 2007 by betting on reduction of financial products that the bank had itself sometimes sold to its customers.

Larry Summers, the Obama economic adviser, declined Sunday to comment on the case Goldman Sachs, except to state: "This highlights what is at the heart of the president's vision (in the reform of finance) : the importance of transparency. "

Shocked that unpacking before the opening of public hearings Monday in Congress, Goldman Sachs categorically denies having violated the law.It maintains its role as an intermediary to serve institutional clients with differing views on the trend of the real estate market forced her to speculate for a fall on some securities to cover its risks also taken on other positions.

If they prove nothing of fraudulent e-mails made public Saturday by the Senate show that the bank on Wall Street reveled during the crisis, earn so much money, thanks to its derivatives betting on the fall of subprime housing market, while its own customers – including European banks – in poorer inverse operations.

"We will make a big pile of money!"

In July 2007, David Viniar, chief financial officer of Goldman Sachs, learning that the bank had already won $ 51 million by betting on falling subprime reacted in an email: "It gives an idea of what might happen to those who not a big short position in low fee pay day loans. "

In October 2007, while the housing market plunge, a trader from the bank sent an email to his colleague: "It seems we will make a big pile of money!" The answer: "Yes, we are well positioned … In 2007, the bank led by Lloyd Blankfein has achieved record profits of 11.6 billion dollars that enabled him to pocket a bonus record of $ 67.9 million.During the same period, rival banks, including Morgan Stanley, suffered massive devaluation of their assets.

On Monday, Lloyd Blankfein and six of his colleagues were summoned to explain himself before the Senate subcommittee charged with investigating the financial crisis. Among them, Fabrice Tourre, a French 31 years, accused of fraud by the SEC, the gendarme of the U.S. financial markets. There is theoretically no link between the two surveys. But they are on the same subject: conflicts of interest of Goldman Sachs derivatives markets of mortgages.An email signed by Fabrice Tourre in 2007 shows his pessimism about the products he elaborated: "This market is completely dead and the poor little subprime borrowers will not be long." Fabrice Tourre will even be compared to Frankenstein for creating products that will turn against their owners, by precipitating the collapse of the U.S. housing bubble and the global financial crisis.

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Toyota Recalls endless. It will now add to the list the Lexus GX 460. Having announced Thursday the suspension of sales in the world of this luxury car, the Japanese automaker said in a statement, he will remember 9400 Lexus GX 460. A figure well above the 6,000 vehicles announced by the U.S. Department of Transportation.

Toyota wants and "update program" in the system Dynamic Stability Control (VSC) of vehicles. "Our engineers have conducted tests to confirm the problems associated with VSC, raised by Consumer Reports (the magazine that criticized the reliability of the Lexus GX 460 in the turns, Ed).We are confident that this update will resolve this matter, "said Steve St.Angelo, responsible for the quality of Toyota in the U.S..

Toyota said that all Lexus dealers will have the VSC software by the end of April.

The announcement comes as Toyota has agreed to release another record fine of $ 16.4 million imposed by the Securities and Exchange Commission (SEC), the "policeman of the Exchange» U.S. for its slow to reveal the existence of technical defects.

To date, Toyota has recalled more than 9 million cars worldwide because of brake problems or accelerator, including 6 million in the United States.

At the New York Stock Exchange, Toyota lost 0.39% to 79.06 dollars in a market up 0.68% at 11,094 points.

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Wall Street started the week in near balance, then moved into the green early interactions. An increase, however fragile, while the budget deficit emerged in sharp decline in March, to 65.4 billion dollars. Down 65% yoy. Analysts were expecting a lower deficit.

At the close, the Dow Jones climbed 0.09%, the Nasdaq is 0.16% and the S & P 500 of 0.18%.

This slight increase still leaves the Dow Jones crossed the symbolic threshold of 11,000 points. The index reached 22 hours, 11,006 points. A first since September 2008. And the S & P to reach almost 1200 points to 1197 points exactly.

The U.S. stock markets have recently experienced six consecutive weeks of increases, an unprecedented series from the lowest 12 years and a half touchdowns in March 2009.On the foreign exchange market, the euro is rising against the dollar after the announcement yesterday by the countries of the eurozone plan the details of aid to Greece.

Oil prices fell for the fourth consecutive session, still affected by an abundant supply and low demand in the United States.On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for May delivery finished at 84.34 dollars, down 58 cents from the previous day.

Indicators to follow this week

On the macroeconomic front, the week will be marked by several important indicators such as the index of consumer prices, retail sales for the month of March, industrial production, housing starts and the first estimate of the index Reuters confidence-Michigan.

The markets will also follow the hearing of Ben Bernanke, chairman of the Federal Reserve, the Congressional Joint Economic Committee on Wednesday and will monitor closely developments in the case of the Greek debt.

Alcoa opens the ball Publications

Palm jumped 17.05%.The group was mandated to advise the banks to sell its business or other opportunities, according to news agencies.

On the side of values, the oil sector drives the meeting Lowest fee payday loans. Friday Chevron (1.22%, to 80.43 dollars), without giving a figure, has announced an increase its refining margins in the first quarter. The band thrives on rising oil prices and a possible improvement in its refining margins.The major U.S. must publish its accounts on April 30.

According to the press, the merger between United Airlines and U.S. Airways (2.73%, to 7.52 dollars) should be performed exclusively by exchange of shares.

The Department of Treasury of the United States announced plans to sell at auction in six weeks, before the end of May, the warrants of Wells Fargo shares were granted during the salvage of the bank in the fall 2008.

Microsoft has unveiled a new phone especially for the youth market of social networking fans, called KIN, developed with Verizon Wireless and Vodafone and manufacturer Sharp.

ConocoPhillips has announced the sale of its Chinese Sinopec stake in Canadian oil sands project Syncrude for $ 4.65 billion dollars.

Just after the close, investors have taken note of the first quarterly results of major public companies. As usual, the aluminum giant Alcoa, which gave the start of the season publications. Analysts expected a return to profit, its first since a year.

Meanwhile, Alcoa shares have been 1.39%, to 14.59 dollars.

The coming week will also be driven by quarterly results from Intel, Google, General Electric and JPMorgan Chase & Co. banks among others.

"Caution should be clear," says Aurel, who says that "the discourse of business remain positive on the merits but there are risks of disappointment on margins or unit on a possible downturn in order books in the coming months." The industry, raw materials, financials and semiconductors are the sectors most at risk.However, the agri-food sector, distribution or energy values could pleasantly surprise.

Saved from financial turmoil by Vladimir Putin, the Russian oligarchs, now rebuilt, is invited by the prime minister and strongman of the country to participate in the effort to boost national economy.

The latest example, Viktor Vekselberg, thirteenth fortunes of Russia as the magazine Finans (6.2 billion euros in 2010), has been entrusted by the Kremlin to oversee the creation, in the vicinity of Moscow, d 'a Silicon Valley in the Russian. This project is intended to "modernize" the country, allowing it to reduce its addiction to oil and gas. And here's what mogul materials, like Rich's colleagues, converted into information technology.

The name of his friend, Roman Abramovich, the third national fortune and owner of Chelsea, is also cited for leading a Sports Council.According to business daily "Vedomosti", he would be assisted in his task by the chairman of Gazprom, Alexei Miller and his counterpart Russian Railways, Vladimir Yakunin, a close ally of Vladimir Putin.

In view of the Winter Games in Sochi 2014 Sport is built in another national cause. To transform the resort on the Black Sea, backed by the Caucasus Mountains, Showcasing mountaineering, the oligarchs have started to invest part of their fortune in the construction of hotels and ski resorts.Roads, rail link, sports, everything is built.

Quest for new money to invest

In addition to public companies Gazprom and Sberbank, are present the world's leading aluminum Rusal, Oleg Deripaska (10.4 billion euros), and his colleague from Interros, Vladimir Potanin (7.4 billion euros) , a fan of skiing.

In search of money to invest in Sochi and the Caucasus, the government even thinks to "repatriate" in Russian billionaires past events such as Telman Ismailov, party building palaces in Turkey, or Mikhail Gutseriyev, whose oil company Russneft had been transferred, under pressure, a close Putin No teletrack payday loans.

What the Russian oligarchs finance the development of their country is quite natural in the eyes of the Prime Minister.In the wake of the dissolution of the USSR, they have made a fortune putting his hand on assets sold off by power, or later, putting themselves in the wake of Putin.

During the last financial crisis, the state mobilized its resources and budget for banking rescuing oligarchs, hoping that they will owe him for his gesture. Recently, the prime minister threatened to punish financially Vladimir Potanin and Mikhail Prokhorov to have under-invested in energy production, even though they had "purchased assets for kopecks.

In respect of the first clan of oligarchs, "Putin behaves like a loving father, while scolding the children," says Tatiana Stanova?a, expert at the Center for Political Technologies. Gazprom is lowered, custom power, to build a ski resort may seem to defy the laws of modern management.And sometimes leads Russian billionaires to drag their feet, especially when the investment seems risky. But so far none of them have refused to run.

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Sanofi-Aventis could make a slam. According to information from La Tribune, the French Commission of transparency would render an opinion "poor" on the Multaq, a drug for heart problems. For a close case, "the Multaq nothing new on the market," reports the Economic Daily.

So the reimbursement by Social Security for this treatment is only 35%. And the product, which received the worst rating in terms of "improving the medical service rendered" and should be sold cheaper than similar treatments. Poor reward for fifteen years of research on this product.

Sanofi declined to comment, according to the newspaper, which said that the Commission's opinion is only "advisory" from the Economic Health Products, under the Ministry of Health.It is this body that negotiates with the laboratory conditions with the Social Security reimbursements.

Sanofi is one billion euros per year

However, Sanofi is quite a setback. Largely symbolic. For the pharmaceutical group is criticizing France. The Multaq had already been judged as not providing cost-effective.

If he agrees that France is not a huge market for the group to 29 billion euros of revenue, reputation could take a hit.

Counter the loss of patent

The French giant has bet big on this treatment, while many patents will soon expire.Natixis analysts have estimated that the contribution to turnover in the long term would be "significant": Courtesy of European marketing, which allows the group to receive an exclusive ten years, and that obtained United States (exclusive of five years), Sanofi-Aventis is expected to garner about one billion euros per year on average until 2019 with this future blockbuster.

Specifically, in 2019, the "turnover of 800 million euros in 2019 globally for the product, after peaking at 1.45 billion in 2015, before falling U.S. sales from 2016, then their disappearance, "say the strategists, calling the Multaq" relay major growth. "

For them, Multaq is "one of the four pillars to an increase in earnings per share by 2014, with Vacina, Lantus, and emerging countries, where the group leader.

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Michel Barnier has arrived in London earlier this week, a white flag in hand. The new European Commissioner for Internal Market had to reassure the financial capital of Europe. Firstly because he is French, therefore, suspected to be a regulator born. Secondly, because his appointment had been made by Paris as a victory over the English.

In twenty-four hours, Michel Barnier has met Prime Minister Gordon Brown, Chancellor Alistair Darling, the president of the Bank of England, Mervyn King. And the lords of the City, big bankers and hedge funds, investment funds so maligned for their role in the crisis.The Commissioner also gave an interview to the influential Financial Times.

"I'm not horrible, but I'm not a nice cat (" I'm not horrible, but I am not a pussycat either "in the original English version)," slipped the European Commissioner for British journalists . Beyond the formula, the French assured the City that he wanted "to be a commissioner for a more unified market, not less." But "the market must serve the economy, not vice versa," he said in his speech to leaders of the City.

The visit of Michel Barnier occurs after the Commission issued a proposal for a hedge fund sector (Directive on alternative investment funds, known MWIA) payday loans ."Investment funds are an important part of the financial system," he said, representing over 50% of daily trade in the market share. "It is vital that they are subject to regulation and adequate supervision," he added.

"Red lines"

According to the Financial Times, the leaders of investment funds have emerged reassured of their encounter with "Frenchy." "They appreciated the Commissioner's apparent willingness to try to understand their concerns," reported the Economic Daily. Adding that the City leaders have warned that British negotiators should be careful to protect certain "red lines" that Brussels should not be crossed.

Starting with the authorization could be given to non-European funds to come and sell their services within the EU."Have European funds to meet the high standards of transparency, without requiring the same from those located outside the EU would not be appropriate," Michel Barnier acknowledged. Funding fear ultimately, the Financial Times that the principle of market liberalization, to which they belong, or poorly implemented.

Haro on stress associated with transport. In a study whose findings were published Monday in Le Parisien, Technologia firm specializing in the prevention of occupational risks, points to the adverse effects of increasingly frequent suffered by employees Ile. Saturated lines (lines 1, 3, 6, 7 and 13 are officially), frequent delays (more than 20,000 delays on the single line of busy RERA, in a year), and companies increasingly prompt to relocate their offices in the suburbs for reasons of economy: this is at least enough to increase stress levels of employees affected by these transport commuters daily.15 to 20% of 8 million passengers who travel each day on the Paris network would be affected, according to Jean-Claude Delgenes, CEO of Technologia.

"A triple penalty"

The study, conducted from discussions with employees and more than 150 HR managers, staff representatives or the Committee of Hygiene and Health at Work, underscores the impact of such inconvenience Health employees, and quality of life in the business. "SMEs are the structures whose operation suffers most from these repeated delays, due to their low numbers," says Jean-Claude Delgenes. Employee side, in addition to fatigue, stress and loss of family life brought about by the slowness of some transport is sometimes the career advancement that is hampered by these delays are difficult to predict."For those employees who bear several hours a day on trains or buses arrive tired at work and see their careers blocked, it's triple trouble," says Jean-Claude Delgenes.

Proposals to stimulate discussion

A finding against which the employees interviewed appeared resigned. The firm Technologia, which makes ten proposals (favored by the carpool, or the establishment of an efficient information bound travelers), wants to mobilize otherwise elected on this issue due to the regional elections. A yard more, while companies with more than 1,000 employees will be considered next week by the government, according to their degree of commitment against the psycho-social risks.

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After closing on Tuesday sharply (1.33%), CAC 40 should bind a third straight session, after Wall Street and Tokyo have also closed up. The future index is up 0.49% at 3812 points.

On the macroeconomic front, the meeting will once again quiet. Tokyo closed up driven by export values. Wall Street posted its second consecutive session of strong gains, thanks to a renewed optimism about economic outlook sparked by expectations of UPS.

But the day will be marked by a series of indicators on the service sector in Europe and the United States and the ADP survey surl'emploi the United States, giving a foretaste of showing the employment in January scheduled Friday.

Oil finished up Tuesday at 77.23 dollars a barrel.The euro continued its resurgence at 1.3971 dollars (0.06%).

Values follow

Vinci reported an increase of 4% of its backlog, which gives visibility beyond 2010 in a still uncertain economic environment. 2009 was marked by a decrease of 4.6% of its consolidated revenues to 31.9 billion euros.

EADS: The Asian demand for aircraft will be more robust than expected, according to Airbus. The manufacturer estimated that the region will need 8,000 aircraft over 100 seats on els next 20 years, 7 cons business card .627 During the previous estimate.

Maurel & Prom has announced a 2009 turnover up 99% with the start of fields and OMKO Onal in Gabon. The oil company said 2009 sales below expectations of 183.2 million euros, including 54.7 million in Q4.

NRJ Group said on Tuesday found a slight increase in advertising revenues in January, after an increase of 1.8% of its sales on a comparable basis in 2009.

Alten said he was confident in his ability to pursue recovery of its operating margin started in the second half of 2009 according to its expectations, despite talks 'complex' with its customers in a heightened competitive environment.

GL Events has announced a decline of 4% of its turnover in 2009 to 581,4 million euros, saying he had outperformed the market events, and a contract for the provision of 40 million for the World Cup footbal in South Africa.

Latecoere has seen its annual sales fall by 22.4% to 449.4 million euros in 2009, under the influence of a decrease of 30.4% in the Aerostructures, which provide more than half of total .He said anticipated a slight drop in activity in 2010, provided the low point turnaround cycle.