International & World Report

"We resist '. That is what could be read on the sign of one of the protesters took to the streets of Athens on Saturday to protest against austerity measures additional adopted by the Greek government to clean up its public accounts. Responding to the call of the country's two main unions, GSEE (private sector employees) and ADEDY (public sector), the thousands of protesters denounced the identified "social barbarism" After the enhanced supervision of international institutions in their countries . "We oppose the government and the memorandum for these barbaric actions and antisocial," said Gregoris Kalominis, an official of ADEDY.In a joint statement released on the sidelines of the event, the two unions have called for "a different economic policy, with measures of development and social measures that preserve jobs and increase our social and economic rights."

A plea against the recent economic decisions imposed on Greece. Yesterday, the country has received the "troika" (European Central Bank, European Union and International Monetary Fund) the green light for the payment of this summer's fifth installment of the loan of 110 billion euros granted in 2010. But a green light conditioning to "accelerate fiscal and structural reforms in the country", which Moody's rates still at 50% the risk of default within five years. Enough to arouse the wrath of the unions.Indeed, George Papaconstantinou, the Greek finance minister, has already announced it is less than a month an austerity plan for 2011, about 6.4 billion euros.

Hardening of social climate on another front

After nine general strikes, mobilization has been moderate on Saturday. The demonstrators were mostly employees of the public power company PPC, port employees and teachers. An event that went smoothly. Nothing to do with the excesses seen in previous demonstrations.

Mobilization and social deterioration seems rather move on another front, the less supervised by trade unions or political parties. Already experienced in Spain, a spontaneous party Internet illustrates the ras-le-bol of the Greeks, that of "outrage".Now, they do not hesitate to take sides publicly in the political class and physically, according to them responsible of the current situation. For ten days, these "outraged" gather every evening on the Constitution Square, just before the Greek Parliament.

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To those who doubt the impact of future rules on the banking sector, the market this Friday brings an answer without ambiguity. It was enough that the Financial Times raised the prospect of a fresh application of standards known as "Basel 3" for all European banking stocks rebound sharply! Crédit Agricole wins 3.61% to 10.62 euros, BNP Paribas climbed from 2.03% to 53.36 euros, the two largest increases Cac 40 and Societe Generale is 1.39% 42.32 euros. And this while the Paris Bourse advance of 0.77% to 3947.39 points.

According to British newspaper, that the deduction of bank capital and capital employed in the insurance industry that have been announced including less severe than anticipated. Good news, if it were true for large bancassurance groups that are French.

In fact, several elements collide in the European regulation.The European Commission initiated the drafting of the Directive (CRD 4), which transpose Basel 3. But the text does not fix a ceiling for leverage, since Basel 3 ratio does not compulsory but a tool available to regulators. Nor does it impose any standard of liquidity, since the Basel Committee provides a period of observation before definitively concluding its normative work. These elements are sometimes misinterpreted as a softening of the device.

A market sentiment indeed confirmed by another rumor that swells in the financial world: the possibility that the obligations imposed by Basel 3 are relaxed or shifted to European banks if a restructuring of the Greek sovereign debt should intervene.

This is a first. Nearly 1000 makers and observers of the Internet will meet in Paris tomorrow and Wednesday to participate in e-G8 Forum. Sizing of the digital economy, as Mark Zuckerberg, the founder of social networking site Facebook and Eric Schmidt, Google's president, made the trip.

They rub shoulders patterns of media, such as Australian-American tycoon Rupert Murdoch, the chairman of the New York Times Arthur Sulzberger Jr. The conference will also host the rising stars of the Web as the creator of good plans Groupon Andrew Mason and Mikael Hed, Director General of Rovio, the publisher of mobile gaming success Angry Birds.The world of finance will ambassadors Niklas Zennstrom, CEO and cofounder of the fund Atomico Skype, and Sean Parker, Founders Fund partner today, Co-founder of Napster and Facebook, and bad boy of Web embodied by Justin Timberlake in The Social Network.

This casting will demonstrate the importance of the event. It was proposed by Nicolas Sarkozy, who chairs the G8 this year. For the first time, an Internet discussion has been put on the agenda of the G8, which meets on May 26 and 27 in Deauville. E-G8 Forum should provide a framework for exchanges between heads of state.These will be based on a paper presented at the next G8 e-Forum, which might detail a series of reflections and proposals on major issues of the Internet.

The conference program addresses broad issues as "The Internet and economic growth," which will discuss among others John Donahoe, eBay's CEO, Eric Schmidt, and Christine Lagarde, Minister of Finance. The debate "Internet and Society meet Andrew Mason, Sheryl Sandberg, Facebook's number 2, and Jimmy Wales, founder of the collaborative encyclopedia Wikipedia.To make proposals on these discussions, stakeholders were asked to come up with key ideas that they wished to submit to the representatives of the G8.

Private funding

Issues closer to the everyday concerns of internet entrepreneurs and internet will be discussed in workshops: financing for start-up, freedom of expression and privacy, mobile issues, information sharing and value, e-government … All these exchanges are broadcast live over the Internet, will be summarized by rapporteurs and provide the basis for a "message for Deauville."

The conference was organized in record time by Publicis, whose chief executive, Maurice Levy, was given the mandate in February.Advantage: via its subsidiary Publicis Live, the communications group organizes many events which already meet the tenors of the Web and media, such as the Monaco Media Forum, the Abu Dhabi Media Summit and Davos. These are the links forged during these meetings that enabled convincing, snatching, Mark Zuckerberg to participate in the forum. He has confirmed his arrival a few days before the opening of e-G8 Forum.

In return, Publicis has not been able to rely on public funding to mount the e-G8, whose budget is estimated at 3 million. The organizer has therefore appealed to private financing from a dozen sponsors, including Orange, Vivendi, eBay, Google, Capgemini, Iliad, Microsoft and Alcatel-Lucent.Four other finance a dinner tomorrow evening at the Louvre, in which 350 handpicked guests were invited.

The most important guests of the e-G8 forum:

• Rupert Murdoch – CEO of News Corporation

The media mogul had anticipated the rise of social networking by buying MySpace in 2005. It now relies on paid content online. "Aggregators and plagiarists will soon have to pay a price for our content. If we do not take advantage of the current movement towards paid content, the kleptomaniac triumph "

• Mark Zuckerberg – Founder and CEO of Facebook

At 27, the young prodigy of the Web is the 52nd World fortune, according to Forbes. More than 650 million Internet users have joined the social network he founded in 2004 at Harvard. "The social norm (of privacy, Ed) has simply evolved over time.People are really accustomed not only to share more information, different but also more openly and with more people "

• Jeff Bezos – Founder and CEO of Amazon. Com

It has revolutionized e-commerce by creating Amazon in 1994. He is now going to online media, from books to video. "The last nugget of gold rush has disappeared. With innovation, there is no last nugget. Each update creates new questions and new opportunities "

• Jimmy Wales – Co-founder of Wikipedia

His collaborative encyclopedia celebrates its 10th anniversary this year. It has 18 million articles written and edited by Internet volunteers. "I think MySpace is doomed, I give them another two years … I think Facebook is the next Microsoft, for better or for worse.It is an incredible company that will do much good and bad things "

• Eric Schmidt – Google Chief Executive

DG Internet Group from 2001 to 2011, Eric Schmidt has handed over to Larry Page in April. He remains in charge of acquisitions, partnerships and institutional relationships. "Today your phone knows where you are, and to some extent where you go. Ultimately, your mobile does what he does best is to say, to remember everything and make proposals. You can be a better human and have a good time "

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While the rating agency Fitch on Friday downgraded the rating of long-term debt of Greece, and the French minister Christine Lagarde asked Athens to take further fiscal austerity measures, the German finance minister speaks the ability to offer additional assistance to Greece.

In an interview published Sunday by the newspaper Bild am Sonntag, Wolfgang Schäuble believes that steps could be taken for the country if his efforts fail to reduce its debt. This additional support "is only conceivable if it is confirmed that the private creditors such as banks, do not opt ​​out of Greece, leaving European taxpayers to take full responsibility," said the German minister nonetheless. He believes that the creditor countries of Greece must first ensure that Athens is able to overcome its economic difficulties."Only in this case we could, if necessary, discuss an extension (the maturity) bonds that Greece should pay next year," says he.

The inspection visit, arriving in early to ensure that Athens respects the conditions attached to the bailout 110 billion made in the country, had to extend his stay. Officials hope it will make its findings next week but no date has been set. Wolfgang Schäuble also said that the decision to give an additional boost will require the approval of the International Monetary Fund (IMF) and especially that of centrel Bank (ECB).On Friday, the IMF has in effect called the euro area to urgently adopt a more comprehensive range of measures to resolve the debt crisis, but some resistance has emerged towards the ECB.

'Soft' restructuring

George Papandreou, the Greek Minister Pemi must submit on Monday a multi-year plan with new measures to strengthen the fiscal consolidation of the country online payday loan lenders. He hopes to escape the restructuring of the enormous debt that he does not want to hear aujoud'hui, but that markets demand. Unlike the ECB, they are convinced that Athens can not solve its problems by merely the emergency loan of 110 billion euros already granted by euro zone countries and the IMF. Despite a big effort to reduce the deficit last year (five points of GDP), Greece is indeed still in a critical budget situation.

The leader of the finance ministers of the eurozone, Jean-Claude Juncker, is the promoter for this week of a 'soft' restructuring through debt rescheduling. He pleaded over the weekend for the creation of an independent umbrella of the Greek government's privatization program in the country. Athens has planned about 50 billion euros from privatizations in 2015, whose income must be allocated to debt reduction. This option is opposed by the European Central Bank (ECB), fearing that the outright failure of Greek banks, and chain reactions throughout Europe.Dominique Strauss-Kahn, former head of the IMF, was also on the same line.

Determined to "save" his country that he says can work it through his own efforts, George Papandreou is due to visit Paris this week, Tuesday and meet with key political leaders of his country to reach a consensus on measures to be taken to cope with the crisis. This agreement required by the countries of the euro area, however, looks difficult to obtain, the prime minister faced with a sling, even within his own party.

(With agencies)

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U.S. stock markets failed to bounce back Tuesday. The Dow Jones closed at a decline of 0.55% at 12,480 points and the S & P dropped 0.04% to 1329 points. Only the Nasdaq managed to get back into positive territory and ended up on 0.03% to 2783 points.

Greece and Portugal, a source of concern

The caution is this Wednesday before the outcome of the meeting of the Eurogroup, which must rule on the case of Greece and Portugal endorse aid. The sovereign debt crisis continues to produce adverse effects on both sides of the Atlantic. In Europe, the fate of Greece crystallizes all concerns. Discussions on extending the term of the loan could still affect banks in Europe and the United States and creates a strong element of uncertainty in the stock market.

Wall Street is also proven by the uncertainties surrounding the U.S. debt.The U.S. Treasury announced Monday new measures of financial emergency to allow the U.S. federal government to continue to operate while the government fails to obtain an increase in the statutory limit on public debt, which was reached on May 16

Oil down

The market is also impacted by the downturn in the energy sector, while a barrel of crude has dropped more than $ 2 Monday in New York. On Tuesday, the decline continued on the New York Mercantile Exchange (Nymex). A barrel of light sweet crude for June delivery ended at 96.91 dollars, down 46 cents from the previous day."The crude market is a follower, very responsive to the dollar and the stock market," noted Rich Ilczyszyn, Lind-Waldock.

On the foreign exchange market precisely, the euro was changing, however, rose slightly on Tuesday against the dollar at 1.4156 dollars against 1.4153 dollars late Monday.

Bad news on the front of the property

More disturbing for operators, housing starts and building permits for homes have fallen sharply in April, the oversupply in the market, particularly related to foreclosures, discouraging new projects. According to figures released by the Commerce Department, housing starts fell 10.6% on a seasonally adjusted at an annual rate of 523,000 units, against 585,000 units in March (549,000 first announced) and 568,000 units expected by the market.

Moreover, industrial production in the United States remained stable in April, said Tuesday the U.S. central bank (Fed), while analysts believed it was up 0.5% from March.

HP heavily penalized

The side of values, Hewlett-Packard (-7.31% to 36.89 dollars) on Tuesday reported a sharp reduction in its annual forecast, highlighting the impact of the earthquake in Japan and lower sales of personal computers . The annual profit forecast was lowered to "at least five dollars per share, excluding special items, after a previous forecast of between" 5.20 and 5.28 dollars. "

Wal-Mart (-0.96% to 55.52 dollars) Tuesday reported a profit and a better than expected sales in the first quarter and delivered a goal in line with expectations for current quarter.[ID: nWEA1793] Earnings per share (EPS) from continuing operations stood at $ 0.98 over the period from January to March, against 0.95 expected by analysts according to Thomson Reuters I / B / E / S. Sales rose 4.4% to 103.4 billion, against a consensus of 102.93 billion.

Boeing (-1.41% to 76.67 dollars) has won an order from the U.S. Air Force $ 963 million for the construction of 5 C-17 cargo planes.In the same sector, Lockheed Martin hopes to sell 18 fighter jets F-16 fighter in Iraq and Oman by the beginning of 2012 and record orders for 100 additional aircraft F-16 in the world of By the end of the decade.

The casino group Las Vegas MGM (1.32% to 14.54 dollars) hopes to raise $ 1.5 billion public offering in Hong Kong by introducing its China branch, MGM China, a partnership between the U.S. parent and the daughter of the tycoon game that rules over Macau, Stanley Ho, said Tuesday the Wall Street Journal. The IPO is scheduled for early June.

The ambitions of BP (0.66% to 42.74 dollars) in the Arctic have suffered a serious setback after the oil giant announced today that no solution had been found on its proposed alliance with the Russian public group Rosneft in oil exploration.The agreement on a share swap of 16 billion dollars (11.2 billion euros) expired last night and the main obstacle to its realization, namely the opposition of the Russian shareholders in BP's joint venture in Russia , TNK-BP, could be lifted in time. The British oil company said that talks with Rosneft would continue despite the expiration of this Agreement. But people close to the Russian group claimed on their side that it was going to seek "new partners".

Moreover, a prosecutor in New York has opened an investigation into dubious practices to transform mortgage securities, says Lewalle Street Journal.Officials at Bank of America (+0.34% to 11.90 dollars), Goldman Sachs (+0.13% to 140.78 dollars) or Morgan Stanley (1.38% to 24.21 dollars) must be heard in the week by Attorney Eric Schneiderman.

Also note, the battle over the takeover of the transatlantic exchange operator NYSE Euronext (-3.44% to 34.50 dollars) ended Monday with the withdrawal of the cons-hostile bid launched by Nasdaq OMX (-1 , 07% to 25.95 dollars) and IntercontinentalExchange (-1.36% to 120.56 U.S. dollars), who threw in the towel before the opposition of the competition authorities.

This is no time to feast on world markets and the Paris Bourse was not really moving. This Friday, the CAC 40 opens just in balance, rising a timid 0.08% at 4008.43 points, retaining the symbolic threshold of 4000 points, and was saved yesterday after a lackluster session. The signals sent from Wall Street are not encouraging, nor those sent by the Asian markets on Friday morning.

Prudence therefore prevents excessive risk taking. Especially as investors await the release earlier this afternoon by the U.S. Department of Labor's highly anticipated monthly report on employment. He should come to confirm the trend shown in recent days across the Atlantic by the wrong numbers ADP and weekly jobless claims.Still on macroeconomic, the French budget deficit stood at 33.6 billion euros at end-March against 28.9 billion a year earlier, according to data released Friday by the Budget Ministry.

German industrial production for March is also expected.

Side currency, the euro rising slightly against the dollar at 1.4566 dollar. The European currency plummeted against the greenback following the announcement by the ECB yesterday kept the interest rates at their current levels until at least July. On the commodity front, the dollar's rebound has led to a plunge the entire sector. Oil has fallen below including $ 100 in New York, while silver lost 13% and 4% gold.

Values ​​to follow

Total

The oil company should react to the sharp drop in oil prices flexcheck cash advance.

Alcatel-Lucent

The telecommunications equipment has greatly reduced its losses in the first quarter to 10 million euros, against 515 million a year ago, and has recorded an increase of 15.2% of its turnover to $ 3.7 billion euros.

Carrefour

In an interview with Les Echos, the CEO, Lars Olofsson, made the revitalization of hypermarkets in France and its priority does not like the boss for France, whose departure was announced Thursday, is replaced by a French.

Eiffage

The group announced an increase of 13.2% of its backlog as of April 1, to 11.7 billion euros and confirmed its target of sales in 2011.

Icade, Veolia Environment

The group was selected by Veolia Environnement as exclusive partner for project implementation, the order of 100.000 square meters, designed to accommodate the consolidation of about 3000 to 4000 in Aubervilliers (Seine et Marne). Exclusive negotiations which are expected to undertake to reach a decision by early 2012, said the land in a statement.

Wendel

The group has announced organic growth of 9.9% of its sales in the first quarter to 1.44 billion euros, its holdings, including construction companies, which have benefited from economic recovery.

French cement publish today its first quarter results. Euler Hermes and Gascony will lift the veil on the turnover of the first quarter.

Sanofi-Aventis and CNP Assurances hold their general meeting.

RenRen chose the upper range for its share price – $ 14 cons 9-11 dollars raised mid-April. The deal allows him to raise 743.4 million dollars, a value estimated at over $ 4 billion.

Created in 2005, RenRen claims 160 million users, including 31 million active monthly (cons over 600 million for Facebook). Its turnover amounted to 20.5 million in first quarter 2011, up 46% in one year, $ 2.6 million net loss.

Opponents of the gas and oil shale will not be satisfied with the recent announcements by the government is considering banning the extraction of hydrocarbons in May. National coordination group opposed to the gas and oil shale holds since Friday until Sunday a series of rallies in the south and east and in the Paris region, in areas where the government has issued permits exploration or considered the possibility. Planned events include Saturday in Marseille (Bouches-du-Rhone), Meaux (Seine-et-Marne), Rousson (Gard), Donzère (Drôme), Lyon (Rhone) and Lons-le-Saunier (Jura). Sunday, decreed a "national day of mobilization", other gatherings are planned in Cahors (Lot) and Blyes (Ain). Protesters call again the firm and definitive cessation of these hydrocarbons.New anti-capitalist party (NPA) on Friday called on to participate in the mobilizations.

The recent pronouncements of the Ministry of Ecology and Prime Minister, if they have a little reassured opponents, have not entirely convinced. So they refuse to release the pressure. "We see it is understood (…) Now we are asked to repeal and only then that the mobilization will stop," said Anne Lacouture, Assistant José Bové, leader of the protest. MEP Ecology Europe will participate Sunday in the Aveyron mobilization in its stronghold in Nantes, which gave its name to one of the permits issued by the former Minister of Ecology Jean-Louis Borloo. These allow large groups to explore for oil and gas in areas that may contain shale gas.The Department of Ecology has acknowledged that three licenses granted in the region in March 2010 were used for the exploration of unconventional oil. The legal uncertainty that currently exists on the issue can not be sure whether other permits issued in recent years does not apply also to search for and extract gas from shale.

A report due by François Fillon

Before the wind of revolt, Prime Minister Francois Fillon said Wednesday the cancellation of licenses already granted. The Minister for Ecology Nathalie Kosziusko-Morizet had requested the suspension of exploration work in February, a form of de facto moratorium. A bill must be considered in an emergency procedure from 10 May to the Assembly to formally ban them extraction.Si the ban is passed, it could however be only temporary.Francis expects Filllon including the report of a mission "to better understand the shale gas." Eventually, a development of the mining code to strictly supervise the extraction of these hydrocarbons is not unthinkable, say experts elsewhere.

François Fillon on Wednesday gave impression that the government reserved the option to "go again" projects "in a way maybe a little more acceptable the next time," said Anne Lacouture. "For us, it is not acceptable, regardless of how it's done," she added.The techniques used to release the hydrocarbon trapped in the rock, the injection of very high pressure water mixed with chemicals, fears of pollution of groundwater, the devastation of the landscape and environment and development Risk-based economies, as in the Aveyron, on high-quality agriculture and tourism.

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Four years after the bursting of the housing bubble and the collapse of U.S. subprime, the United States, Europe and Japan are far from having solved their problems. Everywhere "the state and households remain heavily indebted, in varying degrees, and the health of financial institutions has not recovered at the rate of recovery of the economy as a whole," warns the International Monetary Fund in its half-yearly report on financial risks, released Wednesday.

We can no longer be content to make "prevention" by providing liquidity, we need a real "structural treatment," insists Jose Vinals, financial adviser to the IMF.

If the crisis of sovereign debt in the euro area focuses attention, "the United States and Japan are both very sensitive to an increase in the debt burden if interest rates were to rise substantially from their current levels. " The IMF has calculated that the Japanese government will this year's market borrowing the equivalent of 56% of its GDP to refinance debt that matures in 2011. The U.S. Treasury is second with a financing requirement equal to 29% of GDP, followed by Greece, Italy, Belgium, Portugal and France, whose programs of public issues over 20% of their GDP no faxing payday loans.

From the banking side also, the needs are enormous.Refinancing maturing over the next two years amounts to 3600 billion. While progress has been made to improve capital ratios.

Limited effects of earthquakes in Japan

But in the world, "30% of the banks reviewed by the IMF have capital ratios below 8% (of assets), says Jose Vinals. In Europe, almost all institutions in Greece, Ireland, Portugal, many small banks in Spain, some regional banks in Germany have lost access to markets. I expect a lot of 'stress tests'qui be launched in June. I hope they will be sufficiently credible and stringent. Banks that are not viable will no longer exist in their present form. "

The Fund is however not too worried about the consequences on the global financial system of earthquakes in Japan.Similarly, the geopolitical risks in the Arab countries would have limited effects. The exposure of U.S. banks, European and Japanese is "approximately $ 330 billion, no more. With this clarification for French banks, "set to the tune of $ 12 billion in the UAE, $ 22 billion in Morocco, Saudi Arabia 19 billion and 17 billion in Egypt."

World According to information dated Sunday-Monday, Turbomeca, a subsidiary of Safran's aerospace equipment, was the target of industrial espionage between January and September 2010, via its computer systems. This cyber-attack led to the opening this fall of an inquiry by the Central Directorate of Internal Intelligence (DCRI) to "introduction, removal and fraudulent alteration of computer data" the newspaper reported. Since then, more than a dozen people were put in custody, including employees of the group. Accurate knowledge of the company's computer systems have in fact led investigators to pose the question of a possible internal involvement.

The data referred mainly concern the technology of propeller systems designed by Turbomeca, the world leader in helicopter propellers, as well as financial data of its parent.Those responsible for this case considered "the most important spy of 2010" by DCRI would have gone by computer systems and mailboxes for company employees to access the global systems group, and confidential information technologies Turbomeca. Remains to be seen to what extent the employees concerned were aware or not these actions the newspaper, which refers to possible "corruption" pay day loans.

The Chinese track, yet …

As for the Renault affair in the early stages of the investigation, the question arises of a possible involvement of a Chinese company, which is more partner Safran, and would have flown the intruder. They could have been motivated by the desire to "bridge the technology gap and to ensure that Saffron does not cheat on the recharge equipment sold to the Chinese Turbomeca" said an inside source in the world.

Nevertheless, the investigation should be closely monitored in the coming weeks. The many twists on the Renault affair continues to fuel the wildest rumors. No track should be set aside for the moment to avoid a second scandal in a company the size of Safran.

A folder that is even more sensitive than the activity of Saffron is highly strategic (the group team of military aircraft) and the French state owns 30.2% stake in the aerospace equipment. The group will publish its annual results on April 21, at the same time it will hold its general meeting. Until then, it should remain very secretive about the specifics of the investigation.

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