International & World Report

From our correspondent in London

With 155 billion pounds (186 billion euros) and 11% of GDP this year, the UK deficit is the highest in the G20. In response to this near disaster on young British finance minister George Osborne, this Tuesday, on the occasion of his "emergency budget" the austerity plan the hardest since the Second World War. Cuts so severe that many economists are concerned about its negative effect on growth.

The austerity is announced in the British house-to-false vis-à-vis Barack Obama, who wrote the G20 leaders to ask them to continue to support the recovery."Countries have different approaches, and in some countries like ours, there is a need to tackle the deficit and reduce it more quickly," argued on Monday, a spokesman for Downing Street 10.

To divide by four the structural deficit by 2014-2015, the government of David Cameron must find at least 88 billion pounds (106 billion euros), reducing government expenditure but also by increasing taxes . This effort far exceeds the level of 80 billion euros announced by Berlin and promises to be the largest of the major European countries.The savings could reach 34 billion pounds (41 billion euros) in the first year, equivalent to 2.4% of GDP.

Since taking office Prime Minister, David Cameron, communicate each week on budget cuts, "whose impact will last for years, perhaps decades, that will win the country to avoid being in a situation similar to that of Greece. The Treasury is fear of being penalized by the rating agencies and losing its AAA rating, which would explode the cost of refinancing the country.

Taxes on capital gains

If George Osborne is expected to announce Tuesday the total austerity plan, details of the cuts by department will not be released until this fall. Rumors point to a decline of 25% of expenditure in the budget of Defense. But tax increases will be unavoidable, experts say.The new fees will concentrate on the richest. Under pressure from its partners the Liberal Democrats, George Osborne should also increase the tax on capital gains for individuals, 18% to 40% or even 50%, while the tax rate to 50% highest income is not questioned. "The VAT is expected to increase by 17.5% to 20%, moving closer to the European average, which would yield 12 billion pounds per year (14 billion euros)," said Brian Hilliard, economist at Societe Generale.

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While experts from the European Union (EU) and International Monetary Fund (IMF) are in Athens to verify accounts of the Greek state and the status of the austerity plan, the Paris stock exchange continues the momentum of last week, where the CAC 40 had returned upward, three consecutive sessions, breaking a cycle initiated since April 16 last and prevented systematically aligning more than two consecutive increases. The CAC 40 in advance of 0.79% to 3583 points at the opening and exceeds the threshold of 3600 points. Although nothing is played, far from it. But in recent days, the indices seem more determined to resume the upward path. Trading volumes, including the Paris Bourse, were provided over the last week. The CAC 40 climbed beyond 3,600 points, a course that is almost a record a month.At midday, the index feature of the Paris Stock Exchange gained 1.46% to end at 3607.30 points.

On other markets in Europe, the trend is upward. In London, the Footsie took almost 1% to 5213 points this morning and gained further 0.64% to 5196.59 points shortly after noon. In Frankfurt, the Dax clinching the outset more than 1%, and still earning 1.23% to 6122.17 points in mid-day.

On Friday, the CAC 40 gained just over 1% to just over 3555 points. On Wall Street, the Nasdaq has also allowed U.S. markets finished the week on a positive note after economic indicators, however, mixed.

After a particularly bloody month of May for all equity markets, investors believe, however, that European markets are undervalued.This could naturally incite bargain hunting and so restoring the energy markets.

The start of the week is very quiet with a single statistic, Europe, the industrial production of the Euro Area in April. The agenda will be fleshed out, however, more tomorrow, with a range of indicators on the U.S. real estate, consumption and inflation. The speech of Fed Chairman Ben Bernanke on Wednesday, will also be very influential.

On the foreign exchange market, the strengthening of the euro, long stuck in the $ 1.21, was confirmed this morning – it is trading at 1.2183 dollars against 1.2077 on Friday. The euro is close to $ 1.22 in the wake of the stock market, and good resolutions are shown in deficits on both sides of the Rhine, pending the meeting between Merkel and Sarkozy, this evening after missed appointments Monday .

Values follow

Club Med

The title is featured on Monday, clinching 7.54% to 13.55 euros. Chinese Fosun Group has acquired 7.1% stake in Club Med, where he has a director.

This is the beginning of the conquest of the Chinese market for Club Med. A promising market as the tourism industry in China is driven by a double-digit growth for ten years. The two companies also announce the signing of a strategic partnership agreement in the field of construction and operation of 'quality resorts'haut Guaranteed pay day loans. Friday, closing, Club Med's share jumped from 9.4% to 12.6 euros on the publication of a half-year net profit of 3 million Euros.

Societe Generale

The action jumps from 3.59% to 34.93 euros.Crédit du Nord, a subsidiary of Societe Generale, and BPCE entered into exclusive negotiations for the acquisition by Crédit du Nord, Société Marseillaise de Credit a little over 870 million euros. An operation that was in the pipes for several weeks and was formalized this morning before the opening of the Parisian market. The amount of the transaction is exactly 872 million euros, net dividend for 2009 (for the seller). The CMS was acquired, with other regional banks to HSBC by BPCE in 2008. It has 144 branches and 200,000 customers in southern France. With this transaction, Credit du Nord confirms its strategy of development in the banking system nearby.

Axa

The insurer (3.13% to 13.52 euros) confirmed the sale of part of its life insurance business in the United Kingdom.The buyer, Resolution Group, is prepared to pay 3.3 billion euros to get their hands on this activity. Axa will keep activities damage, life insurance and individual savings. The transaction currently under discussion provides for a lump sum sales of 2.75 Billion Pounds (about 3.3 billion euros). The insurer, however, remember that there is no certainty that current discussions lead to an agreement, note analysts at BNP Paribas.

Renault

Automaker (2.56% to 31.40 euros) should benefit from the information supplied on the weekend by its Russian partner Avtovaz plans to return to the green this year after heavy losses in 2009.The first constructor Russian head out of the water, enjoying the scrappage.

Veolia

The subsidiary of Veolia Water Environment (+1.10% at 21.16 euros) announces the signing of an agreement for the resumption of certain activities of United Utilities Group in Europe. Veolia Water would control Sofiyska Voda company in charge of utilities and water treatment in the city of Sofia, Bulgaria, serving 1.3 million inhabitants, of which Veolia Water would own 58%.

TF1

TF1 wins 1.96% to 12.21 euros. The subsidiary of the Bouygues group (1.23% to 35.770 euros) recorded Friday night at the game of the World Cup Soccer, France, Uruguay, its best audience of 2010. Viewers were 15 million to their desks on Friday night and even 18 million over the end of the meeting."This is the best audience of the Year for TF1 and the 15th best audience for a football game since the inception of Médiamat-Médiamétrie," insists the chain.

LVMH

LVMH gleaning 0.09% to 91.99 euros. Bank of America Merrill Lynch lowered its recommendation on the luxury group and its parent company, Christian Dior (0.63% to 83.23 euros).

Following the violent hailstorm that hit the department of Doubs, production plant in Sochaux suspended since Wednesday 19 hours.

Production was halted at least until Monday on the assembly line at the Peugeot factory at Sochaux, suffered Wednesday night by a violent hailstorm which caused some damage, said Thursday Jean-Philippe Jombart the site director. No vehicle out of the factory that produces daily in 1600.

"For sure until Monday at least the production is stopped but is still too early to be sure that the recovery will take place Monday," he said Thursday afternoon during a press conference."We take the time needed to rehabilitate the roofs which have suffered from weather and ensure safety of employees," he added.

About 3,500 cars will not be built

First production of PSA Peugeot Citroën group and the cradle, the plant employs 12 Sochaux cash advances pay day loan.000 employees divided into three sectors: manufacturing, development and experimentation. Of the 12,000 employees of the factory employees 6000-7000 employees on the production lines are laid off. About 3,500 cars will not be built.

"That's two and a half days to stop manufacturing it is important to us," he went on stating that the shortfall was not encrypted yet.

Jean-Philippe Jombart said that it was mainly the press shop, which had been damaged.Regarding the parking of cars, "the vast majority of new vehicles was protected by tarpaulins anti-hail, some vehicles were hit, but has not quantified the damage," said Jean-Philippe Jombart.

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His first thoughts as the new chairman of Fiat was to his grandfather, the legendary Avvocato Giovanni Agnelli: "How I wish he could be here." John Philip Elkann Jacob took over the destinies of the industrial group the age of thirty-four years. Giovanni Agnelli was forty-five when he did in 1966.

There is an analogy of destiny in the Agnelli family. In a slight difference: the little son-burning steps faster than his grandfather. It did not take more than six years to take all the power in the dynasty, while the hall Avvocato had for twenty years under the tutelage of a trust manager, Vittorio Valletta.

He is now head of the three levels of command. President of the Family Partnership "Giovanni Agnelli and Co, when the current owner Gianluigi Gabbetti, a close family, will conclude his term in MayPresident since 2008 of the holding company Exor, the holding company controlled by the family. And now chairman of its main industrial participation, Fiat in this case.

Between U.S. and Europe

This course Emeritus, John Elkann was accomplished with a reserve and discretion authentically Turin, and casual air of one who "does that happen." Those who have followed him have still yet noticed that the young man knew where he went and made every effort to do so.

Born April 1, 1976 in New York, he has five when his parents divorced, the writer and journalist Alain Elkann Franco-Italian and the daughter of the Avvocato, Margherita Agnelli. With his brother Lapo and his sister Ginevra, he spent his youth between the U.S. and Europe, attended high school in Paris where he passed his baccalaureate at the Lyc?e Victor Duruy science.In 2000, he graduated from Polytechnic of Turin, nursery managers of Italian industry.

Without dwelling on trivialities like his grandfather had done after the war, he joined in 2001 at General Electric, as statutory auditor. Two years later, here he is already in IFI, the holding of a family: now associated with the first plan to revive Fiat, along with his uncle Umberto Agnelli. He succeeded in 2004 as vice president, at his death.

His cousin, Giovanni Alberto, the son of Umberto, was the designated heir to the head of the clan. His sudden death in 1997 at age 33, victim of cancer, created a vacuum. In December of that year, the Avvocato set foot in the stirrup to John by naming him director of Fiat.

In 2004, few were betting on its survival in a group adrift.Fiat collapsed under a huge debt, the family clan was divided, and cherry pie, General Motors threatened to seize the manufacturer. Several Agnelli were ready to pull out of the car.

Family unit

Near Gianluigi Gabbetti, the young Elkann took important decisions. He restored the family unit around an ambitious rescue of Fiat, the convincing to grab the wallet. On the other, it gave carte blanche to a manager of emergency, the Chief Executive Sergio Marchionne, supported by a family friend, Luca Cordero di Montezomolo named president. Understated but always present, he gave the endorsement of the clan in terms of a merger with Chrysler, which marks a new stage in the history of Fiat. Like his grandfather, John Elkann closely follows the exploits of Juventus. A "enough is enough" dry in 2008 lead to oust managers involved in a corruption scandal.He is also a sailing enthusiast and expects to complete another project dear to his grandfather to attend a race around the world. He told the skipper Giovanni Soldini, the task of representing him in October 2011 in the "Volvo Ocean Race with VOR70" Italia ", purchased with his own money.

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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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While Asian markets are changing this Friday morning in the wake of the rise on Wall Street Thursday night, the Paris stock exchange should follow suit to the opening, showing a slight increase. Around 8:10, futures on the CAC 40 displayed on the increase, +0.7% to 4006 points.

Thursday evening, the CAC 40 lost 1.2% and has crossed back to the lower threshold of 4000 points. The other major stock markets fell back in unison. In London the FTSE lost 0.86% while in Frankfurt the Dax has yielded 0.81% at closing.Note that the LSE has found its place in the first quarter from a number of European IPOs, according to PriceWaterhouseCoopers.

The concern of financial markets is felt continually faced with the fragility of public finances of several countries, particularly Greece.

Statistics in Europe

This Friday, INSEE published before the opening of trading, industrial production for the month of February. The same statistics institute will release the results of its monthly surveys of the European economy for March, at noon. Other indicators monitored by the markets, the index of cost of construction, and commercial rents in the fourth quarter.

In Germany, foreign trade for the month of February will be known, at 8 am No faxing pay day loans.In the United Kingdom, are the producer prices in March which will be published.

In the United States, no statistics major is expected on Friday.

France Telecom provided by the Paris court

France Info radio said the prosecutor of Paris will open a judicial inquiry after the 35 suicides by employees of France Telecom.

Air France posted a traffic increase of 4.7% for the month of March, a first for a year. The group remains to Ryanair. To also monitor the impact on the airline industry's consolidation movement that hovers now. According to the American press, U.S. Airways and United Airlines are considering a reconciliation. In addition, British Airways and Iberia have finalized their merger agreement.

The specialist luxury yacht Rodriguez returned Thursday after the stock market success of the restructuring of its debt.The share price rose yesterday by more than 138.97%.

Renault, Nissan and its Japanese partner the Italian energy group Enel signed Thursday a Memorandum of Understanding for the development in Italy of charging infrastructure for electric vehicles.

Cegid, publisher of management software, announced a 7% decline in net sales in the first quarter to 58 million euros and a gross margin of 87.9% against 87.5% a year earlier.

Earnings accumulated by hedge fund managers in the United States broke records in 2009. Top 25 ranking by the AR: Absolute Return + Alpha have pocketed a total of 25.33 billion dollars (18.6 billion euros) including seven of them reap more than $ 1 billion.

This amount is more than double that of 2008 when the financial crisis had led to some heavy losses. The previous record was in 2007 with a total of 22.3 billion dollars.

The CEO of this classification is the founder of hedge fund Appaloosa Management, David Tepper. He received a salary of $ 4 billion by betting on particular banks in financial difficulties, refusing to believe that banks may collapse or be nationalized.

John Paulson lost his crown and took fourth place

Now the new record earnings.The precedent being held by the manager of Paulson & Co., John Paulson in 2007, with 3.7 billion dollars. He gambled at the time on a drop in property prices. This year, he ranks fourth with $ 2.3 billion.

It is preceded by George Soros, the famous American billionaire founder of Soros Fund Management, which has won 3.3 billion dollars, and James Simons of Renaissance Technologies, who pocketed $ 2.5 billion. They are respectively the second and third in the standings. They already had good performance with their hedge funds in 2008, like John Paulson, while that of David Tepper had lost 27% this year, like most other hedge funds.

For many of these funds, the year 2009 has not necessarily been a good year. They took fewer risks and have struggled to make gains.In addition, Carl Icahn, sixth in the rankings, do not expect returns as high in 2010. He explained that last year the debt was really undervalued, while today it is fully valued.

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While the CAC 40 is left below the 4,000 points on Friday night at closing, and the Asian market is changing globally in green (except the Nikkei) – but basically for local reasons – the Paris Bourse is expected to show hesitant opening on Monday. Especially since now, Friday night, Wall Street has ended without direction.

While Greece is saved, but the helm of the 4,000 technical points should be saved without being highly outdated. For the situation in Europe is not rosy either. The Portuguese and Irish records on the deficits are in the pipeline.

Around 8:20, the index futures on CAC 40 rose slightly, from 0.34% to 4001 points.

On Monday, the news is rather poor.In France, the publication will be more interesting day tomorrow, Tuesday: INSEE unveil quarterly national accounts in detail for the fourth quarter of 2009.

In the euro zone on Monday, the index of economic confidence in March will be released in 11 hours. In Brussels, will meet on Monday the European Ministers of Agriculture and Fisheries. Last week, President Nicolas Sarkozy was willing to "a crisis in Europe" saver for the Common Agricultural Policy (CAP).

In the U.S., investors expect the revenue and expenditure of households for the month of March at 14.30.Tomorrow, they watch the housing prices Case & Shiller, and consumer confidence in March.

The energy for

The dismissal of former chief investment officer of TCW, the U.S. subsidiary to 100% of Societe Generale, caused a stir in the U.S. cash advance . The bank believes that this case has "a very marginal impact" to its shareholders.

The fifteenth penal court of Nanterre Friday acquitted the former CEO of Vinci, Antoine Zacharias. Prosecutors, who had claimed two years suspended sentence and a fine of 375,000 euros, has appealed the ruling.His annual pension of 2.1 million, his early departure of 12.5 million and earnings of 4.2 million euros in 2005 are therefore assumed to septuagenarian.

Side energy, France is currently working on establishing a consortium of companies responsible for developing a vast network of power lines under the Mediterranean Sea, to deliver solar electricity produced in Africa to Europe.

This project, called Transgreen, bring together suppliers of electricity, electricity grid managers and manufacturers of high voltage equipment under the umbrella of EDF, confirming information from the daily special Enerpresse.

Furthermore, the organization of international environmental advocacy group Greenpeace accused Areva of endangering the health of residents of uranium mines it operates in northern Niger, in a report published Monday.

Finally, according to Les Echos on Monday, Total is in the process of selling the refinery Lindsey, England, in the northeast. "The first offers are expected in the coming days," reads the columns in the business daily. According to el Sunday Times published Sunday, Gazprom or Valero Essar would instantly.

Later results, Korian, Trigano and RATP unveil their accounts.

By staying close to four hours this morning at the Salon de l'Agriculture in Paris, Nicolas Sarkozy has tried to erase the minds that it does not come to inaugurate the event on Saturday. A tour which began at 8 am 30 and held in two parts of two hours each. Initially, the Head of State met the cattle exhibitors in Hall 1, then those of the crop of Hall 2 in a general rush but channeled. A friendly atmosphere, where the applause and encouragement have predominated, but without any measure with the ovation the day reserved for Jacques Chirac. A few hisses were heard but no more, on the stairs connecting the two lobbies.

Then, the president has organized and is a first, a roundtable with all unions representing farm.And just FNSEA, the majority union in which a delegation had been received yet at the Elysee Palace on Wednesday. "This is a first, previously only FNSEA attended this kind of round table across the national council of agriculture," Henin said Frederick, who follows the industry for over ten years for the publication Net farm land.

800 million in soft loans

It was during this interview, which was attended also by representatives of agribusiness, insurance and banks, totaling about twenty representatives, the president has announced measures to help the industry out crisis. "I will do for the French and European agriculture that we have done to save the funds, has hammered Nicolas Sarkozy. I will not give an inch. "However, he made a cross on the methods of the past to support the agricultural sector."There are ways that you borrowed last twenty years, those exchanges of price subsidies cons, we can not borrow more now," he said. For ten years later, he must repay. The Head of State was referring to 500 million euros of aid from Brussels retoqu?es this summer and fruit growers are expected to repay. "The solutions we have selected to ensure price breeders are legal. In addition to plan emergency aid announced four months ago to Poligny in the Jura, Nicolas Sarkozy has put on the table over 850 million.

In detail, this breaks down as follows: 800 million for subsidized loans, which now reach 1.8 billion euros, against 1.5 billion originally projected in the plan Poligny. "All loan applications will be present and honored," said the tenant of the Elysee.They are also 50 million more who will go to farmers under the FCC (relief fund expenses). They serve to alleviate the financial costs of borrowing old. Moreover, the decree to allow the exemption of all charges employers for employers of seasonal fruits and vegetables, appear at the end of the month. A measure of 170 million already announced in the Jura, which should give a better competitiveness in the sector, with a decline of two-euro cost of the hourly labor progress.

"A new method of environmental measures"

Also on the environmental front, the President said that farmers had already done much. "I believe in sustainable agriculture, yet it need to change.I asked Bruno Le Maire and Jean-Louis Borloo to hold next week a first working group around a new method of analysis of environmental measures in agriculture, "he said. This working group is working on three areas: an analysis of what is happening with our European neighbors, a study of the economic and social impact on patterns and quantification of benefit to society. The President recalled that farmers across the prairies, it possible to store CO2. Interest so as to avoid wastage of the agricultural land disappearing at a rate of one department every ten years. A 10% tax will apply to all sales of these lands as they become farmland.

Finally, in the debate on the future of the CAP, which must be reviewed before 2013, Nicolas Sarkozy said he was prepared to reduce the budget by more than 50 billion euros on condition that farmers live with decent prices and we apply the Community preference.

With the announcement of these measures were mixed unions, most tanks are those of the Confederation Paysanne. "These are interesting and go in the right direction. But they are not sufficient, he should go to the social VAT to make agriculture more competitive French, "said Francis Lucas President of the Rural Coordination. FNSEA has in turn welcomed the easing of environmental benefits."Without denying the objectives of sustainable development, we can not ask for more investment in heavier farmers if there is no remunerative prices and incomes, reacted Jean-Michel Lemetayer, president of the FNSEA. Agriculture should not be steel or textiles of tomorrow, "he added.

Around 12:30, the President closed the debate by promising to review the parties present three times a year to make a point with their monitoring of current files. "I was happy to be with you," he said in the twenty participants.

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Photo credits: AFP