International & World Report

The ax fell at 18 o'clock. No real surprise, most banks in Europe has successfully passed the stress tests or stress tests. The statements have increased in recent days on the expected results. The exercise was not without risk. If all banks successful tests, they lose their credibility. If too many banks fail, they will not recapitalize the markets.

Seven of the 91 major European banks subject to tests of resistance have been repositioned, said Friday the Committee of European Regulators (CEBS), which means they will raise funds to strengthen their position financière.Il are five banks Spanish (Civica Cajasur, Unnim, and Espiga Diada), a bank Greek (Atebank) and Germany's Hypo Real Estate.

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 Agricole and Banque Populaire BPCE-Caisse d'Epargne) have shown that they retain a sufficient level of funds in proportion The different scenarios.

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 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.

The question on everyone's lips invited journalists on Thursday in Paris by Marc Ladreit de Lacharriere, the president (and owner) from Fitch, one of three international agencies Credit rating with Moody's and Standard & Poor's. The French government does risk losing one day or the other its AAA rating, which assures financing conditions for the optimal time? There is a little over a month, Baroin, the budget minister, although he had caused disturbance by declaring that it was a goal "tense". He had had to return for saying that France would keep its good signature "no doubt".

David Riley, head of Fitch Sovereign risk has certainly not been outright, but he wished to remind the public announcement of his agency last March 30, confirming the rating of "AAA with stable outlook, the best that either.Since then the agency, including half of the experts working in London and New York, has published another "positive comment", May 28, welcoming the conference at the Elysee on public finances with the social partners.

The diagnosis remains the same, if we believe the criteria provided by Fitch. Compared to other AAA-rated sovereign states (a dozen Worldwide), France is characterized by a per capita income slightly below average (around 35,000 dollars against 37,500).

Challenge for France

Instead, it relies on a level of inflation among the lowest and least volatile and "stability of tax revenues" (well above the average for other countries AAA).David Riley has also recalled that France had not had to suffer a banking crisis, unlike the United Kingdom or the United States, and its level of budget deficit below these two countries. Still, the notes are never acquired for eternity. "If the debt level should continue to grow, the question might arise in the medium term. But it is a challenge that France is not alone in facing. "

Fitch's meeting was not intended to scrutinize the French case but to explain the mode of operation of the agency. "If BP makes a mistake in the Gulf of Mexico, we do not criticize all the oil companies so we constantly amalgam when it comes to rating agencies' protests Marc Ladreit de Lacharriere.It will distinguish itself from its major competitors "doing work more than other analysts, in order to provide a diagnosis if not more documented beyond doubt. "Because ultimately, it is the investors who are the referees. The euro area is structurally borrowing outside for more than 1000 billion euros, "he quips. Some would in fact that the ECB could build itself a rating agency, which would obviously be judge and party.

David Riley the opportunity to explain why Fitch is expected to worsen 28 May Spain to AA +, which then was considered the final blow vis-à-vis a country plagued by the suspicion of markets."What then has changed? The worse than expected deterioration of public finances, the slow pace of restructuring savings, the contagion of the crisis and the deteriorating Greek sustainable growth prospects. Our decision was taken after a long period of explanation with the Spanish government, "he says.

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It is faster to start a business in Afghanistan and Albania in France. Seven days on average enough against nine in France. This spring the new World Bank report, "Investing Across Borders 2010 ', published today in Vienna. Completed between April and December 2009, compared to 87 countries around the laws that regulate foreign investment by retaining four criteria: the restrictions on equity investments, the time it takes to start a foreign company, access to industrial land and commercial arbitration regimes.

Latin America, including Brazil and Venezuela are conversely very slow (169 days and 179 days respectively), as well as China (99 days).If the countries of the OECD (Organization for Economic Cooperation and Development) are mostly very open to foreign ownership in their enterprises, as well as Eastern Europe and Central Asia, Asia East and the Pacific, except Singapore of course, found the greatest number of restrictions, especially in China and Indonesia, says World Bank.

The East Asia stands out even more in the area of land since, apart from Malaysia, Thailand and Singapore, no country in the region reviewed by the bank allows foreigners to own their own land This poses no problem unlike in the OECD countries or in Eastern Europe and Central Asia.

And, notes the World Bank, countries are best placed in the report are those "who also tend to attract more foreign investment in relation to the size of their economies and their people. Conversely, countries whose scores are lower tend towards higher levels of corruption, a higher political risk and governance structures are weakest.

In 2008, Apple became the first distributor of music in the United States, before the giant Wal-Mart and Amazon. The group of Cupertino is preparing to renew the feat in the film industry. According to research firm Screen Digest, Apple became the number one video on demand pay to the United States in 2014, before the two top cable operators in the country, Comcast and Time Warner Cable.

This will be overtaken by Apple at the end of this year. Apple is expected to generate $ 281 million in sales by selling movies online this year against 160 million in revenue for the VOD service from Time Warner Cable. The firm is expected to apple store almost 35 million transactions in 2010 against 30.5 million for the second U.S. cable operator. Still Number One, Comcast will make a turnover of 380 million dollars with 88 million transactions."While the pay-TV players offer to lease the works in DOS, Apple sells movies. The pricing is more beneficial to Apple, "said Dan Cryan, responsible Broadband Media at Screen Digest.

In 2014, the reverse hierarchy: Apple should be leading with 470 million dollars in revenue for 56 million transactions, when Comcast will reach 400 million dollars in sales with 108 million records of tenancy, says Screen Digest. At that time, Apple will control 32% of video market demand pay.

Google TV has a playing card

This leadership position gives Apple the opportunity to influence the price of selling movies for download, as the U.S. group has done in music.Another advantage is the unit sales reported more income to the beneficiaries that the subscription models or lease and therefore the iTunes Store a valuable partner for the studios, which multiply the simultaneous releases in theaters and on video.

If the model for the iTunes Store gives a good lead time to Apple in VOD, it is not certain that the firm with apple foreclosing the movie as it did for digital music. "There was an effect on iPod music because of the integration platform for downloading with the terminal was better, because the iPod allowed to make music where consumers want to have it ie mobility. It is not certain that the iPad plays that role for the film, Dan Cryan analysis. Terminals other than the PC are key to getting consumers to pay for entertainment.But for video, this advantage is less pronounced for the iPad for a TV. This is Google, with its Google TV decoder, which brings Web video into television, has a playing card. "Indeed, the Internet group has not discussed a possible blocking of illegal content which could online access through Google TV. This vagueness could benefit from piracy: "iTunes is selling on average 30 songs per iPod sold, the rest of the music is not purchased it is copied from CD or downloaded illegally. There could have the same effect on Google TV. The party has just begun in the video, "said Dan Cryan.

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Nicolas Sarkozy delivering a public and unambiguous support his Minister of Labour. On Saturday, the president said he had "absolutely nothing wrong with Eric Woerth. "You can not blame him, it is an excellent minister," it was said at the Elysee. The previous evening, Eric Woerth had assured that he had "given no instructions to the tax authorities of any nature whatsoever not to engage in transactions of fiscal control in the case Bettencourt, suspected of tax evasion.

Three new revelations raise yet the question of the role of authorities in the case Bettencourt they were aware of alleged tax evasion of billionaire? If yes, what services were? Have they closed their eyes?

According to the weekly Marianne, the court was aware since 2008 of the possible tax evasion billionaire but failed to alert the tax authorities and has not triggered the investigation into the case. In support of these assertions, Marianne published in its Saturday edition of extracts from documents in the preliminary inquiry by the prosecutor in Nanterre, on the complaint of the daughter of Liliane Bettencourt cons photographer François-Marie Banier.

One of these pieces is a letter from François-Marie Banier to billionaire, dated May 19, 2005, where the artist makes reference to Arros Island, Seychelles. An island that he told him he "has to buy.But the tax on capital 2007 Lilliane Bettencourt, including Marianne also publishes an extract, made no mention of this island. But "the judiciary chose to close his eyes," says the weekly, indicating that the prosecution was under the legal obligation on the basis of these elements, "seize the treasury that it is launching an investigation" .

"Nothing has been hidden"

Contradicting these findings, the prosecutor Philippe Courroye said Friday that "tax administration was warned Jan. 9, 2009 that this issue was likely to highlight elements of tax evasion." "The administration is aware of all the evidence.Nothing has been overlooked, "said the prosecutor, adding that the prosecution could not decide alone to grab a result of tax evasion.

According to the website bakchich.info, Bercy could anyway not ignore the "chow" tax between the photographer and heiress. Indeed, says the site, the department has recovered in 2008 a list of 500 French tax evaders in Liechtenstein, including Francois-Marie Banier. The case of the latter was even transferred, according Bribe, to the National Audit tax situations (DNVSF), responsible for the peel. Two years later, there would always be.

A tax adjustment for Francois-Marie Banier

Labour Minister, Eric Woerth, has responded to this information have launched Friday by announcing in 2009, when he was Minister of Budget, fiscal control of the artist Francois-Marie Banier."There was a notice of recovery, accepted and resolved," said his lawyer Temime. "It is unrelated assets abroad or with the proceedings" on donations made by Ms. Bettencourt Francois-Marie Banier.

Asked on Friday on France Inter, Economy Minister Christine Lagarde said she was "very surprised" that the billionaire is not the subject of tax examinations regularly every three or four years, "as in the case for all very large estates.

On Saturday, the modem has meanwhile said it was "very difficult to drive an issue like pensions while being the subject of everyday revelations." Francois Bayrou who was speaking at a press briefing in the House, insisted: 'The French clearly see that there is a concern.There is a weakening of the government and all those who, in his name, driving a number of reforms. "

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While Wall Street and European markets suffered heavy losses Thursday, stock markets in the Asia-Pacific have taken the path down this Friday, a day after sitting flat.

Around 6.45 am, the Nikkei 225 abandoned nearly 2% to 9731 points, rapidly away from the 10,000 points mark. Consumer prices in Japan excluding perishables, fell 1.2% year on year in May, the fifteenth consecutive monthly decline, said Friday the Ministry of Home Affairs. Excluding not only nutrition, but also energy, consumer prices appear down 1.6% over one year.

Elsewhere, the mood is gloomy, with Hang Seng (Hong Kong Stock Exchange) that descends from 0.65% to 20,599 points, the S & P / ASX Australian yields 1.4% to 4417 points, and Straits of Singapore who drops more tentatively 0.1% to 2844 points.In India, the Bombay SE 30 was down 0.73% at 17,600 points.

The yuan continues to rise

In China, Shanghai fold from 0.69% at 20,590 points. On the eve of the G20 Toronto, Chinese President Hu Jintao called on Thursday for a fresh start and a strengthening of relations between China and Canada, despite some disputes.

The Central Bank of China has also set an exchange rate of yuan against the dollar lower on Friday, which means that the yuan appreciates.The institute has decided on a central parity of 6.7896 yuan against the dollar, 0.3% higher than the 6.8100 yuan to the dollar yesterday.

In its statement, the central bank said it wanted to keep the yuan "basically stable", a term required to show its willingness to avoid any sudden movement of the currency.

The oil also

Crude prices were up Friday in electronic trading in Asia, investors wanting to believe in some indicators better than expected in the United States despite doubts about the U.S. economy. The barrel is 76.65 dollars.

Thursday, across the Atlantic, new jobless claims in the U.S. fell for the first time in three weeks, more than expected, but the new orders for durable goods fell for the first time in six months in May from particular down by purchases in the aviation sector.

This was both a first and a dress rehearsal. In six years of Socialist government, the unions had never called for national strike in Spain José Luis Rodríguez Zapatero. But since the mobilization of officials Tuesday, the divorce between the executive and the two largest trade unions – Comisiones Obreras (CCOO) and CGU – is officially consummated.

Pressed by their bases, the unions had no choice but to break with Zapatero. That, of course, the single most dramatic reduction plan deficits that ignited the powder: falling wages in the public service, 5% on average in the month of June, arouses indignation public employees. But the unions' own admission, is the absence of any consultation that infuriates most."We do not even ask for the withdrawal of the measure," says Julio Lacuerda, the Secretary General of the Federation of utilities UGT. The unions are aware that these decisions will be implemented. The austerity plan is required by the markets, the European Union and … by the United States, including the president himself, Barack Obama, called Zapatero payday loan no faxing.

A war of figures

Therefore, the event serves as a test of officials for each game. The first testing their strength before calling, "if necessary", a general strike. The executive, for its part, gauge the discontent before announcing new measures unpopular. First, the reform of the labor market, to be unveiled June 16 Meanwhile, everyone engaged in a war of numbers.For unions, 75% of staff were on strike Tuesday. The government says they were only 11%.

Above all, workers' representatives refuse to be the only ones to pay. "Why do we keep our troops in Afghanistan? Why do we continue to offer 900 million euros in tax subsidies to the Catholic Church? "Interrogates Julio Lacuerda. While Zapatero announced the creation of a new tax on the rich and inspired by the French TFR. But according to his own statements, "99.99%" of the Spaniards should escape.

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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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Bic has published its results on Wednesday the first quarter of 2010. Its turnover in this period reached 378.3 million euros, representing growth of 22.7% compared with the first three months of 2009 as reported, and 8.8% at constant scope and constant exchange rates. Net income group share of EUR 35.4 million was up 32.3% yoy.

The normalized IFO margin (excluding restructuring charges and capital gains on real estate) totaled 14.2%, against 11.8% a year earlier.Operating income increased 31.7% to 47.8 million euros.

Good results are mainly explained by Bic 12.3% increase in sales of consumer business (stationery, lighters, razors) and 107% for those in advertising and promotional products business cash loans Guaranteed approval ".

Mario Guevara, its director general, said: "We will continue to focus on growing our sales and profitability while maintaining our financial discipline. We also continue to invest for the long-term research and development, in supporting the brand and sustainable development. "

Investors appear to have been very sensitive to these good results. The title Bic to the Paris Stock Exchange was trading at 61.50 euros at 8.62% up to 9:50 on Wednesday.

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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