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.

But the announcement was particularly flattered by stock traders is that the group will distribute 1.8 billion euros to its shareholders or 20 euros per share. This amount corresponds to the volume of disposals and acquisitions made since the merger between Unibail and Rodamco in 2007.

Slimming

With a recurring earnings per share up 0.4% in the first half, Unibail-Rodamco has a performance consistent with its objectives.But the group is far from his exploits of last year that its recurring net profit was up 7% free 3-in-1 credit report.

Not enough to disturb the land that continues to develop its music strategy. She gives regular malls small or medium. In the first half, she sold the center of Saint Martial in Limoges. "For the first six months of the year, we achieved sales of EUR 1.2 billion, says Guillaume Poitrinal. And by the end of 2011, we plan to divest $ 2.5 billion. "The group which operates 97 malls should have more than sixty by 2012.

Goldman Sachs believes that these results show that the direction to Unibail remains "very disciplined in its management, both strategic and financially."

Kepler Capital Markets welcomed the strategy of maximizing the value of its portfolio through a focus on the business assets of the largest and most profitable, and the increase in the debt ratio from 31% to 40%.

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European investors should follow their Asian colleagues this morning have pushed the indices into the red. The markets, which were finally confirmation of the recovery with good quarterly Alcoa and Intel, have been showered by ads from the Fed on Wednesday.

The Federal Reserve is reviewing because U.S. growth prospects downward and now expects growth of between 3% and 3.5% this year, against a range of 3.2% to 3.7% in a previous estimate . The decline in unemployment should also be slower than expected.Further support measures are also envisaged.

The markets then observe with great attention the publication of a burst of U.S. macroeconomic indicators this afternoon. Index are expected producer prices in June and the Empire State index of activity in New York. Next came the enrollment figures for weekly unemployment benefits, as well as those of industrial production and capacity utilization.

Another new arrival is somewhat reassuring to China this morning.The country has announced that the GDP growth amounted to 10.3% from April to June, a slowdown from the first quarter (+11.9%) and the last three months of 2009 (10 , 7%).

Several publications in the program

As for results announcements, trucks U.S. could also evolve global ratings: JP Morgan Chase, Google and AMD will lift the veil on their performance in the second quarter.

In Paris, many companies also publish their sales figures this Thursday. This is the case of Carrefour (second quarter), Seb (first quarter), Pierre et Vacances (second quarter), or Stallergenes (second quarter).

The bank suffered

The bad macroeconomic news weigh on the banking sector. This document draws down: BNP Paribas is the largest decline of ACC (-1.60%).The bank carries with it Societe Generale (-1.42%) and Credit Agricole (-1.10%).

The automotive industry is moving downward as well. The Association of European Automobile Manufacturers (ACEA) has announced a 6.9% decline in registrations in June to 1.34 million units sold last month. Peugeot coward 1.01% 24.12 euros while Renault fell by 0.84% to 34.78 euros. In their wake, Faurecia drops 1.73% and Michelin lost 0.35%.

Moreover, Metabolic Explorer (-1.82% to 5.40 euro) company specializing in production processes by organic industrial chemicals, announced on Thursday before market sales nil.The group reiterated its goal of placing on the market the first products of technology METEX in 2012.

Eurofin explains on its website on Thursday it recorded a strong improvement in its operating performance and profitability in the second quarter. The group will not give more detail before the publication of its results on August 30 next. Securities surged by 17.61% to 39.49 euros.

To emphasize the installation of these centers in France, the Secretary of State may well introduce a surcharge "of calls from sites located abroad.Conversely, companies deciding to keep their call centers in France would receive the "nudges" as aid in recruitment, training, installation in rural areas or relief from social security contributions, believes Learn daily.

More transparency

Laurent Wauquiez would generally aim to "make practices more transparent" left to prepare "a list of poor performers. The fight against the relocation, however, looks very difficult. According to latest estimates, dating to 2008, the Union of professional contact center (SP2C), an employee of a call center Morocco is for example paid between 400 and 450 euros a month against a minimum of 1320 euro gross France (including bonuses and thirteenth month).The battle is also likely to face the refusal of the Commission in Brussels which could object to these tax measures.

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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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More importantly, the private sector alone has created 83,000 jobs. Is much better than the 33,000 net new jobs in the month of May However, analysts expected a figure close to 112,000.

This increase is due to "modest increases in various industries." The leisure industry in particular has created 28,000 jobs before the summer. Business services hired 21,000 people. Note, the industry continued to create jobs (9,000).The construction sector has meanwhile also destroys jobs (22,000), hit by a decline in new construction.

Despite the destruction of jobs, the unemployment rate, calculated on a different basis, for its part fell 9.7% in May to 9.5% in June The Labor Department said the decline by reducing the workforce and the growing number of discouraged workers who no longer work.

"It does not appear that the emergency situation in which it was placed to make before markets opened an initial response to articles in The Tribune, Natixis has disregarded the requirements of accuracy, precision and fairness set out in Article 223-1 of the AMF general regulation, "says the Enforcement Committee in a statement released Wednesday.

It is an article of the daily La Tribune dated November 12, 2008 which stated that Natixis had lost 975 million euros in October 2008. The next day, Natixis issued a press release reporting a loss of 500 million euros.

Neither of the two former leaders of Natixis, Philip Smith and Dominique Ferrero, respectively Chief Executive and Managing Director of Natixis, challenged by the Tribune, have been punished.

In an interview she had given the figaro.fr, Colette Neuville, president of the Association of Defence of Minority Shareholders representing the interests of more than 1,000 shareholders of Natixis, demanded that the bank will refund a portion of its lost its shareholders. No doubt she had to accept this decision with some disappointment.

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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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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.

In support of this decision, Francois Fillon cites the constitutional amendment of July 2008, under which ministers can automatically return to Parliament when they leave government.A provision making, as the Prime Minister, "illogical" the possibility of combining the two sources of income. In addition Christine Boutin, who had already announced it will conduct its mission on globalization gracefully, several ministers are concerned by the ban. Michele Alliot-Marie, Roselyne Bachelot, Raincourt Henry, Patrick Devedjian and Jean-Marie Bockel, all former MPs and sixties, are particularly targeted.

The system of parliamentary reform

Other collateral victims of this controversy: the parliamentarians. While the government prepares to unveil on Wednesday morning, the pension reform, it intends to show that employees are not the only ones making sacrifices. Labour Minister Eric Woerth said Monday and hoped to redesign the system of retirement benefits for parliamentarians.A device that allows them to reach thirteen months of retirement a year and, thanks to a dual assessment, a full pension after 22.5 years in office. "We need the President of the Senate and the Speaker of the Assembly clearly announce a reform in the coming days," Had he then served.

Message received by the President of the National Assembly, Bernard Accoyer. Tuesday at the antenna of Europe 1, he has indeed supported the abolition of dual assessment under which assessed one year is worth two "exceptional measures were intended to be removed without delay." A working group will be established soon on a floor Wednesday to reform the system applies this fall.

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