International & World Report

Attracted by the extraordinary growth of China, European companies are worried that Chinese law is hardened against them after the 2010 survey of business confidence (Business Confidence Study) published on Tuesday by the Chamber of EU in China.

80% of firms surveyed are optimistic about the growth of their sector in China. The country, which registered a growth of 11.9% in the first quarter of the year, "has become an even more important to their overall business strategy," reports the study.

But the good economic health is not enough to reassure European investors worried about the Chinese regulations.40% of respondents fear and regulations discriminate against foreign firms worsen in the next two years no fax pay day loan.Only 10% of survey participants say they are rather optimistic on the subject.

Specifically, the Europeans are worried "a discretionary application of laws and regulations, while the registration process, issues of intellectual property rights and inconsistencies in the local application of national criteria continue to be subjects of frustration ".

The study, European companies operating in China have a clear message to convey: their continued involvement in China as an investment is not unconditional and would be improved by a more clear and more predictable. "

ALSO READ:

"Google wants to change strategy in China

"China is paradise for foreign banks

Advertising on Mediapart, illegal recordings of Liliane Bettencourt and its asset manager, Patrice de Maistre, have not finished splashing the heir to L'Oreal. Besides the suspicion of interventions Labour Minister Eric Woerth for Liliane Bettencourt, the records reveal the existence of two bank accounts based in Switzerland, which houses are owned by Liliane Bettencourt, amounting to nearly 80 million.

"I'm leaving in Switzerland just now to fix things. He does not let you be caught before Christmas, "says the richest woman in France Patrice de Maistre. The asset manager refers to the agreement on taxes in the summer of 2009 between France and Switzerland that the Swiss authorities should lift banking secrecy in cases of suspected fraud in a French taxpayer.It was originally scheduled to come into force on 1 January 2010.

To protect itself from a tax audit, Patrice de Maistre therefore plans to transfer to an account, funded to the tune of "12 to 13 million euros" in Singapore "in Singapore because they can not ask" . The same for the second account, an amount, this time, 65 million euros. "I'm planning the fact of sending in a country other than Switzerland: Hong Kong, Singapore and Uruguay advance online payday. That way you'll be quiet. [...] Many people now bring money in France, but for you, I do not believe it, "says he.

An island paradise unreported

These two accounts are not the only treasures hidden heir to L'Oreal mentioned by recordings made at the initiative of his butler.Liliane Bettencourt also owns an entire island of Seychelles, informally offered the photographer François-Marie Banier through a foundation. "I also considered the fact that you declare your island to France, then explains Patrice de Maistre. But again, I think that we should not do it because it's too complicated. I fear that the tax takes a thread.

Counsel for Mr Kiejman Liliane Bettencourt, who also filed a complaint for invasion of privacy, theft and perjury, preferred not to comment Friday on the content of such records. "On the one hand, I do not exclude that they have been tampered with.And secondly, I do not wish to comment on records obtained illegally and are therefore of a criminal nature, "today said the AFP Mr Kiejman.

ALSO READ:

"Private conversations of Bettencourt unveiled

"In re Bettencourt Woerth cons attack

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

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

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

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

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

Tax on banks

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

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

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

ALSO READ:

"INTERVIEW – Delors:" After the fire, waiting lL'Europe architects "

"Deficits: Brussels will validate the national budgets

"Tax credit: Merkel-Sarkozy offensive

»COMPUTER GRAPHICS – The European tour plans rigor

Very bad trading day Wednesday for the title again BP. In London, the stock fell 4.24% to 391.55 pence. On Wall Street, the same day, the stock has tumbled 15% to just 29 plsu dollars.Pour many observers, the cost of the oil spill in the Gulf of Mexico is likely to jeopardize the very existence BP. "The action suffers now fears the very future of BP. It is no longer just a noise reduction of the dividend. Now it's survivability in question, "said Jon Najarian, founder of the news website optionMonster.com.

At the London Stock Exchange, the fears were mostly related to the fact that BP would eventually suspend payment of its dividend. "We are resigned to the fact that there may be a suspension of the dividend," said Tony Shepard, an analyst at Charles Stanley, quoted by Reuters.

Last Friday, however, BP has reaffirmed its intention to announce to its shareholders on July 27 the amount of its interim dividend by way of the second quarter. Dividends paid by the group representing some 10.5 billion dollars (8.7 billion euros) per year.

Yet another bad news for the oil group that is not due to his inability to pay, but the fact that the U.S. authorities there are not favorable. "It does me no problem that BP complies with its legal obligations (to its shareholders, Ed), but I want them to know they have a moral and legal obligations here in the Gulf, warned Tuesday Barack Obama.

The U.S. authorities have also sent an ultimatum to compel them to BP by unveiling its plans to 72 hours to stop the leak.

"BP must state its plans for its parallel initiatives ongoing and alternative oil recovery, including establishing a timetable within 72 hours after receipt of this letter," says the letter from the admiral-cons Coastguard James Watson chief operating officer of BP, Doug Suttles, and dated Tuesday.

With the installation of a funnel, BP has accelerated since last week the recovery of oil leaking from the wells to 1,500 meters below the surface of the water for more than seven weeks. But the water continues to move towards the U.S. coast and crude oil continues to flow.

ALSO READ:

"BP buys keywords on the web to improve its image

"Obama roundly on BP

"Oil slick: BP has spent 1.25 billion dollars" BP: the cost of the spill was "impossible to predict"

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.

ALSO READ:

"Spain announces a new dose of austerity

»COMPUTER GRAPHICS – The European tour plans rigor

On the fluctuating barometer of Franco-German relations, the weather is stormy. Received on Monday in Berlin with Angela Merkel, Nicolas Sarkozy will seek to close ranks with Chancellor suspected of wanting to play alone against the economic and monetary instability in the European Union.

With the approach of the European Council of 16 June and the G8 in Toronto, a week later, it becomes urgent for Nicolas Sarkozy to give the violins with Angela Merkel. Both are broadly on the same line in regulation, the outlawing of the speculators and the taxation of banks.A good starting point for the "couple" to meet, after weeks of tension related to the crisis in the euro area.

Also measured, on both sides of the Rhine, from internal politics that goes into the respective positions of President and Chancellor, both the penalty on the home front.

Between the two partners, the near collapse of Greece and its impact on the single currency have accumulated ulterior motives. The support mechanism 750 billion for the country in great financial difficulty should be finalized today by the finance ministers of the euro area, after having obtained a great struggle, the green light for German MPs.

Bone of contention

But Berlin is still reluctant to make a joint guarantee the completeness of money lent and insists that every country is accountable to the tune of the funds it allocates, and its conditions.French side, it also criticizes the Chancellor to have weighed 70 billion cost of the rescue of Greece was slow to react.

Two other cases have come to complicate the climate. Paris Berlin accused of having acted without consultation last month by banning until March 2011 the naked short selling to a technique that allows the sale of securities without holding on bonds and credit derivatives (CDS ) shareholders. Christine Lagarde has adopted a conciliatory tone, saying yesterday that Paris and Berlin agreed on the principle of the sales ban "naked" But the Minister of Economy has particularly stressed the need to "act together" , how to deplore once again the initiative of Germany alone.

The other bone of contention concerns the "mix" of austerity and European supervision of budgets, proposed by Berlin.Paris is hostile even if Nicolas Sarkozy has taken a step in this direction by proposing a constitutional reform on reducing deficits. For on the merits, the head of the state knows it can not afford to widen the gap with the Chancellor and his "stability culture". This is now the maintenance of optimal grade awarded to the "enterprise France" by the specialized agencies.

Early June is synonymous with decline on Asian financial centers. On Wednesday, all indices of the region are pointing downward. Investors were not reassured by Wall Street, which yesterday closed at a net decline of 1.14%. After a weekend of three days in the U.S., the markets awaited him the reopening of the U.S. stock market to find direction. This only adds to their concerns.

Similarly, all European financial markets plunged, hit by renewed concern about the state of the global economy. Sealed by the bank, the European stock exchange experienced a very volatile session.

Resignation Japan

In Japan, the Nikkei index opened on a decline of 1.11% and then will start in mid-session with the eagerly awaited announcement of the resignation of Prime Minister Yukio Hatoyama center-left.The members of his own Democratic Party (DPJ) had repeatedly called for the resignation of a political leader to revive their chances of winning Senate elections scheduled for July 11. The popularity of the democratic leader, whose voters had doubts about the ability to govern, had indeed collapsed since his arrival to the business eight months ago.

"To revitalize our Party, we must make room quite clear to the Democratic Party. I ask for your cooperation, "said Hatoyama, fourth Prime Minister to leave office after less than a year in Japan.

The Nikkei jumped before exiting in the red

This announcement has benefited the Tokyo Stock Exchange rebounded 0.4%. But the rise was short lived.A few minutes later, the Nikkei fell 0.72% to 9,641 points as investors worried that instability and its impact on economic policy.

"Hatoyama's resignation could lead to delays in the planned announcement this month of the growth strategy and the government's fiscal targets. Whoever will replace Hatoyama work before the Senate elections, to disappoint the voters, "noted Hirotaka Kusabi, economist at Mizuho Research Institute.

The rest of the region follows

In China, investors are still trying to digest the bad news fell yesterday on rising inflation in the country (2.8%) and housing prices (+12.8%). This situation raised fears a bubble whose consequences are more serious than the subprime crisis, observers said.Midway, stock markets in Hong Kong and Shanghai respectively coward 0.36% and 1.60%.

Elsewhere, the same concerns: The Kosdaq Korean (-1.08%), the S & P Australia (-0.37%) down.

Only the Bombay Stock Exchange is in the green, showing an increase of 0.49%.

In the wake of americans markets reassured by the progress of the case Greek, Asian markets were changing all the green around 7:00. The Tokyo stock market closed Thursday, evolves, this Friday, up 1.45% to 11,083.67 points, Hong Kong climbed 1.13% to 21,013.28 points, ahead of South Korea 0.77 % to 3666.52 points, Australia rose 0.48% to 4808.80 points, India is up 0.69% to 17,623.88 points and Singapore grants itself an increase of 0.40% to 2970.80 points.

The Monetary Policy Committee of the Bank of Japan decided Friday to leave its rate unchanged at 1%.Shortly before the country announced nippon over one year to March to lower consumer prices by 1.1%, up 4.4% of household consumption, an increase of 0.3% industrial production and a slight increase in unemployment from 4.9% to 5% cash fast online. Only Taiwan displays a small decrease from 0.01% to 8053.51 points.

As for values, but the South Korean Samsung Electronics posted an operating profit up 643% to 3.99 trillion won (2.7 million) in the first quarter of 2010, and a number of business up 21% to 36.64 billion won (24.8 million euros). The group was expecting an operating profit of 4.3 billion won (2.9 million euros) and a turnover of 34 billion won (23 million euros).

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.

ALSO READ:

A "golden boy" among many other French

Goldman Sachs sued by shareholders

Goldman Sachs is preparing his defense

While the markets were panicking on Thursday, Greece, she was idling. The whole public was mobilized for the fourth time since the beginning of the year against the austerity measures imposed by the Papandreou government to reduce the deficit. Boats and ferries were nailed to the port of Piraeus, judicial officials absent, schools closed and shows postponed and actors to doctors, the National Movement has won the Employee of the private sector such as tourism, some of which blocked access luxury hotels in the capital.

Acropolis closed

Many tourists found themselves before an Acropolis closed to the public as most national museums and historical sites. In the streets of Athens, the mobilization was less important. "We've had enough of disaster scenarios," says Emilio, a tax inspector."We see the men of the IMF over the reins every week, we announced that the borrowing rates explode and he'll have to tighten their belts still no teletrack payday loan. How far do we go? Today, people are angry, but they are afraid to go down the street, "he says. The government is trying to appear confident and delaying the application for EU funding, but he struggles to reassure the public. According to Petros Leantros, Institute of Work, "state failure" is no longer a taboo word. "Greece will have to suffer the actions of the IMF because it is unable to pay 13 billion euros per year (5% of GDP) to repay the loan rate debt," stresses said.Meanwhile, Greek authorities will therefore have to contain the anger of the street while trying to persuade European partners and markets their ability to clean up the country's economy.

ALSO READ:

"SPECIAL CASE – Greece, a challenge for Europe

The new deficit of Greece worries market