International & World Report

Three months after threatening to degrade the notes of BNP Paribas, Societe Generale and Credit Agricole, put under surveillance, the U.S. rating agency, Moody's, could rise to the act shortly shortly. According to sources familiar with the matter, the decision was "imminent." "It comes at the end of three months to impose surveillance," says a source. The rating agency that had accompanied its implementation in June under the supervision of a negative outlook, clearly had in fact paved the way for a deterioration in credit ratings. One step for BNP Paribas and Credit Agricole and Societe Generale for two.On the first day of September, the losses of the three titles are respectively 17.45%, 22.33% and 27.69%.

Analysts relativize

Especially, a controversy arose in late August on the valuation of debt securities by certain Greek French banks. The IASB, the body responsible for setting international accounting standards, criticized some financial institutions are not named, have valued their claims on the Greek state in ways internal development rather than by using market prices cheap payday advance. Which would have allowed banks to spend less severe impairment in their accounts. Even if they have applied a discount of 21% on government debt they have in their accounts, the three banks still have about six billion euros of Greek sovereign debt.

Some analysts relativize however, the scope of the surveillance on June 15 the three French banks by Moody's, noting that the other two rating agencies, Standard & Poor's (S & P) and Fitch attributed to them have lower grades. Crédit Agricole SA is currently rated "Aa1" by Moody's and "Aa2" by BNP Paribas and Societe Generale. S & P assigned the notes 'AA' with a negative outlook to BNP and "A +" with stable outlook to Crédit Agricole and Societe Generale. Fitch is on his side to "AA-" with stable outlook to BNP Paribas and Credit Agricole, and "A +" with stable outlook for Societe Generale.

Among the statistics expected Monday in Wall Street, the surprise came from consumer spending. The Americans have in fact spent more than expected in July. Up 0.8% on month, consumer spending across the Atlantic more than 0.3 percentage points the level expected by analysts. Because of inflation, which rose 0.4% from June, consumer spending rose 0.5% in real terms. Their progress is the highest since December 2009.

This increase serves as a good sign for U.S. growth in the third quarter. What mood enhancing buyer investors, who already showed optimism prior to publication.At the opening of the session on Monday in New York, the Dow Jones ahead by 0.74% to 11,368 points, the Nasdaq and Standard & Poor's 500 rising 1.36% respectively in 2514 and 1 points, 40% to 1193 points.

The final impact less severe than expected from Hurricane Irene passed over New York yesterday, also contributes to investor optimism. Similarly, after being confused by the speech of Ben Bernanke, the Fed chairman, on Friday, market participants regain hope in a possible intervention by the Fed.

The Dow Jones above 11,000 points

According to analysts at Aurel BGC in fact, the announcement by Ben Bernanke, a two-day meeting in September to study in detail the possible deployment of new monetary tools, reassured. "Either the recovery of economic activity is growing, or the central bank will implement new support measures, they summarize.Under these conditions, the U.S. indices rebounded sharply after Bernanke's speech. "

In fact, dropped below the 11,000 points while the Fed chairman began to speak, the Dow finished at 11 284.5, up 1.2% on Friday night. A final increase, which encouraged European stock markets bounce back on Monday morning, except in London, closed due to holiday.

Another indicator which will be followed on Monday, the promises of home sales for July are expected down 0.1% from a consensus of analysts, against 2.4% rise previously.

The bank should remain in the spotlight

No major publication is expected on the business side.

However, the banking sector will probably still at the heart of analysts' expectations, due to the rebound in the sector in Europe.

Essilor International is innovative. According to the global glasses, "75% of wearers expect an anti-fog solution." To meet this demand, the group decided to create anti-fog lenses under the name of Optifog. With this new product, Essilor International is "1.2 billion consumers worldwide."

Results aside, the mood is set fair. The group recorded the first half revenues up 6.9% to 2.1 billion euros and net profit up 30.7% to 258.2 million euros. These results confirm the group to maintain its growth objectives "between 6% and 8%" (excluding currency and acquisitions, strategic) for this year.

Side perspectives, Essilor says it "will continue to rely on innovation, operational efficiency and financial capacity to consolidate its position in the high end."The group also intends to "continue its conquest in the mid-range and benefit from the rapid expansion of high-growth countries."

Unexpected rebound of the French industrial production in May. While economists had forecast a 0.5% increase in average industrial growth reached 2% over the month, according to figures released by INSEE on Monday. The only manufacturing industry, that is, outside of energy production, rose 1.5%. Germany, the first client of French industry, recorded a similar rebound in May (1.2%).

The increase is explained by a return to normal imports of parts produced in Japan, interrupted after the earthquake. "The disruption of production caused by the disaster Japanese, which affected production in March and April, were apparently stronger is believed," Dominique Barbet analysis, economist at BNP Paribas.

The car saw its production increase by 2.5%

All sectors are displayed in green in the month of MayThe production of electronic and computer equipment rose 2 online pay day loans.3%, the textile industry of 1.3% and rubber and plastics 2.2%. The car, itself, saw its production to rebound by 2.5%. In this context, chemistry and medicine show more modest increases of 0.3% and 0.5% in May Only agricultural and food industries suffer a decline of 0.2% of their business.

From March to May, manufacturing output increased by 0.9%. Compared to the same period last year, manufacturing output rose 4.8%, INSEE said. Despite these positive figures, French growth to slow in the coming months, according to the Bank of France. The institution has revised down its outlook, relying now on an increase of 0.2% of GDP for the second quarter (April to June).

Too big banks are no longer popular. International regulators working on a way to discourage institutions to reach a critical size, representing a systemic risk. The aim is to avoid repeating the situation in 2008 when, at the height of the crisis, governments were forced to come to the rescue of the banks described as "too big to fail", ie plants with failure could endanger the financial system.

The Basel Committee on banking regulation, which will meet next week and consider the implementation of specific measures to the thirty largest banks, reported Bloomberg and the Financial Times. The idea would be to impose new capital requirements higher than other institutions through the application of a new specific prudential ratio.If these measures are validated, the additional reserve capital that institutions would be selected will earn 3.5% of their risk-weighted assets according to Bloomberg, or 2.5% reported the Financial Times. Restrictions in addition to 7% imposed under the Basel III standards.

The new ratios would be imposed on institutions sliding scale depending on the size of banks and their links with their competitors. The Bloomberg stressed that the highest ratio of 3.5% is not applicable today. But it would serve to discourage institutions to grow further.

France wants to exclude Crédit Agricole and Societe Generale lists

In total, nearly 30 banks that would be an increase in their capital reserve requirements. The most severe restrictions relate eight institutions including BNP Paribas.Four other European banks (Deutsche Bank, HSBC, RBS and Barclays) and three U.S. (Citigroup, JPMorgan and Bank of America) are also involved no fax cash advance. They would be forced to comply with a Core Tier 1 ratio, an indicator that measures the equity of 9.5%, the Financial Times. A second level would include four other banks.

But the list of banks involved are not yet fixed. The French regulator to try and ensure that Crédit Agricole and Societe Generale will be free of these new rules.

In addition, regulators have not defined the means by which institutions can be put in order.The arsenal of new rules imposed specifically to institutions "too big to fail", whose size deemed critical obliges the authorities to intervene in case of bankruptcy, should be ready for the next scheduled for November G20 stated Mario Draghi, chairman of the Financial Stability Board, in April.

But these new laws should not prevent banks from merging. "Institutions should already get the green light from regulators before any merger, the new ratios will be charged an additional constraint," says a corporate lawyer at the agency Bloomberg.

Little reaction in the markets

These ads have little impact on the shares of French banks. In the morning, the folds of the securities of banking stocks are less important than their benchmark index, the CAC40.The banks operate in a pocket-handkerchiefs: Company Génarale folds 0.5% 0.4% BNP Paribas and Credit Agricole 0.3% against a fall of 1% for the CAC 40.

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Dominique Strauss-Kahn has been formally charged by prosecutors in New York "sexual assault" and "attempted rape" and "sequestration" a few hours after being arrested at the airport in New York, said Sunday police. The Director of the IMF, which should be presented in the day a judge, plead "not guilty", said one of his lawyers told Reuters. He was still detained at the police station at night in Harlem and should remain there until his transfer to the floor.

DSK was arrested Saturday at 16:45 (local time) at the airport John F. Kennedy, just before his departure for Paris, assault sexuelle.Il was then placed in custody at a police station in Harlem.

According to preliminary information gathered by the New York Times, the incident allegedly took place at 13 pm in a room at the Sofitel Hotel in Manhattan.A cleaning woman, aged 32, had entered the following former minister she thought incoccupée clean. Dominique Strauss-Kahn would be out of the bathroom naked and tried to sexually assault her.

A departure "in haste"

The woman managed to free themselves would be instantly and prevent some members of hotel staff, who contacted 911. When police arrived on site, DSK had already left the scene, leaving his mobile phone and personal effects. According to Paul J. Browne, spokesman for the New York Police quoted by the Associated Press, the head of the IMF seems to have left the hotel "in haste".

Investigators civilian Ports Authority of New York and New Jersey are then left to meet him at JFK airport, where he had boarded an Air France flight that was about to take off."We put him in custody and delivered to the New York Police Department (NYPD) said on condition of anonymity an official of the Ports Authority of New York and New Jersey. The investigation should be conducted by the special unit "Special Victims Unit."

A scandal in 2008

Dominique Strauss-Kahn had to participate Monday at a meeting of finance ministers of the euro area in Brussels, then make a speech Wednesday at the 12th Economic Forum. The IMF has not yet officially reacted to the arrest of its chairman. The Consul General of France in New York was able to meet DSK, BFM TV reported.

In recent weeks, Dominique Strauss-Kahn is the target of criticism in France on his lifestyle, his wealth being scrutinized in the press. He had cons-attack Friday in announcing a lawsuit against the daily France Soir.Following the former minister in the Sofitel was given to 3000 dollars a night, said that under the New York Times.

The IMF director's career was seriously threatened in October 2008 after the revelation of an extramarital liaison with a Hungarian economist of the institution. But Dominique Strauss-Kahn had been cleared of all charges of abuse of power by the Board of the IMF, which had alleged a "serious misjudgment". His star on the French political scene has not faded in this case, DSK continuing to prance in the polls As we approach the presidential election of 2012.

Late last year, an Ipsos found that more than half (56%) of the French were worried about their dependence … Will they be ready for all to take a day off again? Faced with an aging population and the need for funding – more than 20 billion euros per year or 1% of GDP – the state looking for new revenue sources, and according leJournal Sunday, the creation of a new day solidarity would be considered. A measure that has merit for the majority to increase state revenue without raising taxes.

2.2 billion euros per year

The idea is not new. Since 2004, after the drama of the heatwave in 2003, the French work an extra day each year, normally without pay, and employers pay a contribution – the contribution solidarity independence (CSA) – in favor of the autonomy of elderly and disabled.Initially introduced on Whit Monday, the law was later relaxed to allow employees to choose another date, or even split the solidarity day. It relates each year 2.2 billion euros. A second day would allow the Government to partially fund the additional needs estimated at 10 billion by Prime Minister Francois Fillon. Philippe Bas, former Minister of Health and Solidarity, then Hénart Lawrence, Secretary of State for the professional integration of young people in the Raffarin government, have already voted for the creation of a new day of solidarity. For the moment the terms of this new day does not stop.It is likely that the choice of date will remain free to avoid the debates that followed the abolition of Whit Monday payday advance lenders.

Extend CSA

The majority also exploring another avenue to bring in new revenue, that of broadening the base of the CSA. This idea is supported by the MP (UMP) Valérie Rosso Debord, who stresses that the day of solidarity is based only on employees. Professionals, craftsmen, tradesmen and pensioners are exempt. A peculiarity which could also soon lead to the questioning that day. The Labour Court of Angers announced in early March that he had seized the Supreme Court for a ruling on what could be considered a breach of equality before tax.Judges should give their opinion on this question of constitutionality at the end of May, which could lead to referral to the Constitutional Council.

According to the member, elect to extend the CSA to all non-employees, would allow the state to reap 2 billion euros, a sum close to that expected with the creation of a new day of solidarity .

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Dacia emancipate gradually. The number of outlets autonomous low cost Renault brand increased gradually. "For now, we have 60 independent sites, which we call Dacia Box. Our ambition is to exceed 200 by 2013, "explains Thierry Plantegenest, director of the group's network in France in an interview with magazine autoactu.com.

Already underway, the increase in Dacia Box is a "good sign" for the brand, according to Gaetan Toulemonde, an analyst at Deutsche Bank. Low cost brand, reaching almost 5% market share in France, has gained notoriety and saw its sales climb 12% in 2010. The separation of outlets shows that "the brand started to become independent," says Gaetan Toulemonde.It is an element of strength for a brand that can overcome its parent. "

Distinct customer

By "providing a dedicated service," the Box Dacia mean that "the customer is considered to Dacia customers in their own right," said a spokesman for the group.

For Renault, it is mainly a way to separate more clearly its clientele from that of Dacia cars, which offer fewer benefits for a lower sales price of several thousand euros.

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With its $ 297 billion market capitalization, Apple is becoming the most prominent company of the year. According to Bloomberg, the firm is paid to the apple 14 times its profits. A level which puts it unquestionably at the third place of the largest market capitalizations in the world in 2010.

Performance is particularly noteworthy that Apple was not even in the top 10 last year. Third place was occupied at the time by … Microsoft. The eternal rival in 2010 to settle for fifth place with a market capitalization of 238 billion dollars. This result was predictable: in May already, Apple upset the technology sector by announcing a market capitalization close to $ 225 billion higher than Microsoft. The gap widened by some 60 billion dollars since.

New growth

This year, Apple shares have been growing by almost 50% from about $ 214 in January to more than 320 in New York. This enthusiasm for the company's shares rose as and when the group's publications. Quarter after quarter, it exceeded the consensus of economists, showing results astronomical $ 65 billion in annual sales, 14 billion net profit, 50 billion of available cash.

The group of Steve Jobs has had a prosperous year 2010 with growth of 31% of Mac sales and a 74% jump in sales of iPhones. The success of the iPad, questioned its launch, was also visible, with 7.5 million units sold in just six months, making the tablet's Christmas present this year's inescapable. This is the basis of growth that the market is betting on the rise.Steve Jobs promises because new innovations in the coming months and rumors about future acquisitions are already dreaming investors.

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