International & World Report

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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There will indeed be a case Boutin. François Fillon has ruled Tuesday: his ministers will no longer entitled to combine their ministerial allowance and a pension of retired. Former Secretary of State for Housing had indeed stirred controversy last week about his double pay, perceived to be a member retired and in charge of a mission by the government. The head of government, which has already announced that future ban to UMP deputies should soon write to his ministers "asking them to suspend payment of their parliamentary pension.

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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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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Riding the wave of recovery in China, Australia offered a further rise in borrowing costs to prevent a resurgence of inflation. The Reserve Bank of Australia (RBA) raised on Tuesday, its main interest rate a quarter point to 4.25%. This is the fifth increase since October. The higher rate, which surprised the market did bounce the Australian dollar to 0.92 U.S. dollar. The Sydney Stock Exchange reached its highest eighteen months of sitting.

Heavily dependent on commodities, the Australian economy is recovering faster than other OECD economies, thanks to strong demand from Asia, notably China faxless cash advance. In 2009, growth was 3%, while the unemployment rate remained at 5.3% of the workforce. But since the beginning of the year, inflation topped 2%.

The stimulus Chinese 450 billion euros to full advantage to Australian orders, even if the exchange rate weighs on exports. Experts expect interest rates between 5% and 5.25% at the end of the year, which explains the attraction for the Australian currency.

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.

Sanofi-Aventis could make a slam. According to information from La Tribune, the French Commission of transparency would render an opinion "poor" on the Multaq, a drug for heart problems. For a close case, "the Multaq nothing new on the market," reports the Economic Daily.

So the reimbursement by Social Security for this treatment is only 35%. And the product, which received the worst rating in terms of "improving the medical service rendered" and should be sold cheaper than similar treatments. Poor reward for fifteen years of research on this product.

Sanofi declined to comment, according to the newspaper, which said that the Commission's opinion is only "advisory" from the Economic Health Products, under the Ministry of Health.It is this body that negotiates with the laboratory conditions with the Social Security reimbursements.

Sanofi is one billion euros per year

However, Sanofi is quite a setback. Largely symbolic. For the pharmaceutical group is criticizing France. The Multaq had already been judged as not providing cost-effective.

If he agrees that France is not a huge market for the group to 29 billion euros of revenue, reputation could take a hit.

Counter the loss of patent

The French giant has bet big on this treatment, while many patents will soon expire.Natixis analysts have estimated that the contribution to turnover in the long term would be "significant": Courtesy of European marketing, which allows the group to receive an exclusive ten years, and that obtained United States (exclusive of five years), Sanofi-Aventis is expected to garner about one billion euros per year on average until 2019 with this future blockbuster.

Specifically, in 2019, the "turnover of 800 million euros in 2019 globally for the product, after peaking at 1.45 billion in 2015, before falling U.S. sales from 2016, then their disappearance, "say the strategists, calling the Multaq" relay major growth. "

For them, Multaq is "one of the four pillars to an increase in earnings per share by 2014, with Vacina, Lantus, and emerging countries, where the group leader.

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Torn between U.S. economic indicators mixed, the CAC 40 have seen red, to stabilize at 3927.40 points, down very low, from 0.04% in trading volume expanded slightly to 3.287 billion euros.

After having opened in equilibrium, yet he dressed in green in the middle of the session, rising 0.71% to 3956 points after the publication of figures for retail sales in the United States in February. They rose 0.3% last month, while economists had expected a decline of 0.2%, due to heavy snowfall which hit the northeastern United States in recent weeks.

But in the afternoon, a decline in the index of U.S. consumer confidence in March, calculated by the University of Michigan, was disappointed and weighed on the coast, pushing the CAC 40 in red.It is the second monthly decline in the flagship index of the Bourse de Paris.

A disappointment even greater than the market, reassured by the current finalization of a possible European aid to Greece, waited impatiently the first statistically significant week for orientation. They failed to settle with the caution that has forced the CAC 40 to move all week, within narrow margins, between 3910 and 3940 points.

Values well geared motor

"We have believed, at first, that the markets greeted the indicator of retail sales in February, although it was not extraordinary, and they would go higher, but they were quickly packed said Vincent Guenzi, strategist at Cholet Dupont. Meanwhile, indicators have been revised downward in January, including retail sales, which has thrown markets."Wall Street is finally not rise sufficiently to European markets.

Elsewhere in Europe, the London Stock Exchange closed up, the FTSE-100 gained 0.15% to 5625.65 points. The Dax index of featured the Frankfurt Stock Exchange also gained 0.28% to 5945.11 points.A New York, the Dow gained just before the closure of European markets, 0.15% but the Nasdaq conceded 0.02 %.

In Paris, car values remained well oriented: Renault gained 1.89% to 33.90 euros and Peugeot 1.41% to 21.89 euros.

The title EDF yielded 1.11% to 37.86 euros, penalized by the cancellation of a contract with the United States. Lagard?re has resumed (0.49% to 26.52 euros), following the sharp drop the previous day (over 7%), caused by the announcement of gloomy outlook for 2010. Carrefour has suffered a decline in the recommendation and Credit Suisse lost 3.03% to 35.86 euros.Total yielded 0.53% to 42.70 euros.The SGC Group had indicated yesterday that it would not resume a possible strike in support of employees of the refinery at Dunkirk (North) before the trial of an action by the central works council (CEC) against its closure.

The sale of Lutetia is accurate. Reportedly, Alrov, a property development company Israel is in exclusive talks with Starwood Capital, the current owner of the palace in Paris. Alrov wants to redeem the walls and goodwill, while retaining management of the Concorde Hotel Group, a subsidiary of Starwood Capital. Alrov is head of several luxury hotels including The David Citadel Hotel and The Mamilla Hotel in Jerusalem. But nothing is signed yet complicated in this sale cash advance payday loan . Indeed, one buyer said, Sheikh al-Jaber, said to have priority following an exclusive agreement with Starwood Capital Group for the Concorde. A trial is underway in this regard. Al-Jaber and Starwood Capital, however, could reach a settlement before trial, expected in April.

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The job market is doing less harm to the United States. Published Friday by the Labor Department, the official estimate of 20 000 net job losses in January is consistent with the scenario of an expected return of recruits in the coming months, if growth continues. The most surprising is the fall in unemployment to 9.7%, its lowest level since last August. Economists feared the contrary a rise in unemployment beyond the threshold of 10%.

This rate is calculated from a survey of potential job seekers, while the estimate of creations or deletions of positions from a survey of businesses. But last month the proportion of discouraged unemployed and of persons employed part time, lack of full-time position, declined.So says the rate of "underemployment," the single most severe unemployment, back in January to 16.5%, against 17.3% in December.

Other positive signs are emerging. For the first time since January 2007, enrollment in the manufacturing sector increased (+11 000). This is best supported by increased overtime and raising the average actual working week. The average hourly wage also rises by 0.3% against 0.2% the previous month. Temporary jobs continue their net increase (+ 52 000). While they doubted the strength of demand, companies, out of prudence, first prefer to hire temporary employees, rather than recruiting staff permanently low fee payday loans .

The services sector, largely dominant in the U.S. economy, had destroyed 96 000 positions in December.He has recreated 40 000 in January. The good news is, however, be interpreted with caution, because it largely reflects the hiring of temporary workers by the federal government to carry out the census this year. The states and local communities hit by falling tax revenues continue to reduce their workforce.

Revised estimates

"Judging by the figures of growth in the fourth quarter (+5.7% yoy), reflecting mainly an effort to restock, real final demand is not strong enough to push companies to start of hire.It will take probably six to twelve months to see a trend of strong recruitment, "says Jay Mueller, portfolio manager with Wells Capital Management in Menomonee Falls (Wisconsin).

Reading the figures released Friday is complicated by multiple revisions of previous estimates. November proved much better than we believed, with 64 000 new net posts and not 4 000. But December was disastrous, with 150 000 net job losses, rather than 85 000 as we had originally estimated. Moreover, a massive revision of figures covering the twelve months prior to March 2009 reported eliminations 930 000 additional jobs. This brings to 8.4 million jobs destroyed in the United States for two years.