International & World Report

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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From our correspondent in London

With 155 billion pounds (186 billion euros) and 11% of GDP this year, the UK deficit is the highest in the G20. In response to this near disaster on young British finance minister George Osborne, this Tuesday, on the occasion of his "emergency budget" the austerity plan the hardest since the Second World War. Cuts so severe that many economists are concerned about its negative effect on growth.

The austerity is announced in the British house-to-false vis-à-vis Barack Obama, who wrote the G20 leaders to ask them to continue to support the recovery."Countries have different approaches, and in some countries like ours, there is a need to tackle the deficit and reduce it more quickly," argued on Monday, a spokesman for Downing Street 10.

To divide by four the structural deficit by 2014-2015, the government of David Cameron must find at least 88 billion pounds (106 billion euros), reducing government expenditure but also by increasing taxes . This effort far exceeds the level of 80 billion euros announced by Berlin and promises to be the largest of the major European countries.The savings could reach 34 billion pounds (41 billion euros) in the first year, equivalent to 2.4% of GDP.

Since taking office Prime Minister, David Cameron, communicate each week on budget cuts, "whose impact will last for years, perhaps decades, that will win the country to avoid being in a situation similar to that of Greece. The Treasury is fear of being penalized by the rating agencies and losing its AAA rating, which would explode the cost of refinancing the country.

Taxes on capital gains

If George Osborne is expected to announce Tuesday the total austerity plan, details of the cuts by department will not be released until this fall. Rumors point to a decline of 25% of expenditure in the budget of Defense. But tax increases will be unavoidable, experts say.The new fees will concentrate on the richest. Under pressure from its partners the Liberal Democrats, George Osborne should also increase the tax on capital gains for individuals, 18% to 40% or even 50%, while the tax rate to 50% highest income is not questioned. "The VAT is expected to increase by 17.5% to 20%, moving closer to the European average, which would yield 12 billion pounds per year (14 billion euros)," said Brian Hilliard, economist at Societe Generale.

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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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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%.

At Carrefour, the social climate is far from rosy. Dissatisfied with the management proposals as part of mandatory annual negotiations (NAO), the French unions of the retail giant called for the stoppage of work Saturday, the day of attendance in the group's stores.

In addition to a proposed overall increase of 1% of wages to be too thin, the negotiations foundered on the granting of a premium absenteeism desired by management. At a cost of 100 euros gross per annum, that would be assigned as a collective case of lower rates of absenteeism, store by store. In a supermarket whose average absentee rate is 10% – which is very high – for example, employees would receive the bonus if they manage to bring down the rate of 0.65% minimum.This device causes for the moment the ire of unions, which fear that employees absent from becoming the target of retaliation by their colleagues present.

"The absent?ime is an indicator of stress"

"We are opposed to such stigmatization of employees absent" outraged the CFDT delegate Sauzeau Christopher, who believes that management avoids asking the questions of substance. "Absenteeism is primarily an indicator of stress suffered by employees" says he, regretting the 5,000 jobs it eliminated by Carrefour in 2009. A visibly perceived hostility by management, that could change his tune. The human resources director of Carrefour, Jean-Luc Masset, said it had "saved the union position, and would think about."The progress of negotiations and new proposals likely to depend on the mobilization of employees on Saturday" predicted Christopher Sauzeau. If employees did not get satisfaction, a day of action on a larger scale could take place next April 30, the eve of Labor Day.

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After closing in the red Thursday, almost all the CAC 40 woke up green this Friday at 4022.66 points, excited by the great increase of Wall Street. And closed, its momentum, to 4050.54 points, up 1.81%, exceeding its peak.

The London Stock Exchange and Frankfurt have also recovered well in the wake of Wall Street, buoyed by an upturn in consumer spending … The London FTSE 100 closed up 1.02% to 5770.98 points. The German Dax closed up 1.26% to 6249.70 points.

Thursday evening, the CAC 40 lost 1.20%. After rising almost continuously since February. The index had been weakened by fears of renewed solvency of Greece.

The lifeline of the ECB

Fears eased by the reassuring words of Jean-Claude Trichet, called "lifeline" by the Greek press.The President of the European Central Bank, rejected any risk of contagion to other countries, like Italy. He also assured that a default of Greece was "beyond question". In fact, the President of the European Union, Herman Van Rompuy, promised Friday that the Europeans are "ready to intervene if the Greeks call" and implement a plan of assistance involving the IMF, which Greece seems to want to avoid. French President Nicolas Sarkozy confirmed: the European Union is ready to activate its plan "at any time" bad credit payday advance.

These incentives have led to a rebound of the euro against the dollar above $ 1.34 this morning, then at 1.3385 dollars this afternoon. Volatility remains a must.After being stretched to 7.5%, the yield on loans to 10 year-old Greek, too, calmed a time, returning this morning to 7.2%. It said Thursday that Athens be able to reduce its deficit by 40% YoY in the first quarter.

The Greek situation remains fragile. The rating agency Fitch has lowered a few minutes from the end of Paris, noted the long-term debt of Greece, from BBB + to BBB-. This could well lead Greece to seek EU aid promised on March 25 …

According to strategists at BNP Paribas, investors await the issuance of treasury bills by Greece on Tuesday to assess the ability of countries to find core funding.Markets await the second season launch of results from U.S. companies, with Alcoa on Monday.

Side values, in Paris, the banks have been resilient, despite their exposure to Greece, to the tune of fifty billion euros. This does not raise "no particular concern, said Friday the governor of the Bank of France Christian Noyer, even if the French regulators monitor" closely "the situation.

The rising price of rubber has instead penalized cars, Michelin (-0.08%) signing the only declines the CAC 40.

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.

Jean-Marc Tassetto, general manager consumer marketing at SFR and as executive committee member of SFR, would be on the start, after 13 years at number two in the French mobile phone.

It is in talks with CanalSat, another subsidiary of Vivendi and Vodafone, another shareholder in SFR payday loan . Still on the front of the stage in Las Vegas in January to promote the partnership agreement with Palm, Jean-Marc Tassetto was the main architect of marketing coups of SFR.

The French do not really feel the first effects of the recovery. Nearly 43% of them believe the situation will not improve in the short term, against 53% more optimistic, according to an Ipsos Direct Insurance. The 18-34 years are more positive, being 60% believe in a short-term improvement of the economy.

In contrast, the 35-59 years are 49% to fear for the future economic situation. Pessimism contrasts with predictions of positive growth, the government is relying on such an increase of 1.4% of GDP in 2010. It seems that the fear of unemployment prevails in this population group. They are right: the unemployment rate, currently at 9.1% should exceed 10% according to the OECD.

A large majority (69%) French also fear a rise in prices. Again, they are too pessimistic.Economists Natixis, inflation should not exceed 1.2% in 2010, a fairly low level. INSEE table involved a decline in inflation "underlying", that is to say outside energy prices, to 0.9% in July 2010 against 1.8% in October 2009 .

Eight out of ten people expect further increases in oil prices free credit scores . Again, the French would they be worried too? INSEE expects a stable price per barrel to around $ 80 by mid-2010. But the National Institute of Statistics warns that still considerable uncertainty surrounding its estimates, the market of black gold is very volatile.

According to the Ipsos survey, these pessimistic expectations should lead the French champions of saving, save more. Nearly 65% of respondents believe that the crisis will encourage them to save even more.On this point, they agree with the experts. The INSEE estimates that savings will remain at a high level (16.6%) in the first half of 2010, having broken records in 2009.

Latest cares, but not least, the French: the future of pensions. They are 90% believed that "concern about changes in the level of pensions in the years to come is a sense justified. Negotiations on the future of the pension system, initiated by the government this year, will soon fix the issue.

Photo credits: AFP