International & World Report

The ax fell at 18 o'clock. No real surprise, most banks in Europe has successfully passed the stress tests or stress tests. The statements have increased in recent days on the expected results. The exercise was not without risk. If all banks successful tests, they lose their credibility. If too many banks fail, they will not recapitalize the markets.

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.

Unibail-Rodamco's share climbed on Thursday at the Paris Bourse. Investors welcomed in particular the performance of Real Estate and Commercial group in the first half of fiscal 2010 accounts are pressed into the green with a net profit of 1.128 billion euros in the first half, due to an increase of 972 million euros of the value of its property assets, against a loss of 1.358 billion euros a year earlier.

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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Boeing has chosen to present Farnborough for the first time outside the United States the B787 Dreamliner, its new long haul aircraft.

The Boeing 787 landed at 9.08 am yesterday on the British airport. The American competitor for the A380 will be on display until tomorrow. The B787 Dreamliner is the only aircraft, representing 50% of composite materials. With this choice of technology, Boeing says that the device saves 20% fuel and 30% of maintenance costs.

Ordered 860 copies, the B787 Dreamliner has encountered serious difficulties. It lags two years. Its first test flight took place December 22.

Boeing also announced Thursday it would postpone for a few weeks the first delivery company commissioned by the ANA.It should be available until early 2011 when he was scheduled to deliver in late 2010.

Boeing has recently discontinued the test flights of its first B787 after the discovery of problems on some parts.

While Wall Street and European markets suffered heavy losses Thursday, stock markets in the Asia-Pacific have taken the path down this Friday, a day after sitting flat.

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.

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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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.

Must "act quickly". Nicolas Sarkozy and Angela Merkel, the German Chancellor, are on the same wavelength. The French President, recently returned from his trip to China, held a Saturday morning "business meeting" at the Elysee on the Greek crisis, after which, the Minister of EconomieChristine Lagarde, said that agreement on the rescue plan could take place on Sunday, even before "the start of the Eurogroup (meeting of finance ministers from the eurozone, Ed)," which takes place Sunday at 16 am in Brussels.

The total amount of support provided is "not yet determined," according to Christine Lagarde.However, it should "probably" be in the range suggested by the IMF and the Commission, who spoke of "100 and 120 billion euros," she said, adding that it is "a plan over three years, the current year, 2011 and 2012.

The French plan completed in one week

On the French side, the legislative process to unlock a maximum of 6.3 billion euros – 3.9 billion by 2010 – about 30 billion of the EU (in addition to 15 billion IMF), should be completed in the next week.

The examination in public at the National Assembly will begin Monday at 18 hours and should be adopted no later than Tuesday morning.The Senate vote in the wake the bill.

Barouin Francis, Budget Minister reiterated that the financial assistance at no cost to French taxpayers, puisquil is a loan to an interest rate of 5% "with repayment in three years to come," and which requires the Greek government to initiate a tight fiscal policy to clean up its accounts.

Stop the speculation

"The support of Member States of the euro area is to stop speculation and ensure stability in the euro area," Nicolas Sarkozy has insisted Saturday.For several weeks, the markets are panicked by the Greek cases, causing bouts of fever in the Greek long rate, which surpassed 11% this week, and that "the surge has no limits", according to economists.

Less disturbing, but nonetheless indicative of the fears on the markets, the euro fell to the rhythm of Greek concerns on the record. Today around 1.33 dollar, the euro has rebounded a bit from Tuesday it had fallen to 1.31.However, the European currency remains "at healthy levels for the economy of the Old Continent," says Pierre-Antoine Dusoulier, CEO of Saxo Bank.

Strengthening surveillance

Nicolas Sarkozy and Angela Merkel intend to take "initiatives in the coming days" for Europe to strengthen monitoring mechanisms within the euro area, expedite its work on the fight against speculation and improving the transparency of products derivatives and make further proposals on the regulation of rating agencies.

For these rating agencies, Banier Michel European Commissioner for Internal Market and Services, expressed support on Friday to create such an entity in Europe that would complement three existing credit rating agencies, all U.S., Standard & Poor's, Moody's and Fitch.

Their mission note states, businesses, communities, or financial transactions in order to give investors a comprehensive view of credit risk among market players.

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While Asian markets are changing this Friday morning in the wake of the rise on Wall Street Thursday night, the Paris stock exchange should follow suit to the opening, showing a slight increase. Around 8:10, futures on the CAC 40 displayed on the increase, +0.7% to 4006 points.

Thursday evening, the CAC 40 lost 1.2% and has crossed back to the lower threshold of 4000 points. The other major stock markets fell back in unison. In London the FTSE lost 0.86% while in Frankfurt the Dax has yielded 0.81% at closing.Note that the LSE has found its place in the first quarter from a number of European IPOs, according to PriceWaterhouseCoopers.

The concern of financial markets is felt continually faced with the fragility of public finances of several countries, particularly Greece.

Statistics in Europe

This Friday, INSEE published before the opening of trading, industrial production for the month of February. The same statistics institute will release the results of its monthly surveys of the European economy for March, at noon. Other indicators monitored by the markets, the index of cost of construction, and commercial rents in the fourth quarter.

In Germany, foreign trade for the month of February will be known, at 8 am No faxing pay day loans.In the United Kingdom, are the producer prices in March which will be published.

In the United States, no statistics major is expected on Friday.

France Telecom provided by the Paris court

France Info radio said the prosecutor of Paris will open a judicial inquiry after the 35 suicides by employees of France Telecom.

Air France posted a traffic increase of 4.7% for the month of March, a first for a year. The group remains to Ryanair. To also monitor the impact on the airline industry's consolidation movement that hovers now. According to the American press, U.S. Airways and United Airlines are considering a reconciliation. In addition, British Airways and Iberia have finalized their merger agreement.

The specialist luxury yacht Rodriguez returned Thursday after the stock market success of the restructuring of its debt.The share price rose yesterday by more than 138.97%.

Renault, Nissan and its Japanese partner the Italian energy group Enel signed Thursday a Memorandum of Understanding for the development in Italy of charging infrastructure for electric vehicles.

Cegid, publisher of management software, announced a 7% decline in net sales in the first quarter to 58 million euros and a gross margin of 87.9% against 87.5% a year earlier.

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.

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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