International & World Report

They were under fire, accused of having caused the financial crisis. The finance minister and central bankers from the G20 meeting in Gyeongju, South Korea, on Saturday reached an agreement on reforming the banking system and large financial institutions. "There was very little disagreement on the subject. The approval process was very simple, "a statement re South Korean representative, shortly before the adjournment.

Specter of devaluation

The aim of the discussions was to find an agreement to reduce trade imbalances and avoid a war of currencies, after two days of debate in South Korea. Negotiated into the night Friday to Saturday by the Deputy Ministers of Finance, the text has the support of developed countries while Chinese officials have said they "could live with it."These commitments could help assuage fears before markets tensions over exchange rates.

The recent wave of central bank interventions to prevent the rise of their currencies against the dollar had raised the specter of a spiral of competitive devaluations and a return to protectionism. "The G20 must refrain from implementing exchange rate policies designed to give them a competitive advantage", stated in a letter to the G20 U.S. Treasury Secretary Timothy Geithner.While the U.S. accuses China of keeping the yuan artificially low, many emerging countries complain that U.S. monetary policy that brings down the dollar and adds their exports and attract capital in their volatile and speculative .

The communiqué of the G20, however, should not contain numerical targets in excess of current account or a timetable, contrary to what was requested in his letter Mr. Geithner.

Europeans leave two seats

The G20 countries are also reached Saturday in South Korea that the IMF Managing Director Dominique Strauss-Kahn called "the most significant reform ever passed in the governance of the International Monetary Fund. He described the event as historic.The proposed reform, which must be approved by the Board of Directors of the IMF increases the institution's capital, the headquarters of emerging countries to its board of directors and expanding its responsibilities for monitoring States' economic policies .

After this reform is long overdue, the ten largest shareholders of the institution will be the United States, Japan, four European countries (Germany, France, Great Britain, Italy) and the four largest emerging economies (Brazil, Russia, India, China).Europeans leave two seats to the emerging countries, what is "really hard for them," acknowledged a senior U.S. official.

The South Korean President Lee Myung-Bak had Friday called for finance ministers and central bankers from the G20 countries to reach agreement on this reform to "strengthen the credibility of the G20 meetings.

Pending the outcome of this meeting of G20 finance preparatory G20 summit on 21 and 22 November in Seoul, the main European stock markets finished down Friday: Paris lost 0.25%, Frankfurt dropped 0.08 London% and 0.29%. The NYSE has ended without a clear direction, the Dow Jones lost 0.13% but the Nasdaq gained 0.80%.

(With AFP)

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Having lost 0.19% Friday, the index has advanced timidly Paris on Monday. At the close, the CAC 40 index registered a slight increase from 0.14% to 3768.49 points. The Paris index is positioned so far of 3800 points. A bar that has exceeded more close since May (3,828.46 points on May 3).

Investors remain cautious until the meeting of the U.S. central bank Tuesday night, and rain that quarterly results will fall and the tone on the economic health of the Atlantic. On Wall Street, the trend is positive, but nervous.

On the macroeconomic front, production fell 0.3% in August, according to figures from INSEE.The food industry and the automobile industry have drawn down.

This morning, while the Tokyo Stock Exchange was closed, the stock exchanges in Shanghai and Hong Kong continue to rise, reaching as Hong Kong a high of two years from mid-day.

Currencies stoic

On the currency side, the market remains unmoved on Monday after weekend meetings between central bankers worldwide, which reached no concrete decision to avoid a "war exchange, all eyes are again turned to the U.S. economy. Around 17:30, the single currency was quoted at 1.3896 dollars (-0.22%).

Raw materials side, oil prices retreated Monday market opening in New York, a barrel of benchmark lost 26 cents to 82.40 dollars, against a small rebound in the dollar.

EADS: +0.19% to EUR 18

The group holds its annual targets despite the strengthening of the euro against the dollar, said Chief Financial Officer Hans Peter Ring in an interview with newspaper Frankfurter Allgemeine Sonntagszeitung on Sunday. This has not prevented Citigroup lowered its recommendation from "buy" from "hold". The value shows the largest decrease in the CAC 40.

EDF: -0.79% to 31.38 euros

Constellation Energy Group has withdrawn from an agreement on building a nuclear reactor third generation in the State of Maryland with EDF, which should probably put an end to this multi-billion dollars.Areva (+0.3% at 315.20 euros), which designs the PRT, said to remain "reasonably optimistic", ensuring that "negotiations are continuing."

Found among the highest increases in the CAC 40: Vallourec (2.23%), and values of Saint-Gobain Construction (1.96%) and Bouygues (+1.9%).

Please note that Saint Gobain will build a photovoltaic panel factory in South Korea through a joint venture with South Korean Hyundai Heavy Industries, the two groups announced in a joint statement payday loans.

And the largest declines posted by the bank: 1.63% loose SocGen and BNP Paribas (-0.94%)

Total (-0.14% to 38.40 euros):

The production capacity of the refinery's Medea was reduced by more than half Sunday and could completely stop production on Tuesday or Wednesday due to lack of stock, it was learned Sunday from union leaders.

GDF Suez (+0.5% at 27.18 euros):

The group announced Saturday it had signed a contract with China National Offshore Oil Corp. (CNOOC) for the delivery of 2.6 million tonnes of liquefied natural gas (LNG), confirming information reported Friday by a source close to the situation.

APRR: -0.11% to 54.10 euros

The listing of Autoroutes Paris-Rhin-Rhone (APRR) resumed on Monday, said the AMF. The Court of Appeal of Paris ordered the suspension of the bid for the delisting of Autoroutes Paris-Rhin-Rhone filed by its shareholders, and Australia's Macquarie Eiffage pending his trial in merits of the application for annulment filed by the department of Saone-et-Loire. The value has posted one of the largest drops off ACC-40, before recovering.

Ipsogen: -2.12% to 6.45 euros

Ipsogen posted a turnover for the first half rose 17% to 3.8 million. Its gross margin in the period to 76%. The company specializes in the diagnosis of cancer reported a net loss of 2.5 million euros, against a net loss of 0.6 million in the first half of 2009.Its operating loss reached 2.6 million.

Conversely, Beneteau shows one of the largest increases in DTH: 3.78% to 13.74 euros. Since the beginning of the year, the value earns about 28%, representing a market capitalization of 1.2 billion euros.The boat builder provides premium growth of 25% of its turnover in 2010-2011, reported Monday the Letter of Expansion.

Ipsen: +0.04% to EUR 25

Ipsen announced Monday it had sold its shares in the biotech PregLem to Gedeon Richter for an initial amount of six million Swiss francs (4.45 million) and additional incremental payments of up to 25 million Swiss francs (18.56 million) in total.

Soitec: 3.35% to 6.87 euros

Technologies in solar energy group Isère microelectronics Soitec were selected by the American specialist electrical equipment Johson Controls through a global alliance, said Monday in a statement Soitec.

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In the first half of 2010, 361 enterprises have been financed by venture capital firms French. The never-seen from the indicator * Chausson was created by Christophe Chausson, in 1998. The market finds its stride, with 515 million euros invested in the first six months of the year.

U.S. stock markets, should undergo further profit taking on Thursday. The index futures are predicting a slightly lower opening on Wall Street. The index futures Standard & Poor's 500 and Nasdaq 100 respectively retreating from 0.42% to 1125.30 points from 0.18% to 1 976.10 points. On Wednesday, the NYSE has closed in the red after taking careful speech the day before the Federal Reserve (Fed), the U.S. central bank. At the close, the Dow Jones lost 0.20% to 10,739.31 points, the S & P 500 declined 0.48% at 1134.28 points, while the Nasdaq dropped 0.63% in 2334, 55 points.

On the foreign exchange market, the euro held steady above $ 1.33 and remains at its highest in five months. For his part gold continues to beat his record.The ounce of precious metal climbed to 1296 dollars this night.

On the macroeconomic front, investors are waiting for the traditional weekly claims for unemployment benefits that are known to 14:30, the composite indicator of economic activity and sales of existing homes for the month of August to 16 hours.

Values to follow

The side of values, Starbucks announced its next higher sale prices on some coffee. The rise in coffee prices (the highest for 13 years) and sugar (up 43% since June) put pressure on margins in the group. Kraft Foods has already raised its prices in August.

Always on the side of values, the U.S. computer group HP to digitize the library of former Beatle Paul McCartney.

For his part RIM confirmed the upcoming release of Internet Tablet called BlackPad.The surprise came from the operating system: RIM will use the software for the QNX Software Sytems that the group has acquired and is developing operating software for the automotive sector.

Also note, Bed Bath & Beyond, a distributor of household equipment and food and health has announced a profit of $ 182 million above expectations. For its part Red Hat, the Linux software company, announced a profit of 23.7 million.

Blockbuster, the video rental company, is expected to announce today its passage under the protection of Chapter 11 of the Bankruptcy Act, according to a source cited by Bloomberg. Blockbuster's debt is close to $ 900 million.

General Motors Place from North American investors most of the securities being sold to mark his return on the stock market, according to sources familiar with the matter quoted by Reuters.After split, the listing price should be between 20 and 25 dollars, the sources said. GM has not yet determined the overall valuation of the company, nor the price range of action, sources said.

For some researchers, Taraxacum kok-saghyz became an obsession. This plant, known as the Russian dandelion, is indeed the most serious alternative to Hevea brasiliensis, rubber tree, threatened by the spread of a fungus that has infected many plantations in South America and Asia. German researchers at the Fraunhofer Institute of Molecular Biology and Applied Ecology (IME) in Aachen are currently working to manufacture a Russian dandelion GM can produce between 150 and 400 kilograms of latex per hectare per growing season.

The figure seems low, but for researchers, it rhymes with scientific prowess. The EMI is able to identify and disable the enzyme responsible for the rapid coagulation of rubber from dandelion, a property which hitherto banned a large-scale production.Ironically, it was in Germany that the most thorough research on the subject had been made and then stopped, for lack of solution to the problem. At that time, the Germans imported Russian roots and planted in the concentration camps of Auschwitz, where inmates entertained. The issue was already an alternative to rubber for the Army Material.

Nearly 70 years later, the genetically modified plants obtained are capable of making four to five times more rubber with classic Russian dandelions. "The advantage is that the dandelion is grown on large areas. This is an annual plant, which can pick up all year, "says Serge Palu specialist researcher at CIRAD. From there to consider industrial-scale production? "For this, we are still waiting for 2020," cautions the researcher."We must still find the variety that does not clot and produces significantly. More importantly, we must find the extraction process economically profitable.

Allocation of 8,000,000 euros

On this last point that research stumble. As for the guayule, a plant that grows wild in the deserts of northern Mexico, the latex does not flow by incising the bark, but is trapped in the plant cells. A mechanical milling significantly reduced yields. In the 40s, Russian and American researchers had encountered the same problem. With financial support from such giant tires Bridgestone / Firestone, the Emergency Rubber Project USA – a program involving over 1000 scientists, launched by the authorities – was able to provide 2500-3000 tons of guayule rubber by year.But oil and synthetic rubber boom will end these research efforts alternatives.

Today, Brussels is all for bring up to date. A European program called EU Pearls was launched in 2008. With a budget of 8 million euros over four years, it aims to support the research efforts of 11 partners from Holland, Spain, Germany, France, Czech Republic, and the Switzerland.

Halfway through, preliminary results are encouraging. In addition to discovering the dandelion, the researchers came after 21 months of work to get guayule with yields of 900 kg per hectare per annum. It is certainly less than 1500 kg of rubber plantations, but scientists are optimistic.

Emergency

For the EU, it is urgent. The rubber, the basis for more than 40,000 products of everyday life, is under pressure.Since 1 January, prices jumped 160% in Tokyo, the market, from 186 yen per kg (1.65 euro) in July 2009 to 417.10 yen in July 2010 (3.72 euros). Even upward movement on the Singapore market where prices rose 76.89% from $ 1.98 to 3.18 dollars a year.

"Do not forget that there is a public health issue very important that can be expensive to run," adds Serge Palu. Since the onset of AIDS in the 80s, the booming market of the glove and latex condoms has been accompanied by an increase in allergic reactions to this material. "The major advantage of guayule latex from rubber trees is its lower protein content, ten times less for guayule," enthuses CIRAD.In a note published last November, the center's researchers called for "seize on the ball of guayule rubber or Taraxacum kok saghyz as an additional opportunity to release humanity from its dependence on oil" and "compensate for the increase of allergy in the medical field.

An international seminar will bring together researchers on the subject, 14 and Oct. 15, on the site of Agropolis Montpellier.

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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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»IN PICTURES – At least nine ministers in a situation of overlapping wage