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.

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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Around 6.45 am, the Nikkei 225 0.74% ahead of 9996 points, the threshold of 10,000 points. Elsewhere, the trend is less clear, with Hang Seng (Hong Kong Stock Exchange), which has assembled 0.5% to 20,867 points a Straits of Singapore which is also timidly 0.07% to 2873 points.

In India, the Bombay SE 30 allows itself 0.38% to 17,823 points.

In Australia, the S & P / ASX wins 0.31% to 4499 points, worn by mining, which have the hope that the new Prime Minister, Julia Gillard, could soften under a new tax on super profits of these companies .

Rio Tinto (2.23% to 72.1 Australian dollars) and BHP Billiton (1.89% to 39.9 AUD) are also considering a price increase of over 30% of iron ore in the third quarter.

Japan trade surplus less than expected

Japan's trade surplus grew by 15.2% in May over one year to 324,200,000,000 yen (EUR 3 billion), thanks to strong exports to Asia and emerging markets.A smaller than expected increases (50% expected), however, shows that trade in the country have suffered from the crisis in Europe.

In May, exports surged 32.1% year on year to 5.311 billion yen, helped by strong sales abroad of machinery (+42.6%) and cars (45.9% )

Exports to China increased notably (25.3%) and other Asian countries such as Thailand (73.3%), Indonesia (73.5%) and Malaysia (57, 1%) low fee payday loans. They have also increased to India (+52.1%), Brazil (+47.8%) and especially Russia (177.1%).

Imports have increased their share from 33.4% to 4,986.8 billion yen.

Yuan steady

The Chinese central bank set a central parity of the yuan virtually unchanged from Thursday to Wednesday.This meant the weekend its intention to revive a system of exchange rates more flexible. And mercreid Tuesday and hit the central parity, which it fixes every day and around which the exchange rate dollar / yuan may vary by plus or minus 0.5%.The yuan has begun to appreciate since Monday.

The institution has decided on a course of 6.8100 yuan against the dollar, instead of 6.8102 yuan to one dollar a day, according to a statement available on its website.

Oil down

Crude prices have continued to drop Thursday (76.16 dollars) in electronic trading in Asia, driven by anxiety about U.S. demand, world's largest consumer.

The latest indicators from the U.S. Department of Energy (DoE) showing an increase of two million barrels in crude inventories have worried investors, who had forecast a decline of one million barrels in the week concluded on June 18 This increase in weekly crude oil inventories reported in effect weakening demand.

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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Larry Summers, the Obama economic adviser, declined Sunday to comment on the case Goldman Sachs, except to state: "This highlights what is at the heart of the president's vision (in the reform of finance) : the importance of transparency. "

Shocked that unpacking before the opening of public hearings Monday in Congress, Goldman Sachs categorically denies having violated the law.It maintains its role as an intermediary to serve institutional clients with differing views on the trend of the real estate market forced her to speculate for a fall on some securities to cover its risks also taken on other positions.

If they prove nothing of fraudulent e-mails made public Saturday by the Senate show that the bank on Wall Street reveled during the crisis, earn so much money, thanks to its derivatives betting on the fall of subprime housing market, while its own customers – including European banks – in poorer inverse operations.

"We will make a big pile of money!"

In July 2007, David Viniar, chief financial officer of Goldman Sachs, learning that the bank had already won $ 51 million by betting on falling subprime reacted in an email: "It gives an idea of what might happen to those who not a big short position in low fee pay day loans. "

In October 2007, while the housing market plunge, a trader from the bank sent an email to his colleague: "It seems we will make a big pile of money!" The answer: "Yes, we are well positioned … In 2007, the bank led by Lloyd Blankfein has achieved record profits of 11.6 billion dollars that enabled him to pocket a bonus record of $ 67.9 million.During the same period, rival banks, including Morgan Stanley, suffered massive devaluation of their assets.

On Monday, Lloyd Blankfein and six of his colleagues were summoned to explain himself before the Senate subcommittee charged with investigating the financial crisis. Among them, Fabrice Tourre, a French 31 years, accused of fraud by the SEC, the gendarme of the U.S. financial markets. There is theoretically no link between the two surveys. But they are on the same subject: conflicts of interest of Goldman Sachs derivatives markets of mortgages.An email signed by Fabrice Tourre in 2007 shows his pessimism about the products he elaborated: "This market is completely dead and the poor little subprime borrowers will not be long." Fabrice Tourre will even be compared to Frankenstein for creating products that will turn against their owners, by precipitating the collapse of the U.S. housing bubble and the global financial crisis.

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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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"Despite a very cold winter, the market is rising again and the number of private pools sold in 2010, as turnover is expected to increase by 10% to 15% compared to last year, has said Jacques Braun, director of the PPF, at a press conference. For Mr.Braun "the pool market, linked to the curve of household confidence, is structurally supported by the carrier for leisure culture and the willingness of households to improve their real estate."

Doubling in 10 years

The market downturn, thanks to a sunny summer of 2009, took place in the third quarter of last year (plus 7% sales pools) before leaving in the fourth quarter (plus 38%) after starting very dull year (26.5% less in the first quarter, less than 8.5% in the second) No payday advance teletrek.In 2009, turnover has decreased by 10%, however, to one billion euros, against 1.1 billion in 2008 and 1.4 billion in 2007.

The number of private swimming pools more than doubled in 10 years, from 708,000 in 2000 to 1,465,840 in late 2009 (including 559,000 above ground) at the point of making France the second largest market behind the United States. Aware of the challenges of sustainable development, the PPF is currently developing a software that can calculate carbon dioxide equivalents (CO2) from the operation of pools, depending on different parameters of size or equipment. Thus the operation of a pool of eight yards on four represents an average of 200 kilos of CO2 per year, or no more than a round-trip Paris-Lyon by car, according to calculations by the PPF.

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.