International & World Report

The case Goldman Sachs has taken the weekend of 24 and 25 April, a new political era with the publication by the U.S. Senate emails embarrassing for the bank, accused of having enriched in 2007 by betting on reduction of financial products that the bank had itself sometimes sold to its customers.

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 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 investigations. 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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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.

Saved from financial turmoil by Vladimir Putin, the Russian oligarchs, now rebuilt, is invited by the prime minister and strongman of the country to participate in the effort to boost national economy.

The latest example, Viktor Vekselberg, thirteenth fortunes of Russia as the magazine Finans (6.2 billion euros in 2010), has been entrusted by the Kremlin to oversee the creation, in the vicinity of Moscow, d 'a Silicon Valley in the Russian. This project is intended to "modernize" the country, allowing it to reduce its addiction to oil and gas. And here's what mogul materials, like Rich's colleagues, converted into information technology.

The name of his friend, Roman Abramovich, the third national fortune and owner of Chelsea, is also cited for leading a Sports Council.According to business daily "Vedomosti", he would be assisted in his task by the chairman of Gazprom, Alexei Miller and his counterpart Russian Railways, Vladimir Yakunin, a close ally of Vladimir Putin.

In view of the Winter Games in Sochi 2014 Sport is built in another national cause. To transform the resort on the Black Sea, backed by the Caucasus Mountains, Showcasing mountaineering, the oligarchs have started to invest part of their fortune in the construction of hotels and ski resorts.Roads, rail link, sports, everything is built.

Quest for new money to invest

In addition to public companies Gazprom and Sberbank, are present the world's leading aluminum Rusal, Oleg Deripaska (10.4 billion euros), and his colleague from Interros, Vladimir Potanin (7.4 billion euros) , a fan of skiing.

In search of money to invest in Sochi and the Caucasus, the government even thinks to "repatriate" in Russian billionaires past events such as Telman Ismailov, party building palaces in Turkey, or Mikhail Gutseriyev, whose oil company Russneft had been transferred, under pressure, a close Putin No teletrack payday loans.

What the Russian oligarchs finance the development of their country is quite natural in the eyes of the Prime Minister.In the wake of the dissolution of the USSR, they have made a fortune putting his hand on assets sold off by power, or later, putting themselves in the wake of Putin.

During the last financial crisis, the state mobilized its resources and budget for banking rescuing oligarchs, hoping that they will owe him for his gesture. Recently, the prime minister threatened to punish financially Vladimir Potanin and Mikhail Prokhorov to have under-invested in energy production, even though they had "purchased assets for kopecks.

In respect of the first clan of oligarchs, "Putin behaves like a loving father, while scolding the children," says Tatiana Stanova?a, expert at the Center for Political Technologies. Gazprom is lowered, custom power, to build a ski resort may seem to defy the laws of modern management.And sometimes leads Russian billionaires to drag their feet, especially when the investment seems risky. But so far none of them have refused to run.

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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 ex-Taittinger empire being dismantled

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.

Since its acquisition in October 2008, the integration of Fortis was one of the great challenges of BNP Paribas. The statement released Tuesday by the French group reported cost reductions and gains from its synergies with Fortis. It is thus subject to 900 million euros in annual synergies in 2012 (against 500 million originally anticipated) and a rate of return on invested capital above 20% from 2010. The bank confirms the same time as the acquisition of Fortis will be accretive from 2010, which promises an improvement in earnings per share and 8.5% in 2012.

"These synergies are the consideration of restructuring costs estimated at 1.3 billion euros over the 2009-2011 period," says BNP Paribas, said in the same time does not predict massive forced departures at Fortis."The downsizing comes mainly from natural wastage or voluntary," says she.

The group finally confirmed in a statement to the number one place for deposits in the euro area continued to buy banking operations of Fortis.

The Belgian banking group Fortis, fully involved in the subprime crisis, was acquired by BNP Paribas when he was on the brink of bankruptcy in October 2008, barely supported by governments. This acquisition led to months of negotiations and court battles. BNP has acquired 75% of banking and 25% of Fortis Insurance, becoming the first bank in the euro area term bank deposits.

The title BNP Paribas, built in the CAC40 index at the Paris bourse, gained 2.40% to 56.31 euros to 10.30.

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"Fortis reap the benefits

There is a driver for the nuclear industry, the State. On a visit Thursday to the site of the EPR – the new generation reactor – in Flamanville (Manche), Francois Fillon has tried very firm. This displacement of the Prime Minister had been finalized at the last moment in a very specific purpose: to redefine the roles of each operator after Henri Proglio, barely reached the head of EDF, has hammered the leadership role of the public company.

We can talk about reframing. "That the State (…) is responsible for ensuring the overall coherence of this strategy to ensure that France will retain the place to be hers in the resumption of global nuclear "said Francois Fillon. While the central role of EDF is welcomed, but not from exercising a supervisory role on the track.So that Areva "is also a major player, including the integrated model (mine uranium reprocessing fuel through the construction of power plants) is not questioned.

As for GDF Suez or Total, they affirm their progressive positions in the nuclear, noted the Prime Minister."All this contributes to strengthening our credibility and aggregate supply," said Francois Fillon still surrounded by the Chairmen of EDF and Areva.

Moreover, the chief government hammered his confidence in the RPE, while this major project currently several critical towel on its cost, time of construction or security control command.

Bidding in Abu Dhabi

Alongside its political dimension, this development also involved the Matignon at a crucial time for French industry abroad, the four players mentioned above (EDF, Areva, GDF Suez and Total) are indeed united in a consortium to sell two plants EPR in Abu Dhabi. A contract that all benefits included, exceeds 40 billion dollars.However, for several weeks, rumors from the Emirates are not good: supply lights moving too dispersed to be truly effective.

That is why Fran?ois Fillon sought explicit: "In some cases, the" Team France "nuclear must be able to bid combined. In others, it is better to leave one or another of its members act alone. "

Also EDF, hitherto known for the last hour in the consortium, now has a central place in the new device. Nothing says that confirmation of Francois Fillon, who promised a "new installation" to permit France to win the day: Abu Dhabi, offering Korean, much cheaper in particular, has strong arguments. Decision expected in coming weeks.

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