International & World Report

The bank fraud rebounding. The fraud rate for all types of payment cards has reached 0.072% in 2009, amounting to 342.4 million euros, according to the annual report of the Observatory for Payment Card Security released Tuesday. In 2008, the rate was 0.069%, corresponding to an amount of 320.2 million euros. The fraud has overtaken its 2004 level (0.070%), after having stabilized between 2005 (0.064%) and 2007 (0.062%).

This increase masks "divergent trends," says the report by the Centre, presented by Christian Noyer, governor of the Bank of France. On the one hand, fraud on national payments made to retail outlets and automata remains on a downward slope. It reached a low in 2009, ie a rate of 0.014% for a $ 41 million.

Conversely, fraud is still gaining ground on front of remote payments (internet, telephone or mail). For domestic payments, the amount of fraudulent transactions has risen from 67.2 million euros in 2008 to 82.2 million euros in 2009. An increase that does not include payments made from abroad. If the amount of fraud registered for French maps in international traders remained high (60.5 million euros) last year, he registered a slight decline.

At a time when networks compete in international fraud imagination, the Observatory for Payment Card Security said in its report that "the majority of the holders consider the card as a secure means of payment.The organization, which advocates the establishment of strong authentication solutions to verify, whenever possible and appropriate, the payment is made by the legitimate holder of the card, "has conducted a qualitatlive investigation to determine the acceptance of such devices by consumers.

Online payments still inspire confidence

And the verdict of the study is final, according to the Observatory. While "significant concerns remain regarding online payments, particularly on foreign sites, users of payment cards of all types" show a clear preference for strong authentication solutions. " These include for example the use of a single use code obtained by various means (card reader, sending an SMS from the bank, etc.).

These findings appear to be timely.The construction of strong authentication is indeed well advanced. "The implementation by banks of these solutions with their carriers is now being phased in accordance with the recommendations of the Bank of France," says Monitor's report.

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These loans provide fast cash assistance, which enables you to deal with unexpected fiscal requirements without any delays.

Often criticized by customers, the outsourcing of call centers to foreign countries is becoming a government priority. According to Le Parisien on Sunday, the record has been taken over by the Secretary of State for Employment Laurent Wauquiez. The latter is studying a plan of action to fight against the leakage of these jobs outside French territory.

To emphasize the installation of these centers in France, the Secretary of State may well introduce a surcharge "of calls from sites located abroad.Conversely, companies deciding to keep their call centers in France would receive the "nudges" as aid in recruitment, training, installation in rural areas or relief from social security contributions, believes Learn daily.

More transparency

Laurent Wauquiez would generally aim to "make practices more transparent" left to prepare "a list of poor performers. The fight against the relocation, however, looks very difficult. According to latest estimates, dating to 2008, the Union of professional contact center (SP2C), an employee of a call center Morocco is for example paid between 400 and 450 euros a month against a minimum of 1320 euro gross France (including bonuses and thirteenth month).The battle is also likely to face the refusal of the Commission in Brussels which could object to these tax measures.

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In 2008, Apple became the first distributor of music in the United States, before the giant Wal-Mart and Amazon. The group of Cupertino is preparing to renew the feat in the film industry. According to research firm Screen Digest, Apple became the number one video on demand pay to the United States in 2014, before the two top cable operators in the country, Comcast and Time Warner Cable.

This will be overtaken by Apple at the end of this year. Apple is expected to generate $ 281 million in sales by selling movies online this year against 160 million in revenue for the VOD service from Time Warner Cable. The firm is expected to apple store almost 35 million transactions in 2010 against 30.5 million for the second U.S. cable operator. Still Number One, Comcast will make a turnover of 380 million dollars with 88 million transactions."While the pay-TV players offer to lease the works in DOS, Apple sells movies. The pricing is more beneficial to Apple, "said Dan Cryan, responsible Broadband Media at Screen Digest.

In 2014, the reverse hierarchy: Apple should be leading with 470 million dollars in revenue for 56 million transactions, when Comcast will reach 400 million dollars in sales with 108 million records of tenancy, says Screen Digest. At that time, Apple will control 32% of video market demand pay.

Google TV has a playing card

This leadership position gives Apple the opportunity to influence the price of selling movies for download, as the U.S. group has done in music.Another advantage is the unit sales reported more income to the beneficiaries that the subscription models or lease and therefore the iTunes Store a valuable partner for the studios, which multiply the simultaneous releases in theaters and on video.

If the model for the iTunes Store gives a good lead time to Apple in VOD, it is not certain that the firm with apple foreclosing the movie as it did for digital music. "There was an effect on iPod music because of the integration platform for downloading with the terminal was better, because the iPod allowed to make music where consumers want to have it ie mobility. It is not certain that the iPad plays that role for the film, Dan Cryan analysis. Terminals other than the PC are key to getting consumers to pay for entertainment.But for video, this advantage is less pronounced for the iPad for a TV. This is Google, with its Google TV decoder, which brings Web video into television, has a playing card. "Indeed, the Internet group has not discussed a possible blocking of illegal content which could online access through Google TV. This vagueness could benefit from piracy: "iTunes is selling on average 30 songs per iPod sold, the rest of the music is not purchased it is copied from CD or downloaded illegally. There could have the same effect on Google TV. The party has just begun in the video, "said Dan Cryan.

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Spain, drawn into the same tub as Greece, is an emergency that Europe would have gone well. The Twenty-Seven, which are at the summit in Brussels on Thursday, hoping to overcome the crisis of the euro and the purging of public finances. Clearly, raising the horizon and talk to new growth and employment.

Not a chance for those who preach another message that the turns of the screw and the bailout: it is once again under pressure from the markets that European leaders will have to prove themselves. The "economic government", a body that lacks even a roadmap, build the first German thoroughness prior to use in French voluntarism.

Not surprisingly, the centerpiece of this one-day session will be "the strengthening of budgetary discipline," according to the draft final declaration.With incentives but also early and graduated sanctions for those who violate it. Challenging the susceptibilities of national parliaments, the political body of the EU will also confirm the introduction in the first half of 2011 a collective monitoring of budget proposals from each Member State.

To this arsenal already included in the text, could add further punishment policy, advanced Monday by Angela Merkel and Nicolas Sarkozy: the suspension of voting for the worst offenders. The rest of the EU has not yet ruled. Probably necessary, modification of treaties implies unanimity.

Question of credibility approach on the G20 in Toronto, the bloc wants to take the rut European financial regulation.Despite the effects of repeated ad since 2008, the new architecture of banking supervision remains stalled with Parliament, as the framework for hedge funds, including hedge funds.

Tax on banks

The Commission, it has not yet formulated its code for derivatives (CDS and selling). On both fronts, the summit will mark her impatience. It will push the flames of a European tax on banks and, perhaps, a tax on financial transactions desired by Paris and Berlin.

So busy filling the gaps in the past, EU leaders will find good reasons to expect with the confirmed entry of Estonia into the euro in 2011 and the opening of negotiations almost gained entry to Iceland EU.But the chapter devoted to the crisis and the real upturn in business, hoping next year is looking pretty thin.

The Twenty-Seven "finalize" the growth strategy adopted by the Commission for ten years. It assumes, for each country, employment goals, training, research, "social inclusion" and the fight against global warming. Originally called "EU 2020, this catalog has been renamed for a good cause: it is now" The new European strategy for jobs and growth ". But she does not elaborate on how to restart the machine.

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Wall Street started the week in near balance, then moved into the green early interactions. An increase, however fragile, while the budget deficit emerged in sharp decline in March, to 65.4 billion dollars. Down 65% yoy. Analysts were expecting a lower deficit.

At the close, the Dow Jones climbed 0.09%, the Nasdaq is 0.16% and the S & P 500 of 0.18%.

This slight increase still leaves the Dow Jones crossed the symbolic threshold of 11,000 points. The index reached 22 hours, 11,006 points. A first since September 2008. And the S & P to reach almost 1200 points to 1197 points exactly.

The U.S. stock markets have recently experienced six consecutive weeks of increases, an unprecedented series from the lowest 12 years and a half touchdowns in March 2009.On the foreign exchange market, the euro is rising against the dollar after the announcement yesterday by the countries of the eurozone plan the details of aid to Greece.

Oil prices fell for the fourth consecutive session, still affected by an abundant supply and low demand in the United States.On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for May delivery finished at 84.34 dollars, down 58 cents from the previous day.

Indicators to follow this week

On the macroeconomic front, the week will be marked by several important indicators such as the index of consumer prices, retail sales for the month of March, industrial production, housing starts and the first estimate of the index Reuters confidence-Michigan.

The markets will also follow the hearing of Ben Bernanke, chairman of the Federal Reserve, the Congressional Joint Economic Committee on Wednesday and will monitor closely developments in the case of the Greek debt.

Alcoa opens the ball Publications

Palm jumped 17.05%.The group was mandated to advise the banks to sell its business or other opportunities, according to news agencies.

On the side of values, the oil sector drives the meeting Lowest fee payday loans. Friday Chevron (1.22%, to 80.43 dollars), without giving a figure, has announced an increase its refining margins in the first quarter. The band thrives on rising oil prices and a possible improvement in its refining margins.The major U.S. must publish its accounts on April 30.

According to the press, the merger between United Airlines and U.S. Airways (2.73%, to 7.52 dollars) should be performed exclusively by exchange of shares.

The Department of Treasury of the United States announced plans to sell at auction in six weeks, before the end of May, the warrants of Wells Fargo shares were granted during the salvage of the bank in the fall 2008.

Microsoft has unveiled a new phone especially for the youth market of social networking fans, called KIN, developed with Verizon Wireless and Vodafone and manufacturer Sharp.

ConocoPhillips has announced the sale of its Chinese Sinopec stake in Canadian oil sands project Syncrude for $ 4.65 billion dollars.

Just after the close, investors have taken note of the first quarterly results of major public companies. As usual, the aluminum giant Alcoa, which gave the start of the season publications. Analysts expected a return to profit, its first since a year.

Meanwhile, Alcoa shares have been 1.39%, to 14.59 dollars.

The coming week will also be driven by quarterly results from Intel, Google, General Electric and JPMorgan Chase & Co. banks among others.

"Caution should be clear," says Aurel, who says that "the discourse of business remain positive on the merits but there are risks of disappointment on margins or unit on a possible downturn in order books in the coming months." The industry, raw materials, financials and semiconductors are the sectors most at risk.However, the agri-food sector, distribution or energy values could pleasantly surprise.

Earnings accumulated by hedge fund managers in the United States broke records in 2009. Top 25 ranking by the AR: Absolute Return + Alpha have pocketed a total of 25.33 billion dollars (18.6 billion euros) including seven of them reap more than $ 1 billion.

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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The crisis in the eurozone, triggered by the financial woes of Greece, does not discourage candidates for membership. Instead, the accelerated deadlines. Next on the list, Estonia – a member of the European Union since 2004, like its Baltic neighbors – has become in January the 17th state to adopt the single currency when it emerges just one of the worst recessions its history. The small Baltic state announced Friday a fiscal deficit and public debt for 2009 well below the limits set by the European Union, respectively 1.7% and 7.2%. These exemplary figures are enough to make the envy of the major European countries even if they hide a decline in GDP of 14%.

With these results, the government intends to pass his entrance examination in May for publishing the report in Brussels in June and especially in the political verdict Finance Ministers."I do not see how they could refuse," said Estonian Minister of Foreign Affairs Urmas Paet. Most countries in the euro area far exceed the criteria, "Bill Thomson, OECD, grade:" One can always interpret in one way or another, especially on the sustainability of public finances. This is a political decision. "As such, the entry of Estonia into the OECD in late May it provides proof of credibility.

Yet a year ago, few experts would have bet on the country joining the single currency. After years of euphoria, the country has suffered serious setbacks: the collapse of the housing bubble, crash consumption, falling exports … and unemployment rising sharply, to 14%.

Unlike most countries that have tirelessly to revive the machine, the strategy here was quite different, based at the end of 2008 on the restrictions.Salaries down, the tax burden to rise, spending freeze … In 2009, savings accounted for 9.2 points of GDP. All without protest or strike extent. "If we compare the living standards of the time (prior to its independence from Russia in 1991) and today is the day and night. Wages have increased significantly between 2005 and 2008, justifies Rein Minka, vice president of the central bank. "Estonians do not complain, it is not in their nature. They have not forgotten the rationing of the Soviet era, reflects Stecken Antoine, a French importer of cosmetics. They are also followers of the liberal model. "There is a consensus policy, including public opinion, to deny recovery by the public debt," said Maris Lauri, chief economist at Swedbank.

Meanwhile, the newspaper in Tallinn is very difficult.In the image Meeli Lass, 39, 4 children, opera singer, who supports her family with a salary of 13000couronnes (around 830euros) – good pay, judge the young woman. Her husband was fired, and his eldest daughter graduated last nine months looking for a job. "It tightens belt: no output, no new clothes. This winter, heating costs have soared because of very severe cold, they make up half of our budget. We still have potatoes that my husband grows outside the city. "What can we expect Does the euro? "This will be worse, answered Meeli with fatalism. Prices will rise as in Slovenia. And the country loses a little more independence. "

Flexible economy

According to surveys, almost 55% of the population believe the contrary to the virtues of the euro. He starts by removing the specter of devaluation ruinous for the country.Despite the fixed exchange rate regime, many rumors have circulated at the height of the crisis, the contagion of a Latvian lat devalued. The government also relies on the euro to attract investors. "We have a diverse economy and a very flexible system of single tax to 21%. Moreover, if the company reinvests it pays no taxes, "argues the minister of Economy, Juhan Parts.

For Maris Lauri, the only apparent in the short term will come from exports, which have already started to leave. "Estonia has a large network of SMEs that can adapt and produce in small quantities," said the economist. The close cultural, linguistic and geographical Finland is an undeniable asset. In two hours by ferry from Helsinki to Estonia, which produces a third less expensive, has become the preferred subcontractor of Finland.It cultivates its differences with its two Baltic neighbors: Latvia leaded by a banking crisis and real estate and Lithuania dependent on markets in Germany and Poland, which has seen its market collapse.

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Forthe taxpayers with assets hidden abroad, it is too late to repent. The cell regulation introduced by the end of April Bercy for those wishing to come into line with the Inland Revenue closed Thursday at 18 hours. Reportedly, a few days before the deadline, it had treated more than 3 000 applications. On December 9, Eric Woerth, budget minister, spoke of 1 400 cases to bring back 500 million euros into state coffers. "Since the case of HSBC list started, we have achieved records, telling a lawyer a few days ago.

Still, the results obtained by the French in cell eight months paled in comparison with performance in Italy.The tax is to regulate trans 95 billion in three months! The state has recovered 5 billion of revenue, and the measure has been extended.

But in Italy, it was simply an amnesty: 5% tax on amounts settled, period. Not so in France, where the tax was due to pay (three years for income tax six years for the ISF and inheritance). The French Treasury not negotiating that penalties and interest.

20% of capital for tax

"It was interesting when he had inherited more than six years of hidden assets abroad and that you did not then fed into account. The additional tax due is three years and six IR EWB, was increased by 15% at maximum, "explains Val?rie Harnois-Mussard, a lawyer with Fidal. The taxpayer could get away with leaving 20% of its capital tax.The regulation was much more expensive if the death was within the last six years, because of inheritance. And the tax rebate did nothing fabulous for those who had actively concealed funds. Another obstacle: the documents to provide the tax authorities were numerous.

This relative lack of mercy has always been assumed by Eric Woerth, who would not hear of amnesty. But his all-out offensive against fraudsters – with, culminating in its Communication on a list held by the Treasury, 3 000 people with accounts in Switzerland – has not helped to create a serene atmosphere. Households were afraid of having to undergo inspections in fiscal 2010 and subsequent years if they showed up in the cell.Some taxpayers have hexagonal even made a more radical choice: to settle permanently in Switzerland.

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Wall Street on Monday addressed the sixth session of consecutive increase. Half an hour after opening, the Dow Jones gained 0.1% to 10,537 points while the Nasdaq gained 0.30% to 2292 points. The S & P gained 0.19% to 1128 points. Before the Christmas break, the U.S. places had registered a new annual record after the 14 December. The meeting on Monday also looks into the green even if the volume of trade should be still very low due to leave later this year.

Neither statistics and results are expected during this session.However, markets will follow tomorrow, Tuesday the S & P / Case Shiller index of house prices, the index of investor confidence in State Street and the index of consumer confidence from the Conference Board in December.

The airline industry lags behind

Fannie Mae (20%) and Freddie Mac (23%) bound in exchange for information following the U.S. press that the U.S. Treasury agreed to provide two groups of funds as necessary within three years.

The Amazon is under 1.91% to 141.11 dollars. The group announced that its digital book reader Kindle article had become the most offered in its history.It was first sold more books than books, digital paper on Christmas Day.

The airline industry should also move following the tightening of security measures imposed by Washington after the assassination attempt Friday during a flight from Northwest Airlines (0.35%). Continental Airlines lost 1.45%.

Delta Airlines fell by 2.72% and American Airlines lost 1.84% in response to rumors that the Japanese public funds Turnaround Enterprise Initiative Corporation of Japan (ETIC) seek to place Japan Airlines (JAL) in bankruptcy as part of restructuring the airline.A news that could complicate ongoing discussions with the two American companies.

Alexander Ananenkov, vice chairman of Russian gas giant Gazprom said Monday that his group expected to conclude in 2010 an agreement with U.S. energy company Exxon (+0.28%) on the supply of gas from the Sakhalin – 1.

Finally, the Italian Ferrero is still considering a bid for Britain's Cadbury after the latter rejected the proposal of Kraft Foods (+0.22%)

It must be with Air France, it will be finally on Tuesday with Trenitalia. Reportedly, the group Veolia is about to conclude an agreement with Trenitalia, the division of passenger transport operator of Italian public Ferrovie dello Stato, to ride the TGV in France in early 2012.

Neither partner can share in the unknown. The French group had initially started this project in 2008 with Air France before the airline waives last October. Veolia provides fruit and a year of joint discussions with Air France on the subject and plan of attack ready. For its part, Trenitalia is the first foreign operator to take advantage of the opening of international passenger traffic last December 13 to seek paths in France.The group is preparing to roll its TGV spring between Rome, Milan and Paris.

The liberalization of international trade makes it possible for an operator to run its trains in France if they have a path between two states. It is possible to make the Milan-Paris via Lyon and compete with SNCF on the Paris-Lyon section.

To ride the TGV early 2012, both partners are ready to draw: it takes at least six months to conduct the tender for rolling stock and nearly two years the builder to honor his order. Veolia should take over the project developed with Air France. It revolved around three TGV lines. An axis Brussels-Paris-Lyon which allows both to compete with the Thalys between Brussels and Paris and SNCF from Paris and Lyon. A Paris-London Eurostar rival but also competing with SNCF Paris-Lille.And finally, a Paris-Strasbourg line with after the Alsatian capital, a branch to Frankfurt serving lines Mannheim and Karlsruhe, and a branch to Basel with a stop in Mulhouse.

Ambassador of the French high-speed

With operating costs 30% lower than the station simply because of the social system of railway, Trenitalia Veolia and could become the low-cost airline of the TGV. Initial projections of rates which were estimated with Air France aimed at a Paris-Lyon to 30 Euros in second class cons 41 to 63.10 euros for the station (ticket Leisure in normal times), a Paris-Nantes to 22 euros second class cons from 36.50 to 56.80 euros for the SNCF and the Paris-Lille 19 euros against 25 to 38.90 euros for the station.

For Air France, this project means that the ally of yesterday will become a new competitor for its domestic flights.For the station, this is the end of a monopoly and the beginning of a battle that will necessarily lead the public company to lose market share.

For Veolia, the project is a first step since the group aims eventually to answer calls for tenders TGV abroad. The French would be very good in the role of ambassador of the French high speed in the world alongside the manufacturer Alstom. "To export the TGV, Alstom suffers from not being associated with an operator, said a close case. SNCF does not because she is not willing to take risks and cost of revenue abroad. "