Archive for the 'life' Category
The Italian government, which has set a target to stop the speculative pressures of markets on Friday adopted an emergency order providing for a new austerity plan amounted to 45 billion euros over two years. These austerity measures designed to recover "20 billion euros in 2012 and 25 billion in 2013." Their adoption will enable Italy to cancel its public deficit to 3.9% today – by the end of 2013.
For the first time, the prime minister has agreed to weigh the tax burden with a "solidarity tax" on higher incomes. According to leaks distilled by the social partners, this contribution could rise to 5% for every € 10,000 for employees earning over 90,000 euros, and 10% in excess of 150,000 euros. Self-employed workers earning more than EUR 55,000 will be taxed at 41%. However estates and housing will remain free of taxation.A single tax of 20% will be charged on income from capital, currently 12.5% against and 25% of bank deposits. The introduction of fiscal federalism will be early in 2012, the government hopes to make them more aggressive fight against tax evasion us fast cash. The bill payments in cash will be severely restricted. A single municipal tax will also be created.Finally, the Economy Minister Giulio Tremonti said, in an interview with representatives of regional and local authorities, that the government intended "to reduce the number of provinces (departments)" and "consolidate the common" – today the number of 8000.
Heavy sacrifices will be required to Italians in particular with regard to the welfare (social services and family) who will suffer next year the bulk of the effort (about 20 billion euros) all levels of social assistance and transfers to local governments will be affected. However the Northern League had opposed the cuts, pensions will be spared. Women in the private sector will be encouraged to continue working until age 65, or 7 years older than today.
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"Tax increases and pension reform in Italy
Backlash. Banks, which had caused the market collapse in the fall of 2008, are caught by the crisis of states. Investors expressed their concerns about sovereign debt and the prospects of sluggish global economic growth, by sanctioning the financial sector on the stock market. The European banking index, the Stoxx 600 Banks, Tuesday and hit its lowest level in two years at 147.51 points. In one month, the U.S. Citigroup, the UK Royal Bank of Scotland (RBS) or the French Societe Generale lost nearly 30% of their market value. On both sides of the Atlantic, however, banks face the storm in better shape than two years ago.
At once massive recapitalizations – 100 billion euros for the only European banks – the institutions have strengthened their balance sheets. But the suspicion now exceeds basic banking.European side is of course the exposure to sovereign debt that is hunted. To reduce their deficits and repay their loans, the States' policies of fiscal austerity and hope to revive economic growth. The prices of banks are very sensitive to the beam of bad news on the front of growth.
Thus, the spiral of concern about the third largest economy in the euro zone, Italy, has greatly affected the French institutions. End of 2010, according to the Bank for International Settlements (BIS), their commitment to the Italian economy amounted to 393 billion dollars, almost half of the commitments of European banks.
In this context, investors expect, without much hope, strong signs of governments and the ECB."Many banks, especially Italian or Spanish, can not refinance at the current level of spreads, said Yves Le Cocheca, manager at CQS. The risk is therefore forced to see the ECB to increase its rate of liquidity at a time when the European banking system is facing more than 1000 billion of maturities in the next eighteen months. "Deposits banks with the ECB had "increased massively. It's a bad sign, "acknowledged Tuesday a member of the Board of Governors, Ewald Nowotny. Last Friday, they reached 134.8 billion euros, close to the highest level of the year in February. A rapid implementation of bailout Greek send a first message of confidence. Especially as the growing doubts about the level of discount that will pass the institutions participating in the plan payday loans no teletrack.With the exception of the insurer Axa, all French financial provisions have spent up to 21% of their outstanding debt to Greece, when RBS, for example, opted for a discount of 50%.
Subprime bill
U.S. side, it is not so much the loss of "AAA" rating of the sovereign or political differences on the treatment of debt madden investors, but the economic slowdown and its impact on the housing market. The control of the nationalized insurer, AIG, to sue Bank of America to recover more than 10 billion of losses on securities backed by mortgages, has not eased the climate. Banks may find themselves forced to pay a subsequent part of the bill of subprime. The medium-term prospects are hardly more reassuring.The IMF in the next two years, global banks will have to refinance to the tune of 3.6 trillion dollars, markets, stormed by sovereign states …
Shareholders' equity under pressure
The ratings downgrade of the sovereign debt of the United States will cause a shock to the global economy if it leads to alienation of investors for U.S. securities and in its wake a rise in interest rates. A scenario that has not materialized yet.The impact of the decision by Standard & Poor's short-term should be limited to a slight increase in the cost of borrowing for the Authority and U.S. government agencies.
The Federal Reserve has indeed ensured that the degradation would be no need for additional capital for banks, insurance companies and other institutions exposed to U.S. debt.
A spokesman for the central bank said the loss of "AAA" will not affect his view of the quality of U.S. Treasury: banks can still make these securities as collateral in its refinancing operations without paying fees additional.
The Basel Committee, responsible for European banking regulation, did not, however, expressed on the issue.The new supervisory body, Basel 3, which will take effect in 2019, encourages schools to hold sovereign debt, both in its solvency requirements only on the foreheads of the liquidity ratios. "Basel 3 has prompted banks to downgrade their balance sheets by holding much larger quantities than necessary sovereign debt, now decommissioned," so sorry Bonnevay Frederick, a partner at Anthera Partners.
The era of good times is over. China, which for years received lessons in economic policy by the United States, primarily relating to foreign exchange, takes revenge. While S & P has to sacrifice the triple A of the United States, Beijing, the largest holder of U.S. bonds in the world – by far, with 1,160 billion of U.S. Treasuries in the drawers according to figures from Washington published last May – now estimated to have "every right to require U.S. to address their structural problems of debt."
The Chinese government estimates that S & P has only confirmed a "horrible truth". One that was highlighted by the rating agency Dagong China, which has degraded the U.S. triple-A immediately after the agreement to raise the debt ceiling.She said "the days of Uncle Sam, crippled with debt, could easily squander endless amounts of borrowing from abroad seem numbered. (…) In order to treat his addiction to debt, the U.S. must restore the principle of common sense that we must live within its means. " For Dagong, the note of the United States increased from A + to A with, again, a negative outlook. According to the official Xinhua news agency, the adoption by Congress of a text to avoid a default of the United States failed to defuse "the bomb of debt." This failure to control U.S. borrowing could affect the "well-being of hundreds of millions of families in the United States and abroad," she lamented a few days ago.
In other countries, tempers
In France, Baroin, Minister of Economy, trying to reassure.First European official to respond to the thunder of the deterioration in the sovereign rating of the debt of the United States, he ensured that France "has full confidence in the strength of the U payday loans with no fax.S. economy and its fundamentals, and in the U.S. government's determination to implement the plan that was approved by Congress this week. "
Japan, the second creditor of the United States, said that its policy of buying U.S. bonds remained unchanged despite lowering their score. "Our confidence in U.S. Treasuries and their attractiveness as an investment will not change because of this action," said a Japanese government official told Dow Jones Newswires.Japan, which is trying by all means to curb a flight of its currency against the greenback, has no interest in selling its dollar assets for now since it would only strengthen the yen.
In South Korea, senior officials of the Ministry of Finance held an emergency meeting Saturday to analyze the consequences of the downgrade. But the government has warned against overreaction. "We need not be too worried about our economy and financial markets," said Deputy Finance Minister Yim Jong-yong. An Australian Prime Minister Julia Gillard has also called for calm markets. "At the same time, the other two major agencies, Moody's and Fitch continue to note the U.S. economy AAA. So I think people need to consider all the facts, "she said.In the Philippines, a spokesman for the Presidency said that the downgrade by S & P was "to some extent a wakeup call for the U.S. begin to seriously address their economic problems. We have confidence in their ability to do so. "
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"Debt: the United States have failed according to China
Greece is saved, all the better, but remains to be done. This is in essence the common position of six candidates for the primary socialist. Otherwise, the appreciation of the Europe Agreement varies from the conviction of a rescue plan came too late to denounce a "blockage" no future. The range of reactions makes it possible to rank candidates on the scale of the radical.
In the camp of indignation, Ségolène Royal and Arnaud Montebourg topped. To say, the former candidate of 2007 was even offered the platform of the press room of the Rue de Solferino, usually reserved for the party's spokesman Martine Aubry or when she was first secretary function. The PS has made available to candidates for the primary means of its head, and still continuing the campaign, Ségolène Royal has given her a highly formal intervention. "This agreement lifejacket.We close the gaps, "she was outraged by asking managers to make decisions this summer on four issues: the establishment of a European sovereign fund, the appointment of a" commander in chief against crisis financial, "the prohibition of speculation and reform of credit rating agencies.
Arnaud Montebourg same tone in which denounced the "four unacceptable defects" of the rescue plan, including the fact that in his view, the risk of contagion to fragile states is not halted. Arnaud Montebourg also regretted that the banking sector is spared and that the plan "wrongly perpetuates the obsession with austerity."
"Strengthening the political union"
Candidate also the primary PS, the head of the Radical Left, Jean-Michel Baylet, lamented that "the vicious circle of speculation" is not halted.Just under back, François Hollande found the agreement "late" and "inadequate", while acknowledging that it was "necessary." "Like nothing lasting has been hired, we remain vulnerable and therefore much remains to be done," assured the former first secretary of the PS.
Finally, the most moderate responses came from Martine Aubry and Manuel Valls. While denouncing the weight of the rating agencies and regretting that it took to reach an agreement, "offer guarantees costly for Europe and Greece," the mayor of Lille called for "building the Government the euro. " Previously, the first secretary of the PS, on leave from his position, had welcomed the agreement between the leaders of the euro area."We had the Greek people, we were in Europe," she explained in a statement.
Also playing on the line of responsible political leader, Manuel Valls, for his part welcomed the agreement. "Put up against the wall, the heads of states of the euro area (…) are finally out of the inaction of the past few weeks," he said. But the deputy mayor of Evry has also called for further, to "establish a political action settled, peaceful and sustainable in order to strengthen the political union and the challenges of economic globalization."
Jul
14
On Wednesday too, the markets remain nervous, less than previous days but fail to forge ahead. After returning in the green mid-session, the Cac 40 remains anchored in the red mid-afternoon. Same atmosphere on the other major European markets. The FTSE-100 index ahead of 0.50% in mid-session at 5898.30 points. The DAX index gained 0.84% to 7234.30 points.
Caution remains the watchword. Rating agencies are maintaining pressure on fragile states. Degraded after Portugal, Moody's said yesterday that Ireland was also risky and that the country may need a new international support. The agency has pushed the debt of Ireland in the category of investment "hedge" by reducing the country's rating by one notch to "Ba1" with a negative outlook.Bond rates to 10 years in Ireland have crossed the 13% Wednesday morning, reaching its highest since the creation of the euro area.
A summit of Heads of States in the euro area is expected to take place this weekend. Aware of the seriousness of the situation, officials confirmed on Tuesday their "absolute determination to maintain financial stability in the euro area."
Lower start-ups in France
In this tense context, other macroeconomic announcements are often secondary. Investors, however, learn this morning that China's GDP has slowed slightly to 9.5% in the second quarter, less than analysts expected (9.4%). Retail sales in the country rose 16.8% in the first half and industrial production gained 14.3%.
In the U.S., the Fed has shown itself divided on the solutions to boost economic recovery.Some members called for the establishment of new flexibility in monetary policy, while others called for a tightening. All, however, have agreed on the fact that the recovery had slowed since their April forecast and estimated that the recent deterioration of conditions in the labor market was a concern. The minutes of the last Fed meeting will be published at 20 o'clock tonight. On the agenda also U.S. weekly oil stocks and the budget figures.
In Europe, industrial production in the euro area rose by 0.1% in May from the previous month, according to data released Wednesday by the EU statistics office Eurostat.It increased by 0.4% in the entire European Union.
In France, the number of start-ups fell by 10.8% in June from the previous month, after a sharp rise in May (29%) announced Wednesday the National Institute of Statistics (INSEE) . This brings out the creative self-entrepreneurs, adjusted for seasonal variations and the number of working days.
As for currencies, the euro has stabilized at 1.4061 dollars against 1.3974 dollars late Tuesday while oil drops. In morning trading, a barrel of "light sweet crude" for August delivery lost 41 cents to 97.02 dollars.The group warned it expects the same period a decrease of 23% to "about 760 million euros" from its current operating income, "primarily due to France."
Banking:
Banks respond well to ads in Europe.
Total: -0.40% to 38.67 euros
The oil company confirmed opt-out of the Consolidated Global Profit (BMC), which does not provide any tax benefit.
Sanofi: + 0.02% to 54.22 euros
The group and the American Regeneron Pharmaceuticals announced Tuesday that their experimental treatment Sarilumab allowed to show signs of improvement in patients with rheumatoid arthritis.
Auplata: + 1.13% to 2.68 euros
The group hopes to produce up to one ton of gold per year by 2014-2015 with a new plant is expected to increase the performance of its mines in Guyana, its president said Tuesday.
Belvedere: + 3.64% to 53.22 euros
The group of spirits and its CEO have been ordered to pay substantial fines by the disciplinary committee of the AMF for failing to inform the public and also for price manipulation in relation Rouvroy Jacques.
Tuto4PC. com Group: -6% to 5.95 euros
The title of Tuto4PC. com Group, the French specialist in display advertising on the internet was changing down sharply Wednesday morning on the first day of its listing on the Paris Stock Exchange, having already faced the warmth of investors before its introduction.
Marc-Olivier Fogiel left mid-February morning of the orders of a Europe that was in September 2008. At 42, he will find at the back of the antenna M6 where he had led the program "everyone to stop you sleeping."
The FIGARO. -You will return to television with a project to M6. What will this new appointment in September?
Marc-Olivier Fogiel – It will be a weekly news magazine providing an update on current events that marked the week with those who make it. If I had to make a comparison, I would say it resembles the concept of the Sunday Journal, a daily newspaper published once a week and often the event. M6 has already emblematic of news magazines and reports of investigation, we want a news program, interviews with no frills and away from the talk-show atmosphere.It will be the opposite of an issue since zapping will be based on in-depth interviews. Thus there will be no more than three guests. They will live on the channel just as was the case for "7 of 7" or "The moment of truth." Moreover, this one-hour program on Sunday at noon.
On this market, competition from other channels is tough …
It is tough but not insurmountable. Of course, we have to create an appointment for a check and content that do not exist today on M6. But if there was no issue, it would not be worth the trouble to launch this new program.To me being able to meet weekly casting and the best to become the M6, like other chains, a place where those with expressed wish in the news.
When you leave the morning of a Europe in February, many gave you leaving for the public service?
He never discussed or near or far. The only contacts I have had were with the news channels free DTT. To redo the TV, it was essential that it be consistent with what I have begun in recent years and therefore in the wake of the info. I admit that it was not easy to match a weekly basis with the passion of the "hard news". What was more, was returning to M6.When I left three years ago, there was a tacit agreement with this system, I've known for twenty years, talk with their leaders if I wanted to remake the TV.
On the occasion of this new project, you again become producer?
Not at all. When I came to Europe 1, I closed my news agencies and production Paf Paf Press and Prod. It seemed important to enroll in the drafting of the radio, as it is clear to me now to work with that of M6. For me the best way to participate in writing the History Channel and be somewhat in the same "juice" that the teams in place.
However, give yourself projects that you started with Matthew Pigasse?
Instead, we move forward. At that time, I become entrepreneur! But at this point we're still thinking.A reflection not only conducted but also Pigasse Matthew David Kessler, who directs Les Inrockuptibles. I stay in the same vein, that of the info. The idea is to propose a new offer but this time on digital. We would like to launch in 2012. If we had originally planned to create a newspaper on the shelves, now we want to expand our project to all digital. We're a team and especially to think about the business model.
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After a series of tests in the United States and a presentation in Europe under the Air Show at Le Bourget in June, All Nippon Airlines this week hired a campaign commercial test flights of B 787 in Japan . "The aircraft has already been tested by Boeing in the United States. Rather, it is here to check it fits well with Japanese airport infrastructure, "said a spokesman for the airline. The B787 must make several flights and ground handling at Tokyo Haneda via Kansai, Okayama and Hiroshima.
ANA, which is the company launching the new long-haul Boeing, should receive its first aircraft in August or September is more than three years behind the original schedule, which promised a first delivery in May 2008.The first two aircraft will carry a special livery combining white and blue display in the front of the unit's name in large letters. The first Dreamliner will be made available on domestic routes before being placed in service between Japan and Europe and the East Coast of the United States. ANA hopes to lead a fleet of 14 B787 by March 2012 (24 and a year later) of the 55 ordered to commence intercontinental flights no later than spring 2012.
So the final stretch for the Dreamliner.By the end of the summer, Boeing will complete the certification campaign and deliver the first aircraft and then initiate the ramp-up that should cause it to produce 10 B 787 a month in 2013 (against 2 per month in 2010 ) including seven in Everett, the birthplace of the Industrial U quick pay day loan.S. manufacturer and 3 in a new assembly plant based in Charleston, South Carolina, which opened on June 10.
Future B 787-10 announced in 2012
The stakes are high for Boeing who had not designed a new device from the B 777 in 1995. Launched in 2004, 787 B has made a commercial breakthrough with impressive 835 orders from 56 airlines. It has several technological breakthroughs including the massive use of composite materials. They represent 50% of the primary structures including the fuselage and wings of the aircraft.It also promises a fuel economy of 20% compared to legacy aircraft and new life on board passengers with innovations in the cab. B 787 family currently has two versions. The smallest, B 787-8, can carry between 210 and 250 passengers depending on version and its range is between 14 200 and 15 200 km (between 7650 and 8200 nautical miles). The largest, B 787-9, provides between 250 and 290 seats and its range reaches between 14 800 and 15 750 km.
The family may soon grow up with a B 787-10. The leaders of the Boeing discussed at the last Paris Air Show, suggesting that a formal announcement was possible in 2012. "We talked with the airlines and we have received strong expressions of interest," said Nicole Piasecki was then, Boeing vice president in charge of product strategy.With B 787-10, and Boeing could meet the future Airbus 350-1000, the largest member of the family future A 350.
A race against time. On Monday, the French stage will present at the National Rugby Marcoussis, before the DNACG (National Directorate of assistance and management control) financial guarantees as to the survival of the Parisian club, after the fraud case linked Facem the Canadian Foundation (Foundation for the Improvement of children in the world).
Still two million find
The figure is known, the French stage has a deficit of 6 million euros to be filled Monday. Bernard Laporte would have found new investors. But after the spectacular failure of Facem, the pool of investors formed by the Englishman Richard Pool-Jones, former player for the club, has also been reactivated, with the help of Serge Kampf, CEO of Capgemini and a great patron of rugby French, and former international Jean-Pierre Rives.The DNACG, before which the Parisian club had already presented in May, is now more demanding, it expects 12.6 million euros in guarantees, in the amount that would normally Facem injected. The round of Pool-Jones would have raised 8 million – the amount initially met – and another 2 million could be saved by reviewing the operating mode of the Parisian club. Remains yet to find 2 million euros to avoid the gauntlet of the "financial policeman" of French rugby. The question is which of the two solutions will be chosen.
A bloated workforce that will have to degrease
Ironically, the missing 2 million in the plane of Pool-Jones correspond to expenses incurred in recruiting high-end by the French stage version which had Laporte on 20 million euros pledged by the Facem but are never arrived.
A total of 19 players have committed to the Paris Club, including the Argentine Felipe Contepomi, New Zealand's Byron Kelleher and Paul Sackey English free instant credit score. The wage bill had increased to 8 million euros. Another nod, the signature of South Africans Mostert and Van Zyl was announced just minutes before the revelation of the scam. Tuesday afternoon, already aware of the shock, the agents were in turmoil, many trying to resettle their foals outside the capital. Obvious: we'll have to degrease the mammoth. Pascal Pape and David Attoub could rebound in Lyon, recently promoted to Top 14. Bastareaud, who wishes to engage with Toulon but is retained by Bernard Laporte, will get the proper output in the coming days. Mourad Boudjellal, the president of RCT, intention, however, take advantage of the situation. "The first thing that the French stage recovers.I prefer to renegotiate with Max Guazzini and Bernard Laporte in top form in this situation. I really do not want to take advantage, "he said Friday in Var Matin.
Laporte, a return that is like a slap in the face
It would revive the French stage, it could remain who precipitated his fall. Without money from the Facem (three related to this foundation have since been placed in custody), there is nothing. Former Secretary of State for Sport has played with fire. He has left € 170,000 under the guarantees. Salagoïty Francis, former president of the Bayonne where "Bernie" was a brief passage, drives the point home in South West: "Everyone will understand that my apprehensions were based on Bernard Laporte." The only way to bounce back is that the new rescue plan is adopted.In either case, it is rumored that Serge Kampf would not want to hear about it …
The fear of bankruptcy Greek has never been stronger. Sunday, finance ministers of the euro area have again met in Luxembourg to lay the foundations for a new rescue plan, this time involving the private sector.
To address the most urgent, priority was first to validate the fifth installment of the loan of 110 billion made last year in the first aid plan. "We will work to pave the way for the release" of this slice of 12 billion, assured the German Minister Wolfgang Schäuble on arrival. Otherwise Athens, facing deadlines refinancing risk bankruptcy next month. However, the decision could be taken only Monday, after the meeting, warned the President of the Eurogroup, Jean-Claude Juncker.It is also linked to the IMF agreement, which should provide about a quarter of the promised amount and conditioned his release date for further progress in economic reforms in Greece. But ministers were mostly working on a new rescue plan, with "at least an agreement in principle", according to one diplomatic source. The amount could approach that of the first packet. If the principle is an act, the terms of this extension will however be referred to the next meeting of finance ministers, scheduled July 11. The big question concerns the involvement of banks."We'll talk tonight about the involvement of private creditors, the question is how far it can and must go," summed up Jean-Claude Juncker.
"We play with fire"
Friday in Berlin, Nicolas Sarkozy and Angela Merkel had outlined the mechanism, with four main principles: voluntary participation of private creditors, approval of the ECB, nor a "credit event" and rapid implementation instant payday loan. But Wolfgang Schäuble Sunday as Chancellor reiterated that the participation of private creditors should be substantial. Germany prefers the idea of longer maturities on debt, where Paris defends the option of "rollover" that would see creditors renew their credit lines in Athens at the maturity of loans.For Europeans, the most important thing is to convince investors that it is not part of a payment default.
"We play with fire," warned Saturday the President of the Eurogroup. Bankruptcy of Greece "may be contagious for Portugal and Ireland and, before Spain, to Belgium and Italy, given their heavy debt." And in this game of dominoes, the Belgian Finance Minister Didier Reynders, did not rule out that France is also reached, "when you see the level of deficit and debt." The financial world has been rocked in 2008 by the collapse of Lehman Brothers, he said in an interview with The Tribune."Do not repeat this type of bankruptcy."
After the reshuffle of his government, Prime Minister, George Papandreou, has, meanwhile, claimed Sunday the confidence of Parliament in order to get its austerity plan in late June, and thus obtain the release of the new international aid. A vote is expected Tuesday night.
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With the crisis and declining purchasing power, one might think that the French would focus on the lowest prices, even if only buy foreign products cheaper. It is not. According to a study by the Research Center for the Study and Observation of Living Conditions (Credoc), nearly two in three French (64%) say they are willing to pay more for locally produced industrial goods, rather and away from Europe.
Despite the absence of type on the goods consumed (cars, food, etc.), the survey published echoes of "a profound change of attitude": "Five years ago, only 44% of respondents said they were willing to pay that surcharge, "says the document. Action for Fanette, who led the study, the French are "searching for meaning" in their consumption.Clearly, they are aware of the impact of their purchases on the industrial fabric. And local procurement, plus a recognition of "the quality of national expertise," would be a way to "show support to employees and companies most exposed to the crisis."
Low incomes also concerned
For a year before the study, the year 2009 was marked by numerous layoffs. Particularly affected, the industry lost 170,000 jobs during the height of the crisis, according to figures from INSEE. "During the crisis, when people or their relatives lose their jobs or face poverty, they are more careful about how they eat," Analysis Fanette Appeals. According to her, even if logically high incomes are most likely to pay any additional cost of "Made in France", the low-income households are not left behind."The majority of those who earn less than 900 euros per month is estimated to do the same," argues the specialist.
In detail, this attention to the origin of goods "is more pronounced among the elderly," says the study, since approximately 70% of those over age 60 say they are willing to pay more for a good French. But "this attitude is spreading in recent years among 25-60 years, especially among the assets, whether officers, employees or workers."
Buy local: an activist
In contrast, less than 25 years "exception." Their preference for "Made in France" has "increased somewhat since 2005," says the survey. Even "if they focus more than before European products."According to the survey, young people are "more attached to Europe" than their elders, "with a sense of belonging to a larger geographic area" than France.
Thus, preferred the "Made in France" in difficult times resembles a militant act. In this case, attention to product origin sounds like a new message to the government against industrial decline of France.
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