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Societe Generale on Wednesday asked the Criminal Court of Paris condemned his former trader Jerome Kerviel to pay 4.9 billion in damages in compensation for "injury" suffered in 2008.
"It is clear that Mr. Kerviel will not pay" such sum, said in his address one of three lawyers from the bank, Jean Veil.Mais amount is requested for the sake of "simplicity" and "understanding ", he said, adding that this sum represented only" a part "of the injury."You could charge interest, they could claim compensation for moral damage" also suffered, "he added.
The bank alleges that Jerome Kerviel, who faces further five years in prison and 375,000 euros in damages for having taken without his knowledge for tens of billions of dollars of speculative positions in financial markets, which resulted in January 2008 by a historic loss of 4.9 billion euros.
Jerome Kerviel, 33, disputes this analysis and refuses to take responsibility for this perte.Il says his superiors knew of his operations – what they denied in their testimony – and thinks he could have ultimately "chasing" if he had been given time paperless payday loans.
Under the old trader, the "unwinding" (liquidation) of the positions he had taken was done wrong at the wrong time, what still strongly disputed Mr. Veil. The bank was threatened, she had no choice, provided the lawyer.
Before Mr. Veil, François Martineau, another lawyer for the bank, explained that the "thesis of Jerome Kerviel" that Societe Generale "knew" what he was doing was "totally unbelievable. First, "why hide what is known? There is a major contradiction. Then, continued the lawyer, "he said, 'They let me win, and when I started losing I was arrested'."But, he said, "it began to lose in April 2007!" Redress the situation before the end of the year end 2007, then lost again in January 2008.
Martineau also recalled the "images" that have been raised since the beginning of this case: the "earthen pot against the iron pot," or "David against Goliath." But there are many, he said A victim who is the bank, and a "defendant" charged with three offenses of embezzlement, forgery and using false and fraudulent introduction of data into a computer system.
The "hole" becomes a chasm. The deficit in the general scheme of Social Security will reach 26.8 billion euros in 2010, having surpassed the 20 billion euros in 2009, according to a report by the Accounts Commission for Social Security (CCSS) is remit to the government on Wednesday said a source familiar with the matter told AFP. A figure to relate to a level of spending over 317 billion euros, all branches of the general scheme (health insurance, pensions, families, work accidents).
The prévisionde Commission, which will be corrected in September, is less than projected under the bill funding Social Security in September 2009. The official estimate then exceed the cap Pharaonic 30 billion deficit. An increase of over 7 billion euros to 30.6 billion.The figure of the CCSS is nevertheless an absolute record, while the social security deficit had doubled between 2008 (10.2 billion euros) and 2009 (20.3 billion).
In its report, the ACSH also believes the deficit of Old Age Solidarity Fund (FSV), whose mission includes the funding of the minimum age at 4.3 billion euros in 2010. Added to that the social security system, the total deficit of the general scheme could reach 31.1 billion euros this year, said the source familiar with the matter.
The weight of the crisis
In retail, insurance concentrates the largest share of the social security deficit and what, for the second consecutive year, with an estimated deficit of 13.1 billion euros.Then follow the branches pension deficits (9.3 billion), family (3.8 billion) and accidents (0.6 billion), according to the report of the CCSS.
In its battle against public deficits, President Nicolas Sarkozy recently announced a battery of measures to reduce the deficit to 6% of GDP in 2011, after 8% in 2010. Among these measures, the government has influenced its growth target of health insurance costs, which is now fixed at 2.9% in 2011 and 2.8% in 2012. "All measures necessary savings will be in place to comply strictly with the national healthcare expenditure (national goal of health insurance spending, ed), had then said the departments of Health and Budget in a joint statement.
Despite these initiatives, the economy weighed. The social security system is still shaken by the crisis.In 2009, the recession had hit hard the two main plates that fund the scheme: labor income (at half mast due to a decline in payroll) and income from capital (notably affected by the fall in transactions estate). And no hint of the HCMC upturn. In her report, she believes that 2010 will be continued in 2009. The "hole" of Social Security will continue to grow so brutal.
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The European Union has delivered Monday in her web of Penelope: the establishment of a "governance" to hold together the economic course of the crisis. But she still did not defined the content nor the timing, or even the actors. The sudden postponement of the appointment Sarkozy-Merkel in Berlin in addition to other mishaps for a company that struggled to take off. Finance ministers of Twenty-Seven, meeting in Luxembourg on Monday evening, still had to push the fires on their side.
On the positive side, the ministers of the euro area have sealed their agreement on the "ease" of 750 billion which should guarantee the eventual bailout of states on the brink of bankruptcy. They agreed to curb the gnawing pain of a single currency: Eurostat, the statistical arm of the EU, will be with genuine "investigative powers" to prevent a country to hide for years the severity of its fiscal situation.So much for the remedies.
EU sanctions
The advances are more confused in the forums, sometimes competing, responsible for prevention component: the Eurogroup, which brings together 16 ministers of the euro, the Ecofin, which brings together the 27 EU central bankers, and finally the new working group that puts themselves under the authority of the Chair, Herman Van Rompuy. The three find themselves in less than twenty-four hours in Luxembourg overnight pay day loans.
First floor of the mechanical preventive tightening fiscal discipline is acquired on the common principle. But its terms shall continue to oppose Germany, herald of orthodoxy in much of Europe. Berlin wants to impose on countries that refuse to toe the line of European sanctions, such as the deprivation of the right to vote, not found in the treaties.José Manuel Barroso J. "naive" the Merkel government's attitude. France, without rejecting the idea of German front, said she does not respond to the emergency "because it would take at least three years to change the texts," said one diplomat.
Things get complicated at the higher level, that of governance and coordination of economic policies. Angela Merkel and Nicolas Sarkozy are trying to get their act together to approach the next EU summit in Brussels nine days. Herman Van Rompuy will also make proposals.
The Chancellor visited in March to the idea of an "economic government" European defended by the Elysee.But rather than open a new institutional construction, Berlin thinks first to impose its partners "stability culture" as a model.
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Malta takes a very dim view of the opening of the French market paris online and does everything to slow the process. This is the poker from the first to pay the price. Indeed, the opening to competition of the French market of online poker is postponed for one month, until late June because of an obstruction of Malta under EU rules, said the Agency France Presse (AFP) the entourage of the Department of Budget and confirming information site Challenges.fr
"We can not publish the implementation decree (for poker online) before June 28 It postponed a month because we are forced Malta, "says one with services Françoise Baroin.
A French law "relating to the introduction of competition and industry regulation of gambling and online gambling" was promulgated on May 13, followed by a dozen decrees.This legislation relates to sports paris, the paris horse and poker.
The Regulatory Authority online games (Arjel) should issue next Tuesday fifteen licenses to operators of online games, especially in order to start the paris during the FIFA World Cup (June 11-July 11 ).
Problem European procedure
The government had sent there over a year to the European Commission's draft legislation on online gaming, then notified Brussels implementing decrees, said the Budget Ministry online pay day loans. "Member States (EU) had three months to make their comments and Malta has chosen to do May 27", ie the last moment. France is obliged to meet in Brussels and Malta before issuing his decree. Paris now has one month to respond.
Malta, already established on the market for online games, contests a provision of the French law requiring players to register with an approved operator. This is contrary to the EU principle of free movement of persons and property.
"There is no problem on the merits. It is simply a procedural problem in Europe, as it has been commented at Bercy, stating that the grant Arjel as planned on Tuesday for its amenities paris sports, horse and poker. For the latter, many traders will await publication of the decree in late June. Still, the situation is embarrassing for the operators. Bwin, Unibet and Unibet already offer online poker. And waiting for regulatory approval to regularize their situation.
Registrations of new cars in France have slowed significantly in April, the end result of whiplash print market since late last year by the scrappage
New registrations rose 1.9% in April on a year in France, reaching 190,986 units, said Monday the Committee of French car manufacturers (CCFA). In March, they still leapt 17.9%, still boosted by the registrations of cars ordered in late 2009 to take advantage of the premium to 1,000 euros. This was reduced to 700 euros since 1 January, and will fall to 500 euros in the second half.
"We see here the impact of gradually reducing the premium breaks, there is some decline in the small car category, those who have benefited most from the device, and you know you will go into negative at the end of the year, "said a spokesman for the CCFA.
"Despite this, the ski manufacturers we also show that the level of orders for new models and for mid-size cars are holding up well, meaning that the market continues to resist despite the decline in aid."
Citroen sales down 8.3%
The major manufacturers all expect a decline in European car market this year, the second half of 2010 announcing the end more difficult with a comparison of premiums and increasingly unfavorable relative to the boom in late 2009. Renault has amounted to 10% expected decline while its major competitor PSA Peugeot Citro?n expects down 9% quick payday loan.
Last month had 21 days, provided that April 2009.Of the first four months of 2010, registrations in France reflected an increase of 12.9% to 785,706 units.
Sales of passenger cars Peugeotont group rose 7.3%, but those of the Citro?n stand down 8.6% on month, while Peugeot's registrations increased by 24.2%.
As for the Renault group, registrations were up 17.2% – an increase of 9% for the brand new diamond and jumped over 100% for Dacia (Logan, Sandero and Duster).
Improvements on commercial vehicles
French brands have still got their game well, with an increase of 8% against a decline of 4.9% for foreign brands. Among foreign automakers, Nissan (49.2%), General Motors Europe (+43.5%) and the BMW Group (+24.1%) recorded the most notable increases.The Volkswagen group (-20%), Fiat (-13.3%) and Ford (-12.8%) are in decline.
The improvement in the commercial market, particularly affected by the slowdown in economic exchanges, is also confirmed. The registrations of light commercial vehicles rose 32.2% last month, marking an acceleration from the 16.5% increase observed in March (+11.4% when adjusted for working days). In commercial vehicles over 5.1 tonnes, in turn, is down 9.4%, against 28.4% in March.
A few days after the publication of a sales soaring and better than expected, Ghosn perfect its operation seduction. The CEO of the automaker, which suffered heavy losses last year with 3.1 billion euros of losses, it is one of the most important sector, pledged on Friday at the annual Shareholders' return in the green "no later than 2011.
A challenge for the "cost killer" at Nissan, whose re-election as head of French carmaker should, except surprise, be endorsed. Five years after its accession to the presidency of the group, the economic conditions in 2010 should however be difficult.The scheduled shutdown of the scrappage scheme in particular, should not contribute to boost the profits of Renault.
To find the flexibility brought by the loan of 6 billion euros granted by the state earlier this year, Ghosn has also committed to the shareholders to repay that money more quickly than expected, it ie before the year 2014. "We will refund well before the deadline and we will refund if possible in concert with our friends at PSA," he said as well.
The manufacturer expects to have the freedom again to close and installing production units it wants to reduce its costs. One recalls the intervention of Nicolas Sarkozy to prevent the complete production of the Clio in Turkey …
Apr
26
Lloyd Blankfein, Goldman Sachs boss, and six of its past or present employees may spend unpleasant moments earlier at the Capitol. They are summoned to explain, under oath, the practices of the largest bank on Wall Street before the Permanent Subcommittee on Investigations of the Senate.
Its chairman, Sen. Carl Levin, wants, before the cameras, pushing Goldman Sachs into a corner. He is convinced that, like other banks, it has contributed to the financial crisis through 2008 by selling to investors who may be unaware of the financial derivatives of mortgages she knew highly risky, while also trying to enjoy the likely devaluation of its securities.
These hearings are the culmination of ten months of investigation. Goldman Sachs comes very prepared with the best lawyers instead.Including some who once worked for the commission itself.
The event comes at a doubly crucial. Carl Levin and his team of experienced lawyers did not know that Goldman Sachs would otherwise be charged in civil fraud and conflict of interest by the Securities & Exchange Commission (SEC) last April 16. Now that the U.S. financial markets authority claimed that the institution of New York covers exactly the concerns of the Committee. So, Fabrice Tourre, French employee who is 31 years at Goldman Sachs, namely accused by the SEC, is also among those summoned to explain Tuesday.He was accused of having concealed the bank's customers that it was developing derivatives were designed to lose value and enrich those who sell futures.
Ground
Another "coincidence" at the same time engaging the decisive battle in the Senate to reform the U.S. banking system. The Democrats, pushed by President Obama, trying to rally some Republicans in a text that would strengthen the control of risks taken by banks like Goldman Sachs. The procedure initiated by the SEC and the Committee hearings Levin maintain a political climate conducive to the adoption of legislation that is deemed a priority by the White House to prevent future financial crises.
Goldman Sachs denies having violated the law and denies having benefited unduly from the collapse of securities backed by junk mortgages it sold elsewhere.In 2008, the bank appears to have suffered net losses in this niche. But in 2007, it seems to have benefited greatly in its own account transactions, the collapse of a market it also fed. Internal e-mails from Goldman Sachs, seized by the committee and already published show that Tourre Fabrice and his superiors had understood in 2007 that the U.S. housing market to plummet and the market for derivative products that were "completely death.
Meanwhile, others in Goldman Sachs were pleased with the millions that brought down their speculation on these products. The Committee has already shown Levin in 2008. Its hearings have forced UBS to disrupt its activities and stop the recruitment of U.S. customers wishing to evade taxes.
Today the aim is not to demonstrate that Goldman Sachs had violated the law.It is mainly to prove that American laws should be changed to prevent the banks get richer without the knowledge of their customers.
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A "golden boy" among many other French
After a small setback on Thursday at the opening, the U.S. markets have closed up. The Dow Jones gained 0.10% and the Nasdaq was ahead 0.56%.
This turnaround was due inter alia to the banking shares, despite concerns related to the Greek deficit. Investors were no doubt reassured by the president's Barack Obama who has advocated the adoption in Congress to reform U.S. financial regulation to avoid a crisis similar to that of 2008. And, when Wall Street was shaken by the scandal Goldman Sachs. Goldman Sachs gained 0.09% to 159.08 dollars, Morgan Stanley is up 0.73% to 31.91 dollars. However, JP Morgan Chase 1.34% yield to 44.79 dollars.
The bill provides for the creation of an agency for the protection of consumer financial (CFPA) in the central bank (Fed).It offers a better supervision of the huge derivatives market. The sponsors also seek to end the bailouts of major financial institutions in difficulty at the expense of taxpayers.
From the side of the other values, the Starbucks group (7.33% to 27.25 U.S. dollars) has announced a profit after the close of 217.3 million, or 28 cents per share against 25 cents a share. Revenues climbed 9% to 2.5 billion dollars.
Also note eBay announced a profit of $ 398 million (+11%) and annual sales increased 9% to $ 2.2 billion fast cash loans. "After an outstanding fourth quarter, and a good first quarter, the group is very cautious on the prospects for sale" note the experts at Aurel BGC.The track lost 5.74% to 24.78 dollars.
Also in the technology sector, Apple on Wednesday unveiled the results well above expectations steals record after record. The title of the Apple brand has finished on a new historic high of nearly $ 260 per title. Some rumors suggest that Apple might be interested in undertaking MRA. Apple is the biggest customer of ARM and with the launch of the iPad, the Apple brand would have control over the production of chips. The transaction could reach $ 6 billion. The title gained 2.75% to 266.36 dollars.
The health sector is suffering. The market is increasing concern over the impact of U.S. health reform.Consequence: Merck loses 2.73% to 33.79 dollars, Pfizer was down 0.72% to 16.48 dollars or abandons Johnson & Johnson 0.92% to 64.79 dollars.
In the foreign exchange market remains concerned by the problem of debt Greek, the euro is falling against the dollar Thursday. Around 16 hours, the euro is worth 1.3301 dollars (-0.64%).
Energy: one week for the troubled oil
Gravitating around $ 85 last week, oil prices have slowed their rise this week. On the New York Mercantile Exchange, a barrel of light sweet crude for May delivery traded at 84.52 dollars on Monday against a peak of $ 87 on Tuesday of last week. "It comes back to earth, ironic one analyst.
This correction then explained by an increase in inventories of crude reserves in the United States for the tenth straight week. Oil prices continued their decline in the rest of the week despite the fact that the International Atomic Energy Agency (IEA) has again raised its forecast for global oil demand in 2010 of 2% compared to 2009.Investors have been cooled by the analysis of JP Morgan believed that the offer would remain significant because of high inventories of non-members of the Organization of Petroleum Exporting Countries (OPEC).
A wake was held following the publication of positive quarterly results from Intel. The U.S. Agency for Energy Information (EIA) had also announced a surprise drop in crude inventories at 354 million. Since Wednesday, the price has recovered the $ 85. Friday, prices have stabilized around 85.69 dollars per barrel WTI.
Metals: copper, always leading
When China talks about his growth figures, the metals markets are rubbing their hands. Latest macroeconomic figures in Chinese date, the country grew 11.9% yoy in the first quarter. A new whetting the appetite of investors.Remember that China is about 8% growth in 2010.
In markets, copper continued its path toward the summit despite a small reflux (-0.47% over the last 5 days). Friday on the London Metal Exchange (LME), the ton is trading at a consistently high level of 7874 dollars. The goal of $ 8,000 is not far.
Aluminum is also up on the LME, with a gain of 4.30% over 5 days and a high of 2,423 dollars per tonne reached Thursday. A fine performance as the industry giant, the American Alcoa announced Monday that he remained in the red in the first quarter due to special charges related to restructuring. The group was divided into two loss over one year to 201 million dollars.
Nickel is also 8.70% on the week. Ton set a record Thursday at 26,685 dollars on the LME.
Precious Metals: Greece weighs on gold
Gold has had a week sawtooth.The gold shows a decrease of 0.62% over 5 days. Friday, traded 1153.80 dollars per ounce, in a market down by 0.52%. This weakening is due to the rise of the dollar against various currencies worldwide that drives investors to take profits. This weekend, the euro lost 0.3% to an average of 1.3535 dollars amid concerns about the ability of Greece to cope with its crisis. The country has announced its intention to use EU funds to cope with its debt. Gold therefore moves away again from the "peak" predicted by the consulting firm GFMS in its annual report 2010.
The money follows the same path as gold, down from 0.49% to 18.35 dollars per ounce on Friday.The metal still remains above the 18 dollars, a level reached the first time since January last week.
Palladium was trading Friday around $ 540 an ounce on the London Bullion Market (LBM). Prices dropped slightly over the weekend but that does not make the metal more than 6% in 5 days.
Agricultural products in the green
This week has been marked by rising prices for soybeans, corn and wheat on the Chicago futures market. A bushel of wheat climbed Thursday to $ 4.80, allowing a gain of 3.78% over 5 days. Corn was trading at 3.62 dollars per bushel (44.24% in 5 days), while soybeans traded 9.78 dollars per bushel (3.19% in 5 days).
The announcement of a 11.9% growth yoy in the first quarter, China has boosted the morale of investors who expect a steady increase in demand from countries considered major consumers. The news has mostly benefited the soybean: China buys alone 60% of U.S. exports, according to the U.S. Department of Agriculture (USDA).
Both company executives selected from Essex on Wednesday in a Group plant in Macon, doomed for closure, have been released by the employees on the night of Friday to Saturday, after signing an agreement on the negotiations future.Following intense negotiations, repeatedly compromised, the Directorate General of Essex and employees reached late at night to an agreement through the prefecture and the elected council and regional council, on the central works council scheduled for Monday.
The site's director, Olivier Dalicieux, and human resources director, Alain Thomas, came out in silence around 4:30 am, in the presence of forty persons, after more than sixty hours selected in this stage factory son of copper.
Under this agreement, management committed to "embark on the plan to safeguard employment starting April 19 from the bases of negotiation developed by CGT elected.The CGT calls in particular extra-legal compensation of 30,000 euros net for all employees, plus 2,000 euros net per year of service for employees with more than four years of service, capped at 100,000 euros net. In a previous statement, the proposed management bonuses of up to 32,000 euros gross.
"We'll have to break the deadlock"
On Friday, the direction of Essex, owned by South Korean LS Cable, had nine delegates assigned interim staff for evacuation of the site, indicating a hardening of the conflict after a failed mediation attempt in the departmental Labour payday loan no faxing.In the evening, the High Court of Macon had refused assistance from police, believing that management did not provide Essex proof of occupancy or sequestration of its leaders.
"The evidence of obvious disturbance to public order is not established," said the court, ordering the company to also pay the sum of 500 euros in court costs. The decision was greeted with shouts of joy from the employees on the plant site, while management expected a third night of sequestration."We should get out of this impasse," said the lawyer employees, Ms. Beatrice Saggio, calling on leaders to "show more flexibility".
The CGT elected Essex have criticized the Minister of Industry, Christian Estrosi, who said he was "deeply shocked by the behavior of a small minority of employees that holds hostage," the two frameworks: they found "quicker to condemn employees and their representatives to deal with this issue of concern which he has received since November 2009." Since the announcement in late March the closure of the plant which employs 86 people, employees feel that the conservation plan for employment (PSE) has proposed "unsatisfactory".