The meeting of finance ministers of the G7 in Iqaluit, in Canada's far north, was the occasion for the great silversmiths to see the convergence of their views against banks."We agreed to work together to ensure that financial institutions bear the cost of their contribution to the crisis", stated the host of the meeting, Canada's Jim Flaherty.
Since the end of 2009, projects of exceptional taxation of banks have flourished, in various forms and with different objectives: punitive tax here, contributing to the effort there, insurance premium paid in exchange for the implied warranty given by the States financial institutions or other taxation of bonuses to limit the activities deemed most dangerous … In Britain and France, is a tax on the bonus above 27 500 euros, which was established. In the United States, Barack Obama wants to apply to larger banks a fee to bring 90 billion dollars in ten years.Now, the bond G7 will legitimize future draft taxation.
Meanwhile, the seven finance ministers, according to American Tim Geithner, reaffirmed their commitment to finding "by the end of this year a consensus on new prudential standards that apply to banking. The Ministers again stressed their higher requirements for capital.
Nearly 500 000 per person
Faced with this increased range of governments, banks are beginning for some, to put water in their wine payday loans no teletrack .This determination in policies comes at a time when financial institutions close their accounts in 2009 – boosted by the profits on contracts for some, undermined by the loss of their portfolios of assets and doubtful debts for other . Also in that time that banks put the last comma on the bonus amounts distributed.
Although it became the symbol of a financial world that have returned to practices before the crisis, Goldman Sachs has chosen to keep a low profile. The bank is number one on Wall Street, announced this weekend that its CEO Lloyd Blankfein would affect "only" $ 9 million for 2009, entirely in shares. This bonus is not only less than half that received by his counterpart at JPMorgan, Jamie Dimon, for example.It is particularly small in comparison with wild rumors that had circulated a week ago: there was talk then of 100 million dollars!
In 2009, Goldman has made a net profit of 12.2 billion dollars, the same as that earned in 2007 a record year for finance. Employees at large will share more than 16 billion dollars in bonuses in various forms, about 500 000 dollars per person. But thirty frames the higher will be paid in shares, they can not sell before five years.
Large centralized operation for Societe Generale. According to the words of a spokesman for the bank in the Daily Tribune, the establishment has decided to bring all its toxic assets to Paris while some are now scattered in New York, London or Sydney. These illiquid assets, that is to say, for which there is no market, have a book value of 35 billion euros, excluding derivatives. Goal by this spokesperson: "reduce our operational risk. In exchange, the new investor enthusiasm. The Societe Generale is under 1.31% to 51.98 euros, 30 minutes after the opening of the meeting.
The operation should be done in two phases. Firstly, the activities of the subsidiary Inter European Council (IEC) will be transferred to another structure, Génébanque, by the end of March. Then, IEC will get all the toxic assets and manage their entire management.The operation could extend until late July or late October. The aim is also tax since the maneuver will allow Societe Generale to reduce its taxable profits the losses associated with these toxic assets in France.
This process of centralization must still be submitted to central works January 14 next.
Last year at the same time, the French automobile factories were preparing to enter into a long hibernation. Most sites of PSA Peugeot Citroen and Renault have lowered the curtain for a month between December and early January. This year, thanks to scrap premiums introduced in Europe, the activity is markedly increased compared to the end of 2008 disaster.
The contrast is particularly clear in PSA, although the production levels of 2007 are still far away. Overall, the French manufacturer's sites will close down between Christmas and New Year's Day for the traditional week of vacation. The group enjoys the success of new models like the Peugeot 3008 or 206 + products in France. Only the plant in Rennes, specializes in upscale, undergo three days of partial unemployment in December.In total, the production of PSA increase of 33.6% in the fourth quarter 2009 over fourth quarter 2008, but remain in decline of 10.2% over the same period in 2007.
Renault also later, production was resumed. The group includes the diamond increased by 50% worldwide in the last quarter compared to 2008. But as the activity of plants was reduced by 45% this time last year, the manufacturer has not regained its pace of two years ago.
Partial unemployment in 2010
If the situation returned to normal on most sites the French Diamond, Douai and Sandouville turn even slow this season. The plant Sandouville near Le Havre, close to the total one week in early December, then to three weeks between December 19 and January 8.After discontinuation of the Vel Satis, it assembles more than the Laguna and Espace, penalized by the penalty green.
He has sold only 30 000 Laguna in France in the first ten months of the year (- 32%) and Area 7 100 (- 27%). Employees are worried, because on this site, where 1 300 jobs were eliminated recently, the assembly of a new model, a utility vehicle, which will begin "in the first half of 2013," said Patrick Pelata Friday, the CEO of Renault, and not, as previously announced, in 2012. Other affected site, Douai, in the North, which makes the Megane Scenic MPV. It will stop more than three weeks from December 17 to January 11.
For 2010, Renault do not expect a return to normal.The manufacturer provides on average 45 days of partial unemployment in its French factories, against 50 to 60 days in 2009, said Friday the CGT, relying on information management. The only consolation, according to an internal agreement, employees of Renault partial unemployment has reached 100% of their salary this year.
This caution is linked to cessation of car scrapping or reducing them next year. The sales may still decline by 6 to 8% in Western Europe in 2010 after an expected decline of 5% in 2009, according to rating agency Fitch Ratings.
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