Brussels unveils Wednesday morning the first tools to enhanced budgetary discipline, but a return to social and political sensitivity, the eyes of many European leaders have already turned to the next step: how to reduce public deficits without killing one fragile recovery in short, prevent the patient from dying European healed.
Rigor or growth, the controversy Twenty-Seven do not extinguished with the final summit which has a fiscal tightening priority number one, are privately EU officials. Rather, the debate may resurface in the fall when the purge has hit the pockets of Greeks, Spaniards and Portuguese. It is also the time when France – soon followed by Italy – the first budget scenarios draw a crucial election year.Orthodoxy dictated by Angela Merkel and Jean-Claude Trichet to "save the euro, is probably not the last word.
"There is much talk of economic government, but except to despair of hundreds of millions of Europeans, this can not be reduced to handle the stick, says a prime minister. The EU must express a more positive discourse. "Behind the facade of unanimity, the summit of 17 June has seen crack consensus on the severity. Behind closed doors, elected by a large country has told his peers that he would not go to elections on an austerity program. A head of government has launched neighbor that he cared more for his popularity figures that the percentage of public debt.
Belgium, which takes the presidency tomorrow "rotating" of the EU and is found to manage the discussion, already began work clearance.The idea, pushed by Finance Minister Didier Reynders, is (re) launch a series of European projects clearly identified, to support investment and growth fragile. "States should certainly spend less, but they can also spend more," they said in Brussels.
The European tax, a topic still taboo
The new president was careful to mention a program of "great works" in the Keynesian mode. But he is making concrete and go beyond the pale "Strategy 2020" established by the Commission and just confirmed the summit. Several tracks are proposed, such as the integration of national networks of high speed trains, the interconnection of gas pipelines, or a coordinated plan for European manufacturers for an electric car general public.
In lean times, is to find public funding.Seen from Brussels, one or more of the taxes in gestation could find was a second use: the tax credit, the tax on financial transactions, or the carbon tax. This does not transform one of these tax levies national European topic still taboo in the EU. Each nation would undertake to devote part of its revenue to a new coordinated investment effort. This is the kind of government economic component.
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Priority of Berlin and Paris, the tax credit has received a cold reception in Toronto at the G20. Despite support from Washington and London, the communiqué does not mention the tax lip as a legitimate option for banks to charge up the pieces of the crisis. But the G20 is careful to praise, to the chagrin of the French and Germans who are promoting at European level.
'There is no international agreement on the tax, "says the Canadian government, hostile to this project from the start. Canadians, Australians and emerging countries are opposed to this levy, because their banks have managed to ride out the storm without state aid. "The financial sector should contribute to the budgetary effort of governments intervened to fix the financial system or money abound resolution," admits the G20."Some countries are considering a tax credit, others are promoting other approaches," said the statement, which takes note of the divisions at the highest level.
Budget 2011 in France
Some guiding principles of tax are set out in the annexes of the findings, but the virtues "antirisques" of the tax are not highlighted. Most delegations, particularly Americans, found it more effective to expand the capital of the most exposed to risks to avert a future crisis. One option feared by European banks, less well capitalized than their competitors in North America.
Angela Merkel, who was the first in Europe to defend the tax credit on a European scale, is not surprised by the meager results of the G20. "We were not going to convince the world to Toronto to impose a tax on banks, this was not the goal!" Will be defended German side."The G20 recognized the legitimacy of the tax, it is well", says it does on the French side. "Whatever the decision of our partners, we will implement this tax!" Warned Sarkozy Nicolas who entered the menu of the budget 2011.
France is Germany and Great Britain seem determined to pay their banks but, despite the political display, the proportions remain reasonable so as not too lose competitiveness relative to Asian markets. Thanks to its tax, France has recovered 1 billion; Great Britain, 3 billion pounds, the U.S. counting on $ 19 billion.A lesser evil for Western banks, which always escape to the great reform of global financial regulation announced by the governments since the first G20 in Washington.
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A draft "courageous, necessary and just." After the day of action against the pension reform, which drew between 797 000 and nearly two million people across France, Economy Minister Christine Lagarde, has defended the government's project on air in France Inter Friday. "Our priority is to protect the retirement plan division," she insisted.
While Prime Minister Francois Fillon has expressed this morning, Christine Lagarde said that "the government is not obtuse", and that "dialogue will continue. Discussions will be limited to "some point" in the text of the government, confirmed the minister."President Nicolas Sarkozy said on the issues of hardship, of polypensionnés and long careers, there is room for negotiation," she added.
"The message we give is our determination to continue to reform in serene courage and wherever necessary," said Christine Lagarde, who emphasized "the urgency" of the situation of public finances France. Asked about the signal that the French government would provide the markets with pension reform, Christine Lagarde did not deny the need to 'send a message of safety "for those who invest in the" France risk. However, the triple-A rating enjoyed by France, which is the best possible debt rating is "stable," Plassnik said.
Safeguarding the employment of older
While the unions believe the government bill "unfair" to employees, the minister said on France Inter radio that "high income will contribute" to the overall effort while "capital income will be taxed" payday loans . She also stressed the government's job to safeguard the employment of older workers. Two directions are preferred, namely training and alternate agreements with the companies on hiring senior employees.
"Delaying the age of retirement must be accompanied by measures to prolong the careers of seniors," the minister reiterated. According to figures released Thursday by the employment center, the seniors have been recovered on May 1 sharp increase in their number of registered unemployed (ranging between 1.3% and 1.4% by categories).That was several months that such progress had been achieved.
The discussion of the severity and recovery
For Christine Lagarde, these figures are "bad". And all the more reinforces the government's reform policy. A policy which it defines as "a subtle exercise" between the need to support recovery and the imposition of austerity measures. "On one hand, it is engaging the major investments planned under the Big Loan. On the other side, be careful not to spend any how, "says Minister of Economy.
A debate that should rightly be exported this weekend in Toronto at the G20 summit. Recovery plans for growth and fiscal restraint? The choice to divide Europe and the United States, the International Monetary Fund and World Bank.Relativizing discord among summit participants, Christine Lagarde nevertheless called for a "more collective work.
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Five years in prison, four of which were required firm Thursday against the former Societe Generale trader Jerome Kerviel, held from June 8 before a court in Paris in early 2008 for causing a historic loss of 4.9 billion euros.
The maximum incurred was five years in prison and 375,000 euro fine for abuse of trust, forgery and using false and fraudulent introduction of data into an automated system.
In their indictment, the two representatives of the Crown have shown they believe that the three offenses were clearly established. For the prosecution, Jerome Kerviel, 33, is "a professional fraud", "overtrained", "cynical", having developed a "system organized, methodical, continuous" for "betraying the trust" of the bank and its employees."Not the criminalization of breach of trust also has to its name," said Jean-Michel Aldebert, head of the financial section of the floor.
"Your court judge for what he is: a manipulative, a cheater and a liar," which caused "global trauma," said Jean-Michel Aldebert, saying that "it is to stop the discredit upon the banks "and that" it is in the public order, economic and financial ".
The bank accuses Kerviel have unwittingly taken for tens of billions of dollars of speculative positions in financial markets, which resulted in a loss of 4.9 billion euros in January 2008.
(With AFP)
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Unoccupied for ten years, the site of the former Laennec Hospital in Paris will be revived. Saturday, Cogedim Altera marketing program will launch the most ambitious of the seventh arrondissement last fifty years. The site covers almost 4 acres close to the Bon Marché in one of the smartest districts of the capital where the promoter included the creation of 191 homes and 17,000 m2 of offices, all on 14,000 m2 of green space.
The difficulties of implementation have been the height of the project. It took ten years for the developer to start marketing. Meanwhile, he faced a succession of setbacks, including cancellation of permission by the administrative court finally allowed reinstated last year by the Court of Appeal.
The nine square meter the most expensive in Paris
Originally, the land was purchased for 80 million euros.On this site, twelve buildings will be constructed along the streets of Sevres and Vaneau. The size of apartments range from slightly less than 30 to 240 m2 and prices cover a wide range: they start at 9700 euros per m2 to over 20,000 euros per m2 for the most prestigious apartments. What constitutes a record in the new in Paris. "In contrast to traditional family apartments one hundred square feet, prices are equivalent, once updated, with programs of the sixth or seventh districts at the end of the previous cycle," notes Christian de Gournay, the chairman of Executive Cogedim. Delivery is expected in the third quarter of 2013.
Two buildings housing must be built and a student residence, a residence for the elderly (EPAD) and 4200 m2 of shops.The historic buildings, including the two wings of the old hospital, which represent cross of Jerusalem, will be converted to office with the insurance group Allianz owns. As for the hospital chapel built by Louis XIII and classified, it will be exhibitions or host events.
Fifty or advance bookings have already been made. "These are French, including provincial seeking a pied-à-terre. We have virtually no advance bookings by foreigners, "says Christian de Gournay. The left bank of Paris 7, the official name of the program, wants a "new neighborhood in the city."The former home garden of 3500 m2 will also traveled to Paris and open to the public.
In 2010, Cogedim launch 84 programs in France and expects 350 new homes sold in Paris, a sign that the stone is once again a safe haven.
Christian de Gournay, who wants to make the third Cogedim French promoter, provides 1.2 billion euros of reservations this year (+80% compared to 2007). Prospects that delight its shareholder. "We welcome the redemption Cogedim three years ago. Our presence in the residential property market contributes significantly to the cash flows of the group, "said Alain Taravella, the founding president of the land Altarea Cogedim.
Five days after the beginning of the G20, which will be held in Toronto, France and Germany called on Monday to unity. In a joint letter to Canadian Prime Minister Stephen Harper, Nicolas Sarkozy and Angela Merkel, calling on the G20 to "remain united to face the new challenges." A call that came after Russia was added, this Monday, the list of opponents to the introduction of a tax on banks.According to Arkady Dvorkovich, the Russian sherpa, other countries as "Canada, Australia, China and India" share the fears of Russia.
Penalties "proportionate and coordinated"
As they had said after their meeting early last week in Berlin, France and Germany believe that much remains to be done to ensure financial stability, "while the economic recovery could be threatened by new financial strains "
Among the many issues discussed, the issue of sanctions against countries "uncooperative" in the exchange of tax information or suspicion of money laundering.In this area, France and Germany want the G20 to go further this time by defining sanctions "proportionate and coordinated" against those countries and asked the OECD, which was published in early 2009 a list of countries targeted, the update in time for the summit in November 2011 in France.
They also want the Financial Stability Board (FSB) broadcasts before the end of 2010 a list of financial "who refuse to cooperate and comply with international standards for prudential" bad credit payday advance.
Nicolas Sarkozy and Angela Merkel address two other issues of topical hottest, new prudential regulations for banks and regulation of financial derivatives markets over the counter.
Prudential "selected and calibrated"
For the former, they believe they should be "selected, calibrated and implemented so as not to jeopardize the economic recovery." They wish they were not introduced before the end of 2012, "by leaving adequate transition periods and appropriate protective clauses.
Derivatives was, they called for an acceleration of "the implementation of strong measures" to improve transparency, notably through mandatory reporting of all transactions in central databases, trading on regulated markets and use of clearinghouses.
They also want an answer "coordinated" with the specific challenges posed by the markets of CDS (credit default swaps), derivatives used to hedge against risks of default of a borrower whose responsibility has been questioned by politicians in the debt crisis in Greece.
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Strained by the crisis, the departments are tempted to turn against the state. The dispute: With decentralization, the state has transferred powers to districts – including RSA, allocation personalized autonomy (APA) for the elderly and the provision of disability compensation (PCH) – without ensuring adequate resources.
"In the Loire-Atlantique, uncompensated costs, which relate to social benefits but also transfers of personnel or the fire service, amounts since 2002 at least 393 million euros and 521 million at worst. This is high compared to our annual budget of 1.2 billion, "said council President PS Patrick Mareschal. Who said that encryption is derived from a mission conducted by elected right and left.The APA says the bulk of the difference: spending rose from 54 million in 2003 to 77,000,000 in 2009, while funding granted by the state stagnated at 27 million.
Nationally, the Departments of Assembly of France (ADF) has calculated that in 2009 the department had paid 12.4 billion ABS, RSA and PCH but received only 7.8 billion in compensation. So they paid 4.6 billion. In 2010, it will be 5.5 billion. Nothing surprising: between crisis and aging, social spending would increase by 4% to 10% this year, according to the Centre for Social Action decentralized, after rising 6.3% in 2009.
Another day of solidarity
"These are not 5.5 billion debt of the State towards us. Because he never committed to offset all the benefits, "said Bruno Sido, UMP senator Haute-Marne and Secretary General of the ADF.The General Council of Loire-Atlantique does not see things this way and preparing to attack the state. "By summer, we will take the administrative courts, which will raise before the Constitutional Council the question of the constitutionality of funding mechanisms," said Patrick Mareschal. The fact that the Seine-Saint-Denis and the Saone-et-Loire have been condemning the state on a more limited subject, the protection of children, encouraging vocations. And the promise of reform Francois Fillon dependence, and therefore the APA, by the end of the year, did not reassure the elect. The ADF would rather play for now, the map of Parliament. "We will table a proposal loistipulant that the state must provide compensation for permanent and sustainable revenue," says its president PS, Claudy Lebreton.More specifically, the ADF is seeking to recover this year one billion undrawn stagnant social funds. Elected officials have the right, them, another idea: "Let's add another day of solidarity, in addition to the Monday of Pentecost," offers Bruno Sido.
European Banks Are they healthy? The question that torments the markets will soon find an answer. Indeed, European leaders have agreed to the request of France and gave the green light to publish the detailed results of stress tests (stress test "in English) which are subject garndes their banks. The 27 hoping to reassure markets worried discover surprises.
These reviews are intended to reflect the ability of banks to withstand extreme financial and economic conditions. Currently, those made at European level on a score of major banks remain confidential.Last year, only general trends were made public, including the fact that European banks were sufficiently capitalized to face a severe deterioration of macroeconomic conditions.
First published in late July
Nicolas Sarkozy has confirmed at his press conference that the publication of these tests would take place in late July as desired by Paris. Earlier in the day, Christine Lagarde, French Minister of Economy, had told Reuters: "I am very positive about this publication. There is nothing worse than the rumors and doubts about the banks. " The Minister is confident, remembering that French banks have so far yielded positive results. These displays of the solvency ratios for the time, satisfactory. In the reverse case, Christine Lagarde said the banks to recapitalize.
Madrid triggers debate
The day before, the Spanish central bank had announced the forthcoming publication of the results of these tests. The newspaper El Pais had found the ad "unprecedented in the euro area. The Madrid Institute hopes to dispel the doubts now hanging on the strength of its banking sector. The Spanish governor of the Bank believes that the current rumors greatly amplify the difficulties of the Spanish financial industry. He hopes that the markets "are fully aware of the situation in the Spanish banking system."
Banks reluctant
Further to the announcement in Madrid, the German government long reluctant, finally decided to give the green light too. But Berlin has yet to convince its banks. German institutions showed far opposed the publication of these results.
Successful tests of Moody's
The European Central Bank will also favors the publication of these tests. In the eyes of the central bank, the operation of transparency is able to reassure the markets. And regulators have reason to be optimistic. Indeed, European banks have recently passed the tests of strength by Moody's. The rating agency has increased the stress tests to thirty European banks from ten countries, and concluded that they have a level of capital sufficient to take further losses.
Some creditors of Lehman Brothers International Europe could be reimbursed for money they are owed more quickly than expected. PricewaterhouseCoopers (PwC), the firm responsible for the liquidation of the defunct bank, has announced on Wednesday he would propose a "consensus approach" to the creditors 'ordinary', that is to say those who do not receive any priority. This approach would allow administrators PwC to assess themselves the debts of Lehman Brothers Europe instead of letting each of the 6,500 creditors of the bank with it according the approach known as "bilateral."
This method would pay most creditors in 2011 instead of 2013 at the earliest if each application was treated separately.But Steve Pearson, a partner at PwC and co-director of Lehman Brothers Europe quoted by the Financial Times on Wednesday said that in return, most creditors will expect reimbursement below their expectations.
A novel approach
Steve Pearson stressed that the consensus approach is a first, necessitated by the complex situation of Lehman Brothers Europe overnight pay day loans. It will save "a lot of time and money to both creditors and to Lehman Brothers International Europe. "What we wanted to do was something ambitious to make their money from creditors who need it," he said in the Wall Street Journal.
The sudden bankruptcy of Lehman Brothers September 15, 2008 has trapped some 6,500 creditors, mostly banks and insurance companies.Some estimate that the total amount owed by the bank amount to 22 billion dollars (about 17.9 billion euros). Aware that his proposal would probably not win the votes of creditors of the bank, Steve Pearson said that the consensus approach would be adopted only if 90% of unsecured creditors gave their consent.
In addition, the Financial Times reveals that Ernst & Young is under investigation in the United Kingdom on the audit that the firm conducted at Lehman Brothers before its bankruptcy. Ernst & Young has announced that it was cooperating and he reaffirmed that "the balance sheets of Lehman this year were relatively consistent with accounting standards.
Tuesday, opens in Los Angeles at E3, the world exhibition of video games. After a difficult year 2009, particularly for console games, the market could see a modest growth in 2010, under strongman Activision Blizzard, the first publisher in the world, a subsidiary of Vivendi. From the top of 4.28 billion in sales last year, the group seems untouchable: it attracts 11.5 million subscribers in its network game World of Warcraft. However, the sector remains fragile: "The market fell by 20% in Great Britain," warns Yves Guillemot, CEO of Ubisoft. The "decline is about 10% in France for PC gaming," said Philippe Sauze, the head of the subsidiary of Electronic Arts, its chief Olympique Lyonnais. But its economic weight is high.The global market for game software grew over 50% in three years, reaching $ 46.5 billion in 2009, against 30.3 in 2006, says Strategy Analytics.
Le Figaro. – What are your predictions for the sector in 2010?
Bobby Kotick – Companies have disappointing results when they are faced with a lack of creativity and innovation. Last year was a fantastic exercise for Activision Blizzard. Our outlook remains positive for 2010, thanks to our range of products. Our position is different from that of our competitors because more than 50% of our profits come not from the consoles. Overall, I think the video game market should grow slightly this year. But we need that Sony and Microsoft will further reduce the price of their consoles, especially in Europe.It seems clear that the higher the price of consoles is low, more games are selling well and the market grows.
The video game lobby E3 is placed under the sign of new interfaces. Will this upset the way he play?
The new interfaces are important, especially in Natal Microsoft Project and Move System from Sony. These technologies help to renew the interest of players and attract new audiences. Similarly, Nintendo 3DS is innovative and it indicates that everyone seeks to differentiate its products from other consoles. But the key element is the price quick pay day loan.We still have much work to be done to further simplify the use of games and ensure that equipment is simple to use.
What do you expect the Big Three, Nintendo, Microsoft and Sony?
Nintendo will not herald major advances for the Wii. But 3DS, with its screen in relief, is a very attractive product. The Xbox 360 is expected to benefit from innovations in online services Live. Finally, Sony has done a very good job with the PS3 is a console game player and a Blu-ray. I think all three console manufacturers are in better shape than last year. In addition, new ways to play show through the iPhone, iPad and televisions. But as the installed base remains weak, we invest prudently.
Facebook has given birth to publishers of small games, such as Zynga.What are your ambitions in social networking?
Facebook represents enormous opportunities for the future, not immediate. Again, we do not want to be first, but the best. We have the flexibility to develop our own games for new platforms, as we did for the iPhone.
What is your assessment for "Call of Duty: Modern Warfare 2?
We have already sold over 20 million games. We have extensive plans for Call of Duty for five years. It has become a group activity. We have created four divisions, one for Call of Duty, one for network games like World of Warcraft (WoW), one third for musical games and a fourth for our licenses. The organization of the group is in line with the market.
What are your major projects?
Star Craft II: Wings of Liberty and Battle.net are very important.It's the same for Cataclysm, the upcoming expansion of WoW, and new versions of Guitar Hero, DJ Hero. Finally, we develop an online service for Call of Duty. I think we have the best range of games in our history.
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