"Our damage is the result of the positions of a political party over another," said David Beers of Standard & Poor's. It is in fact the political impasse that is degraded.
The agency draws conclusions from long weeks of fruitless discussions between the White House and Republicans in Congress on the issue of public debt. It punishes the agreement therefore insufficient on 2100 billion dollars in savings over ten years voted last week on Capitol Hill.
S & P expected, like others, agreed two times more ambitious and also noted the dangerous precedent set by the threat of default artificial Treasury for lack of voting in time for raising the ceiling of the debt.
Republican intransigence in this political struggle partly explains the lack of compromise.The Conservatives' refusal to consider any tax increase prevented Barack Obama to make concessions in terms of reducing social spending. As far the President has not operated to best deal with Republicans and finds himself in some way "degraded".
The Republican campaign already denounced the "president who has ruined America by driving up the debt of 40% and lose its" AAA "rating."
Imprisoned at Camp David for the weekend, Barack Obama has not even commented on the news. His approval rating fell from 40 to 42% last week, the lowest of his term.Beyond the trust, which is increasingly lacking, its scope is more narrow.
The prestige of America severely affected
While growth slows dangerously, it seems short of ammunition to boost growth because public debt is too high for a fiscal stimulus. The President has not found the words to restore confidence and prevent Wall Street dive. He can not expect miracles from the Federal Reserve, which already maintains zero interest rates since December 2008. At best, it is hoped that the falling dollar boosts exports and saves the United States of a new recession.
Finally, with this degradation of Standard & Poor's is the very image and prestige of the first power of the world that are severely affected.To the point that China, with over one trillion U.S. debt is now ready to teach economics at the American Barack Obama.
"We resist '. That is what could be read on the sign of one of the protesters took to the streets of Athens on Saturday to protest against austerity measures additional adopted by the Greek government to clean up its public accounts. Responding to the call of the country's two main unions, GSEE (private sector employees) and ADEDY (public sector), the thousands of protesters denounced the identified "social barbarism" After the enhanced supervision of international institutions in their countries . "We oppose the government and the memorandum for these barbaric actions and antisocial," said Gregoris Kalominis, an official of ADEDY.In a joint statement released on the sidelines of the event, the two unions have called for "a different economic policy, with measures of development and social measures that preserve jobs and increase our social and economic rights."
A plea against the recent economic decisions imposed on Greece. Yesterday, the country has received the "troika" (European Central Bank, European Union and International Monetary Fund) the green light for the payment of this summer's fifth installment of the loan of 110 billion euros granted in 2010. But a green light conditioning to "accelerate fiscal and structural reforms in the country", which Moody's rates still at 50% the risk of default within five years. Enough to arouse the wrath of the unions.Indeed, George Papaconstantinou, the Greek finance minister, has already announced it is less than a month an austerity plan for 2011, about 6.4 billion euros.
Hardening of social climate on another front
After nine general strikes, mobilization has been moderate on Saturday. The demonstrators were mostly employees of the public power company PPC, port employees and teachers. An event that went smoothly. Nothing to do with the excesses seen in previous demonstrations.
Mobilization and social deterioration seems rather move on another front, the less supervised by trade unions or political parties. Already experienced in Spain, a spontaneous party Internet illustrates the ras-le-bol of the Greeks, that of "outrage".Now, they do not hesitate to take sides publicly in the political class and physically, according to them responsible of the current situation. For ten days, these "outraged" gather every evening on the Constitution Square, just before the Greek Parliament.
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Record! A bottle of Champagne Veuve Clicquot, 200 years old and found at the bottom of the Baltic Sea, was awarded 30,000 euros Friday, during an auction held in the Åland archipelago, not far from the spot where she was rescued in 2010 from the wreckage of a schooner that sank between 1825 and 1830.
This bottle, which, according to historians, belonged to Madame Clicquot in person, however, has not reached the heights expected. It was auctioned to a buyer in Singapore, which has also offered 24,000 euros for a bottle of Juglar a house Châlon longer exists. But already a new record is in sight: experts provide a bottle of 1907 Heidsieck would be to sell $ 275,000 in Moscow.
Waive the RSA, no, perfect it, yes. After the turbulence caused by Laurent Wauquiez, the government has found his line of conduct. Or rather found, since it is the mission entrusted weeks ago in UMP Marc-Philippe Daubresse, which must balance its work in July. The minister in charge of the case, Roselyne Bachelot, already offers a line of improvement: "Simplifying the system horribly complex," she said yesterday on RTL. For example by creating a "single window" for beneficiaries, shuffled to the General Council in family allowance fund, through the employment center.
Another track, "merge" the Solidarity labor income and employment premium (EPP). This device, too, intended to encourage work, but passes through tax (reduction of income tax or check the state of the taxpayer when it is exempt).Benefit those whose homes have reached a certain level of resources the previous year, while drawing a minimum income from work … his "merger-acquisition" with the RSA had already been considered in the creation of this last.
PEP has indeed several flaws. First, its effect is limited. Because it is paid with a lag of two years and is sprinkled over 7.7 million homes: Some recipients receive only a few dozen euros. Then this is one of the costliest tax loopholes: nearly 3 billion expected in 2011.
Strengthened support
These defects did not disappear with time. And with the RIAA, has added a problem of readability. The two devices are not cumulative, but the better of two applies to the beneficiary payday loans with no fax.Example given by the Ministry of Solidarity: A single mother working a full year at minimum wage full time receives 23 euros per month from RSA … then at the end of next year, 912 euros in EPP. For the same cost, it would have been simpler and more incentive to pay 99 euros every month from RSA. This was always called the "father" of the RSA, Martin Hirsch. He had opposed Pierre Mehaignerie. Chairman of the Committee on Social Affairs of the Assembly was concerned that the beneficiaries of the EPP – tax measure – feel "downgraded" through the RSA-welfare. He now considers a merger EPP / RSA "tenable, provided it is controlled in a decentralized manner, as close to the ground."
In the spirit of Roselyne Bachelot, things are clear: if the PPE was merged or restructured, recovered the money would finance a strengthened support for job seekers or strengthening the "RSA-activity" (that paid working poor). In no case would go to higher RSA-base, that is to say the old RMI, the epitome of the assistantship for much of the right. A close case highlights a problem to be solved rather supports the RSA part-time workers, PEP workers full time. Please do not forget them in the operation. The project, if realized, could be voted in accordance with the laws of finance, at the earliest in the fall.
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After more than a month of investigation, the Attorney General at the Court of Cassation, Jean-Louis Nadal, decided to respond to a request by nine Socialist MEPs to investigate the role of the Minister of Economy Christine Lagarde, in settling the case between Bernard Tapie, Credit Lyonnais. The minister is suspected of abuse of "abuse of authority" in the arbitration of this issue, covering the resale of the sporting goods company Adidas in 1993 in which the businessman was swindled by the said bank.
Jean-Louis Nadal seized Tuesday petitions committee of the Court of Justice of the Republic (CJR), judging the ministers in office. Within a month, it should determine whether the complaint is admissible.If this were the case, the Attorney General immediately seize the commission investigating the RGC, which would conduct its investigation, before a possible referral to the RGC.
On 1 April, nine Socialist deputies were sent a letter to Jean-Louis Nadal, asking the RGC to shed light on the choice of using Christine Lagarde to arbitration in settling the case rather than s 'submit to traditional justice in this case the Court of Appeal of Paris. The three umpires appointed in 2007 had ruled in favor of the businessman, condemning the consortium of construction (CDR), the company responsible for managing the liabilities of the Credit Lyonnais to pay 285 million euros to the group Bernard Tapie.Arbitrage costly, heavily criticized by the Court of Auditors.
Bernard Tapie confident
To complete his education, Jean-Louis Nadal gave the Ministry of Economy, the Court of Auditors and the Finance Committee of the National Assembly until April 20 to submit additional elements justifying the award rendered by the arbitral tribunal. "All of these parts has allowed the Attorney General pointed out many reasons to suspect the regularity or legality of settlement by arbitration dispute that may characterize the crime of abuse of authority," said Prosecutor General's Office on Tuesday, paving the way to investigate the role of Christine Lagarde.
The crime of abuse of authority is punishable by five years in prison and 75,000 euros fine. It is the fact that a person holding public authority to make decisions that impede the application of the law.In detail, the prosecutor calls into question the conditions under which the arbitration agreement and the money has been approved – including a check for 45 million euros in the single title of "moral damage" -. Jean-Louis Nadal also accuses Christine Lagarde having waived on behalf of his department, an appeal against the adjudication proceedings.
The entourage of the Minister relativized. "This is a normal procedure, it says. It will allow Christine Lagarde to produce any new information in its possession and to demonstrate the lack of merit of this case. " Bernard Tapie, for its part, wants to believe that any investigation would have no consequences for him. "All these gestures have no power to reverse the decision, a law arbitration as a last resort. Let's stop these fantasies! "He said.But if an investigation led to the demonstration of a crime, the check of Bernard Tapie could be questioned. MP Charles de Courson took this week the Council of State to annul the arbitration and two senior officials are threatened with prosecution before a Court of fiscal discipline.
(With agencies)
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A few days of the publication date of his trial, we learned that the sulfurous designer John Galliano is released by his lawyer of long standing. Reached by Lefigaro.fr, Stéphane Zerbib confirms having "relinquished the record" in mid-April and said "why ignore the information out now." "Run by professional secrecy", he refuses to state the reasons for his withdrawal. It is also unclear whether the designer has selected a lawyer from another.
John Galliano has to appear for insult and defamation of anti-Semitism in the second quarter of 2011 before the Paris court, after an altercation with a couple in a Parisian bar in the Marais. Arrested while intoxicated after the events, fashion has always denied the allegations and filed a complaint for defamation. However, he apologized.
Licensee
A second complaint should be considered.It concerns a woman other than John Galliano insulted in October 2010. The artistic director of Dior would have ridiculed her looks, before uttering an English racist slurs.
John Galliano, who was dismissed by the House of Dior after these cases, faces six months in prison and 22,500 euros fine. We know the date of his trial on May 12
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Small volumes of trade and wait. This could be the profile of the session on Wall Street Monday. After closing up on last Thursday (Friday was a holiday), the New York Stock Exchange opened almost flat on Monday. In mid-session, the Dow Jones lost 0.27% and the Nasdaq gained 0.03%. The volumes were nevertheless remain modest, while the main markets are closed Monday in Europe because of the long weekend for Easter.
The barrel began to increase its share to over $ 113 a barrel to 15.15. The "light sweet crude (June delivery) traded at 113.25 dollars, up 96 cents from Thursday.
Investors should remain cautious earlier this week, pending statements from Fed Chairman Ben Bernanke on Wednesday.Forecasts of inflation and economic outlook: new publications the U.S. central bank should be explained at the first press conference after the meeting of the Governing Council. On the other hand, the first official estimate of GDP for the first quarter will be published Thursday.
Side companies, Ameriprise Financial, Johnson Controls, Kimberly-Clark and Radioshack should publish their results before-hours trading. The distributor of electronic products RADIOSHACK posted a quarterly profit of $ 0.33, $ 0.35 cons expected by the consensus. The turnover stood at 1.06 billion dollars as the anticipated 1.07 billion consensus.
On the other hand, NIKE could see its stock price reached a new high over the next 18 months if the OEM is able to raise prices without adversely affecting sales, according to investors cited by the magazine Barron's. After the record high reached last year to 92.49 dollars, as Nike declined to $ 80, due to the rising cost of oil, cotton and labor. On the other hand, the bank Wells Fargo has raised its rating on the pharmaceutical company Johnson & Johnson "market performance" to "outperform."
Finally, the title of the Chinese search engine Baidu might be heckled. The Chinese government will punish the search engine and 13 other sites for allowing illegal music downloads, reports the official Xinhua News Agency. No details on the nature of the sanctions has been published.According to Xinhua, the sites in question have left online illegal content despite several warnings from the authorities.
The course from Advanced Micro Devices (AMD) could also be active on Monday. The computer chip manufacturer announced Thursday after-hours trading that its net income had doubled in the first quarter quasimment. SanDisk also announced on Thursday its results for the first three months of the year, slightly down from last year. PG & E for its part, announced the sudden departure of its CEO Peter Darbee.
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Education, taxation, health, industrial policy … Thirteen months before the presidential election, the Socialist Party this Tuesday its vision of society "to redress France," with twenty proposals headlights. Through this appointment, Martine Aubry hopes to convince and reap the fruits of two years work.
Among the measures already unveiled: 300,000 jobs financed by the future maintenance of the wealth tax (ISF) or removal of the exemption from overtime, public investment bank to help small, independent pathways for young people, equal pay for men and women in 5 years. The project, which also summarizes the proposals made during the four Conventions in 2010, also plans to cap salaries of bosses of companies where the state is now, according to the JDD, which Sunday unveiled an outline of the project .
"It's a social project for France, a coherence of what we did for two and a half years," argued recently Martine Aubry a few journalists. "It is a text that speaks to the French, the entire left, all those waiting for change. It is an innovative text on the bottom and form ", she also confided to a friend.
The last stroke of the pen will be given Monday's Political Council, which brings together the top leaders of the Socialist Party, the National Office before extraordinary convened Tuesday at 9 o'clock.The text will then be debated and adopted by the National Council on Saturday voted by militants on May 19 and adopted in National Convention on May 28
"A form of foot-cons to the policy of Sarkozy"
"For the first time since 1981 that so much time is spent by people very different to prepare for the presidential project", says one of its instigators, the member Christian Paul, referring to intellectuals, researchers, trade unionists have returned to the Socialists. "In 2002 and 2007, we lost the default project company entered into a national narrative," adds the reporter William Bachelay text for which the "French reality today is marked by the decommissioning and the obsession to win a context of globalization. "The project will be "well left" and "modern", according to Christian Paul, "cleaves" in relation to the right, the Justice Party spokesman Benoit Hamon, and a "form of foot-cons to the policy of Sarkozy" , Michel Sapin.
This project has three main components: "the recovery of France, his weight and his voice in the world, building a just society and a society of respect and rapport, and the reflections on and justice institutions and ways of participatory democracy.
The project has also two documents: a "of about thirty pages," and another "more detailed". In total some 80 pages. The text should be a broad membership management believes that prides itself on having all the sensitivities associated with the party. For Benoît Hamon, the socialist project, "obviously, urges all candidates" competing in the primary.Its adoption is also an important step Martine Aubry since taking power in 2008 and before the presidential primary guaranteed pay day loans. A membership will strengthen the broad after the success of the PS to Canton.Remains whether it will convince the French, previously unresponsive, according to surveys, offer alternative represented by the PS.
The main proposals of the Socialist Party:
• Employment / Youth:
– Create 300.000 jobs for the future, new version of youth employment, "to set foot in the door to young people, to reassure families, restore confidence and revive the economy," in the fields of social and environmental innovation;
– Limit the precarious "by removing exemptions from fees companies abusing the CSD and the interim;
– Supervise training "while in school so they are paid properly and avoided after, so they do not replace the real contracts of employment";
– "The journey of autonomy 'for trainees with an allocation of study-tested;
– Establish equal pay between women and men in five years.
• Education:
– Reconciliation of colleges and universities to "better synergies."
• Companies:
– Create a "public investment bank, combining the resources of the Deposit and Consignment, OSEO, the Strategic Investment Fund and the postal bank, declined in regional funds to finance innovative SMEs and make interests to structure future courses;
– Modulate the corporate tax based on the reinvestment of profits. The company that reinvests its profits in full will have their rate of corporation tax reduced from 33% to 20%. Neutral measure for the state budget, because the SP will report up to 40% tax rate for companies preferring to distribute their profits as dividends to shareholders.
• Discrimination:
– Anonymous CVs for the kid who is struggling to find an internship or a job;
– Remember that identity checks are governed by the law.Saturday, Martine Aubry spoke inspection certificate of identity for the young victim of discrimination is no longer monitored ten times a day by the police.
• Health:
– Incentives for young doctors to settle for two or three years in the countryside or in poor neighborhoods to fight against the medical deserts.
• Housing:
– How "massive" construction of 150,000 housing units per year;
– Supervise the rents to the relocation of private park and reduce the cost of housing.
• Taxation:
– Fusion Income-CSG to create a large progressive tax deducted at source;
– Limitation of pay gaps of 1 to 20 in companies in which the state has an interest (EDF, Areva ..).
• Energy:
– New energy mix of catching up with development of renewable energy out of everything from oil and nuclear in 30 or 40 years.
• Utilities:
– Recruitment of gendarmes and police officers (10,000 in five years), magistrates and court clerks.
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Very hesitant meeting Tuesday on the Paris Bourse. The CAC 40, who played yo-yo all day, finally chose the green fence. He finished with a gain of 0.27% to 3987.80 points, and yet is close of 4000 points.
The CAC 40, which had earlier lined up four sessions, fell victim to profit taking during the session. Investors remain concerned about the situation in the Middle East and Japan, do indeed play the card of caution. "Too many uncertainties remain heavily to buy stocks," says Franklin Pichard, director of Barclays stock. I can not believe that the Cac 40 lasts longer. The correction is inevitable. "
Other major European markets have followed the same path. The London Stock Exchange gained 0.47% to 5932.17 points after playing in the red much of the day.For its part, the DAX 30 Frankfurt Stock Exchange dropped 0.76% to 6886.14 points.
On the macroeconomic front:
– Expenditure on household consumption of manufactured goods rose 0.9% in February after falling 0.3% in January, mainly due to a rebound in auto purchases
– The number of starts of new homes jumped 54.1% yoy for the period from December to February, while the number of building permits for these homes increased by 25.5%
– United States: the Case-Shiller housing index dropped 1.0% in January from December, as expected, and 3.1% in January 2010.U.S. consumer confidence is also falling to 63.4 in March, against a revised index rose to 72.0 for the month of February, according to data released Tuesday by the Employers' Federation Conference Board. The median consensus analysts polled by Reuters expected a general index to 65.0, with variations from 55.0 to 72.0.
Renault takes off
Renault: 2.44% to 38.39 euros
A sound document released Monday by The Express reveals that Renault knew in February that the espionage case that hit was a fake scandal. The Exchange does not seem affected by this announcement, pushing even the title of the manufacturer at the top of the charts of ACC 40.
Edenred: + 1.95% to 21.43 euros
Edenred, resulting from the division in July with the Accor hotel group, is carried by various rumors about a possible takeover of the company or paying a special dividend.
Camaieu flies
Titles Camaïeu leapt 44.05% to 209.16 euros after being booked on the rise at the opening, following agreements signed between the fund and MODACIN Modamax and major shareholders of the brand's ready- to-wear. MODACIN Modamax and controlled by Cinven fund and hold about 65% stake in Camaieu, announced on the eve of signing agreements with major shareholders of the group to purchase their hand up and was 95% of capital.The offer price is 214.46 euros, representing a premium of 47% over the closing price as of Friday, March 25 and valuing the entire company at 1.3 billion euros, or about 1.6 times its turnover.
Gemalto 2.13% to 35.47 euros
The company said it was allied to the giant Mastercard credit cards in the field of contactless payment by mobile, considered a growth driver for the manufacturer of smart cards.
Peugeot: 0.85% to 27.77 euros
PSA Peugeot Citroen has announced a gradual return to normal production in Europe from March 31.
Dexia: -0.03% to 2.87 euros
The rating agency has doubts about the financial health of three subsidiaries of which Dexia Dexia Credit Local.Moody's intends to degrade their notes.
Areva: + 0.98% to 31.39 euros
The Supervisory Board of Areva, which was held on Monday confirmed Lauvergeon to head the nuclear expert, according to BFM Business.But the State had requested the appointment of a number two.
EDF: 0.75% to 28.91 euros
The list of new members of the board of directors of Edison, controlled by EDF and the Italian A2a could be known this week, said on Monday a source familiar with the matter.
Lagardère: + 0.25% to 30.09 euros
Lagardere announced Monday the signing of the sale of its international magazine from the American Hearst, 651 million euros.
Technip: 1.16% to 74.41 euros
Technip wins contract to install subsea pipelines for the development of a field off Abu Dhabi, according to a statement released Tuesday.
Medica: +0.80% to 14.40 euros
Medica was published on Tuesday a profit of 23.2 million euros in 2010, after a loss of 13.4 million euros in 2009, and announced an increase in its activity by 15% in 2011.
Also note, investors await tonight's results after market Neopost.
For some groups, the Chinese adventure can turn into a nightmare. Mattel, the giant American toy, just made the painful experience with her Barbie Store in Shanghai, built in 2009 for $ 30 million. The largest store in the Barbie world, comprising over 3300 m² the largest collection of dolls and related products, closed its doors.
Unique in the world, with its pink neon, restaurant and bar, this concept would allow Mattel to forcibly enter the Chinese market very strong. At the opening of this store, China accounted for only 2.5% of sales of Barbie dolls in the world. Mattel, which had set a goal of making its first market in 2014, could only see flat sales. The objectives have been reduced by 30% during the first eight months of opening the shop.
Linda Du, spokeswoman for Mattel, prefers to talk about a strategic change.But these remarks do not preclude the observers to see a law of the series. A month before Mattel, Home Depot, the world's largest chain of DIY stores, closed stores are in Beijing last. In late February, he was followed by consumer electronics retailer, Best Buy, which announced the closure of its nine stores.
Lag
Analysts agree that these closures are due to lack of interest in Chinese products sold by these companies. Home Depot offered to the Chinese urban and tools to tinker with themselves, even though they prefer to hire labor for small daily tasks. In the same spirit, the world's leading interior decoration, the American B & Q, "is now suffering and could be next," says Patrice Nordey, director of the Atelier BNP Paribas Asia, based in China.For what is seen as a pleasure by Westerners, is not for the Chinese, "he says. Similarly, Barbie and American measurements was shunned by the girls and their mothers seem to prefer the design of a Hello Kity.
"There is a gap and a failure in the analysis of flavors in this population. The attractiveness of the Chinese domestic market leads to many errors. Companies want to be first and are of much more rational, "says Patrice Nordey.
These difficulties are compounded by the competition from Chinese vendors itself. "Foreigners invest in hundreds of square meters and post their sellers. In front, the Chinese buy very large areas and saucissonnent each square meter they then sublet to small sellers. The shop abroad faces a multitude of vendors and brands.It is very difficult. "
Lack of analysis
However difficult to imagine that these groups are launching an international dimension to these markets in the dark. "This is what emerges from these experiments, however, finds Patrice Nordey. Millions are spent on useless things instead of being used for market research. " According to the analyst, Americans are more prone to this kind of disillusionment as the Europeans. "They have sales concepts that work very well at home. And they tend to believe that this will be the same in China. The Europeans and the French in particular, are more cautious and throw more upstream analysis.
This does not prevent them from making mistakes. Crossroads initially sold the meat in plastic. But the group quickly realized that it did not fit local customs and is now selling the cup, as a market, "notes Patrice Nardey.Mercedes is also a good example: "The Smart has never been successful here. Mercedes does sell only 300 in the year because it is a two-seater car too expensive for the Chinese. But last December they started bundling Internet. Result: in 3:30, 200 Smart sold, "said Patrice Nardey, who is keen to emphasize the lack of questioning of groups on the choice of sales channel. "Retailer, hypermarket, shopping mall or the Internet: it must be analyzed. And we realize that the canvas is the system of selling the most dynamic in China. "
But in this country, everything can change very quickly, including lifestyles and consumption patterns. "For companies to be attentive, flexible and responsive," says Patrice Nardey.
Argentina closes its doors to the Barbie doll
Argentina has closed its doors Wednesday to all products from toy maker Mattel U.S., including Barbie and Hot Wheels cars and Cars, as part of a new series of protectionist measures. The Federal Administration of Taxation (AFIP) has announced that it had "suspended the importing company Mattel toys because she had not presented the certificates of origin in 39 cases. Mattel "has committed serious misconduct," said the AFIP in a statement.
Dante Sica, director of the institute Abeceb analysis, "the government has two objectives: one attorney, the other implicit. "The first is to protect local industries. The second seeks to preserve the balance of trade balance in an election year. "Toys made in Argentina represent over 30% of the total, against about 5% in 2003.And the government has already announced a series of protectionist measures to try to halt the decline in the trade surplus, which fell 58% during the single month of January 2011.
Imports of Mattel toys worldwide leader with a turnover of 5.8 billion dollars (4.1 billion euros) in 2010, in Argentina represent 7.5 million (5.3 million euros). (AFP)
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