Despite the strong rebound on Wall Street Tuesday, Asian stock markets are unable to confirm their good performance yesterday morning. Including the Nikkei in Tokyo Stock Exchange which is stable at 8729.79 points, after opening up 0.78%.
Moody's has in fact degraded by one notch (to Aa3) Note the long-term debt of Japan due to the massive debt the country, aggravated by the earthquake of March 11. In the process, the U.S. rating agency also lowered the rating of a crazn debt of large Japanese banks (Mizuho Bank, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking).While the title Mizuho is stable at 112 yen to the Tokyo Stock Exchange, Mitsubishi UFJ Financial loose 1.75% to 336 yen and Sumitomo was down 0.49% to 2198 yen.
Tokyo takes steps against the high cost of yen
While the yen regained some ground against the euro (110.52 yen per euro) and was stable against the dollar (76.70 yen to the dollar), the Japanese government also announced a series of measures exceptional to help companies: including facilities will be granted to them by creating a special fund of 100 billion dollars taken on the foreign exchange reserves to encourage them to invest abroad.
Despite this, the export value, including automobile manufacturers, continued to decline in stock: Honda lost 0.93% to 2,343 yen and Toyota gave up 0.86% to 2739 points.
Chinese financial markets, the Hang Seng lost 0.81% to 19.714.50 points while the CSI 300 gained 0.35% to 2830.83 points.
As for other Asian financial centers, the trend is also mixed: the Taiwan TAIEX was down 0.11% at 7541.80 points, the Kospi Index in Seoul lost 0.61% to 1765.78 points and the FTSE Straits Times of Singapore gives 0.48% to 2752.01 points. However, the BSE Sensex 30 Bombay is stable at 16,502.90 points and the S & P / ASX 200 advance 0.23% to 4182.80 points.
Oil prices rise
Oil prices were up Wednesday morning during electronic trading in Asia, with Brent who was close to 110 dollars a barrel because of uncertainty about the situation in Libya. In morning trading, a barrel of Brent North Sea crude for October delivery gained 50 cents to 109.81 dollars. A barrel of "light sweet crude" for delivery in October was appreciating by 18 cents to 85.61 dollars.
Reportedly, the government is preparing to raise the fee paid by social enterprises to 8% in 2012, while it is currently 6%. The Elysée and Matignon are still far from having the entire refereed austerity plan which will be unveiled Wednesday by François Fillon. But the rise in social package, which was already in the pipeline even before the crisis erupted, has very strong chance of being selected.
The social package is a kind of social contribution, which weighs on the amounts paid under the profit sharing, participation, savings and pensions pay extra. Paid by companies, was established in 2009 at a rate of 2%. He has since been increased by two percentage points each year by the government! The draft budget for 2012 should not be an exception to the rule cash advance. The increase of 6% to 8% could yield 400 million euros to Social Security.
Similarly, two other measures related to loss carry-on profits, have very likely to be retained in the austerity plan. The carry-back would be limited to one year. And regarding the carry forward losses from the profits would be capped. In Germany, the losses allocated may not exceed 60% of earnings in excess of 1 million euros.
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Since 2007, departments are put on a diet. The government spending should not grow faster than inflation. The regime is strict, the temptation is great to work around it. To do this, simply departments to offload some of the expenses of parastatals to apparently take their own goal. These organizations, called "operators" are not lacking: they are 584, and range from Météo-France CNRS through employment center or museum. Aware of the danger, the State has established safeguards. Since 2009, operators must reduce their workforce. He had to act because, in 2007 alone, the GSEs have created more jobs (13,989) that the State did deleted (11 244). In addition, operators are supposed to lower than 10% of their operating expenses from 2011 to 2013 and can no longer borrow.But Philippe Marini, the rapporteur of the UMP in the Senate budget, these measures are insufficient. He recommended capping the resources of the operators or similar bodies. Reason: when an agency receives a plethora of recipes, especially because the taxes that are given up, he spent wrongly through. He gives two examples: the National Film and Moving Image (CNC) and the National Center for Public Service (CNFPT).
• Cinema: hocus-pocus of the Ministry of Culture
This organization supports the film and audiovisual production. In 2011, he should see a tax revenue it collects, known Cosip increase by 38% to 583 million euros. What "incentive program to spending just as dynamic as the resources," the report said Marini.In fact, the 2011 budget provides for the CNC 30% increase in staff costs, investment and operating current and an increase around 10% of various subsidies. Even more perverse, the state took advantage of the sudden "boom" to transfer expenses to the TNC. Thus, 11 million grant awarded to the French Cinematheque, previously charged to the budget of Culture, have been taken over by the CNC. By hocus-pocus, the department may see a decline in spending! The CNC remind him that the collection of certain taxes was transferred and that "the institution has been given a board involving all ministries including Bercy," says one in CNC.However, all parties acknowledge that CNC has received revenues "significant" under the Contribution of telecom operators who echoed the total budget of 198 million additional CNC in 2010. So the idea of government is it today to "limit the profitability of this tax," for systems allowance and lower rates. What can continue the digitization of cinema, whether in rooms or in catalogs.
• The training center of territorial agents sitting on a pile of gold
This structure is responsible for training local officials. Its resources mainly come from local contributions, contributions set at 1% of payroll. The center has benefited, in turn, the surge in enrollment in the communes, departments and regions in recent years.This windfall – revenue grew from 240 million in 2002 to over 360 million in 2009 – has not led to a rigorous management. The CNFPT was pinned several times by the Court of Auditors, including in 2011: over-reliance on the same providers, 22% increase in personnel costs from 2004 to 2008 (with a premium increase of 40% over the past six years!) … "The CNFPT spent 67 million to acquire a seat in the middle of Paris," said Jean Arthuis, president of the centrist in the Senate Finance Committee. Despite these expenditures, the excess CNFPT was 33 million euros in 2009 and has a "treasure" of 327 million euros of equity. That is why MPs have decided to temporarily reduce its resources, by reducing the fee to 0.9% for two years.
Unions are in shock. When questioned by the free newspaper Metro, an employee of France Telecom, Louisa Amara, has been very complimentary on the social climate of the group. Having worked, according to France Telecom, for ten years as part-time call center – a function that the young woman does not specify in his LinkedIn profile – Louisa Amara joined for six months external communication of the company. A service headed by Christine Albanel, former Minister of Culture and Communication from May 2007 to June 2009. "This is a manipulation, says Sebastien Crozier, who was elected to the CFC CFE / UNSA. We demand the resignation of Christine Albanel. "
In the interview published last Monday, Louisa Amara said the group "no longer in the gloomy atmosphere that we knew. Over the past year, there is a much more active listening. "She also mentioned a greater "tolerance" for delays "especially for young mothers." A speech that contrasts with recent events in the group. Two months ago, an employee of France Telecom, age 57, ended his life in sacrifice. A new suicide was added to the fifties when the group faced between 2008 and 2010.
The group's management said it regretted "the confusion created by this testimony," but insists that the reporter from the Metro "was of course very clearly warned before the interview of the new features that Louisa has held for six months." He added: "It makes perfectly good testimony." On the side of the newspaper, it denies having intentionally caused discomfort.For everyday, it's "absolutely unintentional error, omission, and at no time did we say it is currently used within the call center."
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New Executive Director of the International Monetary Fund (IMF), Christine Lagarde is under the threat of a criminal investigation in France in the case of arbitration which reported 285 million euros in 2008 to Bernard Tapie.
The former Minister of Economy after the seizure is referred to the Court of Justice of the Republic (CJR), which considers the ministers in office. At the initiative of the request for investigation, the Attorney General of the Court of Cassation, Jean-Louis Nadal, who suspects abuse of authority in the matter of the disputed sale of Adidas by CL, while public bank in 1993.
The prosecutor accuses Christine Lagarde have chosen to settle the dispute in 2007, the route of a private arbitration, against the advice of the services of his ministry. This option was preferred by the Minister to the courts, even though the State had won in 2006 the Supreme Court.He is also accused of having Catherine Lagarde not appeal against the award.
Three options
As provided for the operation of the RGC, the Committee requests input by Jean-Louis Nadal must rule on July 8 for an investigation. Three scenarios are possible:
– The Board found that there is no room for an open investigation and no further action.
– Insufficient information, the Committee requests to be informed of additional documents.
– The Commission's opinion is in favor of opening an investigation.
In this case, the Attorney General of the Supreme Court must then take another commission to try the case business card templates. This means that over time, Christine Lagarde could be called as a witness or present indictment.The new boss of the IMF has in fact not, a priori, the IMF immunity for acts committed before its mandate.
However, even if the green light is given to an investigation, Christine Lagarde should have a respite. Indeed, Jean-Louis Nadal will retire June 30 and so it will not be replaced, the inquiry will not start actually because only the Attorney General may write the Introductory Submission entering the board of education. The appointment of the new attorney will not take place until the fall because of the procedures required before the Council of the Judiciary. Among the potential candidates for attorney general figure Jean-Claude Marin, considered close to the current majority. Nevertheless, whatever the successor to Jean-Louis Nadal, he will have to initiate the investigation.
In all cases, if investigation, it will be long and, in the event the case was referred back to the bench, Christine Lagarde would not be considered for several years. Not to mention that for thousands of complaints received, the RGC has so far found only six cases in 18 years.
(With agencies)
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Some are outraged, others consider the decision expected and logical, while several players see it as a failure of government bias in favor of the atom. The non-renewal of Anne Lauvergeon as Chairman of the Management Board of Areva has raised many reactions from all sides on Friday morning. Ousted the group public on Thursday, the former boss of the nuclear group, which will be received by Nicolas Sarkozy on Monday, played the card of appeasement. Hope that the handover "takes place in the best conditions," "Atomic Anne," as it's known in Areva, has called on all employees of the group "to continue their work."
Nothing to calm the PS, which is firing on all cylinders against the decision short term personal loans. Like Jean-Marie Le Guen, socialist deputy of Paris, for which the layoff is proof again that Nicolas Sarkozy "in a month to think any permit."This close to Dominique Strauss-Kahn believes that the president hopes to avoid "people who have a failure to defend a design independent of the management of a state enterprise." Same arguments for Ségolène Royal. The microphone of France Bleu Hérault, president of Poitou-Charentes hopes that this "dismissal" of an "exceptional woman" was not due to his "independent spirit".
The player is used by default in the articles of figaro.fr. maj5
"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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On Wednesday morning, the Cac 40 should be around equilibrium. Yesterday, the index stabilized at above 3900 points, after starting the week on a Loude loss. Concerns over European debt crisis seems to dissipate somewhat. The Netherlands and Germany are threatening to commit the privatization of the Greek economy to foreign experts, reveals leFinancial Times. A new threat which seeks to lobby the Greek government to take drastic cost-saving measures.
All eyes are turning mainly to the Economy Minister, Christine Lagarde, the favorite to succeed DSK to head the International Monetary Fund, which should give a press conference "important" to the Department late Wednesday morning.
With regard to the Icelandic volcano, France should be minimally affected, which should reassure the airline industry.
Next major economic figures to be followed today: in France, we will look particularly figures on registered unemployed and job advertisements collected by Pole in April. He officially fall to 18 hours. In Germany, the GfK barometer of consumer sentiment will be released at 8:30. United States, is expected at 14:30 durable goods orders in April, at 16.30, the weekly inventory of crude oil.
Airbus confident for Le Bourget
Side companies, consumer complaints of gas and electricity rose 25% in 2010, about problems with their energy supplier.The mediator of Energy notes that complaints from customers at 43% of GDF Suez, to 38% of EDF, 12% of Direct Energy and 4% of customers Poweo.
Airbus and its parent EADS were optimistic Tuesday on future orders at the Paris Air Show in June in a market "active."
The French group Alstom and its Chinese joint venture Casco signed two contracts worth a total of 85 million euros for the supply of signaling systems in metros of Shanghai (east) and Kunming (south) direct payday lenders.
The partner of minority shareholders (Adam) who assigned Tuesday referred the saddle for Hermes "deprive" the essential rights of family voting at the next general meeting, has been confronted with an invalid procedure and case was adjourned to July 12.Or after the meeting to be held June 30
Casino on Tuesday denied having agreed to the opening of the opening of negotiations between the Brazilian distributor GPA, which holds 35%, and Carrefour Brazil.
PPR and Volcom announced Tuesday it had received notification of the end of the statutory review period on the bid of French on the American brand.
Rexel announced Tuesday it had won its bond issue of 500 million euros, whose order book has surpassed 1.8 billion euros.
Eurazeo Tuesday announced a capital increase, offering its shareholders one new share for 20 old shares held as of May 25, 2011.
The land Gecina in 2nd place behind France in Unibail-Rodamco will continue to sell its assets in Spain and in the logistics industry, said Tuesday its chief executive Christophe Clamageran.
BioMerieux announced Tuesday that the Health Authority (FDA) had recorded rapid testing and automated molecular diagnostic NucliSENS EasyQ MRSA screening for patients infected with Staphylococcus aureus resistant to methicillin.
Europacorp publish its annual turnover, while LCD (poultry) will announce its annual results after-hours trading.
Asian stock markets continue their slow progress on Wednesday. After the strong rebound of U.S. indexes on Tuesday, the Nikkei 225 of the Tokyo Stock Exchange is 0.55% to 9873.22 points. The yen remained stable vis-à-vis the dollar at 80.86 yen to the dollar.
While the group must report its results after the close of the Tokyo Stock Exchange, Toyota climbed 1.23% to 3290 yen. Other automakers also posted strong gains, supported by expansion of the yen.Nissan rose 2.34% to 787 yen, Honda is 2.44% to 3140 yen.
For its part, Tokyo Electric Power rises from 3.71% to 502 yen, while the operator of the plant in Fukushima could announce a net loss of nearly $ 9 billion for the fiscal year increased due to the nuclear accident of March 11, according to Japanese press.
China slowdown in industrial production
In China, financial markets are doing well even if caution remains the watchword. After a day without trading yesterday due to public holiday in Hong Kong, the Hang Seng in Hong Kong gained 0.30% to 23,405.20 points. The CSI 300 Shanghai ahead of him 0.23% to 3160.39 points.Investors are somewhat reassured by the slight decline in inflation to 5.3% in April (against 5.4% in March), but the growth of industrial production slowed to 13.4% in April on one year (against 14.4% in March).
Note that a subsidiary of China Southern Airlines, Xiamen Airlines has ordered six Boeing 787 for a $ 1.1 billion (764 million). The title jumped on the stock market by 2.81% to 8780 yuan.
Other Asian markets in the green, except Bombay
On other financial markets in the area, only the Bombay Stock Exchange is moving in the red, the BSE Sensex lost 30 points 0.16% to 18,482.30.
For the rest, the indices are rising.The Taiwan TAIEX gained 0.12% to 9034.40 points, the KRX 100 of Seoul – Seoul Stock Exchange was closed Tuesday for a public holiday – is 0.81% at 4599.54 points, the S & P / ASX 200 climbs from 1.02% to 4774.20 points and the FTSE Singapore Straits Times rose 0.41% to 3169.15 points.
The risk of flooding in the U.S. puts oil pressure
Oil prices were higher Wednesday in Asian electronic trading in the face of fears of flooding in the U.S. threats to refineries along the Mississippi, according to analysts. In morning trading, a barrel of light sweet crude for June delivery took 14 cents to 104.02 dollars. That of Brent North Sea also June delivery gained 23 cents to 117.86 dollars.
For the second consecutive year, neither the first nor May 8 to do the bridge in 2011! Labor Day and the commemoration of the armistice of 1945 had fallen on Saturdays last year and this time it's a Sunday.
The timing, thus depriving the French of long weekends or days off, he is at least good for growth? "Sure, in theory, the more days worked, the more activity, purchases, consumption, etc.. There is an effect on the raw data, "said Vladimir Passeron, Division Chief of the quarterly to the INSEE. In fact, France will work more during the month of May, which did not include bank holiday week, the production system will run more than a year so classic.
But it will not be visible in the figures for second quarter growth to be published this summer.Because the National Institute of Statistics and Economic Studies anticipates and smooth the data "in the discipline of working days" and structural effects, says the expert.
Three Saturdays worth a weekday
This correction is not performed when calculating annual growth. Therefore, the sum of the quarterly is not equivalent to the annual accounts! However, it should not be a macroeconomic impact on GDP 2011, relative to GDP 2010 cash advance america. Last year there were 254 days of the week (Monday-Friday) working, there will be only 253 this year. But if the May 1, 8 May 2011 and Christmas fall on a Sunday, the holiday fell on a Saturday in 2010. Gold worked three Saturdays "compensate" a weekday break, says a study by the INSEE.
The timetable "should not impact the annual growth between 2010 and 2011," concludes INSEE.At best, it would have a positive impact of 0.06 percentage point of GDP, at worst a negative point of 0.06. Only the thickness of the line!
Nevertheless, there are years when the holidays can impact less significant. "The growth differential can be up to 1 tenth of a point or more, is Nicolas Bouzou, economist at Asterès. We also know that the years with few working days result in distributional effects across sectors, to the detriment of the industry by example and benefit from tourism. "That will not happen this year.
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