An afternoon and night to negotiate a little. Finance ministers of the European Union gathered in Brussels on Sunday to develop a European Support Fund before the opening of Asian stock markets in the night. The mechanism would be for the countries of the euro area are experiencing difficulties in refinancing their debt markets.
These negotiations will be tough. If Sweden, which does not belong to the eurozone, said she would not rule of replenishing the fund for assistance, the United Kingdom, he was categorical. It will not contribute to the plan because it is not part of the single currency club.
"I think it is important that we do everything we can do to stabilize the markets …Be very, very clear: if there is a proposal to create a stabilization fund to the euro, it must be left to the Eurogroup countries, "said British Finance Minister, interviewed from Brussels by British news channel Sky News.
Despite these differences, the EU wants to send a strong signal to markets. They have since the beginning of the crisis in Greek, brought little credit to European decisions. On Sunday, the Spanish Minister of Finance, Elena Salgado, has shown great volunteer arriving in Brussels for talks: "We will defend the euro, we believe that we should give more stability to our currency, and we will do what is necessary to achieve that goal. "She also stated that "Spain does not intend to use this fund."
The original idea was that the European Commission to borrow under the guarantee of all countries of the European Union, including those like Britain that do not use the euro, as it is mechanism of the EU, diplomatic sources said.
To validate such a device would require the approval of a majority of the 27 qualified enough that EU ministers meet in Brussels, but the goal is to have a consensus.
An agreement must Tonight
London's refusal to participate could force the euro zone to fall back on a loan facility guaranteed by the only countries using the single currency, an option also being considered.
The contingency plan for defending the single currency will he ultimately guaranteed by all countries of the EU or the only states in the euro area? "It's a question for debate," a diplomatic source admitted to another European country.
The British, they refuse to give their guarantee for loans in Europe, however, are willing to approve in principle the establishment of the Stabilization Fund, according to British sources.The latest proposal on the table talking about a $ 60 billion for the fund, she said.
The euro area is imperative to reach an agreement before financial markets open in Asia on Sunday night to Monday in order to be able to reassure investors after Greece took in their sights Spain, Portugal or Italy.
London also in turmoil
The United Kingdom is, as the euro area in turmoil. The elections on Thursday did not produce a clear majority in Parliament, which is at once suspended. Because of this uncertainty, the pound fell Friday below 1.46 dollars, its lowest in a year.
Markets are particularly concerned about the reduction of budget deficit British, the highest of the major EU countries. It reaches 12% of gross domestic product (GDP).What dig the debt, which could peak at 94.1% in 2011, according to the OECD. The rating agencies expect the presentation of a future austerity plan to degrade or not the "AAA" rating from the United Kingdom.
ALSO READ:
"Under the pressure of markets, Europe size in public expenditure
"The decline of the euro threatens U.S. recovery
»COMPUTER GRAPHICS – Aid to Greece in five questions
The clouds are gathering over Goldman Sachs. After the announcement of a complaint by shareholders against the directors, the Wall Street Journal revealed on Saturday that five of them sold their shares after the bank had been informed that an investigation by the SEC, the U.S. stock Constable , was the establishment. They have sold their shares at a purchase price of $ 65.4 million (48.9 million euros).
The Wall Street Journal, officials have sold the shares in question are an attorney, two vice-presidents, a chief accountant and a member of the board of directors.
The sales took place between October 2009 and February 2010, the Wall Street Journal reported on its website, citing the company InsiderScore.com, which presents itself as an observatory of insider stock transactions.A few months ago, in July 2009, the SEC had informed the bank that it was considering legal action against them.
On April 16, the day the SEC announced it had filed a complaint for fraud against Goldman Sachs in the civil courts, as the Goldman Sachs lost 13% of its value on the NYSE. The fall had continued throughout the week.
To prove his good faith
The announcement comes as Goldman Sachs is preparing his hearing Tuesday before the Parliament. According to a document of 11 pages that she purchased the Washington Post, executives at Goldman Sachs who will testify alongside Fabrice Tourre want to demonstrate their good faith in this matter.
Before the Senate subcommittee investigation on the financial crisis, they will indicate that they do not know if housing prices would increase or decrease when the product under investigation, the Abacus, was sold. The document describes the debate that animated the leaders of investment banking in 2006 and 2007. As proof, the bank will provide the e-mails on the subject by the leaders.
Nuisance emails
Their testimony should however be undermined by embarrassing e-mails released by a Senate committee on Saturday. According to the messages exchanged, the bank would have otherwise benefited from the mortgage risk to pocket tens of millions of dollars.
In one of these messages, the CEO of Goldman Sachs, Lloyd Blankfein, wrote: "We obviously have not escaped the bedlam of subprime mortgage.We lost money and then we have won more than we lost through our short position. In another mail, managers assess the consequences of failing grades assigned by rating agencies, subprime, "like we're going to make much money," wrote one of them. "Yes, we are well positioned," replies his colleague.
"Investment banks like Goldman Sachs did not just brokers, they were interested developers of risky and complex financial products that led to the outbreak of the crisis," says Carl Levin, chairman of the Sub-Commission Senate Permanent Investigation, which will face the leaders of the bank Tuesday.
ALSO READ:
Goldman Sachs sued by shareholders
The Securities and Exchange Commission (SEC), the U.S. stock market watchdog, said it had initiated proceedings for fraud against Goldman Sachs. The U.S. bank would have hid crucial facts about financial products affected by the subprime crisis. Fraud concerns the structuring of CDOs ("collateralized debt obligations) linked to subprime subprime.
Goldman Sachs action was immediately heavily impacted by this lawsuit.Around 17h35, the title fell by almost 14% to 160.3 dollars, bringing in its wake many financial stocks and the major world indices no fax pay day loans.
The SEC accused the bank and one of its vice-presidents, Fabrice Tourre to have misled investors by concealing important facts about the financial product concerned, while the U.S. housing market began to deteriorate.
At 15h GMT, Goldman Sachs yielded 9.7%. The KBW index of U.S. banking sector shrank at the same time 3.5% and the Stoxx European sector gave up 1.8%.
Wall Street widened its losses, the Standard & Poor's 500 yielding 1%.
At 24 hours of his arrival on the market, the iPad fever is at its height in the United States. If you believe the answer to preorders which started March 12, the new creation from Apple sensation. The first stocks are already exhausted, those who have not ordered their iPad before this week will receive nine days late, on April 12. Apple, which does not communicate its presales, would not produce enough to meet demand. On Saturday, the tablet will be available in Apple stores and Best Buy, and it will get up early to get his, because the rays could be emptied before the end of the day, according to the buzz on the Internet. The wireless models are $ 499 to $ 699. It was not until the end of April if we are interested to 3G versions, the price will go up to $ 829.
They are not only two signs that are preparing to light.Speculation is also rife on the Web according to PCWorld magazine. Taking advantage of the predicted shortage, some simple pre-booking their offer to $ 100 on sites like Craigslist, others have started their iPad on eBay at $ 700 instead of 500. These deals seem even more doubtful that Apple, as usual, organized the launch of its latest gadget in the greatest secrecy. The employees, including technicians to repair the supposed object in case of failure, had still not seen the tablet this week.
5 to 6 million sales?
The bookmakers are already on their paris sales volume by the end of the year: 5 to 6 million, maybe more. To entice buyers, Apple has guided the launch eleven new iPad applications on its site, including Safari, Keynote, YouTube, iTunes and irresistible iBooks, which may well dethrone the Amazon Kindle.If even two months ago, we doubted the potential of Apple's latest invention, now we only speak of it. Advertisers flock to the advertising pages of publishers whose applications will be available on Saturday, as Time Magazine, The New York Times or the Wall Street Journal. FedEx has purchased 90 days exclusively on applications of Reuters and Newsweek.
The reviews coming out are largely positive. A few handfuls of journalists across the U.S. have played for a few days in secret with the tablet. For most, the iPad is a single iPod or eBook. The New York Times predicted that the techies will hate but the general public will love.
In any case, Apple continues to generate humor. The tablet on behalf biased in English (mean pad pad) is suitable for two months parodies the most diverse.The latest is a "tablet" Doritos (the chips). A real hit on the Facebook page for fans of the true shelf.
ALSO READ:
A five French ready to read on a screen
"The iPad seduces the first U.S. testers
The crisis in the eurozone, triggered by the financial woes of Greece, does not discourage candidates for membership. Instead, the accelerated deadlines. Next on the list, Estonia – a member of the European Union since 2004, like its Baltic neighbors – has become in January the 17th state to adopt the single currency when it emerges just one of the worst recessions its history. The small Baltic state announced Friday a fiscal deficit and public debt for 2009 well below the limits set by the European Union, respectively 1.7% and 7.2%. These exemplary figures are enough to make the envy of the major European countries even if they hide a decline in GDP of 14%.
With these results, the government intends to pass his entrance examination in May for publishing the report in Brussels in June and especially in the political verdict Finance Ministers."I do not see how they could refuse," said Estonian Minister of Foreign Affairs Urmas Paet. Most countries in the euro area far exceed the criteria, "Bill Thomson, OECD, grade:" One can always interpret in one way or another, especially on the sustainability of public finances. This is a political decision. "As such, the entry of Estonia into the OECD in late May it provides proof of credibility.
Yet a year ago, few experts would have bet on the country joining the single currency. After years of euphoria, the country has suffered serious setbacks: the collapse of the housing bubble, crash consumption, falling exports … and unemployment rising sharply, to 14%.
Unlike most countries that have tirelessly to revive the machine, the strategy here was quite different, based at the end of 2008 on the restrictions.Salaries down, the tax burden to rise, spending freeze … In 2009, savings accounted for 9.2 points of GDP. All without protest or strike extent. "If we compare the living standards of the time (prior to its independence from Russia in 1991) and today is the day and night. Wages have increased significantly between 2005 and 2008, justifies Rein Minka, vice president of the central bank. "Estonians do not complain, it is not in their nature. They have not forgotten the rationing of the Soviet era, reflects Stecken Antoine, a French importer of cosmetics no fax cash loans . They are also followers of the liberal model."There is a consensus policy, including public opinion, to deny recovery by the public debt," said Maris Lauri, chief economist at Swedbank.
Meanwhile, the newspaper in Tallinn is very difficult. In the image Meeli Lass, 39, 4 children, opera singer, who supports her family with a salary of 13000couronnes (around 830euros) – good pay, judge the young woman. Her husband was fired, and his eldest daughter graduated last nine months looking for a job. "It tightens belt: no output, no new clothes. This winter, heating costs have soared because of very severe cold, they make up half of our budget. We still have potatoes that my husband grows outside the city. "What can we expect Does the euro? "This will be worse, answered Meeli with fatalism. Prices will rise as in Slovenia.And the country loses a little more independence. "
Flexible economy
According to surveys, almost 55% of the population believe the contrary to the virtues of the euro. He starts by removing the specter of devaluation ruinous for the country. Despite the fixed exchange rate regime, many rumors have circulated at the height of the crisis, the contagion of a Latvian lat devalued. The government also relies on the euro to attract investors. "We have a diverse economy and a very flexible system of single tax to 21%. Moreover, if the company reinvests it pays no taxes, "argues the minister of Economy, Juhan Parts.
For Maris Lauri, the only apparent in the short term will come from exports, which have already started to leave. "Estonia has a large network of SMEs that can adapt and produce in small quantities," said the economist.The close cultural, linguistic and geographical Finland is an undeniable asset. In two hours by ferry from Helsinki to Estonia, which produces a third less expensive, has become the preferred subcontractor of Finland. It cultivates its differences with its two Baltic neighbors: Latvia leaded by a banking crisis and real estate and Lithuania dependent on markets in Germany and Poland, which has seen its market collapse.
ALSO READ:
"Estonia is ready for the euro by Tallinn
"Only 47% of Estonians want the Euro
After two days of contacts with the new CEO of France Telecom, Stephane Richard, and Chief Financial Officer Gervais Pellissier, the Oddo Securities analysts draw conclusions rather reassuring: the new management team "has the qualities needed to improve the social climate within the group, without deteriorating financial goals.
Stephane Richard, who replaced Didier Lombard on 1 March, has confirmed giving priority to the alleviation of social relations within the group.Oddo Securities said in a note published today have felt the new management as "very attentive, controlling well the great social, financial, and fellows of the group and sector, and wishing to show more transparency and sense that commercial shine.
Social criteria are taken into account for the premiums
Among the concrete steps, variable pay (bonuses) for a little over a thousand leaders in France will now be indexed to 50% on financial criteria (against 80% previously), to 20% on quality criteria Services (unchanged), and 30% on social criteria (non-existent before), if possible, quantifiable as absenteeism.
Furthermore, agreement with unions was recently signed to the senior part-time and mobility.And an action plan is provided, internally, to "motivate all the teams around unifying themes, they add, such as quality of service, accountability teams decentralizing some decision-making, improved working conditions, etc..
Management believes these new devices n'impacteront hardly the finances of France Telecom, which has already made "significant restructuring since 2002," says Oddo, who adds that the cost of social concessions is already integrated in the accounting 8 billion euros of cash flow in 2010.
The operational track
Besides the social side, management has raised a dynamic business "still very strong in the mobile in France and Great Britain. The target of 35% ADSL market share in 2010 is maintained.
Investments should be under control, "the group had no problem of saturation of its mobile networks. France Telecom does not accelerate but rather the deployment of 4G from mid-2011 if necessary, "says Oddo.
Considering all this information, the team of analysts expressed confidence in the ability of France Telecom to maintain its dividends "beyond 2011".
Acquisition strategy shy
No big acquisitions in sight. While St?phane Richard wants to promote growth in the long-term actions to respond to the stock market rising, it remains on the defensive. A shift could occur if a major consolidation movement was born.
France Telecom remains focused on some inexpensive targets outside Europe or purchases "in market" in the Old Continent.Oddo suspected a connection between Telenet and Mobistar, or rallying with a fixed player in Spain. In Britain, the broker anticipates that the joint venture Orange / T-Mobile UK will seek a buyer for its fixed network. Ultimately, it is also possible that the joint venture includes a British MNVO (MVNOs) like Virgin Mobile.
ALSO READ
St?phane Richard, an atypical reinvent France Telecom
"The inspection work overwhelms France Telecom
The week starts well for the Asian market. On Monday, all financial markets appear to increase sustained. At the Tokyo Stock Exchange, the Nikkei opened up 1.53% and growth is accelerated in mid-session (1.80%) before finishing on a gain of 2.09% to 10,567.25 points. This is its highest level in six weeks.
The morale of Japanese investors is supported by sound macroeconomic statistics, published Monday. Japan has indeed registered in January of a current account surplus of 899.8 billion yen (6.9 billion euros), after having suffered a record deficit de132, 7 billion yen last year, according to the Ministry of Finance . This figure is higher than the forecasts of economists who were expecting on average a surplus of 750 billion yen.
In addition, Asian markets continue to react positively to the figures of U.S. employment, less bad than expected on Friday.The United States lost 36,000 jobs in February. The consensus of analysts foresaw from 50,000 to 67,000 job cuts. The unemployment rate remained steady at 9.7%, consistent with him, anticipated savings account payday advance . The announcement Friday, coupled with an increase in consumer credit (4.96 billion dollars in January, the first increase in a year), led by Wall Street and European financial centers, close to the green.
Exchanges in the region follow suit
In the wake of Tokyo, the benchmark Hang Seng Stock Exchange of Hong Kong climbed 1.92% to 21,186.09 points. The Shanghai Stock Exchange is 0.74% at 3053.60 points.
The other exchanges in the region follow. Korea's KOSDAQ is up 0.73% to 1267.63 points. The Bombay Stock Exchange posted an increase of 0.92% to 17,150.53 points.The S & P 200 Australian climbing 0.85% to 4807.90 points.
The increased gross
As for commodities, crude prices were trending upward in Asia on Monday. The barrel of light sweet crude for April delivery gained 47 cents to 81.97 dollars, reaching the highest at 82.04 dollars before retreating.
The barrel of Brent North Sea at the same maturity, took 47 cents to 80.36 dollars.
French carmaker PSA Peugeot Citroen announced Wednesday a net loss of 1.161 billion euros in fiscal 2009, more than three times more than the 363 million euro loss a year ago. The turnover amounted to decline from 10.9% to 48.417 billion euros.
The year 2009 is characterized by an evolution "very mixed," the group said. In the second half, the recovery observed in the market, supported mainly by premiums scrapped in several countries, led by PSA Peugeot Citro?n to increase market share – 5.1% – and find a net operating profit positive 137 million euros over the last six months of the year after losing in the first half.Finally, the past year, it is negative ground, 689 million euros.
Based on this trend, and to a further increase its market share in 2010, PSA Peugeot Citroen said it planned a current operating profit in the first half of 2010.
However, this year, "Market conditions continue to be difficult," said Chief Executive Philippe Varin, who expects the withdrawal of European car market of around 9%. In the radar screens, the Automotive Performance Plan "to support sales, reduce costs and better use of production capacity," the official said.The launch of new models is also subject to high expectations.
The manufacturer's financial results for 2009 reflect the impact of the economic crisis: global sales were folded by 2.2% to 3.188 million units in a market decline of 3.1%. However, the debt has been reduced from 913 million euros, now lying under 2 billion euros to 1.993 billion euros. Shareholders' equity amounted to 12.4 billion euros at December 31, 2009, for a debt ratio of 16%.
ALSO READ:
"France: registrations up 14% in January
"Decline in sales worldwide in 2009 PSA
"Renault sees its market share rose slightly in 2009
"2010, an automobile under the influence
This is without state support that Ford has managed to overcome its difficulties. The U.S. manufacturer announced Thursday it had made a net profit of 2.699 billion dollars over the full year 2009. A performance to be compared with the heavy loss of 14.766 billion harvested in 2008. Over the year, turnover was down to 138.1 against 118.3 billion in 2008.
The group included supporting a very successful fourth quarter. Over this period, the second largest U.S. behind General Motors reports net earnings of $ 868 million against a loss of about 5.978 billion dollars a year earlier. The per share earnings is 25 cents, hardly less than the 26 cents analysts who had forecast. Over this period, revenues totaled $ 35.4 billion against 29 billion a year earlier, an increase of 22%.
Before the opening of Wall Street, the title jumped 2.68% to 11.86 dollars.
$ 500 million quarterly savings
To obtain this result, Ford has relied on reducing structural costs of automotive operations payday advance . A total of 500 million dollars were saved in the fourth quarter. The group did not hesitate to pursue a higher price for its vehicles. His arm Ford Motor Credit has contributed to higher profits in this period with a profit before tax of $ 696 million against a loss of 372 million in 2008.
Ford is the only manufacturer of the "Big Three" of Detroit (with General Motors and Chrysler) have not gone bankrupt. It is reassuring for the future and plans to write "a profit before tax and excluding exceptional items for 2010, without specifying numbers.In addition to profitability, the group is including a U.S. car market between 11.5 and 12.5 of vehicles this year. In the year 2009 in the United States, sales at Ford fell 15.4% to 1.68 million units. Note that, after hesitating a large part of the morning, the Paris Bourse is moving more strongly in the green then qu'affluent results of U.S. companies show no surprises.
ALSO READ:
"In Detroit, the" big three "want to believe in their future
China takes the issue of energy efficiency head on. The central government announced Wednesday the creation of a National Commission of Energy. Its mission: "to strengthen the strategic and policy coordination in the energy field.
This Commission will be chaired by Premier Wen Jiabao and co-chaired by Vice-Premier Li Kegiang. Among the 21 members it will have included several ministers.She will be responsible for developing "a national strategy on energy, key issues relating to security and energy development" for the overall coordination in domestic and international cooperation in this field, explains the central government, in his statement.
A voracious appetite for energy
During a visit to the headquarters of the National Commission of Electricity Regulation in Beijing, January 14, the vice-premier Li Kegiang stressed the need to intensify efforts to ensure security of supply China's energy. The country has experienced sharp drops in temperatures and heavy snowfall this winter, which boosted energy demand and tight supply, said Li Kegiang.
After the winter, the supply remains a critical issue for China.Driven by economic and population growth over the past thirty years, Chinese energy consumption has exploded. China has become the second largest energy consumer in the world behind the United States pay day loans .
The critical issue of supply
Its energy dependence is increasing accordingly. Thus, the country has been dependent to 52% of its crude oil imports in 2009, against 47% in 2006, says AFP. According to Wang Xudong, president of the National Commission of Electricity Regulation, Chinese consumption of electricity could rise by 7% this year if the country maintains its economic growth rate of 8%. Consumption had increased by 6.44% in 2009 compared to 2008, according to figures from the Chinese Ministry of Commerce.Coal, however, still represents 70% of the energy consumption of China.
Focus on efficiency of energy policy
For Beijing, centralization is the answer to this challenge of supply. "Energy policy is now conducted by various ministries and local authorities," said Xu Bei, economist at Natixis. "The creation of this new body will respond to an emergency security of energy supply." The main domestic priority.
Ultimately, the Commission could also help Beijing to seal agreements on international cooperation, said He Jun, of Anbound Consulting. Provided that his role is really detached from that of many other government agencies that account China.
ALSO READ
"China is world's third largest wind energy in 2009