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Gold and oil unscrew

On Thursday, black oil

Last week was full of emotion on the oil markets. Until Wednesday, investors were rather good mood. The courses were on the upside with a barrel of "light sweet crude" from 93.26 dollars to 95.41 dollars in three days. Even moving to London Brent crude rose from 111.57 to 113.51 dollars over the period. The markets were so carried away by the renewed optimism in financial markets about the prospects of Greece avoid default. Moreover, the price rises as a result of lower stocks of crude and gasoline in the United States and following the Fed's decision to keep interest rates low.

Then, everything changed Thursday. That day, the IEA countries are brokers by surprise by announcing their intention to use their reserve stocks to put 60 million barrels on the market.This decision, which will lead to a sharp increase in supply leads to a sharp fall in markets: the barrel of "light sweet crude" for delivery in August finished Thursday at 91.02 dollars black while in London on IntercontinentalExchange, the price of Brent North Sea due to the same tumbled 108.02 dollars. Always concerned about this decision, the markets have been volatile Friday session one, barely worn by positive economic indicators in the United States. A barrel of "light sweet crude" for August delivery ended the week at 91.16 dollars and Brent at 105.52 dollars.

In New York, the courts show a fall of 8% over the last two weeks, and even about 20% from their peaks in early May.

Gold through turbulence

Such as oil, gold was a very quiet start of the week.The yellow metal, a safe haven par excellence, was then boosted by lingering fears surrounding the budget crisis in Greece and the risks of contagion to other countries in the euro area. Wednesday, the day after the vote of confidence from Parliament to the government, even an ounce rose to 1558.25 dollars, not far from its high of 1577.57 dollars.

Then on Thursday, the shock wave that hit the oil markets hit gold. It continued until Friday. On these two days, the precious metal lost nearly 50 dollars, falling Friday to 1504.85 dollars, its lowest level in a month. The nervousness of investors in commodities gained the metal shelter. She was more accentuated by a sharp rise in the dollar against the euro adversely affected by the crisis in Greece.On the London Bullion Market, an ounce of gold finished Friday at 1514.75 dollars at auction in the afternoon.

In the wake of the gold, silver, rose significantly until Wednesday, before dropping more than 6% the next two days. The gray metal finished Friday at 34.73 dollars per ounce. Pulled down by the plunge in gold and the rising dollar, an ounce of platinum finished Friday at 1696 against $ 1829 dollars a week earlier, while an ounce of palladium ended at 739 dollars against 810 dollars in September days earlier.

Base metals with no direction

As for base metals, it was time for hesitation. Nickel (22,130 dollars per tonne), lead (in 2564 dollars) and zinc (in 2251 dollars) are the only ones to show increases.For others, the context was too heavy with the uncertain outcome of the case of Greece and the signs of slowdown in the U.S. and China which was happening at a push of the dollar. All these elements made the metal less attractive to investors very suspicious vis-à-vis the commodity markets since the fall of oil prices.

The copper market barometer, was not supported by the latest report of the International Group for the Study of copper (ICSG), which indicates a production surplus of 18,000 tonnes in March. On the LME, the tonne of copper for delivery in three months ended down at 9,044.50 dollars on Friday.

Wheat, corn and soybeans down

The prices of food have not been affected last week by the Action Plan of the G20 countries to fight against the volatility of agricultural products.In Chicago, the investors had more eyes turned to the U.S. Department of Agriculture (USDA), which is published this week reports on acreage and stocks by. Meanwhile, warmer weather since early June fueling a decline in prices. Bushel of corn (about 25 kg) for September delivery ended Friday at 6.55 dollars (4.6% on the week), the soybean contract for November delivery rose to 13.10 dollars ( -1.7%) and a bushel of wheat due in September ended at 6.61 dollars (6.6%).

Note that in London, cocoa prices were supported by the "swollen shoot", a viral disease that threatens the harvest cocoa in Ivory Coast, according to observers. However, prices have limited their gains over the weekend, affected by a rise in the dollar.On Liffe in London, a tonne of cocoa for September delivery was worth 1867 dollars and on the NYBOT-ICE U.S., the contract for the same term finished in 2967 dollars.

The CAC 40 is depressed before the European meeting

The Paris market continues to fall on Thursday, a reflection of what has been observed in Asian markets this morning and the decline in U.S. indices yesterday. Wednesday evening, the Cac 40 lost 0.15% and ended at 3871.37 points in a very dynamic market, with over 7.1 billion traded on the benchmark index of the Paris Bourse. And on Thursday, the index still declined from 0.49% to 3852.48 points.

At the time of opening, the composite PMI, which includes industry and services, has returned to version 55.4 "flash" against 60.3 in May, reaching its lowest level since October. The growth of private sector activity in France has slowed more than expected in June.

European side, European leaders find themselves on Thursday night in Brussels at a summit to try to reassure their ability to stem the endless debt crisis in Greece and prevent contagion throughout the euro area, which worries more and more abroad. Other items on the agenda: the confirmation of the appointment in November of the Italian Mario Draghi as President of the ECB to replace Jean-Claude Trichet.

The publication of the memo on the economy of France, to be released at 22 o'clock tonight, will be watching. In addition, the G20 agricultural ends today. In addition, Christine Lagarde, a candidate for the general direction of the International Monetary Fund (IMF), spends his oral exam today in Washington.The maintenance of his rival, Mexico's Agustin Carstens, was held Tuesday.

United States, a report by the Congressional Budget Office (CBO) on Wednesday warned against an explosion of net public debt, which can reach 100% of GDP by 2021 if nothing is done to correct the current trajectory. In addition, the U.S. central bank is now focusing on a GDP increase of less than 3% in the fourth quarter. New measures could be considered if the economic situation deteriorated.

On the currency markets, the euro bends slightly from 0.20% to 1.4307 dollar.

EDF denies

The CAC 40, only Pernod Ricard rises in green: 0.06% to 66.49 euros. But in the SBF 120, Lagardère stands: 2.33% to 27.40 euros.Areva takes him 0.59% to 25.50 euros.

Side drops, banks suffer: -1.66% to 39.21 for SocGen, -1.51% to 10 instant credit report.10 euros and Credit Agricole -1.18% to 42.12 euros for BNP Paribas. European banks resisted, however, a defect in Greece, according to Bernard de Longevialle, head of bank ratings at Standard & Poor's. Note that BNP Paribas bought 25% of Findomestic to the bank Intesa Sanpaolo for 629 million euros and now holds 100%.

EDF (-0.52% to 25.96 euros), which plunged 3% yesterday s "ance, had to deny rumors of leaks in nuclear plants in France. The CGT has nevertheless confirmed that called for an end of a reactor at the plant in Seine-Maritime Paluel due to extraordinary levels of radioactivity. The electrician has admitted it yesterday "an accumulation of small differences" after the publication of an article Mediapart citing incidents in series.

In addition, the dean of French nuclear reactors, the central Fessenheim, would be allowed in the coming days to continue to operate for ten years.

EADS (-0.09% to 21.83 euros). The buyers of the Airbus A400M signed a framework agreement on the development and maintenance of the fleet of the future military transport aircraft. Furthermore, after signing an order for sixteen billion dollars with Indigo, negotiate with Airbus for 200 A320 AirAsia NEO.American Airlines could also favor the European aircraft manufacturer at the expense of its rival Boeing.

Air France-KLM lost 2.06% to 10.21 eruos.

Dassault Systemes (-2.74% to 56.15 euros, the largest decline rating) expects a double-digit increase in sales in the aerospace and defense between 2010 and 2014 thanks to the many innovations offered by these sectors, Reuters said Wednesday its chief executive Bernard Charles said in an interview.

Automobile manufacturers seek to diversify their income and increase customer loyalty.

Peugeot (-0.57% to 29.72 euros) PSA installed production capacity that should allow it to manufacture more than 30,000 hybrid vehicles per year, reports La Tribune. "At Sochaux, we expect a potential of 70 to 80 units per day," says Serge Isler, project 3008 Peugeot hybrid.In addition, PSA has manufactured in Rennes, Brittany, just over 15,000 Peugeot 508 equipped with the same technology, the paper said.

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Benefit fraud estimated at 20 billion euros per year

In early June, Labour Minister Xavier Bertrand estimated at "several billion" the amount of social fraud and abuse annually, detected or not. On Tuesday, a parliamentary report published by AFP gives a figure a little more specific: over 20 billion euros. "Either 44 times more than the fraud being detected," wrote the rapporteur for the assessment mission statements for Social Security (MECSS) of the National Assembly, Dominique Tian, ​​UMP deputy of the Bouches-du-Rhone. In 2010, social security fraud was detected, in fact amounted to 458 million euros, a figure nevertheless up 20% year on year.

"Between 10% and 12% of companies are in breach"

Specifically, the report evaluates the existing fraud parliamentary levies (employer and employee contributions not paid because of the black) between 8 and 15.8 billion and those benefits (sick leave benefits, family allowances, RSA etc. .. ) 2 to 3 billion. With respect to illegal work, the UMP elected judge that "the practice is common, if not commonplace in some sectors of the economy." He said that "between 10% and 12% of companies are in breach and between 5% and 7% of employees are not reported." The report is also concerned about the development of "fraud by organized networks of smugglers."

While stressing the government's efforts in the fight, the report points to the results "insufficient".Its authors point out, that "the magnitude of the social deficits and the desire to better control public spending necessitate greater control over social spending." And the example of several European countries that have already moved in this direction, including the United Kingdom and Germany.

Vitale card biometric

The report, made 53 proposals, recommended to "improve the control of the state policy against social fraud" and simplify the "legal framework". The MECSS calls to "restore the face to face for the initial creation of files of requests for benefits and for which the remote procedures facilitate fraud."It also calls for a biometric card Vitale, limited duration, "which would include all social security data of the insured" and that would be issued by municipalities, such as for passports or identity cards.

To better "target audiences fraud", the report also encourages the spread of "Data Mining", or data mining, which involves crossing multiple data from different sources. Social agencies that can now exchange information with tax authorities or banks will benefit by the end of 2011 a common national directory of social protection (RNCP) that will identify compatible services in different branches.

Regarding sick leave abuse, the report suggests developing the "cons-visits" in the private and what is new among public servants.

Premium "presenteeism"

Finally, the fight against absenteeism, the report suggests "the principle of premiums presenteeism" in the image of anything done by the hospitals of Marseille, paying 219 euros gross officers with no absence in the years."This policy, in some ways depressing, had an immediate effect since the rate of abstentéisme fell 0.5% in 2010," while it increased in other hospitals, the report said.

For its part, the government needs Wednesday, the Council of Ministers, to review its action in the fight against fraud social communications with the Minister of Budget, Baroin, the Minister of Labour and Health, Xavier Bertrand, and Solidarity Minister, Roselyne Bachelot.

(With agencies)

3.3 billion euros of overall fraud detected

3.3 billion of fraud have been detected globally in 2010, says Le Parisien-Aujourd'hui en France on Wednesday morning. In detail, it is tax evasion, which represents most of the scams to the public finances, amounting to 2.4 billion euros.Social fraud is only for its "only" 458 million euros. The Minister of Budget, Baroin, is expected to announce the figures in the day after the cabinet meeting, and give details of its plan to fight against fraud.

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BlackBerry breaks teeth on the shelves

There is no cause for celebration. After having downgraded its forecasts for its first quarter, Research In Motion (RIM), the Canadian manufacturer of BlackBerry, is predicting a difficult year 2012 (year ended March 31). Thursday evening after the close of trading, the group reported poor results for its first quarter, significantly down compared to previous quarter performance. At three months, sales of BlackBerry fell 11% to 13.2 million units. Consequently, the turnover will decline from 12% to $ 4.9 billion and profit down 10% to 695 million.

Layoffs

"The slowdown we saw in the first quarter continued in the second and delays in new product launches in late August lead to lower than expected forecast for the second quarter," said Jim Balsillie, co-president of RIM .He also announced a restructuring plan that will lead to a downsizing of the company to "avoid duplication." Without giving more details on its size payday loans. The group currently has approximately 12,000 employees worldwide.

The words of Jim Balsillie on the Group's financial strength has not reassured the markets. Nor does the sales duPlayBook, the tablet group, including 500,000 copies were sold in six weeks. This figure is almost too good to be true. It fits perfectly with the objectives the group, but failed to mention that it comes on the market one year after the outbreak of hostilities initiated by the iPad.Moreover, sales of PlayBook are well below those from Apple, which sold nearly 2 million iPad in two months.

Consequence of the performance against the first quarter and the bleak outlook for the future, during the informal session transaction after the market closes, the title has sold more than 15% yesterday in New York.

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Life Insurance: Senators returned to the charge

The Senate Finance Committee examined this morning the draft budget law easing the ISF and eliminating the tax shield. She returned to the load on the taxation of life insurance: it adopted an amendment under 20% to 25% tax rate on life insurance in case of death of the subscriber for contracts over 902 838 euros. At the Assembly meeting, members had rejected such an increase, however, given by the ratio of UMP budget Gilles Carrez. It is true that the government does not want it affects life insurance. The Senate should confirm or disprove their choice in plenary session.

The Senate Finance Committee is also back on provisions passed by the Assembly, on the grounds that increasing the tax loopholes.It has reduced the ceiling for overseas investment in social housing to its original level (36 000 euros or 13% of income, the Assembly has increased to EUR 40 000 or 15% of income). It deleted a niche created by the Assembly, which established a tax reduction of 50% for subscription in a local investment funds in overseas.

Moreover, senators of the Finance Committee decided that the ban on paying in cash purchases of metals come into force on 1 January 2012, not June 30, 2012. On another subject, she reinstated the Google tax, abolished by the Assembly.

Air traffic disrupted in Northern Europe

Thousands of passengers were stranded on Tuesday morning in Scotland as a result of the eruption of Icelandic Grímsvötn, which continued Monday spit a heavy cloud of ash and begins to disrupt air traffic in northern Europe. Eurocontrol, the European organization for aviation security, announced that 252 flights were canceled Tuesday.

Indeed, while Europe's airspace remains open, some companies have already taken action. British Airways has decided, "a precaution" to ensure no link between London and Scotland until Tuesday 14h (local time). For its part, the Dutch company KLM canceled sixteen flights between Amsterdam and the northern United Kingdom and Air Lingus and Easyjet have suspended their relations towards Scotland and northern England. In contrast, the British government has ruled out a total closure of its airspace.The Irish Aviation has also ensured that "all airports remain open," although "some flights could be affected by restrictions imposed by other European service providers."

The Scandinavian countries are also affected. The cloud reached Tuesday western Norway and Denmark. However, according to the Norwegian operator of airports, the impact on air traffic remains "very limited" for now. Ashes should be extending south of the country by the end of the day. In Denmark, the airspace was closed below 6000 meters on north-west. Delays and cancellations were reported at the airport in Copenhagen.

'No threat' for France by Thursday

"The cloud should reach the end of the day on southern Scandinavia, Denmark and parts of northern Germany," Eurocontrol said Tuesday.It could then move to France and northern Spain in midweek, "if volcanic emissions continue unabated," says Eurocontrol. Information figaro.fr confirmed Monday by the French Pascal Scavina forecaster. Monday night, the Secretary of State for Transport has, however, wanted Thierry Mariani reassuring. "For the next 48 hours, there is no threat, no risk.From Thursday, all depend on the nature of the eruption, "he said on France 2.

After the eruption of Eyjafjöll a year ago, the scenario of complete paralysis of European airspace could it be repeated? According to Thierry Mariani, "it will not take any risks but we can certainly go through some clouds of ash without any damage to the engines and therefore without any risk."

On Monday, the force of the eruption of Grímsvötn was still considered "important" by the Icelandic Meteorological Services. If the main airport in Iceland, the Reykjavik-Keflavik, reopened Monday night, civil aviation was unable to say whether he would remain operational on Tuesday.

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Publishers, the first victims of pirated software

Sad record. In France, more than a third of all software installed on PCs in 2010 was pirated, according to the latest study by Business Software Alliance (BSA), an international group of software publishers. This represents a market value of 1.9 billion euros, on a global market estimated at 9.5 billion euros. "The retail market is worse than that of businesses, but it is more difficult to control," said Eric Beaurepaire, a member of BSA.

Worldwide, software piracy generates a shortfall of 44 billion and ten billion for Europe alone. The United States is the country where the loss in value is most important, accounting for 7.1 billion euros. But in some "small" European countries, legislation and a little flexible when the market is still underdeveloped, the piracy rate is approaching 70%, as in Bulgaria or Romania.More generally, emerging markets are at a peak, with a piracy rate 2.5 higher than in mature markets, with a total value estimated at 21.7 billion euros.

At the head office and messaging

Pirated software the most concern the office and mail systems. What makes Microsoft the publisher the most penalized. Exposure correlated with its market share. The case of misuse is the most common deployment abusive (a company buys a license for 100 PCs and installs it on 200). "Cases of pure piracy, with the use of unlicensed software, are more rare," says Eric Beaurepaire.

This does not prevent users or even entire departments of large private companies fraudulently install software on their devices, possibly bypassing the procedures established by IT departments."Such practices can have dramatic consequences for societies. Pirated software can be corrupted with viruses … "insists Eric Beaurepaire. Not to mention the risk of financial penalties for the company.

Departments also

In France, where industry, technical fields and those related to the creation on the Internet appear to be less virtuous, no area is spared, not even the utility or ministries! Moreover, there is no real correlation between the rate of software piracy and its price. The most expensive are not necessarily the most coveted.Thus, security software, which does not always worth a score of euros, are not copied less than for professionals, which can be worth several thousand euros.

Paradoxically, the French might be followers of illegal copying, they say they are also very sensitive to the respect of intellectual property. A poll conducted by Ipsos for the BSA found that 68% of French people support the remuneration of inventors the world average is 71%. Aware of the risks of "software purchased on the street or" borrowed "between friends", the French, however, not hesitate to perform multiple installations, they do not perceive a real fraud.The advantages of software legally acquired access to technical assistance, protection against intruders … not enough to convince either the French users, less sensitive than the rest of the world to these arguments.

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Greece: Europe could put his hand to Portfolio

Rumor conveyed by the German magazine Der Spiegel that Greece had threatened on Friday to leave the eurozone was denied on all sides. "A provocation" by the Greek Minister of Finance, a "dumb idea" according to the chairman of the Eurogroup Jean-Claude Juncker, a "completely fanciful hypothesis" for Bercy.

However, the financial position of Greece has indeed been raised on Friday at an informal meeting in Luxembourg, attended by several Ministers of Finance of the euro area, Christine Lagarde, and his counterparts from Germany, Italy, Spanish and Greek. At that point also to the subjects on the agenda – aid to Portugal, the regulation of financial markets, the successor of Jean-Claude Trichet as head of the ECB – "have not even been processed, lack of time, "says Les Echos on its website on Saturday, citing" a source described as European. "

Accelerating privatization

At the heart of discussions among members of the euro area, the ability of Greece to honor the commitments made in the context of assistance of 110 billion euros granted by the EU and the IMF a year ago. According to Les Echos, the Europeans have been willing, in exchange for new measures of fiscal adjustment, to pay 20 euros to 25 billion additional to Greece, where they would prove insufficient.

A sum which would, according to business daily, covering almost all the financing needs of the country in 2012. With a deficit recently revised upwards to 10.5% of GDP against 9.4% previously, it seems unlikely that in Greece reaches, as originally envisaged, to borrow again by itself on the market bond in 2012 no teletrack payday loans.

Previously, the Greeks will make new efforts, however, warned the Europeans. Including accelerating the ongoing privatization. While the report had planned disposals of EUR 2 billion in 2012, "it will take much more raking Athens, about 25 billion by 2013," said the European source quoted by Les Echos. "If these measures are not sufficient, Greece should further tighten the screws tax," she added.

Debt restructuring again rejected

However, the assumption of a debt restructuring Greek seems once again rejected by the participants.While Lars Feld, one of economic advisers to Angela Merkel on Sunday felt that the restructuring was "the only way forward so that Greece is a little relieved that creditors and help to solve the Greek problem" President of the Eurogroup Jean-Claude Juncker reiterated after the meeting that such an option was excluded.

Greek newspapers have relayed their side, however, the slopes on Saturday morning "workout" soft "after they discussed Friday. The opportunity for Greece not to pay interest rate for two years in exchange rate subsequently increased, or lengthening the duration of bonds maturing in 2011 and 2012 have been particularly considered. The financial situation of Greece will once again be the next meeting of the Eurogroup on 16 May.

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A Chinese man puts his hand on Saab

New twist in the soap Saab. The automaker based in Sweden could eventually be bought by Chinese Hawt. The latter plans to invest 120 million euros in exchange for a maximum of 29.9% in the mark, says a press release from Saab issued following an agreement signed in Beijing Tuesday. Hawt will also provide 30 million euros in the form of convertible loan with a maturity of six months and an interest rate of 7%. This will allow the company to pay its suppliers and boost its production to a standstill since mid-April. However, the group expects green light from the Chinese authorities, the European Investment Bank and the Swedish National Debt Office.

"This agreement provides funding in the medium term and consists of an investment in the form of subscription agreements totaling 150 million euros, and a strategic alliance to China including co-generation companies, technologist and distribution, "said Victor Muller, CEO Spyker, owner of Saab. "With clean diesel technology Hawt, its production capacity and its ambitious development programs, we found the right partner to develop Saab," he added easy payday loans.

Former Russian shareholder rejected for now

For now, no details are given about the fate of the former shareholders of Spyker, the Russian businessman Vladimir Antonov and friend of Victor Muller.Last week, the Swedish Debt and General Motors, Saab's previous owner, always very involved in group activity, have approved its proposed $ 30 million stake in Spyker to take a 29.9% interest in Saab. This investment should be made through the financial group Convers controlled by Antonov. The decision was rejected by the Swedish government for suspected ties to the Russian businessman with organized crime.

Choosing Hawt is a surprise for analysts, as several big Chinese manufacturers, including Great Wall Motor Co., China Youngman Automobile Group Co. and Jiangsu Yueda Group Co. have applied for the acquisition of Saab.Founded in 2000, Hawt, Small Business Beijing, has an annual production capacity of 350,000 vehicles, 300,000 engines also produce clean diesel per year and 450,000 automatic transmissions.

In Paris, the anxiety of eating sushi

At Kiriko, a Japanese restaurant in the ninth arrondissement of Paris, this chef is adamant since the disaster Fukushima, "attendance has dropped from 20 to 30%. A few yards away, in Yokohama, the conclusion is the same. Another borough, figures identical to Kyotori between Place de la Bourse and the Opera, "we lost a third of customers." Even if he refuses to disclose its revenue, the head of another Japanese restaurant says: "In recent days, a lot of customers are asking for certificates on the origin of the fish we use in our sushi. "

Aurelian, a young 26 year old Lille, is one of many suspicious. "Even in normal times, when you see the television reports on Asian restaurants, it makes you skeptical.Where do the fish, seaweed, sauces, rice …? We do not know anything. "

Few Japanese fish imported into France

The ignorance of consumers about the origin of the products they use, just that battle Alain Bailly, Director of Counter ocean, a company based in Rungis, providing no less than 300 sushi restaurants. "The lack of communication and transparency creates among consumers a deep sense of doubt and anxiety, when in reality, almost nothing is anywhere in Japan." What pushed this company to send a communique to all its customers, recalling that "the salmon comes from Norway, tuna in the Indian Ocean, the Mediterranean sea bream, mackerel and mullet from France …». A reminder that some restaurants have not hesitated to affix labels on their windows.In fact, among the products commonly used in Japanese cooking, only some wasabi and seaweed from the country of the rising sun. "And yet, one can easily find from the USA, China or Korea," says Alain Bailly.

When contacted, the European Commission recalled that on his side since the end of March, all food products from the area near Fukushima are subject to health checks reinforced from Japan, and are re-examined upon arrival on European territory. As the Ministry of Agriculture and Fisheries, services stressed that only 450 tons of marine products in Japan have been imported into France in 2010.

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