Agreement between the EU, the IMF and Greece on an aid plan
Considered "strong" and "credible" by European Commission President Jose Manuel Barroso, the program of multi-year budget cuts proposed by Greece to return to high deficits and debt decent justifies the activation of the aid plan finances by the European Union (EU) and the International Monetary Fund (IMF).
Greek Prime Minister George Papandreou said on Sunday a new "sacrifices" that meet the requirements of the IMF and the EU, adding that the new austerity measures against officials and retirees of public sector salaries and save private sector.
A deficit below 3% in 2014
"We are all called to make a choice. The choice is between the collapse or a program of structural change.The government has decided to save the country ", said Sunday the Minister of Finance, George Papaconstantinou.
Save the country, European language, is to establish an austerity plan that allows the return of a budget deficit below 3% of GDP, the ceiling required by the Maastricht Treaty to cement his place in the EU.
Thus the Minister of Finance has proposed to launch an "economic agenda that includes efforts to reduce the budget deficit of 11 percentage points of GDP or 30 billion euros – more than 4.8 billion already announced for 2010 – from today and the next three years "for a return under the famous European threshold by 2014.According to estimates by the Greek government, the deficit would be 8.1% this year, 7.6% in 2011, 6.5% in 2012, 4.9% in 2013 and finally 2.6% in 2014.
From his side, public debt is expected at 133.3% of GDP this year and should continue to rise, up 149.1% in 2013, before beginning to recede in 2014, 144.3%.
Drastic measures
Among the main measures announced included a wage freeze and the removal of 13th and 14th month salary in the public service. There will, however, no change in private sector wages.
The minimum age for retirement is 60 years. Public investment will be reduced and a fund to help the banking system will be implemented.
Starting in 2010, is also provided a further increase of one to two points of the VAT (value added tax, which is already 21%, France is at 19.6%) fast cash advance loan.
A financial assistance plan to ensure the stability of the euro area
Ending speculation and ensure the stability of the euro area. These are the priorities for a Europe troubled for several weeks by the threat of bankruptcy of one of its members.
While rates have long known Greek fevers to worry about the financial world right, and that the euro has depreciated at a rate fears about the ability of Greece to declare bankruptcy, the very viability of the model European Union has been threatened. Political tensions between the heads of state of member countries have revived the debate on Europe in a failure of coordination.
The amount of funding to be given jointly by the EU and the IMF has not yet been revealed, but it will be "unprecedented in the world. The French Minister of Economy Christine Lagarde on Saturday evoked total amount of support within the range suggested by the IMF and the European Commission between "100 and 120 billion euros". She said it was "a plan over three years, the current year, 2011 and 2012." According to analysts at Natixis, the country would need 130 billion euros over three years.
In any case, Greece might blow. The country will repay its term of almost nine billion euros to be repaid on May 19 next.
Never again
Nicolas Sarkozy and Angela Merkel intend to take "initiatives in the coming days" for Europe to strengthen monitoring mechanisms within the euro area, expedite its work on the fight against speculation and improving the transparency of products derivatives and make further proposals on the regulation of rating agencies.
For these rating agencies, Banier Michel European Commissioner for Internal Market and Services, expressed support on Friday to create such an entity in Europe that would complement three existing credit rating agencies, all U.S., Standard & Poor's, Moody's and Fitch.
"SPECIAL CASE – Greece, a challenge for Europe
Published on 02 May 2010 in international, news, publications, resources, special, by admin
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Steve Jobs blames Adobe and Flash
The dispute between Apple and Adobe on the Flash format invites himself to the highest level. In a lengthy open letter published Thursday, Apple CEO Steve Jobs has explained the reasons which led it to ban videos and animations in Flash on iPhone, iPod touch and the iPad. Although Adobe representatives have repeatedly expressed their incomprehension and criticism bristling barriers around Apple products, Steve Jobs said that the decision was made solely on technical criteria and not commercial.
The co-founder of Apple and provides no fewer than six reasons for this refusal. Widely used on the Internet, Flash is a plugin "100% proprietary" Apple can not improve. However, it would be slow and insecure. It would reduce the autonomy of mobile devices and would not touch some of the gestures.It would not, either, if necessary to take advantage of the Internet, since the videos from YouTube and other sites have already been converted into a format readable by devices from Apple, H.264. Finally, the creation of applications and Flash games, designed to run on multiple platforms, not exploit the best features of the iPhone.
"Flash has been created during the era of PC to PC and mouse," says Steve Jobs, therefore, recommends that Adobe to focus more on the future "instead of criticizing Apple for having drawn a line under the past" . The future, he says, is to open formats on the Internet, including the HTML5. To the chagrin of Adobe, these new tools can include videos on websites without having to install Flash on their computer or mobile payday loans.Already, U.S. media have changed their site to include video in HTML 5, still remember Steve Jobs.
Crisis communication
Nevertheless, the lack of Flash in web browsing is still among the most frequent errors associated with the iPhone and iPad. It also applies to Apple's repeated criticism on the Internet. During April, an employee of Adobe has publicly recommended Apple to "get lost". Its competitors also benefit. Earlier this week, the head of the development of Android, Andy Rubin, has compared the restrictions of Apple's policy of North Korea and announced that future phones will integrate Google Flash. In Silicon Valley, rumors suggest that the case could be brought to justice.
The open letter published Thursday shows that these incidents are taken very seriously at Apple.Steve Jobs had already used the same method to break Apple's other crisis situations. He responded to Greenpeace, which accused the Mac to be too environmentally unfriendly, had determined the end of the locks on music (DRM) and announced his illness and withdrawal. In this battle as technical as media, Steve Jobs, however, avoided relying on an unlikely ally, Microsoft, whose new mobile operating system, Windows 7 Phone will not be compatible with Flash.
Good indicators are tipping the CAC 40 rising
The Paris Bourse continued down this Thursday, but timidly, after a sharp decline (-1.22%) the previous day amid concerns related to government debt.
The Greek interest rates to ten years has exceeded 8% in the day Wednesday. Investors wonder if Greece will well repay the debt, with growth stifled by a plan of unprecedented stringency.
Finally, the CAC 40 lost 0.12% first to 3972.8 points at the opening, then the index has returned to equilibrium in the early exchanges, to go back into the green to 9:20.
Investors seem to pay more attention to the good economic indicators fell again Thursday.
Rain clues to look closely
This session will be loaded in major economic indicators.In France, growth accelerated in April in the French private sector, with a strong burst of activity in services, according to the PMI survey published Thursday by Markit Economics. The composite index rose to 58.4, its highest level in four months, against 55.8 in March.
The morale of French companies has jumped four points in April compared to March to reach 97 points, despite backlogs still scanty, according to Insee.
Moreover, the French manufacturing industry has confirmed its recovery in April from the previous month, according to the business survey released Thursday by the INSEE.The synthetic indicator of business climate index rose four points to 97, while remaining below its long term average.
Side euro area, 11 hours, will update the balance of payments for the fourth quarter of 2009, and the government deficit and debt for the past year
Finally across the Atlantic, at 14:30, monitor producer prices in March and the traditional weekly claims for unemployment benefits. At 16 hours, followed home resales for the month of March.
Schneider, Vallourec and L'Oreal to take on the ACC
Schneider Electric on Wednesday confirmed its 2010 target of a moderate increase in its turnover in organic figures.The shares were down 1.91%, to 86.4 euros.
Vallourec (+0.13%, to 149.7 euros) has announced the acquisition for 150 million euros Serimax, a company specializing in soufage pipes offshore.
The group Areva (0.52%, to 383 euros), yet prey to big delays on another local project, the favorites to meet the tender of the Finnish government, which wants to build two new reactors.
Always on the CAC 40, L'Oreal (-0.65%, to 80.5 euros) said it signed an agreement to acquire the U.S. Essie Cosmetics, make-up brand nail polish, whose turnover business amounted to $ 28 million (about 21 million euros) over the last twelve months.
The Competition Commission has prohibited the merger between Orange, a subsidiary of telecom operator France Telecom (-0.15% to 17.14 euros), and Sunrise.The company resulting from the merger would have created, together with Swisscom, a collective dominant position on the market for mobile telephony.
Guy Wyser-Pratte does not increase its stake from 0.53% in Lagard?re group with which it engaged in an arm-wrestling to be appointed to its supervisory board and change its governance.Lagardere shares were down 0.17%, to 31.84 euros.
Publications animate Exchange
Later publications, they have been good for Sodexo (5.65%, to 46.75 euros), Remy Cointreau (4.05%, to 45 euros) and Carbone Lorraine (3.59%, to 28 euros ), the three largest increases in the SBF 120.
Sodexo has recorded an operating profit better than expected in the first half, and now expects a range between 770 and 790 million euros for the full year.
Carbone Lorraine on Wednesday released a stable turnover in the first quarter at constant perimeter and exchange rates and confirmed its targets for 2010.
The wine and spirits group Remy Cointreau announced Thursday an increase in its annual turnover (April 2009-March 2010) of 13.1% to 807.8 million euros.
Vranken-Pommery has also published a large turnover of 39.4 million euros, up 38.1% (+11.4% at constant scope, excluding integration Listel), thanks to the recovery its activity champagne. The company expects a sales growth of over 20% "medium term". The shares are 2.63%
In addition, Publicis made a surprise Thursday by posting organic growth of 3.1% of its income in the first quarter, two times higher than that of Havas.Its shares rise 1.52%, to 33.7 euros.
Plastic Omnium (1.58%, to 34 euros) has announced an increase of over 43% of its activity in the first quarter, benefiting from a favorable base effect with the automotive market crisis a year ago.
Surprises
Side decreases, Nexans has the highest drop in the Paris stock exchange: -7%, to 60.4 euros. The leader in the cable industry has registered a turnover of 1.35 billion euros, up 8.4% yoy while in the course of constant non-ferrous metals, it reached 971 million of euros, down 11.1%.
Just behind Technilocolor – formerly Thomson – fell by 3.9% to 1.04 euros. The company posted a turnover of 691 million euros for the first quarter, down 24.4%.
The U.S. court approves Havana Club rum distilled … Puerto Rico
Havana Club Rum, owned by a joint venture owned by the Cuban government and Pernod-Ricard continues to turn heads. For over three years, Bacardi, owned by Cuban exiles, sells in the United States (where the real Havana Club is blocked because of U.S. embargo on Cuba) rum he also called Havana Club, but distilled Puerto Rico. Bacardi claims to have acquired the Havana Club brand in the family of its founder, whose property was nationalized after the Cuban revolution.
To prohibit the marketing copy of this Puerto Rican, Pernod-Ricard (who has also taken action regarding the ownership of the Havana Club trademark in the United States) argued in federal court for the District of Delaware fans rum could be misled about the origin of the product no teletrack payday loans.The court rejected the request of the French group, which has decided to appeal.
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Published on 08 Apr 2010 in economy, opinions, publications, resources, special, by admin
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The iPad is delayed for a month in France
The "revolution" promised by Apple will wait a bit. On Friday, the U.S. group announced that its touch pad will be marketed in France and in several other countries until the end of April, a month later than originally indicated. Only Americans can place orders from March 12. In the U.S., shipments of the model with a WiFi connection indeed begin earlier, April 3. The model with 3G as it arrives at the end, as in France, where the two versions will be available at the same time.
Rumors of a delay in the iPad was buzzing for several days. Monday, analyst Peter Misek, Canaccord Adams, had reported the first production of concerns among suppliers of Apple. "We learned that the launch of the iPad would be limited, while congestion in manufacturing has impacted the production of new aircraft," he wrote.Hence the choice of restricting output in the United States, the time to increase the production rate. But on Wednesday, contradictory information had been circulated. Apple has not commented on this point.
"The risk of frustration"
This delay, however, should have little impact on sales. "We believe that the only impact of this delay could come from the frustration of consumers and product launch somewhat tarnished for Apple," wrote Peter Misek. According to his estimates, some 550,000 tablets could be sold by the end of June, up 1.2 million and 3.5 million in October the following year. Early studies indicate that the entry-level models (WiFi, 16GB of storage, $ 499) and high range (WiFi and 3G, 64GB storage, $ 829) are the most requested.Prices in euros are not yet known.
Beyond the case of Apple, the delay gives the tablet a little air to developers who rush to provide software adapted from the start. If the iPad can run applications from the iPhone by doubling the required size on the screen, the device opens the field for specific uses, including through the development of new menus in the interface and d an optional keyboard. However, outside of Apple and some major publishers like Electronic Arts and the New York Times, most developers have started work on the iPad after his presentation, January 27.
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China centralizes its energy policy
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.
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Greater borrowing under its ministers Fillon
In a letter sent Thursday to all his ministers on key principles that will frame the governance and investment destination in future, Prime Minister Francois Fillon made a clear message: not only a question of the future European domestic borrowing, which will be a draft supplementary budget presented to Cabinet on 20 January, is being spent through. In other words, 35 billion euros – of which 22 are lifted in 2010 on the markets – will not be used to finance current spending.
A team of Rene Ricol chocautour
For this reason, reminds them there in that letter that the implementation of the program will be piloted "by Rene Ricol, appointed commissioner-general for investment – an unpaid position that former ombudsman took credit along with the non-executive chairman of his firm of accountants.The role of Rene Ricol, said Francois Fillon, "exceed the only program of national priorities, to address the consistency of the investment policy of the state."
Why he is currently composing a great team. Jean-Luc Tavernier, a former chief of staff budget minister Eric Woerth, today the inspectorate, should lead it. Also stationed at Bercy, and Rapporteur of the text submitted by the Committee Rocard-Juppe on the big loan, Philippe Bouyoux could join him. The firm – which will include a dozen people – will also be composed of senior experts in each of the priority sectors.
The commissioner-general "will report periodically. And an oversight committee, chaired by Alain Jupp? and Michel Rocard, will be established to monitor and assess, in time, the investment projects chosen.The prime minister insists on including the fact that 60% of funds to be invested will "match funding of non-expendable, that is to say," Constitutions of assets (capital grants, equity investments, loans ). The remaining 40% will take the form of grants, mostly in research expenditures.Operators (ANR, OSEO, Caisse des Depots, etc..) Will be responsible for managing the funds, which receive money quickly "so that departments are not tempted to get it," says one at Matignon .
The selection of projects, it should be done with the support of outside experts to assess "their relevance, cost effectiveness and their impact on growth potential."
"If all is well managed, it can have a real economic impact over several years, they conclude in the entourage of Francois Fillon.
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China and opposed by Brussels tariffs interposed
China and EU are playing a funny game, that of customs duties. While Brussels said Tuesday the prosecution for 15 months of anti-dumping measures on footwear with uppers of leather originating in Vietnam and China, the latter responded the next day, announcing the establishment of anti-dumping "temporary" on nails and bolts in European steel.
Reaction "blow for blow" of the Chinese Ministry of Commerce, which "notes that the EU was dumping on the nails and bolts in steel in China and the Chinese industry (sector) has suffered physical consequences" according to a statement posted on its website to justify this decision.
A Chinese tax could reach 24.6%
From next Monday, importers of bolts and steel nails from the 27 EU countries must pay a bond, calculated according to the price between normal and that practiced in China, the ministry said. This fee could rise to as much as 24.6%.
In the euro zone, taxes are 10% for shoes imported from Vietnam, and between 9.7% and 16.5% for those from China. They were introduced in October 2006, initially for two years and are renewed for additional 15 months.China hopes to appeal to the World Trade Organization (WTO), said the spokesman of the Chinese Ministry of Commerce Jian Yao, in a statement.
Between protectionism and liberalism
If a company exports a product at a price lower than it normally charges on its own market, they say it uses the "dumping" for this product.To counter this phenomenon, which may cause loss of significant market share for companies initially present on the national territory, the government of that country may resort to antidumping measures, forms of customs duties on exports .
The issue of protectionism is central in trade relations between the EU and China, engaged for several years in a war without thank you, trying to protect their domestic industries with a lot of taxes more or less disguised. Measures known as "dumping" supposed to curb exports to their territories, or at least reduce the margins of the international competition for the benefit of local groups. A multitude of litigation between them now that the WTO is trying somehow to arbitrate.
CSD 1000 to the rescue center jobs
"An adviser employment center follows on average 90 to 95 files" recalled Laurent Wauquiez Friday. Enough to justify the listing of the use of additional reinforcements. Secretary of State for Employment was shown Friday in favor of hiring 1,000 people in one-year contract. He "hopes to be operational in February, to help the 47,000 employees that already work center.
"These forces will be assigned to keep the front of compensation to avoid a bug as in 1993" and "coming as reinforcements in the regions most vulnerable," said Laurent Wauquiez front of the Journalists Association of Social Information, stressing that "these reinforcements are designed to help us get through the crisis." Asked about the financing of its additional measures, the Secretary of State has estimated the budget sufficient employment center to fill them.
Merging ANPE-UNEDIC occurred against all odds in economic crisis has created a very tense social climate in the new public. To cope with the influx of job seekers – 80,700 salaried jobs have been destroyed in the third quarter of 2009 according to latest figures from INSEE – CDI hires in 1840 and 1000 or hiring in fixed-assisted contracts have already been made since early 2009.