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The Paris Bourse expected a slight increase

European stock exchanges succeed they continue their rebound started the day before? Investors should prove once again nervous at the end of a week marked by extreme market volatility, which saw the CAC 40 push the psychological threshold of 3000 points during trading Thursday before returning to the colors.

Friday morning, the Paris index is expected a slight increase of 0.4%. Thursday, ACC closed up 2.59% to 3089.66 points, after falling in mid-session. The day before, the Paris index plunged more than 5%. The same volatility dominates in Frankfurt the Dax closed up 3.28% and in London where the FTSE-100 index gained 3.11%.

Investors were reassured by the announcement of a meeting between Nicolas Sarkozy and German Chancellor Angela Merkel on August 16 to issue joint proposals on the governance of the euro area.In addition, U.S. markets were supported by two good indicators of the jobless and real estate. Wall Street has ended sharply higher: the Dow Jones has gained 4% and the Nasdaq 4.69%.

Another announcement that should bring some calm markets: such as Belgium, Spain and Italy, France announced Thursday the ban on short selling in the securities of eleven banks and insurance companies to counter the extreme volatility of the stock market values. Among the relevant securities, BNP Paribas, which issued a statement Thursday night to reaffirm the strength of its capital, Societe Generale and Credit Agricole online payday loans.

No growth in the second quarter

On the macroeconomic front, INSEE reported this morning from zero growth in the second quarter in France (0.0%), against an increase of 0.9% in the first quarter.Inflation also slowed: the consumer prices fell by 0.4% in July, resulting in an increase of 1.9% over the year (against 2.1% from June 2010 to June 2011 ).

Oil is, meanwhile, resumed its decline in trade in Asia, having recovered Thursday in the United States. In morning trading, a barrel of "light sweet crude" lost 47 cents to 85.25 dollars and that of Brent North Sea fell by 57 cents to 107.45 dollars.

Other values ​​to follow, Europacorp, the production company of Luc Besson, Thursday reaffirmed its goal of a return to balance for the current year, despite a sharp decline in sales the first quarter.

Derichebourg Thursday confirmed its target of improving its annual net income, after recording a sharp increase in sales over the first nine months of the year.

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"What rating of France deserves it for his debt?

The Standard & Poor's removed the "AAA" rating from the U.S.

The rating agency Standard and Poor's lowered the rating Friday on the public debt of the United States, deprived of their "AAA" for the first time in their history. S & P said in a statement it had lowered the rating a notch, the best possible, to bring it to 'AA +'. It also downgraded the outlook to "negative", which means that Standard and Poor's believes that the next time the note will change, it is to be lowered again. The United States were rated "AAA" by S & P since the creation of this agency in 1941. They remain in the other two major agencies, Moody's Dean (since 1917) and Fitch Ratings.

Standard and Poor's, which had warned in April that it was considering lowering, justified its decision with "political risks" to see the country taking insufficient measures against its budget deficit.For her, the political debate on these issues is not up to the problems caused by a debt of more than 14,500 billion. "The plan for balancing the budget on which Congress and the Executive have recently agreed is insufficient compared to what, in our view, would be needed to stabilize the dynamics in the medium term public debt" said S & P, citing the law known as "control the budget" passed Tuesday.

"The last victim of the failure of President Obama"

John Chambers, President of the Evaluation Committee of S & P, said Friday on CNN that Washington could have prevented the lowering of the notes within the ceiling earlier. He said the responsibilities were shared by the Administration and Obama, but also "the previous administration." The first political reaction in Washington have shown blocking pointed to by S & P.Mitt Romney, candidate for the Republican primary, has called the reduction of "latest victim of the failure of Obama on the economy." The Senate Democratic leader, Harry Reid, has instead called for "a balanced approach to deficit reduction," with spending cuts but also increases targeted taxes, it rejected the Republicans, under pressure ultra-conservative "tea parties", when discussing the debt.

For its part, the U.S. government has accused S & P based its decision on serious errors in calculations payday loan. "An appraisal contains an error of 2000 billion dollars speaks for itself," said the press spokesman of the Department of the Treasury. U.S. media said the government had severely challenged the projections of analysts of the agency after reviewing the findings of S & P. In vain."We take our responsibilities very seriously, and if at the end of our analysis, the commission concludes that a note is not to where it should be, it is our duty to make this decision" justified Reuters responsible for rating sovereign debt within the S & P, David Beers.

China demands U.S. action

The loss of this seal of excellence is expected brutal impact on the financial markets, difficult to imagine right now. The U.S. Treasury is an undisputed reference: a standard cost of money, an instrument normally used as "collateral" (guarantee) in a variety of transactions, and a refuge for investors in troubled times. "Uncertainty about the effects on the market is high," said recently the investment bank Goldman Sachs, exploring the potential consequences.The lowering of this note should indeed force investors to reassess risk widespread.

The S & P announcement came as the markets had closed for the weekend, but initial reactions are mixed from Asia. The Japan, the second holder of U.S. debt world, assured that his confidence in the U.S. Treasury and its strategy of purchasing these bonds were unchanged. But China, by far the world's largest creditor United States, found that she had "every right now to require the United States to address their structural problems of debt."

The United States had their public finances sealed by the harsh recession that crossed their economy from late 2007 to mid-2009. Since then, economic growth has returned, but they are not able to restore the health of their public finances.According to estimates by the International Monetary Fund, they should acknowledge this year, with about 9% of GDP, the highest budget deficit of the G20 countries, except Japan. It is sixteen countries rated "AAA" by Standard and Poor's, four of the G7: Germany, Canada, France and Great Britain.

(With AFP and Reuters)

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Asian stock markets rise in the wake of Wall Street

The stock markets in the Asia-Pacific moving up Friday morning, boosted by bank and energy stocks, encouraged by the gains recorded by Wall Street yesterday, who took advantage of the good private employment figures published yesterday. In Tokyo, the Nikkei advance of 0.63% to 10,134.70 points, settling comfortably in excess of 10,000 points reached on Wednesday. The broader Topix index takes him 0.45% to 874.43 points.The current account surplus in Japan fell 51.7% in May over one year to 590.7 billion yen (5.14 billion euros), due to the consequences of the earthquake of March 11 on the scale commercial, announced Friday the Ministry of Finance.

The Japanese automaker Toyota (1.76%) is investing 125 million euros to produce a hybrid version of its Yaris small car at its plant in Valenciennes (Nord) in 2012, announced Didier Leroy, CEO of Toyota Motor Europe, an interview with The Tribune on Friday."Toyota will have spent 125 million euros to build its new (small) III Yaris at Valenciennes (Nord): 100 million for the heat release, 25 million extra for the hybrid variant, a world first," said Didier Leroy daily economy.

Car manufacturers take advantage of stock market rebound on Friday, including Suzuki, which is 1.90%, and Mitsubishi Motors which accounts for 1.94%.

Other major markets also appear in the green, much more clearly in Hong Kong where the Hang Seng climbed 1.07% to 22,771.50 points, while in Shanghai, the CSI from 0.41% to advance 3114.36 points. Investors thus confirm that they had integrated into courses for several weeks the new rate increase occurred Wednesday face high inflation and above the ceilings set by the Central Bank of China.Side values, we retain banking stocks: ICBC is 1.04% and Bank of Communications, 1.08%.

Oil pulls the Australian values

In Australia, the S & P / ASX gains 0.98% at 4650.60 points, driven by the values ​​associated with raw materials such as CNOOC, which is 2.09% or 1.80% Santos grants itself. Oil prices were directionless Friday in electronic trading in Asia, but Thursday, oil prices ended sharply higher in New York, driven by statistics suggesting an improvement in the labor market and a further decrease in inventories crude to the United States.

In morning trading, a barrel of "light sweet crude" for delivery in August took six cents to 98.73 dollars. That of Brent North Sea crude for delivery lost 41 cents to equal 118.18 dollars.

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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The success of conventional ruptures

Breaks conventional still face a huge success in business. Since the introduction of this device in 2008, their number continues to grow at a rate of 20,000 to 24,000 per month, according to a recent memorandum the Ministry of Labour. After a strong scalability driven by the crisis, the number of monthly requests has indeed stabilized since the fourth quarter of 2009, so as to exceed the threshold of half a million to break out of court last February. In total, conventional breaks accounted for 11% of CDI in 2010 after 7% in the first half of 2009 and 10% in the second half.

Small businesses are particularly in demand of this device. In the second half of 2010, three quarters of conventional ruptures have been signed in companies with fewer than 50 employees, while they represent only half of total employment.Overall, more than one company is big, and the less it tends to resort to conventional rupture. In establishments with more than 250 employees, the break is only conventional and 5% for contracts, against 13% in establishments with fewer than 10 employees. In contrast, the amount of compensation increases with the size of the company. The amount paid per employee in 7430 was certainly high euro in 2009, but half of the employees has actually received little more than the statutory redundancy payment, below which firms can not fall .

Disguised early retirement

If smaller firms are attracted by the flexibility of the device, breaking "friendly" is also not without pitfalls. The high proportion of employees over 50 years involved calls for a diversion of the rupture conventional at the expense of Unedic.In the second half of 2010, the breakdown was 23% of the conventional reasons for termination for employees aged 58 to 59, against 8% of those under thirty years … so companies would use this system to be financed by the Insurance which is similar to put in early retirement.

In some cases, break "friendly" is also related to a dismissal. The report by Mathilde Lemoine and Etienne Wasmer on the mobility of employees said that the profile breaks conventional evolves quite parallel to that of redundancy. This observation would argue, according to the report, for use of the device in lieu of redundancy at the expense of employees.If the Ministry of Labour is responsible for control conventions and to avoid abuse, the lack of support for employees during the preliminary interviews, often in small businesses, not easy by regular use of the device.

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Libya placed its petrodollars in Europe

Gaddafi's Libya, where she placed her money? Part of the answer was made Thursday by the publication of a report of internal financial Libyan sovereign fund, the Libyan Investment Authority (LIA). This document, dated June 30, 2010, was uncovered by the British NGO Global Witness. It reveals very conservative management has been made of the $ 53.3 billion (about EUR 38 billion) held by the fund, which are now subject to a freeze by the EU and U.S. authorities.

Libyan managers have a taste of Europe: they have put about 60% of assets, particularly in France. At June 30, 2010, Societe Generale manages the LIA AIF for $ 1.05 billion (after a loss of 750 million euros in three months), BNP Paribas for $ 10 million.

Major French companies

At June 30, 2010, the Libyan sovereign fund also owns 536.6 million euros in shares of companies quoted on the Paris Bourse. One of them, Lagardère, the LIA is placed in the "strategic", with an investment of $ 62 million in market value. Other major French companies in the portfolio "not strategic", such as France Telecom (53 billion), Vivendi, Suez-GDF, EDF, or Danone. The LIA was then invested tens of billions in each.

The fund's management is very opaque, it is impossible to know what equity it holds today in the French companies.A clue: According to statistics from the Bank of France, financial institutions hold in their coffers hexagonal 8,233,000,000 ($ 5.8 billion) of Libyan origin at December 31, 2010.

A prudent strategy

"Then in mid-2010 many uncertainties still hang over the global economy, management remains extremely cautious LIA," says Philippe Waechter, head of economic research at Natixis AM. He holds to this date 60% cash, 10% bonds and 8% of shares. "This defensive strategy used to limit risk, continues the economist. This did not prevent the LIA wiping lost between the first and second quarter 2010, 4.53% of their capital to $ 53.3 billion (37.8 billion euros).

The details revealed by this paper could resume the hunting of Libyan assets, frozen since early February by a European decision, said Fabrice Marchisio, a lawyer specializing in this field. He said "this will require financial institutions that have dealt with Libya to register with the authorities if they have not already done."

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When the funds will slow growth

The Figaro.fr – Can there be too many funds in the economy?

Jean-Louis Arcand – According to our work, there is a turning point from which the size of the financial sector is beginning to have a negative effect on the economy. More precisely, when the total amount of loans granted by banks to their clients, individuals like firms, exceeds 110% of gross domestic product (GDP, that is to say, the wealth produced by a country). We observed that states with the most prominent financial sectors have suffered more than others during the last crisis.

Why finance has grown as she?

During the past three decades, the U.S. financial sector has grown six times faster than the economy.If banks have grown so much is because they knew, taking risks to maximize their profits, in case of generalized bankruptcy they would be saved. Clearly, they have tended to over-lend to their clients because they underestimated the cost of a possible bankruptcy.

Should we establish by law an unsurpassable level of 110% finance?

It is useless to determine a bar impassable. This does not work, as evidenced by the European rule of a maximum debt equivalent to 60% of GDP make quick cash. It was enough that the powerful countries, France and Germany are close to this threshold so that they overcome them in the mid 2000s. Oting the same time any credibility to this political rule.

How then to control the growth of the financial sector?

Some argue that we must rein in salaries to encourage bankers to take fewer risks.This solution would not change populist: firms always find a way to reward talent. We believe it would be better that the regulator forces banks to keep their coffers sufficient financial reserves to cope with a situation of widespread bankruptcy. By increasing the so-called capital adequacy of institutions, they are forced at the same time to take fewer risks.

The current reform of the banking system, known as Basel III is along these lines …

The proposed controllers do not go far enough. The ratio of equity currently under discussion is 7%. In our view, reserves should be higher by several points to this goal. But the banks already reluctant to adopt this new threshold, saying it will reduce their profitability. This argument is not proven.

Customers, equal access to Internet

Customers should they pay more for their Internet access if they over-consumption of online video? Providers of Internet access they can slow the rate of subscriber connections that download on the Internet? No and no, slice the report of the mission on the neutrality of the Internet and networks, introduced Wednesday by deputies Laure La Raudière (UMP) and Corinne Erhel (CBC) Economic Affairs Committee of the National Assembly.

Anxious to "protect the Internet" in its current form, they detail the nine principles that should ensure an open Internet or "neutral" for Internet users. Proposals trenches that contrast with the approach of a "traffic control" as proposed by the Minister of the Digital Economy, Eric Besson.

The cornerstone of this report is the inclusion in the law, the principle of net neutrality.Its definition could be slipped in the Postal and Electronic Communications: "Capacity for Internet users to send and receive the content of their choice, or use the services to run applications of their choice, connecting the equipment of their choice (…) with a transparent quality of service, adequate and nondiscriminatory. "

The report also estimates that only obligations of a judicial or security must justify blocking access to the Internet. Therefore, access to file sharing sites should not be blocked upstream. "The network would not be neutral if the peer-to-peer was degraded," say the MPs, because peer-to-peer is used both to pirate music or movies that innovation as Internet telephony Skype.This does not apply the law to hackers.

Participate in financing

It does not include the principle of network neutrality into law, it is still necessary authority to enforce it. This authority could be the policeman telecom Arcep or judge. The authority will be particularly responsible for preventing telecom operators to restrict access to Internet content. The report wants to "reserve the term Internet access to only deals with the principle of neutrality."Thus, a mobile operator could no longer sell "unlimited Internet packages" when consumption is limited for example 500 megabytes per month or if it refuses to install applications like Skype Internet telephony.

If equal access to the Internet and is ringfenced from the Internet side, it remains to ensure services for publishers – video platforms, social networks, connected TV applications. For the service providers, the report proposes to "further reflection" on their participation in the financing of the Internet and network investment. He claims such a precise study of the costs of increased traffic on the Internet.Where appropriate, the report recommends that a mechanism by which sites get the traffic (such as YouTube, Google, Facebook, Skype …) are involved in financing networks by paying a kind of right of way. "It would stabilize the cost sharing of the network … and could encourage smaller players content," the report said. But it's a story at the European level.

Renault is testing hundreds of electric cars

Renault will probably not expected to start full-scale experiment one hundred electric vehicles in such a climate of tension. But the real false espionage case was Thursday in every mind. The scandal "has not changed the electric vehicle program. Between what is said today and what we said six months ago, it has not changed our marketing plan for a single day, "was keen to stress Koskas Thierry, the owner of this activity Renault. His former assistant, Matthew Tenenbaum is one of three group executives wrongfully dismissed for industrial espionage.

The kickoff of this project called Save and targeted at Yvelines, near Paris, is an important step for the automaker, at 6 months of marketing its first cars running abreast.Renault is to launch Fluence sedan and minivan Kangoo electric version in the fall of 2011. The quadricycle Twizy is scheduled for the end of the year. Finally, Zoe, flagship of the range vehicle, is scheduled for fall 2012. Renault and its ally Nissan invested $ 4 billion on power.

Test behavior

Save the project but started a little late since it had originally, start at the beginning of the year. It will run until July 2012. Forty clients will test the vehicles. Mainly businesses – such as Carrefour, France Telecom or Otis – and communities.The first cars were delivered: the prototypes of Renault Kangoo and electric Fluence, and Nissan Leaf (sold in France this summer).

"The goal is to study driver behavior (their mode of conduct, the frequency of refills) and its impact on the autonomy of the vehicles, but also to test our after-sales services, that is to say our ability to repair an electric vehicle incident, "said Bernard Cambier, commercial director of Renault France. Firefighters in the region have also been trained to work on damaged cars without fear of electrocution.

More than 200 charging points are being deployed. Renault has teamed up with EDF, Schneider Electric (for the provision of terminals) and Total, which will place two terminals fast charge (30 minutes) in its service stations.This experiment, amounting to 23 million euros, is financed by the Ile-de-France, ADEME (Agency for Environment and Energy Management) and the General Council of Yvelines. The initial feedback is expected within two months.

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Live Nation in the running to buy Warner Music

Affected by the crisis of the disc labels would they even dream? Two months after the sale of Warner Music Edgar Bronfman Jr., the prospective takeover of the major U.S. seem to shake the door of the bank Goldman Sachs.

Live Nation, the giant concert organization, claiming to be the last time, revealed the Wall Street Journal and the New York Post on Friday. It is well to mark the seventh interest in Warner, after BMG Music Publishing, Sony, the investment fund of billionaire Poju Zabludowicz Tamaris, the fund's billionaire Russian-American Len Blavatnik, the fund Yucaipa Ron Burkle, Platinum Equity or Permira.

But Live Nation has very different interests of the latter.While it is primarily the catalog of Warner Chappell, and revenue from the exploitation of rights, which attracted investors such as BMG, Turner lurks on the production activity of the recorded music major.

The latter would, in effect, expand Live Nation offer, which already covers much of the music profession. Organizer of 20,000 concerts a year, Live Nation has gained a foothold in the ticket purchasing Ticketmaster last year. The group also controls the company Front Line, which specializes in artist management. Live Nation has, moreover, of working in merchandising and merchandising online payday loans. Finally, via Live Nation Network, Turner also holds agreements between brands and artists.

Sales erode

All these activities play an increasing role in the artists' income, while sales of recorded music are being eroded.The acquisition of Warner Music at Live Nation would get their hands on the activity of recorded music. Less profitable, it remains a precondition to sell tickets for concerts, tours, T-shirts and management contracts. But the operation could thus face a denial of competition authorities. The shareholders of Warner Music could therefore be tempted by an offer of a simple competitive standpoint.

Another uncertainty, the financial position of Live Nation. The group posted a record loss of $ 228 million in 2010. The group has 165 million of free cash flow. According to the Financial Times, Live Nation could lean group Liberty Media, which owns 20% of Live Nation, to submit an offer.

All activities Warner (production and editing) is now valued at between 2.2 and 2.5 billion dollars.A price likely to decline while the major EMI, fell into the hands of his creditor, the bank Citigroup, should be placed on the market soon.