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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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Sarkozy the premium will not necessarily "cash"

Latest offs were made. The bill establishing the principles of the premium that Nicolas Sarkozy wants to force companies with more than 50 employees – which distribute profits up – to pay their employees is written. It should be sent next week to the State Council for approval.

The clarifications concern the concept of exact dividend taken into account. It will not be the total amount of dividends paid, but the dividend per share. The scope of company concerned has also been refined: in a group, it will be the parent. Thus, if the dividend paid by the parent increases relative to the average of the previous two years, all the subsidiaries and dependent must pay the premium. They display or not benefits rise.For groups present in France but whose head office is abroad, the measure will apply to employees in France so the "highest parent situated on French territory" has increased its dividend.

Another clarification: it is possible, by collective agreement, to offer employees something other than cash free credit report and score. The "premium" for example, could give the appearance of a surplus or profit participation, an assumption of a mutual or a bonus share issue. Only principles: the benefit must be made public (that is to say, to benefit all employees and not to certain categories), pecuniary (it must be equivalent to a sum of money) and new (it should not have been granted previously).

For the rest, nothing changes.The amount and terms of the premium must be negotiated within the company, under the same conditions as the participation or incentive. And failing agreement with the organizations representing the staff, for setting out is only for company management. No company with over 50 employees will benefit from exemptions. The premium will be exempt from normal social security contributions – but subject to 8% of CSG-CRDS and 6% social package – up to a ceiling of 1,200 euros. As at the date of entry into force: this year.

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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.

Bullish trading day in Asia

The Tokyo Stock Exchange is moving towards a fence on the rise this Wednesday, as U.S. markets the day before around 6:45 am, the Nikkei 225 index 1.89% to 9619.52 wins points in the wake of a session of heavy decline due to the threat of S & P on U.S. debt. However, a macroeconomic perspective, the news is grim: Japan's trade surplus plunged 78.9% in March over one year to 196.5 billion yen (1.7 billion euros ), weighed by the consequences of the earthquake and tsunami of 11 March.

In March, exports fell by 2.2% over the same month last year, their first decline in 16 months, to 5.866 trillion yen (51 billion euros). Car sales abroad dropped by more than a quarter of a year to the next.Video recorders, which also suffer from a lack of supply from suppliers who have suffered damage in the north-east, were also significantly less passed (almost a quarter less), while such as audio electronics (-31%).

Imports have increased their share from 11.9% to 5.6695 trillion yen (49.3 billion), continuing to be driven by rising oil prices in connection with the events in Africa Africa and the Middle East.

Elsewhere in Asia, the trend is green: the Stock Exchange of Hong Kong was up 0.92% Wednesday mid-session, the benchmark Hang Seng 216.35 points to 23,736.97 taking points at the break. The CSI index of Shanghai, he, more timidly advance of 0.13% to 3299.97 points, led by coal mining companies and steelmakers, dealers said.In India, the BSE Sensex is at 19,266.97 points 0.76% while in Singapore the Straits Times rises from 0.46% to 3139.67 points. Pacific side, the S & P / ASX Sydney allows itself 1.08% to 4845 points.

Fixed oil

Oil prices were mixed Wednesday in electronic trading in Asia, the market concerned about high prices could weigh on demand, and tensions in the Arab world. In morning trading, a barrel of light sweet crude for June delivery took 13 cents to 108.41 dollars. That of Brent North Sea crude for June delivery fell 13 cents to 121.20 dollars.

On Tuesday, oil prices rebounded in New York after their heavy losses the previous day, supported by a sharp weakening of the dollar, making commodities more attractive.

Premium for employees: Lagarde forced against any amount

On Monday, Minister of Economy and Finance said on LCI it was not in favor of "binding" of the project value premium "exceptional" employees of companies that pay dividends. It indicates rather consider "a mechanism for excluding social security" so that companies can distribute the envelopes to their employees. For the resident of Bercy, no question that the government imposing the measure unilaterally. According to her, he is "very important that the amounts, terms, how everything fits together is negotiated between employers on the one hand, and other employee representatives."

As for the amount of the premium, it must be considered, according to Minister of Economy, as the ceiling up to which the state will charge exemptions.Furthermore, they related only to the premiums actually paid, she said, ruling out an exemption for very small (very small). For these provisions "should apply as soon as possible, these should be included in the draft supplementary budget of June, the Minister added.

The chamber was quick to applaud such statements. "Yes, this is good news," responded the president, Laurence Parisot, a few minutes at the microphone of France Inter. Judging from the minister's "very reassuring", the boss of bosses, however, has protected it from a flat.She expects to "see the mechanism" referred to by the government in "this idea of ​​connection with the distribution of dividends."

A change of edge is drawn

The government, which seemed to have made it a point to upward pressure on wages and hence purchasing power, he changed his tune? Less than a week after the announcement of this premium Baroin, the budget minister, and two days later Xavier Bertrand, Minister of Labour, recalled its "mandatory", it is a change edge that emerges. As support for this thesis, the Ministry of Economy is expected to announce on Monday the wage freeze in the civil service in 2012, according to Les Echos payday loans guaranteed no fax. And that, for the second consecutive year.

For now, only seems to increase the current minimum wage by about 2% by this summer."It is very likely that we will have a minimum wage increase of 2% on 1 July," said Christine Lagarde has on LCI. It could go from 1365 to 1392 euros euros, with an hourly wage of 9.18 euros. But this is not a direct measure sought by the government. Because this increase is included in the texts: it is "automatic", as the Labor Code, when the price rises to 2% year since its last adjustment.

Opposition side, the government is already positioning cringe. Monday, Pierre Laurent, the secretary general of the Communist Party, spoke of "hocus-pocus" on the draft government bonus. "The case smells of scam, full nose," he said in a statement.Nicolas Sarkozy tries again to exist in an area where it has particularly failed: the purchasing power of the French. "To the General Labour Confederation (CGT), the pill is probably as hard to swallow. In a statement dated April 13, she aspired to include "a general increase in salaries of the public" as private, "a minimum wage to 1,600 euros," and to "do away with random forms of compensation."

Minister against a debt restructuring

Christine Lagarde has opposed any debt restructuring, Greek, Irish and Portuguese. LCI, she described the possibility of potentially "catastrophic", referring to the "greatest difficulty" would have to run these countries to reconsider the financial markets. Asked if he had to restructure the debt of Greece, Christine Lagarde said in a firm with a triple 'no'."This is not [to] talk to," she added.

Prudence expected on Wall Street

After an initial meeting weekly with no real trend, but a Dow Jones closed at its highest level in almost three years, U.S. equity markets should open very carefully on Tuesday, or even slightly down. At 12:30, the contras futures on the Nasdaq 100 and S & P 500 retreated 0.89%, respectively, and 0.44% at 2319.75 points and 1323.30 points.

They follow and pessimism seen on Asian markets, where apart from Shanghai and Hong Kong, closed on Tuesday, the Nikkei closed down more than 1%, hit by falling Tepco. Elsewhere in Asia, other financial markets were maintained. In Paris, pessimism was more marqué.Après having opened at equilibrium, the benchmark index in Paris fell back by 0.7% in mid-session.

After a Monday without major macroeconomic data, indicators on the health of the U.S. economy will still be scarce today.The ISM index of activity in services is expected in March to 16 hours. At 20H00, investors should also pay attention to the publication of the minutes of the Fed. What still leave room for a large international events and international events, primarily Libya and the political situation in countries of North Africa and Middle East

For weeks, these geopolitical events strongly impact the price of oil, which continues to run around $ 120 a barrel in London. "However, the U.S. indices show a high resistance to higher oil prices" moderates Christian Parisot at Aurel BGC. These have reached new highs in New York and London this morning, where the barrel has exceeded 120 dollars for the first time since August 2008.The Saudi oil minister, for his part felt that crude prices could reach 200 to $ 300 if the protest movements reached Saudi Arabia, the world's largest producer of oil.

Very low volumes, wait until the first quarterly

"The volumes are anemic, less than a third to a session average payday loan online…" said Christian Parisot. Yesterday on Wall Street, the volumes traded on the Dow Jones did not exceed $ 114.3 billion. In future sessions, attention should also be persistent. The publication of quarterly results Monday from aluminum giant Alcoa, traditionally the first American group to disclose its financial results, should give the animation of the exchanges.

Side currency, the euro lost it again a little ground Tuesday after hitting the day's highest level in five months, traders ensuring some benefit in a cautious market anticipates a rise Thursday in the rate of the Bank European Central Bank (ECB). Around 11:20 in Paris, the single currency was worth 1.4182 dollars against 1.4220 dollars on Monday in 23:00.

Finally, the corporate side, many values ​​are to be monitored, including:

Google – the Internet giant said it could be the target of an extensive investigation by the U.S. Federal Trade Commission, regarding possible anticompetitive practices. An investigation that could jeopardize the acquisition by the group of ITA Software.

Texas Instruments – manufacturer of semiconductors has announced tonight the redemption of his fellow National Semiconductor for $ 6.5 billion.

Note that according to the Wall Street Journal, the exchange operator Nasdaq OMX-like lower than 20% to 12% weighting in the Nasdaq 100's electronics giant Apple. Other technology stocks would be affected by this new calculation, such as Oracle and Intel (downwards), while Microsoft, and Cisco Systems would increase their weighting.

Bank of America – The giant bank would be under increased surveillance of the U.S. market regulator (SEC), which asked him last week to provide more detailed data on its financial reserves to enable it to cover the cost of mortgages repaid name.

500,000 employees left "friendly" employer

Half a million! At last count conducted in late January, the number of broken treaty approved by the Ministry of Labour was 498,675. After three months of existence, the success of these amicable separation, introduced in the Labour Code in August 2008 following an agreement between the social partners (with the exception of the CGT), does not therefore be denied. The slight decrease of 17% in January compared to December 2010 is identical to that recorded a year earlier. "There is no reason to worry, an adviser confirms Xavier Bertrand, Minister of Labour. We are always on a rise of the device, according to a seasonality similar to that of previous years. " Without knowing why, the number of breaks conventional effect fluctuates during the year, giving the impression of playing with a yo-yo over the months. But the trend remains upward.In one year, separation amicably approved by the administration – which now represent 11% of the grounds of breach of CDI – still up 11.5% in 2010 and the refusal rate has dropped 2 points, stabilize at 7% of applications received.

None of the unions signatory to the January 2008 agreement does not deny his actions today. "The break helped secure conventional separations concluded an agreement which were not legally framed," says Gabrielle Simon, of the CFTC. Many of them were in fact disguised as dismissal for failure to allow the imaginary future ex-employee to receive unemployment benefits. "The best proof of this need for security is the low number of current use of industrial tribunals," considers Lawrence Berger, the CFDT savings account payday advance.Another way to approach is the decrease of 5000 in three years the number of entries monthly employment center following a resignation, a ground breaking CDI are not eligible for unemployment insurance. At least in the early months.

Preretirement disguised

Only drawback: separation amicably seem to be used by companies as an early retirement financed by collective Unedic. According to recent statistics, one in five unemployed entering employment center after a break treaty has over 50 years. Doubling of their other reasons for listing. But the fifties unemployed are entitled to compensation for three years if they have paid 36 months. And therefore receive an allowance until their retirement if they are over 58 years of age, at which the number of breaks conventional wings. The impact on the accounts would Unedic however minimal."Unemployment insurance has always been considered a case of early retirement for some companies," Lawrence Berger shade.

Some windfalls are not excluded. "Some companies multiply small packets of broken treaty to avoid having to implement a social plan," denounces Stéphane Lardy, FOR, which therefore calls for more guidance on approval procedures by the administration.

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Blocked overnight in a train

The stage at Brussels was not to last as long. Friday night, two Thalys from Amsterdam to Paris and were forced to spend the night at the stop at Brussels Midi station, registering a total delay of about 14 hours on their arrival in Paris on Saturday morning.

The origin of this disruption, a technical default on the first train left at 6:16 p.m. Friday in Amsterdam. To remedy this, the train is coupled to a second train has left the Venice of the North one hour later.The operation takes a long time, so much so that the arrival of two trains in Brussels to 23 hours, it is too late to pursue the road: "The network of high speed rail network in France (RFF) was already closed at night for maintenance, "said a spokesman for Thalys, Patricia Baars.

"We tried everything, but it was not possible to make the trains run outside the operating hours of commercial network," French said the representative of the rail consortium.

Not enough room at the hotel

And the trouble does not stop there. As it is too late to implement an alternative system of transportation by bus, according to Patricia Baars, passengers are forced to spend the night there.But again, a new obstacle: "It was not possible to find hotels in the immediate vicinity of the Brussels-Midi station to house some 400 people," says Patricia Baars.

Some passengers decide to leave to go and look for a hotel in downtown Brussels, at their expense personal loan for poor credit. The approximately 250 remaining up for the night. "They received a meal and hot drinks. The train was heated, and watched the train, "said Patricia Baars figaro.fr.

Not really a version shared by Marta Ayala, 38, transient. Station in Brussels, "everyone left the train. Workers, drivers, everyone is gone. Without telling us anything, "she testified. "The passengers left the train to get information. There was nobody on the docks. Thalys offices were closed, "she added, pointing to photos taken in the night.

"Around 0:15, the security personnel were brought boxes of food. Still no explanation. Then at 6:30 this morning, we were told to change trains, "she adds angrily. "I paid 200 euros, just the casual, the service terrible."

Thalys says that all passengers will be reimbursed for their tickets, and any other compensation – for nights hotels, missed connections – will be considered on a case by case basis.

Both trains were eventually depart at 6:40 Saturday morning, arriving with a delay of 14 hours for the first Thalys 6:16 p.m. and 1:00 p.m. respectively. This is roughly equivalent to that recorded by the drill nuitStrasbourg Port Bou / Nice, who had accumulated a series of incidents during the night of December 26 to 27.

Obama tackles the budget deficit

President Barack Obama on Monday presented to Congress his budget proposal for 2012, which aims to reduce the federal deficit of 1.100 billion dollars (about 800 billion euros) over 10 years, but the Republicans deem the decline spending too limited.

The White House expects a budget of 3.729 billion dollars with a deficit of 1.645 billion for fiscal 2011, began in early October and 1.101 billion for fiscal 2012. This trend would reduce the deficit to 3.2% of gross domestic product (GDP) in 2015, against 10.9% this year.

"The fiscal realities we face require tough choices," said Barack Obama elected to the Congress. "Ten years of deficits, compounded by the effects of the recession and the measures we have taken to get out, (…) we have placed on a trajectory untenable.That is why my budget charts a course that will repay our debts. "

Two thirds of the savings provided by the budget come from reduced spending and lower predictability of debt service as the deficit will be eliminated.

Deletion of twelve tax loopholes

The rest came from increased revenues, including the expiration of the tax compromise negotiated in December with the Republicans, who control the House of Representatives. This text extends for two years, tax relief inherited the presidency of George W. Bush and also extends benefits for long-term unemployed.

Federal finances should also benefit from increased revenues due to economic recovery, as well as the elimination of 12 tax loopholes for companies specializing in oil, gas and coal, which is the aim of providing 46 billion dollars over 10 years.

"Both parties are seeking to reduce deficits, this indicates at least they share the view that one can be elected without being harsh on the budget," said David Ader, an analyst with CRT Capital Group.

The draft budget must allow Barack Obama to keep his commitment to its partners in the G20 to halve the deficit by the end of his term in January 2013, compared to taking office in 2009.To contribute to this reduction, Bush plans to freeze discretionary spending unsafe for five years, a savings of $ 400 billion over 10 years business cards design.

This measure involves reducing spending by more than 200 federal programs and will save 33 billion dollars over fiscal 2012. Defense spending will be reduced by 78 billion over five years, as previously announced, and those health 62 billion over 10 years.

The project anticipates a deficit of around 3% of GDP from 2015 and beyond, slowing growth in U.S. debt, even if it should rise to 77% of GDP in 2021 against 72% in 2011.

The budget will be adopted only after a long debate ahead among Democrats, the Senate majority, and Republicans, who control the House of Representatives."The president's remarks suggest that he understood that spending out of control, but his words are followed by any action," the group's leader accused the Senate Republicans, Mitch McConnell. "Americans do not want a spending freeze to an unsustainable level. They want cuts, drastic cuts, and I hope the President will work with us to achieve this quickly. "

The White House is more conservative than IMF

The White House also said to have revised down its forecast for U.S. GDP growth for 2011, but maintained its forecast of accelerating activity for 2012. Under the new draft budget law, the U.S. GDP would grow by 2.7% in 2011 and 3.6% in 2012.The previous forecast of state gave a GDP up 3.2% in 2011 and 3.6% in 2012.

The government is more cautious than the central bank (Fed) and the International Monetary Fund (IMF) for 2011. The Fed chairman, Ben Bernanke said that growth should be between 3.0 and 4.0% in 2011. The IMF expects him over 3.0% this year.

The government is however much more optimistic than the IMF for 2012, since the Fund said in January that U.S. growth should slow in 2012 according to him, to 2.7%.

The government says the unemployment rate, down, should nonetheless remain very high at 9.3% on average in 2011, then declined to 8.6% in 2012.

(With agencies)

SNCF: 80% of the French disappointed by the service

The result is final. According to a poll by Ifop for the Sunday newspaper Ouest France, eight in ten French (80%) believe that in recent months, the quality of services offered by the SNCF was "somewhat worse". Only 15% of respondents believe the contrary, that it was "somewhat improved". Three percent of respondents believe the situation has "not changed" in this area and 2% were undecided.

More telling, three out of four respondents (76%) say the times were "less respected" in recent months. They are only 18% say that they are "more respected". Three percent noted no change and 3% were undecided.

Malaise

The survey, conducted on 20 and January 21 with a sample of 968 people, seems to confirm the ras-le-bol general users of the station cash advance america.After the subscribers of the TGV, which just received a compensation package, it's time for users of regional express trains (TER) to show their displeasure by engaging in a strike submission of tickets from Monday.

Eager to appease the discontent of its customers, the station provides a plan for improving its twelve lines called "sick". Efforts should focus on the Paris lines, RER A and D in mind.

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