Archive for the 'events' Category
After months of negotiations, the Basel Committee has established a new international regulatory framework for banks. The device signed by 26 of the 27 member countries of the committee shall enter into force early 2012. Only Germany still dragging feet and abstained from voting certain amendments. The reform is focused particularly on increasing requirements for capital adequacy, liquidity, debt and reserves to help banks get through another crisis proportions.
Among the new regulations, the Committee plans to incorporate a ratio called leverage ratio between equity and liabilities reported in the bank. Between 2013-2017, the ratio set at 3% minimum will not be binding. Then starting in 2018 a leverage ratio has to adhere to be defined."Today's agreements represent a landmark achievement in the context of strengthening the soundness of the banking sector," commented the President of the European Central Bank Jean-Claude Trichet cash advance loan no fax.
Adjustments favorable to France
However, some proposals have been postponed. Banks will include the possibility of taking into account, in part, capital of insurance subsidiaries in the calculation of bank capital, a relaxation which household particularly French establishments. Furthermore, the position of the United States, which have still not applied the rules of Basel II in 2008, raises doubts. "We're not sure they apply the rules in the same terms as European banks," said Baudouin Prot, BNP Paribas boss, in an interview with Le Figaro.
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The U.S. stock market should be reluctant to take on the leadership on Monday. The index futures are predicting a slight decline in opening of U.S. markets. The index futures Standard & Poor's 500 and Nasdaq 100 fell back in effect respectively by 0.13% to 1099.50 points from 0.04% to 1873.10 points.
On Friday, the NYSE has ended sharply higher, buoyed by another round of quarterly results from U.S. companies of good quality and were reassured on the results of resistance testing in European banks. The Dow Jones gained 0.99% and the Nasdaq 1.05%. On the whole last week, the Dow Jones gained 3.23% and the Nasdaq rose 4.15%.
On the foreign exchange market, the euro steadied against the dollar. In the morning, it was worth 1.2901 dollars against 1.2906 dollars on Friday.
A busy week on the macroeconomic level.Today investors expect the sales figures for new housing. Another highlight, the U.S. central bank should publish its Beige Book Wednesday on the economic conditions. It will be very guarded while the president of the institution, Ben Bernanke said Wednesday before Congress the slow recovery, with no announcement of new funding in the economy.
On Tuesday, it is the Standard & Poor's / Case Schiller home prices and consumer confidence, which will be followed, before investors only look the next day on orders of durable goods. But it was the day Friday with the first estimate of gross domestic product (GDP) U.S. second quarter to be expected this week.This new burst of publications should be especially followed when investors are questioning again on the strength of the U.S. economic recovery.
U.S. companies are still likely to take stock in their accounts this week, including the program six companies forming part of Dow Jones. Tomorrow investors expect such figures CIT and Lockheed Martin and those sitting in the middle of DuPont.
To follow today the title of BP traded on Wall Street. The British press refers to a departure from the CEO of BP, before tomorrow, the date of publication of interim results of the oil giant.
Always on the side of values, General Electric said Friday its increased dividend of 20%, the quarterly dividend from 10 cents to 12 cents. GE also announced a resumption of its share repurchase programs.He had stopped this practice in September 2008. The board gave its approval for an additional $ 11.6 billion. "GE hopes to end the year with $ 25 billion in cash, including proceeds from the sale of a majority stake in its subsidiary NBC Universal to Comcast" say the analysts at Aurel BGC. Some of this money will be used to buy three billion dollars in preferred shares that the group has sold the holding company Berkshire Hathaway of Warren Buffett in October 2008.
Also note Friday night, the FDIC, the federal agency whose primary responsibility is to guarantee bank deposits, announced the bankruptcy of six new American banks, bringing to 102 the number of closing establishments since the beginning of year. These six failures will cost about 394 million dollars to its compensation fund the FDIC.
The decline in registrations in France in June already gave an overview of the state's automobile market throughout the European Union (EU). The European Automobile Manufacturers Association (ACEA) has confirmed on Thursday the downward trend by announcing a 6.9% decline in registrations in the EU. In total, 1,341,092 vehicles were registered in June
For June alone, the largest drops are collected by Slovakia (-40.6%), Greece (-39.3%) and Bulgaria (-32.1%). In addition to these countries is Germany, the largest European car market, with a decrease of 32.3% to 289,259 vehicles registered. France, second largest market, recorded a decline of 1.3% lighter.To explain this phenomenon, ACEA highlights the end of support measures for the sector, including the scrapping bonus.
The largest increases were reported in Ireland (75.8%), Portugal (62.5%), Finland (54.6%) or Spain (+25.6%) and United Kingdom (+10.8%).
Diplomatic relations between Switzerland and Germany could still suffer. After the controversial purchase of a CD from Switzerland containing lists of suspected tax evaders in Germany launches massive search operation in the German subsidiary of Swiss bank Credit Suisse. Objective: to update the 1100 alleged customers of the bank suspected of evading taxes, and employees of the bank suspected to have helped.
The raids took place simultaneously in 13 cities and were conducted by 150 officers. Credit Suisse, which remained silent on the subject, has finally reacted by saying "cooperate with the authorities." "This is an ongoing investigation, so we can give more information," says the facility.
Unsurprisingly
Since March 19 this year, the Dusseldorf prosecutor's office suggested that he was investigating cons these clients in the fight against tax evasion carried out by the government. The purchase of the CD has already led almost 12.000à denounce himself, according to last count, in late March.
Credit Suisse is not the only Swiss bank in the sights of German authorities. UBS industry leader, is also subject of an investigation, not prosecution, but the authority of financial sector supervision Authority (BaFin).
Negotiations stalled
These searches involved in full discussions between Bern and Berlin on improving the exchange of information between the two countries my credit score. Both governments wish to reach an agreement that also aims to avoid double taxation.
In late March, the finance ministers of the two states signed a convention in this sense, but it is still not signed. Both governments face difficult issues such as control of German assets placed in Switzerland. A working group has also been mandated to expand the proposals and make findings in the fall.
Meanwhile, the convention is not in force, allowing Germany to put pressure on Swiss institutions. The spokesman for the German Finance Ministry wants yet reassuring: "We assume that the negotiations with Switzerland will continue to be constructive and to unfold in an atmosphere of mutual trust." He says they will, if successful, to "render obsolete" files using File Swiss bank clients stolen and resold.
The German technique is the same as that adopted in respect of Liechtenstein. In 2008, the Secret Service had bought a CD of stolen banking data, to 4.2 million euros. Having conducted several surveys, they managed to uncover many fraudsters, including the former boss of Deutsche Post, Klaus Zumwinkel. Under pressure, Liechtenstein was finally ratified an agreement on exchange of information on German assets located within the principality.
The entries of migrants to OECD countries declined by 6% in 2008, dropping to 4.4 million people. While in the previous five years, their numbers had increased by 11% per year on average, according to the latest OECD report on migration. The decline was further strengthened in 2009. The immigrants were, in many countries, the first hit by rising unemployment, particularly youth and those working in the sectors most affected by the crisis such as construction or hospitality.
OECD urges in this report on the need for States to strengthen their immigration policies which will play a crucial role in the long term to enhance growth."It is important to note that immigrants make a positive contribution to the national economy, especially in times of growth," remarks the Secretary General Angel Gurria free credit report.
And because of demographic changes and shortages of future employment, especially in health and engineering. Thus, maintaining immigration rates at their current level, the population of working age in OECD countries will increase by only 1.9% in the next decade. A percentage that contrasts with the 8.6% recorded between 2000 and 2010. The situation is even worse for France, which will decline by 1%, despite good numbers of births. The reason is that France has one of the highest immigration rate lowest in the OECD.
This is a first since early 2010. In the month of May, the French have spent more money on their livert A investor.
According to the Deposit and Consignment Office (CDC), withdrawals exceed deposits were $ 310 million. Net inflows (deposits less withdrawals) remains positive on the first five months of the year of 2.49 billion. In late May, are deposited on the Livret A, held by 50 million French people, amounted to 187.4 billion euros.
For its part, the booklet Sustainable Development (LDD) has seen its assets (deposits) to fall by 460 million euros in May
The rate of the Livret A, which is the same as LDD, is blocked since 1 August 2009 to 1.25%, the lowest level since its inception in 1818. However, it should be increased to 1.5% or 1.75% on 1 August, as announced by the Minister of Budget Baroin.
Even increased, the rate will remain below the 4% achieved two years ago.
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LE FIGARO – The backbone of "retirement" is specific to staff align their contribution rate over that of private sector employees. Why?
Georges Tron – We want a clear and equitable reform. Nothing justifies to contribute three points behind, having comparable pensions. This represents an increase of 6 euros of contributions, on an average salary of 2000 euros a month for ten years.
The calculation of the pension on the last six months of salary, instead of twenty-five best years, is also a symbol of inequity for the opinion …
Wrongly so, if you look calmly at things! We are in a very specific body, grades, levels, indices, with premiums that are excluded from the calculation of the pension.The only question worth asking is: these rules they generate large differences in pay and pensions? The answer is no.
Why have kept "active groups" instead of applying to civil servants the opportunity to retire early for hardship, which will soon be applied in the private sector?
Occupations in uniform (police, firefighters, prison guards …) can effectively retire at 50 or 55 years. It is an old way to take into account how hard these jobs, which nobody denies. The classes are kept active but these floors will be carried over age two years, as for everyone.
You open next Friday, a salary negotiation. Bercy pushes you to a freezing point index.The 0.5% increase for July 1, promised two years ago by Éric Woerth, Will it be good?
While it is important to keep its commitments, we must be lucid about the state of public accounts. This first session will assess the progress of the purchasing power of workers in 2009 and expected for 2010. Based on this diagnosis, I hope shared with the unions, we will be open to discussion. One thing is certain: the issue of pensions is, Eric Woerth and I disconnected from that of wages. There is no question of compensating the first by the second. This would immediately cancel the legitimate efforts and gradual asked officials on pensions, that nobody would understand.
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Put under pressure by Guy Wyser-Pratte complains strategy, Arnaud Lagard?re, general partner of the Lagard?re group, has defended his record at the general meeting of shareholders held this morning at the Palais des Congr?s Paris. He said he was "optimistic" about prospects for his group in 2010. "In 2009, the cash flow was very well kept, with 650 million euros. And that's a powerful symbol of a sound and applied to the cash, "said Arnaud Lagardere. He added: "All family groups are extremely sensitive to this criterion one, which is the most vital criterion for a company in the long term."
Lagard?re: -18% and 10% in less than a year
In 2009, Lagard?re has 4 divided by its net profit to 137 million euros and issued a revenue down 4% to 7.9 billion euros.Lagardere will publish its turnover in the first quarter 2010 on May 11 next.
It is interesting to note that since the offensive led by Guy Wyser-Pratte cons strategy Arnaud Lagard?re, General Partner of Lagard?re, March 25 last, the stock has gained around 10% (figure at 10:30 AM, Ed) . And, while the price lost almost 18% since October 2009. He took the opportunity to slip a few tackles to Guy Wyser-Pratte: "The dictatorship of the immediate is probably the most destructive of shareholder value. We will never get into the music, the display and large terrestrial TV and pay, "said Arnaud Lagardere.
The Autorit? des march?s financiers (AMF) by its president Jean-Pierre Jouyet, has confirmed that the Lagard?re was put under surveillance for several weeks."As in such situations, we monitored closely the evolution of the title and the statements of each other in the preparation of this meeting," he said Monday at Canal + Guaranteed high risk Personal loans.
The MFA does not investigate
Last Friday, a spokesman for the AMF had confirmed receiving a letter of Lagard?re."We look at which patterns of the market as we look at the title and transaction information is transmitted," she said, adding that a supervision order does not imply any launch an investigation.
In late March, the American financier Guy Wyser-Pratte, who holds 0.53% stake in the group Lagard?re has submitted two resolutions: one to make his entrance to the supervisory board and the other to call into question the Staff Partnership Group for Lagardere to develop it into a corporation. Two resolutions that Arnaud Lagardere has always opposed.
Guy Wyser-Pratte can count on the support of Riskmetrics, a consulting firm specializing in governance and whose advice is well attended by institutional investors, representing over 78% of the capital of Lagard?re.For its part, Arnaud Lagardere has received support from the Association of Small Holders assets (Appac) holding 3.5% stake in Arcelor.
After one of the few values to evolve in the green at the Paris Bourse, the Lagard?re shows a sharp decline towards 12.15: -0.71% to 31.41 euros in a market down by 1.46% .
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After one week mixed, where the CAC 40 had yielded 0.89%, the Paris Bourse, encouraged by the tone on Wall Street has rebounded on Monday. Despite the new German demands against Greece, the Paris index was bent back, ending up 1.17% to 3997.39 points. At the close, the London FTSE gained 0.53% to 5753.85 points. While the German Dax 1.16% 6332.10 clinching points.
United States to the European Commission, through France, many voices were raised for prompt action against speculation aimed Greece. A sign of nervousness of the market, rates on Greek bonds to ten years have passed that on Monday for the first time the 9% and bond to two years 13%, unheard of for a country in the euro area.Under pressure from financial markets, Athens has yet agreed Friday to call on rescue plan joint EU and IMF announced on Monday "concrete steps" to reduce its deficit "drastically," what reassure …
Aid before May 19?
German Chancellor Angela Merkel warned this weekend that his country would release the aid unless Greece undertook on a "credible" deficit reduction and reform. A possible aid payment would, then, before May 19, when the next bond issue in Greece.
Meanwhile, Wednesday's meeting of the Strategic Committee of the Federal Reserve, investors are sensitive to the strong performance of Wall Street, which closed Friday at its highest since 19 months and opened to the balance on Monday.165 earnings announcements of U.S. firms are expected this week. After Carterpillar and Texas Instruments on Monday, come Tuesday Dupont, UPS, and U.S. Steel. In the first three months of the year, Caterpillar earned $ 233 million against a loss of 112 million a year earlier and raised its forecast for 2010, so the title jumped 5.76% to 72 $ 74 in session on Wall Street.
In Paris, the banks have been unevenly weakened by the turmoil on Greece. As Credit Agricole lost 0.29% to 12.225 euros, also because of a lowering of recommendation from analysts of Credit Suisse. BNP Paribas has taken revenge + 3.02% to 54.56 euros and Societe Generale clinching 1.33% to 43.675 euros cons about 2% earlier in the day.
The automotive supplier Valeo has made over the first three months of the year a consolidated turnover of 2.309 billion euros, up sharply from 42% over the same period of 2009. On Monday, its biggest competitor, Faurecia, has published a quarterly revenue of 3.2 billion euros, up almost 60%.
This 42% increase in sales is twice what the group had planned two months earlier. In late February, when the annual results of the group, the Director-General Jacques Aschenbroich had said the first quarter was broadly in line with the activity of the previous three months, emerged up 21%.
"Valeo's business in the first quarter confirmed the group's ambition to become the partner of automakers in the technologies to reduce emissions of C02, for which we plan to double our turnover of 2013, "commented Jacques Aschenbroich, quoted in the statement, issued after-hours trade.
The automotive industry in France is supported by the boom in orders, which marked the end of 2009 in anticipation of the phasing out of the car scrapping. The second half of the year remains uncertain, and Valeo has delivered on Thursday any evidence on the evolution of the activity on the second part of the year. "Despite a moderate decline in car production in Europe, Valeo anticipates second quarter 2010 sales of the same level as the first quarter," simply stated the group.
The supplier has unveiled a strategic plan in early March by which it expects to achieve a turnover of ten billion euros and an operating margin of 6% to 7% in 2013.
In 2010, Valeo anticipates a near-doubling of its operating margin to 1.8% emerged in 2009, a goal also confirmed Thursday night.
At the Paris Bourse, Valeo closed down 0.77% to 26.36 euros in a market down 1.33%.
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