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The higher the debt crisis is intensifying and European gold is getting stronger. The metal price has risen late Thursday at a new record of 1594.45 dollars approaching the threshold of 1600 dollars per ounce, still supported by concerns about the debt crisis in the euro zone and the renewed nervousness around indebtedness of the United States. The metal is "overbought in a configuration that is generally followed by a phase correction with profit taking," said Alexandre Taurand, market analyst at XTB France.
Since early July, the Yellow Gold has gained nearly 60 dollars and grew by more than 2% in five days. A craze that is also explained by its role as a refuge for investors wishing to protect themselves against currency volatility, turbulence government bonds and inflation pressures persist.Since the beginning of the month, the disturbing news in the euro area accumulates. Standard & Poor's warned that a draft agreement between Greece and private creditors would be equivalent to a default under its criteria. On Tuesday, the working group to find a solution to save the country from bankruptcy said he did not exclude a more "partial failure" Greek. Moody's lowered the rating of Portugal and the eyes are now to Italy and Spain where the rates of bonds soaring.
Investors are not convinced by the ads of European finance ministers that provide control to prevent contagion. The latter said they were willing to increase the size of the Fund for financial help. They are also considering a "lengthening of maturities of loans" made to give more time to countries in difficulty to repay their debt. But nothing works.Tuesday again, plummeting stock markets in Europe reflected a continuing concern.
All eyes turned to Italy
"Unlike money, which is currently trading on the area of 35.50 dollars an ounce and is a turning point towards lower, gold is playing its role as a refuge and is one of few underlying advantage of the situation, "says Alexandre Taurand.
In his view, two scenarios are emerging now for the precious metal, "If the price settles above the area of 1547.11 dollars, then maybe we would pause in the middle before a new upward impulse to try re-cross the area of 1557 dollars per ounce. In the event that the price of gold were to fall below the 1545 dollars, then we would have a target level of support for 1541 dollars, "said he.But can not decide yet, "there are a lot of uncertainty. Investors are focused on the Italian austerity plan (on which Parliament must decide by by the summer break, ed.) They also monitor the situation in the United States with the vote on the debt ceiling to be held by 2 August. "
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The debt crisis has blackballed two governments in Ireland and Portugal, and the list is certainly not closed. The damage is more severe on public opinion because they take a nationalist turn. In Germany, almost one in two voters, according to a recent survey, calls for the release of Greece to the euro area. Last month, the Bundestag voted by a majority of only ten members agreed to a new aid plan in Athens. Chancellor Angela Merkel has obtained such authorization on the express condition to require private investors to make "a fair contribution" to the bailout.
Unexpectedly, the debate on financial solidarity in Europe tends to resurface interregional strife. And paradoxically it is in federal countries like Germany or Belgium, the tensions appear more vivid.The euro zone should not lead to "a union transfer," insists there be beyond the Rhine. "Greater integration will not remove economic imbalances. No one knows this better than the Germans who had a similar experience there are almost twenty years during the realization of monetary union between the two Germanys, "says the weekly Der Spiegel in its edition of June 20 The Germans continue to pay until 2019, a special tax called the "Soli" (Solidarität), which has already cost 187 billion euros.
Euroscepticism in the richest regions in Europe
In Belgium, a country Europhile if any, the antagonism between Flanders and Wallonia reaches new levels. The two communities are unable to agree to form a government, the Prime Minister, Yves Leterme, is reduced to administer the routine business since April 2010.Experts struggle with blows of figures to assess the transfers flowing North Flemish Francophone south. They represent an annual 11 billion euros, according to the Flemish Institute of economy and society (Vives). False, answer the French, with this basic argument: Belgium charges taxpayers in their homes and not where they work, as recommended by the international law. If this standard was followed, Brussels, attached to the French-speaking area, recover 4 billion euros of income tax.
Euroscepticism would it be more marked in the richest regions in Europe? This is clearly the case in Italy: Northern League campaigned for the prosperous regions of the Po Valley found a form of independence political-administrative and fiscal, while maintaining the strongest prejudices vis-à-vis the euro no fax pay day loan.
Not so in contrast to France.Regional differences are however not lower than in the rest of the continent but they are resolved in a more gentle. And the Ile-de-France, and its ten million inhabitants, it is by far the most productive region of the hexagon: it polarizes alone 29% of GDP, gross domestic product of the country, but represents only 22% of the income of the French (according to figures from INSEE). The explanation for this defect is simple: on one side, 7% of payroll companies Ile-de-France are paid to employees who live outside and conversely only 14.5% French pensioners living in the Paris region.The latter is losing both ways: a significant portion of its revenues from production escapes and receives limited resources from the inactive, who prefer other lands.
Centralism French or German federalism
He welcomed such an "invisible circulation of wealth" between the territories of the Republic, in the words of happy economic geography Davezies Laurent. The Limousin and Corsica can be very productive while enjoying relative prosperity, thanks to the mobility of the French who will spend their vacation or retirement. These contributions and income of private individuals play a more fundamental transfers of public money themselves. "Similarly, the savings is in the province and bank credits in the Ile-de-France, but these movements do not create real problems protest across regions.This is probably due to mixing of populations: from birth to retirement, through studies and work, the French used to change the place throughout their lives, "noted Jean-Luc Biacabe, Director of Foresight to the Chamber of Commerce and Industry of Paris.
Often criticized for its lack of centralization and autonomy of its regions, France is she a model of harmony for its neighbors? The Germans, because of their culture of federal government, are much more aware that the French fiscal federalism in the euro area is currently in practice be established. The Bundestag is alarmed by the German contribution to the European guarantees of financial stability, to 123 billion euros. The National Assembly does not seem moved by our share, yet the same magnitude because of the weight savings (three quarters).In Germany, it continues to quote the formula of Ernest Renan, 1862, "A customs union is not a nation." In Paris, the euro is considered the homeland.
Whoever does not pay pockets. According to The Echosce Monday, the UMP would favor the principle of taxation of companies that pay wages to their employees outside the norm instead of fixing an additional tax for very high incomes. This is to discourage entretreprises to pay fees too high, as is the case for the 50% tax on the traders' bonuses. "The idea is (…) to treat the problem at its source, a disincentive for companies to pay compensation aberrant, rather than trying to correct the situation then by taxes," said an elected majority in a maintenance business daily.
The majority remains divided on the threshold, beyond which the tax should be levied.For many UMP deputies, the threshold should be set at 150,000 euros per unit, while others, like Pierre Mehaignerie, advocate the taxation of income in excess of 1 million euros no checking account payday advance.
The definition of the Tax Code regarding salaries "excessive" is not very clear and now it is more applicable to the bosses of SMEs and large companies. It would therefore define the notion of "excessive compensation" based on wage policy and business sectors. A working group will floor on this subject during the summer to give a decision in September.
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GDF SUEZ announced Friday in a statement that "the general meeting of shareholders of Compagnie du Vent has decided to replace" its chairman and founder Jean-Michel Germa by Thierry Conil, "over 30 years experience in GDF Suez ". "A major strategic dispute," the statement continued, between GDF Suez, which owns 56.8% of Compagnie du Vent and its founder Jean-Michel Germa, which owns 43.2% is the origin of this separation.
Problem: Jean-Michel Germa judicially contest his dismissal, even though he knew his scheduled departure. First on the form. Feeling the dispute with its powerful shareholder grow for months, Jean-Michel Germa had sought this week the protection of the commercial court of Montpellier (seat LCV).He had requested the postponement of Thursday's meeting but GDF Suez has received the same day, the Tribunal de Commerce "authorization" to conduct this meeting. Jean-Michel Germa considers that the meeting "was not held." The founder of the company that employs 156 employees (sales: 27 million) is "very shocked" by the group methods.
On the merits, the proposed wind farm on both coasts, off Tréport is at the heart of the dispute between the two parties. "I wore this folder on the baptismal font for more than six years," says Jean-Michel Germa. Since 2005, he sought a major partner, not being able to invest only 2.5 billion euros of this pharaonic site of more than 100 offshore wind GDF Suez said this in 2007.Only offshore project in France to have passed the stage of public debate and to have obtained permission trunking park on both sides to eventually be included in the five zones affected by the imminent bidding of the government. Germa estimated that his company could legitimately respond to the bidding as prime contractor, with GDF Suez and all interested partners.
Regain control
The group Mestrallet which just announced an alliance with Areva and Vinci to participate in the tender intends to resume the hand and accuses Jean-Michel Germa its "independent development approach." "We do not aim to be your bank, it is argued in the entourage of the group.GDF Suez eyes, only the creation of a true industrial sector will invest successfully niche offshore wind: "Between the amounts required and the risks to assume the financial stakes are so huge it takes deploy a comprehensive strategy. "
Other disputes have marked the common path of CTA and its controlling shareholder. Today, Jean-Michel Germa figure at 490 million euros loss suffered by his company, counting the resumption of the park on both sides by GDF Suez.
Energia says victim of the same strategy
While the government prepares to launch the tender on offshore wind farms and to renew some concessions hydraulic group Mestrallet began to gather around "a great center" activities in the Renewable France previously dispersed in several subsidiaries.The group, which currently has a portfolio of 1000 megawatts (MW) wind farm, wants to double within five years. The multinational company has invested 135 million euros in CTA believes it was time to take complete control. Jean-Michel Germa denounces what he sees as a strategy of GDF Suez, which is "to transfer the assets of companies that the group claims to have bought too much, empty them of their substance out minority shareholders on the cheap."
Fabrice Crobbedu, former head of Energia, a small business specializing in heating, acquired by GDF Suez in 2008 to 54% consider themselves victims of this same strategy. Revoked in 2009, it remained a minority shareholder. At GDF Suez, the response by explaining that Fabrizio Crobbedu is suspected of abuse of corporate assets. The judicial successive episodes.Until this year, going back to Friday when Fabrice Crobbedu grabbed the Commercial Court to challenge Nevers, too, holding a general meeting.
After France, Germany. The support of Nicolas Sarkozy to Mario Draghi should accelerate an official position in Berlin, which will be decisive to the European Council in June If Angela Merkel Knights turn Mario Draghi, the Italian's appointment is granted. If she vetoes, even verbal, post escape him.
According to relatives of the Chancellery cited by the business press, Angela Merkel is more qu'embarrassée by the statement by Nicolas Sarkozy, who allegedly caught short once more."The government will decide on possible candidates in a timely manner," said the spokesman for the German government.
"The decision on the successor of ECB President Jean-Claude Trichet, will be taken at the next EU summit," said Steffen Seibert.
Contrary to his finance minister Wolfgang Schäuble, Angela Merkel believes that the arrival of an Italian to the position of treasurer general of Europe would be an indefensible decision against the German public.
"At any price this Italian!"
The popular press, leading Bild, has continued to point the finger at the overspending in the South."At any price this Italian! "Until recently headlined the tabloid Berliner, who does not hesitate to denounce tax evasion in Greece and the taste of the Italians for inflation.
The euro crisis has revived the Germans the trauma of abandonment of the Deutschmark, for countries of the "Club Med" they never considered worthy of the single currency. At the time of the creation of the euro, Germany was suspicious of accounts of Italy … In this context, the appointment of Mario Draghi, capable and respected as it is, at least appear iconoclastic in Germany .
However, the application of the Italian made his way into the German political circles. After having praised the German economic model in the press Frankfurt, Mario Draghi has managed to win support weight in the person of Wolfgang Schäuble, who has the ear of the Chancellor."Schäuble enjoys good reputation Draghi as central banker, his integrity and personality," says a senior official in the Handelsblatt.
More than the opinion of Wolfgang Schäuble, is the support of Nicolas Sarkozy puts Chancellor in a difficult position. Exercise a veto Draghi's candidacy to head the ECB might trigger a new crisis in the euro area and create a damaging conflict with France, even as relations between Paris and Berlin were severely affected by denial Germany to support the UN resolution on Libya.
In recent weeks, Archos, the group specializes in digital tablets midrange was quite surprised markets positively. Accustomed to receiving positive signals about the group's business, investors were more sensitive to the details surrounding this Tuesday announced the launch of a capital increase of nearly 26.5 million euros for largely to fund growth, but also to clean up the group's finances.
Croches Henry, the founder and manager does not Soucre
The reasons for the transaction are clear, namely the prepayment of a loan of 5 million euros in annual interest rate of 20% (due late 2013), and development in new countries.But the absence of any warranty is enough to frighten investors, while even Crohas, the founding director of the company, has announced his intention not to subscribe the capital increase, and let its shareholding in his company go from 16.31% to approximately 13%. "This is not the subject of a bank guarantee. Furthermore, no shareholder of the company has made a commitment underwriting, "said the statement issued last Tuesday morning by Archos.
To date, and except Crohas, Archos has no reference to its shareholder capital. None has more than 5% of the round. This may explain the lack of commitment from all minority shareholders, and therefore potentially less affected by the strategic aspect of the operation.Crohas, despite its non-subscription, also keeps his hand over 13% of the capital, which negates the potential for him to lose control of his group.
But the signal sent by an officer (who is the founder) market is still frowned upon by investors, who see there is a lack of confidence about future activity, is a sign of personal financial concerns from the leader in question. Result, the title Archos lost more than 12% at the Paris Bourse, to 7.54 euros. Contacted, and traveling abroad, Crohas could not elaborate on the reasons for his choice, which was not likely to reassure investors no fax payday loans.
A risky operation after soaring title
Because of this last cold spell during the Archos: the subscription price.Admittedly, the title has exploded in recent weeks (+87% since January 1), in the wake of the sales figures of the group. But the premium offered, approximately 26.5% over the closing price on April 15, should convince shareholders less than the 45% offered in December 2009, during the last capital increase (19.4 million euros ). Moreover, to 6.50 euros, the transaction turns now more risky for the potential subscriber, especially after such a rise in the stock. For example, last fundraiser in December 2009 was made at a price of 2.2 euros. The subscription commitments had now reached 75%.
The financial markets fear an obstacle to development
The operation seems to meet today many risk factors. No guarantee of success, and especially the obligation to reach 75% of amounts pledged."If the threshold of three-quarters was not reached, the transaction would be canceled," says besides Archos. This would mean a stop to its financial development, very detrimental to a growing market where latecomers are fast behind. A scenario that seem to fear the operators on Tuesday.
These should be particularly careful in the coming sessions in progress, then at the end of the operation. The subscription period which begins April 21, will run until May 4, inclusive, for a settlement of shares expected May 17 This fundraiser is with maintaining the preferential subscription rights, five old shares entitling to one new share. And if the capital increase met a strong membership, unlike that suggests the market reaction on Tuesday, its amount could then be increased to 30.42 million euros.
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The U.S. publishing rocked. In February, he sold more electronic books (e-books) in the U.S. as paperbacks, paperback books or children's books. According to the monthly report compiled by the Association of American Publisher (AAP), Association of American Publishers, the revenue generated by e-books reached $ 90.3 million over the period. So far the top-seller, the paperback had fallen below $ 85 million revenue in January. In February, they amounted to 81 million.
The total market for printed books in the U.S. declines. The adult books (pocket paperback) have declined from 34.4% in February to represent all $ 156.8 million in sales. Children's books fell from 16.1% to 58.5 million.In parallel, the electronic book grew by 202% between February 2010 and February 2011. A growth rate that promises a fast restructuring of the publishing market in the U.S., comparable to the transformation of the music market. Moreover, the results of the PAA reflects sales by only 16 publishers of digital books, publishers against 84 for the physical book.
Sales reached by parties
According to the Association of American Publishers, the strong growth in sales of digital books in February "is mainly due to a high level of sales of e-books after the holidays and downloading by consumers who received gift digital reading lights us fast cash. Another engine of growth: a renewed interest from consumers for backlist titles from the catalog."The February results show that people love books and publishers are actively trying to serve their readers everywhere. The public embraces the breadth and variety of reading choices that are available, "commented the CEO of the AAP, Tom Allen, in a statement.
These findings echo those announced by the online retailer Amazon Kindle reading lamp manufacturer, when publishing its annual results in late January. "Amazon.com now sells more books than Kindle paperbacks. Since the beginning of the year, for 100 bags sold by Amazon, the company sold 115 pounds Kindle, had indicated the company founded by Jeff Bezos. Meanwhile, sales of e-books were three times greater than sales of paperback books.This market should continue to grow with the arrival of new reading lights on the market, like a low-cost version of the Kindle, financed by advertising.
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Friday morning presentation of the broad guidelines of the economic program of FN required three hours of explanation. Declined by Francis, an "economist in a private financial institution" who did not want his identity, this project is at odds with "one of the WSPU who repeats the same stale receipts, what does not and Yet that attention be given to apply for 30 years, "Marine Le Pen hammered.
The base of the FN program revolves around the gradual exit of the euro. "France is the 5th world power, it has the means to manage its own currency as it has done for 600 years," François considered. If Marine Le Pen was elected in 2012, it will give six months to persuade other countries to abandon the euro zone single currency. "If they do not, we will go out alone," warned the president of the FN.In case of attack against the franc (reintroduced to parity 1 franc = 1 Euro), the government will leave "float" or will "exchange control temporarily. As for the risk of inflation due to devaluation "necessary", it is not proven by the FN.
The party of Marine Le Pen proposes to restore the "border protection" to fight against unfair competition that we deliver the low cost countries. This patriotism newlook rely on import quotas, tariffs or health standards on certain products.
"To ensure the recovery of the middle class and SMBs," his two priorities, the FN suggests reindustrialise France in investing in certain sectors and certain renationalizing strategic sectors (energy, transport …). Marine Le Pen also promises to rebuild a large public banking division."We will wait until fall for the banks to redeem them," admitted publicly any of his relatives, who requested anonymity.
In fiscal matters, the FN promises a "revolution for social justice": the merger of income tax with the CSG, simplifying the corporate tax, eliminating tax loopholes … "We want to go to 5 taxes instead of 1000 today, "said Marine Le Pen. On the expenditure side, the FN wants to reduce bureaucracy and cut in social benefits. "You have to book some social protection, including the French," she said, promising also the "national preference" in employment. "If a stranger does not find work, he did not intend to stay in the country," she conceded.
The FN will also remove the 35 hours but not repeal the tax exemption of overtime.It will end in "1 of 2" in the state civil service and reserve one third of public recruitment for over 45 years. It will allow learning from 14 years and establish a retirement card from "40 years, full".
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Faced with pressure from parliamentarians, very angry against the simultaneous increase in fuel prices, gas and electricity, the Minister of Economy and Finance, Christine Lagarde, Minister of Industry and the Energy, Eric Besson, and Secretary of State for Consumer Affairs, Frédéric Lefebvre will meet Friday and discuss the solution to ease the surge of energy. While a further increase of 5.2% in gas prices comes into force today, bringing the rate increase on a year to 21% or even 61% since July 2005, the daily Les Echos revealed that the government could decide to freeze any further increase of gas by the Presidential in 2012. Soaring oil prices, which serves as a basis for setting gas prices, could indeed lead to a new rate increase on 1 July.A measure politically difficult to pass a year of elections.
Taking into account the actual costs
In addition to freezing outright increases potential, ministers are considering another option: the Revision of the method of calculating gas prices. For now, the formula considers only the volume purchased by GDF Suez via major supply contracts signed with suppliers such as Gazprom, Sonatrach and Statoil cash advance now. Now the operator has also signed contracts for short-term cost that took into account would lower the cost of supply of GDF Suez and therefore futures prices for consumers. It as found by the Commission for Energy Regulation in a resolution dated August 31, 2010.
Finally, the government should look at the price of electricity.The state must stop in the next few days the price at which EDF will sell part of its nuclear energy to its competitors. The conditions requested by the incumbent would result to increase rates for consumers by 5% per year until 2015. But Baroin, budget minister and spokesman of the government has already said he opposed such an increase.
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• Strengthening fiscal discipline at 27
This is to toughen the pact of stability and growth for the 27 Member States, through the surveillance of budgetary policies strengthened upstream, with financial penalties to boot.
The deficit is limited to 3% of GDP. But rising public spending is linked to GDP growth. Macroeconomic imbalances are considered excessive should be corrected on the basis of a dashboard of indicators (debt, current account balance, cost of labor …). Thus, a State whose debts exceed 60% of GDP must be reduced to one twentieth year.
Financial penalties are introduced for the countries of the euro area. States in continuing violation will require a deposit of 0.2% of GDP, converted into fines, whose proceeds will go to the European rescue.But these sanctions are not automatic, States may reject a qualified majority – to the chagrin of Jean-Claude Trichet. Parliament must still review the text before final adoption in June.
This building comes with the "European semester" which requires each government to submit its draft budget in the month of April, peers and the Commission for recommendations prior to the vote by its national parliament in the fall.
• The "pact for the euro"
It aims to strengthen the competitiveness of euro area economies through structural reforms.The measures are not mandatory but strongly recommended to accelerate convergence in many areas.
Wage moderation: Incentive control labor costs through the review of automatic indexing systems and the limitation of wage agreements in the public.
The golden rule: the idea is to put rules in the Constitution to cap public debt and deficit.
Pensions: Countries are also encouraged to raise the retirement age to reflect life expectancy.
Employment: incitement to "flexicurity", continuing education and the fight against undeclared work no faxing pay day loans.
Reforms must be translated on a voluntary basis, by legislative changes in each state from 2012.
• The fund maintained emergency post-2013
The mechanism of the European Stability (SS) may lend 500 billion from mid-2013. Rated "AAA", it will have 700 billion capital base.
The MES will pay market rates with an average penalty of 2% for loans of less than three years, and 3% thereafter. He can buy an outstanding debt to the States – the primary market. Activation of the assistance will be decided by the ministers of the euro area, in exchange for adoption of austerity. If the debt is deemed unsustainable, private creditors will be involved on a case by case basis. Of collective action clauses (CAC) should thus be included in the new sovereign bonds issued from mid-2013. The decision will be made by June.
• The current bailout fund
Paradoxically, the subject that requires further adjustments.The European Fund Financial Stability (EFSF) set up after the Greek crisis will operate until 2013. For the moment only Ireland has benefited. Portugal could be the next customer. Its effective strike force will be strengthened to 440 billion euros (against 250 billion lending capacity today), but we must still decide how.
It will not be heads of state, but finance ministers to agree by June The most likely option is a guaranteed increase, it remains to know which countries rated "AAA" only, or the others. Progress has been made on the loan terms, which will now be aligned with those of the IMF.
As the MES, the EFSF can buy debt on the primary market. Countries outside the euro area can participate in rescues, as did Denmark, Sweden and the United Kingdom in the Irish case.
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