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 purchasing power has registered a decline of 0.1%.
In the U.S., the third estimate of GDP is known to 14:30.
Banks up
As for values, Credit Agricole (-1.7%) Societe Generale (1.4%) BNP Paribas (+1.1%) and Axa (1.32%) appear at the top of the charts of best performance of the CAC 40, behind Vivendu which grimpede 1.7% to 17.5 euros.
In contrast, the values cars are worth, including Peugeot plir 0.67%, Renault, 0.36%, 0.6% Michelin. Construction is bad too, with Lafarge (-0.96%), largest decline, and Saint-Gobain (-0.25%).
Latecoère: 2.56% to 6 euros According to Le Figaro, the aerospace supplier will propose to its shareholders on Friday, meeting in General Assembly, the free allocation of share purchase warrants (BSA) in 2012.
The EDF Group postponed its decision to invest in an LNG terminal in Dunkirk (Northern), said Thursday a spokesman for the group. This terminal was supposed to compensate for some job losses related to the closure of the refinery from Total.
Computer Services sector companies might respond to better than expected quarterly results announced Thursday evening by Accenture. The Group's net profit stood at 564 million dollars (457 million euros), or $ 0.73 per share against 537 million ($ 0.68 per share) a year ago and $ 0.69 expected by Wall Street.
Alstom: -0.5% to 38.3 euros French industrial group on Thursday launched a U.S. production plant turbines, especially for nuclear power generation, for which he has invested about $ 300 million, according to a statement.
The CAC 40 index which comprises the forty largest capitalization of the Paris market, will be 41 values within one day, Friday, July 2, with the division of the Accor group, said in a statement Friday the exchange operator NYSE Euronext.
Accor, which is part of the CAC 40 will separate into two entities, one containing the name Accor hotels and gathering activities, and the other called Edenred, representing the prepaid services industry (Ticket Restaurant, gift cards bad Credit payday advance ..).
On July 2, two new groups will therefore part of the CAC 40 Edenred do so before the index feature of Parisian place before the opening of the meeting of Monday, July 5, said NYSE Euronext.
The general meeting to approve the demerger will take place June 29, days before the listing of the two entities.
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The email, signed by Jean-Marie Messier, was dated Sunday, June 30, 2002 at 10 am 23. It may look like a formal letter stating the last wishes of a CEO for a stay. The paper brings to light the scenes is a bit petty negotiations after leaving the group.
That Sunday, Jean-Marie Messier knows he was dropped by the main shareholders. The accounts of Vivendi Universal are in the red. A loss of 13.6 billion euros has been announced. While three days before a board of directors has rejected a narrow majority vote of no confidence against him, he is preparing to resign officially. His departure seems to be the only solution to reassure markets that have become hostile to personality and promises disappointed "J2M.
This Sunday morning, Jean-Marie Messier is therefore sending an email to one of his lawyers."Then I will summarize the points that I want to have all the details?", Begins the missive in a list. First point: "check the proper treatment" of several close aides including Xavier Couture, then CEO of Canal +. Third point: "ensure a legal cover" and an "unlimited coverage for legal fees. To pay them, said in a parenthesis Jean-Marie Messier, "it must be shielded." Other points: provide "social security coverage for my family," fees for the apartment in New York, to benefit from 20 hours per year of flights on aircraft or group chair the ceremony films were made by several Filmmakers on September 11."They are small and big important things," says the e-mail Sunday morning.
Reading this list by the presiding judge is not likely to put at ease Jean-Marie Messier. "It is both a needle in a haystack and it has a pathetic," he explains at the helm. I decided to leave VU but I was still looking for ways to hang myself by mentioning the date of such board or of the projection of films on September 11. Rereading it after eight years, is baroque! ".
The former CEO has said he resigned from the group by letter on the night of Sunday to Monday without worrying about the conditions of his departure quick pay day loan.He had refused a golden parachute clause inserted in his contract after the merger with Seagram, Vivendi, "yet it was the practice in American companies," says he. And he was not at the time of signing his resignation guarantees on his departure: "My decision was to leave and was independent of contract terms," he repeats at least four times in court.
Four days later, July 3, 2002, we find the time to file a handwritten letter addressed to the administrators group."J2M" indignant that he was asked to "make a decision that breaks his professional life," that is, to resign, that he was "promised straight in the eye to treat honorably" but ultimately it is a question not to grant him his starting conditions.
"This letter is not a boss but someone lost, lost, who knows what to do," justifies this time "J2M. The terms of his departure he has finally provided a driver, health coverage for five years and a sum of 18.6 million euros, a sum never touched, an arbitration in New York who stopped in the middle flight this "golden parachute". This short list is at the center of a prosecution for abuse of corporate assets
On this point, the court is no longer the place of the feelings by writing an email Sunday morning dark.At the bar in the courtroom sunny, Jean-Marie Messier adjusts his expressions when the time comes to discuss these golden parachutes to CEOs French inspired 2000s counterparts américiains. He uses a clear voice and clear expression. "I know the media sensitivity when you mention these matters, argues the former CEO. But I mean there was no prejudice. I acted in good faith. For the rest, I had no hand. I thank you for Vivendi Universal.
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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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Thirteenth day strike at the SNCF. The consequences are severe for the group, since the freight station will show a loss "dramatic at least 30 million euros," according to Pierre Blayau, the chief delegate to Geodis station, interviewed by Les Echos on Monday, which "is a cry of alarm".
But the situation is also difficult for its customers. For nearly two weeks, "only 50% of normal traffic of freight is secured," says the official. And the activity falls to 25% for combined transport."We try stopgap, concentrating our efforts primarily industrial ur hardest hit, as chemists, cereal, Danone, etc. quick pay day loan., "said Pierre Blayau.
He described the demand of the strikers to hold round tables "astonishing", although such meetings "already exist," he added, citing a few names of cities where he held shortly.
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Russian President Dmitry Medvedev himself has planned to attend the ceremony. On Friday, the Baltic pipeline, Nord Stream, carried by the Russian company Gazprom, will finally stage of project to construction. The first stone of the future submarine pipe along 1200 km will be laid in Vyborg, on the shores of the Gulf of Finland, a hundred miles from St. Petersburg. Nord Stream is expected to provide, by 2013, 55 billion cubic meters of natural gas per year, delivered directly to Germany. Gerard Mestrallet, Chairman of GDF Suez, attend the ceremony. The French group is involved in the project which is expected shortly to become a shareholder in the consortium with 9% of the capital.
"Nord Stream is a key element of security of supply, without any transit countries, welcomed Mestrallet early March on the occasion of the Paris visit of Dmitri Medvedev.The Baltic pipeline will in fact Russia to deliver Europe (which represents 80% of its gas exports), bypassing Ukraine, a transit country whose relationship has been adversarial with Moscow until the election February's pro-Russian President Viktor Yanukovych. Nord Stream also avoids another export route, via Bi?olorussie-ally-capricious and Poland.
During the visit of Russian President in France, Gerard Mestrallet had welcomed the historic relationship of GDF established with Gazprom for thirty-five and secure supply contracts until 2030. But everyone in Paris does not share this idyllic vision of the relationship with Russia, the leading exporter of natural gas."Europe is dramatically dependent" for its gas, alarmed Stoffa?s Christian, chairman of the Center for Future Studies and International Information (CEPII), who has written a report on the subject on behalf of the Council Strategic Analysis, a body attached to Matignon. If the 145-page document provides a finding widespread evidence of the vulnerability on its European gas supply, Christian Stoffa?s was accompanied by comments not always diplomatic in presenting Friday empire payday loans. The risk of dependence is not one of supply disruption, Stoffa?s analysis, but it "weighs on the minds of Europeans and creates tensions." Europe currently imports 60% of its gas needs, 25% in Russia.The depletion of fields in the North Sea and the growth of demand should increase this dependence. Christian Stoffa?s regrets unvarnished recruitment by "providers" of former European leaders, referring to the former German Chancellor Gerhard Schroeder, who became chairman of the board of shareholders of Nord Stream. "The importers are under blackmail from Gazprom but do not want bureaucrats in Brussels", Assen yet the author of the report. The former director of Foresight EDF considers that the Ukrainian crisis for most of 2006 and January 2009, when the tap was actually closed, the awareness of the need for joint action gains little from the Old Continent little.
"A real strength of negotiation"
The report recommends Stoffa?s among six recommendations, the creation of a Central European call.It takes up an idea put forward by Nicolas Sarkozy in his speech of May 5, 2009 at Nimes, "I want to bring the idea of a central European purchasing gas for Europe is a real strength in negotiations with its suppliers. "Jacques Delors, former President of the Commission, which is close Stoffa?s Christian, has just called with the same strategic objectives of independence, the creation of a European power, in a preamble report published by the think tank Notre Europe. The fact is that "the sellers are the condition of the sale," admitted recently Jean-Francois Cirelli, vice-chairman of GDF Suez.Stoffa?s Christian is convinced that even if the process takes years, "if there is political will, the companies will be happy to be less dependent on Gazprom.
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A string football concocted by the Football League itself. This was promised on Monday Frederic Thiriez, its president, recalling, at a symposium on the pay-TV hosted by the High Council of Audiovisual (CSA) that "there was in France, 13 million people who were very interested in football. While TNT is paying in check, such an initiative could help to raise. And to clarify that "this does not mean that this channel will have exclusives on the championship L1. A conclusion that left doubts leaders of Canal + and Orange, Bertrand Meheut and Xavier Couture, who put on the table two years ago, 600 million to share its exclusive.
During the meeting between key players in the pay television several lines of force have emerged: beginning with the dedication of the largest operators in the sector to the concept of exclusivity.For Bertrand Meheut, the latter is the best way to fight against the "competition combined free television totaling 80% of the audience and for ISPs (Internet Service Provider Internet editor's note)" whose bids have been lower market share of Canal + to 47%. Moreover Bertrand Meheut recalled that his group distributed 240 channels including 50 exclusive, paid 250 million euros for publishers, 80 million euros in marketing and 200 million in recruitment costs "while" most operators telecommunications do not pay channels they broadcast on a non-exclusive "fast cash now.
For its part, Xavier Couture boss content at Orange, said that on pay-DTT "partnerships can be envisaged," including with Canal +. We intend to integrate the future of pay channels in our bouquet.However, he warned the market that the premium for exclusivity does not become a premium of eviction.
Later editors, all denounced the plight of pay channels. Thomas Valentin, vice chairman of the board of M6 has not hesitated to speak of "red alert" as regarding the TNT broadcast on pay cable and satellite. Laurent Solly, president of TF1 Digital, denounced "a time of crisis" as much publicity to the crisis that the stagnation of certain methods of distribution such as cable or satellite to the difficulty of the TNT charge.
Given all these facts, the president of CSA, Michel Boyon, promised that the regulator would give its position on DTT pay within three weeks.
The struggle between the United States and China on the currency market is far from over. In a letter to U.S. Treasury Secretary Tim Geithner, and Commerce Secretary Gary Locke, members of Congress asking that the yuan is listed currencies handled in the annual report issued by the Obama administration month next.
"The impact of the manipulation of the Chinese currency on the U.S. economy can not continue," say it does in the letter, questioning the words of Chinese Premier cheapest personal loan rates . They say the Chinese, while leaving their money at low levels, forcing other countries to reassess their own."U.S. exports can not compete with the social dumping of the Chinese about the American producers, they are disadvantaged compared to subsidized Chinese imports.
China keeps its currency stable against the dollar since mid-2008, after a period of slow appreciation.
If they were not to be heard, members of Congress are considering an appeal to the World Trade Organization.
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