With his candidacy in the general direction of the IMF, announced Saturday at the last minute, after those of Christine Lagarde and Mexican Agustin Carstens, head of the Central Bank of Israel will test the sincerity of the countries facing the board IMF. They have been saying for weeks that "the competence and not nationality" should prevail in the choice of successor, Dominique Strauss-Kahn.
Now Stanley Fischer, highly appreciated by the staff of the Fund where it is still nicknamed "Stan" is one of the best economists in the world. He has unparalleled experience in managing crises. Graduated from the London School of Economics and Massachusetts Institute of Technology (MIT), he worked with Nobel Prize winner Paul Samuelson and Robert Solow. He directed the thesis of Ben Bernanke, the Fed chief. He is the author of economics textbooks for reference.IMF number two in the 1990s, alongside the French director Michel Camdessus, he played a key role in managing crises that shook Mexico, Asia and Russia – its remedies are also not allowed only good memories to the countries concerned. But Fischer is a pragmatist. He has learned the lessons from the mistakes of the IMF in the 1990s ", provides a framework for the institution. At the head of the Central Bank of Israel, it also helped that the country would emerge from the economic crisis in good shape and enjoys a high popularity.
Dual Nationality
However, Stanley Fischer knows better than anyone that has little chance of being elected. The first drawback of this modest man, sparkling in the light of intelligence, is his age personal loan for poor credit. The IMF Articles of Agreement stipulate that the candidate for the superintendent must be under 65 years. Now it has 67.It should therefore be that the board make an exception for his particular case.
Second handicap in practice even more problematic: his nationality. Or rather "its" nationalities. Born in Rhodesia (now Zambia), relatives of Jewish immigrants from Latvia and Lithuania, trained in London, Stanley Fischer has an Israeli passport and a U.S. passport. The first could play against him in some emerging countries, which are among the states in the Middle East conflict with Israel or supporting them. The second might also interfere. It is time that an American was proposed by Bill Clinton as number two in the IMF in 1994. However, in the traditional allocation of posts – that's just emerging challenge – is the World Bank which amounts to an American (Robert Zoellick), while the IMF is the preserve of Europeans.Even though they deny it, they do not intend to cede this seat, especially during a storm on the euro area.
Unless the matter is suddenly deemed unacceptable Tapie, Christine Lagarde remains the overwhelming favorite. The French Minister of Economy has received this weekend the support of Indonesia, and Egypt, during a trip to Cairo. His campaign trail is also passed through Jeddah, where his counterpart has expressed support for Saudi Arabia to his candidacy. She remained silent on the emergence of this new Israeli competitor.
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This is unprecedented in the history of the prestigious American newspaper The New York Times, founded in 1851. A woman, Jill Abramson, will take the lead, at a time when the newspaper industry is undergoing a revolution. At 57, she succeeded on September 6 to Bill Keller, who declined to slow down but will remain a contributor to The New York Times Magazine and the weekend edition of the newspaper.
New York, Jill Abramson began his career as a journalist for Time magazine, while still a student at Harvard. From 1976 to 1986 she worked for The American Lawyer, a magazine for lawyers, before being appointed editor of Legal Times. From 1988 to 1997, she was a correspondent for the Wall Street Journal in Washington.
In 1997 she joined the editorial of The New York Times, still in Washington. Bureau chief of the Federal Capital in 2000, she became its editor in 2003.In his new position, she aims to make "The Gray Lady" nickname of the newspaper, a "multichannel media committed to providing excellence in journalism," as explained by Arthur Sulzberger, owner of the title.
One million copies a day
An 'ascension into heaven, "according to its own terms. Jill Abramson takes the reins of a newspaper sold nearly a million copies daily, which is speeding up the turn on the Web (31 million unique visitors per month).
The site was chosen in March for a mid-free formula, half-pay: After the free consultation of 20 articles a month, readers are offered Internet users to subscribe monthly or yearly.A "freemium" inspired from the Financial Times.
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In recent days, European health authorities are engaged in a real police investigation and a race against time to trace the trail of a new epidemic. Prime suspect: a bacterium Escherichia coli, accused of causing bloody diarrhea and kidney complications. Yesterday, Europe accounted for 1 000 patients in Germany, England, the Netherlands, Switzerland, Austria. In France, six suspects, three of which the Germans are under investigation. All had lived in Germany. Fifteen deaths are regrettable in Germany, one in Sweden.
Where is the health survey? Is this really the cucumber?
At first, the deadly bacteria was traced to imported Spanish cucumbers in Germany. But the German authorities admitted Tuesday that the latest tests showed that the vegetable was not the offending bacteria.
Only the stool of patients contain Escherichia coli enterohaemorrhagic (EHEC). The hypothesis of a contamination plant is however maintained. Tomatoes and salad greens are suspected. The question remains: the vegetables have been infected in Spain, Germany, during transport?
Next Monday, all European health ministers meet in Luxembourg for an update. Francois Grossetete MEP, said "the need to label products to determine their origin."
What is hemolytic uremic syndrome (HUS)?
HUS is a severe complication, sometimes fatal, infections of the digestive bacteria Escherichia coli enterohaemorrhagic (EHEC) types of E. coli that produce Shiga toxin. After 3-7 days of incubation, these infections are revealed by diarrhea, which may be bloody.Nine out of ten patients recover within ten days. HUS occurs in 10% of cases, linked to the spread of the toxin. It is characterized by acute renal failure, anemia and thrombocytopenia (low platelets). This complication is fatal in 3-5% of cases, a patient care on two renal sequelae. One hundred cases are reported each year in France, mainly in children under 15 years.
How to transmit these infections?
Cattle that are healthy carriers, are the main natural reservoir. Transmission to humans is most often through ingestion of undercooked beef (hamburgers, for example) or products containing raw milk Faxless payday loans. Water and other foods like vegetables contaminated by feces, can also be a source of infection. A direct human transmission is possible.Many serotypes of EHEC are identified, the most common is O157: H7.
What previous epidemics?
The first two outbreaks due to these producers shigatoxin coli were reported in 1982 in the United States. In total, about fifty people were infected with E. coli O157: H7 via hamburgers. In 1996, Scotland, over 500 people who were victims of the same serotype, also by eating beef. The largest epidemic was recorded in Japan in 1996. More than 9400 cases and 12 deaths had been identified, contaminated radish sprouts. In 2000, Canada, 2000 cases of infection were identified among the 4600 inhabitants of the town of Walkerton.In this area of intensive farming of cattle, the infection was transmitted by drinking water.
What precautions should I take?
In general, these bacteria are destroyed by heat, "two minutes at 70 degrees or 100 degrees a minute," says Professor Patrick Berche, microbiologist (Necker Hospital, Paris). Currently, there is, in his view, no reason not to eat raw vegetables. "The only precaution is to wash your hands before and after preparing raw vegetables, and wash vegetables and fruit, possibly with hot water," he insists.
What is special about the current epidemic?
The first is the serotype in question, O104. "It's fantastic, I have not had a case several years ago, said Professor Edouard Bingen (Hôpital Robert Debré, Paris), whose laboratory is associated with the National Reference Center for E.coli-Shigella. This serotype O104 has been the source of an epidemic in the United States in 1994. "It's odd to have a highly virulent strain and immediately resistant to powerful antibiotics such as cephalosporins," adds Dr Berche. Moreover, the current epidemic affects mostly women, while the hemolytic uremic syndrome usually involves children. A difference that, according to Professor Bingen, may be related to the origin of infection: the hamburger more often, raw vegetables in this case.
P & T are back! As of Monday, fetching their stamps to the Post, the French can also buy a mobile phone package. After Virgin, Auchan, NRJ and the CIC, La Poste launched into the deep end of the phone and returned to his first love. The group will formalize its new offer on Monday morning for the general public in an office of the seventh arrondissement of Paris.
The state shareholder of the Post Office insisted that the tariffs encourage the purchasing power. The offer is built packages blocked packages "voice" and SMS packages and web. Their prices will be aggressive, with voice plans starting from 10 euros a month for 30 minutes or SMS packages, Internet, unlimited emails from 21 euros for two hours, depending on the comparator EDCOM Internet. To bring prices down, the Post Office will be offering "naked" without a phone, with a package in return for cheaper.It should thus not to market the iPhone.
For the Post, this launch is strategically at a time when mail volumes are declining. It comes as the group announced the refocusing of its business in offices on its historic businesses: mail, parcels and bank. Finished stationery, gift boxes, DVDs, books …
La Poste, which is already the leading provider of prepaid cards in France with 500,000 customers and 120 million euros of turnover, is 800,000 mobile customers in 2012. She wants to reach 2 million customers and 500 million euros in turnover in 2015. "This project does not create jobs, worries already Nicolas Galepides, Federal Secretary at SUD-PTT.If this is not the expected success, what will happen to the 3,000 officers who have now agreed to spend most of their time selling phones? ".
Partnership with SFR
In Italy, Poste Italiane has made the same bet, betting also on the strength of its network of 14,000 outlets. In 2007, she launched PosteMobile, becoming the first postal operator in the world to get into the mobile best payday advance. Today PosteMobile claiming almost 2 million SIM cards and a first gain of 5.5 million euros last year. "Apart from the Italian Post, no other major European position has not launched a large scale in mobile telephony," said Guillaume Lacroix, director of postal operations to Arcep. But it is quite logical.French and Italian positions are the only two to have retained the business of banking and at the same time, a very important office network that requires them to develop new activities to absorb heavy fixed costs. "
The Post, which has no network telecom borrow the SFR, with whom he established a joint venture: Post Mobile. Why SFR assistance he and a competitor to gain a foothold in the market? On the one hand, it will affect the profits of the joint venture on the other hand, he will receive the rent for the lease of its network. On the other hand, the great rival SFR is not feared by the Post, which enters the bottom of the market, where positions are held securely. It's Free, who will attack the top market, where the battle is still alive.Finally, SFR, rather strong in the cities, the Post hopes to make its armed campaign to conquer and to counter Orange.
The main advantage of the mobile unit is in fact a network of 17,000 outlets gill France. Tenders will be initially available in the 1000 largest post offices. But the biggest reservoir of customers lies more in rural areas. One key to the success of La Poste Mobile is also the speed at which it will be able to extend its offer for its entire distribution network.
Another issue: what is the role of La Banque Postale in this adventure? It seems for the moment few involved. Yet the success of CM-CIC Mobile, which just passed the 900, 000 active clients and 200 million euros of turnover, showing that banks are legitimized to sell the mobile. And the bank leverage, it could attract young people.
Twitter to keep its territory, San Francisco has agreed to reduce its withdrawals. The dynamic Internet group threatened to leave town if he did not get an exemption from tax assessments. The municipality sold late last week. "The town where we grew up and started our next house will remain," announced on the blog's group communications manager, Sean Garrett.
Twitter threatened to move from Brisbane, a town in the suburbs south of San Francisco, closer to the heart of Silicon Valley, where the headquarters of many groups and start-ups on the web. The CFO of Twitter, Rowghani Ali, believed a move would allow the group to save 30 million dollars in taxes, rents and other expenses over the next five years. "A significant difference for a company our size," said Ali Rowghani.According to eMarketer estimates, the turnover of Twitter totaled $ 45 million in 2010.
San Francisco did not want to lose the company that is revitalizing its image. Twitter has played. "Our growth is able to generate the creation of a true business center in our area," argues Ali Rowghani. The municipality has decided to grant exemptions from social contributions for new employees for companies that locate in certain neighborhoods in decline pay day loans. Twitter, which has 400 employees, plans to have nearly 3,000 in 2012.
Tax on wages
The municipality, it is true, remains unwelcoming financially for Internet groups. It is the only California tax corporations based on employees' income.Companies paying more than $ 250,000 in payroll is subject to a fee equivalent to 1.5% of the sum. Moreover, this tax applies to all forms of income, including profits realized on the resale of stock options, says the New York Times. This form of remuneration is very popular with start-ups and other Internet groups.
After facing the group sold microblogging, San Francisco is now facing demands from other companies. Specialist Zynga games online community, which produces Farmville, complained of this privilege and threatens to turn to leave the city. The New York Times, "legal services in the city now planchent exemption from taxes on wages covering the whole surface of the city."
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The list of seven is finally ready. On Friday, the G20 meeting in Washington, have managed to agree on the seven countries whose impact on global economic imbalances are greatest. They are members of the old G5 70s: the United States, France, Germany, Japan and the United Kingdom, enmeshed in two powerful emerging economies, China and India .
These countries, which each weigh more than 4% of the global economy, "are clearly more systemic," according to the French Minister of Economy Christine Lagarde, who chaired the meeting. They will therefore be a "thorough assessment" of their finances to reduce the imbalances they create in the world.More concretely, the G20 will analyze the changes since 1990 and projections until 2015, several variables including their public finances, external accounts, savings and private sector debt.
Towards a global growth "balanced"
The objective of this approach is to deliver recommendations to follow for these countries. For the U.S., it will thus reduce the triple deficit, commercial and household savings. For China, it will move from growth to export-led growth fueled by domestic demand. Countries richly endowed with natural resources should also provide impetus to consumption.
On the part of capital flows in the international monetary system, emerging requested a strict evaluation of countries that are increasing the global money supply, as the United States or Japan.More broadly, the G20 also undertake to give more reliable figures and recent state of their oil production if they have one, or their stocks.
"It was a meeting of G20 subsided very, very constructive", welcomed the governor of the Banque de France, Christian Noyer. The G20 now hopes to finger the target at the summit in Pittsburgh in 2009: economic growth "strong, sustainable and balanced" for the world. A meeting of G20 finance on development issues, is scheduled for Washington in the upcoming meetings of the International Monetary Fund and World Bank in late September.
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LE FIGARO – What are the economic consequences for Japan?
Jean-Pierre Petit – Contrary to what we believed in the early hours of the earthquake, the impact is probably greater than that of Kobe in 1995, which cost 10,000 billion yen, or 2.5% of GDP. The affected area this time, north-east, weighs 8% of GDP against 4% for Japanese Kobe, and it includes many production units and automotive electronics. But the most serious is the risk that nuclear has a direct impact on energy resources, since the nuclear provides 25% of national electricity consumption.This is the novel aspect of this tragedy is still not able consequences even if they tend to be exaggerated by the markets.
Could there be a rapid rebound in the economy?
It's terrible to say but disasters still have a stimulating effect in the short / medium term impact on the economy when the state starts rebuilding. Japan's GDP rose by 5% annualized rate during the three quarters that followed the disaster in Kobe. Provided that the nuclear situation eventually stabilized, it will be the same this time all the opposition has indicated it would follow the government's economic stimulus projects.In absolute terms, Japan has a debt problem, which represents 200% of its GDP, but this does not prevent him from borrowing in good condition because 95% of this debt is held by the Japanese.
What are the consequences for the global economy?
A Japanese recession would not have much impact on the global economy. At its peak in the early 1990s, Japan accounted for 18% of global GDP in current dollars. Today, it represents only 9%. Japan – with U.S. – the least open of the major developed countries, it acts early in the production chain and there is a net exporter. A slowdown in its economy weighs little on final demand and global activity.Viewed differently, global growth amounted to 3.6% since 2000 and Japan is almost no contribution!
The succession of disasters threat does not resume?
The paradox is that the number of natural disasters is rising trend since the early 1950s, as they have been multiplied by 20 in fifty years, before breaking a bit since the early 2000s. At the same time, the average unit cost of natural disasters has remained stable, amounting to $ 240 million on average between 1950 and 2010. For the total cost of natural disasters (including the growing number), it has increased, but at a pace close to that of U.S. GDP (6% per year).In other words, the cost of disasters relative to GDP is stable world since 1900: the events are more frequent but the risks better managed and the impact remains low overall.
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2010 was the year of banking. After Societe Generale, BNP Paribas, Banque Populaire, or Savings Bank is now the turn of Credit Agricole unveiled annual results in good order.
Far from 8 billion in profits from BNP Paribas, Societe Generale 4 billion or 3.6 billion BPCE the green bank, however, did not blush with a profit of 1.3 billion euros recorded in 2010, up 12.3%. Over the full year, Credit Agricole has managed to grow its revenues by 12% to 20.1 billion euros, faster than operating expenses, up 8%. The group's results also benefited from a significant decline in the cost of risk (delinquent loans).
Loss of 1.2 billion due to Intesa Sanpaolo
Especially Crédit Agricole exceeds expectations in the fourth quarter.The facility has posted a net loss of 328 million euros in the quarter but analysts had forecast a larger loss of over 400 million. As announced in mid-December, the bank recorded a loss on its stake in Italian bank Intesa Sanpaolo, owned up to 4.79%, which reduced its end result of 1.24 billion euros in the fourth quarter. For accounting purposes, the property had to reclassify its stake in Italian bank participation in sustainable participation available for sale payday loan companies. This reclassification has created an updating and a fall in the value of the share capital of Crédit Agricole of Intesa Sanpaolo. Moreover, the bank spent a depreciation of 418 million euros on its Greek subsidiary Emporiki.
Core Tier 1 ratio of 10.3%
Another reassuring news, the bank says it does not need to appeal to the market to meet the new standards imposed under the Basel III. The institution considers its core Tier 1 ratio (measuring the ability of a bank to repay deposits to its customers) of around 10.3%.
Moreover, the bank stated that it reached an agreement with the supervisory authority to compensate for the exclusion of the shareholder loan and certain hybrid debt instruments in the capital calculation. A guarantee facility provided by the regional banks that control almost 55% of Crédit Agricole SA is well established. A procedure which should enable the bank to provide the equivalent of 5.5 billion euros of capital, a wealth sufficient to banish the specter of the capital increase.
Objective: to distance vis-à-vis the City. While the controversy bounces across the Channel on lavish bonuses bankers, the government of David Cameron has chosen to burden of 800 million pounds (942 million) the new tax basis on the balance sheets of banks. London is well draw now £ 2.5 billion, when its previous estimates had forecast 1.7 billion. The levy, which applies to UK banks and UK subsidiaries of foreign firms, will bring another 2.5 billion in 2012 and 2.6 billion thereafter.
At first, George Osborne, Chancellor of the Exchequer, had planned a gradual rise of the levy, the successor to the windfall tax on the bonuses that had generated 3.5 billion pounds of revenue in 2010.The idea was to allow banks to replenish their equity perspective of European regulations Basel 3. But the good results of HSBC and Barclays more – 24 billion pounds expected by UK credit institutions – have changed the situation. This tax is "a fair contribution to reducing the budget deficit," said George Osborne.
Waiting for the Merlin Project
Downing Street hardens tone vis-à-vis banks just before the season officially starts do bonuses. Some see a sign that the government has little hope of obtaining commitments of moderation in this respect, as he hoped.Already, information published in newspapers across the Channel on the 9 million pound bonus Advance Bob Diamond, Barclays' chief executive, and Stuart Gulliver, head of HSBC, revived the controversy on recurrent variable remuneration payday loans.
To reconcile the financial sector in general with the public, banks and government have been trying for weeks to complete an ambitious, dubbed Project Merlin. Among its requirements, Downing Street wanted the large banking institutions limit bonuses. With an expected budget of 6 billion pounds of variable remuneration provided, the City does not seem to have listened to the dictates of moderation."It would have been better, when we save the banks, to secure something in return," coward George Osborne: "Unfortunately, I was not the chancellor at that time" …
Westminster also asked HSBC, Barclays, Lloyds and RBS in banking to provide SMEs about 190 billion pounds of loans, just like what the Elysee had negotiated with the French banks to finance the economy. In addition, the British bankers are asked to develop a £ 1 billion fund to build capital for small businesses.
"The discussions are not completed," admits George Osborne, who hopes to increase "substantial and significant" loans to businesses.And say: "I am always confident about the fact that we can reach an agreement with banks expected to increase loans to small businesses and lower bonuses."
The Paris Bourse rebounded on Wednesday. After a fence down, ACC was the slope and starts on the day up 0.60% to 4043.92 points. Even movement on other European markets: the DAX in Frankfurt gained 0.47% to 7092.89 points in early trade while the FTSE in London ahead of 0.59% to 5952.91 points.
Markets should however be wary. The signals sent from Wall Street on Tuesday and since the Asian market this morning are very mixed. Investors, who expected the speech of Barack Obama on the State of the Union, will take time to dissect what the American president.
The latter asked the Democrats and Republicans to "simplify the system. Remove the tax loopholes. Standardize the rules and use the savings to lower the rate of corporation tax for the first time in 25 years, without increasing our deficit. "Conversely, no new announcement has been made on the employment front, despite a persistent unemployment rate to 9.4%. The U.S. president also agreed to extend to five years the spending freeze budget that he believes will allow a saving of $ 400 billion over the period.
Also in the United States, several macroeconomic announcements are expected. During the session will be posted sales of new homes in December and the weekly oil stocks. Later that evening, the Fed makes its rate decision at the end of the meeting of its Monetary Policy Committee. In France, 18 hours, INSEE unveil the unemployment figures for December.
On the currency markets, the euro climbed in morning trading. He exchanged 1.3691 U.S. dollar.
Renault searches
As for values to be followed:
Renault: 3.82% to 49.70 euros
Searches were conducted in recent days by the Central Directorate of Internal Intelligence (DCRI) in the offices of three Renault executives suspected of espionage by the automotive group, and their computers were seized, officials said Tuesday a source familiar file. The manufacturer's lawyer said that the leak of such information in the media was damaging the image of Renault.
Publicis: +0 quick payday loans.36% at 37.75 euros
The number three global advertising has launched a friendly takeover of the British advertising agency Chemistry for 14.45 million pounds (16.70 million euros).
Vivendi: -0.11% to 21.80 euros
The group sold its remaining stake in NBC Universal. The transaction brings in 3.8 billion euros.
Sanofi-Aventis: 0.30% to 50.80 euros
The group announced Tuesday two hits in the U.S., where the health authority has authorized the sale of its non-prescription anti-allergy Allegra beginning of March, and extended by six months of marketing exclusivity for its anticoagulant Plavix.
EADS: +0.10% at 20.76 euros
Thomas Cook has announced the signing of a contract for the firm order for 12 Airbus A321 and also says plan to sign a lease agreement covering aircraft from the A320 family.
Areva: 0.14% to 35.55 euros
The giant nuclear buckled the capital increase in favor of holders of investment certificates (IC) in an amount of 35 million euros, an operation after which the nuclear expert has lifted a total 935 million euros.
EDF: 0.22% to 32.21 euros
Proglio will be auditioned in the morning in committee in the National Assembly.
Rafale Results
Klépierre: 0.82% to 26.41 euros
The group reported a 2.9% increase in turnover to 988.6 million euros in 2010, supported by rental income group, especially in malls.
Mersenne (ex-Carbone Lorraine): 1.36% to 35.49 euros
The group's activity rebounded last year thanks to the development of alternative energies and Asia but believes it is too early to make predictions for 2011.
Spir Communication: 1.71% to 37.35 euros
The group maintained its objective of operating income to balance in 2010 by announcing a decline in sales in 2010 weakened its media division.
NextRadioTV: -0.76% to 14.29 euros
The media group has registered an increase of 14% of its turnover in 2010 to support the dynamism of its TV operations.
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