International Headlines and Stories

Great absent G20 Toronto, the issue of tax havens coming back in the headlines the case Bettencourt. The conversations between plays Liliane Bettencourt and Patrice de Maistre, the man who manages his vast fortune, revealed the existence of undeclared accounts in Switzerland for a total of some 80 million euros and a small private island lost in the Indian Ocean, estimated between 300 and 500 million euros. A "case study" that illustrates the mechanisms and the persistence of tax evasion.

Despite the political will displayed at the G20 in London in April 2009, chief among which those of Paris, Berlin and Washington, hunting bank secrecy small steps.Like it or not the president, Nicolas Sarkozy, who said: "Tax havens, it's over." Certainly, under pressure from the G20, the major financial markets have taken one at a time with the standards of exchange information of the OECD, the risk of being pinned on a blacklist. What this implies for the treasury of the countries referred to respond to requests for information in cases of suspected tax evasion proved.

Hunting opacity

Since then, over 400 bilateral agreements were signed, including between France and Switzerland. The text was adopted on June 18 last, by the Swiss Parliament since Tuesday and is registered in the Official Journal of Switzerland. The entry into force can not be done until after the legal deadline is October 7, allowed the organization of a referendum. French side, the agreement is still not included in the agenda of the Assembly."Will stay then test its effectiveness, said Jean Merckaert, specialist tax fraud CCFD, a development NGO. These past months have shown, lists stolen (HSBC France, UBS in the United States), which allowed the transfer of thousands of names, are more effective than the exchange of information through the conventions. "

General Delegate to the fight against uncooperative jurisdictions, François d'Aubert acknowledged the imperfection of the system, where you just twelve agreements out of the list, which is more that can be signed with other tax havens. "We need the tax administrations of each country can have access to bank accounts, accounting firms and identify the beneficiaries of a trust," he said recently. Like the little corner of paradise in the Seychelles, hidden behind a foundation, the opacity remains the bete noire of the treasury.

In the battle over economic strategy, which raged in the country G8/G20 meeting in Toronto, Nicolas Sarkozy ranks clearly on the side of Barack Obama's hostile plans rigor precipitates. "For France, fiscal consolidation is a long-term need [...] the stimulus must be from 2011, progressively, according to individual circumstances," said one EU source.

Favorable cures severe austerity in Greece, Portugal and Spain, Nicolas Sarkozy calls for budget adjustments "progressive" in France and Germany, from 2011, with "not too many taxes."

The fragile economic and financial worries Europe G8 and G20. "Our partners Americans and Canadians fear the impact of austerity plans on resuming" said one EU source.The health of banks on the Old Continent is also a major concern in the United States. "There's nothing to fear from that quarter. Our banks are very strong. The results of stress test in late July is going to cheer the markets, "say the Europeans.

Faced with the Americans, Germans and Britons facing the G8 steadfast defenders of rigor. "A sustainable growth can not result from a fiscal policy based on the debt!" Repeats Angela Merkel. "Our public finances are in such a state, we have no other choice than a hard adjustment," he defends David Cameron.

Within this debate, Nicolas Sarkozy wants to distinguish itself from its European partners. Recognizing the need to reduce fiscal deficits in France, he will not rush, giving priority to pension reform.If markets were not so vigilant, he would gladly own the warning of Barack Obama: "do not overdo it in 2010 … or 2011.

A half percentage point. This may seem insignificant, but when it comes to U.S. growth, the news is important. Between the first and the last estimate of the U.S. Department of Commerce, the number of U.S. growth will have lost 0.5 points from 3.2% in the first estimate in April to 2.7% for the third and final version broadcast Friday.

This reflects "an upward revision to imports and a downward revision to consumer spending," says the Department of Commerce. A phenomenon only partly offset by "an upward revision of exports and changes in business inventories."

"It's disappointing," Judge Inna Mufteeva, economist at Natixis U.S.."Consumer spending was revised down from 3.5% to 3% payday loan online. Shortly reassuring, while half of this increase can be attributed to the plan of Barack Obama, according to Natixis. The fact that fiscal stimulus should deflate during the second half of the year.

Also somewhat reassuring, the growth was largely supported (1.9 to 2.7%) by a motor very tentative: the recovery of businesses. Explanation: During the crisis, American companies have used their stocks. Until no longer have anything in their warehouses. In recent months, they have therefore produced and placed an order to replenish their stocks, thereby amplifying the rebound in growth. Good news is that the investment factor for structural growth, jumped 11% in the first quarter of 2010.

European markets reorient downward on Thursday after two sessions of net withdrawal, which followed up to nine sessions in a row.

ACC 40, which closed late Wednesday a decline of 1.71%, to 3641 points, however, had started sitting up. He quickly plunged and yields 0.96% mid-term point to 3606.9.

The euro shows a decline of 0.28% at the same time and now rated as 1.23, to 1.2277 exactly. The European currency declines amid persistent fears about the state of the economy of the Old Continent.

In an interview with Italian newspaper La Repubblica, Jean-Claude Trichet, ECB president, said it was unlikely that deflation risks materialize in the euro area.

Employment on the radar screen

Supported by purchases of televisions before the World Cup soccer, the French household consumption of manufactured goods rose 0.7% in May after a drop the previous month, Insee said Thursday. Better than expected.

Job center will provide 18 hours tonight the numbers of jobseekers registered.

In the Eurozone industrial orders in April showed the strongest gain in 10 years: +0.9% over March and 22.1% compared to April 2009. This last figure is the highest since May 2000, according to statistics released Thursday by Eurostat.

In the U.S., at 14.30, the figures on durable goods orders in May are highly regarded, as usual. As the traditional weekly claims for unemployment benefits (same time).

Areva accrues $ 400 million more

The Group accrues 400 million euros more because of the further delay of the EPR. These delays have already cost the group 2.3 billion euros nuclear. And this new supply will cause the accounts into the red in the first half.

Vinci: -0.59% to 37.26 euros The company has signed an agreement for a proposed road tunnel in Vietnam, worth an estimated $ 600 million.

Publicis: -0.34% to 34.74 euros Interpublic does not need to merge with Publicis, according to its CEO, Michael Roth.The fourth group in terms of global advertising revenues has been speculation about a possible merger with French group.

L'Oreal: -1.81% to 81.82 euros, L'Oréal held yesterday, a presentation on New Markets, on their growth potential, based on affordable innovations, development of new product categories and the acceleration of globalization. Natixis Securities appreciated and raised price target on the value of 92-97 euros.

Societe Generale: -2.93% to 35.74 euros, the bank claimed Kerviel to 4.9 billion. This sum is claimed as damages, the commitments of the former alleged fraudulent trader.

Banking sector is doing well this Thursday after being bottom of the list of the CAC 40 over the past two sessions.The President of the European Central Bank, Jean-Claude Trichet said in an interview published Thursday that the reform of financial regulation are on track and that a number of important decisions will be taken in November, during G20.

Axa: + 0.07% to 13.55 Resolution eurosL'assureur UK announced Thursday the acquisition of its French rival Axa Life insurance, savings and pensions in the United Kingdom for up to 2.75 billion pounds (3.3 billion euros).

Vivendi: + 0.06% to 17.45 euros without, however, that the word "relax" is heard, the prosecution had asked for any penalty against former executives of Vivendi Universal. From the first day of the hearing, Jean-Marie Messier, former chief executive, expressed a mea culpa about its "excessive communication."

Casino: + 0.33% to 63.75 euros latest episode in the war of Nespresso.Nestle has obtained the high court in Paris to send bailiffs in Folliet and Vegeplast, the two suppliers to the manufacturer Casino pods compatible with Nespresso machines.

Air France-KLM: -2.73% to 10.87 euros 4,390 people have left the company without being licensed, by March 2013, according to an internal document quoted by La Tribune, on its website.

Company Alps: -4.28% to 23.02 euros Compagnie des Alpes announced Thursday the launch of a capital increase of around 100 million euros, with retention of preferential subscription.

The leisure group has also announced a refinancing of its debt in advance through long-term, secure the liquidity of the group for five years.He said in a position to make acquisitions.

TF1: -2.24% to 11.54 eurosL'élimination the first round of the France squad will deprive TF1 more than ten million euros in revenue. But the title TF1 has underperformed by 3.6% of all broadcasters in Europe since the beginning of the World Cup. This correction related to the elimination of the France team is disproportionate to the financial magnitudes of the event, said an analyst.

Oil drop

Crude prices have continued to drop Thursday (76.2 dollars) in electronic trading in Asia, driven by anxiety about U.S. demand, world's largest consumer.

The latest indicators of the U.S. Department of Energy showing an increase of two million barrels in crude stocks in the week concluded on June 18 have caused concern to investors, which projected a decline of one million barrels.The increase in crude inventories reported in effect a weakening demand.

The possibility of staff mothers of three children to retire at any age, provided they have completed fifteen years of service, will be removed by the pension reform. 15,000 women each year experience at a cost of several hundred million euros. The purpose of this feature – contested by Brussels sees discrimination against male officers – has barely stirred the objection of the unions. They recognize a hint that these rules "natalist" dating from 1924 are no longer justifiable.

However, the method of extinguishing device is controversial. Women fulfilling the criteria required before 1 January 2012 may still benefit. But the financial conditions will be much less favorable for all those who file their application from 13 July, the day of presentation of the bill in the Council of Ministers.Article 18 provides in effect that from that date, it is the rules of retirement for the year of birth of the mother who count, not those of the year it has fulfilled the two conditions family size and length of service.

Protective provisions

Specifically, "So far, a woman born in 1962 and in 2002, had three children and fifteen years of service, could leave with the rules in force in 2002, before the reform Fillon said Brigitte Jumel (CFDT) . The amount of his pension was then strictly proportional to the number of years of contributions, divided by 37.5 years. If she filed her case on July 13 or after, these are the rules for the 1962 cohort will apply.Consider a calculation 41.25 annuities, with the reform announced last week, and especially a discount for all the missing years, as foreseen by the law Fillon.

The Secretary of State for Public Service does not deny these provisions but ensures that they are actually "protective". It is in effect six months from the filing of the application for retirement and the first payment of pension. And what are the rules valid at the time of liquidation, not when the application is submitted, that apply. That explains the entourage of the Secretary of State George Tron, without this clause "of 13 July," an official who filed his case last May, to go in November – a period when the law on pensions should be entered into force – would have been applied to the methods of calculation less favorable.It is therefore intended, provides the government to "cover" all mothers who wish to leave by the end of the year.

The euro rose again on Monday morning against the dollar. It rated 10 hours to 1.2430 dollars, after touching 1.2460, an increase of 4.6% since it started bouncing on June 7 last, when the exchange rate euro / dollar rate was 1.19. A fast pace for the foreign exchange market.

China, usually accused by Western countries to maintain the exchange rate of its currency artificially low, just a surprise. A week before the G20 summit, the Chinese central bank announced the end of two years of indexing the yuan to the dollar. The aim is to gradually revalue its currency in order to regulate the Chinese economy, which is based on thirty years export.

To believe in technical analysis, "a great potential rebound comes." The first significant resistance (level on which the exchange rate risk of stumbling) is 1.27.Above, the parity would take the lead of 1.33. The trend is now positive short-term above 1.19.

Why such an increase?

The reason for this rebound is mainly technical: the euro has fallen too quickly in recent weeks, the currency had to breathe. Indeed, on 1 January, the euro was trading at $ 1.44, and in December 2009, it was worth even $ 1.51. In other words, between the highest and the lowest point reached in early June to 1.19, the euro has fallen more than 21%!

Other mechanical reason of the rise of the euro: the decline of the dollar which causes the exchange rate euro / dollar rising payday loan. But the greenback fell amid indices acclaimed. "Historically, there has always been an inverse relationship between the U.S. equity market and the greenback," said the chief executive of Saxo Bank, Pierre-Antoine Dusoulier.

And since the announcement of China, which paves the way for a separation of the link between the yuan and the dollar, the yuan prances its highest levels since July 2005. The renminbi, another name for the Chinese currency, reported a record on the interbank market at 6.8089 against the dollar. Faced with the rise of the yuan, the dollar fell back automatically.

The trend remains bearish background

In the medium term, despite five times the highest drop since last December, the trend is still fragile.Even if the single currency does not seem too responsive to European concerns on the health of public finances of countries – including Spain rumors, denied – the macroeconomic situation on the continent remains sluggish, between sluggish growth and unemployment Box, accompanied by rigid budgetary policies.

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Danone and Russian Unimilk announced Friday the signing of an agreement to merge their dairy operations in Russia and nearby states (Ukraine, Kazakhstan and Belarus).

This merger will create a new entity that will represent a turnover of around 1.5 billion euros. With 21% market share, it will be a leader in the dairy area CIS (Commonwealth of Independent States, Ed) and especially in Russia. " They will be checked at 57.5% and 42.5 Danone by current shareholders Unimilk.

In their communique, the two companies emphasize their complementarity, including their geographical location (Danone west, east Unimilk) and their products (on the segmented health Danone and core market segments for Unimilk).Unimilk is currently the second largest private company in the Russian dairy and infant nutrition.

"Nearly twenty years after our debut in Russia, said Franck Riboud, CEO of Danone, the creation of Unimilk Danone Danone is a strategic move in a region characterized by growth for years to come."

Provide access to fiber optics to every home by 2025. A project championed by Nicolas Sarzkoy in February, which would cost 30 billion euros. If the Secretary of State for the Digital Economy, Nathalie Kosciusko-Morizet, announced Wednesday at the fourth "Focus on the high speed" it had mobilized in 2011, about 7 billion euros over four or five years, it is far short.Recall that the need for public funding is in a range of 8 to 10 billion euros in five years.

Even with two billion euros loan from the general and the possible contribution of European funds for "a hundred million a year," the senator from Eure Hervé Maurey, to prepare a report on the financing of high Speed – the first version will be given to the Prime Minister during June – ruled yesterday that it will be difficult to escape a new tax, either on business or on consumers.

"We must find a tax with the broadest possible base for the rate is as low as possible," he argued.

Traders feel targeted by the tax

This ad is not to please operators, already cooled by the tax on broadcasting.At the outset, the secretary general of France Telecom, Pierre Louette has stepped into the breach at the meeting, suspecting that those "on which the tax will fall are always the same."

As for the alternative operators, represented by the assocaition Aforst, representatives denounced a measure that not n'impulserait development project, contrary to claims Hervé Maurey. This is not by reducing "the ability of investment" is encouraged operators operators, says the group.

In March, Martin Bouygues, head of the eponymous group, has raised its voice against the accumulation of taxes and regulation in general in the area.Its subsidiaries Bouygues Telecom and TF1 suffer, he said during the presentation of its 2009 results.

2 million households connected in 2011

According to Arcep, 80,000 French households currently subscribe to the optical fiber while 800,000 are connected to this technology that provides access to the Internet so much faster than ADSL.

Arcep expects more than two million households in France connected to the optical fiber in the summer of 2011.

Free starting to invest with France Telecom

In an interview with Le Figaro on June 2 last, Maxime Lombardini, the CEO of Free, said that France has a competitive environment for Internet broadband.

He said "France is ahead" in technology."France is at the forefront in Europe, thanks to a very successful framework that enables rapid deployment of fiber networks without digging sidewalks and minimizing interference in the condominium through pooling. "

Note that operators will invest together in the optical fiber. France Telecom has also launched an appeal to its competitors. Free has responded.

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Markets were waiting impatiently for the pension reform. Legal age to 62 years pushed, extending the contribution period, rising tax burden … how the government's announcement they will be welcomed by the markets and rating agencies? The AAA rating of France, the best, is the subject of any concerns at Bercy. The goal is to maintain "tight", even said Budget Minister Francois Baroin.

Bercy assured, reports Reuters: "The evaluation of this kind of reform can only be positive by the rating agencies." Ministry experts have calculated that the increase in 60-62 years of age of retirement accounts for 1.2 million jobs and four percentage points of GDP over the long term.Moreover, "these reforms contribute to improving the deficit by about 0.5 percentage points of GDP by 2013, according to the entourage of Christine Lagarde.

"Reform is obviously in the right direction, because the current situation is untenable," responded Dominique Barbet, economist at BNP Paribas market IP. Delaying the retirement age to 62 years is applauded Payday Advance No teletrek. "The symbol of the abolition of the 60 years is important, it is easier to move it more later if needed," said Gilles Moec, economist at Deutsche Bank. The pace of transition to 62 years, faster than originally envisaged, was also approved.

If the limit of 63 years has finally been abandoned, "the government's plan is fairly aggressive in the speed of implementation of the device, which should be effective by 2018", says Dominique Barbet."The unions were expecting perhaps a less violent transition, and the rating agencies at a faster passage. The government must allow both. "

Doubts remain. "I'm not sure whether the final reform" asks Gilles Moec. The growth assumptions Guidance Council retreats are indeed optimistic, with an unemployment rate of 4.5% in 2020 for example. "It also depends if employees choose to work longer to get a full pension, or if they prefer to leave earlier."

The week begins on an auspicious in most markets in Asia. In the wake of the end of last week, particularly on Wall Street Friday evening ended on a net advance of the Nasdaq, investors approach the week with a mind divided between the few signs of easing from the macroeconomic front – fears U.S. employment, may slow in emerging – and persistence of tensions on the monetary front and Budget – austerity plans, national plan for stabilizing the euro area.

While places of Sidney, Shanghai and the Philippines were closed Monday due to holidays, the Nikkei in Tokyo gained approximately 1.6% to 9861 points in less than an hour of closing pushed particularly by Honda s make the award more than 3%.The group would reach an agreement with its Chinese supplier, enabling the Japanese automaker to resume normal work on Monday after a week of strike.

On the other cities in the region, the benchmark Hang Seng Stock Exchange of Hong Kong reverts to the threshold of 20,000 points to 20,047 points (0.88%). Elsewhere, the Seoul Stock Exchange gained 0.9% while in Bombay, the index yielded 0.8%.

On the foreign exchange market, the euro continues to strengthen. He traded this morning at 1.2183 dollars against 1.2077 dollars on Friday in New York. Against the yen, the euro also asserts upward to 111.91 yen against 110.65 Friday.

The strengthening of the euro leads to crude prices upward.In morning trade in Asia, a barrel of light sweet crude for July delivery gained a little over 80 cents to 74.59 dollars while Brent North Sea, with identical maturity, took 54 cents to 74 , $ 89.