International Headlines and Stories

The brilliant career as an economist Dominique Strauss-Kahn has just experienced a sudden stop. Arrested in the United States for alleged attempted rape, he tendered his resignation as CEO of the International Monetary Fund, he held since 2007. Throughout his career, "Mr. Economy" of the left has always shown great independence from dogmas and pre-established lines of thought.

One of the first major breaks with Dominique Strauss-Kahn "left classic" based on his involvement in the privatization programs of companies. While he has served as economy minister in the Jospin government from 1997 to 1999, he oversaw the opening of capital committed long ago. In 1997, the capital of France Telecom has been successfully opened in the middle of Internet bubble, a second bet on the stock exchange then took place in 1998.Similarly, Air France, Highway south of France, Eramet, Gan, the ICC or NOC experienced partial or total privatization between 1997 and 1999. DSK is estimated that some public enterprises were no longer intended to remain in state ownership, after sixteen years of public guardianship, since the wave of nationalization in 1982.But critics within his own party, accusing it of responsibility for "mass privatization".

Concerning the implementation of the 35 hours from the year 2000 following two laws passed in 1998 and 2000, the Minister has never hidden his opposition to the method used, even if DSK was himself originally economic program of the PS in 1997 which provided for the establishment of 35 hours of youth employment.

A socialist may go against the current

More recently, open debate on pension reform of 2010 and while DSK is already at the head of the IMF, he said there was no "dogma" on maintaining the statutory retirement age to retirement at age 60, an opposition Socialist Party's position. Another difference with his own camp: the Tobin tax. The politician has in fact been opposed to this idea, though supported by economists like Joseph Stiglitz and Lawrence Summers.

And the man who embodies the social democrats to the SP has also marked its difference in the IMF. Arriving at the head of an institution that raised questions about her future, and many critics, he managed to restructure the institution and give it a key role in the international arena, which has attracted praise from worldwide payday loans direct lenders. "The IMF has clearly become the most important international institution today," says economist Colin Bradford.

For international regulation of capitalism

In January 2008, when the crisis was still described as mild by governments, he called the major economies of the world to implement recovery plans, breaking the tradition of the post.In April 2011, he has even declared the death of the "Washington Consensus, the set of liberal doctrines which had until his arrival at the head of the institution guided measures. In fact, the theory of "structural adjustment" and the conduct of restructuring brutal and fast, Dominique Strauss-Kahn called for the "protection of the most vulnerable and the fight against inequality. Thus, under its authority, the IMF has supported the bailouts of countries in the euro area face serious problems of public deficit. The institution argued that he directed the implementation of reforms in Greece, Ireland and Portugal, but sometimes at the risk of being unpopular, particularly in Greece, where DSK may have committed some blunders.

The man, who graduated from HEC in 1971, Sciences Po and a BA in Public Law in 1972, is especially active in Europe.One of the founding fathers of the euro has indeed worked hard to save monetary union, threatened to collapse at the height of the crisis of public debts. He campaigned for solidarity between governments. In fact, convinced of the relevance of supranational governance bodies, DSK has worked for the establishment of a European budget authority that would organize solidarity between European states over the long term. But the departure of DSK to head the IMF could mark a setback to the realization of his dream to a deepening of the European Union and a supranational regulation of international capitalism.

The legacy of DSK, however, should leave an indelible mark. Several members of the institution, he claimed recently that his record is "impeccable", the IMF is now rejuvenated, powerful, and new fears.

ALSO READ:

"DSK IMF: successes but also some unfinished business

"DSK: the second term at the IMF would be a mere formality

The French Finance Ministry responded late, but with great detail, the controversy launched by MEP in Europe Ecology Canfin Pascal, on the bonuses of bankers and traders French.In Libération, 7 May, he thought the amounts paid by banks not complying with EU rules.

The MEP said that France would not accurately transposed the directive on variable compensation, which would allow certain bankers, including Baudouin Prot (Chief Executive Officer of BNP Paribas) and Frederic Oudéa (CEO of Societe Generale) to receive bonus of several million euros, four to five times larger than their fixed salaries, under the year 2010.

"It's unfair to single out France!" Says it does at Bercy, where we recall that the decree implementing the EU directive was sent to Brussels in March 2011, without comment, to To date, the European Commission, while "warnings" have yet been sent to 12 Member States in March …

Variable part, fixed part

G20 first to denounce the perverse bonuses, France is presented as a model student for the application of new rules on the matter. To demonstrate that the volume of bonuses paid in 2011 for the year 2010 is declining, Bercy dotted with numbers: the ratio of net income bonus on the Corporate and Investment Banking (CIB) would be increased from 125% 2007 to 100% in 2009 and 30% in 2010.According to references of the two great Parisian institutions BNP and Societe Generale, the average bonus would have decreased from 303 000 in 2009 to 290 000 euros in 2010 and 231 000 in 2009 to 198 000 euros in 2010.

Moreover, the share of bonuses in total compensation would have increased by over 75% in 2009 to 60% in 2010. An average does not represent the variable portion of 62% of the remuneration of Baudouin Prot in 2010 and 73% of that of Frederick Oudéa."In the spirit of French and European legislation, it was a 50/50 balance the ratio between the fixed and variable pay," recalls in Paris say, "there is that the European Parliament who wanted the 50/50, but that would inevitably lead to a wage explosion … "

Finally, Bercy said that more than 60% of the bonuses awarded in 2010 were deferred for three years at least, and that banks resort more to guaranteed bonuses over several years.

ALSO READ:

"The bonuses paid to Wall Street were chastened by 8% in 2010

"Caution on bonuses

The sessions are followed and do not resemble the Asian stock markets. After all generally closed higher Wednesday, they slipped into the red on Thursday, hurt by the sharp drop on Wall Street last night. Like the U.S. stock markets, Asian financial markets are affected by falling oil prices. A trend that seems to reverse this Thursday in electronic trading in Asia, oil starting again significantly higher to 99.50 dollars (1.31%).

Japan: current accounts slashed by the earthquake

Anyway, this revival does not seem to reassure investors, oil prices have not passed the symbolic 100 dollars, according to some analysts. The Nikkei 225 closed sharply down from 1.50% to 9716.65 points. In the oil sector, Inpex shows a sharp decline of 3.42% to 564,000 yen.

After publishing yesterday's annual and quarterly results, and reassuring comments on its outlook for production, Toyota leapt 3.05% to 3370 yen and Nissan, which has published, after market, net income increased more than seven takes 1 , 40% to 795 yen.

On the macroeconomic front, the country saw its current account surplus dropped 34.3% in March year on year to 1.679 billion yen (14.6 billion euros), due to the earthquake of 11 March, which has disrupted production and exports.

The Taiwan Stock Exchange is resistant to red wave

In China, the Hang Seng in Hong Kong coward 0.83% to 23,098.80 points. Aluminum Corp. of China sells 2.42% to 6.86 Hong Kong dollars, CNOOC, 1.82% to 18.28 Hong Kong dollars and China Coal Energy, 2.95% to 9.86 Hong Kong dollars.As for the CSI 300 in Shanghai, it was down 0.17% at 3139.71 points.

Other financial centers in the Asian region, one resists Exchange: Taiwan, including Taiwan TAIEX gained 0.33% to 9050.50 points. Conversely, the KRX 100 Index dropped 1.48% from Seoul to 4558 points, the S & P / ASX 200 in Sydney fell sharply from 1.28% to 4718.80 points, the FTSE Straits Times sells 0.70 % to 3154.96 points and the BSE Sensex 30 Bombay lost 0.29% to 18,531.50 points.

The amount is staggering. $ 70 billion social aid were announced by King Abdallah live on Saudi television on Friday. Therefore a figure for the 28 million inhabitants of the country, one third of the unemployed are young people aged 21 to 29.

The monarch has promised minimum wage increase to 800 dollars, the increase in premiums for unemployment up to 250 dollars, a premium of two months salary for each employee and a bonus of two months for student scholarships . But nearly $ 67 billion aid plan – almost all of the assistants will be devoted to the allocation of funds for the construction of 500,000 housing units across the country, and an envelope for the health sector. King Abdullah has proposed to inject more money into home loans by increasing to $ 128,000.

These injections of public funds came after the unprecedented announcement by the King on February 23 of a first action plan of 36 billion dollars. They should help diverdifier the Saudi economy, largely dependent on oil revenues.

Further monitoring

In his televised speech of three minutes, the sovereign has also announced the creation of a committee to fight against corruption, which will be under his supervision and could control all branches of government faxless cash advances. He also mentioned the creation of 60,000 new jobs security by ensuring that security forces will be ready to respond to "all those who intend to undermine 'the kingdom.

Fearing social unrest that the country earns from Bahrain, a neighboring country, where violent clashes between Shi'ite demonstrators and security forces took place this week, security forces were deployed en masse on March 11 in Riyadh, and in the eastern provinces, home to a strong Shiite community. However, according to some sources, the stability of autocratic rule of King Abdullah, from a prominent Sunni family, is not likely to be unshaken.

ALSO READ:

"Saudi Arabia seeks to avoid contagion

The king of Bahrain will seek support in Saudi Arabia

"SPECIAL – Revolts in the Arab world

The French will not endure forever rising fuel prices, without changing their consumption habits. According to an Ifop poll published Sunday in the South West, 47% of respondents intend to reduce their consumption now if gasoline prices continue to climb.

Consequence of the soaring price of oil, those fuel have reached record highs last week. A liter of unleaded 95 has sold 1.50 euros on average in the hexagon, and a liter of diesel 1.54 euros, said earlier this week the Directorate General for Energy and Climate (DGEC ). Some stations even offered Paris a liter of unleaded fuel to 1.8 euro.

If consumers incorporate more and more since 2005, the idea of ​​an inexorable rise in fuel prices, 1.5 euro per liter of diesel remains for many a symbolic threshold beyond which they consume as much. Only 15% of respondents put this threshold at a level greater than 1.5 euro per liter, said the survey. Jean-Louis Schilansky, president of the French Union of Petroleum Industries (Ufip), makes the same observation. He recalled that in 2008 when fuel prices had also risen sharply, the consomamation was down 3% once this threshold is crossed guaranteed unsecured personal loan.

Not lower taxes

The decision to reduce its consumption or not, however, depends partly on the level of life. 40% of workers have thus been limited.In contrast, managers and professionals are more likely (14%) than average (11%) said they will not alter their habits, whatever the price of a liter. For many, the level of fuel consumption is also strongly constrained by the lifestyle.

Faced with soaring prices, the government this week but ruled out any cut in gasoline taxes could reduce the transport budget of the French. "You can take steps this guy at a time when we must take into public finances," ruled the Economy Minister Christine Lagarde. It was therefore confined to advise the French to buy the morning and follow rules of conduct to reduce, even at the margin, the price at the pump.

ALSO READ:

Why fuel prices soar

"Historical Record gasoline prices

"The fuel consumption begins to decline

Before settling in a small apartment in St. Cloud, just steps from the Seine, has Lagneau Lawrence thought he would never be able to leave Saint-Ouen. At issue: a "preemptive right" exercised by the mayor Audoniens when selling his old studio in 2009, and who has earned more than a year of court proceedings.

This right of preemption makes it possible for local authorities to be given priority when selling a property on any other potential buyer, and at a price generally below the claims of the seller. To exercise this right, the community must demonstrate a specific urban project (renovation, rehabilitation, etc …).But in Saint-Ouen, as in other suburbs of Paris run by municipalities left (Saint-Denis, Bobigny, Bondy, Montreuil, Les Lilas, Nanterre …), the right of first refusal is now held up for the sole purpose of discourage owners from selling their property at a price above the market, otherwise they would face lengthy legal proceedings …

ALSO READ:

"Vendors tend to overestimate their homes"

"The older building has been 17.5% a year in Paris

Property: rising prices should last until 2015

After a weekend in the green, reassured by the decline of the yen in Asian markets starting this week under pressure, worried about the possibility of a global recovery weaker than expected in a political and economic uncertainty. The publication Friday of U.S. employment figures better than expected has not been enough to bring lasting confidence in Asian stock markets, still focused on inflationary pressures found on the price of oil. The stabilization of the dollar against the yen has not been able to restore confidence. On the foreign exchange market, the U.S. dollar is trading around 82.34 yen 82.29 yen against Friday night.

Still tense political situations in countries of North Africa and the Middle East, including Libya, continue to support oil prices.They continued to rise Monday morning in electronic trading in Asia. In morning trading, a barrel of light sweet crude gained 1.33 cents to 105.75 dollars. That of Brent North Sea was up 59 cents to 116.56 dollars.

Shanghai alone is optimistic

In Tokyo, the Nikkei index of 225 main values closed down 1.76% at 10,505.02 points. The resignation of Foreign Minister of Japan, Seiji Maehara, this weekend against a backdrop of political funding scandal, seems to have had a marginal effect on investor sentiment, they remain focused on macroeconomic issues . Among the main falls, that of Toyota, down 2.7%, weighed down by the context of rising oil prices and a ratings downgrade by Standard & Poor's business cards.Other values exporters, hit hard by global economic uncertainty, including Honda Motor (-3.5%) and Canon (-2.4%).

In Hong Kong, the Hang Seng index remained fairly stable, falling from 0.15% to 23,374.20 points. Themselves also affected by fears about the consequences of higher oil prices, the highest values among the affected aeronautical companies, like Air China, down 3.8%.

Only the Chinese financial market starts its week on a more optimistic tone, reassured by the comments this weekend's Premier Wen Jiabao on the priority given to reducing inflation in the Middle Kingdom. Especially a senior Chinese exclusively responsible said Sunday that rising prices in the country had certainly slowed in February and is expected in the 4.9% recorded in January. The CSI 300 Index of Shanghai ahead of 1.81% to 3,330 points.

Elsewhere in Asia, distrust dominates. The proposed merger between the Singapore Stock Exchange and Australian Stock Exchange has not really attracted investors, despite the comments of Magnus Bocker, the chief executive of the Singapore Exchange, saying it would allow companies to benefit from better growth. The FTSE Straits Times advanced 0.09% timidly, to 3064.05 points, while the S & P / ASX 200 fell by 1.37% Australian, to 4797.90 points.

In Taiwan, the Taiwan TAIEX fell by 0.8% to 8713.79 points. The KRX South Korea withdrew him, from 1.79% to 4226.27 points while the BSE Sensex down Indian 1.70%, to 18,171.40 points.

The U.S. stock market opened slightly lower on Wednesday. The Dow Jones lost 0.11% and the Nasdaq was down 0.23%. Tuesday for the first time since June 2008, the U.S. index has crossed, close Tuesday, the 12,000 points mark, despite the continued unrest in Egypt.

On the foreign exchange market, the euro retreated against the dollar on Wednesday afternoon. To 16 hours in Paris, the euro bought 1.3804 dollars against 1.3831 dollars late Tuesday.

The better than expected U.S. employment in January

On the macroeconomic front, several indicators were expected in the United States. Job creation in the U.S. private sector were higher than expected in January, according to results of the monthly ADP released Wednesday. In total, 187,000 jobs were created during the first month of the year versus the consensus of 29 analysts polled by Reuters had forecast about 145,000.Moreover, the December figures were revised down to 247,000 against 297,000 originally announced.

Late afternoon, the markets will react to stock weekly U.S. crude oil.

Sanofi-Aventis year close to agreement with Genzyme

Genzyme: -0.20% to 73.43 dollars

The side of values, the merger between Sanofi-Aventis and Genzyme has taken another step forward. On Monday, the two sides reached an agreement in principle on the structure of a rapprochement. And Tuesday, a source familiar with the matter said that Sanofi-Aventis would have fallen for that, its offer to just over $ 70 off certificate of conditional value (CCV).

GlaxoSmithKline: -1.47% to 36.84 dollars

In the same area, the British group GlaxoSmithKline (GSK) announced Wednesday it sold $ 1.7 billion, all of its shares in the American medical diagnostic tests and Quest Diagnostics.

Electronic Arts: 15.16% to 17.99 dollars

Always on the side of values, after closing the American publisher of video games Electronic Arts has quadrupled its net loss during the third quarter of fiscal shifted, to 322 million, exceeding expectations, however. Indeed, excluding special items and reported the number of shares, this amounts to 59 cents beyond the 57 cents expected by analysts. The turnover amounted to participate in its $ 1 payday loan lenders.41 billion, slightly below expectations, and an increase of 4.75%.In addition, the group announced a share buyback of 600 million over 18 months, "a first for many years," says an analyst.

Western Union: 1.03% to 20.50 dollars

For his part, Western Union has reported for the fourth quarter earnings per share of $ 0.38, $ 0.35 cons expected by the market and $ 0.32 last year.

Aflac: -2.27% to 57.20 dollars

Aflac announced for the fourth quarter earnings per share of $ 1.33, $ 1.35 cons expected by the market and $ 1.18 last year.

Broadcom: -7.37% to 42.97 dollars

Also after market, Broadcom has released the fourth quarter 2010 revenues of $ 1.95 billion, in line with expectations against $ 1.34 billion a year earlier. The adjusted earnings per share rose to $ 0.58 against $ 0.32 last year.For the current quarter, the company targets a turnover of between 1.75 and 1.85 billion dollars against 1.46 billion last year.

Ford: -0.31% to 15.84 dollars

The rating agency Standard and Poor's (SP) announced that it raised its rating of U.S. automaker Ford BB-B + cons, together with a positive outlook, citing continuing economic recovery in the United States.

Google: -0.24% to 609.59 dollars

World number one search engine on the internet Google has accused his rival, the Bing website, copy the results it offers users what the computer group Microsoft has formally denied.

Also note, major banks and brokerages on Wall Street have made their employees pay record under past year, two years after the great crisis that devastated the area, according to the Wall Street Journal . The 25 largest institutions have paid their employees an unprecedented $ 135 billion dollars in salary and variable compensation. This amount is 5.6% higher than that paid for 2009.

JP Morgan Chase lost 0.52% to 45.59 dollars, Goldman Sachs was down 0.26% to 164.90 dollars and Bank of America ahead of 0.70% to 14.21 dollars, while Citigroup gained 0.35 % to 350.85 dollars.

Today, Wall Street investors expect another round of results. Indeed, Mattel, Time Warner and News Corp. will announce on Wednesday its fourth quarter 2010.

Electroshock. The announcement from Steve Jobs yesterday (Monday) to take off again, weighed heavily on investor sentiment. As usual, when the captain left Apple-temporarily-ship Apple, the first symptom is the sudden shiver, followed by the heart racing. And generally, the stock price of the third widest largest market capitalization in the world wins. Is still the case on Tuesday: Mid-afternoon, the title loses 3.55% to 336.11 dollars.

According to Piper Jaffray analyst Gene Munster, "every time Steve Jobs had to leave to sick leave, the impact on Apple stock was lower. The last time the boss's absence, between January and June 2009, the same as Apple has jumped 50% over the period.A few months ago, however, while the man had appeared weak and emaciated at a conference, he had plunged 10% in one week.

Quarterly results expected tonight

So even if the statement sent to its employees, only six lines and rather elusive – you know neither the severity of her condition or the duration of his absence – the mere fact of being "transparent" seems a better way Apple. Tim Cook has sought to clarify that "Jobs is not leaving his post as CEO, we believe that his absence will be both shorter and less serious than last time."

Finally, this Tuesday is the day that Apple unveils its quarterly results. Good numbers might cons-balance the bad news on the health front of Steve Jobs.However, unless major surprise, the publication of tonight should again be placed under the sign of growth and performance, including its flagship iPhone and iPad.

And nothing seems to stop the mad rise of the mark to market the apple. The Apple stock, which has exceeded for the first time in its history the 350 dollars last week, still rose 50% over the last six months. Last May, Apple has ousted its longtime rival Microsoft in terms of market capitalization, which topped the beginning of this year's $ 300 billion.

ALSO READ:

"Apple's third largest market capitalization

"Apple exceeds $ 300 billion capitalization

"The big trends in electronics in 2011

"Tablets and game consoles to assert themselves against the computer

U.S. stock markets have played yoyo Friday. The index started the first trade in the red and stayed in negative territory all day. But, as European stock markets, the trend was reversed in the afternoon. The Dow Jones finally ends up 0.47% to 11.787 points, the Nasdaq is 0.73% to 2755 points and the S & P climbed 0.74% to 1293 points.

On the foreign exchange market, the euro has risen further against the greenback on Friday at 1.3376 dollars against 1.3358 dollars on Thursday night.

On the macroeconomic front:

– Retail sales rose less quickly than expected in December in the U.S., according to statistics released Friday. Retail sales rose 0.6% from November, according to the Commerce Department, which reported a sixth consecutive monthly increase. Economists had forecast a rise of 0.8%.In November, sales rose 0.8%.

– Inflation, meanwhile, has accelerated in the United States in December, rising 0.5% against 0.1% the previous month, according to official data published Friday blamed the increase on the rise fuel costs. Analysts on average expected a rise of 0.4%.

– Industrial production rose 0.8% in December, according to statistics released Friday by the U.S. Federal Reserve. Production rose 0.3% (revised) in November and economists had expected for December to a 0.5% increase.

– Business inventories rose less than expected in November, while sales rose 1.2%, said Friday the Commerce Department.Inventories rose 0.2% to 1,421.6 billion, while economists polled by Reuters expected a 0.7% increase.

– Consumer sentiment declined in January, according to preliminary results of the Monthly Thomson Reuters-University of Michigan released Friday. The index of consumer sentiment stood at 72.7 against 75.4 expected by economists polled by Reuters. It was 74.5 in December.

The banks are the indices

As for values, the banking sector brought the index up late in the session. JPMorgan Chase (1.06% to 44.92%) unveiled Friday a 48% increase in net income from 2010 to 17,400,000,000 dollars, and a similar rise in quarterly profit to $ 4.8 billion , both exceeding analysts' expectations.

Bank of America (3.18% to 15.24 dollars), Morgan Stanley (2.40% to 28.98 dollars) or Citigroup (1.69% to 5.13 dollars) in profit.

According to the Financial Times, Goldman Sachs (+2% to $ 175) lost $ 5 billion more than it had previously admitted in his brokerage account own in 2008, the worst of the financial crisis instant payday loan. In total, the bank has suffered this year from $ 13.5 billion loss on investments made through its own resources.

Intel (-0.99% to 21.08 dollars) a global leader in semiconductors, and the first major U.S. high-tech sector to present its findings, unveiled a performance exceeding expectations. The group said it had benefited from strong demand from businesses.The division data center, "these buildings including the machines (servers) used to store and process the vast amount of data circulating on the Internet, saw its sales jump 35%.

Always on the side of values, Merck (-1.33% to 34.23 dollars) has announced the arrest of a study on its anticoagulant Vorapaxar and significant changes to the second study in progress on the same medication. Furthermore, another laboratory, Bristol-Myers Squibb (-0.31% to 25.82 dollars) has announced the recall of 64 million tablets of Avalide, a treatment against hypertension, the U.S. and Puerto Rico.

Also note, the World Trade Organization (WTO) will publish the final report in late January on aid to Boeing, Washington (0.34% to 70.07 dollars), deemed illegal by the aircraft manufacturer Airbus and France said Friday the office of U.S. Trade Representative.In September, the aircraft manufacturer Airbus and France, after reading a draft of the report, had claimed victory in the war of the titans between them to Boeing, ensuring that the WTO ruled in favor of Brussels in finding illegal years of aid from Washington to the American giant. Beyond the series of tax exemptions and social which the American manufacturer has received, the key question concerns the terms of the grant made by NASA and the Pentagon in the U.S. aircraft manufacturer, research programs and development.

Also in the aerospace industry, Delta Air Lines (0.99% to 12.74 dollars) announced Thursday its intention to order 100 to 200 devices to renew part of its fleet. The U.S. carrier said he sent requests for proposals to several major aircraft manufacturers last month.Besides these 100 to 200 aircraft, Delta mentions the possibility of 200 additional aircraft. Deliveries will begin in early 2013.

.