International Headlines and Stories

Back in the red for the Paris Bourse. At the opening on Monday, the CAC 40 index drops 0.76% to 3813.50 points. Just relieved by Greece, where the leaders of the euro area have managed to agree on a rescue plan, investors are concerned about the United States. The elected representatives of the U.S. Congress again tried Sunday to reach an agreement on raising the debt ceiling, but without success.

While the Speaker of the House John Boehner had slammed the door to negotiations with the White House on Friday night, negotiations continued behind the scenes throughout the weekend between the Democratic allies of President Barack Obama, the Senate majority and their Republican opponents, who control the House of Representatives. But John Boehner told his troops on Sunday night that no breakthrough had yet been obtained.The head of the Republican majority in the House, Eric Cantor, considered the arguments of President Barack Obama "politics and indefensible."

The situation becomes very tense nine days of the deadline mentioned by the Treasury before a default. This morning, this concern has led to a relapse of the Asian markets. For their part, the U.S. markets, which had already ended Friday without direction, were on the downside Sunday night in electronic trading at the end of the weekend.

Greece is also in the news: Moody's today lowered the country's sovereign rating of "Caa1" from "It" with a development, saying the country was still facing major challenges medium-term credit.

Oil down

On the currency side, the dollar is penalized. The euro is rising against the greenback at 1.4367 dollar.Oil is also down. In morning trading, a barrel of "light sweet crude" for August delivery lost 1.08 dollars to 98.79 dollars. That of Brent North Sea crude for September delivery lost 60 cents to 118.07 dollars.

The American situation is also the only concern when no market indicator is expected on Monday.

Values ​​to follow

Areva: -1.83% to 24.88 euros, EDF: 0.28% to 27.24 euros

The new president of Areva, Luc Oursel, who succeeded Anne Lauvergeon end of June, will make his first official Monday by hosting one of its plants EDF's CEO Henri Proglio, showing the warming of relations between the two groups. EDF and Areva have signed an agreement at that time technically and commercially, prior to a more ambitious partnership signed in September payday advance.

Banking

Crédit Agricole (-1.87% to 9.25 euros), BNP Paribas (-1.75% to 47.96 euros), Societe Generale (-1.75% to 37.41 euros), Axa (-1, 60% to 14.10 euros) suffer from degradation of the note of Greece by Moody's.

Axa, while welcoming the agreement reached by EU leaders on Greece, the insurers of the French Federation of Insurance Companies (FFSA) said they consider positively their participation in the project initiative of private investors in As part of the options.

Score: -0.24% to 18.50 euros

The reinsurer Scor said on Monday a 22% growth in constant currencies, the treaty renewals in non-life and specialties of the 320 million of premiums up for renewal in mid-year.

Saint-Gobain: -0.69% to 42.18 euros

The group will buy the network and Brossette Build Center in Wolseley.

Unibail-Rodamco: 0.51% to 158.30 euros; Klépierre: -0.13% to 27.14 euros

HSBC has initiated coverage of Unibail-Rodamco to "overweight" with a target price of 175 euros and raised its recommendation on Klépierre to "underweight" to "neutral."

LVMH: 0.08% to 129.35 euros

Consob is considering a complaint from an investment fund over the price offered to pay the French to buy the balance of Bulgari, confirmed Sunday a spokesman for the Italian stock market.

Total: -0.11% to 39.41 euros

The oil amounts to ten billion dollars (seven billion euros) of investment needed to develop the oil field north of Moho Bilondo off the coast of the Republic of Congo, said its CEO, Christophe de Margerie.

Valeo: -3.94% to 45.35 euros

The group announced Friday that its U.S. subsidiary Valeo Inc., based in Troy, Michigan, had received a request for information from the U.S. court as part of an antitrust investigation.

Fimalac: 0.29% to 27.90 euros

The group announced a sales increase of 11.9% on a comparable basis to 515.8 million euros in the first nine months of fiscal year 2010-2011.Its subsidiary, the rating agency Fitch Ratings has led to an increase of 11.7% of its turnover over the same period to 401.5 million euros.

After market, Seb and Klépierre publish their half year results, April Group will announce its earnings for the second quarter, Faiveley the first quarter. Mercialys and STMicroelectronics will publish their results for the second quarter.

Today, Genevieve Lethu almost a pioneer. It's been almost ten years since the specialist tableware decided to repatriate most of its production in France. The group did not wait for the rising costs of transportation and wage inflation that affects a part of Asia to relocate its production in France and Europe. While 40% are still manufactured in Southeast Asia in 2002, this proportion has now dropped to 9%. Aim of the operation to improve the quality of its products.

According to Edmond Kassapian CEO Genevieve Lethu and origin of this strategy, the manufacturing conditions in emerging markets were no longer satisfactory. "We see a lot of flaws too: for example, the colors were sometimes not good.Moreover, China does not always meet the hygiene standards required by the manufacture of kitchen utensils, "said he. Three or four people were paid full-time, just for the after sales service. Manufacturing defects that the company, positioned on a medium-high-end, could not pass up. With a significant portion of its customers for export, being a French brand was not selling enough. "Our customers are demanding products made in France, not South-East Asia," said Edmond Kassapian.

Especially these failures were added to other problems. "Our own suppliers copied our collections to sell at lower prices," recalls the CEO. Occur in Asia also means longer production lead times, which complicate inventory management.In addition to transport by ship, which takes about two months, the status of "world factory" in China in some areas it is a work organization to lean. In this context, start or restart a production cycle requires a waiting period of up to six to eight months.

Model difficult to transpose

By bringing back most of its production in France, Geveniève Lethu won as responsiveness and quality. But this shedding was not built without problems. "Finding plants in France and Europe that can ensure our production has not been an easy task. Invest in tools, machinery was necessary. The repatriation was ultimately effective only from 2004-2005, "said Edmond Kassapian.Despite the cost of transportation and the "huge mess" deplored by the specialist tableware of its products made in China, produced in France is generally two to three times more expensive.

Why the model Genevieve Lethu is not easily transferable. "Some activities simply can not be relocated. Products requiring significant labor to manufacture or those who stand out from the competition will cost products in Asian countries. Our relocation was only possible because we are positioning ourselves in the middle and high end because the argument made in France for us was a selling point, "Edmond analysis Kassapian.

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LE FIGARO: – Earlier this week, you have participated in the meeting of the Eurogroup and Ecofin, the decisions taken are sufficient to stop the crisis?

Baroin: – The message that the Eurogroup has this week sent a strong message. The finance ministers of the euro area have confirmed their absolute commitment to safeguard financial stability in the area. The tools we have, I think of course to the European financial stability, will be of use will be more flexible and less costly for the recipient countries. We also reiterated our commitment to conclude as soon as possible a program that covers the financing needs of Greece for three years.

Greece, Portugal, Italy, France is currently immune to this crisis.Do you fear a contagion affecting our country?

Thanks to the reforms carried out and control of public finances that we pursue with determination, France, like Germany, has the confidence of investors on our sovereign debt deemed safest. France is indeed one of the seven countries in the euro area receiving the highest rating. This lowers the cost at which borrows France. Of course, we can not satisfy disruption affecting the markets for several days.

What are the flexibilities of the presidential candidates subject to the supervision of rating agencies?

There is no doubt that some projects are completely out of time exceeded. To that of PS, I will be tempted to say, it is worn, tired, to paraphrase one of their former candidate.It is unrealistic, if not more, in 2012, to propose the creation of hundreds of thousands of public employment. It is irresponsible with regard to the preservation of our growth to provide a fiscal impact of an increase of 50 billion euros in taxes.

Bertrand Delanoe suggested a special tax on high incomes to reduce debt the state …

We are totally opposed to the creation of an upper marginal tax on income. As part of the tax reform that I reach we have ruled out this hypothesis. A working group will be in the coming days to establish, in the draft 2012 budget law, a contribution on income from extraordinary or extravagant as stated by the Prime Minister. It's a big difference with a windfall tax on the income desired by the Socialists.This is not the same political project.

The Finance Act provides 3 billion saving on tax loopholes. This will be enough?

Again, our goals are intangible and deficit are the backbone of the construction budget. It is very likely that we will go through the Finance Act 2012, beyond the three billion reduction in planned niches. At what level should we stop. There is still a bit early to say but that is where we are heading.

Martine Aubry accusing the Elysee Palace to spread rumors about his private life …

As a candidate in the presidential election went a bit unnoticed, to give relief to its trajectory, it targets the Elysée and the UMP.It's a bit ridiculous.

It is a sign of weakness?

If you add up the silence that followed the important announcement of his candidacy, that sense of unseen, the socialist project, and now this news on rumors, I do not think it is up to the challenges that France will through next year.

How to convince Borloo not be a candidate in 2012?

It's very difficult to explain that we are stronger by being divided only by being united! It is very difficult to explain that participated in the affairs of the country for so long and be an alternative project.Therefore I think it will be very difficult to find a chamber at the presidential majority as the election period will need to gather all the forces present in the majority in the service of Nicolas Sarkozy.

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The U.S. Treasury Secretary Timothy Geithner has sought reassurance on Sunday, while negotiations stretch again about raising the ceiling of U.S. debt: "The U.S. will not default, he repeated . There is no way to give more time in Congress. Leaders of major parties understand this. "

The aim of these negotiations is twofold: first to raise the ceiling of U.S. debt authorized, currently set at 14,300 billion and achieved since mid-May Without agreement on this point, the Treasury warned that the United States would find themselves in default of payment on 2 August. A scenario unique to cause global bond market crash.In an interview Sunday at the program "This Week", the new general director of the IMF, Christine Lagarde, has also warned the U.S. against the "truly deplorable consequences" of such a scenario for country and the world.

Elected officials must also agree on a comprehensive plan of savings, without which Democrats as Republicans admit that the U.S. debt would be difficult to sustain over time. An aging population should lead to higher mechanical effect of public debt, charged in the future by heavier spending on health and higher costs related to the pension system. However, the U.S. national debt has already reached the summits, looked with suspicion by the rating agencies.

Budget cuts

But elected officials have reviewed this weekend to lower their ambitions.The Republican chairman of the House of Representatives of the United States, John Boehner, said Saturday that he would not agree on the broad deficit-reduction plan advocated by Barack Obama. Instead of four trillion dollars in savings over ten years requested by the President of the United States and considered necessary by the rating agencies, is now on a more narrow the range of 2000-3000000000000 dollars, to be negotiated between the elected officials, said John Boehner guaranteed pay day loans.

"Despite good faith efforts to find a common base, the White House will not consent to a broader agreement on reducing the debt without raising taxes. So I think that the best approach might be to focus on a smaller, "said the Republican.

Electoral concerns

After days of deadlock, negotiations had yet appeared to unravel Thursday, after Obama met with leaders of both major parties in Congress. In granting budget cuts for health and social security, so far regarded as untouchable by the Democrats, Barack Obama has paved the way for an agreement that he would like "historic".

In return, the president was calling for concessions from the Republicans on the taxation of the rich. "We can not ask the middle class and senior citizens to bear alone the brunt of budget cuts, held Saturday, spokesman for the White House. Are also the richest pay their fair share, and we believe that Americans agree on this point. "

For their part, Republicans are reluctant to vote for one trillion tax increases that Barack Obama is calling for. In general, Republicans as Democrats are concerned that measures spending cuts or tax increases adopted in the savings plan does not cost them the next election.

Barack Obama would meet again in the early evening the leaders of the House of Representatives, where Republicans are the majority, and Senate. The White House said in the wake of the announcement of John Boehner she still hoped to get him back on his positions.

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Co-leader of drones, unmanned aircraft, with the United States, Israel has come into force at the Paris Air Show. Under the leadership of "Israel Export & International Cooperation Institute" and the commercial department of the Israeli Embassy in Paris, fifteen companies representing the flagship of the aerospace industry, display their latest creations. By visiting the house of Israel, visitors can "touch" the latest innovations.

Among them, a strange machine to look worthy of Star Wars called AirMule. Urban Aeronautics presents a model of the UAV helicopter whose rotor is not visible because housed in the body of the device. AirMule has already made several test flights. It is intended to convey the property or to perform medical evacuations in theaters of operation in urban environments or in complex natural sites difficult to access.Its specifications in fact enable it to obtain dual certification (civil and military). It concerns the Israeli Ministry of Defense and NATO.

Another original concept developed by Aeronautics Defense Systems, the transformation of a civilian aircraft into existing UAV MALE (Medium Altitude Long Endurance). "UAVs often have reliability problems because of their platform that can also be certified to fit into the civil air traffic," said a company representative. Aeronautics Defense Systems has decided to work from an Australian aircraft, the Diamond DA 42, the cell tested. And he turned into MALE UAV called Dominator.The company that specializes in unmanned air, land and sea, began production in February Dominator.

Partnership with EADS and Thales

Israel is a major player in the defense market with a global market share estimated at 7 payday loans.5%. In 2010, according to the Israeli Ministry of Defense, the export sales of armaments have reached $ 10 billion, twice more than in 2008. The industry occupies 150 companies whose leaders are the group Rafael, Elbit and IAI, which employ some 44,000 employees. Israel has often been a pioneer in the field of defense. His army was the first to use drones, manned aircraft from the ground station, on a massive scale in 1982 in the Bekaa Valley during the war in Lebanon.

These leading companies have, for years the card partnerships with U.S. and European manufacturers.The group thus provides the platform IAI Heron which is the basis for the Snowy, the MALE UAV militarized by EADS, which is used by the French Air Force in Afghanistan. In Britain, Thales has set up a joint venture with Elbit group to make the platform's tactical UAV Wachtkeeper which has a technology transfer platform Hermes 450. Wachtkeeper was developed for the British Army who ordered 60 copies. It will enter service in late 2011.

In all, Israel has developed a range of UAVs double duty (civilian and military) that goes from the micro-craft to the general observation drone high altitude long endurance (HALE).The fleet in service on five continents has accumulated 700,000 hours of flight, a world record.

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And if you asked more questions in the right place? "Suggests now a television commercial for Old National Insurance (CNAV) to the humorous. A few days before the commencement of the pension reform (July 1, read PreviousPage), the government explained to the French that they have several partners that would respond to questions they are sure to arise on their future retirement. Consultants by telephone (39 60), websites (pedagogical and practical), retirement calculator (m @ rel), statement of career situation, sources of information about retirement have increased in recent years.They are also more and more personalized.

Thus, the public interest group (GIP) Info Retreat, which coordinates 35 mandatory pension systems, address every five years from the age of 35, a statement of "personal circumstances" (those born in 1951 , 1956, 1961, 1966, 1971 and 1976 will receive their statement this year). This lists all schemes where the insured has acquired rights, with the corresponding periods, the compensation taken into account in calculating the pension, life insurance or the number of points acquired, periods or events that may influence the retirement age or the amount of pension (military service …). A document is purely informative.

From 55 years, is changing

Policyholders receive more than the statement a "rough estimate global" (in the basic and supplementary schemes), and the age of entitlement.Very useful, this document lets you know exactly the number of quarters acquired and especially to get a clear idea of ​​the amount of support we receive, if it pushes his retirement. "Generally, these reviews are thorough and well done. They have quite a few mistakes, "said Pascal Mignery, president of France Retreat. Mistakes are sometimes the result of the corporate employer, which did not submit all information collected at the time the computer did not exist short term personal loans. "But beware, these records do not mention the increase in pension for family of three children and periods of expatriation," he says.

In addition to these two devices, the law on pension reform introduced a progress retirement at age 45 (it enters into force in January 2012)."Each insured may request a personal interview on the rights he has made in mandatory pension systems," says CNAV. This will enable some awareness of the need to save for retirement yet distant. "It will also be very useful for expatriates who do not always know they can contribute to the French funds while overseas, in advance Pascale Gauthier Novelvy.

Also from next year, the younger will also be sensitized to the problems of retirement. After two quarters of work (validated), they will receive a newsletter on pension division.

If you want to know the exact amount of your retirement, you can use the calculator m @ rel (www.marel.fr).This will also allow you to know at what age you can claim a full pension and to know the financial consequences of an early departure. Small flat, you must enter yourself all your information. Moreover, this simulator does not yet take into account the terms of the pension reform.

Those who had a career more complex, punctuated with many changes (employer or status, for example) will knock on the door of a boutique firm that will help them see more clearly (at what age from, what are the benefits of combining employment and retirement …). "We help employees not err in departing three months too early for example. We are also much sought in their forties who are considering changing their professional status and wish to understand the implications this will have on their future retirement, "says Pascal Mignery.The price of such a service? Between 1000 and 5000 euros on average, according to the firms.

A year after the liberalization of gambling on the Internet, which some had as a jackpot is not insured the success expected.

While the law was intended to fight against an illegal offer bloated Regulatory Authority of online games (Arjel) has granted 49 licenses to 35 operators (25 in poker, 16 and 8 in paris sports paris horse) but some players – among the largest – continue to go on unauthorized sites. "One of the major objectives was to ensure that the French are all on sites approved by the Arjel, has not been reached," said Nicolas Beraud, president BetClick Everest Group and the French Association of Online Game (Afjel), which paints a mixed picture of the opening. Since June 2010, the French have wagered 1.5 billion euros in Paris and equestrian sports, according Arjel.In poker, the stakes are higher than 6 billion euros, plus 800 million in entrance fees to tournaments.

Newcomers complain about not earning money. They are also worried about the lack of appetite for players for their offer. "On sports paris, the number of active players accounts is down from the 7th month of the opening," says Christophe Blot, CEO Sajoo site.

Tax debate

In this context, the perspective of a possible change in the law, in November, is the subject of intense lobbying, pure Internet players (BetClick, Bwin …) are penalized by the judging rules. "We demand a change in the tax base," said Emmanuel de Rohan Chabot, CEO of ZEturf. Opinions differ."We stand for maintaining the cap are paid back to players, along with a set of taxation," says one to the PMU, while in the French game (FDJ), it is estimated that "the current tax helps contain the addiction and the risk of money ". "There is no need to change the balance of the law, thinks Bélinguier Bertrand, president of the Ffejel, which represents casino Barrière, Joa, Sharp, the FDJ and PMU. But we can simplify the formalities for opening accounts, expanding the supply of paris sports and strengthen the fight against illegality by giving more powers to Arjel. "

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Nearly two in three French (62%) want that France is phasing to operate its nuclear plants. By adding the 15% of the population favored a quick halt French nuclear program, 77% of the French population is now opposed to this energy source. That is what emerges from the last Ifop poll, conducted from June 1 to 3 of 1005 people aged 18 and over, for the Journal du Dimanche. Only 1% of the panel interviewed did not comment. Supporters of a soft stop is at 74% of supporters of the Socialist Party, the Greens 61% and 37% of the UMP.

The German example

The gradual change of mentality of the French would not only result from the shock wave caused by the nuclear disaster in Japan, but also that of the German decision to phase out nuclear energy by 2022.Last Monday, German Chancellor Angela Merkel, under pressure from Germany's Green Party, announced his decision to close the 17 German plants, within 10 years.

What might convince a few more French, interviewed after the announcement, the possibility for a developed country to live without this source of energy. Still, the German and French positions are far from comparable, France still produces 73% of its electricity by nuclear power, against 25% in Germany easy payday loans.

Stating his position on this issue, François Hollande, Socialist Party MP and the Corrèze Socialist candidate primary, moved elsewhere, always in the JDD, reduced initially by 75% to 50% dependence on French nuclear. For its part, Europe Ecology-The Greens called for a total abandonment of the atom.Final lesson revealed by the survey on Sunday, if the government is opposed to nuclear stopping, the UMP adhere less to this position, 55% of them sharing the wishes of their fellow citizens. These supporters are nonetheless the most pro-nuclear, with 37% of them advocating the continuation of nuclear program, and construction of new plants.

The state park is also hexagonal become less important to the French. Surprisingly, the hostility to nuclear power is indeed associated with the expression of any concern on the part of the French against nuclear sites. In total, 55% report little or not at all concerned about nuclear power, while only 44% a month ago.

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When the European Commission is not happy, she indicated in a letter. According to sources, the States Dexia shareholders received one of these missives comminatory few weeks ago. Since then, the Franco-Belgian bank is boiling. The summits have intensified last week. A strategic committee of the board of directors was held on Monday, the eve of a plenary session where the accounts have been arrested in the first quarter. Reportedly, Pierre Mariani, Dexia's managing director, has called for an acceleration of sales of the group, the risk of large losses.

The European Commission accuses Dexia does not respect the roadmap that it had agreed lip service in February 2010, in consideration of state aid received in 2008. Brussels gives go to Dexia in June to come into compliance.The ultimatum is serious: the Commission has in its hands a "nuclear weapon" which would jeopardize state aid … His criticisms affect the balance of Dexia's balance sheet and profitability of own funds on certain transactions below target. "The Commission's complaints are very technical. But the tone makes it clear that the Commission wants a fight because she never believed in Dexia's business model, "recalls a close case.

Faced with this pressure, Pierre Mariani offers to settle permanently in the past. His plan: sell bulk whole sections of the 138 billion euros of assets under management now in extinction. In political terms, this would allow him to get out once and for all that power relationship with the Permanent Commission. Financially, the arbitration is to anticipate future losses and thus save carrying costs story boost future profitability.The Franco-Belgian bank can afford. It has, in fact, a thick mattress capital drives, with a ratio of 13.4%.

No recapitalization

The bank would therefore not need recapitalization whatever the magnitude of the purge restraint. Until then, sales of portfolio inherited from the past were carried out over the water, almost no impairment. But the debt crisis is not helping European Dexia. The bank just to give Crediop Sabadell and its subsidiaries specialized in the financing of local authorities in Italy and Spain.

Go faster? Reflection is ongoing. New decisive meetings are scheduled in two weeks. The acceleration advocated by Pierre Mariani may please the market, but it has a price.According to preliminary calculations, among many possibilities mentioned, the most radical scenario would result in a potential loss of 2 to 3,000,000,000 euros in 2011. The bitter pill for shareholders of Dexia, the Deposit and the state on the French side, Arco, and other Ethias Holding Communal Belgian side, who had subscribed to a capital increase to 9.90 euros per share in October 2008 – it is now worth less than 3.

Monday, Dexia declined to comment on the assumptions and figures, merely stating: "The group will continue to accelerate the financial restructuring while also investing in its franchises." And remember, proof of soundness, that Dexia has generated 280 basis points from Tier One ratio since late 2008.

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"The Paris Bourse ends in the green again

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.