International Headlines and Stories

The Minister of Finance of Japan, Yoshihiko Noda, confirmed the government's desire to Naoto Kan to resign by the end of the summer. Asked this morning on the casting vote of a law allowing Tokyo to issue bonds to cover the budget deficit, the Treasury official said the Japanese team in place "take responsibility". The day before, Minister of Commerce Banri Kaieda had entrusted his intention to retire after the adoption of the famous law by the Parliament met until the end of August, adding that other ministers "may have the same intentions." The current government believes that the next budget will not be held if the law does not low fee pay day loans.

Finance Minister this morning held a press conference to present the trade figures. Japan's current account surplus fell 51.7% in May to 7.3 billion, compared to the previous year.A drop weaker than economists' forecasts, which expect a recovery in the economy, hard hit by the earthquake of March 11, faster than expected. Many Japanese factories have been forced to suspend production due to damaged sites and disruptions in electricity supplies. But exports could rebound in the coming months.

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Europe is gaining time, but did not extinguish the fire in Greece. Following a conference call Saturday, finance ministers of the euro area have given the green light to release "by July 15" 8.7 billion euros in loans that should add 3.3 billion paid out by the International Monetary Fund (IMF). This decision was expected after the adoption this week by the Greek Parliament of the austerity program imposed by his European creditors. "It (the decision) strengthens the international credibility of Greece", immediately congratulated the Greek finance minister, Evangelos Venizelos.

As the new Executive Director of the IMF, Christine Lagarde, to take office Tuesday, the organization welcomed the developments."We welcome the commitment of the Eurogroup to a funding strategy that ensures that the Greek economic program is fully insured," said the spokesman for the IMF, Caroline Atkinson. No details however were given about a possible date on which the Board could meet to release the funds.

Berlin puts pressure

If these 12 billion euros to Greece should avoid going bankrupt in the short term, it is not enough to save the country permanently and fully reassure the financial markets. For this, the country has called for a second bailout International 110 billion euros. Finance ministers of the euro zone have promised yesterday decisions "in the coming weeks." For its part, the German finance minister, Wolfgang Schäuble, more prudent, spoke of an agreement by the fall only.Berlin looks indeed to be certain that Greece implement austerity measures quickly that the country has promised. "After the release of the fifth installment of the countries of the euro area and the IMF, the next step must be addressed decisively: the measures passed in Athens should be implemented quickly. Privatization, for example, must be launched without delay, "responded the German Minister of Finance. Response of Athens: the austerity plan of 28.4 billion euros will be implemented before mid-September.

Ireland, Portugal, Italy and Spain could knock on the door

These two months of rest should also help to advance on a second rescue plan 110 billion euros. Finance ministers of the euro area have not spoken on this subject last night.They expect to clarify the private sector, banks and other creditors, imposed by Berlin to a new plan to help decide. "The details and extent of the involvement of private and official sources of additional funding will be determined in the coming weeks," they said.

Time is running out: Ireland and Portugal may need a new international aid. As for Spain and Italy, both countries are under pressure from rating agencies. "The failure of European political leaders to resolve the crisis quickly and decisively hits the rest of the euro area," says Ben May, economist at Capital Economics. The United States pressed more in Europe to solve its debt problems to avoid a global impact."If Greece fell deeper into recession following the new austerity measures, it could reduce the willingness of governments to implement additional fiscal measures," says Ben May.

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If Grace Kelly was married in technicolor, his son Albert of Monaco, will this Saturday afternoon … 3D. So the TV has decided that Orange offers its 15,000 subscribers have 3D TV, monitor live and exclusive the ceremony's most glamorous summer in this new technology. "This is the royal palace itself was planning to film the ceremony in 3D for its archives," reveals Ghislaine Le Rhun, Executive Director for Orange 3D in charge of the project. "We offered to broadcast it live on our channel 30 dedicated to this new technology," said she. "The royal wedding is well suited to this type of transmission, because in addition to being glamorous, it has several technical plans: those of married guests or views of Monaco." A promise of entertainment that inspires the Rock, especially since the event will benefit from a worldwide distribution.Indeed, Orange has not only involved its channel dedicated to 3D but also mobilized social networks – the news had already been around the last twittosphère Spanish. The event will also be available on Dailymotion, the portal of Orange and in countries where Orange operates through its triple play. Finally, Orange has an agreement between Eutelsat and its 10,000 retail outlets for consumers to find in the windows of shops and those of Darty or Boulanger images in 3D.

Extension to the documentary

To attract even more subscribers, the transmission will be preceded by a documentary by BSkyB and directed at the wedding of Kate and William of England. For Ghislaine Le Rhun, "it is clear that 3D is not just for sport.The documentary is a genre that is perfect for 3D ", she says, noting that Orange has teamed up with France Televisions for the production and distribution of two documentaries about the" greatest country in the world, " and "the most beautiful forests in the world." Similarly, the operator had joined Arte to broadcast last Christmas circus. More recently, with TF1 Orange captured the final Barcelona-Manchester. For Ghislaine Le Rhun, "it will take two to three years before the 3D left the experimental stage to take a full distribution channel." Already 120 games have been broadcast on channel 30 as well as all international Roland Garros.

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"We all costs to avoid dispersion." This is how the head of state has summarized, in the fourth press conference since the start of his five-year, the method used for 18 months in the allocation of the general loan. Devoted to investment for the future, the meeting with journalists was an opportunity to the President of the Republic to take stock of its economic policy, and investment for the future that the arbitration had been made public December 14, 2009.

Eighteen months after the launch of the programs, 1.7 billion were directed to higher education and research, € 2.85 billion has been committed to industry and SMEs, 1.64 billion for sustainable development and 610 million for digital.Among the priority sectors, Nicolas Sarkozy also stressed the importance of health, with 2.4 billion euros allocated directly to the sector, accompanied by one billion euros to peripheral actions.

"It is essential that we have a world center of research against cancer," hammered the president on this point, stressing the danger of the fragmentation of research. The Head of State has also asked the government to "think" and "make suggestions" on the funding of an Institute University Hospital (IHU) focused on cancer. And for good reason: the six projects selected under the IHU of the call for projects large loan, financed to the tune of 850 million euros, none is focused on cancer.This has been the subject of much criticism, since this disease is the subject of a "Plan Cancer" initiated by the multi-year Department of Labor from 2009 until 2013, with the aim to unify, coordinate and accelerate research.

Finally, the President refused to ignore the nuclear, confirming that a billion would be allocated "to the nuclear program of the future", including the fourth generation. "There is no alternative to nuclear power today," he thought, pledging 1.35 billion investment in renewable energy.

Annual evaluation of projects

In total, about 35 billion euros announced in late 2009, about 13 billion has already been committed. By the end of the year, the Elysee hopes that two-thirds of the loan, or twenty billion, are effectively injected into the economy."France has never made such an effort in the service of investment," supported the president, noting that the successful projects were selected by international juries, very selective. The Head of State welcomed the enthusiasm shown by researchers and entrepreneurs, with over 1,500 projects submitted in 18 months.

Beyond the list of investments, Nicolas Sarkozy has strongly emphasized the leverage of the device waited, hoping that the 35 billion euros invested become "60-65000000000 through co-financing companies and local communities. "

Meanwhile measure the effectiveness of this leverage, the Head of State is committed to achieving an annual public review of the general loan disbursement, as well as "projects that have won awards and their results ".These results will be a press conference and a meeting of Parliament, Nicolas Sarkozy promised further. An evaluation he described as "normal" given the extraordinary in every project.

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– Manage the post-Fukushima

The renaissance that nuclear power seemed to promise, in the world, there are a few more months, will she be? Areva had put in a position to be a key player in the expansion of civil atom, only controlled and profitable alternative to fossil fuels and "clean" in CO2 emissions which is more. The French group and hired some 12,000 people each year to keep pace expected of its business.

Since 11 March, the situation has changed dramatically: Germany, Switzerland and now Italy, have decided to end their civil nuclear program. India, with firm orders for new reactors was expected before the summer, will surely prolong his reflection. Anne Lauvergeon refused to believe in a "nuclear winter".For her as for other supporters of the atom, the policy decisions taken today as the heat of the moment can be questioned tomorrow.

For now, the international development of Areva is at stake in the coming months, all the nuclear installations in Europe will be reviewed. Although the terms of these "stress tests" are still being defined, Areva will necessarily be at the forefront. Like Anne Lauvergeon, his successor will have to become a diplomat of nuclear power, both to reassure his interlocutors on the safety of this activity and convince them to pursue an effective dialogue with the French group.

– Restore the finances of the company

For a long time, critics of Anne Lauvergeon stigmatize poor operational management of the company and its finances in jeopardy.In 2010, the company has also accused an operating loss of 423 million euros and the rating agency has become mediocre. The group also suffers from having camped on his credo of "vertical integration", to the point of purchase, too expensive, its own uranium mines, which now require large investments. Finally, the action Areva is listed in this form since May 30, has lost nearly 15% high risk personal loans.

– Pacifier relationship with EDF

Relations have never been easy between the two companies, they have become abominable between Anne and Henri Proglio Lauvergeon, CEO of the utility since the fall of 2009. Regularly called to order by the state, their shareholders to both, the two companies to work together STRIPS sentenced last fall to formalize a strategic partnership.

All aspects of collaboration are concerned, the supply of uranium to the reprocessing of spent fuel, to building new reactors. But the various working groups have not yet yielded any conclusions. Again, the management of Areva will be watched around the corner. Luc Oursel will be on a narrow track of restoring harmonious relations with EDF, without appearing the vassal.

Seen from the Elysee, the issue is crucial because it is to harmonize relationships within the French nuclear industry to win export contracts. Without compromising the ability of Areva to sell only his skills to other electricians global EDF's competitors.

– To service the Finnish EPR

It's really cursed the site for Areva. The new generation of reactor Olkiluoto 3 should have been operational in 2009. It will not be before 2012.His bill, expected around 3.5 billion euros, has appreciated by 3 billion euros, lead accounts Areva. The company – which has staked his credibility by taking on the project management of this project – no longer has the right to make mistakes. The EPR is the cornerstone of its international development. And it is that Luc Oursel return the task to make a successful export, arguing its assets in terms of safety.

At the same time, the new leader of the nuclear group will tackle the launch of the TDD, a new medium-power reactor that. Through this case is the ability of the company to expand its portfolio of facilities that will be tested.

Christian Noyer confirmed and signed. Any restructuring of the debt would be treated as a failure on the part of Greece is absolutely unacceptable. Because it would then "get ready to fully finance the Greek economy", stressed on Tuesday the governor of the Bank of France, who presented to the press his 2010 annual report.

It is the "horror scenario" that he had already detailed there are just three weeks. On the one hand, Greek banks are primarily affected by a rescheduling of the debt that they are the largest holders, and they could then refinance with more of the ECB.And secondly, the Athens government would certainly lean its financial charges, but since it currently has a primary deficit (excluding payment of the debt burden) of about 5% of GDP, could no longer borrow and wheat would be unable to finance its current spending, including salaries.

"If a solution can be found that avoids the risk of default, it seems appropriate," said the governor added, however, without specifying what he himself described as "acceptable business solution paperless payday loans." For his part, Jean-Claude Trichet, ECB president, said Monday that "the debt restructuring should be voluntary (from creditors). In this case is avoided because a "credit event" and "default." This solution was implemented in 2009 in favor of Hungary, under the IMF.But, as recalled an institutional manager, "was technically easy because it was bank loans held by half a dozen operators, while for Greece hundreds of investors are concerned."

"Our only concern is the financing of the Greek economy. You can add a second concern is the risk of contagion, "says Christian Noyer, referring implicitly to the earthquake in September 2008 had triggered the bankruptcy of Lehman Brothers. "But this has nothing to do with our own balance sheet (the ECB has purchased a fifty billion of debt securities Greek, Ed) nor with that of European banks who are perfectly capable of handling all the scenarios that could present, "insisted the gouverneur.f

The wrong number of French industrial production in April cache of surprises. Certainly, the activity of the entire industry fell 0.3% over this period, while forecasters had expected a rise of 0.4% and economists agree to observe a slowdown of the dynamics the first quarter. But the details of the figures in April can put this performance-cons.

Besides the automotive industry continues to suffer with the end of the scrapping (-2.2% on the month), the energy seems to be the main cause of industrial slowdown in April. Electricity production (-5.6%) was significantly affected by unseasonable temperatures, households cut heating, explain heart economists at BNP Paribas and Societe Generale.Same explanation for the drop of 7.5% of the refining, weighed by lower consumption of heating oil.

The average temperature in April has exceeded its normal seasonal 1.7 degrees, placing the period from seven months to April the warmest since 1950. Beware, however: "The figures are very volatile energy from one month to another and this subset weighs relatively little in the overall index of industrial production," Camille Williencourt shade, Natixis.

Other areas seem to have benefited from a recovery in investment. Equipment and electrical machinery and electronics rose 1.3% in just one month, offsetting a fall in March. Transport equipment, non-automotive jumped 2.5%."These figures are in line with the recent study by INSEE on the investment outlook, anticipating a strong rebound in business spending on equipment", says Michael Martinez, of Société Générale CIB.

Still, he recalls Camille Williencourt that "the French industrial activity is expected to slow significantly in 2011 after rising 5.1% in 2010." It is difficult to predict how the magnitude of the slowdown, according to the economist, with one side a weakened consumer spending in France, but on the other, very dynamic export to Germany.

A revolution! For the first time, trade unions and employers are required this year to prepare and publish consolidated accounts but also to be certified, if their income exceeds 230,000 euros. The MEDEF has outstripped the obligation, which certify its accounts since 2007, and the UIMM (metal) also holds itself to the year since the scandal of cash withdrawals that hit her.

Side unions, the CFDT is the first to meet that obligation, after the 2008 law on union representativeness. Confederation (the parent) and its 16 satellites are to publish their consolidated accounts for 2010, while his federation will do so before the end of the year.By law, the regional unions and department have postponed for a year and large enterprise unions (La Poste, SNCF …) two years.

According to these consolidated financial statements approved by the National Council and certified without qualification by its auditors, the resources of the confederation headed by Francois Chereque are for three quarters, "internal" membership fees, rents paid by unions from premises belonging to the "conf" financial products … Revenues "external" (public subsidies, 25 permanent paid by their company or home administration of a total of 262 …) represent the remaining 24%.

CFDT confederation, if it were a business, could be described as largely unproductive, as its net profit reached 3.4 million – although down 34% year on year. This "benefit" is fully distributed.Much is destined to the national industrial action (CNAs) – the credit union's anti-strike which is used to compensate the militants and to provide legal support – including reserve amounts to 137 million. This year, 550,000 euros have been set aside to fund the convention of 2014 and 350,000 for the campaign (especially industrial tribunal) to come.

"A subject opaque"

This transparency is not enough new to the group New Center of the Assembly, which has asked a commission of inquiry into the financing of trade unions. "I feel that the unions want to hide things," says Nicolas Perruchot, deputy of Loir-et-Cher.There is little evidence available to us and it is time to shed light on this mat. "

For him, it would be for an organization that benefits from public funds – or militant training grants management of social organizations – accountable. "We know how Nicolas Sarkozy wins or not, but Bernard Arnault Bernard Thibault and Francois Chereque, insists this white knight of the Finance Committee. It is not known how many permanent, by whom they are paid or how the detachments. The member cites the figure of 600 employees seconded to the station."Is it still corresponds to a need for the company when it is struggling to finance infrastructure?" Asks the member hoping to complete its investigation in spring 2012.

Nicolas Perruchot answers on video:

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Not yet a candidate, Christine Lagarde was already the favorite to succeed Dominique Strauss-Kahn to IMF management, but two rivals have already expressed. Mexico will formally nominate Agustin Carstens, Governor of the Mexican central bank, said Sunday the Minister of Finance of Mexico. He "has the capabilities and qualifications to lead an institution of the importance of the International Monetary Fund," he said. Governor of the Bank of Mexico since January 2010, Agustin Carstens has been deputy director general of the IMF from 2003 to 2006.

Moreover, the Belgian Finance Minister, in office since 1999, Didier Reynders, said Sunday also be "of course" interested in the job. "These are functions that do not refuse," he added. But Europeans seem more a united front around the candidacy of the French Minister of Finance.This weekend, his candidacy has received the support of Germany and the United Kingdom. The Congo would also like to see take the job.

In France, Martine Aubry said yesterday that the appointment of Christine Lagarde at the head of the IMF "would be a very good thing for our country and for Europe." However, Francois Bayrou is against, saying "do not approve economic policy which was followed by France" and lamenting that "Ms. Lagarde was the main actor of the case Tapie.

In a joint statement, Australia and South Africa have called Sunday a nomination on merit, not nationality.A position shared by the representative of Switzerland to the IMF.

After the resignation of IMF Managing Director, accused of attempted rape by the American courts, nominations for his successor will be officially opened on Monday, and until June 10

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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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