International Headlines and Stories

A branch of the Chinese sovereign fund China Investment Corporation began purchasing shares of four major Chinese banks in trouble in the markets. The subsidiary in question, the fund Huijin rich 400 billion dollars and already the largest shareholder of the four largest banks in the country, did not specify the amounts invested in the operation, but the news was enough to reassure some investors. This morning, the values ​​of the banking sector take off in Hong Kong Stock Exchange: Industrial & Commercial Bank of China (ICBC) jumped 8.9%, China Construction Bank ahead by 9.1% Agricultural Bank of China wins 12 % and Bank of China allows itself 9.8%, against an increase of 3.3% for the benchmark index of the Hong Kong, the Hang Seng.

The titles of Chinese banks have continued to decline on the stock exchanges in Shanghai and Hong Kong in recent months, reaching their lowest level in two years recently cheapest personal loan rates.These dismal performances reflect investor concerns on the issues of debt incurred by local governments in China, revealed by an unpublished government report last June. Provinces and municipalities have accumulated at least 1.16 trillion euros of debt in late 2010, with 80% financed by Chinese banks. Nearly 25% of these loans expire at the end of the year.

The explosion of informal loans, in an environment of tight credit, also weighed on banks, who have seen private individuals and companies take almost 50 billion euros over the first two weeks of September, a large part is then paid out of any legal framework.

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After a first crisis meeting on Monday, the board of directors of Dexia held another meeting on Sunday night marathon on a background of tensions. On the menu, the agreement in principle found in government, between France, Belgium and Luxembourg, on a pattern of orderly liquidation of troubled bank.

The dismantling of Dexia revolve around two main axes. First part of the device, sales lead to much gnashing of teeth. Side France, the discussion focuses on the sale of a portfolio of over EUR 70 billion – mostly loans to local authorities – an entity owned 65% by Caisse des Depots, which drags its feet. Until more details, the Investment Committee of the CDC has just issued an advisory opinion but negative according to our sources.La Banque Postale will take a minimum the job of funder community, hitherto devoted to its competitor.

At the same time, Dexia will sell its retail banking subsidiary in Belgium, Dexia Bank Belgium, the Belgian partner probably common across the Quiévrain. The Wall Street Journal, Price, hotly debated, could turn around 4 billion euros, well below the value expected by shareholders. As Fortis sold to BNP Paribas in 2008, the Belgian government's goal is to lean then the network to a private actor. For its part, Luxembourg completes its participation in the recovery of BIL through a consortium led by Qatari investors. Denizbank, the Turkish subsidiary, is also about to be sold.

The second component of dismantling the management of residual interests.While the Spanish or Italian Sabadell Crediop seem almost impossible to sell, will remain at Dexia a portfolio of nearly 95 billion euros in loans, of which 12 billion of government bonds devices in Europe. It is this "bad bank" guarantee promised by France and Belgium will apply. Sunday, the two countries should share the burden away. In 2008, Belgium had made to their account 60% of the security so much higher than 150 billion euros. This time, the camp Yves Leterme wanted to reduce its share of the bill, arguing that the French management had little Belgian interests associated with the management since 2008.

Impact rating

Signal of the high stakes, Prime Minister François Fillon had made the trip to Brussels on Sunday to meet with Belgian prime minister Yves Leterme.The talks, which have been associated with Jean-Luc Dehaene and Pierre Mariani, President and Group CEO, helped lead to a solution "fruit of intensive consultations with all partners involved," insisted the two sides.

The two countries share a triple objective: secure banking on their own territory, without violating the rights of minority shareholders, and while limiting the cost of this debacle for public finances. Friday, Moody's had also placed the rating on negative watch Belgium. Council of Ministers to be held in Belgium on Sunday night, after the Board of Directors of the bank.

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Controllers return to work gradually. After La Rochelle and Paris Sud Est (Gare de Lyon), several sites have voted Friday morning to return to work, like Bordeaux, Reims, Chambery, Dijon, Lyon, St Etienne, Toulouse or Besancon. Other websites should take a similar decision at general meetings planned in the afternoon. The management of the SNCF

Many controllers SNCF had exercised their right to withdraw on Thursday afternoon to work after the announcement of the attack on a colleague on a train on the Corail Lyon-Strasbourg. In an interview with Figaro.fr, the president of the SNCF appealed to the coolness of the railway to resume work soon and would discuss with the unions to turn.Management has undertaken to present an emergency plan with the security services.

Traffic TGV, Corail and TER is still disrupted, although the situation has improved significantly over the entire network, including 8-9 in 10 TGV from and to Paris and a TER of 2. To find out if their train is running, users are encouraged to consult regularly Infolignes site, or call toll free (free from a landline) 0805 90 36 35.

Toll and information site

SNCF always invites customers to delay their trip or take alternate means of transportation. Ticket holders whose train was canceled may obtain a refund, or take any train leaving for the same destination without the need to exchange their ticket. Good news however for users Transilien (train network in the Île-de-France), the Thalys and Eurostar.Traffic on these lines is normal according to SNCF.

"There is no point in penalizing travelers"

The strike controller led Thursday the cancellation of all trains at night, and created a big mess all over the country. According to the station, all passengers stranded at the station in the evening were able to reach their destination or were assisted to find accommodation for the night. According to the Ministry of the Interior, it was not necessary to set up emergency housing plan.
Board trains at the Gare Saint-Charles in Marseille. Photo credits: GERARD JULIEN / AFP

Astrium Geo-Information Services, a subsidiary of Astrium and ex-Spot Image, aims to be selected as the supplier of the Brazilian military and federal government satellite imagery. Maps urban civil and military ones. Brasilia wants to update. The task, gigantic, is the extent of this vast country which ranks Brazil fifth in the world by land area with 8.5 million km of which 62% of forest and 16,000 km of borders.

Faced with the challenge, Astrium-Geo Information Services in 2009 created a subsidiary 100% owned and based in São Paulo. "We presented our offer to the Department of Defense," said Pierre Duquesne, Executive Director of the subsidiary, the latest implementations of EADS in Brazil.The company presented the armed capabilities of a new satellite earth observation Spot Image of the constellation Pleiades to be launched by the Russian Soyuz rocket by the end of the year from the spaceport of Kourou. The satellite will collect images that, once retired, will offer a very high resolution of 50 cm. The Ministry of Defence who wanted to start the process of buying the pictures this year shifted a few months, normally 2012.

On the front of civil contracts, Astrium Geo-Information Services Brazil relies on feedback from pioneering three states with which it has contracts. "State of Mato Grosso, Para and Rondonia have established a precise mapping of their territory by purchasing our images with a resolution of 2.5 meters.Their experience serves as a benchmark for the federal government has decided to extend the operation to the whole country, "says the CEO of the subsidiary that conducted in 2010 4 million in revenue against 2.5 million in 2009.Ces states are particularly affected by the operations of deforestation by wild cattle and rape creditreport.

The deforestation in the Amazon increased by 15%

Time is running out. As part of the Copenhagen summit on climate in 2009, Brazil agreed to reduce from 36.1 to 39.8% its emissions of greenhouse gas emissions and 80% deforestation of the Amazon rainforest that is home 30,000 different species and contains 12% of freshwater on the planet. The Brazilians must take stock of their efforts at the summit in June 2012 "Rio +20" which marks the anniversary of the first Earth Summit, held in Rio in 1992.However, 80% of these emissions are the direct result of deforestation. Add to this the effect of climate change. To act, replanting trees, protecting certain areas … Brasilia needs to observe its territory to establish an environmental and rural cadastre. The idea is to look closer to the evolution of the Amazon forest which still covers 62% of the country but also to see if farmers comply with the legislation in terms of width of the forest along the rivers in their areas crops and forests etc. and identify the illegal loggers.

A study by the Brazilian Institute for Space Research (INPE), the deforestation in the Amazon increased 15% between July 2010 and July 2011.Clearly, 2654 km2 of vegetation have disappeared, especially in the states of Mato Grosso and Para.

In the short term, the government purchased for several tens of millions of reals (1 euro = 2.5 reais) at Astrium-Geo images collected by the SPOT satellites or belong to space agencies such as ESA. "Secondly, Brasilia could decide to buy satellites to Earth observation," said Pierre Duquesne.

The CAC 40 lost more than 2% at the close, Wall Street sells more than 1% during the session. The atmosphere is clearly not looking good in the financial markets on Tuesday. The bosses of U.S. and European central banks did nothing to calm them.

Two days before his last conference as president of the ECB, Jean-Claude Trichet is pessimistic for the euro area. "We believe that the euro area will be very moderate in the second half," said one who will be replaced by Mario Draghi on November 1. As for inflation, he said that the rate should remain "above 2% in the coming months. Next year, it should fall below. " These are all signs that suggest that interest rates should remain unchanged Thursday.

As for the United States, the head of the central bank, Ben Bernanke is more optimistic."Recent indicators, including those of new jobless claims show that it is likely that the sluggish growth in employment continues in the coming period," he warned. Before the Joint Economic Committee of Congress, the Fed chairman has urged politicians to "avoid taking fiscal measures may impede the ongoing economic recovery business

The National Assembly has been discussing the bill Thursday strengthening the rights, protection and consumer information. Already, two amendments were adopted on Thursday evening, which will impact on landlords and potential tenants. The text tabled by MP Francois PS Brottes and endorsed by members of right is to encourage improvements rented accommodation. To do so, homeowners who have implemented the work that contribute to lower occupancy costs will now increase the rent "for 50% of expenses saved." A measure "win-win" according to the PS deputy, the Secretary of State for Consumer Affairs, Frédéric Lefebvre, also considered "attractive." One problem remains: the amount of expenses saved will not be easy to assess, said the reporter Daniel Fasquelle.The decree of enforcement should provide more details.

To further protect buyers and sellers of homes, parliamentarians have also adopted at the same meeting an amendment reducing the period of exclusivity clauses imposed by estate agents. Amendment UMP plans to limit the duration of these contracts to three months. This is "to provide for reasonable and appropriate to market needs," without calling into question this possibility completely, which "encourages the professional to find or sell a home quickly," says the text paydayloans. The amendment, passed in the ranks of the Socialist Party, was described as "very important" by Frederic Lefebvre. The bill already provided that such exclusive contracts can no longer be tacitly renewed, but only under an express agreement.

The text under consideration since this week also includes other measures aimed primarily at protecting tenants. Owners who do not return the deposit due to their landlord will increase the amount of 10% per month of delay. A measure that MPs hope deterrent. As the new owners now, tenants can now also challenge the falsity of the information provided by the surface owner within a certain time. A measure that would apply only to contracts signed after the passage of the law.

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Despite the overwhelming vote of the German Bundestag for the second aid package to Greece on Thursday, the race against the clock continues to George Papandreou. She took the look of a marathon: the Greek Prime Minister first met on Friday morning in Warsaw, the European president Hermann Van Rompuy to prepare the summit on 18 October ahead crucial, three months after the July 21, who had devoted a strengthening of the European Financial Stability Fund (EFSF) without convincing the markets.

George Papandreou then went to the Elysee, in the late afternoon for a meeting with Nicolas Sarkozy. He assured the French president that his country was "determined to make every effort" to prevent the collapse of his country and invited experts from the area to go to Athens to see the extent of reforms course.This is one of the main achievements of the meeting on Friday in Paris: "The president urged the Greek prime minister to make it completely transparent with respect to creditor countries," it says in the entourage of Nicolas Sarkozy. In other words, European citizens to prove that Greece was best to keep its objectives. The stakes are high, as evidenced by the reception received by virulent responsible for the Troika (EU, IMF and ECB) income in Athens Friday to assess the process of fiscal consolidation implemented by the government.The officers demonstrated outside the government blocked their access to multiple departments, so that the meeting with the ministers of finance and administration reform took place in anonymous offices in Athens to avoid the challenge.

A moral obligation

These social tensions have led the president to praise the efforts of Greece, in a solemn declaration from the steps of the Elysee low interest personal loan. "The Greek people suffered a lot (…) but he must understand that in recent years too many reforms have been delayed." France will be at his side, he said. "We have a moral obligation to place the member countries of the eurozone and the European Union, said Nicolas Sarkozy.Europe is a civilization, a family and solidarity: when a family, one member is in trouble, all others must help him. "For the president, so" it is no question of dropping the Greek ", because" the failure of Greece would be the failure of the whole of Europe. "

In Paris, we keep tooth and nail to the strict application of the plan voted on July 21. After Germany, Thursday, Austria approved the turn Friday, becoming the twelfth state to say yes to seventeen. European leaders want the agreement to be first adopted by all members – by mid-October – before discussing any possible enhancement of the plan."The question of political credibility," insists there be at the Elysee, where you bet on the fact that financial markets will eventually be convinced that beyond the inevitable slowness of the political process in Europe takes measures appropriate to address the debt crisis.

But this second step could engage quickly Nicolas Sarkozy said he would travel to Berlin in the coming days to meet with German Chancellor in order to "accelerate economic integration in the euro area and put in place as soon as possible "the bailout of the single currency and Greece decided on July 21. This meeting could take place the next weekend.

"Against the interview hooded" by Cadremploi

What remains of it bias? It was a theme of Jean-Marie Le Pen there twenty years. It was the time when the country was not hit by the consequences of globalization. The stranger was a threat, he had just "eat the bread of the French."

Years later, Marine Le Pen took over the torch gently but one senses that the heart is gone. Difficult to show the French that limiting immigration would be freed up more spaces for "national". If immigration remains a favorite theme of the National Front, it seems that even the Navy Pen no longer believes in national preference in the fight against unemployment.Admittedly, equivalent jurisdiction, it says it will recruit French, but it does not tell a foreign jurisdiction, provided, of course, it is in good standing.

The way forward in the field of employment shows that some backward-looking arguments are less popular in the far-right party no faxing payday loan. It is the same for the wage-feeding. If her father was attached, it was clearly because a society where women care for children was more consistent with his vision of the family. Her daughter from this point of view is more modern. For her the work done by women at home must be paid but they willingly leave the choice to work.

In this regard, Marine Le Pen is a woman of her generation.Remains the personality that emerges from the maintenance and which is finally consistent with the public image of the candidate: she does not like bent (those "curves"), requires that he realizes (management of the head ) and admits that it would be difficult to work with a personality as strong as hers and complainer. In the end, the heiress gives the impression she is quite capable of leading the small family business, which does not mean that it is able to run a government. That's another job, and it does not only depend on her.

A new week high voltage for Greece and the euro area. In fact, Sunday, the International Monetary Fund (IMF) said that a delegation will travel to Athens this week to determine whether or not the country can benefit from the sixth round of eight billion euros of the loan in May 2010 , aid became vital for the country. The CEO of the institution, Christine Lagarde, has indeed met the Greek Finance Minister Evangelos Venizelos on Sunday to discuss the conditions for the return of the IMF in the country to complete the fifth audit of the Greek economic program. The mission "will certainly place this week," said Fund.

In parallel, Evangelos Venizelos, the Greek finance minister, yesterday met with Jean-Claude Trichet, head of the ECB, to negotiate a restructuring of the Greek debt at a discount of between 40% and 50%.The minister said that "there is no alternative to restructuring." He said at the annual meeting of the Institute of International Finance (IIF), an association of 450 banks in the world: "We are ready to take the necessary whatever the political cost." And said it was confident about the outcome of the vote in parliament of the new austerity plan, condition of the granting of new loans of the troika, because according to him "which member will take responsibility to lead Greece to a default? ".

Germany mobilized

A view shared by the French Minister for European Affairs, Jean Leonetti, who said Sunday that "Greece will avoid bankruptcy because it is the interest of the Greek state, the Greek people and is the interest of us all.If Greece were to fail tomorrow, it would cost more than if it did not go bankrupt, "he said on Radio France International business card.

The Heads of State and Government in July found an agreement to rescue Greece and broaden the scope of intervention of the relief fund of the zone (EFSF), including providing it with an instrument enabling it to market purchases of debt of states in difficulty. This agreement is being ratified by 17 national parliaments in the area. The vote of Germany, the country is the biggest contributor to EU aid plans appear on track.In a television interview Sunday night, German Chancellor Angela Merkel has indeed shown the outcome of the confidence vote scheduled Thursday in the Bundestag.

In addition, the German Chancellor said that allowing Greece to fail would destroy investor confidence in the euro area and could cause infection comparable to that following the collapse of Lehman Brothers in 2008.

The rising social discontent in Greece

But Greece will probably have to wait beyond the holding of a Eurogroup meeting on Oct. 3 before a decision on the release of the next tranche of aid."Given the delay by the Troika mission (IMF, ECB and European Commission), I do not think that the next meeting of the Eurogroup, October 3, a decision on the sixth installment," said Sunday Washington Deputy German Finance Minister, Jörg Asmussen

In addition, the rising social discontent in Greece. Further strikes are planned next week before a general strike on October 19.

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The crisis of confidence in the European banking sector will not work out. While Europe is trying to convince the world of the soundness of its banks in the current crisis, the major U.S. money market funds prefer to leave the ship. A study published Friday by the rating agency Fitch Ratings, the top ten overseas funds have massively reduced their exposure to European banks. They thus cut their dollar investments in European banking shares by 8% in August, after a fall of 9% in July. Since late May, their exhibit was planed by 27% guaranteed high risk personal loans.

Today, European banking shares held by ten U.S. funds represent 676 billion dollars, or 42.1% of their overall portfolio. These investments still weighed 47.2% in late July."Reducing exposure to leading European banks is largely offset by increased investment in financial institutions in Australia, Canada, Japan and Scandinavia," said Robert Grossman, an official of Fitch Ratings.

Some European countries are more affected than others by the flight of U.S. investment.