International Headlines and Stories

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 Japanese government thought about it and he did. The operator of the plant in Fukushima Tepco come under his control. The Japanese government has indeed released Friday details of a financial rescue plan to help compensate victims of the nuclear accident that hit Japan on March 11. "The purpose of this plan is not to bail Tepco, said Friday the Japanese Minister of Economy, but to ensure that victims are properly compensated." The operator will be under the supervision of an independent commission to strengthen the de facto government's influence on the conduct of its affairs.The government project, hotly debated within the team of the Prime Minister's center-left, Naoto Kan, has yet to be voted by Parliament.

Between 26 and 43 billion euros in compensation for victims

This plan includes the creation of a structure financed by both state funds and contributions from various private power companies in Japan. This entity will help Tepco through grants of bonds (5,000 billion yen by the Japanese press) convertible into cash, to compensate the estimated 85,000 victims of the nuclear disaster. Japanese media say that the operator should have to pay from 3000 to 5000 billion yen in total (26 to 43 billion euros).Tepco should also pay annually between 100 and 200 billion yen this structure (from 870 million to 1.74 billion euros), according to Japanese news agency Jiji.

The government even asked the banks that have lent 1.4 trillion yen (11.7 billion euros) to Tepco to waive a portion of their claims vis-à-vis the operator. "People do not understand that public funds are injected into Tepco if banks did not give their side a portion of their claims vis-à-vis the operator of the nuclear power plant in Fukushima," says Government spokesman Yukio Edano payday loans online.

TEPCO will have to sell financial assets and properties

Anxious not to appear to give a blank check to the company criticized for his role in the nuclear incident, the government also demanded that she undergo Tepco a number of conditions. The company will mainly sell financial assets and properties in order to concentrate its resources on the production and distribution of electricity.In addition, the eight most senior executives of the company will also waive any compensation and personnel managers to ordinary workers, will also undergo substantial pay cuts.

In addition to the huge amount of compensation, TEPCO will have to pay an extra bill to increase hydrocarbon production in thermal power stations, eleven of its nuclear reactors have been arrested since the disaster, counting those in the central hilly.Group CEO believes that these additional imports of gas, oil and coal would cost him 1,000 billion yen (8.7 billion euros) over budget during the year to April 2011 to March 2012.

Bank stocks fall at the Tokyo Stock Exchange

Result of this announcement, bank shares fell sharply on the Stock Exchange on Friday: Sumitomo Mitsui Financial Group sells at the close of the Tokyo Stock Exchange 3.80% to 2452 yen, Mizuho Financial Group, 2.98% to 130 yen and Mitsubishi UFJ Financial Group 2.79% to 383 yen.Due to the collapse of the market capitalization of Tepco stock market that has lost more than 80% between March 10 and April 7 last, Sumitomo Mitsui Financial Group (SMFG) could announce a loss of about 80 billion yen ( 696 million euros), Mizuho Financial Group, 50 billion yen (435 million), and Mitsubishi UFJ Financial Group (MUFG), 30 billion yen (261 million).

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.

Summit a few hours of the opening of the summit of finance ministers of the 20 richest countries on earth – Friday and Saturday in Paris – the negotiations are intensifying behind the scenes. Berlin has made several gestures of good will on Wednesday, indicating the voice of a senior official of the Ministry of Finance argued that Germany "active efforts of the French presidency." The change is noticeable on one of the flagship projects of Paris, which would result, by Saturday evening, a common definition of economic indicators to be shared within the G20.Last November, in Seoul, the U.S. Treasury Secretary Tim Geithner, had struck the Germans and the Chinese hostile to his proposal to limit to 4% deficit or surplus in the current account.

"Do not stigmatize the poor performers

Berlin now seems more open to this question, suggesting that an agreement could take place during the weekend. According to German government sources, the G20 countries have compiled a list of five indicators to measure imbalances: the current account balance, real exchange rates, budget deficits and debt, foreign reserves and rates of private savings. "It is likely that the ministers approved" list of indicators of economic performance, thermometer, the source said. Berlin considers that these indicators will be "to enjoy in their entirety, and in association with each other.However, Germany remains opposed to what the G20 sets quantitative targets specific to each country. Paris did not intend at first. "Fall first agree on the indicators, then it will be great to spend time each country to the screen, taking care not to stigmatize the poor performers," says Christine Lagarde, French Minister of Economy.

The United States, for now, are more reserved. "It was expected that during the first half of 2011, the IMF identifies those indicators. Then, during the following months, as we proceed to evaluate them … We should, in Paris, have an additional discussion on this topic at the technical level. But there will be no agreement so early in the year, "says one Washington.Tim Geithner should show booked, also on the question of regulation of commodity markets, the second major project led by France. "We are in ac cord to strengthen market mechanisms, but not to supplant the market," says one Treasury recalling that in the Dodd-Frank legislation on financial regulation (adopted last year) are already provisions helping regulators to ensure that markets are not manipulated.

On this question, France will find Brazil on its way. "Brazil is totally opposed to the mechanism of control or regulate the prices of commodities," said Finance Minister Guido Mantega during a press conference.He warned that even these measures could "adversely" by curbing supply.

Latest issue of potential conflict, the issue of currency, although it seems less sensitive that a few weeks. "Since the announcement by China of a gradual adjustment of the parity of the yuan, we see a bilateral real appreciation against the dollar at an annual rate equivalent to 10% … So yes, there is progress, but the Chinese currency is always underestimated, "admits one American side.

ALSO READ:

"Lagarde:" We must make the G20 representative and effective "

A G20 to reduce economic imbalances

Again, EDF should not reassure investors. In fiscal 2010, net income Electrician tricolor plunged 73.9% to 1.02 billion euros against more than 3 billion expected by analysts on average. Involved a heavy load and a provision for change in scope, which complicates the interpretation of results.

The group's profits have been sealed by a special charge of nearly $ 2.9 billion, including $ 1 billion in the United States and 915 million in Italy. EDF owns half of Constellation Energy's nuclear activities the United States and half of Edison in Italy. The provisions made in 2010 also cover the additional costs incurred by following the extension EDF in France transitory regulated tariff for market adjustment (Tartam), a specific tariff for businesses. Thus, excluding items, earnings would have the group rose 11.3% to 3.96 billion euros.

The annual operating results are thus more in line with expectations. EBITDA, the EBITDA, rose 4.4% to 16.62 billion euros, above the 16.45 million euros expected by analysts and objectives of the group was a Organic growth in EBITDA, of between 3 and 5% in 2010. Turnover is also in line with estimates to 65.16 billion euros where experts had forecast 64.98 billion euros.

Scope change

And, come under the group's financial situation has been improved. The debt was reduced by 42.5 billion end-2009 to 34.4 billion euro late 2010, encouraged by the change in scope.In fact, as highlighted in the CEO of EDF Proglio "2010 was the year of major projects, which enabled the group to find a healthier financial situation" before discussing the three "major operations" of the year . EDF sold its electricity distribution networks in the UK consortium of Hong Kong Cheung Kong and sold to the regional state of Baden-Württemberg (south-west Germany) from 45.01% stake in number three German energy EnBW. Finally, the public group has decided to allocate 50% stake in its subsidiary RTE portfolio of financing the decommissioning of nuclear plants.

Confidence for 2011

Management is confident and shows for the current year. The electrician is for 2011 organic growth of its Ebitda of between 4 and 6%. However, targets rely on a price of nuclear 42 euros / MWh in the framework of the law Nome.

The group also expressed its intention to propose a device to pay a bonus dividend to shareholders holding their shares for at least two years.

Faced with these conflicting signals, it remains to be the market reaction so that the title EDF posted the worst performance of the CAC 40 in 2010 with a decline of over 20% of its title.

ALSO READ:

"EDF debt reduction by selling its stake in EnBW

"3.9 billion profit in 2009 for EDF

"Constellation: EDF fears losing a lot of money

"The reform of the electricity market adopted

"EDF fears over the sale price of nuclear energy

The President of the Higher Audiovisual Council takes a stand against the idea of reconciliation of the APF and Arcep, the telecoms regulator.

LE FIGARO. – Do you support the appointment of a government commissioner in the CSA as envisaged in Arcep?

Michel BOYON. – The question will never be relevant! Certainly, there are commissioners of the government with independent authorities such as the Commission or the Energy Regulatory Authority of competition. For the CSA, which is the guarantor of civil liberties and fundamental respect for pluralism in broadcasting, it would be simply absurd.

What is your position on a rapprochement between Arcep, the CSA and the Agency of frequencies?

This subject is often poorly addressed.There is a tendency in France to focus on approaches by the structures and organizations, so that what counts is the strategies and objectives. You can not play Lego with institutions that have declared their independence, demonstrated their competence, acquired their legitimacy. In our country, the park is well managed Frequency: CSA and Arcep actively participate and work together on such topics as the dividend or digital TV on the move. This cooperation was highlighted three years ago in the plan "France numérique 2012". But remember that the CSA has a great originality. It is a regulator of content, only in France, and whoever has the most power in Europe and worldwide.When he assigns a frequency to a radio or television, it does for a given program, in exchange for free use of the frequency, it requires a chain of obligations that it ensures. The heart of activity Arcep, however, are the competition issues related to networks. Nothing has been said in recent days about the relationship between the two institutions does not bother me. But if some wanted in this way restrict the regulation of audiovisual content, it would be unacceptable.

How the CSA can regulate Internet content?

There is a complete – European directive, law, decree, Proceedings of the CSA – to regulate Internet services business of video on demand. What is not regulated, it is the content posted by individuals on video-sharing sites.Yet it is they who raise the most difficulties in terms of child welfare, dignity of the person or racism and antisemitism. With the TV connected, their impact will intensify. The only course of action today is the referral of a judge. It is very inadequate. We must organize a true co-regulation, starting with strengthening the signaling device, which is not used enough. It should also establish a code of ethics involving publishers and hosts, including the protection of young people, and could lead to a label given by the CSA. We could go further by calling for parental control software filters sites that would not have this label. Finally, the CSA could be empowered to order the withdrawal of illegal programs and even have a power to impose penalties for repeat offenders. For this, we need a law.There is no question that the Internet is a zone of lawlessness with respect to our core values. It is an important topic that transcends borders and I hope that at the next G8 summit, some time will be spent.

Can we settle the issue of Net neutrality amendment by a simple?

The CSA is obviously very attached to Net neutrality. It would be unacceptable to the radio or television suffer from discriminatory choices made by operators, especially based on financial criteria. If we did not warranty this subject, a strong law is needed.

How do you approach the arrival of the connected TV in France?

A year ago, when we talked TVs connected, we never thought to see happen so fast. This is progress for the viewer, but we must anticipate the consequences would be negative.My first fear is that a disruption of the balance of an entire economic sector. For example, publishers of free channels will see their audience is more fragmented, while a portion of advertising revenue will be diverted to the search engines. Furthermore, the connected TV will reduce the role of commercial distributors. French services for video on demand will experience a distortion of competition in foreign service, or hacking video sharing sites. In total, support for the French production is no longer guaranteed as it relies on the sales channels and its components – investment obligations, broadcasting quotas, chronology of media exclusives – would be threatened. It is urgent to make proposals on the subject.The CSA has decided to organize this international symposium next April 28.

Digital radio can it lie fallow?

The CSA has done what the law required it by setting the frequencies and selecting candidates. But the crisis came and blocked the entire device. I am concerned about the reluctance of some operators. Eventually, the radio will not be satisfied with the frequency modulation and long wave. But I think the Internet can only be a supplement to a radio broadcast. Large stations should understand that their brands may wane amid tens of thousands of radio stations broadcast on the Net. Finally, as Chairman of the CSA, I can accept that 30% of French people have access to only ten stations over the air.I rely heavily on the report that the Prime Minister has asked David Kessler.

The personal mobile TV is still not launched in France. Why?

There was a tremor with the initiative of Virgin Mobile, and TDF. Unfortunately, the application of the VAT increase offerings of mobile operators broke the momentum. I urge that this be deferred for three or four years.

When will you launch the tender for two new DTT channels?

As soon as possible. But this launch is subject to the intervention of an order to finance the redevelopment of frequencies to provide the necessary space for two multiplexes that will host the new channels. Must be made before the decree on April 30.

Storm over the empire Wendel. According to the Journal du Dimanche, the National Audit tax situations (DNVSF) sent on December 24 last an additional assessment to 14 group managers, who in 2007 received large sums in order to interest the results Company. During the action Wendel May 3, 2007, 324 million euros in total were distributed in shares to the persons concerned, through a complex system involving several civil societies. The taxman believes today that this is an "abuse of law", a concept that applies to a legal assembly itself, but established for the sole purpose of circumventing the tax. He believes that the amounts distributed by Wendel should have been in the form of wages, and therefore claims "about 75% of the sums at stake in 2007," to individual recipients.

Jean-Bernard Lafonta, chief executive of Wendel, and primary beneficiary of these funds is called to donate 100 million euros of the 156 million received. Second, Ernest-Antoine Seilliere, president of the supervisory board and former president of MEDEF, has received a tax notice for an amount of around EUR 50 million, or 75% of 60 million was achieved guaranteed approval cash advance loans. " "Asked about his laptop, the former boss of the MEDEF has preferred hang up abruptly," says the JDD. Another beneficiary of the financial package, Christine Dutreil, wife of former minister Renaud Dutreil SMEs, will also donate 6 million euros over 8 million paid.

Also affected by this tax adjustment, the legal director of Wendel, Arnaud Descleves already in litigation against his employer, considers it to Wendel and not its employees, to defray the amounts requested."Employees are not responsible for the montage at the time, in order, they said, give them a profit …. We seized the commercial court for Wendel its responsibilities, "his lawyer tells the JDD, Pierre Versini Campinchi. The newspaper said other executives would consider similar action.

For the final night of the year, conservators will be more motivated to put on their 31. New Year's Eve is with the 1st May and Mother's Day, one of their biggest day of the year. However, far behind the Valentine's Day. Nothing like Christmas Eve, a family night that the French prefer to spend them at home. "Attendance at the restaurant for Christmas Eve December 31 is ten times greater than that of Christmas Eve, which tends to decline," said Bernard Boutboul, CEO of consulting firm Gira Council.

Some institutions are already rubbing their hands. At the Plaza Athenee, for example, is complete. December 31 is the biggest night of the year the Parisian palace. A time when customers like to have fun by offering very good wines, in addition to the rest.ADPA in the restaurant (Alain Ducasse at Plaza Athenee), the last of the 50 seats left three weeks ago. Count 1,200 euros per person with drinks. At the bar, from 1,200 euros, you have a table for the evening with a bottle of champagne. Also complete. There is room … for children only. The palace holds for them a luxury Eve, for 290 euros.

In Paris always, it is also complete since last weekend at The Station, a trendy restaurant owned by the Groupe Bertrand. There is forced menu at 95 euros, with champagne, appetizer, entree, dessert, coffee and evening DJ. But many institutions are not so lucky. And some may live in fear of the empty chair until the last minute. Restaurateurs know: consumers tend to decide later and later, convinced that there will always be a place somewhere.Even for the evening of New Year's Eve, some do not hesitate to book the same day. In fact, more concerned about the profession this year is the weather. Snow, and all the mess she created on the roads in recent weeks, has already affected the attendance of December. Conservators are helpless to fight against a new snowfall on December 31 payday loans for bad credit.

Jean-Michel Texier, CEO of White Brothers Group (27 restaurants and eateries, Chez Clément, Le Pied de Cochon …) shows a delay of 5% to 10% of bookings compared to last year.According to him, precisely because "people are worried about the weather" as the group has made an effort on prices, by lowering its tariffs by 10% to 15% over 2009 (count 70 to 140 Euros the evening as addresses).

As a year to the next group of institutions will eventually be complete, it remains confident for 2010. "All restaurants are open to full, except those who have abused the price," Bernard Boutboul prognosis. He said the evening of December 31 costs at least EUR 60. Count 120 euros in an upscale restaurant. This price has barely budged over the past ten years. "People go out more to celebrate than to eat," says this expert. According to him, those who persist in making special menus too rich and too costly are wrong because, in general, we find that prices fall more and more attendance goes up at the restaurant.

Adding 30% more

"In general, for New Year's Eve, the average ticket is higher by about 30% compared to a classic evening, said Jean-Michel Texier. But profitability is not progressing as much as we have some additional costs (orchestras, extras …). Some institutions, more and more, will pass up, according to Bertrand Jelensperger, founding partner of TheFork website, which offers reservations, some at bargain prices, in 4500 restaurants in Paris and the provinces. This year, 25% of its clients are closed, either because they are on holiday, either because they do not want to transform their schools for partying. He predicts that only 50% of restaurants with whom he works will be full for the last night of the year. It is far from the evening of Valentine's Day.

After meetings marked by lower Friday Asian stock markets start the week on a positive note. On Monday, the few markets open on this holiday react positively to the announcement of the weekend: recovery, by the People's Bank of China, China's central bank, a quarter point (0.25%) of its Interest rates on loans and deposits, as of December 26. That measure, designed to control runaway inflation in the country, was expected. Despite initial fears that the Chinese economy slowed by the tighten monetary policy, investors welcomed the news, considered positive in the long term.

In China, the Shanghai Stock Exchange the tone Monday, as Hong Kong is closed. The Shanghai Composite was up 0.36% to 2845 points.Financial stocks are up in the image of China Ping An (+1.7%), or Industrial and Commercial Bank of China (+0.5%).

In its wake, the Tokyo Stock Exchange has evolved into positive territory during a quiet session. The Nikkei, which started on a gain of 0.13%, has increased his earnings to finally close on a rise of 0 no fax payday advances.75% to 10,355.99 points. The broader Topix index finished with a gain of 0.33% to 904.68 points. The volume of transactions was particularly low with only 1.25 billion shares traded on the primary market. Note that the small rise in the yen against the dollar during the session did not prevent operators from entering the correct side of the business of exporting companies.

In India, the Sensex gained 0.43%. Scholarships in Australia, New Zealand and the Philippines are closed.Only the Korean KOSDAQ is in the red (-1.23%).

Oil in a disorganized

For their part, crude prices were mixed Monday in electronic trading in Asia. Unlike investors in equity markets, oil markets are cooled by the surprise increase in interest rates according to analysts.

In morning trading, a barrel of light sweet crude for February delivery yielded 23 cents to 91.28 dollars. One of Brent North Sea crude for February delivery gained 12 cents to 93.89 dollars.

ALSO READ:

"China tries to curb its inflation

In Brussels

The Twenty-Seven and the European Parliament have failed to agree Monday night at the finish negotiations on the EU budget for 2011, expires at midnight before a final deadline. The EU may find itself on the straw from 1 January. This failure, amid power struggle in Brussels forced the Barroso Commission to submit a new draft budget. Given the time of procedure and voting, the EU may find itself without resources at the beginning of next year. She should live from month to month, under pressure from the provisional twelfths. The External Action Service, the new financial supervisory authorities and the experimental reactor ITER would be left penniless.

The standoff, which began in the summer on the credit restrictions imposed by national treasuries, moved in recent days about the power of future control MEPs.All colors combined, the Parliament finally agreed to limit expenditure growth to 2.91%. But it demands in return for having a say in deciding on the following exercises for resources as for expenses.

Political Declaration annexed to the budget

Separately, then in a final attempt at conciliation, the two powers of the EU should decide on a compromise plan: a political declaration annexed to the 2011 budget. The text, pushed by the Commission, faced the supporters of rigor as the advocates of a minimal interpretation of the influence of Parliament. Any agreement supposed unanimity of Twenty-September By early evening, the United Kingdom, the Netherlands and Denmark were still missing the call.

This group led by the United Kingdom will have been due to the consensus that was ready to emerge."I regret that a small number of member states have closed the door to an agreement on the 2011 budget," said President of the European Parliament, Jerzy Buzek, on the expiry of the deadline for negotiations. First failure of this kind for the EU since 1988, this setback leads to the stability of EU spending next year.

ALSO READ:

"SELECT YOUR FIGARO – For Europe to be equipped with its own budget, by Jacques Delors, Lamy and Tommaso Padoa-Schioppa