International Headlines and Stories

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

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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France and Ivory Coast are the two favored destinations of Africans who emigrate. The former colonial power in its home soil 2.754 million while the world's largest producer of cocoa welcomes 2.448 million. World Bank figures cited in the introduction of a groundbreaking study aimed to "increase the impact (economic) migration to Africa." This is a reminder that all Africans will live outside their country of origin does not necessarily leave the continent."Two thirds of migrants from sub-Saharan Africa, especially the poorest, will relocate to other parts of the continent, while in the case of North Africa 90% have gone overseas," notes the report .

As Côte d'Ivoire has positioned itself as the main attraction is obviously surprising: the High Commissioner for Refugees (UNHCR) has noted that over 150,000 Ivorians have fled to Liberia in recent weeks . But the fact is that since the time of French colonization, the country has continued to attract labor nearby. At that point in the 1970s, President Houphouet-Boigny had to launch the concept of ivoirité to reassure citizens worried about the influx of foreigners.

The ebb and flow demographic facing Côte d'Ivoire illustrate the ambivalence of inter-African migration.Although they mainly follow economic motivations for richer countries like Nigeria and South Africa. But sometimes they are "forced migration". UNHCR now counts 2.2 million refugees who have fled as a result of wars or natural disasters, not counting the 6.5 million people displaced within their own country.

Brain drain reaches alarming levels

It can not therefore underestimate the negative impact of migration on neglected regions. The chief economist of the World Bank for Africa, Shantayanan Devarajan, admits that "human capital flight" penalize "the small countries and low income" and "fragile countries emerging from conflict . More general phenomenon, the brain drain, brain drain, is reaching alarming proportions.The Bank notes that a graduate in eight African higher education living in OECD countries. It is a scourge in Ghana: 37.1% of physicians trained in its schools and 55.9% of practitioners were born on the land are working abroad. In total, 11% of nurses and 18% of doctors educated in the south of the Sahara are working in other lands, resulting in a shortage of medical personnel even more pronounced than the country's poor.

Despite these caveats, experts from the World Bank believe that "Africans living abroad are a vital resource." The main channel, it is the remittances, the remittances, as the English word, that expatriates send regularly to their families back in the motherland. This vector is now more important than official development assistance.He pumped $ 39.7 billion in 2010, with 21.5 billion for North Africa and 18.2 for sub-Saharan regions. These funds are also less volatile than foreign direct investment, which fell in 2009 with the crisis.

Introduce dual citizenship for their emigrants

It is possible to increase the impact of these funds that are within families across national borders, said Dilip Ratha, senior economist with the Bank on matters of migration. "Some countries, like Mexico and Turkey, have tried to direct their capital for collective investment, but it did not work. We must preserve their privacy, as is a personal decision to emigrate, "the former judge of Crédit Agricole Indosuez economist of Indian origin.He suggested, however, to tackle the endemic problem of transaction costs, totally excessive (you must pay $ 20 for sending $ 200). The solution would be to play the network of posts and mobile phone companies.

Beyond remittances, Dilip Ratha advocates to mobilize the entire savings of diasporas, which he estimated at $ 30.4 billion annually to sub-Saharan countries. The idea would be to issue savings bonds, similar to what Israel and India have long been, and that Greece seeks to establish with its own diaspora.These securities, issued off-market rates, for ratings from 100 to 10,000 dollars would be used to "finance infrastructure projects and health education."

Last but not least, Dilip Ratha urges African States to introduce dual citizenship for their emigrants (only accept 20 of 54) to strengthen their links with foreign communities. He had no doubt that these diasporas have a great future in view of demographic developments. By 2050, the population of working age will decline by 88 million in Western Europe, where sub-Saharan Africa will have increased his $ 699 million!

In the wake of a meeting of the rise in Japan, the Paris Bourse is expected to begin sitting in the green, the indices futures settling up 0.8% at 8 o'clock this Friday. INSEE and Bercy have improved their outlook for the French economy.

The National Institute of Statistics noted yesterday its growth forecast for the Hexagon in the first quarter. INSEE now expects a GDP increase of 0.6% over the period, and maintained its growth forecast of 0.4% for the second quarter. More good news: the Minister of Economy said Thursday night that the forecast deficit of France for 2011 is reduced to 5.7% of GDP as against 6% previously."We had committed to 6% for the year 2011 and I will announce tomorrow that the European partners have recalibrated our goal to 5.7%," she said on the eve of a meeting Budapest with its European counterparts.

On the agenda this Friday, no statistics likely to influence the market. In France, investors will monitor oil prices and imported raw materials and the economic survey of the Banque de France and the fiscal situation and the German trade surplus.

Soaring commodities should reverse the influence indices. Gold has exceeded its record to over 1,500 dollars an ounce. The money has reached its highest level for 31 years.A bushel of corn (about 25 kg) for May delivery rose 7.72 dollars, not seen.

Renault followed

In terms of values, oil and banking stocks are once again under the spotlight.

Moreover, as Renault should be monitored. The three executives wrongfully dismissed in the fake spy scandal Renault claim to the manufacturer for damages for pain and suffering record: 2.4 to 3.5 million euros, according to a survey by Marianne forthcoming tomorrow. In total, the invoice of the burr Renault could rise to over 11 million.

Several unions Carrefour have called a strike tomorrow, says Les Echos. The FO-FGTA whose representation rate exceeds 40% was followed by the CFDT, CGT and CGC.

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It's a comeback for Arkema. The first French chemist announces annual results on Wednesday well above market expectations. In 2010, the group posted a net profit of 347 million euros, compared with 172 million loss he suffered in 2009. Analysts on average expected a profit of 322 million euros. This performance brought the band to its pre-crisis.

Revenues also jump from 32.9% to 5.905 billion euros, 5.862 billion higher than the consensus. They were drawn in particular by strong growth in demand in Asia, where the group now generates over 18% of its sales. In industrial chemistry, which represents more than half of its sales, Arkema said to be highly successful in increasing its prices more than offsetting the costs of raw materials.

The gross operating surplus (EBITDA) amounted to 790 million euros against 310 million a year in 2009, giving a margin of 13.4% up 6.4 points, after reducing its costs. Also significant: Arkema has reduced its debt to a record low of 94 million euros at end 2010, without taking into account the proposed acquisition of the resin coating that Total should be done in mid- 2011 for a value of approximately $ 550 million.

Boost investment

On this basis, the group's forecasts could be optimistic.Arkema was "fully in line" with its 2015 targets presented in November: an EBITDA of over one billion euros and a turnover of approximately 7.5 billion, supported by innovation, the rapid growth of emerging and targeted acquisitions.

For the first quarter 2011, EBITDA "should significantly exceed that of the first quarter of 2010, which was 137 million euros. In addition, the group will increase its current investment program which should be around 360 million euros, against 293 million in 2010.

Exchange side, Arkema proposes a dividend of 1 euro against 0.60% in 2009.

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Copper back

Since the violence began in Libya, attention is focused on soaring oil which rattled equity markets. But the riots that shook the country Gaddafi also have visible consequences on other raw materials. Starting with the base metals. On the London Metal Exchange (LME), traders were massively diverted from these values that are at risk because very context-dependent economy. The possible spillover of tensions in the Middle East has again raised fears the worst for global economic recovery.

Result: the price of all metals have recorded huge declines. The copper market barometer, was particularly affected him since the end of 2010 which connects the records. The crisis in Libya has put a serious brake on the rise.On Tuesday alone, as violence soars the price of a barrel of crude over $ 7 in New York, copper prices tumbled nearly 4%. The red metal hit Thursday its lowest level since Jan. 26, at 9311 dollars per tonne. He lost nearly 2% in five days.

In his fall, he drives the nickel lost 4.5% on the week to finish at 27,710 dollars per tonne. Lead is 2495 dollars, dropped 4.6%. Aluminum has fared better: he loses "only" 1.15% and ended at 2558 dollars.

The situation shows no signs of improvements in Libya, the return of investors in this market should take some time. But China, whose imports are very important, could bring them back. Moreover, many traders were waiting for the decline of certain metals such as copper, before repositioning.The bargain-hunting could be quickly put together courses.

Gold, victorious

Risk aversion is, however, the happiness of safe haven. Gold, the most emblematic of them, is a perfect example. The yellow metal climbed back above Monday to $ 1,400 an ounce, the highest since Jan. 4 last. On Thursday, the yellow metal has even brushed his absolute record (1,431.25 dollars) to 1418.20 dollars. Gold has slowed the pace this weekend so that the lull was back on the oil markets and equity markets. It closed the week at 1402.50 dollars. The sequence of events should be interesting to follow because gold is correlated to oil fast payday loans.

In the wake of gold, silver is also mounted, touching 34.31 dollars per ounce on Tuesday, a level not seen since March 1980. Like gold, it cut its earnings over the weekend to finish at 32.54 dollars.

In the market for precious metals, platinum, however, are the red lanterns for their industrial applications. As base metals, they were penalized by fears of an economic slowdown. Tuesday, while the price of crude hit record highs, the price of platinum has plunged 70 dollars and that of palladium over $ 60. The international context was also been added in China, explaining his fears of slowing auto market. On the London Platinum and Palladium Market, an ounce of platinum finished Friday net decrease to 1791 dollars an ounce and palladium ended at $ 785.

Sugar falls further up the coffee

As for food, the week was marked by the continued decline in sugar prices.Investors noted that production volumes in Brazil and India could increase with the expansion of crop areas. In Brazil, the world's largest producer, output is forecast to increase by 5% to 35.2 million metric tons for the year 2011-2012. In India, production will jump 24% to 25.5 million. Result: New York, a tonne of white sugar for May delivery dropped to 27.64 cents while in London, it reached 699.50 pounds. Please note that hedge funds contribute to the overall decline. They have reduced their exposure long (buy position) of 7% in the second week of February.

In contrast, cocoa prices, affected by the Ivorian crisis, have hit their highest level in 32 years to 3666 dollars per ton in New York.

Their sides, coffee prices have been driven by renewed investor interest in hedge.In New York arabica climbed Tuesday to 278.40 cents a pound (not seen since late May 1977) and the same day, a tonne of Robusta reached in London in 2417 dollars (highest level since mid- March 2008).

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The banks appear to have decisively turned their backs on the crisis. After Societe Generale and BNP Paribas, Natixis is now the group to post record profits for the year 2010. As expected, a subsidiary of Banque Populaire, Caisse d'Epargne (BPCE) recorded a profit of 1.7 billion euros, up sharply from last year. Natixis had published in 2009 a net loss of $ 1.4 billion. In the fourth quarter alone, profits of the bank owned almost 72% BPCE amount to 442 million euros, down 48% but above the 305 million euros expected by analysts.

Another pleasant surprise, the income of the bank are also above estimates. With revenues of 6.5 billion euros for its entire fiscal 2010, Natixis exceeded its own target of six billion euros of net banking income (the equivalent of sales for banks).

At the Paris Bourse, the figures are very well received: the action takes off from 6% to 4.37 euros.

Loss of illiquid assets less

The group's results were driven by favorable portfolio of illiquid assets (hard sell), mainly U.S. products that have become undesirable since the financial crisis. Then they generated a pretax loss of 2.863 billion euros in 2009, they were amputated as the result of 182 million last year. Through various assignments, the portfolio no longer weighed only 7.4 billion at end 2010 (weighted assets) against 29.7 billion at end June 2009.

Another positive outcome of 2010: the control of overheads. They grew more slowly than 4%, the net banking income up 10%.The group has managed to achieve cost synergies, as part of its strategic plan, called New Deal, to the tune of 142 million euros no fax payday loans. In addition, Natixis has also seen an improvement in the cost of risk, down 78% excluding portfolio of illiquid assets.

50% of net income redistributed

And although the bank account to benefit its shareholders of its good health. The direction that it pay a dividend of EUR 0.23 per share, or 50% of net income. This distribution will be accompanied by a payment option in action. A measure to strengthen the equity of the bank in the context of new prudential rules of the Basel Committee.

The bank also shows there is reassuring and a capital ratio under tough new rules of Basel III greater than 8% from 2013.She also reiterated they do not need a capital increase to meet new regulatory requirements.

BPCE poster 3.6 billion profits

Its parent BPCE also unveiled the results of good quality with a net profit of 3.6 billion euros for 2010, multiplied by seven over 2009. The property underlines the good performance of the bank financing and investment, savings and financial services specialist.

With this return, BPCE expressed its intention to fully repay the state before the end of the first quarter, a balance of 2.2 billion euros, said Chief Executive Perol.Initially, the group had set a target to repay the entire loan from the state $ 7.1 billion in late 2012.

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For the second consecutive day, the mobilization continued Saturday in the French ports. In Fos, freight traffic was disrupted at the level of 80-90%, according to Serge COUTOUR, head of the CGT Dockers Gulf. In Marseille East, freight traffic was paralyzed at 100% for containers, according to Daniel Manca, general secretary of CGT Dockers port, which advises cruise passengers to "avoid Marseille. At Havre, the second French port, the movement also continued, including blocking container terminals. Finally, Nantes / Saint-Nazaire, 7 boats were stranded at the dock and 12 offshore.

Far from weakening, the movement should be required to continue at least until Monday included, the day new general meetings must be held.The CGT called in any case employees to continue the blockades.

Early departures

The strikers are mobilizing to defend their right to retire early in retirement under the hardship. CGT ports and docks wants to validate an agreement on the recognition of the harshness found in late October with employers' organizations, which would allow retirement four to five years before the legal age for port workers 5-6000 with funding based on the branch but also from public funds payday loans.

For its part, the government calls for a resumption of negotiations "within the framework defined by the Act of November 2010 on pension reform, which would reduce to two years in advance of departures.Thus, fewer people would be affected.

For Jeremy Julian, Deputy Secretary General of the CGT dock in Le Havre, it is "incredible back on virtually everything that was granted." Serge COUTOUR warns: "The mobilization is still to go. We try to drown us in the case of pensions, while our case was completely offline for two years. "

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The benchmark index of the stock market in South Korea, the Kospi, wins again at 0.92% 2115.69 points on Wednesday at 7 pm. Allowing it to enter its highest level ever in the history of the stock of the country.

Seoul Stock Exchange had already closed the year 2010 before recording a record at the close. The KOSPI surged 21.88% in 2010 to $ 2051 and points, a level not seen since November 2007. Now, the values of South Korean stock market rebounded from ground lost during the crisis, and they even display historic gains, thanks to sustained domestic demand last year, and their results.

Analysts estimate that the KOSPI could rise to 2400 points this year.South Korea enjoys good prospects for growth: as its Central Bank, GDP should grow by 4.5% in 2011.

Tokyo followed the lead of Wall Street

The Tokyo Stock Exchange ended the session on Wednesday edged up 0.36%, investors are showing more optimism about the financial performance of U.S. firms during the presentation. Yesterday, IBM and Apple have unveiled much better results than expected. Thus at the close, the Nikkei 225 index gained 38.12 points to 10,557.10 points. The broader Topix index of his side took 0.57% to 936.87 points.

Note side values, the group of electrical, electronic and computer Japan's Mitsubishi Electric said Wednesday that Japan build a new factory parts for automotive steering, looking to increase its annual production of about 70%.Mitsubishi Electric, which presents itself as a pioneer systems electric power steering, will invest 10 billion yen (90 million euros) for this new factory with an area of 38,000 square meters, which must be put into operation in August 2012.

China U.S.

Chinese President Hu Jintao arrived here Tuesday in the U.S. for a four-day visit, after a year marked by strong tensions between the two powers, with China being the subject of multiple reviews. Hu Jintao heads a country pointed to the issues of human rights and money, impossible to ignore given its economic weight and, increasingly, military and géopolitique.La undervalued the Chinese currency will be at heart talks between Barack Obama and Hu Jintao on Wednesday in Washington.Beijing to revalue its currency at its own pace, while dreaming of one yuan as important as the dollar.

The Chinese are lining up at the station in Shanghai Photo Credits: Alexander F. Yuan / AP

The U.S. stock market posted a small gain on Wednesday. The Dow Jones gained 0.22% at 11,719 points, the Nasdaq climbed 0.54% to 2696 points and the S & P advance of 0.34% to 1275 points. The indices were displayed yet in the red in early trade but the trend was reversed in favor of two macroeconomic statistics found reassuring:

– Operators have learned earlier this afternoon, good numbers of the ADP survey on employment in the United States. Job creation in the private sector were almost three times more than expected in December. In total, 297,000 jobs have been created over this period, while the consensus expected 100,000.This increase is greatest over a month since 2001.This statistics were scrutinized by investors because they often foreshadow those of the monthly report on employment expected Friday, a major indicator to assess the strength of U.S. recovery.

– Moreover, the ISM index on the service sector stood at 57.1 last month, a highest since May 2006, while economists and analysts surveyed on average had forecast an index to 55.6. This is much more representative of the U.S. economy as the ISM manufacturing sector released Monday.

Retail sales climb

Also on the macroeconomic front, according to Retail Metrics, retail sales in the U.S., rose 3.4% in December over a year. This is their strongest growth since 2006 and the best month of the year for U.S. distribution.The snow storms that have occasionally affected sales, purchases by households after Christmas, were very dynamic.

More good news: the real estate office would have improved slightly last year. For the first time in 3 years, rental prices have increased slightly in the fourth quarter 2010 vacancy rate remains high (17.6%, the highest since 1993) and the prices are low (they were $ 25 average in mid-2008). But the stabilization or even slight recovery, employment benefits to this area.

Operators leave a little later the pessimistic talk of the Fed.In reporting its last meeting, it considers that the European crisis is one of threats to the recovery in the United States.

Facebook and Goldman Sachs in the crosshairs of the SEC

The side of values, Constable U.S. stock, the SEC decided to look at investment bank Goldman Sachs (-0.17% to 172.79 dollars) in Facebook, to ensure that it not circumvent the rules governing non-listed companies, says the Wall Street Journal. Under the current rules, dating from the '60s, when a private company reaches a threshold of 500 shareholders, it becomes compelled to disclose certain financial information.Many commentators saw in the investment of 500 million made by Goldman Sachs with the Russian group mail.ru a way for the community site to gain access to customers of the prestigious U.S. bank, while remaining below this threshold, and freeing itself from any limitations of transparency. Depending on the outcome of its investigation, the SEC could recast the regulations in force, according to the Wall Street Journal.For the regulator, the newspaper said, the challenge is to find a compromise between protecting investors and unlisted companies will have access to sources of capital.

Also note, the year 2010 has been very positive for automakers and marks the return of the Big Three U.S. automakers General Motors (-0.34% to 34.77 dollars), Ford (-0.75% at 17, $ 25) and Chrysler, according to figures released yesterday after the close of Wall Street. A total of 11.6 million vehicles were sold in the U.S. last year, up 11% year on year, according to provisional figures from Autodata. Manufacturers should respond to these figures.

Always on the side of values, also after market, the manufacturer of fertilizers Mosaic (2.02% to 76.52 dollars) has published its results for the second fiscal quarter.The group's profits climbed to over $ 1 billion, well beyond analysts' expectations. Turnover was up 59% to $ 2.7 billion is also above expectations.

In addition, the American designer of components for mobile phones Qualcomm (0.65% to 51.30 U.S. dollars) Wednesday announced the acquisition of its partner Atheros Communications (1.44% to 44.63 dollars), a specialist WiFi and Bluetooth connectivity, based on an enterprise value of $ 3.1 billion.

Annual gathering of consumer electronics in Las Vegas

The world of consumer electronics is preparing the opening Thursday of its big annual event in Las Vegas. This market is in full recovery is expected to reach almost one trillion dollars this year.Moreover, the Chinese computer manufacturer Lenovo introduced on Tuesday in Las Vegas a new hybrid version of its IdeaPad computer, a laptop running on Microsoft Windows 7 (-0.70% to 27.89 dollars) whose detachable screen can turn into tablet Android (Google (-0.05% to 601.83 dollars). In the same sector, the U.S. Court of Appeals reinstated a verdict quashed in September who thought the software giant Microsoft guilty of patent infringement against rival Uniloc, but has not confirmed a significant financial penalty of $ 388 million.

In Europe a heavy presumption weighs manipulation on Google.This is evident first of questionnaires sent to European players of the Web by the European Commission as part of its antitrust investigation on U.S. Internet group.

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