International Headlines and Stories

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

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

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

Budget cuts

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

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

Electoral concerns

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

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

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

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

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The France Televisions group announced the acquisition of the rights of future Olympic Games. The amount of these contracts is estimated at between 40 and 50 million per event. Added to the cost of production estimated at ten million euros for each Olympic Games.

LE FIGARO. – You will be broadcasters of the Games until 2020. What is the nature of this contract?

Remy PFLIMLIN. – We confortons our rights to the Olympics because we buy in total exclusivity until 2020, both for those Winter Games and Summer. In addition, we ensured that these rights were all media and therefore usable regardless of the distribution methods and terminals. We proclaim Wednesday as we know what city will host the 2018 Winter Olympics.It is also a way to show our solidarity with the application of Annecy.

How much have you paid to secure those rights for eight years?

These amounts are very similar to what we paid previously. In other words, there was no bidding. Furthermore, it is important to remember that in a market increasingly competitive, it is essential to securing sports rights for the long term. Unlike the time when the rights were sold territory by territory only to local operators, we are faced with an internationalization of competition, as evidenced by the arrival in France of great actors like al-Jazeera. Nothing would prevent them from acquiring the rights to resell on their own terms. Ditto for Internet players.It is important to "store" the events that constitute the cornerstone of our programming.

Was it necessary to acquire these rights in all media exclusively?

The London Olympics of 2012, we will publish an exclusive program with the exception of pan-European Eurosport will be a good test. We may be measured including the economic impact of such diffusion. This also reflects the need, in a broader landscape, to differentiate ourselves from other channels. Sport, as evidenced by the purchase of rights "minor" by small TNT channels, allows the aggregation of audiences. Finally, the fact of having these events on digital is the best way to preserve the future personal loans for people with bad credit. Beyond that we will schedule on the air, we can have up to 12 simultaneous streams live on our digital offerings.This will allow us to expand our audience but also to return, why not the youngest to the TV screen.

What is the advantage to bet on these events?

The Olympics are both a major event and part of our DNA. It is the mission of public service to provide free access to numerous sports that are not prevalent, but large. We aim to bring to life the events giving them an attraction that no one else is that we may be able to provide. We did it last year with the European Championships in athletics and swimming, we redo this year's World Championships in both disciplines. Our goal is not limited to the retransmission of events, it is also to make people want to practice a discipline. This is true of sport as culture.This is a key element of our relationship of trust must maintain channels with viewers as well as information.

In this regard, you inspire the return of the hostages on a background of controversy over the excessive risks they have taken?

First of all, I think the joy inspired by their return premium on everything! This is a major event in this house who lived in the constant concern for the fate of Taponnier and Stéphane Hervé Ghesquière. It is our public service mission to be present on all important events and reporting. Unfortunately this is not the first time that France Televisions is faced with the kidnapping of journalists. Remember the hostages in Lebanon and those of Jollo. I realize that this job involves risks that must be evaluated. Especially since, if it becomes impossible to report the news, there is no point in taking them.We will do everything to make this not happen again, but we will keep this role of ours: being a publisher of reference, be a kind of watch the world around us by being present on all distribution media.

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The Greek government will appeal to the people. Prime Minister George Papandreou said in Parliament on Sunday "in the fall, we will go to a referendum on the main reforms in this country." The Socialist attempts to obtain the agreement of members on the composition of his new government and its austerity plan over five years of 28 billion euros needed for a new international aid.

These reforms are challenged in the street and into the ranks of the narrow government majority (155 seats out of 300). This is to appease the critics that Papandreou had to reshuffle his team Friday, so it presents to Parliament on Sunday. "I applied for a renewal of confidence in the government because the country is at a crucial point," he said.We need to find "a national agreement to deal with deficits and debt are a Greek national problem," he added. The vote of confidence will take place Tuesday night.

The Prime Minister is attempting to rally right-wing opposition to his austerity plan. The latter, who had hidden some of the deficits of the country before the crisis in 2009, refuses to give carte blanche. Its leader, Antonis Samaras, reiterated that his party "did not give a vote of confidence in the government as socialist Papandreou insists on a policy that does not solve problems but makes them worse."

Division concerned

European leaders are concerned about this division. Merkel supported George Papandreou Friday: "He is fighting for Greece meets its commitments, we support it.(…) It is hoped that the opposition supports the Greek government. "

Finance ministers of the euro zone meet in Eurogroup on Sunday night and Monday special meeting. They must agree on the payment of the new tranche of aid provided under the 110 billion euros of loans in spring 2010 in Greece. A budget that would allow the country to spend the summer. In addition, Europeans must also agree on a new aid plan, the sum is not yet defined. The negotiations come up against particularly on the modalities of participation of banks in the effort.

Do not expect an agreement by Monday morning, however, said the rpésident of the Eurogroup, the Luxembourg Jean-Claude Juncker. The European Commission had yet spoken this week of an agreement expected by Sunday evening.French President Nicolas Sarkozy and German Chancellor Angela Merkel had said Friday on their side need to "act quickly" on the Greek case. "We'll talk tonight about the involvement of private creditors, the question is how far it can and must go," said Jean-Claude Juncker.

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"SPECIAL – Europe, States facing bankruptcy

This is a new landing that will face the Normandy coast on Wednesday and Thursday. Eighteen heads of state and government and 2,500 delegates are expected to Deauville for the summit of leading industrialized nations, G8, chaired this year by France. The event will be under the supervision of 12,000 policemen. The advent of Barack Obama mobilizes alone 700. "Club", founded in 1975, the G8 gathering for informal discussions leaders theory share the same concerns. But this year, dominated by assistance to countries in the "Arab spring", is also expected to friction, especially between the West and Russia. The succession of DSK to head the IMF should be discussed behind the scenes.

• Support to Arab revolutions

"Deauville is not a donor conference," repeats the French presidency of the G8.The big meeting Norman which will blow a wind from North Africa and the Middle East, will nevertheless announced immediate steps to help Tunisia and Egypt. Both countries have costed their financing needs, respectively, $ 25 billion over five years and a dozen billion through mid-2012. Barack Obama has already unveiled last week a plan with several billion dollars to encourage democratization. The World Bank could disburse up to 6 billion if the reforms continue. Active in the East after the fall of the Berlin Wall, the European Bank for Reconstruction and Development (EBRD) will be redeployed to the southern shores of the Mediterranean. Tomorrow, a long-term partnership will be officially launched between the G8, Tunisia and Egypt, attended by prime ministers of both countries.Russia warned Tuesday the G8, saying that it "must not become an organ of pressure and sanctions." An allusion to the situation in Syria, which appear on the menu of Deauville. Westerners want to ask Moscow to withdraw its threat to veto the adoption of a text by the Security Council condemning the crackdown.

• Intervention in Libya

Intensive launched raids in recent days by NATO to Moscow Tripoli were out of joint. For the Kremlin, these bombings are a "new gap coarse compared with United Nations resolutions" legitimizing military intervention to protect populations bad credit payday advance. The war, which was to be short, and extends the growing dissension within the international community. Paris and London are still at peak. Still in withdrawal, the United States objects to requests that the operation works without them.To evoke the tracks of a crisis, the G8 will turn once again to Africa, including three Heads of State (Niger, Guinea, Ivory Coast) will be present in Deauville. For the first time, the G8 will conclude with a statement co-signed with the Africans.

• Middle East

In Deauville, the UN General Assembly in September, is already emerging. The Palestinians consider to be recognized in New York the creation of their state. Nicolas Sarkozy also raised the prospect, if the process does not move by then, but Barack Obama, just press this point Binyamin Netanyahu, who is visiting these days in Washington, is cons. Americans, Europeans and Russians will compare their approach to the release process. Nicolas Sarkozy will serve as a stimulus by recalling his slogans: "the status quo is not sustainable" and "the parameters of a settlement are known."However, the Quartet (EU, U.S., Russia, UN) has not scheduled a meeting on the sidelines of the summit and no breakthrough is to be expected.

• Nuclear safety

The disaster Fukushima "swept" what the G8 working group on nuclear safety preparing for months for Deauville, says a close case. This afternoon, a session will be devoted to this theme, after a lunch where the leaders will express their solidarity with Japan. The final declaration will encourage countries with power to conduct audits, as did the United States and as Europe is about to do. And she called the international community to provide "the highest security level" possible.The G8 will not enter into details and refer to the ministerial conference of the International Atomic Energy Agency (IAEA), which will bring together a larger number of nuclear nations in Vienna, June 20

The brilliant career as an economist Dominique Strauss-Kahn has just experienced a sudden stop. Arrested in the United States for alleged attempted rape, he tendered his resignation as CEO of the International Monetary Fund, he held since 2007. Throughout his career, "Mr. Economy" of the left has always shown great independence from dogmas and pre-established lines of thought.

One of the first major breaks with Dominique Strauss-Kahn "left classic" based on his involvement in the privatization programs of companies. While he has served as economy minister in the Jospin government from 1997 to 1999, he oversaw the opening of capital committed long ago. In 1997, the capital of France Telecom has been successfully opened in the middle of Internet bubble, a second bet on the stock exchange then took place in 1998.Similarly, Air France, Highway south of France, Eramet, Gan, the ICC or NOC experienced partial or total privatization between 1997 and 1999. DSK is estimated that some public enterprises were no longer intended to remain in state ownership, after sixteen years of public guardianship, since the wave of nationalization in 1982.But critics within his own party, accusing it of responsibility for "mass privatization".

Concerning the implementation of the 35 hours from the year 2000 following two laws passed in 1998 and 2000, the Minister has never hidden his opposition to the method used, even if DSK was himself originally economic program of the PS in 1997 which provided for the establishment of 35 hours of youth employment.

A socialist may go against the current

More recently, open debate on pension reform of 2010 and while DSK is already at the head of the IMF, he said there was no "dogma" on maintaining the statutory retirement age to retirement at age 60, an opposition Socialist Party's position. Another difference with his own camp: the Tobin tax. The politician has in fact been opposed to this idea, though supported by economists like Joseph Stiglitz and Lawrence Summers.

And the man who embodies the social democrats to the SP has also marked its difference in the IMF. Arriving at the head of an institution that raised questions about her future, and many critics, he managed to restructure the institution and give it a key role in the international arena, which has attracted praise from worldwide payday loans direct lenders. "The IMF has clearly become the most important international institution today," says economist Colin Bradford.

For international regulation of capitalism

In January 2008, when the crisis was still described as mild by governments, he called the major economies of the world to implement recovery plans, breaking the tradition of the post.In April 2011, he has even declared the death of the "Washington Consensus, the set of liberal doctrines which had until his arrival at the head of the institution guided measures. In fact, the theory of "structural adjustment" and the conduct of restructuring brutal and fast, Dominique Strauss-Kahn called for the "protection of the most vulnerable and the fight against inequality. Thus, under its authority, the IMF has supported the bailouts of countries in the euro area face serious problems of public deficit. The institution argued that he directed the implementation of reforms in Greece, Ireland and Portugal, but sometimes at the risk of being unpopular, particularly in Greece, where DSK may have committed some blunders.

The man, who graduated from HEC in 1971, Sciences Po and a BA in Public Law in 1972, is especially active in Europe.One of the founding fathers of the euro has indeed worked hard to save monetary union, threatened to collapse at the height of the crisis of public debts. He campaigned for solidarity between governments. In fact, convinced of the relevance of supranational governance bodies, DSK has worked for the establishment of a European budget authority that would organize solidarity between European states over the long term. But the departure of DSK to head the IMF could mark a setback to the realization of his dream to a deepening of the European Union and a supranational regulation of international capitalism.

The legacy of DSK, however, should leave an indelible mark. Several members of the institution, he claimed recently that his record is "impeccable", the IMF is now rejuvenated, powerful, and new fears.

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

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

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

No recapitalization

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

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

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

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"The Paris Bourse ends in the green again

At the opening this Friday, the Dow Jones revolves around the balance, 0.15% after clinching a few minutes of trading. The Standard & Poor's 500 does not move at 1361 points while the Nasdaq fold from 0.06% to 2871 points.

Household consumption to menu

After finishing up the day, Wall Street reacted little to the various macroeconomic indicators on the agenda Friday. Household consumption has caught up. According to the U.S. Commerce Department, spending rose 0.6%, the ninth consecutive month of increase, after rising 0.9% in February (revised from 0.7%).

Inflation accelerated for the fourth straight month the U.S., according to the price index associated with household consumption expenditure (PCE), released Friday in Washington.It reached 1.8% yoy, while she was still only 1.0% in November

At 15h45, should be released Chicago PMI index, indicative of economic activity in the region in April, then at 15:55, the second estimate of the index of consumer confidence in April, awarded by the University of Michigan.

Merck, Chevron and Caterpillar publish their results

On the corporate side, Chevron (-0.84% ​​to 107.90 U.S. dollars) has published better than expected results in the first quarter. Net income group share was up 36% year on year to 6.2 billion dollars in the first quarter no fax payday loans.

The manufacturers of construction equipment Caterpillar (2.37% to 115.33 dollars) has issued an earnings per share up 411% at 1.84 dollar. The turnover at 12.949 billion dollars, increased by 57%. The group revised its forecast for 2011 up.It expects sales of between 52 and 54 billion dollars against 50 billion previously.

Goodyear (9.92% to 17.81 dollars) on Friday issued a first quarter earnings four times higher than Wall Street expectations, thanks to strong demand.

Merck (+0.14% to 35.82 dollars) announced a net profit in the first quarter more than tripled over the same period last year, which was impacted by costs of merger with Schering Plough. It amounts to $ 1.04 billion. The pharmaceutical group has slightly raised its annual forecast.

The groupeMicrosoft (-2.06% to 26.16 dollars) is very guarded, after publication, on Thursday after the market close, with net income up 31% to 5.23 billion for the third quarter shifted its fiscal year.A performance that does not stop him being left behind parApple (0.79% to 349.50 dollars). Based on the number of shares and excluding special items, earnings amounts to 61 cents, above the 56 cents expected by analysts. The turnover shown up 10% to 16.43 billion, despite the climate of "mixed" for the PC market.

The oil services group announced Thursday morning that net income for the first quarter of 104.3 million euros, up 8.8% over the same period last year. This result comes from a quarterly turnover shows an increase over one year of similar magnitude (+8.9%) to $ 1.4362 billion euros. These quarterly revenue slightly below expectations, but net income, it exceeds the expectations of analysts.

This difference is explained by the better than expected recovery in operating margin of Technip. Reaching 10.1% in the quarter, it is higher by 1.3 points in the consensus of analysts. It is still a little worse than the first quarter of 2010 (-0.3 points).

The Europe-Russia-Central Asia, the largest market Technip

The sales increase was primarily in the Europe-Russia-Central Asia.In this area, sales surged by 49.6% over one year to 398 million euros. The Europe-Russia-Central Asia became the first market Technip, while at the same time last year, it generated less revenue than the African zone (down from 2.7% in the first quarter this year ) and especially, the American zone. Largest market last year, the region saw its American sales by 22.1% melt over one year to 243.6 million euros, becoming the third largest market group.

The group's net cash position remains essentially unchanged at 1.3 billion euros, or 2.4% less than at the end of December.

Technip believes that its results "demonstrate the value of activity based on a diversified backlog."It confirmed its guidance for fiscal 2011 and expects its annual turnover is 6.5 to 6.7 billion euros, with a margin combined operating Subsea between 6% and 6, 5%.

Ghent, in northern Belgium, hopes to lead by example. Alderman (elected) of Finance of the city, the Liberal Christophe Peeters, announced the withdrawal next 30 to 35 million euros were deposited in the accounts of banks Dexia and KBC in the name of the fight against the "bonus comfortable granted to bosses, "he said.

Dexia has announced the beginning of the payment to its managing director Pierre Mariani variable compensation of 600,000 euros for the year 2010. KBC for its part stated its intention to resume the payment of bonuses to its executives. These two institutions had to be helped by the government during the financial crisis. "When things were going badly, the taxpayers' money has helped the banks. Now that the situation improves, the banks start bonus of the same culture.We are not saying that this is not only ethical, but we act with the language of money, "protested Christophe Peeters.

Compensation "in accordance with legal provisions"

The amount that will remove the city corresponds to short-term investments. Christophe Peeters Dexia and KBC now threatens to turn to banks that do not grant bonuses "unreasonable" for the money to pay his wages and new investments in the long term cash till payday.

Following this decision, KBC announced its regret while stressing that the city was within its rights. For its part, Dexia said that its compensation policy was consistent with legal and regulatory European, Belgian and French.

Tougher legislation to

Although legal, these decisions go wrong with Brussels.European Commissioner for Financial Services, Michel Barnier, said that calls for moderation "were not heard." It now threatens to tighten the law of the European Union. In Belgium, the new Governor of National Bank, Luc Coene, also deemed "indecent" that banks that have benefited from government support grant bonuses to their executives.

The movement seems well underway across Europe. At the same time, Dexia and KBC, the BPCE (People's Bank – Savings Bank) announced the grant to the President Perol a bonus of one million euros in the year 2010. Like his colleagues in Belgium, the French bank had received a boost of 7.1 billion euros in state aid to help head out of water during the crisis.

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"French companies are literally looting!" Provides cybercriminologue Laurence Ifrah. They suffer all computer attacks. But these cases generally stifled so as not to alter their image. "Overall, worldwide, the flight data company has harmed more than one trillion dollars according to a study by McAfee, a company specializing in security computer. "France is among the most affected countries," said the specialist Symantec Norton Antivirus editor.

Strategic sectors like defense, aerospace, nuclear and all technology companies are particularly targeted. "Once an international tender was launched, espionage is taking place. Everyone tries to know the competitors' proposals, to adjust his own, "explains Laurence Ifrah.These flights also allow a "transfer" of technology at low cost.

All countries benefit

The Chinese are chronically designated as sponsors of these raids computer. According to the English equivalent of the DGSE, the MI6 contingent of engineers trained in the offensive would do well for three "Silicon Valley" of China. They carry out massive attacks and did not fear reprisals. Because it is always difficult to prove the origin of these intrusions.

They are not the only ones to steal data. All countries benefit from this golden age of intelligence information, while companies or sometimes even government services have yet to take drastic measures to protect. Because computer security is extremely restrictive. Should stop using their iPhone or BlackBerry, easily tapped.Or reduce the use of the Internet dedicated rooms within companies! It is also necessary to correct any faults computer. But maintaining the traffic slows, sometimes crippling computers. Many companies compare the cost and the risks putting off repairs.

"Anyone can copy the information in five minutes"

Thus, the pirates come from the world's most easily identified by holes. It should also be encrypted. "If the hard disk of a laptop is not encrypted, anyone can copy the information into five minutes and come away with without anyone noticing," says Bashir Mana, General Manager Europe, Middle East and Africa at Kroll, a specialist in risk management payday loans for self employed.Which concludes: "If a technology group spends less than 1% of its turnover to security, there is danger." But this is common.

Moreover, the computer circuits are not sufficiently "segmented" according to security experts. Just like the secret recipe for Coca-Cola, "we must never deliver the orders in full system to a single person." Even confidence! The data are too widely accessible to employees. The Wikileaks case and its diplomatic cables probably recovered without difficulty by a disgruntled soldier showed he does not build walls around a site to protect it, that threats also come from within. "At least 20% of information theft are caused by employees," according to computer security company Verizon.Some start with, it judging owners.

"The human is the weak link"

Others are in dispute with the company to disclose and seek revenge. Researchers at the International Centre for Comparative Criminology, Audrey Asseman and Benoît Dupont, have also started work modeling of risk factors among employees. Because "the human remains the weakest link."

Most employees become unwitting accomplices, however. Bribe or convince remains difficult, costly and risky. The new spies prefer "social engineering" to approach a target, know your Facebook friends, sign an email with a credible name known to the employee opens the unsuspecting and the book business to a Trojan ."The most effective attacks are those that are lighter and technologically the most discreet as an industry program extends over many months," says Nicolas Arpagian, scientific director of digital security ring at the National Institute of Studies of security and justice. Spies split files and schedule their departure in the day, while masses of messages flow.

These threats of espionage are now known. But in general, after a computer attack scale, the companies are reviewing their security arrangements.

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