International Headlines and Stories

The honor is safe: Microsoft earns more money Apple. Some were considering a transfer of power between the two giants of American computer but the Apple brand will be a little patient. Of course, Apple is now more expensive than its rival in stock: 235 billion against $ 226 billion for Microsoft. However the latter has finally achieved the title of his fourth-quarter profit of 4.518 billion dollars or 51 cents per share, well above the 46 cents expected by analysts. Apple's side recorded during its third quarter profit of 3.25 billion for a turnover of 15.70 billion savings account payday loans.

In its statement, Microsoft said it has achieved a turnover for the period April to June of 16.04 billion dollars, up 22% thanks to higher sales in all activities. This is a "record"

Over the year, net income appears to 18.760 billion dollars, up 29% and the turnover of 62.484 billion dollars, up 7%.

The group Redmond has definitively turned the page on last year, which had marked the first decline in its business since its inception.

Great absent G20 Toronto, the issue of tax havens coming back in the headlines the case Bettencourt. The conversations between plays Liliane Bettencourt and Patrice de Maistre, the man who manages his vast fortune, revealed the existence of undeclared accounts in Switzerland for a total of some 80 million euros and a small private island lost in the Indian Ocean, estimated between 300 and 500 million euros. A "case study" that illustrates the mechanisms and the persistence of tax evasion.

Despite the political will displayed at the G20 in London in April 2009, chief among which those of Paris, Berlin and Washington, hunting bank secrecy small steps.Like it or not the president, Nicolas Sarkozy, who said: "Tax havens, it's over." Certainly, under pressure from the G20, the major financial markets have taken one at a time with the standards of exchange information of the OECD, the risk of being pinned on a blacklist. What this implies for the treasury of the countries referred to respond to requests for information in cases of suspected tax evasion proved.

Hunting opacity

Since then, over 400 bilateral agreements were signed, including between France and Switzerland. The text was adopted on June 18 last, by the Swiss Parliament since Tuesday and is registered in the Official Journal of Switzerland. The entry into force can not be done until after the legal deadline is October 7, allowed the organization of a referendum. French side, the agreement is still not included in the agenda of the Assembly."Will stay then test its effectiveness, said Jean Merckaert, specialist tax fraud CCFD, a development NGO. These past months have shown, lists stolen (HSBC France, UBS in the United States), which allowed the transfer of thousands of names, are more effective than the exchange of information through the conventions. "

General Delegate to the fight against uncooperative jurisdictions, François d'Aubert acknowledged the imperfection of the system, where you just twelve agreements out of the list, which is more that can be signed with other tax havens. "We need the tax administrations of each country can have access to bank accounts, accounting firms and identify the beneficiaries of a trust," he said recently. Like the little corner of paradise in the Seychelles, hidden behind a foundation, the opacity remains the bete noire of the treasury.

The possibility of staff mothers of three children to retire at any age, provided they have completed fifteen years of service, will be removed by the pension reform. 15,000 women each year experience at a cost of several hundred million euros. The purpose of this feature – contested by Brussels sees discrimination against male officers – has barely stirred the objection of the unions. They recognize a hint that these rules "natalist" dating from 1924 are no longer justifiable.

However, the method of extinguishing device is controversial. Women fulfilling the criteria required before 1 January 2012 may still benefit. But the financial conditions will be much less favorable for all those who file their application from 13 July, the day of presentation of the bill in the Council of Ministers.Article 18 provides in effect that from that date, it is the rules of retirement for the year of birth of the mother who count, not those of the year it has fulfilled the two conditions family size and length of service.

Protective provisions

Specifically, "So far, a woman born in 1962 and in 2002, had three children and fifteen years of service, could leave with the rules in force in 2002, before the reform Fillon said Brigitte Jumel (CFDT) . The amount of his pension was then strictly proportional to the number of years of contributions, divided by 37.5 years. If she filed her case on July 13 or after, these are the rules for the 1962 cohort will apply.Consider a calculation 41.25 annuities, with the reform announced last week, and especially a discount for all the missing years, as foreseen by the law Fillon.

The Secretary of State for Public Service does not deny these provisions but ensures that they are actually "protective". It is in effect six months from the filing of the application for retirement and the first payment of pension. And what are the rules valid at the time of liquidation, not when the application is submitted, that apply. That explains the entourage of the Secretary of State George Tron, without this clause "of 13 July," an official who filed his case last May, to go in November – a period when the law on pensions should be entered into force – would have been applied to the methods of calculation less favorable.It is therefore intended, provides the government to "cover" all mothers who wish to leave by the end of the year.

The euro rose again on Monday morning against the dollar. It rated 10 hours to 1.2430 dollars, after touching 1.2460, an increase of 4.6% since it started bouncing on June 7 last, when the exchange rate euro / dollar rate was 1.19. A fast pace for the foreign exchange market.

China, usually accused by Western countries to maintain the exchange rate of its currency artificially low, just a surprise. A week before the G20 summit, the Chinese central bank announced the end of two years of indexing the yuan to the dollar. The aim is to gradually revalue its currency in order to regulate the Chinese economy, which is based on thirty years export.

To believe in technical analysis, "a great potential rebound comes." The first significant resistance (level on which the exchange rate risk of stumbling) is 1.27.Above, the parity would take the lead of 1.33. The trend is now positive short-term above 1.19.

Why such an increase?

The reason for this rebound is mainly technical: the euro has fallen too quickly in recent weeks, the currency had to breathe. Indeed, on 1 January, the euro was trading at $ 1.44, and in December 2009, it was worth even $ 1.51. In other words, between the highest and the lowest point reached in early June to 1.19, the euro has fallen more than 21%!

Other mechanical reason of the rise of the euro: the decline of the dollar which causes the exchange rate euro / dollar rising payday loan. But the greenback fell amid indices acclaimed. "Historically, there has always been an inverse relationship between the U.S. equity market and the greenback," said the chief executive of Saxo Bank, Pierre-Antoine Dusoulier.

And since the announcement of China, which paves the way for a separation of the link between the yuan and the dollar, the yuan prances its highest levels since July 2005. The renminbi, another name for the Chinese currency, reported a record on the interbank market at 6.8089 against the dollar. Faced with the rise of the yuan, the dollar fell back automatically.

The trend remains bearish background

In the medium term, despite five times the highest drop since last December, the trend is still fragile.Even if the single currency does not seem too responsive to European concerns on the health of public finances of countries – including Spain rumors, denied – the macroeconomic situation on the continent remains sluggish, between sluggish growth and unemployment Box, accompanied by rigid budgetary policies.

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Danone and Russian Unimilk announced Friday the signing of an agreement to merge their dairy operations in Russia and nearby states (Ukraine, Kazakhstan and Belarus).

This merger will create a new entity that will represent a turnover of around 1.5 billion euros. With 21% market share, it will be a leader in the dairy area CIS (Commonwealth of Independent States, Ed) and especially in Russia. " They will be checked at 57.5% and 42.5 Danone by current shareholders Unimilk.

In their communique, the two companies emphasize their complementarity, including their geographical location (Danone west, east Unimilk) and their products (on the segmented health Danone and core market segments for Unimilk).Unimilk is currently the second largest private company in the Russian dairy and infant nutrition.

"Nearly twenty years after our debut in Russia, said Franck Riboud, CEO of Danone, the creation of Unimilk Danone Danone is a strategic move in a region characterized by growth for years to come."

In a market somewhat reassured by the prospect of quick release of aid to Greece, investors remained cautious almost the whole length of the session.

Then again, once the bamboo. Shortly before 16 hours, the index unscrewed and recasse 3,800 points, 3787 points exactly (-1.4%). In London, the Footsie – 100 lost 0.91% to 5566 points. In Frankfurt, the Dax fell into the red, and more timidly back 0.11% to 6138 points.

Moody's said the drop in grade nine Greek banks regarding their financial and credit solodit?. And Standard & Poor's lowered its rating on Goldman Sachs.The U.S. Justice had opened a criminal investigation against the American investment bank, say several U.S. media including the Wall Street Journal and Washington Post.

On Thursday, the Paris Bourse was rebounded, following strong quarterly results and hope for a speedy realization of the plan of aid to Greece.

News macroeconomic rich

The producer prices rose 0.6% in March in France after rising 0.1% in February, according to Insee. On a year they show an increase of 2.0%.

In the euro area, inflation has accelerated a bit in April, 1.5% over one year after 1.4% in March, according to Eurostat. The unemployment rate remained stable at 10% in March.Note that France has seen the number of jobseekers in category A decline of 0.2% in March.

In the U.S., the publication of the first estimate of U.S. GDP for the first quarter of 2010 will most watched by investors. The figure will be unveiled at 14:30.

Total, biggest drop in the CAC 40

On Friday, Total reported net income up 9% to 2.3 billion euros. The actions of the oil lost 2.55% to 40.8 euros, the biggest drop in the CAC 40, as investors disappointed by Total's production in relation to its competitors.

In the other direction, Michelin, the second largest increase in the index, rose 2.58% to 54.84 euros. The group unveiled Thursday evening tire sales in line with analysts' expectations. The outlook and actions are "a very good entry point" in stock.

S?chilienne-Sidec (4.76% to 24.2 euros) on Thursday posted a turnover increase of 20.6% in the first quarter of 2010 to 66,200,000 euros, after one year of 2009 by disabled 'significant downtime and lower coal prices.

After Exchange, Latecoere publish its annual results.

Around 15 hours, will begin the General Assembly of shareholders of Renault, where the boss, Carlos Ghosn, should be reappointed to head the automaker.

Vinci downturn

Vinci (-0.83% to 41.75 euros) Thursday announced the signing of a Memorandum of exclusivity with Apax Partners to buy investment fund Faceo company specializing in technical maintenance services.

ADP (+0.14% to 62.5 euros): The Union of French airports (UAF) said on Thursday that the volcano Eyjafj?ll Iceland, which has caused paralysis in air traffic from 15 April has lost to French airports with 30 million euros 16-18000000 for A?roports de Paris.

Rhodia (+0.17% to 17.8 euros) announced Thursday night that successfully placed a bond loan of EUR 500 million maturing in 2018 intended to refinance its senior debt.

The National Assembly must decide on Tuesday on the bill to regulate the consumer credit. The text, which has already been approved by the Senate must pass the difficult balance between maintaining economic activity supported in part by the credit and the necessary protection of indebted households.

The number of cases filed with the commission of indebtedness that is constantly increasing. A phenomenon considered especially worrisome by the Bank of France that the population affected by the debt overhang is not the same. When creating the indebtedness committee with the law Neiertz 1989, he was helping people who had not managed their budgets: the syndrome of fever buyer where people were abusing the loan to purchase a 4X4 or high-tech products.But since the late 1990s, a new category of people are facing the problem of indebtedness, with the emergence of "new poor", that is to say who, though having a job, fail longer pay the bills of electricity or gas. And the crisis has accentuated the trend by multiplying the number of "accidents of life, including the number of households affected by unemployment cash advance. Since 2008, the Bank of France notes an increase in cases of indebtedness of approximately 16% per year.

The latest statistics released by the agency confirm this movement. 19,380 cases have been filed with the commission in February 2010. 20.5% higher than the previous month.

The Bank, however states that one should not jump to conclusions, due to some seasonality.The first months of the year are in fact traditionally the stigma of Christmas. A phenomenon in which the new text may perhaps act. It provides for a doubling of the period of withdrawal of clients (14 days instead of 7), the obligation of loyalty card stores offered an option "cash" or a limitation of revolving credit and advertising. The banks and specialized agencies should then put more emphasis on the commitment that is a credit on the ease of obtaining money.

Eric Woerth held on time. Like its predecessor Xavier Darcos promised, the new Minister of Labour sent Wednesday afternoon the bill on social dialogue in very small businesses to members of the National Commission of the collective agreement and the Higher Council The probity. This text, which must still be approved by the State Council before being presented May 12 in the Cabinet, sets the conditions for measuring the hearing of unions in companies with fewer than 10 employees, a necessary condition for the law of 20 August 2008 laying down the new criteria for union representativeness is not considered unconstitutional for excluding more than 4 million workers in any election.

'We relied on the letter of the UPA and four trade unions, it says the Ministry of Labour.A letter dated end of January, setting the broad outlines of a trade union representation in the territorial commissions after elections in the TPE.

This bill deals with "three great subjects." First, it imposes in firms with fewer than 10 employees on a consultation list at the regional level every four years from late 2012. "This consultation will be through the internet or by mail, confirm there in the entourage of Eric Woerth. And it will affect all employees of small, except those of Agriculture whose election results, chambers of agriculture will be taken into account.In other words, all employees of businesses with fewer than 10 people will vote on the union they feel able to represent them in the territorial commissions, not the names of candidates.

Deuzio, the establishment of joint regional chambers (and the designation of their representatives) is returned to negotiations or inter-branch branch. The mission of these committees? "Monitoring and enforcement of collective agreements," says Bill.

Thirdly, the government postponed by two years the date of the next industrial tribunal elections to be held no later than at the end of 2015 and not 2013."There are many elections in early 2014 and we also want to allow time to analyze the recommendations of the Richard report," justifies a collaborator Eric Woerth.

"This is not the priority"

The Richard report, to be unveiled in the coming days, should offer new ways of "designation" of judges prud'hommes. One of the tracks would be considered to remove the election to go through an appointment of counsel based on the weight of each union at national level.Delaying the election of two years and has the advantage of allowing adequate time for governments to measure the weight of each plant under the new criteria of representativeness (will not be representative as the plants that, nationally, have a hearing than 8%).

No doubt this bill will meet the four trade unions signed the letter of intent in December with UPA: CFDT, CGT, CFE-CGC and CFTC. And will be fought by the MEDEF and CGPME rating as "excellent" social dialogue in the current SOHO and do not see the usefulness of measuring the audience of trade unions in the TPE.

"This is not the priority," has consistently indicated Laurence Parisot, the president of MEDEF, for several months.Leaves also ignored their signature in April 2008 when, in a common position on trade union representation endorsed with the CFDT and CGT, they referred the audience measurement in the TPE for future negotiations and the MEDEF the GGPME refused to open in December.

It's official! The president of employers' movement Ethic, Sophie Menthon, announced Tuesday on the airwaves of Europe 1, its official bid for the presidency against his current MEDEF Laurence Parisot ruling. Geoffroy Roux de Bezieux bench since its announcement in Le Figaro that he would not seek the presidency of the MEDEF, the campaign was revived with the announcement this morning.

"I want every business in France feel represented by the MEDEF" said one who had resigned just last year the ethics committee of the MEDEF. He added: "This is not the case today. The balance of Laurence Parisot is great, but it must go to the conquest of public opinion. I'm an activist and I will speak in the media. "

The high-profile president of the employers' movement Ethic acknowledged that 2009 has been difficult for the bosses. "They were attacked from all sides.To be closer to public opinion, he must reinstate a discussion now payday loan instant. And for that, it is better to have two candidates. "

"The MEDEF has more need of me than I of him"

On the issue of pensions, Sophie Menthon supports the position that Laurence Parisot has urged the government Sunday to push the legal age of retirement.

Sophie Menthon appeared hesitant when she had to clarify whether it would have the 50 signatures needed to be sponsors of the presidential candidate of the MEDEF. "I think so. I am driven by entrepreneurs.The MEDEF has more need of me than I of the MEDEF, "she says.

The campaign for the presidency of the MEDEF was launched last week by its current boss, Laurence Parisot, who is seeking a second term.

Candidates have until May 1 to declare the election to be held on July 1.

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After hesitating on the direction to take in the first exchanges, the CAC 40 in advance of 0.16% mid-term to 3993.96 points. Small increases also in London, where the Footsie climbed 0.31% to 5.690 points, and Frankfurt, where the Dax advance of 0.26% to 6158.72 points. Optimism remains in effect measured before the publication of a series of statistics on both sides of the Atlantic.

INSEE opened the dance of the ads shortly before the opening with the announcement of a debt to France of 77.6% of GDP, against 67.5% of GDP in 2008. The deficit was up 1.8 point to 7.5% of GDP in 2009, a figure slightly less bad than expected (7.9% expected). The deficit increased a total of 80.1 billion, reflecting a decrease of 4.3% of revenue and an increase of 3.8% of spending, Insee said.Note also the producer prices rose 0.1% in France in February after rising 0.6% in January.

Moreover, the annual inflation rate of the euro area amounted to 1.5% in March 2010, according to a flash estimate issued today by Eurostat, the Statistical Office of the European Union. This figure covers 16 countries using the euro represents the largest increase since December 2008. It was 0.9% in February. As for unemployment, it has reached 10% in February against 9.9% the previous month, which is the highest level since August 1998.

An abundant macroeconomic news

Across the Atlantic, the eyes will be on the ADP figures of employment in the private sector in March, which fall at 14.15 (this is the employment figures to be released Friday which are expected by most investors).In February, U.S. employment was revealed better than expected. The unemployment rate was 9.7%.

Half an hour later, the economy of the Chicago area over the same month that will be scrutinized by investors. Then, 16 hours, industrial orders in February will register on the radar screens of traders. Finally, at 16:30, the weekly inventory of crude to the United States will be made public.

Other noteworthy events this Wednesday for the first time a foreign minister, namely the French Minister of Economy Christine Lagarde, participates in the German Council of Ministers, devoted in particular to a stabilization fund for banks (9:30).She then held a press conference with his German counterpart Wolfgang Sch?uble at noon.

Societe Generale court

The French bank Societe Generale (+0.32% at 46.86 euros) must respond to a complaint filed in Court of New York by pension funds and individual investors who accuse him of having lost the money.

Axa remains in the green (0.27%, to 16.52 euros), while S & P downgraded its rating on the stock.

Regarding EADS (+1.11% at 15.05 euros) and the American tanker, Barack Obama, during a press conference in Washington with Nicolas Sarkozy, said he wanted to "avoid protectionism. He promised a selection of "free and fair" contract for 35 billion euros.

It Schneider Electric continues to lead the CAC 40, with an increase of 2.21%, to 87.32 euros.Vinci rises by 0.42%, to 43.99 euros, still boosted by his victory over the tender to 7 billion euros for the TGV south-western France.

Later publications, the leading Internet ad Adenclassifieds saw its net profit fall by almost 88% last year. But signs of recovery appear since the end of 2009.

On Wednesday, Orpea, a leading French farmers institutions comprehensive care for dependents, issued a rebound in net income of 26.1%, to 61 million. The title climbed 0.72% to 30.72 euros.

Neopost back him, from 3.74% to 58.95 euros. The group saw its 2009 net profit decline of 5.7% to 147.9 million euros.