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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.

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The sessions are followed and do not resemble the Asian stock markets. After all generally closed higher Wednesday, they slipped into the red on Thursday, hurt by the sharp drop on Wall Street last night. Like the U.S. stock markets, Asian financial markets are affected by falling oil prices. A trend that seems to reverse this Thursday in electronic trading in Asia, oil starting again significantly higher to 99.50 dollars (1.31%).

Japan: current accounts slashed by the earthquake

Anyway, this revival does not seem to reassure investors, oil prices have not passed the symbolic 100 dollars, according to some analysts. The Nikkei 225 closed sharply down from 1.50% to 9716.65 points. In the oil sector, Inpex shows a sharp decline of 3.42% to 564,000 yen.

After publishing yesterday's annual and quarterly results, and reassuring comments on its outlook for production, Toyota leapt 3.05% to 3370 yen and Nissan, which has published, after market, net income increased more than seven takes 1 , 40% to 795 yen.

On the macroeconomic front, the country saw its current account surplus dropped 34.3% in March year on year to 1.679 billion yen (14.6 billion euros), due to the earthquake of 11 March, which has disrupted production and exports.

The Taiwan Stock Exchange is resistant to red wave

In China, the Hang Seng in Hong Kong coward 0.83% to 23,098.80 points. Aluminum Corp. of China sells 2.42% to 6.86 Hong Kong dollars, CNOOC, 1.82% to 18.28 Hong Kong dollars and China Coal Energy, 2.95% to 9.86 Hong Kong dollars.As for the CSI 300 in Shanghai, it was down 0.17% at 3139.71 points.

Other financial centers in the Asian region, one resists Exchange: Taiwan, including Taiwan TAIEX gained 0.33% to 9050.50 points. Conversely, the KRX 100 Index dropped 1.48% from Seoul to 4558 points, the S & P / ASX 200 in Sydney fell sharply from 1.28% to 4718.80 points, the FTSE Straits Times sells 0.70 % to 3154.96 points and the BSE Sensex 30 Bombay lost 0.29% to 18,531.50 points.

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%.

The Paris Bourse continued to rise Wednesday as the U.S. markets yesterday and early this morning Asian displayed in green. The CAC 40, which arrived Tuesday night to close just above 3,900 points, moved well beyond this course: the index rises by 2.14% to 3992.30 points in mid-term, then that the session is moderated by business publications such as L'Oreal or PSA Peugeot.

Side currency, the euro resumed height and climbs above 1.44 dollars on Wednesday enjoying renewed interest from investors for the risk. Around 11:20 in Paris, the euro stood at 1.4477 dollars against 1.4334 dollars late Tuesday. The European currency enjoys a renewed interest from investors for risk.The euro was also buoyed by the success of a bond issue for Greece, which borrowed 1.625 billion euros Tuesday to three months, during a broadcast more than three times oversubscribed.

Oil, it is a mixed one, having rebounded yesterday in New York, supported by a sharp weakening of the dollar. The market remains concerned that high prices could weigh on demand and tensions in the Arab world. In morning trading, a barrel of light sweet crude for June delivery took 13 cents to 108.41 dollars.The gold, it reached a record high on Wednesday morning, climbing beyond $ 1500, supported by persistent concerns about the global economy.

Japan trade surplus sealed

In France, industrial orders rose 2.4% in February after a sharp fall in January (-6.1%), the export orders is also rising (+3.5%) according to figures from INSEE.Within the EU, the European Commission on Wednesday urged an increase of 4.9% of spending in the 2012 budget of the European Union, an extension of 6.2 billion compared to 2011, already deemed "unacceptable "by the United Kingdom at the time of austerity across Europe.

United States, 16 hours, home resales in March will be well attended, and the traditional weekly inventory of crude oil.

Japan's trade surplus plunged 78.9% in March over one year to 196.5 billion yen (1.7 billion euros), weighed by the consequences of the earthquake and tsunami of 11 March.

PSA Peugeot, Bic and publish their figures Mersen

PSA Peugeot Citroen (4.71% to 28.45 euros) posted a turnover up 10.2% in the first quarter.The automaker on Wednesday confirmed its forecast of operating results for 2011, despite a likely impact of 150 million euros from the earthquake in Japan.

Bic (6.78% to 64.30 euros largest increase SBF), which has published a net increase of 52.3% due to consumer product, and despite the cons-performance products and promotional advertising. The group says 2011 could be the result affected by the cost of raw materials.

L'Oreal (3.12% to 85.80 euros) announced a net revenue growth in the first quarter, buoyed by an acceleration in North America which helped offset sluggish sales in Western Europe.Note also that Liliane Bettencourt, heir to L'Oreal and second richest woman in the world according to Forbes, the property was recovered from the island of Arros and reflects a way of showing the public its fabulous collections of paintings, furniture and jewelry, can be read in Le Figaro.

Also note the titles STMicroelectronics (6.11% to 8.38 euros) and Alcatel-Lucent (5.15% to 4.16 euros) leapt at the Paris Bourse, driven by quarterly results from Intel and IBM U.S. that exceeded market expectations.

NicOx freefall

Saft (3.97% to 30.88 euros) announced that its joint venture with U.S. firm Johnson Controls has been selected to supply the battery system powering the electric motors of future Chinese carmaker Beijing Electric Vehicle Company (BAIC group ).

NicOx (-17.66% to 1.88 euros) announced Wednesday its decision to withdraw the application file for permission to market its anti-inflammatory Naproxcinod in Europe.

GDF Suez (2.28% to 27.08 euros) states his displeasure when the government has formalized Tuesday in tariff of electricity from nuclear power for EDF's competitors. This decision precipitated also the question of a reconciliation for Poweo, reads in Les Echos.A reconciliation with Direct Energy would make sense, "says Loïc Capéran which the group hoped a wholesale price of electricity sold by nuclear EDF at 35 euros per MWh.

Credit Agricole (2.58% to 10.93 euros) reaffirmed that successfully pass the new tests of resistance and meets the criteria of Basel III solvency without resorting to a capital increase.

The French group Technip Petroleum Engineering (2.76% to 75.32 euros) announced Wednesday it had won, in consortium with Tome Engenharia, a contract to supply equipment and monitoring of their operation in a refinery group Brazilian Petrobras.The contract amount was not disclosed in the statement.

NYSE Euronext (1.73% to 27.42 euros): Nasdaq OMX Group and Intercontinental Exchange (ICE) have sought to open negotiations on a buyout of NYSE Euronext's offering of $ 350 million in case rejection of their offer by the authorities.

Spir Communication (1.29% to 41 euros) has confirmed a target EBIT profit in 2011 after signing up 3.5% of its turnover in the first quarter thanks to its Internet operations.

Transgene (-0.88% to 12.59 euros) has issued operating income of 3.56 million euros, against 3.48 million a year earlier, thanks to increased research grants. In late March, the biopharmaceutical company had cash of 169.8 million, against 180.3 million in late 2010.Its cash expenditures amounted to 10.6 million in the first quarter.

Tonight, after market, expected sales of Accor, Schneider Electric, and APRR HighCo.

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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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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The purchasing power of French has been cut sharply last year by soaring housing costs. In 2010, the French spent 297.7 billion euros at their homes. Each household has spent 9800 euros for lodging, cons 9,500 euros in 2009. The budget for housing has increased by 4.2% last year, nearly three times more than inflation (+1.5%), and against an increase of 1.8% in 2009, according National Accounts of Housing released Wednesday by the Department of Ecology.

The energy cost and expenses for the rise. According to ministry figures, energy costs rose 12.1% in 2010 resulting from higher prices for oil and gas where the increase was between 22% and 36% over the last 5 years .Moreover, the volume of consumption has also increased due to mild weather less than in 2009.

The charges, which account for one tenth of the total, have also registered an acceleration in 2010: they increased by 2.2% in 2010 after rising 1.3% in 2009).

Accommodation: First item of expenditure of the French

Conversely, higher rents, which account for three quarters of current spending, slowed in 2010 for the fifth consecutive year online payday loan lenders. It increased by 2.7% against an increase of 3.1% in 2009. The private sector recorded an increase of 1.3%, below that of the social sector by 2.0%, for the third straight year.

Housing remains the largest spending item of the French.In 2009, they spent 21.7% of their disposable income on current housing expenses, twice more than for food or transport, which both occupy nearly 11.5% of expenditures.

Secretary of State for Housing Benoist Appeared acknowledged Wednesday that the housing situation in France was "serious", after the publication of the report of the Abbé Pierre Foundation. According to the association, 10 million French people are victims of housing crisis.

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2011 will take the form of a simple equation for Boeing. On the one hand, the U.S. defense budget is on: the Pentagon plans to achieve 154 billion dollars in savings by 2016 through restructuring and abandonment program. The other, air traffic takes off and demand for new airliners recovers. If he wants to take this crisis, Boeing faces several challenges. And the primary certifying and then delivering his B 787 successful ramp-up industrial Dreamliner set at 2 per month in 2010 to 10 in 2013. The new long-haul Boeing accuses three years behind the counter and Boeing has more room for error after yet another delay in the delivery schedule.

James McNerney, CEO of the Chicago giant, is stepped into the breach yesterday by presenting the results of fiscal 2010."In 2011, we will focus on delivering the B 787 and B 747-8. They will go into service this year, "he promised. The first delivery must take place during the third quarter of 2011. The stakes are high as 57 airlines have ordered 847 copies. As for the B 747-8, which has won no command last year, Boeing expects to deliver the first cargo plane in mid-2011 and late 2011 passengers.

Reply to A 320 NEO

In 2010, these two programs, which have accumulated delays, setbacks and additional expenses were again weighed on the results of Boeing Commercial Aviation (BCA) to the tune of 2.7 billion dollars for the 787 and only $ 1.4 B billion for the B 747-8. And turnover of BCA has dropped 11% (see table).Despite this, the group as a whole has doubled its net profit to 3.3 billion dollars compared to 2009.

But Wall Street has not seduced: the title yielded 3.59%, to 69.64 dollars yesterday during the session and weighed on the direction of Dow Jones. Investors have been showered by the 2011 outlook below expectations and the challenges facing Boeing. The group's management anticipates a turnover of between 68 and 71 billion dollars but the results "will be affected by the revision of the schedule B 787, an increase in pension expenditure and a tense situation on the defense market" says she.

Beyond the B 787 and B 747-8, Boeing is facing critical choices on two other successful programs. Reengine or not its medium-haul B737 to meet the Airbus A 320 NEO? "We will continue working on this issue with our customers.If we were wrong and they want a re-engined aircraft rather than a new device that would be launched around 2020-2025, and although we will act. But I do not think this will happen, "James McNerney develops.

Another trade expected in 2011 in the large aircraft segment: launch a derivative of B 777 to counter the future Airbus 350-1000 or expand the family of the B 787?

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Electroshock. The announcement from Steve Jobs yesterday (Monday) to take off again, weighed heavily on investor sentiment. As usual, when the captain left Apple-temporarily-ship Apple, the first symptom is the sudden shiver, followed by the heart racing. And generally, the stock price of the third widest largest market capitalization in the world wins. Is still the case on Tuesday: Mid-afternoon, the title loses 3.55% to 336.11 dollars.

According to Piper Jaffray analyst Gene Munster, "every time Steve Jobs had to leave to sick leave, the impact on Apple stock was lower. The last time the boss's absence, between January and June 2009, the same as Apple has jumped 50% over the period.A few months ago, however, while the man had appeared weak and emaciated at a conference, he had plunged 10% in one week.

Quarterly results expected tonight

So even if the statement sent to its employees, only six lines and rather elusive – you know neither the severity of her condition or the duration of his absence – the mere fact of being "transparent" seems a better way Apple. Tim Cook has sought to clarify that "Jobs is not leaving his post as CEO, we believe that his absence will be both shorter and less serious than last time."

Finally, this Tuesday is the day that Apple unveils its quarterly results. Good numbers might cons-balance the bad news on the health front of Steve Jobs.However, unless major surprise, the publication of tonight should again be placed under the sign of growth and performance, including its flagship iPhone and iPad.

And nothing seems to stop the mad rise of the mark to market the apple. The Apple stock, which has exceeded for the first time in its history the 350 dollars last week, still rose 50% over the last six months. Last May, Apple has ousted its longtime rival Microsoft in terms of market capitalization, which topped the beginning of this year's $ 300 billion.

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In addition to being the richest man in France, his fortune amounted to 22.7 billion euros, Bernard Arnault, boss of LMVH, holds another record. According to the financial information site, Wansquare he exercised stock options to acquire nearly 1.4 million shares of the group.

In detail, he initially served on December 17 of stock options granted by LVMH to acquire 600,000 shares at a price of 43.3 euros. Then, on Dec. 20, he acquired 187,670 at a price of 52.82 euros.In total, he bought 787,670 shares in December, LVMH, which must be added the 600,000 acquired on November 26 by exercising stock options awarded by the group.

Franck Riboud worse than Bernard Arnault

If it sold 1,387,670 shares at the current price of 125.75 euros, Bernard Arnault and realize a capital gain potential of 99.5 million euros, based on the current price of LMVH. However, Bernard Arnault "did not intend to sell its securities. It is an investment in his group, "said a spokesman for the group.

Nothing to do with that Franck Riboud, CEO of Danone, could make if it sold the 141,330 stock options he acquired December 22, or 2.83 million euros.Last year at the same time, the CEO of Danone had already realized a gain of 3.351 million euros in carrying hundreds of thousands of stock options before Danone to sell securities.

LVMH has the highest increase in the CAC 40 since the beginning of the year, earning 59.8%, while Danone has appreciated 11.94%.