In the oil industry, Trouvay & Cauvin is what we call an assembler, which delivers the engineering as the French Technip and its foreign competitors parts-pipes and valves, for their major projects free 3-in-1 credit report.

Next quarter, announces Laurent Marie, CEO and principal shareholder of the SME, "we will open a storage site can accommodate 10,000 tons of equipment, and eventually 100,000 tons" for BP, Shell, Exxon Mobil or LUKoil still.

For now, the 60,000 square meters of land in Basra, Iraq's major port on the Persian Gulf, are under-mining. Port infrastructure are still dilapidated, one must import, describes Marie Laurent.

The signal came from Paris, where the government is out of the woods on the delicate issue of recapitalizing banks with public funds. "We have no doubt about the strength of French banks but there is turbulence in financial markets that cause the increase of capital of European banks has become a necessity," conceded Valérie Pécresse, Minister for the Budget and is speaking for the government.

If Bercy always prefers a recapitalization by the "private capital", the Minister acknowledged that France was willing to inject itself of public money to support its banks.But only "if necessary, ultimately," insists on all sides. Still, Paris is on the side of Germany, who suspected her of wanting rather to apply the European Stability Fund (EFSF), to avoid jeopardizing its AAA. Now for Berlin, there is no question that States have the means to put themselves out to the pocket have had recourse to the help system mutusalisée what the Fund. "The EFSF can lend to some countries who need loans to recapitalize their banking system, France will not appeal there," committed Valérie Pécresse. If banks do not hammer need to be recapitalized, the French government, however, stand ready, in case …

Paris is therefore close to Berlin. And position strangely similar to that outlined Wednesday by José Manuel Barroso.Calling for a "fully coordinated approach," the President of the European Commission has called on banks to beef up their capital "temporarily" but "emergency". Private funds, public money or relief of EFSF, that each country is doing: Europe is the strength of its banking system can no longer be doubted.

30% to 60% discount

For this, the European banking supervisor is the maneuver. According to the Financial Times, the European Banking Authority will impose a hard capital ratio of 9%, a considerable jump from 5% who had served as a reference during stress tests in July. All, by mid-2012. But the effort goes further. The supervisor collects the latest encryption on sovereign debt portfolios of the banks to deduct equity securities on these discounts applied by the markets.

If the bank building is now consensus among European politicians is that a taboo is jumping, that of non-payment of Greece. Of course, nothing is official act. But when Barroso calls for "decisive action on Greece" to qd'assurer the viability of the Greek economy is emerging between the lines a massive debt waiver. Greek Prime Minister George Papandreou does not hide the power struggle in which he was hired: "We negotiate every day to reduce this debt." Of "responsible for the euro area" quoted by Reuters are considering the possibility of a cross on 30% to 50% of Greek debt.The President of the Eurogroup, Jean-Claude Juncker, has even mentioned a discount of more than 60% earlier in the week before his entourage back-pedal.

For now, banks consider in their accounts that they must give up 21% of their claims of Athens, in accordance with the agreement of July 21. It is to be able to take the shock of restructuring more violent they are asked to display ratios above reproach.

Nearly $ 200 billion of securities

The FHFA criticizes all of these institutions have sold financial products backed by mortgages on the two parastatals of mortgages Fannie Mae and Freddie Mac, between 2005 and 2008. At the time, the banks had facilitated access to loans of U.S. households to recruit new customers and sell homes often too expensive betting on rising prices.The system had finally collapsed during the summer of 2008, taking with it Fanny Mae and Freddie Mac.

The FHFA estimate that the seventeen banks have concealed certain characteristics of the securities they sold, including lying about reality checks on the creditworthiness of borrowers households. "The complaints allege violations of federal law governing financial assets and rights (common law) in the sale of securities backed by residential mortgages designed by these institutions," said the FHFA.

All the losses by the two organizations, which then 40% of the outstanding loans granted to the United States is estimated at 30 billion.Placed under public guardianship, Fannie Mae and Freddie Mac have so far cost $ 170 billion to American taxpayers.

The FHFA was assessed for each of the banks in the dollar amount of securities sold to two giants of credit (see box). In total, nearly $ 200 billion of securities that were sold. Most involved, the JPMorgan U.S. (United States) would have sold itself for more than $ 33 billion of securities. Societe Generale for its part would have yielded $ 1.3 billion.

"Fannie and Freddie knew"

The complaint of the Federal Agency is expected to lead to negotiations and a financial agreement to avoid a trial. In all cases, the procedure could be very expensive institutions in question, particularly in the largest U.S. bank by assets, Bank of America.The group should in fact not only defend his own actions, not the worst according to the FHFA, but also the mortgage lender Countrywide and investment bank Merrill Lynch, bought in 2008 payday advance. Last June, the U.S. bank said it had agreed to pay $ 8.5 billion to end the prosecution of several investors and intended to spend an additional provision of $ 5.5 billion to clear the situation with Freddie Mac and Fannie Mae. The Wall Street Journal fell when it was the agreement to compensate the largest ever signed. The group also announced on the night of Friday to Saturday it plans to reduce its workforce by 10%, equivalent to the elimination of 30,000 positions.

The defensive line of Bank of America today is that Fannie and Freddie knew very well what they were doing."They said they understand the risks" and "now seek to hold other market operators to be responsible for their losses," the group said in a statement.

Regarding the French bank Societe Generale, no figures were given, but the injury is considered "important" by the Federal Housing Finance.

Amount of securities sold by banks

1. JPMorgan (USA): more than $ 33 billion

2. Royal Bank of Scotland (UK): more than 30.4 billion

3. Countrywide (United States, Bank of America): about 26.6 billion

4. Merrill Lynch (United States, Bank of America): more than 24.9 billion

5. Deutsche Bank (Germany): more than 14.2 billion

6. Credit Suisse (Switzerland): over 14.1 billion

7. Goldman Sachs (USA): more than 11.1 billion

8.Morgan Stanley (USA): more than 10.6 billion

9. HSBC (UK): more than 6.2 billion

10. Ally (USA, formerly GMAC): over 6 billion

10. Bank of America (USA): over 6 billion

12. Barclays (UK): about 4.9 billion

13. Citigroup (USA): over 3.5 billion

14. Nomura (Japan): more than 2 billion

15. Societe Generale (France): nearly 1.3 billion

16. First Horizon (USA): 900 million

17. General Electric (USA, parent company of GE Capital): 550 million

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While the employment center boss does not attack his name minister. But it strives, in a final chapter "to go further," to criticize one by one the thrusts of Xavier Bertrand instant payday loan.Doing so trades voltage (or those positions are filled) "alpha and omega of an employment policy reflects a restrictive vision of the situation well," Charpy loose. While Xavier Bertrand refused to increase the number it considers "necessary" to strengthen them. Employment center boss surprised "when the increases in the accompaniment of the retrenched, one can consider reducing the accompaniment of other job seekers." And find it ironic that "it reduces opportunities to verify the authenticity of acts of job search by reducing the monthly monitoring personal" when we want "to hunt fake unemployed."

"Showdown"

(Photo credits: Tallandier)

If production is largely carried out in Portugal, the group is established with the help of the town hall, a center of development of its textile lines in September 2010. "In this economy, every job is important!" Notes Eric Vuillemin, mayor of the town, who was involved up to 700,000 euros for the renovation of the site.Models of the brand are now developed, and to do that, fifteen jobs were created.

Flexibility

Like Rossignol, another French brand of sport with relocated, the move comes as part of the recovery of the group in trouble after its acquisition by Adidas in the 70's. 22 years after leaving France, the new owner of Adidas in 2005, the Swiss investment fund Aires, has chosen to focus its strategy on the high end and quality French.

By refusing to subcontract as the creation of other brands and product development, Adidas claims to have improved in quality and uniqueness guaranteed payday loans. "We control our now in-house research and development, what sets us apart from the competition," it is argued.Like many companies that have relocated, the brand is also pleased to have shortened the production time and thus become more flexible.

Fifteen new jobs created

Two advantages that should further strengthen next year. Because the group now plans to relocate for the first time a production unit in France, always in Romilly-sur-Seine. The new plant, expected to be operational in early 2012, will produce the high quality collections of the brand. Fifteen new jobs will be created.

This repositioning has been paying more. Profitable since 2009, the brand registered in 2010 a turnover of 89.8 million euros, up 8% over the previous year.While Adidas is still a small player in the sports equipment, compared to giants Nike, Adidas and Puma, Airesis stresses that its market share in footwear in France is increasing from 6% to 9% last year .

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"SUMMER SERIES – Why I relocated

These groups of experts (government officials, economists …) come after the first step. Each placed under the supervision of a consultant or former consultant of the Elysee, they will submit their ideas before the summer break with Bruno Le Maire. Which will compile and groom work for what will happen to the presidential draft.The group "economy and taxation", under the leadership of the Economic Adviser to the Head of State, Emmanuel Moulin (and involving senior officials and former de Bercy or the Elysée – Vincent Chriqui Centre for Strategic Analysis , Nicolas Calcoen today at Amundi, Bernard Delpit to the post office, etc..), has completed its proposals. These, contained in a document 54 pages – a note and fact sheets – which has acquired Le Figaro, were particularly aims to make France "a land of output and growth."

What remains for now a discussion paper accepts some ideas: no increase in the tax burden, tax system more "tailored" to strengthen the competitiveness of the country and a crop of some mechanisms that have resulted in "abuse during the crisis. "To address these three issues, which could form the basis of the discourse on tax policy – and should be "accompanied by a clear discourse on respect for the path of public finances set after the crisis" – the group work presents a series of proposals.

To put the economy at the service of production, experts recommend a reduction in social contributions on labor, with a device resembling a social VAT. The prospective candidate will be "persist on rigorous economic solution, but unattractive in view of lower employer contributions and VAT hike" or "dress reform a measure of purchasing power" by lowering premiums weighing on employees – an option that would nevertheless "a risk of inflation due to wage claims low fee pay day loans."

Minimum Tax

The increase in VAT will it take several forms: a general increase in the rate of 5 points, "the simplest measure to the highest yield" and / or establishing an intermediate rate, 8% example, to submit to all goods and services today at the reduced rate of 5.5%. The document also discusses the creation of a higher rate for some luxury goods (high-end cars, some jewelry, horses, tobacco, etc.).. The measure "would be symbolic for many French and would develop a discourse on tax justice," it said. It would also have the advantage of being "tax on land still largely untapped by the current government."

On the front of a tax document refers to "measures of fairness" and "a contribution of all": the introduction of a minimum tax and / or arrow (which would allow taxpayers to "decide the allocation of a fraction of the tax "), measures antidélocalisations, a balance between large and small companies corporation tax, etc.. Dismissing any "big night" on tax loopholes, the task force recommends, however, to continue the grooming started by the government.

Incidentally, the document provides a trial incompetence of the left and list the arguments to counter the key measures of the economic program of socialism.Experts speak out against the merger including the income tax with the CSG, "contrary to our values ​​and irresponsible," and against the withholding.

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Christophe Dechavanne, who has officiated on RTL in the early 2000s, particularly delicate position "successor" by Philippe Bouvard, replaces Cyril Hanouna offhand. He had been dropped from the air last week, following the announcement of his departure for the morning music radio Virgin Radio.It must succeed Bruno Guillon, who after six seasons on Virgin Radio will join Fun Radio (RTL), to animate the "6:00 to 9:00" in the fall. "Our discussions with Bruno took place quickly and naturally," said Jerome Fouqueray, CEO of Fun Radio, in a statement. Its very positive, which corresponds perfectly to the values ​​of Fun Radio, will help power up again in the wake of audience records broken this season. "

Nikos Aliagas on Europe 1?

Fun Radio was illustrated in the latest survey of hearing Médiamétrie as the station that recorded the largest increase in a year. Gaining 0.9 point, it reached 7.9% of total audience, as much as Skyrock, the months from January to March.

Bruno Guillon takes a position made vacant by the departure of Manu Levy for NRJ.The first musical de France decided to give him his morning so far at the hands of Nikos Aliagas. The latter could reach Europe 1, said the Nouvel Observateur site Monday. Engine since January transfer window with the successive departures of Nicolas Demorand and Marc-Olivier Fogiel – replaced respectively by Nicolas Poincaré and Bruce Toussaint, radio generalist Lagardère has also renewed the contract Nagui, who is assigned on a show weekend to replace his daily game. Europe 1 has also renewed Benjamin Petrov, host of "Morning Breakfast" (5:00 pm-6 30), who becomes the joker Bruce Toussaint and presenter of the morning on weekends. He was replaced by Emmanuel Maubert weekdays.

Started very early, the ball transfers radio is far from over. Listeners France Inter ahead including the name of the person who will succeed Stéphane Bern.

LE FIGARO. After Laurent Joffrin-Claude Perdriel, boss Le Nouvel Observateur, has poached the co-chair of "Liberation", Nathalie Collin. Do you feel betrayed?

Edouard de Rothschild.The torque-Laurent Joffrin-Nathalie Collin has improved the content and quality of Liberation, but as a fellow shareholder and chairman of the supervisory board of the newspaper, I am a reproach to have left to buy social peace without reforming the business . This is an opportunity for liberation can modernize and reform the house, whether its organization, operation, management.

A few months ago, you were considering a merger with Le Nouvel Observateur '…

As a shareholder, I'm not political and I observe from a distance, but I find that a squabble between Le Nouvel Observateur and Liberation is sterile, unproductive, when primaries will play within the Socialist Party and where major substantive discussions will be held on the left.

Your strategy for "Liberation" Will it change?

Le Nouvel Observateur is an aging institution.Today, a generation of readers is renewed. It is within this context that Nicolas Demorand joined Liberation as "publisher". A new "publisher" should be appointed shortly. We have some interesting candidates to succeed Nathan Collin. We will choose three to Bruno Ledoux, group Colbert Land, the daughter of Italian shareholder Carlo Caracciolo, and myself.

For Ipsos, engaged for fifteen years in the internationalization of its activities, the acquisition would enable Synovate to continue his race for size, rising to become world's third largest school, behind the U.S. and Britain Nielsen Kantar (WPP ), doubling the German GfK.It would strengthen its positions in Europe and North America, access to new markets like South Africa or Scandinavia, but also to double in size in Asia, Synovate has achieved 27% of its activity in 2010 and nearly 10% growth.

"We could also strengthen our role with our key customers in financial services, automotive or consumer," said Didier Truchot, Ipsos co-president and founder. The financial structure of the French group, which exceeded one billion euros in sales last year, allows him to consider this acquisition with cash of $ 150 million and a low debt ratio.

Possible dismantling

Remains to be seen what this operation for Aegis.Some analysts believe that the sale of Synovate, which represents 40% of the activity of the UK on a total income in 2010 of 1.46 billion pounds (1.68 billion euros), opened the way for dismantling. A scenario reactivated by the recent statements by Vincent Bollore, the group's largest shareholder with 26.5% stake, which now calls his participation purely financial investment, therefore intended to be sold. Having failed to bring Aegis of Havas, which is also the main shareholder, the French businessman could withdraw at encouraging the sale of Aegis by apartments. The transfer studies buckled, the media arm (Carat, Vizeum) could then concern several communication groups, including the French Publicis and Havas ….The two groups are no comments for now.

This hypothesis is more plausible that there are few synergies between the two branches of Aegis. Speculators are not wrong. At the announcement of discussions with Ipsos yesterday morning, the action of the British group has jumped from 7% to the London Stock Exchange, its highest level in four years.

Another scenario: Aegis could use the proceeds from the sale of Synovate to strengthen the media. The group wants to reduce its dependence on particular markets in Western Europe to grow in the U.S. and boost its digital business. In the first quarter, the media arm rose 10.1%, against an increase of 7.3% for Synovate.

For the week, the CAC declined slightly by 0.70%.

Ala London Stock Exchange, the FTSE-100 ended with a slight decline of 0.14%, while the Stock Exchange Frankfurt, the Dax 30 shrank more sharply by 1.26%.

On the macroeconomic front, the deficit of the balance of current accounts in the euro zone rose to 4.7 billion euros in March, against 6.5 billion euros in February, according to preliminary figures released Friday Bank European Central Bank (ECB).

The euro continues to rise

This fragile economic environment in the United States enjoys the euro continues to rise, albeit less strongly in mid-session, against the dollar. In one week, the single currency rose to 1.4272 dollars from 1.41 dollars.

In midday trading, a barrel of oil, light sweet crude for June delivery gained 0.65% to 99.57 dollars.

Siemens will pay 648 million euros Areva

Sanofi-Aventis: -1.28% to 54.04 euros

The anti-arrhythmic Multaq group Sanofi, marketed in France since October 2010 and currently reimbursed at 65%, is threatened with delisting, but the final decision remains subject to such a hearing of the laboratory, according to La Tribune.

Areva: 1.59% to 30.63 euros

Areva must be "within fifteen days" a check for 648 million euros from Siemens, according to an arbitration Thursday by the International Chamber of Commerce bad credit payday advance. The group with the Executive Board is chaired by Anne Lauvergeon accused the German group for its commitment with the Russian Rosatom even before he uttered his divorce with the joint venture Areva NP.

GDF Suez: -1.19% to 26.09 euros

On the corporate side, an employee of GDF Suez made a suicide attempt on May 14, immolation by fire.The framework of management information systems from Lyon is currently in critical condition.

Vallourec: -1.13% to 86.91 euros

Bollore sold two thirds of its stake (3.5%) in Vallourec for 275 million, pocketing a profit of 141 million euros.

PPR: +0.25% to 121.85 euros

PPR "take the time necessary" to make acquisitions and divestitures, "said CEO Francois-Henri Pinault, during the group's general assembly yesterday.He added that the luxury group still holds 42% stake in CAM after its IPO in late 2009.

Suez Environment: -0.32% to 15.37 euros

Suez Environment has confirmed its objectives for 2011, an increase of more than 5% of turnover and over 10% of gross operating income.

Biomerieux: 2.33% to 77.38 euros

Biomerieux will acquire the control specialist microbiological industry AES Laboratoire for 183 million euros. Under the strategic plan 2015, BioMerieux is an annual organic growth in sales of 7 to 9% on average.

Pierre & Vacances: 1.55% to 54.36 euros

Pierre & Vacances buys 50% of managers of tourist residences Citéa a subsidiary of Nexity. The transaction amount was not disclosed should be finalized in late June