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The idea of ​​a possible debt restructuring Greek gaining ground in Europe. "If a restructuring of government debt is not on the agenda, an initiative to keep intact the exposure of private investors in Greece could be conducted," said the Commissioner for Economic and Monetary Olli Rehn Tuesday night, following the summit of finance ministers of the euro area.

The president of the Eurogroup meeting of finance ministers from the eurozone, Jean-Claude Juncker, is on the same line. If Greece led the necessary reforms and privatizing 50 billion euros of assets, "we will see then if it is possible to have a fresh restructuring of the Greek debt," acknowledged Jean-Claude Juncker.

It would offer to investors who wish to accept the refund Athens over a longer period than expected.Enough to give them greater assurance of being repaid eventually and alleviate future payments in 2012 and beyond. Athens faces a wall of debt in the coming years.

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Hosting the dreams of a man, a woman or a famous family he gives a soul and appeal to a property? Sometimes. Some places are sanctuarized and eventually become intimate museums: the house of George Sand Nohant that of Monet at Giverny attracted many visitors. Other houses, once emptied of furniture, are ready to hear new stories payday loans lenders. This applies to the apartment of Yves Saint Laurent, 520 square meters Rue de Babylone in Paris which is on sale. Emile Garcin The agency has the exclusivity of this duplex and garden of 400 square meters. The history of old stones is made of successive occupants, some make their mark, others not.

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Doubts seize the oil markets this weekend. On the New York Mercantile Exchange (Nymex), the price of a barrel of light sweet crude for June delivery broke down the psychological barrier of $ 100 on Thursday. He confirmed his decline at the close on Friday. After a session of ups and downs, it closed at 97.18 dollars.

On the whole week, the barrel has lost 14.7%. This is the largest decline in weekly percentage terms since the week 19 December 2008 when prices fell by 26.8%.Prices had not changed at these levels since March 16, when the uprisings in the Arab world and worry about the nuclear crisis in Japan had made prices soar.

The downward trend is the same on the Intercontinental Exchange in London where a barrel of Brent North Sea crude for June delivery traded at 108.42 dollars, down 2.38 dollars compared to Thursday. These days, the decline was due to analysts' pessimism about the future numbers of jobs overseas.

Surprise contradictory indicators, the U.S. economy created more jobs than expected in April (244,000). Nevertheless, a barrel continued to decline in early trading, before settling at around 99.45 dollars in mid jouréne in New York.Job creation does not erase the bad macroeconomic indicators released in recent days, suggesting that the recovery remains fragile.

On Thursday, investors are learning that new jobless claims in the United States increased sharply during the last week of April, 474,000 applications for allocations, while economists were expecting a decline. The day before, the numbers of firm ADP showed that job creation in the private sector in the United States slowed in April, well below forecasts of economists.

These announcements point to a decline in oil demand in a context of high oil prices. In addition, a continued rise in U.S. oil inventories, which should have been starting to fall a few months of the summer of large displacements.

In this context, the sharp rise in the dollar makes things worse.Thursday disappointed by the decision of the ECB not to raise interest rates next month, traders got rid of their euros. Result: the single currency, which was worth $ 1.49 yesterday, falling almost 2% to 1.4547 dollar. A situation which penalizes the purchase of dollar-denominated crude and thus rendered less attractive.

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Google results are not quite the appointment. Quarterly profit (ending March) published after the close of the NYSE has not reached the level expected by Wall Street. And despite a 29% increase in turnover from one year to another.

The world's leading online research has reported a net profit of 2.3 billion, or $ 7.04 per share, against 1.96 billion dollars and 6.06 a year ago. The adjusted earnings per share stood at 8.08 dollars, below analysts' forecast ($ 8.10).

The net turnover has meanwhile reached 6.54 billion dollars, up 29% over the same quarter the previous year (5.06 billion dollars). It's a bit better than what analysts expected (6.32 billion dollars).

Google said that the "cost per click" advertising medium related research grew 8% in the first quarter of year over year but down 1% from the fourth quarter of 2010.

In after market trading, Google was heckled title. He lost nearly 5% to $ 550.

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Nothing goes between the oil sector and the state. At a meeting with parliamentarians UMP, Nicolas Sarkozy slammed the remarks of the CEO of Total, Christophe de Margerie, who was considered inevitable that a liter of super jumps to 2 euros. "The remarks of Mr. de Margerie per liter to 2 euros are indecent", told the president before launching: "I'll do it."

Christophe de Margerie was expressed as the price of super unleaded 95 had just set a new record at 1.53 euros per liter. About the boss of Total were subsequently taken over by the President of the French Union of Petroleum Industries, Jean-Louis Schilansky.

Christophe de Margerie was also described the contribution required of oil tankers to stem the rising fuel prices as "very short-term solution."He also stressed that with flex fuel price increases, and that this promises to be sustainable. Consequently, Total decided yesterday, after a central committee of business, open a voluntary departure plan for a hundred people per year until the end of 2017, in its refining sector in France .

To offset soaring fuel prices, the state has asked the oil industry to get their hands in their pockets to the tune of 115 million euros. On I-TV last night, Segolene Royal, Socialist candidate in the primaries PS, Nicolas Sarkozy has proposed to go further and "ask the premier to make an order blocking the rising price of gasoline."

Pressures on oil prices, and renewed debate on nuclear power after the accident Fukushima, grow to a global reflection on the energy policy of France.Alternative, the use of shale gas could be rejected. Yesterday, Francois Fillon has indeed called "revoke licenses already issued" for the exploitation of these deposits, including the environmental impact is controversial.

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From our Washington correspondent

The Pentagon chose Boeing and EADS not to deliver 179 aircraft-refueling tankers. The European group had, however, in 2008, won the giant contract estimated at $ 35 billion. But Boeing was able to invalidate the win. In a politically charged climate, Boeing had argued errors committed by experts from the U.S. Air Force in the evaluation of their offer. Disappointed, EADS has ten days to enter to turn the U.S. Court of Auditors, which would be a hundred days to decide.

EADS offered to assemble a plant in Alabama, specially built for this purpose, a military version derived from the Airbus A 330.

Boeing wants his side to replace its old KC-135, in operation since 1950, for derivatives of the Boeing aircraft B-767 products in its factories near Seattle.The selection of Boeing will cause a stir in Congress, especially among Republicans from Alabama. Conversely, deputies and senators, anxious to defend Boeing and employment in the United States are met. The contract is more sensitive than the needs of the Air Force is pressing and unlikely to be affected by cuts in appropriations that hit other weapons programs, including those who live Boeing.

Operating Costs

The formula used by the Pentagon to compare the operating costs of both units played a crucial role in the decision. Indeed, the tanker offered by EADS is larger than the unit proposed by Boeing.To compare the two options, experts from the Defense Department have established a mathematical formula that adjusts costs to reflect this difference.

The model incorporates various scenarios of conflicts and situations of refueling more or less far from U.S. bases. It also takes into account the likely increases in fuel during the operating period is 40 years. However, Boeing had long argued that the formula favored EADS. It does not reflect the actual costs of operating the Boeing tanker supposed to be lower.

The manufacturer also claims that EADS is a company illegally subsidized by European states. Moreover, Boeing submitted to the Congress that the U.S. should not rely on a foreign company for a contract as important to national security.

The Pentagon had clearly rejected these objections.On the one hand because the dispute between Boeing and Airbus to the World Trade Organization (WTO) is not resolved, Boeing accused of being eligible for public subsidies. He also believed that competition between the two manufacturers was the ideal way to get the best tanker at the best price. Only against Boeing since Northrop Grumman has renounced his alliance with EADS on this project, the EU has even seen the Pentagon grant it the status of "prime contractor", reserved for the largest U.S. companies weapon. Still, a second phase is planned. The work carried out by EADS is not lost and he could catch up on this occasion

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We understand that the idea of taxing the sale of a principal residence raises outcry in France. For heritage of French people – estimated at 10,000 billion – is 60% real estate, according to a Treasury study presented Tuesday night to members. And the main home alone represents 80% of household real estate holdings. This is the very strong house price growth (111% in 10 years) who explains that the French have seen their total assets more than doubled in ten years.

The other investment of the French flagship, is life insurance. She picks up alone 40% of household financial assets. 1.36 trillion euros are stored!

More households heritage, the more they diversify. Typically, the French bit off putting their savings on tax-free accounts.The middle classes are investing in their primary residence and life insurance. As for better-off households, they are going more toward stocks and bonds, but without abandoning the life insurance and investing in real estate. Thus 80% of shares and bonds are held by the 10% richest households payday loans. Very affluent homes, in addition, holding two-thirds of life insurance and real estate off primary residence. This diversification pays off because equities have a higher yield. Result, 10% of households living in better capture 60% of income from assets when they have "only" 30% of total wealth.

We see the holding of assets remains highly unequal. And income does not explain everything. "Two thirds of households in the last installment of income tax do not pay ISF" says one at Bercy.Further evidence of this phenomenon, the 10% richest in terms of revenue capture 30% of total wealth, while the 10% richest in terms of assets capture 50% of total wealth. In fact, nearly one third of the estate of a typical household 50 years it has been transmitted by inheritance and gift taxes.

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U.S. stock markets, which were closed Monday for the "Martin Luther King Day, is back on their feet on Tuesday. After opening lower, impacted by Apple and banking stocks, led Citigroup, Wall Street closed higher. The Dow Jones gained 0.44% and the Nasdaq is 0.36%.

On the foreign exchange market, the euro rose and traded around 1.3380 dollars against 1.3294 late Tuesday Monday night, supported by the prospect of the establishment of a European global financial solidarity.

On the macroeconomic front, the rise in industrial activity in the New York region accelerated in January, according to the index "Empire State" which climbed to 11.9 against 9.9 in December.

Foreign investors increased their purchases of U.S. securities in November, but the bulk of the purchases came from private and non-central bank said Tuesday the U.S. Treasury Department.

The United States in November attracted capital flows net long-term 85.1 billion, after $ 28.9 billion in October.

Steve Jobs and Apple misses the stock market unscrews

Apple: -2.25% to 340.63 dollars

The side of values, Apple is changing sharply down on Tuesday. Steve Jobs, who is 55 years, announced Monday a new sick leave, while U.S. markets were closed without giving a likely date of return, contrary to what had happened during his previous arrest. This is the second in two years – he had been away for six months in January 2009 for a liver transplant – and the third since 2004.

After the close of Wall Street, Apple should announce its quarterly results. For the first fiscal quarter ended in late December, Wall Street expects a turnover increase of over 50% and over 24 billion, driven by sales associated with Christmas and New year. Analysts also expect earnings per share of $ 5.40.

Citigroup takes a slap in Stock

This week will be shortened on Wall Street marked by the publication of numerous corporate earnings. For this new burst the technology and financial sectors will take the spotlight.

Citigroup: -6.43% to $ 4.80

Indeed, besides Apple, Citigroup, Western Digital must publish their accounts today. The U.S. bank drop 4.39% to 4.91 dollars.

Ebay, Bank of New York, Goldman Sachs, State Street and Wells Fargo tomorrow.AMD, Rockwell Collins will continue the ball Thursday and Bank of Ameriac, General Electric and Schulmberger Friday payday loans.

Goldman Sachs: -0.18% to 174.68 dollars

In banking, Goldman Sachs announced Monday that it excluded the U.S. private equity fundraising on Facebook. Several elements of the financial group had been disclosed by the press in recent days.

Boeing: 3.43% to 72.47 dollars

For its part, Boeing has announced that its future long-haul 787 Dreamliner had resumed flights to obtain the approval of regulators in the United States.

Comcast: 0.26% to 22.78 dollars

Moreover, according to the Wall Street Journal, U.S. authorities are about to give the green light to the sale of NBC Universal, a subsidiary of General Electric and Vivendi, the cable operator Comcast.

AIG: -1.54% to 53.17 dollars

Also note, the U.S. Treasury announced Friday that the Federal Government had increased its share in the capital of the insurer AIG to 92%, and planned to leave the group over time, "in depending on market conditions. " The stabilization of the group has mobilized a total of nearly $ 180 billion of public funds. According to what was expected, AIG paid the $ 47 billion it owed to the central bank, said the Treasury.

BP: -0.04% to 49.23 dollars

Always on the side of values, the British giant BP, also listed on Wall Street and the Russian company Rosneft have signed an unprecedented agreement for the exploitation of oil in the Arctic, described as "historic" by both partners.This strategic alliance, announced Friday night, can be considered the first real good news for BP since the explosion in April of the platform Deepwater Horizon and the oil spill in the Gulf of Mexico, whose consequences have a time threatened its survival.

News Corp.: 1.41% to 14.37 dollars

Also note, Rupert Murdoch would like to redeem his group News Corp's British production company Shine Group, founded by his daughter Elizabeth, to enable the latter to join the leadership of the media giant, said this weekend the Wall Street Journal .

Hewlett-Packard 0.19% to 46.34 dollars

Moreover, the CEO of Hewlett-Packard (HP) is finalizing a strategic plan for the world's number one computer, planning to put more emphasis on more profitable activities of the group, including software, reported Friday Wall Street Journal.

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Despite a marked improvement in the European financial environment, and the European idea supported by the Belgian government to double the amount of the plan to help struggling countries, the International Monetary Fund estimates that Europe is still struggling to reassure investors.

While Portugal, Spain and Italy have passed their first test of the year and bonds attracted investors, three members of the IMF officials warn against any optimism démesuré.Naoyuki Shinohara, vice- Director General of the International Monetary Fund, has conceded that "today, it appears that the contagion of the crisis of European debt to other countries remains limited," adding that "spreads between bonds of State Greek and Irish and those of Germany are still very high, despite the European rescue plan. "This is shown, according to the Economist, that "the market skepticism about the ability of states to the euro zone to contain their debt has not disappeared."

The former member of the Japanese Ministry of Finance has concluded that "it is important that states reduce their budget deficits while continuing to pursue structural measures to boost growth and reduce unemployment."

In response to statements by the IMF, the euro fell against the dollar after rising continuously for five days. The single currency is trading Friday at $ 1.33 against the euro.

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The Kerviel case takes a new turn. If the Societe Generale and Paris Criminal Court found the young trader as the only responsible for loss of 5 billion euros, the bank employees believe the fault lies with the institution. Consequently, according to information from the newspaper Le Parisien on Thursday, four officers are preparing to seize the Tribunal de Grande Instance of Nanterre and ask their employers for damages under a double jeopardy: the moral and financial support.

The plaintiffs claim 15,000 euros per employee. Societe Generale has 157,000 employees worldwide in 2010, nearly 60,000 employees in France.At Societe Generale, one "no comment".

Trauma for employees

"Employees, especially those who are in contact with customers, have experienced very difficult times in 2008 when the Kerviel affair erupted, and the following months. They have been subjected to ridicule, jeers or threats because we had to refuse them credit or account of premiums, "report Richard Masters and Valeanu, lawyers for employees who intend to run this procedure.

But even those who are not dealing with customers still feel embarrassed by this affair, which comes up regularly in the spotlight of world media. "Even before Kerviel, opinion considered the banks as the major cause of the crisis, and work in finance was a blemish.Then this affair blows up, and it is suddenly attacked by a mob of reporters hungry for comment at the bottom of the tower at La Defense, the criticism comes, the fear of Societe Generale sink or redeemed, lost her employment, etc.. And nearly two years later, the court condemns Kerviel to pay 4.9 billion, sparking strong reactions even from all sides, "responds a former Societe Generale, who worked a few floors of the trading floor.

"Daily life was punctuated by spikes.If, in introducing me, I said that I worked at Societe Generale, the discussion turned directly to the Kerviel case: "Is what you saw? You know? Do not you think that the decision to pay the equivalent of 150,000 years of wages Kerviel is shameful?, Management necessarily was aware, How can you work in a group, etc. "." Says this ex- employee, moved to London for another bank, and thus escape the climate became too heavy in the bank as it considers, at least in large part responsible for this loss.

Financial losses from the Kerviel affair

As for the financial loss, it seems obvious: when the scandal broke, the share fall from 87 to 63 euros in less than a fortnight. Either a 28% drop. Then the descent continued to receive 50 euros in July.

This directly impacts the stock market down a lot of employees who are offered regularly shares at preferential prices. With approval, they become shareholders of Societe Generale.

Then the stock price of Societe Generale suffered, as the entire banking industry in the world, the collapse of U.S. bank Lehman Brothers in September 2008. A few months later, in March 2009, the title is the lowest since 1998, to 18 euros. Having taken over more than 50 euros in early 2010, he tumbles again amid fears of bankruptcies of State, whose banks are creditors in Europe. Since then, Greece and Ireland have been saved. But Portugal and Spain are next on the list, and should they fail, the bank would inevitably be impacted.The firm KBW figure indeed exposure to 21% of Societe Generale debt PIGS, that is to say, Portugal, Ireland, Greece and Spain.

Evolution of Societe Generale shares since January 2008.

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