Breaking News, World, U.S., Entertainment …

European politicians finally seem on the verge of their act together on the Greek case and the measures to try to resist contagion. The prospect of a consensus at the summit of October 23 has heightened expectations of financial marcéhs Wednesday.

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.

Filed under: business, finance, life, money, special by admin Comments Off

Faced with the fear of a general banking collapse, the Franco-German couple is once again under the spotlight. And once again, things are not simple. Nicolas Sarkozy on Sunday in the German capital to "speed up" with Angela Merkel the implementation of the bailout of a Euro still full turbulence. The urgent need for the French president and German chancellor, is to flatten their differences on the use of the European Financial Stability Fund (EFSF) and reach a tentative agreement on the thorny issue of the recapitalization of banks.

Angela Merkel ruled Thursday that "there was a need to recapitalize, it would be reasonable to invest money" in terms of what could cost an emergency rescue industry.But she insists on the fact that the Fund will be used to bail out financial institutions on the condition that states can not themselves "to support the recapitalization of their banks' and it puts" endangered the euro area as a whole. "

In fact, Paris Berlin suspected of wanting to directly use the emergency fund to recapitalize banks weakened by the prospect of a debt reduction Greek. "The French have misunderstood the EFSF, decrypts it does in Berlin. Our position is that banks must first seek funding markets, and the side of the national public authorities. Only when there is no money available comes the European level. The EFSF is a tool for countries like Greece or Portugal.If a country like France – among the strongest financially of the euro area – wants to appeal, then this is the door open for all members of the area had ro dig into the fund. "

Berlin suspects Paris

An over-interpretation, says it does on the French side. "We have not yet begun to discuss that!" Do we wonder at the Elysee. At Bercy, it ensures not see fundamental differences with Berlin. "We agree with Germany, said the entourage of the Minister of Economy, Baroin, the fact that more capital into banks, including French," even if only to meet new international standards of Basel III in 2013.Whenever possible, the French banks also plan to comply with without recourse to the capital, let alone the U.S. – by separating certain activities if necessary, by distributing fewer profits to build equity .

But if there had to be re-capitalization, especially to reassure investors, "the sources must first be private," insists one at Bercy. "Ultimately, this should be to rely on injections of public capital." According to Paris, "a European coordination is essential to determine the amount of capital to meet the deadline by which this capital is to be achieved, and the tools for that. " It is on these criteria that France and Germany could agree this weekend.For its part, Brussels will make proposals for a coordinated recapitalization "in the coming days."

Moreover, given the deepening crisis, Angela Merkel has gradually accepted the idea of ​​economic governance of the European Union, defended by Nicolas Sarkozy. Expanding the powers of EFSF part of this process. However, the Chancellor – who imposed hard fought his troops to ratify the Bundestag building – is faced with a majority crossed by a strong current Eurosceptic.

Markets would also like to know more about the technical means to leverage the clout of EFSF. These contain the spread of the crisis heavyweight like Italy, Spain, and Portugal, while the levees are still weak.Should we go further and erase a more substantial part of the Greek debt? Should we consider that the Fund provides guarantees? The German finance minister, Wolfgang Schäuble, at least possible that Germany spends more money than EFSF the 211 billion passed by the Bundestag.

These tensions, it is now the standard mode of operation between Paris and Berlin. Pressure mounts on both sides of the Rhine, until a compromise emerges in a head-to-head at the highest level. Given their respective domestic political weakness or Merkel or Sarkozy can not afford a failure.

ALSO READ:

"Spain, Italy and Belgium in the viewfinder of agencies

"States can finance banks

"Merkel lack of vision (Zoellick)" Moody's may degrade Belgium

Filed under: business, features, opinions, special, top news by admin Comments Off

Moody's warned that it was British banks in the crosshairs. So she lowered the notes yesterday of seven small establishments that specialize in mortgages but also five major banks such as Lloyds Banking Group, which comes down a notch to "Aa3" to "A1", and Royal Bank of Scotland , which loses two notches to "A2". She also announced plans to lower the rating for long-term debt of Belgium, currently the second best possible "Aa1." The rating agency said in a statement it would review the country's vulnerability to the crisis of debt in the eurozone, growth prospects and uncertainty surrounding the possible support to the banking system, particularly the establishment Franco-Belgian Dexia.

Moody's, which has deteriorated in the wake of 9 banks in Portugal, is the difference between Portuguese and British situations.If Portugal is the financial institutions that is pointed, this is not the case in the United Kingdom. The decrease is only due to the fact that the government committed to a policy of strict fiscal discipline, is less inclined to support the bankruptcy of its banks, especially smaller ones, "It is more likely that the government is now its most smaller institutions to fail no fax cash loans. The damage does not reflect a deterioration of finances of the banking system or the government. "

Controversy over RBS

So it's the same reason that is invoked only for a few weeks ago degradation of U.S. Citigroup, Bank of America and Wells Fargo on the grounds that the state might be reluctant to help them. Political discourse is to throw doubt on the determination of the support if any one bank.The British finance minister, George Osborne, told the BBC: "People ask me how to prevent the British deposit banks to be in the future? The government is to prepare. As a result, the rating agencies believe that banks will have to prove that they themselves can pay their bills. "

Indeed, the government wants to avoid having to replicate the scheme in 2008. The State had then had to inject billions into troubled institutions, including 22 billion for RBS.

ALSO READ:

"Moody's 9 degrades Portuguese banks

"Banks: new skirmish between the IMF and the EU

Filed under: economy, news, people, technology, top news by admin Comments Off

After signing Friday its worst week in three years the New York Stock Exchange rebounded on Monday following the trend-driven European stock markets, boosted by rumors of bank recapitalization. At the close, the Dow gained 2.53% to 11,044.17 points. While the Nasdaq rose 1.36% to 2517.10 points.

The trend, however, may be fragile. Concerns about the strength of global growth and the crisis of public finances in Europe and the United States still weigh investor sentiment. Markets expected a lot more than a joint statement of finance ministers and central bankers from the G20 at the end of the meeting in Washington Thursday. The United States has put pressure again on Saturday for Europe to act more quickly on the public debt."All of us who watch Europe (…) must have admiration for what they are doing and recognize the difficulty," said the BBC the U.S. Treasury Secretary Timothy Geithner .

Week crucial for Greece

In the euro area is a race against time to be playing this week to save Greece. The International Monetary Fund (IMF) said that a delegation will travel to Athens this week to determine whether or not the country can benefit from the sixth round of eight billion euros, it vital to avoid bankruptcy. Moreover, Germany will vote Thursday the agreement for the expansion of the scope of the relief fund of the zone (EFSF). Sunday, German Chancellor Angela Merkel expressed confidence the outcome of the vote.Evangelos Venizelos, Greek Minister of Finance, for his part spoke with Jean-Claude Trichet, head of the ECB, a debt restructuring Greek. In an effort to reassure global markets, finance ministers of the euro area are committed in a common text, to "do everything necessary to solve the crisis of debt and financial stability of the area in whole and its Member States. " The idea of ​​taking office faster than expected EFSF has also been raised by Germany this weekend.

EU Commissioner Olli Rehn himself has said that Europeans reflected to provide the EFSF additional instruments, beyond those agreed in July to give "more power" in an interview with Die Welt newspaper.

If no key indicator is not on the agenda of investors on Monday, the rest of the week will be charged.The program includes the index of investor confidence and U.S. consumers (Tuesday), due to the latest estimate of U.S. growth for the second quarter (Thursday).

As for currencies, the euro still appears under the $ 1.35 this morning at 1.3435 dollar. Oil prices, however, went up the slope in morning trading, amid hopes of an agreement to increase the reserve fund for the eurozone. A barrel of "light sweet crude" for delivery in November gained 18 cents to 81 low interest personal loan.04 dollars a barrel and Brent North Sea crude for November delivery took 42 cents to 104.39 dollars.

Values ​​to follow

The Boeing 787 (1.10% to 60.16 dollars) will finally become operational after three years behind schedule. The manufacturer delivered its first Dreamliner yesterday at the Japanese company All Nippon Airways for $ 200 million.The reduction of the unit would save 20% of fuel consumption, according to the manufacturer.

The video sharing site online Netflix (5.08% to 135.93 dollars) has signed a replay of movies with DreamWorks, who has produced the animated film Shrek. Previously linked to the pay channel HBO, the studio is the first American to prefer a website with a conventional chain. The operation could yield $ 30 million per film to DreamWorks, according to analysts.

Note CocaCola (1.29% to 68.29 dollars) intends to invest nearly $ 3 billion (2.2 billion euros) in Russia over the next five years, his strategy being to to increase its presence in emerging markets, said CEO Muhtar Kent told Reuters Insider.

Chevron (0.34% to 90.32 dollars) Monday gave its final green light to a proposed 29 billion Australian dollars (28.4 billion dollars, 21 billion euros) in the liquefied natural gas (LNG ) to Wheatstone, in Western Australia.

Dollar Thrifty (0.70% to $ 60) The car rental group said it expected that its adjusted EBITDA shows a jump between 17% and 28% in the third quarter, and noted the amount of its share buyback program to $ 400 million against 100 million previously.

Bristol-Myers Squibb (0.79% to 31.14 dollars) will be able to cope with the expected drop in sales next year due to the expiration of its patent on Plavix in the U.S. in May , one of the most important drugs in the pharmaceutical group, announced Monday its managing director Lamberto Andreotti.

The website site group purchasing, which aims Groupon a valuation of $ 20 billion, would call into question the timing of IPO. The group is cooled by a volatile market but faces above the federal authorities who refused certain elements of his record says the Wall Street Journal. In addition, the group's director of operations resigned five months after his arrival ..The same day, Groupon has revised down its sales in its IPO document, placing it now at $ 688 million for the first six months of the year, instead of the more than 1.5 billion yet he claimed last month. The net loss was revised down slightly to $ 204 million instead of 205 million. And according to the Wall Street Journal.

Filed under: business, finance, home, news, technology by admin Comments Off

The seabed French hide many treasures. Among them, the black gold. Total announced Friday a hydrocarbon discovery off the coast of French Guiana No teletrack payday loans. An oil rig exploration, which was installed in March to 150 km off the coast of Cayenne, allowed the discovery.

Filed under: Uncategorized, business, features, life, world by admin Comments Off

Publicis, the French media group, acquired 51% of the New York agency Big Fuel, specialized in communication on social networks. The agreement gives the public an opportunity to increase its stake to 100% from 2014, said the French communications giant. Big Fuel will join other agencies digital (Digitas, Razorfish …) Publicis in VivaKi.

Armed with 170 employees, Big Fuel shares many customers with Publicis, including General Motors, McDonald's, Microsoft or T-Mobile. The agency has grown 500% in 2010 and generated $ 10 million in sales. In 2011, its turnover is expected to reach $ 30 million.

For several months, multiple audiences, he, acquisitions, aiming to take 35% of its revenue from digital by 2013.He has already approached 30%, since the purchase in May, the U.S. interactive marketing group Rosetta.

According to research firm eMarketer, worldwide spending on social networks will reach nearly $ 6 billion this year, with $ 3.1 billion expected in the United States and 2.9 billion in the world.

ALSO READ:

"Brazil: a fourth acquisition for Publicis

"Publicis Aegis monitors the file

"Publicis acquires Swiss Agency

"Publicis is doubling in China

Filed under: economics, events, news, special, world by admin Comments Off

Greece occupies the minds of the rating agencies, but they do not forget Portugal. If the first could be lacking to believe Moody's or Standard & Poor's, the second concern. Moody's lowers in just four clicks of the note term. "The deterioration in the context of adversity reveals the crisis of sovereign debt and vulnerabilities of the Portuguese economy," says the Ministry of Finance in a communiqué.L rating agency is the first American to relegate Portugal in the class of investments "speculative," that is to say, risky. Standard & Poor's and Fitch placed the rating of Portugal "BBB-" or one notch to the category of "speculative" that Greece currently holds.

The euro increases its losses against the dollar

Moody's did not trust the program "ambitious" in the words of the new government which includes to reduce the country's deficit from 9.1% to 5.9% this year and 3% by 2013. This is why the country must make a saving "a little over two billion euros," said Pedro Passos Coelho had. In addition to the "restructuring of public enterprises," the privatization program will be accelerated with the sale by September of public participation in groups electricians EDP and REN on line pay day loans. "The Moody's decision ignores the effects of the tax on extraordinary income, regrets the Ministry of Finance.This measure shows the government's determination to ensure the deficit targets for this year. "

While Greece is to receive 12 billion euros of fresh money and could get a new rescue plan 110 billion, Moody's says there is a good chance that Portugal needs a new aid in addition to 78 billion decided last May. But for that, like Greece, the rating agency points out that private sector participation would be required for the EU to come to the aid of Portugal. "Portugal might not be able to borrow on capital markets at a tolerable level before the second half of 2013 or even later," said Moody's.

While the U.S. markets did not react to this announcement, the euro accentuated its losses against the dollar, yielding 0.81% to 1.4423 dollar.

ALSO READ:

"Failure Greek: two issues, five referees

Filed under: economy, people, resources, technology, world by admin Comments Off

The catastrophe of Fukushima has not cooled the ardor "nuclear" in Finland. Three and a half months after the accident on several reactors in Japan, the electrician Fennovoima officially launched a tender to build a new plant, which will be the sixth of the country. Four are already operating, while the fifth, Olkiluoto 3, the site is controlled by the French group Areva, will enter service in 2012.

The same Japanese Areva and Toshiba are the two groups identified by Fennovoima to participate in the tender whose outcome is expected for 2012-2013. The dual French-Japanese technology will also be a clash between the pressurized water reactor, the EPR, proposed by the European company, while his opponent defends an Asian model for boiling water, the ABWR.Both show a roughly similar power.

It's been exactly one year that Finland has launched the process to build new nuclear generation capacity. In July 2010, two electricians, TVO and Fennovoima have been authorized by Parliament to build each plant cash advance no faxing. Since then, Fennovoima has selected two sites to host this facility. Meanwhile, the group sifted through the different reactor technologies before choosing the respective models of Areva and Toshiba.

Three years late

For TVO, things are a little different. The tender for an additional reactor is not yet launched, but the first Finnish utility is already working with Areva as operate the Olkiluoto 3.Incidentally, the fact that Fennovoima has chosen to confront the French technology Toshiba shows that the Finnish authorities have not focused too much on the delay of the Olkiluoto site. This effect will be delivered in three years late, while the bill has almost doubled to 6 billion euros, against a budget of 3.5 billion initially.

But it must be said that the catastrophe of Fukushima had beneficial consequences for the EPR. Its high level of security has become a very significant advantage.

Filed under: features, international, money, opinions, resources by admin Comments Off

It will not open its gates on June 19 but has already set a record. For its 58th edition, bringing together the cream in Cannes global communication, the International Advertising Festival-Cannes Lions has 28,828 registered creative works from 90 countries, on Wednesday welcomed its organizer, the British media group Emap . It is beyond the record of 28,284 filings in 2008, before the crisis hit the sector the following year.

Good barometer of the vitality of the industry, the number of subscribers increased by 19% compared to last year. The biggest battalions of candidates to the lions, the trophies awarded for the best campaigns judged by professionals, always come from the United States (4045 work), the largest market worldwide, followed by Brazil (2647), Germany (1971 ), the United Kingdom (1922) and France (1617).Outside of Brazil, now two years since the new Mecca of global advertising giant, emerging markets, including Asia (Hong Kong, Thailand, Indonesia …) continue to increase their presence. India, for example, topped the 1000 campaigns listed.

Inflation in the number of categories continues with a new competition created, that of creative effectiveness (Creative Effectiveness). A prize for the best performance (Craft) was launched last year. A total of thirteen categories are represented in traditional communication (film, press, billboards, radio …) but also in the non-media (direct marketing, event management, integrated marketing …). In quantity, online advertising devices (e million) close behind the TV commercials of thirty seconds (movie lions).Unlike last year, all categories are progressing, including PR lions, which outweigh the best features of public relations, design or lions in the design professions.

La Croisette expects about 8,000 professionals. Eight French judges involved in the development of the charts, including the boss of the world creation of Publicis, Olivier Altmann, jury view, Chris Garbutt Creative Director of Ogilvy France, the film jury, and Jean-Marie Dru Chairman of TBWA world juror from the first edition of Creative Effectiveness prices.

France in force

The 81 agencies participating French try to do better in 2010, where they had won 40 lions.For this edition, they appear to have regained its appetite, as they have records in 1617, against 931 last year, according to the Association of communication agencies (AACC), which also were 200 certifications , against 140 in 2010. The largest category is disputed by the French press (472 papers presented), followed by the display (271), Web Campaigns (210) and movies (153).

ALSO READ:

"Cannes Lions is an unmissable"

"Rewarding Campaign Releases" rewarding reading »

"Evian, the most effective ad of the year

Filed under: economic, economy, features, international, news by admin Comments Off

At one year of presidential elections, the state wants to find ways to better protect small against the powerful. Thus, Frédéric Lefebvre, Secretary of State for Consumer Affairs, will introduce draft legislation to "strengthen the rights, protection and consumer information" by the Cabinet on Wednesday. Le Parisien, Aujourd'hui en France had access to the text. The newspaper said that the bill contains 25 measures, some of which emanate directly from the consumer.

Among the main measures, the newspaper cites the one on mobile: after only three months, against six today, subscribers can request the release of their phones, at least one package without commitment period must be offered and restrictions the unlimited plans will be highlighted. On Internet access providers should provide a social rate of broadband Internet.

Penalties for delinquent owners

Moreover, the deposit of all tenants, including housing non-contracted, must be returned within two months after the tenant leaves. Otherwise, the owner must pay a penalty of 10% of the rent each month of delay. The energy sector will also be more cautious with respect to its customers. Operators, such GDF and EDF will provide "personalized advice tariff" and subscriptions will be suspended in case of disputes. Dependence will not escape the attention of the State: Families of nursing home residents who died will no longer pay the entire monthly rent. And, like food, a label "AOC" will also apply to manufactured goods.

With this battery of measures, the bill aims to "give the consumer control over their spending," says Frederic Lefebvre Paris-Today in France. The aim is also to "protect consumers by ensuring that the losses suffered early end, particularly in terms of unfair," said Secretary of State.

Measures "without any real coherence"

But some believe that the legislation could go further. Moreover, when asked by the newspaper, the President of SFR indicates that virtually all measures "consistent with the commitments made by operators last year."

For its part, the consumer association UFC-Que Choisir "bitterly regrets the lack of ambition of Bill consumption."In a statement, it says that "prices soared, the purchasing power of consumers dries up and the government just a few buckets of water through a patchwork of measures, without any real consistency, who can not afford to restore balance in most markets. "

UFC-Que Choisir particularly regret that no steps are planned to frame price inflation on the food shelf, so that "the explosion of agricultural raw materials ablaze the labels." On electronic communications, the association said that the bill still does not allow the cap to 12-month commitment period. Finally, the combination of consumer cites the "glaring absence" of the group action as "the emblematic example of the limited scope of this text," promised before his election by Nicolas Sarkozy.The association would ask members to make extensive use of their right of amendment and the government to be open to proposals for enrichment to allow consumers to regain their place of actual market actor. "

ALSO READ:

"Telecoms: Consumers better protected

"Credits: Bercy means faster refunds

Why the drop in oil is reflected at the pump hurt

Filed under: economics, features, online, opinions, top news by admin Comments Off