Mar 12




By putting on Thursday Ermine first President of the Court of Auditors, Didier Migaud definitively stored his old political habits. Former socialist president of the Finance Committee of the Assembly, appointed under the opening by Nicolas Sarkozy to succeed Philippe Séguin, who died suddenly last January, does not distract the institution's objectives: "The fundamental role of the Court" is to "give citizens the information they are entitled (…). Needless to seek an indescribable sense of power-cons, "he said Thursday on the occasion of his installation, in the presence of head of state, presidents of the Senate and the Assembly and Ministers Budget and Justice."The Court and the financial courts are not judges of the desirability of public policies: they have to assess how and to assess the results."

Take height and work in a bipartisan … This is not an empty word for close to Laurent Fabius – who was one of the first to congratulate him on Thursday after his swearing. Didier Migaud notably drafted with Senator UMP Alain Lambert organic law on finance laws (LOLF) rule that since 2006 the annual budget presentation to the State. But he also participated in the commission Pébereau debt. The chairman of BNP Paribas has always praised the sense of responsibility of the member of the Isere, which had agreed to sign a report calling for deep cuts in public spending, despite pressure from his political camp cash advance america . The title of the Dutch manufacturer had gained 2.8%, to 3.90 euros before the intervention of the regulator. The AFM said it was awaiting the publication of a statement by Spyker, to clarify the situation.

Spyker is the only candidate for the acquisition of Saab. The group would put 400 million dollars on the table in cash (74 million) and shares (326 million) of the new company that emerged from the sale, according to sources familiar with the matter. Take it or leave it. Leaders from General Motors and Spyker met last Friday in Stockholm to address the remaining points of detail, reports U.S. magazine BusinessWeek.In particular, future production plans for this "new Saab.

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Jan 25




The French have always been more crickets and ants that the crisis has reinforced their distrust of credit. Statistics released yesterday by the FSA, the association of financial companies show a net decline of credit extended by institutions.

Credits distributed to households fell from 13.3% in 2009, which represents the largest drop recorded in 45 years time tracking statistics. In 2008, the decline was 2.8%. Last year, special schools and have provided 38 billion euros of new funds, against 43.8 billion a year earlier.

The downturn that began in autumn 2008 was accelerated until spring 2009 (-12.4% in the first quarter and -18.7% in the second) before slowing down from the was (-16% and -5.5% in the fourth quarter).

These are personal loans which have fallen the most, specialized institutions have distributed 22.8% lower than a year earlier. The revolving loan decreased by 11.2%.

The auto loans are better off: they are down only 4% over the year and jumped over the last two months of the year. The scrapping bonus has pushed the French to change their car which is reflected in the credits: they increased from 15.7% last quarter. Finally, funding of home appliances (consumer electronics and furniture) were melted from 13.3% in 2009.

These figures may be explained by a smaller French appetite for credit, but also by increasing the rate of refusal of certain institutions (Cetelem number one industry in this case) and by increased competition from traditional banking networks.Banks operate more than before because the customer relationship by offering consumer loans. Member firms of the FSA are in fact nearly 60% of consumer credit and almost all renewable credits.

Jan 20




The largest U.S. bank, Bank of America, has experienced a greater loss than expected in the fourth quarter because of the cost of credit, says in a statement Wednesday.

Over the last three months of 2009, the bank recorded a net loss after minority interests of 5.196 billion dollars against 2.392 billion a year earlier, or 60 cents per share, while analysts on average expected a loss of 4 , 5 billion, or 52 cents per share. "Certainly it's disappointing loss to publish the fourth quarter. However, it should not overshadow our many successes, "said Brian T. Moynihan, president of Bank of America. Firstly, we repaid the U.S. government. Secondly, we strengthened our balance sheet through securities offerings successful. Finally, all our non-credit operations had a positive impact on our results.

Net banking income (equivalent of sales) of the bank, to 25.076 billion dollars, is also revealed in below expectations of Wall Street analysts who had forecast on average 26.84 billion in free business cards .

Bank of America has suffered a decline in demand for loans and "portfolio management debt" compared to a year ago while its revenue from market activities have strongly rebounded. "We are heartened by the resurgence of the economy for 2010, through the stabilization of our cost of funds. However, economic conditions remain weak and we expect that unemployment continues to rise. This will therefore penalize consumption and growth. "

Friday, JP Morgan Chase announced a net profit of 3.278 billion dollars (2.27 billion euros), a figure four times over the fourth quarter of 2008. Net banking income (equivalent to the turnover) amounted to 23.164 billion dollars over the same period against 17.226 billion in 2008. Levels well below expectations of analysts who had forecast at 26.2 billion. Tuesday, Citigroup posted a net loss of nearly 1, 6 billion against $ 27.6 billion in 2008.

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Jan 7




According to a source familiar with the matter, the operator SFR, a subsidiary deVivendi, is poised to become the exclusive distributor in France of Google smartphone, Nexus One, launched Tuesday in the United States. For the record, SFR had already obtained the exclusive G1 or HTC Dream, the first mobile phone using Android, the operating system from Google.

According to press reports, the U.S. giant has decided to choose one operator per country to relay its new jewel, now distributed directly by Google on its online store.

The Nexus One is now sold for 529 dollars without contract and $ 179 with a contract T-Mobile in the United States.In Europe, the smartphone should be offered to around 370 euros without contract and at least 200 euros in the case of a package of 24 less.

According to the weekly Le Point, Vodafone could sell the "Superphone" Google before the end of the first quarter at a price below 200 euros for a unit purchased with a monthly package available to less than 50 euros, and engaging for two years.

Google has already signed a partnership with Britain's Vodaphone for the marketing of the "Google phone" in Europe, and with Verizon in the U.S.. Confirmation of the exclusivity of SFR in France for distribution could be made "in the coming days," says the source close to the matter.

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Nov 27




The shock wave propagated at the speed of lightning Thursday in the Gulf as the rest of the world. The near collapse of the emirate of Dubai, obliged to ask its creditors for a moratorium of six months for two of its major companies, Dubai World and Nakheel, unable to repay the 59 billion they have borrowed, shook all financial markets.

Asian stock markets continued their decline Friday. Tokyo has fallen by more than 3.0% in closing, while Hong Kong fell by 3.45% in mid-session. Shanghai posted a decline of 1.05% in mid-session. Seoul ended a slump of 4.69%."The last thing you would see is a domino effect, alarmed investment bank EFG-Hermes, which fears the deferred payment of debts of other firms, notably in emerging countries.

Not surprisingly, the rating agencies Moody's and Standard & Poor's has downgraded six of the largest groups of Dubai, including DP World, a subsidiary of Dubai World, the company's water and electricity, and the giant of the Real Estate Emaar Properties. "Although Nakheel is not rated by Moody's, this is an important precedent for a leading company facing difficulties to pay its debts and relying on government for support, accuses the agency.

Snowball effect

The risk of a snowball effect is real.Dubai, which has more particularly on its neighbor Abu Dhabi to come to his aid, can undermine the confidence of investors in the Gulf. Investors including many Westerners are. Among the creditors of Dubai World, one finds the British banks Barclays, Lloyds, Royal Bank of Scotland, but BNP Paribas and Credit Suisse. According to the latter, the exposure of European banks, however, does not exceed 13 billion euros.

In 2008, the emirate has attracted to itself for 21 billion dollars of foreign investment. Today, these investors may be concerned not only the financial health of Dubai, but also the countries of the Federation of UAE and the entire region.

For its part, Dubai, symbol of easy money, won, lack of oil, the real estate and finance, has a huge portfolio of foreign assets.It is the largest foreign investor in Tunisia and has launched many projects in the Maghreb, although some of them have been frozen because of the crisis.

He is a shareholder in several large companies in Asia, including Sony, the United States and Russia, where he acquired a leading electricians. It also has holdings in Europe, particularly in EADS. If decided, as feared, some investors to sell off its pay its debts, the consequences could be catastrophic for the financial market confidence. And they are equally if Abu Dhabi was to withdraw from Daimler, which owns 9% to help. Closed Thursday, Wall Street will give his ruling on Friday.

"The emirate of Dubai on the brink of bankruptcy

Nov 18




Lehman Brothers estimates have been robbed. Lawyers for the holding company representing the defunct U.S. bank filed a complaint against the British bank Barclays in order to recover billions of dollars wrongly attributed to it at the sale in secret activities of brokerage Lehman in September 2008. In a complaint filed with the U.S. Bankruptcy Court in Manhattan (New York), Lehman believes that the sale was "secretly arranged at the outset to provide a benefit that Barclays was not expected" and that the bankruptcy judge has not been informed at the time.

Lehman Barclays accuses of having been awarded some $ 7 billion of assets in excess of the transaction, plus 5 billion once the sale is concluded.

In its complaint, the U.S. bank, which had declared bankruptcy in September 15, 2008 following the subprime crisis and the refusal of the U.S. state to help, now wants to make as Barclays Lehman "all profits obtained improperly, and damages. Among its charges, including Lehman puts into question the role of several of its leaders at the time who took part in the transaction before joining Barclays Capital.

Nov 6




Tax revenues of local governments will increase substantially in 2009. This is announced by the Directorate General of Local Authorities (DGCL), in a note released Wednesday. The DGCL estimated that the four direct taxes tax, residence tax and taxes on land and buildings not built should bring $ 71 billion to local governments. The increase in local taxes would be 8.1%, nearly double the increase of 2008 (+4.4%). This increase is explained by buoyant tax bases (+4.7%) and a significant increase in rates (+3.4%). This increase affects all communities but especially the departments and municipalities. "The departments have their rates increased more than other communities," said the DGCL, considering the increase of revenues to 11.4%, including 6.3% due to higher rates.Conversely, "the development of overall tax revenue from other communities still more effect than the base rate effect".

According to the notes, business tax, hotly debated in the context of discussions on the 2010 budget, expected to yield 31.3 billion euros, the housing tax 16.5 billion, the tax on built property 22 3 billion and that the undeveloped 880 million. Local taxes are 39% of operating revenue of local governments.

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Oct 12




The Dow Jones gained 0.80% to 9864.94 points with the momentum indicators and corporate earnings better than expected, published in the week. This is its highest closing level since October 6, 2008. The Nasdaq gained 0.72% turn to 2139.28 points.

The U.S. trade deficit declined by 3.6% in August to 30.7 billion dollars against 31.9 billion in July, data adjusted for seasonal variations. This decline is due to higher exports and lower imports. The market was waiting to turn an increase in the deficit to 33 billion.

Traders expect the status quo of U.S. interest rates for a few months after the speech of Ben Bernanke yesterday. This indicated that the Fed would be "ready" to act in time to return to a normal monetary policy."When economic prospects are sufficiently improved, we are ready to tighten monetary policy to eventually bring our balance to a more normal configuration," he said.

The values of the day

In a statement Chevron (1.83%) indicates that its results "should be better in the third quarter than the second. The results of exploration and production are expected to rise sharply, reflecting rising prices for crude oil, as well as some 400 million of gains from asset sales and tax revenue.

The Chinese Tengzhong will redeem 4×4 Hummer brand from General Motors today. The amount would be some 150 million dollars. Sichuan Tengzhong Heavy Industrial Machinery was in talks with GM since JuneIn addition, sales of General Motors in China and its joint ventures are around 1.3 million vehicles in the first nine months of the year.

The Wall Street Journal, the bookstore chain Barnes & Noble (-1.33%) is about to sell its own electronic reader, Kindle competitor to Amazon. Com.

Oct 12




Around 9:05, the CAC 40 rose 0.33% to 3812 points. The remarks of President of the Federal Reserve Bank of St. Louis supports the market. James Bullard said on Sunday that the U.S. economy has resumed growth. He said the gross domestic product (GDP) could be between 2.5% and 3% in 2010, with possible further significant growth in the first half.

Values follow

The Russian manufacturer Avtovaz and Renault-Nissan alliance could make all the cars on the same assembly line in 2012, said boss Avtovaz, Igor Komarov.

According to the newspaper Liberation, a part of nuclear waste produced by nuclear plants of EDF is not recycled but stored in Russia. "13% of French radioactive waste produced by EDF are found outdoors in Siberia in a city forbidden to access," the paper said.The investigation by the newspaper should be broadcast Tuesday on Arte.

Carrefour sees no real signs of improving global economic conditions.

EDF would have received authorization of the Nuclear Regulatory Commission (NRC) to purchase 49.99% of the nuclear activities of Constellation Energy Group. This operation will enable it to strengthen the U.S. market. Local authorities in Maryland (USA) have not yet given their opinion.

Airbus, a subsidiary of EADS, is confident about the possibility of its A400M fly by the end of the year. This program already suffered a delay of four years.