Sundial of world news

New outbreak of fever at SNCM. During one week, a dozen sailors were delayed for one hour each day the ship departs The Corsican liaising Nice L'Île Rousse. They demanded an adjustment of their pay with that of other marine company. They succeeded, and The Corsican found Thursday its normal pace.

This social movement falls at the worst time, tourist season and while the company controlled by Veolia has also lost market share in the first half. Its traffic decreased 7.1%, one of Corsica Ferries increased by 17.5%. Moby Lines, comer, has received nearly 33 000 passengers in three months.

"Our main concern is with Moby Lines are denied benefits that help the passenger, and Corsica Ferries.With the current system, they can only gain additional market share, "worries Alpozzo Frederick, Secretary General of the CGT sailors of the SNCM. For the union, the welfare system to the passenger distributed by the local authority Corsican airlines operating out of Nice and Toulon is "antagonistic" to that of the public service delegation (PSD), benefiting SNCM and CMN from Marseilles. "This is not a compensation of public service but a premium for social dumping," Frederick Alpozzo ton.

Risk of losses in 2010

A report commissioned by the government pointed the problem. The ball is in the camp community Corsican. A special session is scheduled in September to review all aid to maritime transport. "SNCM is in a delicate position.She could ask to not go after the convention of CSP, which expires at the end of 2013, we recognize the Corsican Transportation Agency (CTA). Out of the red in 2008, SNCM has gained nearly 18 million euros in 2009 thanks to a gain on disposal of a vessel (26 million). The CTA believes that the company's losses could reach 20 million this year. To make matters worse, if a new DSP is launched, the agreement could exclude ferries operating at peak periods. She would come into force in 2012. Suddenly, the reduction plan envisaged by the SNCM fleet in February, dropped after the strikes of the CGT, may become relevant.

"We need things to change and we stop losing money.Either we reorganized the DSP is still there and it will be dramatic, because it will break everything, "Frederick alarmed Alpozzo who admits fear a scenario where the SeaFrance 725 employees will be dismissed.

ALSO READ:

"Big time for ferries

The ferry service to Corsica increasingly contested

"Moby Lines inaugurates its connection-Toulon Bastia

In the battle over economic strategy, which raged in the country G8/G20 meeting in Toronto, Nicolas Sarkozy ranks clearly on the side of Barack Obama's hostile plans rigor precipitates. "For France, fiscal consolidation is a long-term need [...] the stimulus must be from 2011, gradually, depending on individual circumstances," said one EU source.

Favorable cures severe austerity in Greece, Portugal and Spain, Nicolas Sarkozy calls for budget adjustments "progressive" in France and Germany, from 2011, with "not too many taxes."

The fragile economic and financial worries Europe G8 and G20. "Our partners Americans and Canadians fear the impact of austerity plans on resuming" said one EU source.The health of banks on the Old Continent is also a major concern in the United States. "There's nothing to fear from that quarter. Our banks are very strong. The results of stress test in late July is going to cheer the markets, "say the Europeans.

Faced with the Americans, Germans and Britons facing the G8 steadfast defenders of rigor. "A sustainable growth can not result from a fiscal policy based on the debt!" Repeats Angela Merkel. "Our public finances are in such a state, we have no other choice than a hard adjustment," he defends David Cameron.

Within this debate, Nicolas Sarkozy wants to distinguish itself from its European partners. Recognizing the need to reduce fiscal deficits in France, he will not rush, giving priority to pension reform.If markets were not so vigilant, he would gladly own the warning of Barack Obama: "do not overdo it in 2010 … or 2011.

The time of new measures to reduce costs will soon strike in France. The State must indeed save 100 billion euros by 2013 to reduce its deficit and meet European standards.

Claude Gueant, advisor to Nicolas Sarkozy, says the Financial Times on Monday that further savings measures are in preparation. They should be announced in the fall. It says in part: "France has pledged to reduce its deficit to 3% by 2013. We are determined to achieve this goal. "

Forecast question

For now, the government relies on its growth forecasts to find half the sum. But estimates of France are considered optimistic. The European Commission and the International Monetary Fund have both criticized the government's optimism.The economy minister, Christine Lagarde, has itself acknowledged Sunday at the Grand Jury RTL-LCI-Le Figaro, saying that the forecast 2.5% growth next year was "bold" .

Lower costs

The remaining 50 billion euros will come from the decline in public spending and tax increases. How the State plan to do it? A belief in "Les Echos", the government intends to confirm its target of 100,000 new layoffs of civil servants between 2011 and 2013, after the 100,000 already achieved in recent years. Moreover, the government plans to freeze spending between 2011 and 2013 to maintain transfers to local governments and increase only slightly the health expenditure.The state should also remove the tax loopholes to recover 5 billion euros per year and create a new tax on the wealthiest to raise 3.7 billion euros. Finally, the adjustment of tax evaders will recover, as reported by the Budget Minister Francois Baroin to France Info radio this weekend, "over 1 billion just on the folder HSBC.

The Financial Times points out that these measures should not be sufficient to reach 100 billion euros in savings by 2013. If Claude Gueant has not revealed the content of the proposed measures, economists believe that the state could proceed with a wage freeze for civil servants, their salaries account for nearly one third of public spending.

Found 100 billion euros in three years. This is the government's objective to reduce the deficit from 8% to 3% in 2013, reiterated Prime Minister François Fillon on Saturday, which gave details of the proposed measures. "We have pledged by 2013 to reduce our deficit from 8% to 3% and all our efforts will focus on this priority. It means basically that should reduce the deficit of 100 billion by 2013, "he said during a meeting with new members of the UMP Salle Gaveau.

The $ 100 billion, "we (them) to find the half in spending cuts and half in revenue increases," said the head of government.The 50 billion euros in spending cuts will be made up of "45 billion by reducing public expenditure, 5 billion on reducing tax loopholes."

On the revenue side, the 50 billion do not result from increased taxes and levies, "said Francois Fillon. He bets on "35 billion upgrading after the crisis, loss of revenue cyclical. (…) As and when growth returns, revenues are growing once again, "he said. And the remaining 15 billion? They "will correspond to the end of the steps we have taken to boost the economy and have obviously not meant to last beyond this period of recovery," he added.

In May, Francois Fillon had already announced a freeze in spending value of the state but had not detailed the targets.These details are involved a little less than a week after Berlin has adopted a plan rigorously evaluated at 80 billion euros. France is under pressure from financial markets and rating agencies, who urged him to detail the measures to be taken to reduce debt.

"New sources of funding"

The Prime Minister also addressed the issue of pensions. While the government prepares to release his reform plan, Francois Fillon reiterated its intention to extend the duration of activity and pushing the "symbol" of the statutory retirement age to 60 years.

It will also seek new financing, he added. "Justice will lead us to seek new sources of financing because the effort must be shared by all," he said.Nevertheless, the government has temporarily waived taxing incomes over 11,000 euros per month, according to information from Figaro.

ALSO READ:

"Our special report on pensions

The hunt for tax shelters is launched

"Maintaining the AAA rating is an objective" tense ", according Baroin

Barack Obama was not convincing, is the least we can say. Despite these reassuring words about the future of the U.S. economy, U.S. markets were closed Thursday's session, down sharply: the Dow Jones lost 1.08% and 1.30% Nasdaq loose.

The three major indexes in New York posted strong gains Wednesday.

Eight banks covered by a survey: the markets punish

The Attorney General of New York has opened an investigation into eight banks, including Credit Agricole, to determine if they had provided misleading information about their mortgages before the subprime crisis, "according to The New York Times.Goldman Sachs (-1.73% to 144.65 dollars), Morgan Stanley (-0.65% to 27.62 dollars), UBS, Citigroup (-2.15% to 4.09 dollars), JP Morgan & Chase (-2.16% to 40.79 dollars), Credit Suisse, Deutsche Bank, Bank of America-Merrill Lynch (-1.29% to 16.85 dollars) and Credit Agricole in the crosshairs.

The dollar continued its rise against the euro

The euro fell Thursday to a level that was hers before the announcement of the stabilization plan of the European Union and the International Monetary Fund (IMF).The single currency was trading at 1.2531 dollar, near its lowest level reached before the announcement of the aid plan for the euro area.

Decline in number of unemployed weaker than expected

The resurgence of the greenback is supported by the fourth consecutive decline in the number of newly unemployed in the United States, according to figures released Thursday by the Labor Department in Washington fast payday loan. The ministry said 444,000 new jobless claims were submitted from May 2 to 8, or 0.9% less than the previous week (in seasonally adjusted data).

Oil prices opened sharply lower Thursday in New York, a barrel of benchmark lost 1.47 dollars to 74.18 dollars. Wednesday crude inventories rose 1.9 million barrels to 362.5 million.Economists on average had expected a rise of 1.3 million barrels.

Contracts awarded on the prudence of Cisco

The Japanese electronics giant Sony (-5.14% to 31.53 dollars) confirmed Thursday that ended the 2009-2010 fiscal year brought a net deficit of 40.8 billion yen (312 million euros ), reflecting a return to the green on the plan of operation, through reductions in fixed costs. Sony also said Thursday that he hoped to finish the fiscal year began last April, and will be closed in March 2011, a net profit of 50 billion yen (about 400 million euros).

Cisco (-4.53% 25.53 dollars) has announced its profit jumped 63%, but its CEO said that caution was in order.

The rescue plan EU-IMF Greece will be ready "in the next few days," said Thursday the EU Monetary Affairs Commissioner Ollie Rehn. He said he will "protect financial stability in Europe and worldwide."

"I think the negotiations will be completed in the next few days," said Ollie Rehn. Traders Greek, European and International Monetary Fund (IMF) are close to agreement on "a multi-year program leading to a major fiscal adjustment, and other structural modifications" necessary to restore public finances of Greece, and back its economy on track for sustainable growth, "he added.

This package of financial assistance by developed countries in the euro area and the IMF will give Greece enough "breathing space", has yet estimated the Commissioner.He declined to say more, stressing that negotiations were not buckled.

The EU and the IMF have pledged 45 billion euros in loans to Greece, including 30 billion provided by 15 other countries using the euro. But many observers now believe it will take a larger envelope for a permanent exit the stagnation Greece. The $ 130 billion is the most frequently mentioned.

The euro area also fears the contagion of the crisis, Greek, especially after the deterioration of sovereign debt ratings of Portugal from Spain Tuesday and then Wednesday, reflecting the mistrust of financial markets and make credit more expensive for the countries concerned.

Consolidation of budgetary rules

"What we need most right now is a clear direction.We need a leadership that can guide us out of this zone of turbulence, "said Jean-Claude Trichet in a speech at the Economic Summit in Munich. He added: "I am confident about the outcome of these discussions," he has simply said, indicating that they should be completed in the coming days bad credit pay day loans. According to the President of the ECB, the financial crisis continues to defy the European economy. He therefore called for an overhaul of EU budget rules and increased scrutiny of government finances.

Supporting the euro and Greece

Since Beijing, French President Nicolas Sarkozy has declared fully committed to support the euro and to support Greece.In a statement to Agence France Presse (AFP), the Head of State said: "The plan agreed by Greece is fully credible, we trust the Greek government and we are working hard to all this is put in place without delay. " He added: "France will play its part. We'll be at the rendezvous.

Nicolas Sarkozy has also insisted on "the perfect agreement between Germany and France" on how to resolve the debt crisis in Greece. "I constantly Chancellor Angela Merkel on the telephone."I was very satisfied with the statements of the Chancellor (…) on the credibility of the Greek plan, its determination to implement the European level to support the euro," he said while Berlin had rather hitherto been very reluctant to help Greece.

For Nicolas Sarkozy, "it should be understood that in this case, it is not only of Greece. This is the euro is our currency. We are committed, this concerns us and a duty of solidarity, we will pay.

"France has put in a position to fulfill its obligations to fight against speculation.The plan has been defined by Europe will be applied so important, we will not allow speculation to act at will to destabilize any country, "said the head of the French government about the crisis triggered by Greek abyssal deficit, which caused panic on stock markets and a fall in the euro.

ALSO READ:

"Greece: A financial rescue of Europe

The troubles continue for Goldman Sachs. After the civil action last week by the SEC, the policeman of the American Stock Exchange, the leaders of the institution are subject to a complaint by two shareholders, Robert and Morton Rosinek Spiegel, the Supreme Court of State of New York. They accuse the leadership of the bank to have breached its obligations by conducting a series of transactions involving CDOs (collateralized debt obligations) linked to subprime mortgages.

The bank's CEO, Lloyd Blankfein was named, along with all members of its board of directors. The French trader Fabrice Tourre is also part of those involved.

Both complaints put forward the "systematic failures" of the bank for three and a half years has not reviewed the Abacus-risk investments, in the heart of the case quick cash.The losses amount to one billion dollars.

These criticisms follow those of the SEC has accused Goldman Sachs of fraud accusing him of having misled investors during the marketing of complex financial product issuing CDOs. According to the SEC, Goldman Sachs has committed fraud rules governing the banking institutions do not publish everything she knew about these titles based on guarantees fragile.

Ed Canaday, a spokesman for the bank, declined to comment immediately, saying the bank had not yet seen the complaint.

ALSO READ:

Goldman Sachs is preparing his defense

About to change hands, the London department store Liberty has recovered dramatically last year. After ten years of losses, the Corporation generated positive operating income, while net income remains in the red (loss of5, 14 million pounds, or 5.71 million euros), due to debt and amortization important. The turnover, he flew 20%, A59, 6million pounds (66.26 million euros) in a context that difficult to eat.

Liberty is therefore in better shape, while its owner since 2000, the real estate magnate and hotel Richard Balfour-Lynn, announced in the middle of last year its intention to sell.

Among the candidates, the investment fund Capital BlueGem seems to hold the rope. Led by the former head of Merrill Lynch Global Private Equity, Marco Capello, he would have offered more than 40million euros.Much more than the other contenders, which include Robert Bensoussan, the former leader of the Jimmy Choo shoe, or the Chinese textile giant Li & Fung. Discussions in the home straight, could result in the month of April.

Liberty is a non-standard British heritage. En1875 Arthur Liberty opened his bazaar East India House on Regent Street between Piccadilly and Oxford Circus cash till payday. The Tudor style building is constructed from wood of two ships of the Royal Navy. This beautiful building has just been sold by a group Liberty Property German 46millions books, teaches becoming tenant of the premises. Inside the store, marked by a maze of elegant woodwork was redone last year.There is a sharp selection of fashion products, design and beauty.

"Avant-garde and accessible"

"We refocused on the cutting edge and accessible, with original designers not found elsewhere in order to rejuvenate our customers," says French of Geoffrey Labourdonnaye, former Christian Lacroix, who runs the company. This strategy of "renaissance" that he initiated continues to pay: he said the first quarter of 2010 shows trends "excellent", higher than last year. Liberty has refocused on its flagship store, after closing its Annex district of Knightsbridge. Moreover, the brand is known for its floral fabric that made the heyday of Cacharel, again in full in the trend. Sales of printed Liberty, which weigh one third of total revenue, surged DE23% in 2009.

When the CAC 40 has broken the 4,000-point mark on Thursday, the big question was whether to save on Friday. The European Agreement on the mechanism of aid to Greece found Thursday evening brings a half-hearted: the Euro advanced slightly Friday at 1.3352 dollars (0.35%) and the CAC 40 back from 0.24% to 3990.99 points. Investors are cautious, discussions among European leaders to continue this Friday in Brussels. As like to remind analysts, this bar is a 4,000-point psychological barrier.

Apart from acting and the end of the summit European markets will also be attentive to 13.30 at the third estimate of U.S. GDP 4th quarter 2009.The first two estimates have revealed a U.S. GDP to 5.7% and 5.9%.

As for values, in the absence of results announcements in France, all eyes remain fixed on the bank stocks.

But also Renault and Daimler in: according to information from Figaro, both constructeursdevraient sign their alliance following a special board convened by Renault for next April 6.

In a speech to the press, St?phane Richard, the new boss of France Telecom, unveiled the outline of his managerial plan. He said such a "dialogue was established between my team and the social partners".

The trial of Antoine Zacharias, former CEO of Vinci, was opened on Thursday.He criticizes the spectacular amount of his remuneration: a severance bonus of 12.5 million euros, an annual retreat of 2.1 million euros of capital gains on stock option of 124 million euros.

According to the site of the expansion, the Franco-American investor Guy Wyser-Pratte wants to reorganize the governance of Lagard?re, he wants to evolve into a limited company.

Wall Street began the week slightly up on Monday after the Friday on sustained growth markets. The Dow Jones gained 0.18% at 10,585 points, the S & P 500 rose 0.17% to 1141 points and the Nasdaq ahead by 0.16% to 2330 points.

In the United States, week market will be under the sign of the American consumer. The two major economic indicators this week, published Friday, will be the sales details for the month of February and the preliminary estimate of consumer confidence. For specialists Aurel BGC, household consumption should remain strong after the employment figures released Friday very reassuring. Analysts fear, however, that severe winter weather does not disturb the profile of these two indicators in the short term unsecured personal loans