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BP dark under the cost of the spill. For the second quarter, the company posted a record loss for a British company. In the quarter, the oil group announced a net loss of 17.15 billion against a profit of 4.38 billion dollars last year. The adjusted loss totaled $ 16.9 billion, within the scope of provisions booked to pay heavy costs of the oil spill in the Gulf of Mexico.

The tanker registered in effect a pretax charge of $ 32.2 billion in its accounts. An amount which includes the escrow account of $ 20 billion promised to the U.S. authorities to ensure all compensation and cleanup costs and damages incurred to date, 2.9 billion dollars.The loss, compared to that office, is limited by a good result of oil and a favorable tax effect of about 7.188 billion dollars.

And to honor this provision, the Group announced the sale of 30 billion dollars in assets over the next 18 months, including assets related to oil exploration.

The ownership policy has been revised

The group's ownership policy is revised. Management pointed out "our shareholders have received a dividend since the explosion of the platform and the oil spill that followed it." The leaders said "the Council will decide whether to distribute a dividend in the publication of results for the fourth quarter of 2010 to February 2011.

Finally, the announced departure of Tony Hayward is now official.The CEO of the group notorious for its mismanagement of the oil spill will be replaced by the American Robert Dudley. Hayward will share the leadership for its non-executive of TNK-BP. He will receive compensation equivalent to one year's salary, or 1,045,000 pounds (1,250,000 euros). Hayward had angered the U.S. administration for having complained of being overstretched since the beginning of the disaster and for having, during his congressional testimony, tried to dodge responsibility for his group.

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It will be called Fantastica. The owner of Swiss-Italian MSC Cruises sign this morning at Saint-Nazaire, in the presence of Nicolas Sarkozy, the command of a cruise ship in shipbuilding group STX France (formerly Chantiers de l'Atlantique). The ship, the twelfth of its fleet, will be delivered in May 2012 for an amount of 575 million euros.

"Very stable, will ship with our other two ships, MSC Fantasia and MSC Splendida, the biggest and most luxurious cruise ship ever commissioned by a European ship owner to sail the Mediterranean, Le Figaro said Gianluigi Aponte, founding president of MSC Cruises it controls 100%. It will be a VIP class, with 99 staterooms, butler service and placeholders: lounge, restaurant, pool, spa and gym. "Feature 333.3 meters and a width of 38 meters maximum, Fantastica can reach speeds of 23.7 knots.Sailing from Marseilles, he will have 1751 cabins and can accommodate 4,000 passengers. This will increase by 10% the capacity of MSC Cruises, carrying 1.4 million passengers in 2013. Count from 750 to 2000 euros per week all inclusive, with a stopover day.

A letter of intent was signed in early March for this order, which required the support of the State. For STX France is a vital site. His yards idling. To avoid the worst, the government had to mobilize the French bank (Credit Agricole CIB BNP Paribas and Natixis), who were reluctant to grant the necessary funds (our edition of February 18). "The president has made sure that the site did not stop," says Gianluigi Aponte.MSC Cruises and enjoys the support of Coface, the French agency for export credit, which guarantees funding.

Another optional command ship

The owner will pay his command five times in twelve years. It will first check today, amounting to 115 million euros. First client of Chantiers de l'Atlantique, to whom he has already spent 10 orders, MSC Cruises claims the second place cruise in France and number four worldwide. His boss was pleased to have the most modern fleet in the world: if the oldest ship date of 1981, all others were built after 2002. The owner has already made "an option" to purchase STX for the next ship, a steamer of the same scale as the Fantastica. "We continue to invest, because the cruise is well. The industry has felt only slightly crisis, says Gianluigi Aponte.The Italians and the Koreans are eager to work with us. But I'm faithful to STX for over seven years. When I get on well with a supplier, I did not change for a few million euros! "

Last year, MSC Cruises has increased by about 30% of its turnover to 1.2 billion euros. Its net profit reached 60 million euros. "With an average price of 1200 euros or so, the cruise excellent value for money," says Gianluigi Aponte. It attracts more and more. "The younger clientele: the average age is now about forty years.

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All local authorities are not equally affected by economic difficulties: this is the finding of the last report of the Observatory of local finance. The communes and intercommunal are spared the game as the departments and regions, they have no right to have an operating budget deficit. In 2009, they have done better: the excess of income over expenditure increased by 8.5%. It must be said that the mayors have taken advantage of early mandate to raise taxes. One way to form a mattress care.

The general and regional councils also have used the gun tax. But it was not enough, especially for departments. For the latter, the surplus between income and expenditure has shrunk by 17.8% in 2009. For social spending soared 5.3%.The crisis has pushed the bill of RSA and the aging of the population that of personal autonomy allowance (APA). The elected county expect a similar drift in 2010, "For some departments, the budget balance is very fragile," concludes the report.

Reduced investment

However, in 2011, the constraints will become even stronger. The funds that the departments, but also municipalities and regions, receiving state, which represent nearly 30% of their income, will no longer increase. This was decided by the government. Moreover, the reform of business tax will reshuffle the cards in local taxation. The communes and intercommunal retain a large basket of tax which they may determine the rate.The departments themselves, will not play on the property tax and regions on the gray card No fax cash advances. A situation that worries the county and regional elected and pushes them to invest less.

In 2010, capital spending will drop the first 2.2% and 3.4% of the latter, according to the report. Spared, the mayors expect an increase of 4.5%. "But eventually, the municipalities will be affected because they receive subsidies from the regions and departments," warns Philip Lawrence, in right-wing President of the Finance Committee of the Association of Mayors of France (AMF).

What are the solutions? The local financial professionals, such as UMP or Marc Gilles Carrez Laffineur propose to increase the redistribution between rich and poor communities.Another avenue: better management of intercommunal. For staff costs have mostly slipped to this level (they will grow 8% in 2010). The groups of municipalities have produced savings but duplicates! The government, he promised a reform of the APA to relieve the departments and the establishment of ad hoc aid. "But for now, we are expectant. If nothing happens, we will introduce a bill that will force the state to finally make up our social spending, "said Claudy Lebreton, President PS Assembly departments of France. Meanwhile, between votes and budgets insincere appeal to the courts, the climate remains tense between elected officials and county government.

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Bonuses for traders and bankers in Europe, accused of encouraging rampant speculation during the crisis, will be capped for the first time from next year, following the final adoption of a text with meaning Wednesday.

Two years after the outbreak of the financial crisis of 2008-2009, part of the United States with the bankruptcy of Lehman Brothers, the European Parliament in Strasbourg approved the text, which was the subject of a June 30 Agreement between the elected and the states of the EU.

In 2011, the bonus must not be disproportionate to the fixed salary and cash bonuses will be capped at 30% of the total premium, or 20% on premiums particularly important.

End outlandish bonuses

Much of the bonus will be paid immediately and will not be after a period of at least three years to allow the employer to recover some cases where investment does not function as expected.

Finally, at least 50% of a total bonus will be paid as contingent capital, which can be recalled in case of banking difficulties, so that taxpayers do not end up in the front line when a bank gets into difficulties.

In the case of banks that receive public subsidies, the text also provides that "no variable compensation should be paid the officers of the institution unless it is justified."

"Europe gets the rules of coaching salaries of bankers and traders with the most aggressive in the world," said a French Green MEP, Canfin Pascal, who negotiated the text free credit reports. "By limiting the proportion of variable pay in total compensation, this text will finally put an end to extravagant bonuses synonymous with extravagant risks," he added.

A text to the liking of the banking sector

"Two years after the outbreak of the global financial crisis, these tough new rules on bonuses will transform the culture of bonuses and incentives to end the excessive risk-taking", claimed that his side the Socialist Arlene McCarthy, parliamentary rapporteur on file at the agreement in principle on June 30

The text is however not to the liking of the banking sector."We believe that the agreement goes too far, because at the international level, there are already some principles" in the form of recommendations that were made including the Financial Stability Board (FSB), had informed the AFP secretary general of the European Banking Federation, Guido Ravoet after the tentative agreement. "We believe that this is not the public authorities to make amounts, percentages," he added, saying that this responsibility should be left to banks.

"If the international level, it does not follow Europe, European banks have a competitive disadvantage," says Guido Ravoet, who believes that "financial centers like New York, Singapore and Hong Kong will benefit."

Google gave in Beijing. Given the refusal of China to see the California company to redirect its users to search the Hong Kong-American group, Google has decided to terminate the transfer, in order not to be censored by Beijing. "In the coming days, we will not fully returning all our Chinese clients to the new page," said David Drummond, Google's vice president, the official blog of the company. He added: "The Chinese government has made clear that this operation was unacceptable.

Without a license, Google will "cut off all contact with China"

David Drummond also explains the decision by the expiration of the license granted to Google to operate in mainland China. "If we continue to redirect users, our license PKI (Internet content provider, Ed) will not be renewed.Without this license PKI, we can not operate as a commercial site Google.cn. So Google would cut all contact with China. "

After the New York Times revealed in late April that the identification system Google has been attacked by hackers from China, relations between the California company and China have deteriorated markedly. In this context, it is not clear that Google sees his license renewed. And to complicate this relationship further, Beijing has promulgated a law that requires every provider of a mapping service to obtain a license to practice in China for fear of seeing his service to close.In other words, that Google Maps may be available in China, Google must obtain a license.

Regulation of European businesses worried

Like U.S. firms, their European counterparts also fear a tightening of laws against them over the next two years, according to a study by the European Chamber of Commerce in China released on Tuesday. 40% of respondents are concerned about a rise in discrimination against the foreign companies. According to the chairman of the House of Jacques Boisséson, in the case of environmental degradation, they may not choose to remain "absolutely." But about 80% of them are optimistic about growth prospects in China.Proof that it is the political aspect is concerned between the two parties.

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"Aging can not around, we must assume," said Labour Minister Eric Woerth merced this morning, in the introduction to the presentation of its pension reform. A reform that the Minister of Labour wanted "responsible and fair", repeating the statements of the President of the Republic on Tuesday night. To restore the financial balance of PAYG pension scheme in 2018, the government provides multiple measures, including increasing the statutory age of retirement is the main. It should contribute to new revenue generated by 50%. In total, Bercy believes that the pension reform should help reduce the government deficit of 0.5 percentage points of GDP by 2013.

• The legal age of retirement is raised to 62 years: "It is the heart of our reform," said Eric Woerth Wednesday morning.Between 62 and 63 years, Nicolas Sarkozy has finally opted for the less radical change. But the pace of transition to the statutory retirement age will, however, at a pace faster than initially expected: four months per year from 1 July 2011, not three. In practice, people born in 1950 will be the last to be able to retire at age 60. Those born in 1951 will work up to 60 years and four months, those born in 1952 to 60 years and eight months, and so on until the generation born in 1956, for which the statutory retirement age to retirement will be set at 62 years. This implies that the reform will be implemented for everyone in 2018, not 2020. Meanwhile, the age of retirement which can reach a full pension will be increased from 65 to 67 years.A position that is both "reasonable and effective" given the increased life expectancy, argued Eric Woerth. Despite the reform, are on average three years longer to be passed in retirement because of life expectancy, he said. "If the contribution period should remain the only leverage new revenue, it would have to grow up to 47 years to get the same result.

• The contribution period will increase to 41 years and a quarter in 2013 and 41.5 years in 2020.

• The high income and capital income into play: as promised in mid-May by Nicolas Sarkozy, the easier will help shore up the unfunded pension system.

The tax households located in the top of the scale of tax on income will be taxed at 41% instead of 40%, in the name of a "solidarity contribution pension.342,000 tax households, or 1% of the population reporting more than 69,783 euros per share will be affected by this measure, which will not be included in the tax shield.

The capital income will be affected, in the form of a one point increase levies on sales and real estate. The tax credit on dividends received by shareholders should be deleted. The employer contribution will go on stock options on its side of 10-14%, saving 70 million euros, and the employee contribution from 2.5% to 8% payday loan online.

The beneficiaries of pensions hats will also implement a social contribution of 14%, which should bring 110 million euros.

In total, these measures will generate 3.7 billion in revenue.

• The hardship is taken into account: "The reform opens a new right," assured Eric Woerth. "60 years of age will retire worn by employees working." People whose health was damaged because of their working conditions (undergoing disability equal to or greater than 20% of the rent bénécifiant rofessional disease) may indeed leave at 60 with a retreat rate full, whatever their number of quarters. This year 10,000 people are expected to benefit from this new law.

Those who started working before age 18 may also retire between 58 and 60, in the condition that the statutory period of assessment over two years. In total, "over 60,000 people per year will not be affected by a departure at age 62, an unprecedented effort in Europe," argued Eric Woerth.

• The pension scheme of officials close to that of private, for estimated revenue of 4.4 billion. Officials will not be saved by postponing the statutory retirement age. The active groups (police, military …), which currently start at 50 or 55 years, will gradually raised the limit of two years. In contrast, employees of the special arrangements will be concerned that from 1 January 2017.The pension contribution rate on wages of employees, currently 7.85%, will also also gradually increased to match the term of private fixed at 10.55%. The calculation of pensions will instead retain the last six months, unlike the private sector.

• Promote the employment of older workers: "From 60 years, the participation rate of French is the lowest in Europe," lamented Eric Woerth. "The postponement of the age will increase the rate of mechanical activity." In order, however, the influx of seniors in the labor market does not result in an influx of additional unemployed, the Minister of Labour announced on Wednesday "an employment subsidy a year for the unemployed over 55.The development of mentoring remains another lever that the government wishes to promote.

• Improving women's pensions, farmers and unemployed: For maternity leave does further lower the mothers' pensions, the daily allowance paid during maternity leave will now be included in the earnings base for calculating pension. For farmers, the rules of the minimum pension will be reviewed, so that those who have contributed little to the minimum pension of 709 euros. As for the unemployed not receiving benefits, the number of terms validated by solidarity in order to prepare for retirement will now 4 to 6.

"Look at the presentation of the reform by Eric Woerth:

The White House is ready to do battle with BP. Pace in London who tries to minimize the diplomatic chill cast by the ecological disaster in the Gulf of Mexico, Barack Obama is stepping up its action against the British group. The U.S. president, criticized for his handling of the spill will travel again on the coast, meeting with leaders of BP, and deliver a formal speech to the nation. Such a device intervention is rare. It reflects not only the seriousness of the situation but also the new turn of the screw that the U.S. government wants to give his handling of the disaster.

Thus, the Obama administration requires that the oil put under receivership on payment of its dividend. The goal is to create a fund to pay the damages claimed by the victims of the disaster.On Sunday, White House adviser David Axelrod said "BP has the resources to cover the damage and we will make sure they will do well." He said an independent management of the fund would ensure that the money will be paid on time.

Discussions in BP

The oil group did not show opposition to the creation of such a fund. The board will discuss on Monday at its weekly meeting. It will also define the issue of ownership policy group that should be announced July 27. According to the British press, the English major is preparing to announce a postponement of payment of dividend payable for the second quarter.

In addition, BP could lose control of its oil and natural gas in the U.S. and be allowed to have business with the federal government as a penalty.But that does not stop there. BP could also pay a fine of up to $ 8.6 billion under Oil Pollution Act.

Largest drop in the FTSE

This greater commitment of the Obama administration to want to pay BP is poorly perceived by investors. The track folds nearly 2.5% in morning London Stock Exchange and sign the biggest drop in the FTSE, which advances it by 0.5%. After sessions particularly volatile oil of the title had already sold nearly 10% last week. Since the beginning of the accident, the market value of BP was reduced by almost 44%.

The euro continued its fall on Monday and slips under the threshold of 1.19 to 1.1894 dollar against the euro early this morning, a first in over four years. The single currency also fell back against the Japanese currency, the euro fell to its lowest level in over eight years, listing at 108.35 yen against 110.01 yen on Friday evening.

The cause new concerns about the financial situation of Europe after the alarmist claims in Hungary on the country's economic situation where the deficit would exceed 7% of gross domestic product (GDP) while the official estimates evoked 4 5%. A scenario that is eerily the premises of the crisis in Greece.

The economic and monetary instability in the euro zone single currency also weakened. But European leaders are willing to intervene.French President Nicolas Sarkozy and German Chancellor Angela Merkel met today in Berlin to strengthen their ties and cohesion policies. If both appear on the same line in terms of regulation, the outlawing of the regulators or the taxation of banks, other topics are still under discussion as the degree of budgetary austerity.

However, the Luxembourg Prime Minister Jean-Claude Juncker reassuring. The latter said yesterday that the euro is not undermined. Questioned on TV5 Monde, the president of the Eurogroup has explained that while "money appears very weak in the eyes of the markets," in reality "it is not because our fundamentals are stronger than those of Japan and the United States United.

Markets dive again s'nquiètent of the euro and the situation in Hungary.The Tokyo stock market declines and 4% in mid-session on Monday.

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Return to growth and confirmation of annual targets for the manufacturer of industrial and medical gases Air Liquide has posted this Monday morning pre-market turnover for the first three months of the year.

Total revenues for the group led by Beno?t Potier amounted to 3.152 billion euros against 2.997 billion over the same period of 2009. An increase of 5.2%. The company listed on the CAC 40 was that the increase of its activity has occurred in all business sectors and in all geographic areas.The emerging areas, however, contributed to the improvement.

"Unless a major turnaround in the economy, Air Liquide in 2010 is a new growth in net profit in the continuity of its historical performance," said the CEO, which states that "the discipline in terms of cost management and cash (…) has been maintained during the first quarter of 2010 and the ratio of operating margin was slightly higher than the average for the year 2009."

Emerging markets drive our business

Gas & Services activity (2.76 billion euros, 8.3%) is indeed characterized by "a marked contrast between mature economies (+5% compared to Q1 2009) and emerging economies (28 %), while activity Industrial merchant finds the path of growth, although sales in the mature economies still lower than the first quarter of 2008 before the crisis easy payday loans.

Large Industries recorded a rebound in activity, particularly through the start and ramp-ups in China, South America and the United States. The electronics is experiencing a rebound, supported by sales of specialty gases.Finally, health remains strong, always worn by home care.

During the first quarter, Air Liquide welcomes the signing of three new contracts with steelmakers in China, construction of new production capacity of liquefied gas to India and starting five manufacturing facilities in emerging economies.

The group also continued its acquisition strategy in health.

Air Liquide outperforms

Since the beginning of the year, Air Liquide shares rose 6.43%, with a gain of 0.31% on Friday, listing at 88.37 euros. The CAC 40, it has seen its course take only 0.38% since January 1, 2010.

If in 2009, they were virtually stable operating margin of Air Liquide rose to a record level of 16.3%.Air Liquide profits rose an average of about 8% per annum over the last twenty years.

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A colossal sum greater than the budget of the National Education (61 billion). Highly concentrated: 16 niches alone capturing half the cost for public finances.

However, it is often those most economically useful. So goes there for the two most expensive devices: reduced VAT for maintenance in housing, which supports the construction sector and limit the black, and the research tax credit, which helps innovation.

Even finding the side of households, half the cost of tax loopholes is on tax cuts on income. It includes the premium for employment, the benefits of life insurance or the tax cut for working as employees at home. Suffice to say that these niches are very popular among the French! What makes the issue politically sensitive.In addition, certain devices have become political symbols untouchable, like reduced VAT in restaurants, promised by Jacques Chirac and Nicolas Sarkozy obtained payday loans online. Finally address the benefits of retirees is not straightforward.

To avoid the worst abuses – some taxpayers paying more tax because of all these devices – Parliament has capped the niche end of 2008. He then reduced that limit last year. A taxpayer can not reduce income taxes by using loopholes in the tax in excess of an amount equal to 20 000 plus 8% of its taxable income. And almost all devices are now individually capped. Including niches overseas.

But reducing the niche 2 billion per year is a task far more difficult. Two competing options.Gilles Carrez, the UMP rapporteur of the Finance Committee in Parliament, hopes all planing devices 5% to 10%. The rate of tax reduction for use of an employee at home happen for example 50% to 45%. Bercy wishes to address the niches with the least sense. Elysee Matignon and have not yet decided.