World Articles

"After showing that the insertion in international trade can promote development, you will present the limits of this relationship." This has been the subject of the paper proposed ES tray on Tuesday morning. Here are the responses of specialists.

The Korean Experience, by Alexander Delaigue, economist and blogger Econoclaste

Protectionism? Good questions but wrong answers, by Nicolas Bouzou, economist at Asteris

Bilateral trade is threatening the dominance of developed countries, by Cyril LACHEVRE, editor of Le Figaro Economie

The fixed-type, by Sebastian Lamache, professor of economics and social Alencon

Korean Experience

Delaigue by Alexander, an economist and blogger Econoclaste

A standard feature of life insurance quotes is a set of written terms and conditions which set out whether the policy being sought is a term policy or a permanent one.

In July? At the back? After much discussion, the regulation of hedge funds in Europe will soon be passed, and establish conditions to the funds placed in havens can be marketed on the Continent. But managers have taken the lead: many already abandoning the Cayman Islands and repatriate their funds in the European Union, Ireland and Luxembourg. Or even in France, as a dream to do Boussard & Gavaudan, which manages a large European hedge fund.

Many hedge funds were originally installed in the Cayman because it was one of the few countries to allow the managers the freedom of action they need. "But since then other countries like Ireland and Luxembourg have changed their laws and created vehicles that hedge funds can use.All hedge funds that we have been created recently in Luxembourg, "said Laurent Dupeyron, CEO of Olympia.

Many managers even go further and create ordinary mutual funds, subject to the same European regulations (UCIT III) than any ordinary fund. Management is a hedge fund, but not the status. This boosted some professionals. "In these funds, subscribers must be able to leave their money every fortnight. If the markets undergo a new liquidity crisis, it would be very difficult to achieve for managers, "says Emmanuel Boussard Boussard & Gavaudan president. But hedge funds have no choice. Investors are jostling as they used to invest their capital home."Today, especially in private banks, customers are interested in hedge fund performance, but want liquid funds and regulated," says one Axa IM. And as for hedge funds, the customer is king.

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The CAC 40 climbed 2.19% to 3,578.01 at mid-points. Optimism is also topical in London where the FTSE gained 1.65% to 5236.50 points. In Germany, where the day is a holiday but not to the Exchange, the DAX index climbed 1.66% to 6080.33 points

European markets follow the footsteps of Asian financial centers this morning. These are themselves remained on the rebound on Wall Street yesterday, which saw the Dow finished up 2.25% through the good figures for real estate and automotive. On Wednesday, the same statistics have allowed the Paris Bourse stop the slide to achieve a closing balance (-0.05%).

Selected indicators

On Thursday, markets should evolve further over the many publications of macroeconomic indicators in Europe and the United States:

– In France, INSEE reported that the unemployment rate according to ILO had remained "stable at a high level" in the first quarter of 2010 in France, 9.5% of the workforce in France and 9.9% with the overseas departments (DOM).

– Regarding the euro area: the services sector has experienced growth in May, slightly higher than expected. The index Markit Purchasing Managers (PMI) service sector stood at 56.2 in May, its growth rate was the highest since August 2007, against 56 in "flash" estimate and 55.5 in April.This is the ninth month of consecutive increase this index is above 50, is the line that distinguishes growth from contraction in activity.

– Retail sales in the Eurozone fell sharply in April when economists expected a slight increase from the previous month. In the 16 countries adopting the single currency, sales decreased 1.2% compared to March, its largest decline since October 2008, and show a decline of 1.5% over one year.

Overseas, the day should also be prosperous: Investors await the monthly report of employment in the private sector and the weekly claims for unemployment benefits.Are also expected industrial orders in April, the productivity of the first quarter, the ISM index of services activity and weekly oil inventories.

The car in sight

As for values, Valeo will hold its general assembly in early afternoon. The group expressed confidence in achieving its 2010 target of doubling its operating margin compared to 1.8% achieved in 2009. The automotive supplier is also only for the first half, a operating margin of close to 6% based on a turnover of around 4.7 billion euros. The news pushed the stock market as: the action takes the head of DTH with an increase of 7.35% at 23.50 euros.

PSA Peugeot Citroen for its part occupies the first place winners of the ACC with an increase of 5.48% to 20.60 euros.The builder, who held its general meeting Wednesday, said he would reimburse the billion loan from the State in the second half. The boss of Philippe Varin has also confirmed the target of a largely positive EBIT in the first half. He felt that the positioning of two brands of PSA was not consistent with the lower cost.

Renault, Dacia sales explode in his wake, takes 4.28% to 30.59 euros.

Air France KLM (6.04% to 10.50 euros) on Wednesday, speaking through its Chief Executive Officer Pierre-Henri Gourgeon, the voluntary separation plan of the company had achieved its objectives. This morning, the company also announced that passenger traffic up 4.3% last month, to 6.2 million passengers.With capacities of stable (+0.1%), the load factor is an improvement of 3.3 points to 80.6%.

Maxime Lombardini, Chief Executive of Free (Iliad: + 1.02% to 68.54 euros), said in an interview with Le Figaro that his group had already invested $ 350 million in fiber optics and that it will invest year more than 150 million. "I confirm that we have 4 million homes connected with fiber in 2012," he said.

Saint Gobain (3.47%) held its general meeting this afternoon.

Note that the bank still buffeted yesterday, also benefit from the euphoria: Axa (2.44%), Societe Generale (1.64%), Credit Agricole (2.67%) and BNP Paribas ( 0.27%) are in green.

A denied "categorically". Fabrice Tourre, a trader at the heart of the case heard Goldman Sachs on Tuesday by U.S. lawmakers, denies all charges against him and issued against the bank by the SEC, the U.S. financial policeman. In his written testimony, he denied the charge of the market authority that it did not inform investors of the nature of complex financial product he had created, the Abacus AC-07 1. He also denied the fact of not having told investors that Goldman Sachs had authorized the manager hedge fund Paulson & Co in selecting portfolio securities included in the Abacus betting on depreciation.The SEC alleges including Paulson & Co have put in the pocket more than one billion dollars in capital gains through the operation, almost the total amount of losses incurred by investors who bid on Abacus.

Fabrice Tourre himself "surprised" and said he never told the ACA, the media company that acted as an agent of selection underlying portfolio of 07 Abacus AC-1, that Paulson & Co take share or buying a long position in the Abacus. "I do not remember the exact words I used at that time," admits Fabrice Tourre but he claims to have suggested to the ACA, Paulson could be involved in the transaction without being an investor. "If the ACA was not insured on this point, she had every opportunity to clarify the subject."

"We lost money too"

Fabrice Tourre said he never intended to mislead "two of its two major customers, the ACA and the German bank IKB No checking account payday advance. "When Goldman Sachs told investors that ACA had selected the titles referenced in Abacus, this statement was absolutely correct," said Fabrice Tourre.

Contrary to qu'assurent members of the Subcommittee investigation ongoing U.S. Senate, the transaction Abacus, "was not designed to fail". He said Goldman Sachs had no economic interest in seeing it fail. "We lost money too," says he, advancing "an amount exceeding 100 million dollars."

A polluted river

In his testimony, Fabrice Tourre appreciates being able to defend itself against these "false accusations". "These past weeks have been difficult for me and my family. I have been the subject of unfounded attacks on my motives, "he says.

Things get tough for him, as for the other leaders agreed Tuesday. In opening the hearing, Sen. Carl Levin, chairman of the subcommittee, did not mince his words regarding the Goldman Sachs "who took advantage of the collapse. "As the polluters who put the poison into a river, they have integrated the risky products in our financial system and polluted," he acknowledges. He does not forget to pass the role of credit ratings agencies "who with their triple A have to believe that the water was drinkable.

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At dawn on a trail lined with pine trees, hundreds of faces marvel at the sunrise over ridges carved Yellow Mountain, immortalized in traditional Chinese paintings. Search for a little solitude during his vacation in China is a challenge. On most sites, it is not uncommon to see the flags float guides, which announced the arrival of yet another group.

"I travel a lot, but I've never had either the opportunity or means to go abroad," Huang Yun smiled. Commercial for a Chinese company, this young woman of 29 years has never traveled child. But since she works in Shanghai, she loves from a change of pace and has swelled the ranks of Chinese visitors to their own country. These represent the vast majority of tourists visiting the Middle Kingdom.Moreover, only a minority of Chinese can afford to leave the country for holidays.

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The China National Tourism Administration has counted last year 1.9 billion domestic tourist trips to China by plane, train or car. A steady increase in sales for twenty years, thanks to higher living standards, the relaxation of regulations on interprovincial travel and the emergence of paid leave. The award of "Golden Week" by the authorities in the late 1990s, now allows the public to enjoy each year, more than four public holidays, two weeks of leave data at all, for Chinese New Year and National Day on October 1.The Law on Employment Contracts of 2008 provides between five and fifteen days of additional holiday for employees according to seniority no faxing pay day loans .

Besides the New Year with the family, the Chinese go on holiday generally organized in groups, with a busy schedule to as much as possible in four or five days. Beginning with visits to historic and natural sites, their favorite activity. The Chinese territory is seventeen times the France and has twenty-seven sites classified cultural heritage by UNESCO.The local holidays are often more affordable than those spent abroad.

Restaurants & karaoke

Nearly 40% of Chinese tourists spend each year between 100 and 500 euros for travel, 30% between 500 and 1 000, and one quarter more than 1 000, according to a survey by Ctrip, the first Chinese travel agency , which depends on the state.

If the "sacred mountains", Beijing and the Great Wall continues to attract a mass of tourists, new emerging destinations. Almost deserted in the 1990s, the tropical island of Hainan in the south, has become one of popular destinations. Even if the tan is not part of beauty of Asian middle class does not sulk pleasure to enjoy a little sea air.And always have access to a choice of restaurants and karaoke.

For more exotic destinations, the Chinese can afford a small world tour for 16 euros on the national pavilions of Shanghai World Expo, which opens on 1 May Of the 100 million expected visitors, 95% should be Chinese.

Christine Lagarde is going to war against unfair bank charges. At the request of the Prime Minister, Fran?ois Fillon, Minister of Economy and Finance has commissioned a report to the former CEO of Credit Agricole, Georges Pauget, and chair of the Advisory Committee of the financial sector (CCSF), Emmanuel Constans. "Our goal is to protect consumers," she said into the microphone of RTL on Wednesday morning.

Bank charges: avoid abuse

The minister hopes to shed light on three issues in particular: the "cascade" of bank charges, billing services hitherto free, and finally, the establishment of systems of fixed costs "which include some services that consumers do not, "said Christine Lagarde.In an interview with the newspaper Les Echos on Wednesday, she said that instead "regulate all hair, she wants to ensure there is no abuse."I expect the report to the end of June," says she.

On 24 March, three days after the second round of regional elections, Christine Lagarde presented to the National Assembly a new position on the draft law on consumer credit: remove penalties release (charge made if a person makes one or more checks, Ed), "which are a real obstacle for small businesses.

Germany: Christine Lagarde persists and signs

The Minister is also back at RTL on her remarks Monday on the German economic model, stigmatizing the pressure on labor costs for its exports preferred payday loan lenders . "My remarks have been interpreted negatively. While Germany has performed well for ten years.But in such times of crisis, the deficit country must do everything to reduce it, and those of surplus should not be assumed that they are the only engines of growth, "she says.

Less than a week after the lunch meeting between Gordon Brown and Nicolas Sarkozy in London, Christine Lagarde expressed disappointment at the postponement of the adoption of the Directive on hedge funds, and remains "determined that the text completion by late June.

The subject, which should be discussed Tuesday by the Finance Ministers of the Twenty-Seven, was withdrawn from the brink of the agenda by the Spanish Presidency, who chose not to vote on a text in this highly unpleasant state in the United Kingdom.Christine Lagarde will therefore not stop there, and push to revive the issue with determination, even displease its European counterparts.

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The Internet of tomorrow is on track. Cisco Systems on Tuesday launched a new twelve times more powerful than its competitors. Its name: the CRS-3.

The U.S. telecom equipment shows its capacity of 332 billion bits per second, indicating that it is possible to download the entire Library of Congress in a second. Or for a billion people watch a video simultaneously. This service delivers "the foundations of the new generation Internet," says John Chambers, Cisco's boss.

The operator AT & T has tested "successfully" the device in the context of testing a "backbone" – the core telecommunications network to interconnect networks smaller – a 100 gigabits between New Orleans and Miami bad credit personal loan lenders . A world premiere.

This announcement comes almost a month after the internet giant Google has announced its intention to become a pioneer of Internet access at very high speed installation in the coming months networks hundred times faster than ISPs exist in the United States.

Around 18:30, the Cisco Systems shares lose more than 0.15%, to 26.1 dollars, after having degraded to about 1% just before the announcement. "Investors had anticipated this announcement at least one day before," said one analyst.

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Last week was difficult for the Paris Bourse and the new looks so painful. On Monday, around 7:20 am, the CAC 40 was expected to decline, future lost 1.09% to 3.8021 marks. The Paris markets should follow the negative signals sent from the Asian Awards. In the region, all the seats are finished in red, lead by tech sector lagging behind. Friday on Wall Street, the U.S. indices had closed down over 2%, dragged down by shares Google (-5.66%) and ADM (-12.12%).

In Paris, the stock market had experienced a tough session Friday, the bank stocks react badly to Barack Obama about the future restrictions will be imposed on the sector in the United States.Societe Generale lost 5.2%, retreating Credit Agricole (-2.51%) as well as BNP Paribas (-1.89%), Axa (-2.5%) and Dexia (-0.73%).

This morning, the GfK said that rising unemployment and painstaking recovery of the economy continue to weigh on the morale of German households. The barometer of consumption and was folded to 3.2 points in February, against 3.4 points the previous month. "In terms of consumption, 2010 promises to be more difficult than 2009," the institute said.

On Monday, other statistics should not be expected to tack markets. INSEE 12 hours to publish its quarterly survey of conditions in housing construction and building trades for January. Across the Atlantic, the Americans will unveil the new home sales for December to 16 hours easy payday loans .

EDF and Veolia will react to new policies

After intervention by Christine Lagarde, who believes that the dual function of Henri Proglio as President of EDF and the Board of Directors of Veolia could not last "forever", the series Policy should react to investors in securities EDF and Veolia Environment. Regarding the latter, information on the atmosphere that weighs the Management Board to have been unveiled by the Parisien this weekend.The services of the fraud control have also searched the premises of a subsidiary group of utilities in December 2009 as part of an investigation into possible price fixing, according to Capital.

April NextRadio TV Group and must publish their annual results after market close.

Sodexo must hold its general meeting at 16:30.

The values of the banking sector, Societe Generale, Credit Agricole, BNP Paribas and Dexia will also be monitored after their heavy falls on Friday.

The businessman Stephane Courbit, combined with the advertising group Publicis, consider buying a 70% shareholding in France Television Advertising by the Tribune. Its proposed takeover could even be validated in the coming days, "understands the daily.

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One thing on which government, parliamentary and local government agree: the reform of business tax (TP), is "the major tax reform last 30 years." And despite the rising debate right now on the subject, nobody has forgotten the essence of this reform relieve companies of a "stupid tax", whose base penalized far investments. It remains to find a solution for local authorities (municipalities, counties and regions) are not penalized by the reform of the system which previously constituted almost half of their direct tax (22 billion euros).They denounce as a loss of autonomy to the extent that they will not set their own rates of most specimens for their cash, even if Bercy reassuring on this point (see graph). Finally, they fear that the reform does in their midst, many losers, especially the communes.

A two-step scheme

Wednesday in the Committee on Finance, the UMP deputies and Marc Gilles Carrez Laffineur introduced an amendment that rewrites part of the reform to restore the link between businesses and municipalities. Gilles Carrez particularly wants to assign 20% of "additional levy. The pattern of departure government stipulated that this resource, which is supposed to be dynamic, ie solely attributed to the departments and regions.

The chairman of the Senate, too, pleaded Wednesday for the common benefit of a "mix of various recipes.Agree to leave several months of reflection. Gerard Larcher advocates a scheme in two stages: In the draft budget law, we note the death of the business tax. And it says the new distribution of resources in a specific bill, the first half of 2010. "He wants to pass on the question" degree of autonomy "and" the share of equalization in the financing of local communities. Explanation: "a dozen departments are experiencing disruption in financial charges within five years." These departments as the Indre, Creuse or Lozere, which have fewer and fewer companies – revenue sources – and more and more seniors – sources of expenditure, the funding councils' Most of the personal autonomy allowance (APA). "We will not let them go bankrupt. It requires solidarity between territories.The Republic, that's it. "Senate President imagines" share per capita "(that is to say, the number of dependents per department)," a fraction of the CSG or contribution Day solidarity ".

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Smokers will soon be able to buy their cigarettes on the Internet? Yes, according to news reports. No way, "replies the government and Brussels. Voices of Wednesday evoke a future authorization in France for the sale of cigarettes on the internet as part of the transposition of the EU directive.

Nicolas Sarkozy has stressed to the Council of Ministers that it was "no question" of allowing the sale of tobacco on the Internet "for public health reasons", reported the spokesman Luc Chatel government, reporting Council's work."When we began several years ago a battle against smoking (…) it is not possible to create a parallel network of supply of tobacco", said Luc Chatel, who is also Minister of Education "France will not implement this provision.

Earlier in the morning, Budget Minister Eric Woerth had also categorically denied that the government would legalize the sale of tobacco on the Internet. In the aftermath, the Health Minister, Roselyne Bachelot said on RTL radio that it is possible for "France does not transpose the directive in the European lead to permit the sale of tobacco on behalf of Internet public health. "

The response from Brussels was later

The European Commission has taken longer to respond.It was not until mid-afternoon it was split in a statement announcing that belied also want to authorize the sale of tobacco on the Internet in the EU.

That directive talks about how they will collect all excise taxes (taxes on alcohol, tobacco …), especially in the case of a sale via the internet, because "some countries have already authorized the sale via the Internet, "he told AFP spokeswoman for the Commissioner for Taxation, Maria Assimakopoulou.

But this text "does not regulate sales' distance, he" did not say whether France may authorize the sale of cigarettes on the Internet, "she added.

According to the edition of Les Echos on Wednesday, the government planned to allow in France the sale of cigarettes on the Internet as part of the implementation – by 1 January – European Directive 118 on excise duties on tobacco and alcohol.With application from 1 April 2010.

This should have been made in the draft finance law amendment submitted to the National Assembly in mid-November, the newspaper said. "It is not intended to open the sector to distance selling, then reiterated the ministry's budget, indicating that other parts of the Directive would be transposed, but not those concerning the sale of tobacco online. On the Internet, cigarettes can be bought cheaper than at tobacco shops, but it's totally illegal under the General Tax Code.

Billions of euros at stake

For the state, the financial issue is important insofar as the sale of cigarettes he reported 13 billion euros through taxes.In cases of transposition of the Directive, the government should have such control this trade for the price of cigarettes sold on the Internet are "aligned" on the rates charged by tobacconists.

Legalizing the sale of cigarettes on the Internet would be a blow to the newsagents, which should soon be faced with a further increase in tobacco prices likely to affect a few more sales. Higher tobacco prices by about 6%, claimed by the manufacturers, was scheduled October 5, but was postponed for "some weeks" Bercy (responsible for registering the price of tobacco, Editor's note) preferring 's to ensure its compatibility with the future plan cancer.

The Health Minister Roselyne Bachelot has said his side be "positive" to a 10% increase per year for several years.It must be representatives of tobacconists in the afternoon.

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