The euro recovers against the dollar

On the foreign exchange market, the euro penalized yesterday by concerns over the European banking sector recovered himself.Having lost 1.46% Tuesday, the euro climbed to 1.2713 dollars in mid-session.

On the macroeconomic front, the release tonight at 20 o'clock in the Beige Book Fed instant report on the U.S. economy, is the principal rendezvous of the day, across the Atlantic.Although unemployment figures better than expected, released last Friday, the U.S. central bank should continue to keep interest rates low.

Also note in the current macro, China has again rejected any foreign pressure on Tuesday the exchange rate of its currency, the yuan, while reaffirming the need to maintain good relations with the United States to During the visit to Beijing two senior White House officials need a personal loan with bad credit.

Bank stocks in the viewfinder

On the side of values, while Sanofi-Aventis continues to woo Genzyme, the U.S. Laboratory, Bristol-Myers Squibb agreed to buy another American biotech, ZymoGenetics, for 885 million dollars.

After its disappointing second quarter, including its defense division, Boeing announced the reorganization of its military aviation activities.The number of divisions from six to four, with a consequent 10% reduction in the number of posts.

Today on Wall Street banking is likely to remain under pressure. The feeling of increased bank risk has also been fueled by the meeting yesterday, the Basel Committee, responsible for setting new solvency rules for banks. However, after this meeting, the committee has maintained the suspense in not distributing a press release. It will do that Sunday. In the morning, a Wall Street Journal had rekindled doubts doubt on the reliability stress tests on European banks, whose results were published at the end of July.

Bernard Spitz. – Insurers are aware of the state of public finances and ready to participate in the effort. But the "planer" has been heavy handed. These measures are excessively severe: according to our calculations, they could not represent three billion euros, but up to 4.7 billion. Of the 10 billion effort on the niches sought at all, is asking a lot insurers and policyholders. And it is inconsistent with the objective of the economy and employment. Indeed, money from life insurance does not sleep. It is invested in long-term 54% companies in the form of shares or bonds.And the rest financed mainly sovereign debt.

But you knew that the tax shelters were the target of government …

Life insurance is not a niche tax! It is easy to label and all the products that we want to address. In the case of life insurance is particularly unjustified. She has a specific tax regime, as all savings products, which is the logical counterpart of an investment horizon longer term. Life insurance is not a niche, is the principal residence of the French investment!

What action is the worst?

All the measures presented have a strong impact. But the truth regarding the tax on capital reserves would undermine the solvency of insurers at a time when the sector must adapt to turmoil with Prudential Solvency II.It is indeed a drain 1.6 billion on capital of insurers can only affect their competitiveness in terms of solvency. We did not ask the French swimmers to compete in the European Championships with a sack weighted with stones … Do not ask the insurers!

Regarding life insurance, it is not a levy increase. The contract holders will pay just multichannel CSG and CRDS earlier on their compartment euro …

Exactly. However, this measure presents legal problems. The MPT contract, even if it has a compartment in euros and another in units of account, is everything. The product from its compartment euro is assumed that during the settlement of the contract. It will then reimburse the insured the overflow of CSG and CRDS eventually paid.Also, this would mean a very heavy management for insurance companies.

Baroin believes that insurers and mutuals have the ability to not pass on, the new tax agreements supplemental health officials. What do you think?

I fear that this is not so simple. The competition will be between companies, but the tax will necessarily be passed on to policyholders. Is mechanical. The Unocam, which brings together professionals in the supplemental health insurance, had proposed a plan of 3 billion euros in savings on health spending. These are structural reforms of this kind should be put in place rather than increasing taxes.

What do you do to limit the impact of these measures?

We look first to know the exact content of the texts.Then we will make proposals to the government as the national representatives in a positive way. If appropriate regulations improve the competitive environment of our businesses in France and Europe, this will be the best guarantee for tax revenues.

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Karstadt stores, whose most famous department store KaDeWe in Berlin, however, have been awarded last June to the investor Nicolas Berggruen associated with group BCBG Max Azria fashion that takes 20% stake. The pair pledged to resume all their 120 stores with 26,000 employees.

However, the sale is not finalized yet: it remains in effect suspended from a rental agreement negotiated between, on one hand, the two prospective owners and, secondly, Highstreet, which owns the Karstadt department stores walls. According to Dow Jones Newswire, the period of exclusivity granted to Berggruen expires on August 10 but would extend the financier.Borletti plans to oppose it by sending a letter Thursday to the director of Karstadt.

"The best offer" by Borletti

The Italian investor, Maurizio Borletti is the boss, so take advantage of these difficult negotiations to make its own offer, which according to him, is "the best deal for all parties." The group proposes to inject 100 million euros in department stores online payday loans. It undertakes not to dismantle the company and reinvest the profits and dividends for five years.

Borletti also promises not to close any stores in the short-term and 'preservation of employees' basic ':' no new termination, no increase in hours worked or pay cut, "he assures.

In addition, Borletti holder of 2% of capital Highstreet since 2007, says he would not need to renegotiate the rent.

Founded in 1860, the family group Borletti invested exclusively in department stores over the past five years. It has acquired shares in 2005 in the Italian department store La Rinacente and has invested the following year, in the French department store Printemps.

For its part, the union Verdi, which had welcomed the offer of Berggrün, said that the proposal Borletti arrived so late was not serious. "Mr. Borletti knew the deadline was the end of May, said a door-paroel Verdi at Berliner Zeitung.If he wanted to make a serious offer, he would have been able to do so. According to the German daily, including Verdi doubt that Borletti be able to make 100 million euros announced and suspected to be primarily concerned with Italian luxury stores Karstadt.

The pill is all the more bitter for the staff unions of sickness, such as primary agents of funds or regional health insurance (CPAM, CRAM), have declined steadily for several years.

From 85,000 in 2003, they returned to 75,243 in 2009, according to the draft agreement on objectives and management (COG) which AFP has obtained a copy. Like all governments, the CNAM is subject to the rule of non-replacement of a staff of two. But already, Michel Régereau announced he would vote against.This could lead, if followed by his counsel on a "blocking" quite rare in the annals of Secur. "So far, the presidents of unions secu supported the compromise reached with the government and sought to obtain a majority," he said.

"For the first time a president of CNAM will vote against the government decision on a matter as important," he said. "I think it's a first," concurred Carolina Ferrera, Director CGT, adding that the central union "can not condone such job losses.

According to Michel Régereau, the Fund had estimated it had saved 850 jobs, bringing the losses in 3350. But with nearly 4,000 positions eliminated, "then we can not.""Our network of primary funds is to be a challenge (…), it will be very hard for regional banks, they will retreat to their core business and our strategy to improve the efficiency of the health system will be lost, "he added.

For example, the Fund wishes to develop information to health professionals, improve the conditions of discharge from hospital for patients, and developing diabetes prevention, "he listed. "To develop these programs, we need means," he said.

"It will be a disaster is already explosive into the coffers of secu!" For both the personal to the insured, Carolina Ferreira warned, saying the government demands "unacceptable.""We are dealing with a government that is deaf" and "blindly applying the rule of RGPP," the General Review of public policy, "she accused.

Remains to be seen what the outcome of the vote of the board of directors, composed of 35 members (unions, employers, mutuality, qualified individuals, patients' associations, family associations and professions). If he had voted against the COG 2010-2013, "is the state that (would) hand to the application," said Carolyn Ferrera, and could possibly refer the matter to Parliament, according to Michel Régereau.

Dilemma for voting against unions because they would lose part of their role.

"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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The European Commission had made the same request to all Member States in July 2008 with the ambition of a Complies to share its requirements in two years, ie by July 2010.According to the newspaper, France, Portugal, Italy and the United Kingdom is problematic, one month maturity.

The guarantee unlimited public is considered a "state aid incompatible" with EU competition law by the Commission. With this guarantee, the company is in fact not subject to the law on bankruptcy and insolvency. The state covers all the group's commitments and repay debts if the company can do itself. In the case of La Poste, the transformation of the public enterprise into a limited company had solved the problem of the unlimited guarantee.

The situation is repeated Does the station? According to Les Echos, the French government sent an absolute bar to the Commission in early April, saying that "France rejects the view expressed by the European Commission will present its legal arguments because the government 's will not change the status of Epic SNCF.

On Monday, the Secretary of State for Transport Dominique Bussereau said in a statement it was "no question of changing the status of EPIC SNCF, which does not entitle its holder a competitive advantage." The statement said that France had asked the Court of Justice against the EU Commission.

"If we place ourselves in the short term, the biggest risk is exposure to private debt, said Christian Parisot, an economist and chief strategist of Aurel BGC.The establishment of an austerity plan would have a negative impact for the economy of Greece. It brings about a contraction of 3 to 4% of GDP, would increase the risk of default of households, less creditworthy than a State, and consequently the business.

For its part, Societe Generale, which also pleasantly surprised investors with a net profit of 1.06 billion euros for the first quarter, announced on Wednesday an exhibition at the Greek debt of 3 billion, in addition to its 54% stake in the bank Greek Geniki Bank, whose loan portfolio stood at four billion euros at the end of March.

57 billion euros of exposure to Greece for French banks

Regarding Credit Agricole and Banque Populaire and Caisse d'Epargne (BPCE) which must publish their quarterly results on 12 and 11 May, they have already announced their exposure to debt Greek make quick cash. On Thursday, Credit Agricole said its obligations associated with the Greek state reached 850 million euros, 600 million euros for its Greek subsidiary Emporiki. But the last poster, in addition, a total loan portfolio of 22.7 billion euros, according to results released Wednesday. On Friday, Credit Agricole has reported that its total exposure amounts to nearly 30 billion if one takes into account the commercial commitments of Cr?dit Agricole CIB, its subsidiary bank financing and investment.

As the group BPCE, exposure to Greece amounted to 2.1 billion euros, of which 882 million euros through its subsidiary Natixis. BPCE exposed to 1.4 million euros to the Greek sovereign debt and Natixis to 160 million euros. In contrast, private debt is fully supported by Natixis to the tune of 722 million euros.

According to statistics from the Bank for International Settlements (BIS) in late 2009, French banks are exposed to the tune of 75.172 billion dollars (57.41 billion euros). This amount placed at the head of global banks most exposed in Greece.They are followed by German banks, which are up to 45 billion dollars.

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Between degradation rate and retention Note

During a joint press conference yesterday, Jean-Claude Trichet, president of the European Central Bank, and Dominique Strauss-Kahn, director of the International Monetary Fund, have called on Germany to take an expeditious decision on aid Greece. Both men say they are confident. German Chancellor Angela Merkel seems he heard the message, since it has declared its intention to activate "as quickly as possible" aid plan.

Fortunately, a decision from the United States has been somewhat reassure financial markets. The Fed has indeed confirmed keep interest rates low for a "prolonged period".And this, despite a rapid recovery of the economy.

In this context, it will be interesting to see how values are changing bank, after they have been two sessions in the red. Above Credit Agricole said Wednesday night that its exposure to sovereign risk in Greece amounted to 850 million euros.

Quarterly Results: Sanofi-Aventis, and Technip for ArcelorMittal

Among the values that have posted Wednesday, PPR has returned to growth in the first quarter after five consecutive quarters of downturn, and said Tuesday anticipate a further acceleration in sales during the year.

The day of Thursday will be rich in quarterly publications: ArcelorMittal, France Telecom, Suez Environment, Sanofi-Aventis, Pernod-Ricard, Vivendi, AXA, Bouygues, Areva or Michelin publish.

Renault has announced that the equity between the group, its Japanese partner Nissan and Germany's Daimler had been made Wednesday. The three groups have formalized their alliance in early April for three to share technologies and reduce costs.

The U.S. unemployment statistics in the heart of the day

On the macroeconomic front, the day will, however, less responsible.On the program, the weekly claims for unemployment benefit, which will be published at approximately 14.30 U.S., unemployment for the month of April in Germany and in April business confidence in the euro area.

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So far, the IMF had not been involved in developing the plan of the European Union. This is not a member of the board of the fund. The proposals could therefore engage the IMF, said it does in Washington.It is expected to "several weeks" of negotiations. The amount of the full plan could exceed the record $ 58 billion set by Korea in 1997 with the conditions negotiated by the IMF.

The multilateral institution also assumed that the share of aid to Greece will represent one third of the package agreed by the other countries of the euro area. But this figure could possibly change after the verdict of the negotiators of the fund. The absence of a margin for adjustment by devaluation, however, seriously complicates the terms that the IMF should negotiate with the Greek authorities.This is not entirely without precedent: for example, Latvia has received 1.7 billion euros from the IMF in 2008, as part of an international package of 7.5 billion, while keeping its currency indexed euro.

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According to SIPRI, BAE Systems has been leading the 100 largest arms suppliers in favor of the U.S. market. "The company is based in the UK but generates more than half its sales in the United States. BAE demonstrates the internationalization of the arms industry and the strong appeal of the U.S. market, "says Susan Jackson, an expert of SIPRI.

Sales of BAE established in 2008 to $ 32.4 billion.The bulk of these revenues came from a command of the U.S. Department of Defence who bought vehicles MRAP (Mine Resistant Ambush Protected) as part of the war in Afghanistan and Iraq.

Boeing beat, Navistar enters

BAE Systems therefore delighted number one place to Boeing. The American group, with 29.2 billion worth of arms sales, slipped to third place, and is placed behind his compatriot Lockheed Martin (29.4 billion).

Elsewhere in the rankings after three American groups, Northrup Grumman, General Dynamics and Raytheon. EADS is in seventh place. Italian Finmeccanica is eighth, while the French Thales is tenth.

Almaz-Antei, is the first Russian company to make its entry in the top 20 at the eighteenth spot.With 4.3 billion turnover in 2008, "Almaz-Antei has tripled its sales since 2003," says the SIPRI.

For its part, the American Navistar made a sensational debut in twentieth place with 3.9 billion in revenue from sales to the U.S. Department of Defense. "This represents an increase of 960% compared to 2007," says the think tank.

Three times the development assistance

The SIPRI does not fail to note that in 2008 the 100 largest arms suppliers have made 385 billion dollars in revenue, a figure rising to 39 billion by 2007."This represents more than three times the total development assistance of OECD countries (120 billion dollars)," lamented the SIPRI.

According to the findings of the ranking, sales of BAE are equivalent to the GDP of 105 countries worldwide, while Lockheed Martin exceed 4 billion development aid from the United States.

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