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The International Monetary Fund (IMF) is considering measures to regulate international capital flows, without deciding in favor of a "code of conduct" as proposed by Nicolas Sarkozy, in charge of the Presidency of the G20.

"We see really a case-by-case basis to determine what steps countries should take," said yesterday, Thursday, the Director of External Relations of the Fund, Caroline Atkinson. IMF confirms having received from the French president, who has made the framework for capital flows a priority of the G20 proposals for a firm line from the States, but said his conduct own thinking in parallel.

Tuesday in Singapore, Dominique Strauss Khan had recognized the need for capital control measures for countries that receive "destabilizing flows and short-term" capital payday loans."In this case, it is our opinion, even if it's fairly new to the IMF, capital controls may be provisional in place." But he stressed the need for these measures, would be to keep capital within the borders, are "temporary", thereby guard against any financial protectionism.

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Prices of existing homes in Paris and in historic areas of major French cities are expected to grow by over 10% in 2011 compared with 2010, according to the note of real estate market trends released Wednesday by the Notaries of France.

"The market in central Paris and the historic districts of large cities a province, like Lyon, Nantes, Bordeaux and Montpellier, evolve beyond 10%," write the solicitors in this study "An early 2011 dynamic but then what? ". For these scholars, the sharp rise in prices should also continue in 2011 in the small and large crown in Paris but "but with a change of less than 10% over the year."

Fewer transactions in 2011

In the rest of the province, the increase will be more moderate in 2010, ranging between 3% and 5% are forecasting notaries.According to the National Federation of Real Estate (Fnaim estate agents), prices of existing homes in France are expected to rise 3% to 6% this year after increasing last year's average of 1.5% for all land and a record 15.7% in Paris. In 2010, the real estate market has regained its former volumes of the years between 2000 and 2007, from 590,000 sales in 2009 to nearly 800,000, "real estate investment appears more secure than investment in the financial market" , welcome notaries.

However the number of sales in the former is expected to reach in 2011 a sales volume of less than 2010, they say.Indeed, the tax reform proposed by the government "may cause short-term positions and erratic behavior among some owners vendors, with temporary reduction of risk placed on the market and price pressures."

Among the tracks thrown in as part of the reform of taxation on property, the head of state spoke in mid-January the idea of taxing capital gains realized on the sale of a principal residence, up by tax-free. Rising prices continued early in the first quarter of 2011. Based on preliminary contracts (sale agreement), notaries confirm the estimate of their colleagues in Paris at the end of last year, indicating that the average price of apartments in Paris in the first quarter will exceed the 8,000 euros / m2.In the provinces, mainland prices also rise, particularly in Bordeaux and Rennes (+15% yoy), in Nantes and Lyon (5 to 10%), while Lille and Toulouse know in the first quarter of price stable (0-5%).

(With AFP)

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The situation becomes more blurred in Egypt and a barrel of oil rises. On the only day on Friday, the price of a barrel of light sweet crude for March delivery gained 4.32% to 89.34 dollars in New York as they leapt from 2% in London, pushing Brent a hair of $ 100 (99.74 dollars). A threshold has been crossed over from 1 October 2008.

On Monday, the rise continues. In morning trading in Asia, the "light sweet crude gained 37 cents to 89.71 dollars and that of Brent North Sea has appreciated by 18 cents to 99.60 dollars.

The Suez Canal in the heart of the concerns

This rise of prices, after several sessions swales, reflects the fear of the markets to see the routing of oil through the Suez Canal impacted by the events.Since the early disruption, port operations are slow and some employees can no longer reach their workplace. In addition, ships can no longer find in the port of Suez capable of military escorts to protect them while crossing the Gulf of Aden, whose waters are crisscrossed by hackers.

"No ship has been delayed for two days but no responsibility for immigration and customs has come to give permissions for security teams to shipments, said a coordinator of a freight company Suez. Crew changes have also been disrupted and some supplies, like food and water, are no longer transported to the port, "he added.

Nervousness

The situation is even more problematic that about one million barrels per day pass through the Suez Canal.In 2009, the latest data available, more than 34,000 vessels passed through the canal, including nearly 2,700 tankers carrying approximately 29 million tons of crude fast cash advance loan. "There is some nervousness about supply and this could affect Europe more than the U.S.," said Tom Bentz of BNP Paribas.

Now, ships calling at ports in neighboring countries like Turkey or the UAE for their supplies. "If the shipping lanes closed, it will be a detour of 6,000 miles (almost 10,000 kilometers) in order to ensure deliveries," warns Rich Ilczyszyn, Lind-Waldock.

Also concerned about the situation, OPEC said that a "shortage" of oil is possible. The secretary general of the organization, Abdullah El-Badri said, however, that OPEC stands ready to increase production if necessary.

"A blip"

Some observers, however, take the situation into perspective. "Investors are speculating on the situation of the channel but it has very little chance of getting stuck in the light of financial challenges it poses to Egypt," said Djillali Hacid, technical analyst at XTB France. Remarks confirmed by the Egyptian official media said on Monday that the Suez Canal works "full capacity".

"For now, the impact of Egypt on the course is not so huge. This is just an excuse for investors to speed up that takes place from August but stumbled on the psychological threshold of 100 dollars, "adds the analyst XTB.

Evolution of a barrel of Brent since February 2010. Source: XTB France

It's a duel to the barbed as only the French government knows offer. Pressed to move its headquarters to save money, the Department of Justice had set his sights on a building of 27,000 sq Porte de Versailles in Paris, including the purchase cost 232 million euros. To make the operation possible, the senior judges had prepared a decree Bercy ahead … of 232 million euros.

Was reckoning without the vigilance of the board of real estate of State and the Finance Committee of the National Assembly, who found this address too expensive. They did not hide their preference for a building door Bagnolet at cost plus a modest (160 million). To make their point of view, members and senators voted in mid-December a supplementary budget amendment setting a ceiling of 160 million for this acquisition.It was thought that officials would take willy-nilly the way of the Porte de Bagnolet. I was wrong about them. Driven by rage against this forced exile, they received this week a final adjudication of the Budget Minister, Baroin: the Ministry of Justice has a year to find another place. At what price? The judges explained already with property inflation will not be possible to comply with the envelope of 160 million.

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The Department of Defense made his "revolution"

"The UMP moved to Paris in the fifteenth

The case takes us back to the 2000s, when Jean-Marie Messier (J2M) reigned supreme on the Vivendi Universal empire. The French court ruled on Friday about the fate of the businessman, spent two years at the helm of a group, Generale des Eaux, which he turned into a media giant, and led to almost bankruptcy in 2002. After eight years of investigation and trial bankruptcies on one of the hottest and most publicized in recent years in France, the court sentenced him to a term of three years suspended sentence for embezzlement in her in managing the media and communications group. For his part, Edgar Bronfman Jr., chief executive of Warner, was sentenced to fifteen months suspended sentence and five million euro fine for insider trading.

More charges weighed on J2M.The first is the "dissemination of false or misleading" about the financial health of Vivendi. In fact, Jean-Marie Messier, Vivendi Universal said that was perfectly healthy even though the group was awash in debt, nearly $ 20 billion in 2002. The former officer is also suspected "abuse of social good" in connection with a golden parachute negotiated $ 20.5 million, but not touched. Finally, he is alleged to have manipulated prices by buying securities in order to do so artificially.

Messier admits mistakes but no offense

The latter acknowledges having made mistakes, but no crime. The former boss, 54, concedes, the Wall Street Journal: "I was young, I've said too much and I became a symbol." Whatever the Horns of Canal + J6M nicknamed (for Jean Marie Messier, Myself Master of the World) even regretted his "arrogance" at the time.But beyond its mismanagement, Jean-Marie Messier also challenges a softer environment cheap credit report. He recalled that the bursting of the dotcom bubble and September 11 were particularly devastating for the values of the new economy traded.

He especially insists he did not deliberately sought to mislead analysts and shareholders. "Some of my decisions in the management proved wrong, but a fraud? Never, Never, never! "He says. And he points out the flaws in the file. The indictment for abuse of social good based on a negotiated golden parachute … but never touched. As for price manipulation, it acknowledges the massive purchase of Vivendi shares after the attacks of Sept. 11, but in order to protect the business speculators.

Relax expected

And his defense seems to have already convinced: the prosecution has demanded his release, he believes did not deliberately sought to mislead analysts and shareholders.

Already in January 2010 as part of a class action lawsuits (class action), a U.S. court did not accept the accusations of lies about the group's accounts. However Vivendi had been convicted. This time, Jean-Marie Messier in theory liable to five years imprisonment and heavy fines.

And small shareholders of Vivendi who cheated were the spearhead of the French criminal investigation, hoping to get their side of the damages and see recognized the responsibility of the former management team in the failure group.After eight years of waiting, the last hours might seem like an eternity!

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After two losses, the Detroit show this year symbolizes the victorious return of the Big Three, the Big Three U.S. automakers. In 2009, General Motors, Ford and Chrysler have been brought to its knees by the financial crisis, after years of abysmal losses. Two of them, GM and Chrysler, have gone through a bankruptcy and owe their salvation to the billions of dollars in aid the U.S. government.

This year, the mood should be much more festive in Detroit, as reasons to be optimistic are real. After collapsing in 2009 to its lowest level since 1983, the U.S. car market is again on the rise for the first time since 2005: 11.6 million cars were sold last year, a rebound 11%.In 2011, experts predict volumes between 12.5 and 13.5 million cars, far, however, nearly 17 million copies in 2005.

Factories closed, wages reduced

GM has made for his return to Wall Street, in November, the most spectacular IPO in history, raising more than $ 23 billion. Photo credits: David Zalubowski / ASSOCIATED PRESS

Millions of French in nature, detached from any commitment to their operators. This is the nightmare that stirred the telecom sector, used to recruit customers on long-term contracts: at the beginning of the year, over 80% of customers to a mobile phone package were still committed to the most More than a year. But with price changes that lie ahead for the new pass the VAT hike, subscribers whose bill will evolve will have the right to request termination of their free package, even if they are still engaged.

In practice, the situation is not so bad that for Internet and mobile operators, which are not totally unprepared. They added in their contracts, some as early as mid-November, a clause warning the next price increase.Several operators contacted by Lefigaro.fr argue that these lines are enough to keep all customers who have committed or recommitted during this period. So do not expect to buy a subsidized iPhone for 149 euros with a subscription for 24 months instead of 739 EUR without subscription and can cancel your plan in the wake at no charge.

A favorable schedule

To leave some margin, the telecom operators also benefit from a clever timing effect. Theoretically, they should have prevented customers from late November, a month before the entry into force of the VAT hike on January 1, decreed by the government. But they delayed the increase in their packages a month (and up to three months for Bouygues Telecom) and have started sending mails in the last days of December."We had to work hard, more than 30,000 prices have moved," said a spokesman for SFR.

This slight shift requires operators to handle the difference between the price paid by customers and they must refund taxes to the State in January. But he also benefits. December is indeed the month of the year when recruitment is strongest, thanks to Christmas shopping. However, customers who have subscribed or subscribed again in recent weeks have agreed to plans that will increase as the others, but can not be terminated. "Operators do not want to tarnish their image a little by announcing a price increase in this period," Edward J. Barreiro, director of studies at the UFC-Que Choisir.

To limit cancellations, traders have also used other maps.Unlike Telstra, Vodafone has chosen to only increase its prices on a third of its old rates, which represents for him a load of 50 million euros but blocks the possibility of termination for a majority of its subscriber base . The customer service is also currently showing a very generous incentive for subscribers to re-engage in two years, with significant discounts. The site reports on his side Numerama testimonials from customers of Orange who have difficulty in terminating their line while transferring their number to a competitor.

The risk of a windfall

Unlike the scenario envisaged by the Government, the telecoms sector did not engaged in a price war that would have been financially disastrous and would have encouraged him to change operator.In ADSL, all subscriptions will increase, including to Free, who preferred to break his pattern of "triple play" to 29.99 euros per month rather than taking only the VAT hike. In mobile, the most popular package for Orange and SFR, those on smartphones, will be impacted. Those of Bouygues Telecom to follow.

Ultimately, consumer groups fear that eventually the VAT hike turns into windfall, to get further increases. The prices of packages that should not be affected by the VAT hike (those not including television) will soon be weighed down for no apparent reason. Numericable and took advantage of this favorable period to tell its customers an increase in its rates an average of 3 euros, unrelated to VAT."Everyone wants to increase its rates, particularly to finance the optical fiber, a spokesman justified.

"The government must make sure that this measure does not allow slippage of prices or additional puncture on consumers unjustified", responded in a statement Wednesday the UFC-Que Choisir, who wants "a point on the deals that can legitimately be subject to a price increase. " In a letter, the Minister of the Digital Economy, Eric Besson, has asked for a few hours later providers of internet access information on how they intend to pass on the VAT hike their rates.

Areva said on Tuesday the completion of its capital increase reserved to Kuwait Investment Authority and the French State for a total of about 900 million euros and the launch of the issuance of preferred shares without voting rights for a total maximum of 38,311,992.91 euros.

The operation was delayed several times, Monday received the visa of the Autorité des marchés financiers (AMF). It values Areva to 11.5 billion euros on the basis of its own funds and a prelude to a stock exchange listing of shares of French nuclear specialist by the end of the first half of 2011.

In its statement issued Tuesday after the close, Areva recalls how validated last week in general meeting, and stated that the subscription period for shares without preferential voting will be open from 3 to 14 January 2011 inclusive.

Appointment in January

"During this period, the subscription rights will be listed and traded on the regulated market of NYSE Euronext peers," added the group paperless payday loans. The settlement and listing of the preference shares without voting news is expected next January 27.

The state, which now controls nearly 90% of Areva, had initially set a goal to complete a capital increase of up to 15% before the end of 2010 with industrial and financial investors, for a total estimated at between 1.5 billion and 3 billion euros. But he had to resolve itself to participate in the operation up to 300 million euros as part of a fundraising much more modest than expected, even if other operations could come and complete it later.

(With Reuters)

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"Putting the power company …" The direction of the station now grows a term formerly claimed by a management offensive as Valeo at the time chaired the Christmas Goutard automotive supplier.

Wednesday, during its monthly board of directors, the "power" of the railway company was primarily an opportunity to recall the debt at 7.2 billion euros in 2009 and close to 10 billion in 2010 leaves little leeway in its leaders.

For employee representatives, plans to reduce costs envisaged will weaken the company and increase quality of service degraded.A unanimous position of the various unions that have signed on Tuesday a statement they regret a "financial strategy" unacceptable in their eyes "a national public service."

Yet the 2011 budget to the station is in line with previous years. The business plan submitted in July 2010 foresees a reduction in costs of 4 billion euros by 2015, including 500 million euros for the single year 2011.Now the company will face this year to 3.2 billion euros of investments including 2.6 billion on capital in particular to take delivery of its Ile Bombardier and Alstom's TGV Duplex ordered in 2006 and 2007.

1850 posts in less

To stop the progression of its debt, the company should reduce the negative situation of its cash available – 70 million euros in 2011 against – 500 million in 2010. The turnover of the SNCF in 2011 should rise 33.6 billion euros against 30 billion in 2010.

On the employment front, as Guillaume Pepy had mentioned early December, 6350 departures are planned for 2011 while 4500 recruits will be held in parallel, which is equivalent to removing 1,850 positions.Earlier this month, the president of the SNCF said that while overall enrollment shrank in the parent company (employing 155 000 persons), it was thanks to productivity efforts. There is "zero redundancy 'and' zero early retirement" in his words.

A round table on employment must meet in January the company management and unions. It must in particular address the downsizing affecting the freight industry: it has lost 30% of its workforce in four years.

Over the past year, the liquidator American, Irving Picard, chasing all the supposed beneficiaries of the scam ridden by Bernard Madoff. The latter is currently serving a sentence of 150 years in prison for organized fraud that has cost 65 billion dollars to about three million savers. Among the victims, celebrities, like Liliane Bettencourt who lost 22 million euros.

The liquidator has until Saturday to file complaints against alleged accomplices and ask for funds for victims. Under U.S. law, plaintiffs have two years to initiate legal action from the day they discovered the fraud. Several major banks are in the eye of the cyclone. The most recent: Natixis, Fortis, Citigroup or Merrill Lynch.

But charities that had benefited from income or donations from fraudulent and individuals are also pursued by the liquidator. This is particularly true of family members of Bernard Madoff. He has launched legal action against London including his brother Peter and her children Mark and Andrew. He said some hope to get $ 80 million of these lawsuits against the family Madoff.

$ 9.1 billion claimed to Austrian banker

But of all the complaints filed by Irving Picard, one he hopes to recover the most money is an action against the founding president and principal shareholder of the Austrian bank Medici, Sonja Kohn.Described as "soul mate criminal" by Bernard Madoff, the latter is accused of having created the Medici bank only to convey funds to the tune of 9.1 billion dollars to "Bernie Madoff. Today is the amount that the liquidator is claiming. For the latter, Sonja Kohn acted "under various names and disguises." "For over 20 years, Kohn has organized a vast assembly illegal to exploit its relationship with Madoff to drain more than $ 9.1 billion of money from others in its mounting Ponzi," according to the terms of the complaint filed Friday.

He added: "The unlawful assembly Kohn has enriched his family and dozens of other individuals and entities, including the largest banks in Austria and Italy, the costs of goods and BLMIS on the backs of victims of Madoff "reads yet.The liquidators expect to recover from it, six members of his family, the Italian bank Unicredit, its subsidiary Bank Austria and 53 other individuals and entities, a total of 19.6 billion.

In Vienna, a spokesman for Bank Austria, Martin Halama, responded Saturday by saying that this institution was "otherwise vehemently to this complaint. The latter we have not yet been released, and therefore we can not comment in detail, "he told the Austrian news agency APA, while reiterating that the Bank Austria sees itself in this case" as a victim and not an accomplice "by Bernard Madoff.

HSBC

Nine billion. It is the largest amount claimed by Irving Picard to a company in Madoff.And this company is HSBC, which the liquidator has "created, promoted and supported an international network of a dozen feeder funds domiciled in Europe, the Caribbean and Central America." British bank denies everything. "HSBC will vigorously defend against the prosecution of the case Madoff who are in various jurisdictions worldwide, including lawsuits in partnership with the United States," argued the bank in a statement.

JP Morgan

Main bank fund Madoff, Bernard L. Madoff Investment Securities, JP Morgan is also accused of complicity by the liquidator bad credit pay day loans. The liquidator claimed $ 6.4 billion. He said the U.S. financial institution would be encouraged and assisted the fraud set up by Madoff."JP Morgan has voluntarily closed its eyes to this fraud, even after being aware of the many warnings against Madoff," wrote one of the boards of Irving Picard in a statement. JP Morgan said the accusation was "irresponsible and exaggerated."

UBS

Irving Picard calls for an additional $ 555 million in Swiss bank. This brings the total amount requested from 2.5 billion dollars.UBS is accused of complicity in the scam. Specifically, he alleged that UBS had recovered the money stolen by Madoff investors in its two funds, mutual funds and Luxalpha Financial Group Limited. UBS, which has denounced the accusations "false", said he was not "liable to those investors unfortunate consequences of the scandal Madoff.

Natixis / Citigroup

And the list goes on.The administrator responsible for the liquidation of the company from American financier Bernard Madoff has filed a new action against seven banks, including Citigroup and Natixis which Irving Picard calls respectively 400 million and $ 425 million. The other five are the Belgian Fortis (BNP Paribas), the Dutch ABN Amro, the Spanish Banco Bilbao Argentaria Vzcaya, Japan's Nomura and Merrill Lynch groin Americas, owned by Bank of America. Natixis dispute a charge, saying "have always acted in good faith and has neither received nor participated or had knowledge of the fraud committed by Bernard Madoff.

BNP Paribas

The liquidator has also filed a complaint against Legacy Capital BNP Paribas and he accuses of having profited from the scam. According to Irving Picard, Legacy Capital has received at least $ 255.8 million (191.3 million euros) by Bernard L.Madoff Investment Securities (BLMIS) between 2000 and December 11, 2008, when the fraud was revealed. Of this total, some 89.3 million represented payments fraud. However, according to the administrator, BNP Paribas took control of the accounts of Legacy Capital in 2004 while being aware of suspicions of fraud at the time already weighing on Bernard Madoff.

The Wall Street Journal, Irving Picard hopes to recover more than $ 30 billion, while losses of victims is estimated at $ 21.2 billion.

European initiatives undertaken

The shareholder advisory firm, Deminor, while welcoming these actions, consider that they ignore the indirect victims. "These actions aim to raise as much money for the benefit of" liquidation Madoff, "to be redistributed to the" clients "Madoff.However, the vast majority of European investors defended by Deminor indirect exposure Madoff through funds or banks, "says the firm. Deminor and advises investors not to "rest on the actions of the liquidator and European initiatives to undertake in order to obtain full compensation."

Good news came to the ears of victims: Tuesday, the Geneva bank, UBP has paid by cash almost half a billion dollars to the "Trustee" American authority administering the bankruptcy funds formerly controlled by Bernard Madoff. An agreement between the bank and the liquidator that the Bankruptcy Court in Manhattan must approve. This is the first international agreement on such a scale. Victims will cross our fingers that this is not the only one.