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"We have a banking sector in very difficult position since September 2008. On the airwaves of public radio RTE, the Irish Minister for Finance Brian Lenihan announced a massive bailout about to upset the Irish financial sector. His government is preparing to take effect in banking reform to rid the system of 81 billion euros of toxic assets from the Financial Times. The information was officially confirmed in the afternoon.

16 billion euros at a discount of 47%

To carry out this project, the government created the National Asset Management Agency (NAMA), a bank created to buy their rotten assets, mostly mortgages risky accumulated before the bursting of the credit crisis.Initially, the NAMA buys 16 billion euros in loans at a discount of 47%, a figure well above the 30% proposed last fall. Hence the need for strengthening the state capital of Irish banks.

The Finance Minister Brian Lenihan has already announced that the Irish government would recapitalize the Bank Anglo Irish Bank, has already nationalized last year, amounting to 8.3 billion euros.

Wave of nationalization

The government also planned to assist Allied Irish Banks and Bank of Ireland to recapitalize after making each of the two banks, 3.5 billion euros. It should become the majority shareholder in AIB with 70% of capital and to remain a minority shareholder Bofi, with 40% of capital.At the Dublin Stock Exchange, Allied Irish Banks has lost 10.07% to 1.25 euros and Bank of Ireland has yielded 9.40% to 1.25 euros.

Finally, the government will also recapitalize two mutual credit institutions, the Irish Nationwide and EBS, which will lead to their complete nationalization, "said Lenihan.

According to analysts, banks would need 15 to 20 billion euros while strengthening their own funds. The Irish Central Bank has assessed the needs of AIB and Bofi respectively to 7.4 billion euros and 2.7 billion euros. Irish banks could raise some of the money itself, by making asset sales. In return, the rules will have to be modified. The banks should strengthen their Core Tier 1 ratio to bring it to 8%."We must put our banks in a situation where they will be able to finance themselves with confidence on the international markets," said Brian Lenihan.

Investors are concerned because the wave of nationalization or increased state participation in banks suggests that such a plan. That recapitalization by the government should increase its stake in the bank (AIB) to more than 70% against 16% currently. The competitor in its Bank of Ireland (Bofi) should rise to 40% against 25% today. The state had already acquired shares having salvaged their coffers 3.5 billion euros.

Ireland under surveillance

Global markets keep an eye on the reforms undertaken in Ireland. The country is indeed one of the most affected by the crisis.In 2009, economic activity has suffered a fall of 7.1% and the country is still not out of the recession. The government keeps its hopes for recovery in the second half of this year.

According to analysts, if this ambitious plan than the original amounts provided by the government, this could affect the country's sovereign debt. Just as Greece, Portugal or Spain, Ireland through debt problems which have already led to a program of fiscal restraint in December. At 11.7% of GDP, the budget deficit is currently the largest after that of Greece which was 12.7%.

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After the deep recession that marked the years 2009, 2010 should be the rebound. But "the recovery continues." In these terms as Head of the conditions of INSEE, Sandrine Duch?ne, talks about the situation of the French economy.

And these are not figures of household consumption published Thursday that will contradict that finding. Spending by French manufactured goods suffered a second consecutive decline in February, down 1.2% from the previous month. Nobody expected such poor performance.

More broadly, the economic climate could be worse than anticipated earlier this year.In the update of its forecast released Thursday, the Institute of Statistics has just downgraded the growth of the first part of 2010.

In the first quarter, GDP should grow and not more than 0.2% and 0.3% in the second quarter. To reach the forecasted growth of government, namely 1.4% – should be that activity in France rose 0.5% to 0.6% over the last two quarters. Ambitious!

The beginning of the year was marked by a recovery in the euro zone, both "tentative and mixed, according to Insee. Then it would open in Germany, Spain was left behind.In the wake of world trade, the demand addressed to France should slow down on the horizon in mid-2010.

Employment adjustment

For their part, companies are hesitant to implement new investment projects, "despite improvements in their conditions of funding" payday loans . And this, especially as production capacities are still underutilized.

Among households, nothing euphoric either. In the first half, the purchasing power will continue to slow down (+0.1% in the first quarter, 0.3% in the second), due to a slight rise in inflation and an acceleration of tax burden. Thus, while consumption has resisted during the crisis, it fell in the first half.

The aftermath of the scrapping bonus there is not nothing.End of 2009, auto sales had jumped into effect, households with their anticipated purchases to take full advantage of the generosity of the measure.

As for employment, finally, he would continue to adjust, albeit at a more modest pace. The private sector will lose 80,000 more jobs by mid-2010, after destroying 100au second half of 2009 and around 260000au first. Unemployment would reach in France and 9.8% of the workforce in June. At the end of last year, it was 9.6%.

The French Prime Minister Francois Fillon reiterated on Thursday before the Senate that the unemployment curve "should be reversed in the second half of 2010.

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Transport For leaders of the SNCF, the return to growth seems to square the circle. The public company announced Wednesday a net loss of 980 million euros in the year 2009, due in large part to impairment of assets (966 million).

Like every year, this underperformance is attributable to the business of transporting goods, whose loss has reached 520 million euros. The new deficit makes reform urgent cargo, which should lead to staff reductions and abandonment of the activity of individual wagon. "Our results for 2009 are that the amount of translation necessary restructuring of the industry, analyzes a senior officer of the public company.

To make matters worse, the TGV activity hitherto adjustment variable numbers of the group earned less money in 2009.For the first time this decade, its sales declined, while its operating margin fell by 422 million euros.

The company does not conceal its concern about a phenomenon of substance in addition to the impact of economic crisis. "Behind the difficult environment, we perceive a structural trend of slow decline in our margins due to higher expenses," e ect a part of the company. Trains said the planning has reduced from 120 million in operating margin. Another example: the TGV activity saw its personnel costs rise by 1.8% and tolls increase by 5%.This erosion of margins has boosted the group's debt rose from 6 billion euros in 2008 to 7.1 billion in 2009.

In undertaking the debate is not over

The station believes that these results raise the question of its business model and expectations of its shareholder, the state. If he waits her performance, the company will dispose of 20% of freight operations and close many unprofitable passenger lines. On the contrary, if the role of the station is to promote rail freight facing forward and contribute to the planning, the state should support it.

The state addressed the first issue in September by announcing a plan to support cargo of 7 billion euros. For now, its position is different on the passenger.In December he was called to order Guillaume Pepy, the chairman of SNCF, who said that higher tolls threatening the economic model of the TGV. In late January, he had clearly returned the station on the ropes when it was left leaking rumors of closure of unprofitable lines such as Paris-Arras, Lille, Strasbourg and Nantes and Strasbourg.

At the station, the debate does not seem closed. "The TGV is a system of equalization between internal profitable lines and those who are not, said a company executive. How can we maintain our Paris-Charleville-Mezieres if we levy more charges and more than a private competitor arrives on the Paris-Strasbourg, which is profitable? That the public to make a choice. "

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Green, still green, still green. Having gained 0.63% Tuesday, the CAC 40 should continue its momentum, supported by good performance of the Dow Jones and the release of Japan's trade surplus up sharply. The future index CAC 40 is up at 8:05 from 0.18% to 3962 points.

On the macroeconomic front, the news will be especially marked in France by publishing the figures of registered job seekers and offers collected by center job in February, tonight at 18 hours.

As for values, we will particularly Alstom. After-hours trade Tuesday, the group said in a statement to its employees, it will sell its stake of 16.66% in the shipyard of Saint-Nazaire (Loire-Atlantique) in the South Korean group STX, already holds 50.01% stake.

EADS: The European aircraft manufacturer Airbus said Tuesday that the World Trade Organization (WTO) rejected 70% of U.S. requests in litigation that is opposed to its American rival Boeing over aid granted by EU cash advance payday loan .

Havas announced the doubling of its dividend for 2009 to 0.08 euro per share and said it had set up a program to repurchase shares up to 40 million shares, representing 9.3% of its capital.

Ipsen: Mayroy, the largest shareholder of the company, reduced its stake to 68.3% capital and 81.5% of the voting rights of the pharmaceutical company.

Meetic announced Tuesday a return to profitability in 2009 and confirmed target an EBITDA margin between 20 and 25% in 2010.

Boizel Chanoine Champagne has published results in 2009 affected by overall market back but stressed that the fiscal 2010 starting up on a better basis than last year.

Sequana published on Wednesday, pre-market results for its fourth quarter and therefore its accounts for the year 2009.

Rio Tinto and Google. In recent months, two cases have come spectacularly recalled that the business climate here was much celebrated its "Chinese characteristics", more often worse than the best payday loan !!!???!!!??? !. And he even tended to become increasingly harder for foreign companies, with limited access to market, a heavy political interference and opaque legal system.

2009, year of diet employees. According to figures from the Labor Department released Friday, wage growth was even lower in Q4 2009 than the previous quarter. The index of the basic monthly wage for all employees rose by 0.2% over the period against 0.4% in Q3. Worse, since the price index rises from his side of 0.4% is a loss of purchasing power be registered by the employees on the last three months of 2009.

On a year however, the employees recorded a slight increase in their purchasing power, increased the price index of 0.8% was not enough to cancel the increase of 1.9% of base salary. The Dares note that all sectors recorded an increase of wages in constant euros, although the increase over one year is more important in construction (+1.4) than in industry (1 point).The tertiary sector is in contrast to the average, rising 1.1 points guaranteed high risk personal loans .

Figures released Friday by the Dares confirm that 2009 was particularly difficult for wages. According to the firm Mercier, increases in median compensation of executives ranged between 1.3% and 2.3%, the lowest figures in decades. And even if the recovery is the rendezvous, the year 2010 should not mark significant break, companies still keen to contain their wage bill. While wage disputes multiply – Thales and Safran to present two recent examples – Laurence Parisot Wednesday deplored "the weakness of the flexibility of firms in this field. The mandatory annual negotiations may well be strained.

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U.S. investors are smiling. The NYSE has finished in the green for the sixth straight session Wednesday. At the close, the Dow is 0.45% to 10,733.67 points, its best close since October 2008. The Nasdaq climbed 0.47% to 2389.09 points. The S & P 500 finished up 0.58% to 1166.21 points.

The decision of the U.S. central bank widely expected, continues to support markets, as before. The Asian and European markets have reacted the same way, following the announcement.

Today, the markets awaited the speech of Fed Chairman Ben Bernanke and Paul Volcker, economic advisor to President Barack Obama, before the Committee on Financial Services of the House of Representatives on Banking Supervision."We are quite concerned about the latest proposal to make the Fed the regulator of banks only," said Ben Bernanke. "The participation of the Federal Reserve oversight of banks of all sizes are greatly enhanced our ability to fulfill its role as central bank," said Ben Bernanke.

Note that the stronger-than-expected producer prices bolstered the decision of maintaining a low level of interest rates. The latter fell twice more than expected in February, according to official figures from the Labor Department. They have declined 0.6% compared to January while analysts had estimated the decline at 0.3%.This is the first decline in this indicator since September, and its biggest decline since July 2009.

"The combination of good economic statistics and an easy money policy will pull the market up," summarized Peter Cardillo, Avalon Partners. Trade volumes continued to be weak however and movements in the stock market "conservative," the analyst said.

The materials sector to

Within the Dow, the largest increases are signed by the values related to raw materials.The aluminum producer Alcoa (4.78% to 14.48 dollars), the oil companies Chevron (0.93% to 74.76 dollars) and ExxonMobil (1.19% to 67.36 dollars) up, while OPEC has announced his intention not to raise production quotas barrel of oil.

The chip maker Intel (+1% to 22.23 dollars) has unveiled a new chip (Xeon) almost 60% more efficient than the previous generation. The computer giant is to publish its results on April 13 and analysts expect a pleasant surprise.

LBO rumors circulating on Harley-Davidson (-0.53% to 28.20 dollars).

Pepsico (+0.76% to 66.57 dollars) did not suffer from degradation of S & P "A" after the acquisition of bottlers.

Hartford (4.84% to 28.58 dollars) and Discover Fiancial Services (-0.39% to 15.24 dollars), announced after the close of Wall Street they will quickly repay their funds have been advanced state. Hartford must repay $ 3.4 billion to the Treasury and Discover 1.2 billion dollars. The issuer of Discover credit card has also announced a loss of 104 million dollars in its fiscal first quarter.

Pfizer (-0.29% to 17.21 dollars) Wednesday tabled a takeover offer from German manufacturer of generic drugs Ratiopharm in the last stage of the bidding, according to a source familiar with the matter.

Primerica, a subsidiary of Life Insurance Citigroup (at equilibrium, to 4.05 dollars) has filed documents relating to its IPO. It could raise up to $ 234 million through this operation.

Overall, the bank is in good shape. Bank of America took 1.41% to 17.27 dollars and JPMorgan Chase 1.27% to 43.79 dollars.

Note also the French insurer Axa is planning to leave the New York Stock Exchange March 26.

"Surprising." "Moved". "Not yet" … The reactions of economists and analysts to interview with the Financial Times by Christine Lagarde is unanimous. The Minister of Economy French expressed doubts about the durability of a German model which penalizes it believes other European countries.

While Germany has deliberately chosen to stake everything on offer to boost its exports at the expense of domestic demand and of exports and other European countries, "it's still hard to criticize a countries, which introduced considerable reforms over the past ten years and whose discipline enables him to get away well, "said Marc Touati, economist at Global Equities.

France has no lesson to give Germany, and especially could receive, say analysts."It's fun for a country that lacks the courage to take the steps it must take to address a friend and partner, accusing him of being just too good student," quipped Marc Fiorentino, Euroland Finance.

"The remarks by Christine Lagarde is a form of displaced unmanageable," according to Marc Touati, that reservation, however, about the conditions of the interview and the return of his remarks.

Christine Lagarde Where does she come?

"I'm not sure that the German model based on the downward pressure on labor costs is sustainable over the long term," said Christine Lagarde, criticizing the trade surplus in Germany. She called Berlin to develop its domestic demand for the good of all Europe.

For Olivier Bizimina economist at Credit Agricole, these remarks are not really the place to be."There is a structural difference between Germany and France: the German household consumes less than the French household," says he. The Germans, when they have more money, save more and invest more. The French consume.

Moreover, the criticism of the Minister does not seem justified in the sense that "it's not as if there had been a competitive devaluation," he says bad credit payday advance . Germany as France, have in effect the same currency: the euro.

A very contrasting Europe

Christine Lagarde continues to advocate solidarity and convergence between European countries, when Germany chose to focus on its competitiveness and displays its austerity facing European countries in difficulty.In other words, Marc Fiorentino, France asked the European harmony, but that will take place in Germany drawing down "to less jealous, rather than setting goals to the height its neighbor. A vision he considers "pitiful."

The meeting on Monday afternoon, the finance ministers of the euro area in Brussels on aid to Greece, following the joint conference between Gordon Brown and Nicolas Sarkozy in London promises to be stormy. The Franco-German tensions would be increasingly felt, according to some analysts, and contrast with the cordial political relations displayed by Nicolas Sarkozy and Angela Merkel with the media.

SOS eurozone

In a crisis, while Europe is expected to weld, "such criticism" has no meaning and could "put in pole position the idea of a Europe increasingly heterogeneous," says Marc Touati .It is time the European harmony, reflection on a European "with clear rules for all countries with a federal …», continues bubget economist. Otherwise, "in 2020, the euro area has disappeared.

Marc Fiorentino, in an editorial on BFM radio this morning, has sanctioned the remarks of Minister of Economy of the verdict without appeal: "It is time that we have a cabinet reshuffle. It speaks of Christine Lagarde Foreign Affairs. This is good news, "he quipped.

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A charge "unusual". The Financial Times estimated that about Economy Minister Christine Lagarde, for a change in the economic policy of Germany, he reported on Monday, just break a "taboo" between the two countries . Christine Lagarde believes that Berlin should change its policy of reducing labor costs, which allows Germany to achieve a trade surplus, but that is not tenable: "I am not sure whether a model sustainable in the long term and for the whole group (euro area). It is clear that we need a better convergence.

Changes in labor costs between 1996 and 2009 has soared in Europe, except Germany.While labor costs have jumped on this period by 35% in France, 45% in Spain and 65% in Greece, they rose by 5% in Germany.

Christine Lagarde welcomes the good economic performance of Germany. But the Economy Minister said that Berlin would benefit from encouraging the development of demand on its domestic market. According to the Financial Times, she sees this as a salvation for indebted countries in Europe, which could well return to competitiveness and consolidate their public finances.

These statements may elicit a quick reaction at the meeting of finance ministers from the eurozone to be held on Monday to discuss the conditions for support to bring to Greece to help it cope with its debt of 300 billion 'euros.On this point, Christine Lagarde said that members of the euro zone must ensure the implementation of commitments of Greece in fiscal austerity before granting assistance, the form must comply with EU rules force. The Minister of Economy invited his counterparts to show "a little creativity and innovation" to describe the form of aid.

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France Telecom has not heard the wave of suicides that has struck in 2009. While the operator has deplored Wednesday a new case in northern France, Le Parisien revealed in its Friday edition the contents of a report submitted in early January by the inspection work on the floor of Besancon. While investigating the suicide of an employee last August in the Doubs, it has concluded quite exceptional for a "homicide by negligence on the part of the operator.

It all begins when Nicolas G., a young engineer-energy air conditioner of France Telecom, is served with a transfer, then seen as "disqualifying" within the unit to troubleshoot customers in January 2009. While this type of job usually requires training estimated at 8 or 9 months, Nicolas G. is immediately put to use without further preparation. He committed suicide seven months later.But when the occupational and a firm specializing in the psycho-social risks identify the unit to which he belonged as being at risk "serious" health of its members, France Telecom does not put in place precautionary measures recommended savings account payday advance . Instead, the operator "significantly increases the rate of technicians"! Finally, the report indicates that this group is to "willfully refused to inform the committee on health, safety and working conditions" (CHSCT), contrary to legal requirements.

After already damning results of a survey conducted by the firm specializes Technologia and made public last December's report noted a "working atmosphere tense, even violent" is a new challenge to the company having recorded nearly fifty suicides since 2008, while France Telecom is still negotiating with the social partners agreement on stress at work. The report of the inspection work was awarded to South Union, which intends to bring civil actions. The floor of Besan?on, which had previously found impossible to establish a causal link between the problems professionals Nicolas G. and his suicide may well change his mind.