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The Autorité des marchés financiers (AMF) to better protect investors. Like announced last April, the MFA has launched with the collaboration of the supervisory authority, a new public financial information. His goal? To better inform its clients on banking, savings, insurance, financial markets or the credit. The public will get information on insurance products (home, auto, life, health …), bank accounts, means of payment, bank books or the functioning of financial markets, products collective savings, companies listed on the Stock Exchange, the securities account.

"Applications will be redirected by the operators to specialists of the AMF or the supervisory authority," says Madeleine Guidoni, mediator of the AMF.The policeman of the Exchange hopes to meet customer expectations disappointed that their banks do not have better information about the content of such Fund.

Life buoy

"The financial institution has taken to bad habits for marketing of financial products", regrets the mediator of the AMF.With this new service, the regulator should thus be able to better track business practices of banks and better focus the control activities.

After the merger of the bank authorities and insurance giving birth to the supervisory authority, the creation of this service, as required by the economy minister, Christine Lagarde, is like a lifeline to investors, including confidence in financial markets has been severely affected by the numerous cases of fraud or scam.

Called Insurance Banking Savings Info Service, is available in a website – www.abs-infoservice.fr – A telephone helpline – 0811901801 – and a postal address – Insurance Banking Savings Info Service, 61 Rue Taitbout; 75,009 Paris.The domestic number is available Monday through Friday from 8:00 to 6:00 p.m..

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"The banks have taken the bad habits"

Fiercely negotiated three days in Toronto, the draft statement of the G20 should offend anyone. If it includes the rigorous growth strategy, it also warns against excessive austerity. Still as unpopular worldwide, the tax credit is mentioned by the G20 as a means available to states to pass through to the banks of the crisis mess. The 28 pages of draft final declaration, which obtained a copy of Figaro, operate a subtle synthesis between European and American positions.

Angela Merkel can boast of having imposed the virtues of fiscal discipline at the highest level. But to the relief of Barack Obama and Nicolas Sarkozy, she has not transformed the G20 summit of austerity."Recent events show the importance of sustainable public finances and the need for our countries to implement measures to consolidate budget spread over time, conducive to growth, and differentiated according to country and national circumstances," says the One of the phrases most discussed compromise.

Determined to make growth "priority" of the G20, the United States got to place the term "recovery" prominently in the declaration, a challenge, says a trader. "We need to let it work through our plans to consolidate fiscal stimulus recovery," said the G20 as well. "Adjustments in simultaneous biggest countries could undermine the recovery," it added.

Disagreement over the top on bank charges

Canada has not really managed to impose a stability pact worldwide."Advanced economies have pledged to take measures to consolidate budgetary decline by at least half the deficit by 2013, and stabilize or reduce the debt / GDP ratio by 2016, said the G20. Nothing that does very afraid of the euro area, or even France, which has promised to reduce its deficit to 3% in 2013. The White House, meanwhile, did not wait for the G20 to commit to reducing the U.S. budget deficit by half in 2013 to return to deficits of 3% in 2015.

If the disagreement at the summit endorsed the tax credit, due to strong opposition from Canada to Australia, but also emerging countries (China, India, Russia), the G20 mention the tax as an option for countries seeking to save public money in any future banking crisis.Defended by the Fund, this fee would be modulated according to risk profile of financial institutions.

ALSO READ: "G20: disagreements about bank charges" Deficit reduction in the heart of the G20 "G20: Sarkozy is located in the Obama camp

In the battle over economic strategy, which raged in the country G8/G20 meeting in Toronto, Nicolas Sarkozy ranks clearly on the side of Barack Obama's hostile plans rigor precipitates. "For France, fiscal consolidation is a long-term need [...] the stimulus must be from 2011, progressively, according to individual circumstances," said one EU source.

Favorable cures severe austerity in Greece, Portugal and Spain, Nicolas Sarkozy calls for budgetary adjustments "progressive" in France and in Germany, in 2011, with "not too many taxes."

The fragile economic and financial worries Europe G8 and the G20. "Our partners Americans and Canadians fear the impact of austerity plans on resuming" said one EU source.The health of banks on the Old Continent is also a major concern in the U.S. No faxing payday loans 1 hour. "There is nothing to fear from that quarter. Our banks are very strong. The results of stress testing in late July will cheer the markets, "say the Europeans.

Faced with the Americans, Germans and Britons facing the G8 steadfast defenders of rigor. "A sustainable growth can not result from a fiscal policy based on the debt?" Repeats Angela Merkel. "Our public finances are in such a state, we have no other choice than a hard adjustment," defends David Cameron.

In this debate, Nicolas Sarkozy wants to distinguish itself from its European partners.Recognizing the need to reduce fiscal deficits in France, he does not want to rush, giving priority to pension reform. If markets were not so vigilant, he would gladly own the warning of Barack Obama: "do not overdo it in 2010 … or 2011.

The courtroom of the courthouse in Paris, which houses the trial of Jean-Marie Messier called the auction room. Logically, during several recent financial trials, its walls were then vibrated to the sound of indictments handed in a loud voice, with, the key as auction, claimed to increase penalties in the form of year in prison or heavy fines.

On Wednesday, the auction room was very bad name. The remarks of the prosecutor of the Republic, Chantal Leyris were largely inaudible, the magistrate refused to use the microphone placed at his disposal. And the prosecutors took over the reasoning that led, last year, after investigation, to claim a non-place.But the word "relax" is heard, the prosecution did not request any penalty against former executives of Vivendi Universal.

Jean-Marie Messier, and a good portion of men who formed his staff at the head of the company, is considered from the beginning by the court. The legal case focuses on communication triumphalistic group, become a giant media and communications after its merger with Seagram, which controls including Warner Music. From the first day of the hearing, the former CEO has expressed a mea culpa about its "excessive communication."

On Wednesday, early in the indictment, the prosecutor concurs: "The Vivendi is not an Enron.This is not a fraud organized by the President. "Legally, the prosecution highlighted several weaknesses in the case conducted by the magistrate:" The element of intent was not taken into account in the definition of the crime . Or, on the issue of price manipulation, "Mr. Messier was referred to the court taking into account only the only conclusion of the sanctions committee" of the COB (now AMF). On the merits, Chantal Leyris exempts Jean-Marie Messier on several points. "There is ample evidence, she believes, for example, that the movements in the price of Vivendi September 25, 2001 are due to the normal balance of markets."

The defense of the accused must be expressed from this Thursday.It will do a similar tone, even if it is this time the tenors of the bar who give voice.

The reaction of Didier Cornardeau, president of the association of small shareholders assets:

The rating agency Fitch announced Monday after the close of stock markets in Europe, it lowered the ratings of BNP Paribas. The first French bank by market value was previously the club closed their highly rated by Fitch, AA sharing a favorite with the British HSBC and Spain's Santander. But the rating agency, BNP Paribas can not be "comfortable" among this circle of elected officials. The bank is degraded to AA – with a stable outlook.

The share "fairly important" for investment banking activities, deteriorating asset quality in 2009 and capital ratios slightly below the others behind this disgrace. Santander and HSBC show, in turn, limited contributions from their market activities."BNP Paribas continues to demonstrate its ability to cope with the pressures that affect the financial sector, especially European banks, and diversification is good," says Fitch, however.

The European Commission has just been estimated in March that the forecasts were too optimistic France and the International Monetary Fund (IMF) last Thursday to consider that they might lead to "a significant underestimation" of efforts to reduce the deficit to 3% of GDP in 2013, Paris had no intention of yielding to pressures coming from all sides on its growth forecast and react hastily to the scaling back.

While the government expects growth of 2.5% in 2011 as in 2012, Christine Lagarde, who was Sunday guest of Grand Jury RTL-LCI-Le Figaro, said Bercy maintained that figure. "It is perhaps a bit daring.But this does not mean that I do not think so because when we have breaks in growth, as we had last year, it rebounded the following year generally stronger than that which was anticipated, "Christine Lagarde has justified, that speaks of" a spring that tightens "…

Nevertheless, "it is too early in the year," to decide to revise the forecast, says she. "Wait and see the results of second quarter results that I hope good." The growth figure for the second quarter will be published in August.Traditionally, this publication – which comes in full preparation of the draft budget law – leads to changes in assumptions of growth for the next year payday loans.

Commitments savings firm and final

If she wants to be proactive, Christine Lagarde, however, not only closes the door to such a review. Paris will pose the question "to fall," said the minister.

This will be a real challenge for public finances. For the equation becomes perilous Paris counts on the 2.5% growth to get him some 35 billion euros in tax revenues to enable it to meet part of 100 billion euros that represents a return to 3% deficit in 2013.If it is not there you will have to find more savings.

One thing is certain: "The commitments we made in terms of economy of expenditure and intervention are firm and final," said Christine Lagarde.

In short, the government must conduct a struggle of economic policy. Christine Lagarde, who just celebrated three years as head of the Department of Economics, said he was ready to continue to assume. While circulating the idea of a reshuffle in September, "it is the President of the Republic to decide what the best players at the right time. If I am useful for the France team, I am available to the Prime Minister and the President of the Republic. Has it Matignon in sight? "Certainly not! Answered Christine Lagarde. The French economy and employment deserve I spend all my energy. "

When the vox populi expressed through an associate professor of finance, here is what happens at the trial of Jerome Kerviel.

Attorney Philip Bourion: "Who do you think is guilty?"

Catherine Lubochinsky, witness: "They are all guilty! The internal control of Societe Generale did not work. "

The pithy statement sums up the impression left after two weeks of debate – will resume Monday morning. On the one hand, the defense of the former trader is reluctant to admit that the bank "knew everything" of its investments delusional. Suppose that after the first coup win € 500,000 in 2005, the young daring to be seen gently lectured and implicitly encouraged to supplement his income by marauding on land more profitable than its cushy turbo warrants.

But how can we believe for one second that the SocGen has been tacitly approve of Mr. Kerviel is 49 billion euros, or one and half times its equity, as a builder who wants to elevate a building, while undermining its foundations?

Similarly, if the bank "knew everything", the name of what bounty would she let her trader-playing with the kamikaze 1.4 billion by some miracle he had won in December 2007, at a time – crisis subprime – where the cash was missing around the world?

Mixed results in terms of image

Jerome Kerviel's lawyer, Olivier Metzner Me, excels, however, in another field. While the client is regularly scolded by a president Pauthe excellent and witty, he revels in the main plaintiff tease – the bank.

Sunglasses nose, in the proper dress casually maker unbuttoned, one hand in the pocket, it is amusingly sly when his client is woefully stiff. This significant mob, which grows out of court a look Churchillian (cigar, no doubt, "no sport") reveals an unexpected gift for comedy courtroom upscale. And when questioning a witness, there is no lack of pacing responses of "agree" sound, which are seen as the architect of an alleged consensus: according to Ms. Metzner, everyone knows that the bank knew everything.

This assumption and the provocations of his zealot infuriate the advice of SocGen, My Jean Veil, François Martineau and John Reinhart. The first, known for his character, say, entire, up to the net to return the smashes grinning defense. So he endorses the range of fatally bad, who is never "agree".The roundness of the old, somewhat obsequious, from Mr. Martineau, and the projections more or less come to me Reinhart are supposed to smooth the image that ill becomes belligerent to a victim.

Result: a judicial perspective, the SocGen, which accuses the defendant not without arguments for having lost 4.9 billion euros, is in apparent position of superiority. Mr. Kerviel acknowledged Wednesday that he had committed the acts he is charged and for which he faces five years in prison. The weakness in his defense is a question: if "everybody knew, why he invented large-scale fictitious transactions to conceal his real positions, as well as earnings losses?

But in terms of image, the picture is more mixed.The refrain of "all guilty", which floods the Internet to which Professor Lubochinsky Thursday offered a providential respectability for the defense, made his way. Whatever the outcome of the trial – there is a week of discussions – the SocGen not willing to spend for naïve or incompetent: the victim must also face prosecution in international finance.

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"Kerviel: Societe Generale could not not know"

The OECD refers to a "structural change" of historic importance. The phenomenon is not new but it has accelerated over the last decade and more as a result of the crisis. The weight of emerging economies has amplified, as evidenced by a new study by the Organization for Economic Cooperation and Development (OECD) on the tilting of wealth. In support, the few trade data: in 2009, China became the largest trading partner of Brazil, India and South Africa. Between 1990 and 2008, world trade has multiplied almost fourfold, while the South-South trade have been more than ten. Indian car maker Tata is now the second largest investor in sub-Saharan Africa.Financially, the Developing Countries held in 2008, 4.2 trillion dollars of foreign reserves, or more than one and half times the amount held by the rich countries.

Another sign of their increasing weight between 1990 and 2000, the number of countries called emerging markets (ie whose average per capita equivalent to more than double that of OECD countries) has increased from 12 65. Several states of Eastern Europe like the Czech Republic, Hungary and Slovakia acceded to the richest group, along with Saudi Arabia. Today, says the OECD, a simple division into two is more relevant. Château de la Muette now retains the concept of world "four speed", according to growth rates and income levels: poor, distressed, convergent and rich.Interesting phenomenon, twenty economies, mostly in Asia like India, Indonesia and Bangladesh but also in Africa, like Ethiopia or Nigeria, have made a great leap forward from the status of "poor" than "converge".

Note in this scenario, the underperformance of Latin America, where reforms have done little to advance growth. The report noted a reduction of poverty, especially in China where the rate has decreased by 60% in 1995 to 16% in 2005. The downside, if the number of poor has decreased overall from 300 million in the last decade, growth has often been accompanied by increasing inequality, which may influence the long term.

But the trend should not be reversed.In 2030, the OECD area could represent 43% of global GDP in purchasing power parity, against 60% in 2000 and 51% in 2010.

At Microsoft, we talk of "strategic shift". Twenty years after the onset of the first version of Office, its main software, including Word, Excel and PowerPoint, become free on the Internet. "We have incorporated new uses coming from the Web, in a business model funded by advertising," Jean-Christophe defends Pity, director of the division office in France.

The software, in their declination Web are accessible from any computer with Internet Explorer, Firefox, Safari or Chrome. There is no need to install any software or plugin, even if the extension Silverlight competitor to Flash, is recommended.However, it is essential to have a Windows Live at Microsoft, to create and edit documents, stored on a virtual disk with a capacity of 25 GB

The online tools do not support all functions of the Office suite but a light mode. In Word, for example, inserting tables and images work, like changing font, text alignment and the spellchecker. But the footnotes page can not be changed. Similarly, in PowerPoint, changing graphics is skimpy. And from a mobile or a shelf, only consultation is proposed.

A response to Google

For Microsoft, it was not any way to match the capabilities of traditional software, which will sold from 99 euros payday advance.The more complete versions, installed on the hard drive and connected to the Web for collaborative work, to manage the effects and 3D animation video, editing, and the contour images, make layouts. The Outlook e-mail, intended for professionals, now includes the major social networks including Facebook and LinkedIn.

The free software on the Internet should rather discourage users to migrate to the online office suite from Google, Google Docs, and if possible refer to the charges. Office remains one of the main sources of income for Microsoft. For years now, contributed almost half of its profits last year.If Office totaling half a billion users worldwide, Google has recently surpassed 25 million customers, and gaining ground in enterprises.

Without giving specific numbers, Microsoft expects to France, despite the competition from free, on a "double-digit growth" in sales of Office, says Jean-Christophe Mercy. By the end of the year, "between 80 and 90%" of PC will be sold with the suite preinstalled. An activation key must be purchased to access the software. The early indicators are encouraging. The beta version of Office has been downloaded over 600,000 times in France. Behind the United States, but ahead of all other countries.

Tens of thousands of trade unionists yesterday converged toward the center of Rome at the invitation of the CGIL, the main federation of workers in Italy (5.5 million members).

Shouting "not only on our shoulders," they denounced the sacrifices imposed by the government of Silvio Berlusconi to reduce the public deficit from 5.3% to 3.9% next year and 2.7% of GDP 2012.

At a rally Piazza del Popolo, Guglielmo Epifani, Secretary General of the CGIL, reiterated that his organization was not opposed to a correction of the accounts of the state. "We reject this maneuver only made budget cuts without structural reforms or measures to support investment, particularly in public education and research," he told Le Figaro before the start of the event."Those who will pay for will mainly employees and the lowest incomes while wealth and annuities will not be affected."

Guglielmo Epifani also calls for a broad mobilization to invite the Parliament, which will begin consideration of the bill next week, "to modify".

The CGIL has launched on June 25 a word of general strike of four hours in the private sector and the public 24 hours.

For its part, the Democratic Party (PD), the main opposition, has announced a rally against the plan "unfair" in Rome June 19 while magistrates, public sector doctors and world culture multiply protests.

The government plans to freeze wages and hiring in the civil service for two years and 10% reduction in the allocation of ministries and local authorities.No new taxes would be raised and the taxation of financial income would continue to benefit from a preferential rate, but a greater effort would be made against tax evasion.

For the Bank of Italy, the austerity plan could result in a reduction of O, 5% of GDP in 2011/2012 "as a result of compression of consumption and investment." Italy expects a growth of 1% this year and 1.5% in 2011.

Events in Germany

Protests against the rigor were also held in Germany. Between 15,000 and 20,000 people marched in Berlin, organizers said. And between 10,000, according to police, and 20,000, according to organizers, Stuttgart.

The German government announced Monday an austerity plan of 80 billion euros by 2013.He wants to save 11 billion euros in the budget 2011, including through budget cuts in military spending and social.

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"Everywhere in the world, the administration in the diet