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• What are they? Rating agencies are tasked, in theory, to assess independently the risk of bankruptcy or non payment of an economic issuing debt securities such as bonds. Clearly, they inform investors of their risk if they lend themselves to such corporation or such State. They each have a rating scale ranging from AAA (triple A) to CCC.

The score is after work for analyzing economic and financial figures and results from a collective decision of the agency's analysts. This is an opinion, say the agencies, not a recommendation to buy or sell a security or a share of a company.

• The impact of the notes. Rating, reflecting the risk of bankruptcy of a company or a state, however, has taken a very important rated entities and investors.For states and businesses alike, a note degraded resulting in an increase in interest rates. So when they want to borrow, it costs more.

Investors should in turn may sell certain debt securities to meet internal and financial regulations. A portfolio manager consists of obligations and will maintain a balance between built-risky securities and less risky. If a portion of its securities, such as Greek bonds, for example, is degraded, it will have to part for not only its portfolio becomes too risky.

• Who owns the agency? Moody's is an American company listed and independently owned up to 13% by billionaire Warren Buffett. Fitch is majority owned by French financial company Fimalac, founded by Marc Ladreit de Lacharriere and 20% of the group Hearst.Standard & Poor's is owned by U.S. publisher McGraw-Hill Companies.

• Who pays? "Typically, a rating agency is paid by the entities who want to receive a note or those that use the note" on a subscription basis, says Standard & Poor's. 2009 according to the scale of the latter for the United States, a large company must pay at least $ 70,000 at the beginning of the rating process, then a subscription of "surveillance" amounting to about half the original amount cash advances pay day loan. Each time it will issue the debt markets, it will perform in addition to a commission of 0.045% of the transaction. The amounts are similar in Europe.

Today, about 90% of revenue comes from credit rating agencies rated entities, is Norbert Gaillard, in his book "The rating agencies' published in The Discovery.

• Conflicts of interest.The crisis "subprime" mortgages at risk, has highlighted the limitations of the current agencies. Paid by companies that want to be noted, agencies are sometimes tempted to assign a higher rating than actually deserved to win a contract to the detriment of its other two competitors.

A former analyst at Moody's, Mark Froeb, has launched scathing attacks against his former employer before the Commission of Inquiry on the financial crisis in the U.S. Senate. "When I left Moody's (2008, Ed), the worst fear of one analyst was not necessarily something that would jeopardize the market share of Moody's, to cause harm to its sales ( …) and losing his job accordingly, "he complained. However, an analyst should only concern "to contribute to a rating that would be false."

• Agencies very profitable.With the increasing complexity of financial markets, the agencies argue that it is becoming increasingly expensive to analyze the risk of failure of economic actors. Therefore, in the 70's, they began to charge companies to notaient.

This business model provides a very high cost to agencies. Moody's expects an operating margin (operating profit to net sales) of between 38% and 40% in 2011. Standard & Poor's 43% in the first quarter of 2011 alone and Fitch 58% for the year 2010/2011 shifted.

Once published Tuesday, the opinion of the Advisory Council pensions, the decree formalizing the transition to 41.5 years of contributions from the 1955 cohort could be taken quickly. CNAV request, to inform as soon as its nationals. The beneficiaries of the "long career" born in 1955 are, in fact, likely to retire on January 1.

The Ministry of Labour does not seem to see any objection, saying anyway have little choice: "The law is written Fillon very imperative low interest rate personal loans. Things mechanically apply, depending on life expectancy, "an official analysis.PS and unions denounced the prospect of a longer contribution period: CGT sees a decline in disguise of pensions, the CFDT talking about additional victims of the reform of 2010.

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No waffling. The Paris Air Show is clearly a prime target for terrorists of all stripes. "The means are enhanced this year given the international context," admits Gilles Fournier, director of the show. Everything is made to ensure that nothing spoils the biggest party in the aviation world. The device, classified top secret, similar to that established for a G8 or the movement of a Barack Obama in Normandy. But the BBC is able to detail some components.

The government and relevant ministries including Defence and Interior, make available to the people living in 2000 to carry out missions of security, air traffic management, protection of public figures and the public. In total, no fewer than 45 state departments are present. Le Bourget hosts a control center.This PC has 80 permanent crisis covering all areas: safety, security, public order, land and air circulation. Protection services and intelligence are also at work, the DCRI provides security industry while teams of HPPD (protection service VIPs) are deployed French and foreign. At least 50 cameras monitor every corner, while ground crews are based in the crowd of visitors. Officially, no foreign intelligence service is present on the site but "it is well known that the Bourget swarms of spies from all over the planet," says one industry.

A public prosecutor is always present on the site in order to treat all topics: crime, air accident, fire or bombs … "We conduct rehearsals of all scenarios.In a crisis the PC can trigger the red plan, "said Gilles Fournier. The show requisition, order of the prefect, a representative of the Association of radio amateurs (ADRASEC). "If everything is cut and the saturated mobile is the ultimate way to help to communicate with the outside," says the executive director of the show.

70 hectares to monitor

Mobile police squads roam the 70 acre site while the Air Force ensures its protection Air Show. A special device for aviation security (DPSA) is deployed in order to "put the Bourget in a protective bubble" without disrupting the airports of Roissy and Le Bourget. A temporary exclusion zone (FTZ) flight is drawn from the south to the north of Roissy Le Bourget. This space is reserved for bounded planes and pilots accredited with flight plans, passenger names were submitted.An intruder is likely to be intercepted "by any suitable means." AWACS surveillance aircraft and helicopters for surveillance and intervention runs continuously and monitors "anything that flies." On the ground, the Air Force is on alert: the Mirage are ready to take off. Rattlesnake missiles are pre-positioned and radar detection of the Air Force record "everything that moves." All are ready to respond regardless of the scenario: small escort the aircraft flying club that has accidentally wandered into the FTZ, to land an aircraft in emergency or eliminate a target whose trajectory is clearly hostile. "

On the ground, military aircraft are under the protection and monitoring of specialized private companies but also armed them support like the American aircraft.As for civilian aircraft, they are under the protection of security companies licensed by the prefecture and the Ministry of Interior. Three companies subsidiary of ADP Alysia, GPS and Stand-Up is under contract with the organizers of the show. "These are companies of reference, approved in the prefecture who usually major events at the Stade de France or Cannes. They carry out checks at the entrances of the show, searches and identity checks, "said Gilles Fournier.

Similarly, vehicles entering the territory of the exhibition are all controlled and searched by teams cynotechniques explosion of Police.

The site displays a complete medical device. An advanced medical post (PMA) managed by the EMS Department is mounted. It also relies on the private firefighting resources in the Order of Malta delegating nearly 80 people throughout the show.A field hospital is also there with his two centers equipped with defibrillators, resuscitation and 8 beds. "Every year it handles about 150 cases: this is the little bobo heart attack through the heat stroke," says Gilles Fournier. The medical task force also has in its ranks doctors, nurses and firefighters from the brigade of Paris. "Around the room, barracks and hospitals were placed on standby, ready to intervene and welcome. Beds reserved in hospitals in Paris, "said Louis Le Portz.

Stringent safety rules for flight demonstrations

Another aspect to manage public safety and residents during the presentation of aircraft flights. Le Bourget is also a city of more than 13,000 residents, schools and shops. "The rules of safety are absolutely stringent," the organizers insist.The show is under the authority of an Interministerial Commission of Control, chaired by the Prime Minister. From it depends on the Organizing Committee and Coordination Committee (COC) which brings together representatives of the Ministry of Defence and Interior, the Air Force, Airport of Paris, Directorate General of Civil Aviation (DGCA), the prefecture of Seine Saint Denis. The COC approves the demonstration flights daily that drive the show from 14 hours.

The space dedicated to demonstrations is well defined this is called the volume-flying aerial displays and controlled by radar trajectory to track and record real-time trajectory and the exact position of a plane in 3D. Station to the driver that does not follow the strict rules.Prohibition is made out of "volume of flight," to fly across the room, the crowd, to make figures prohibited from encroaching on the airspace close to Roissy. A system of penalty and prohibition of flights is planned but it is very rarely used, say the organizers of the show. The drivers are all experienced professionals who have been approved by the direction of flight at Le Bourget.

From Wednesday to Saturday before the show opens, theft of repetition and validation takes place. Pilots, flight plans and the figures have to be approved by Stéphane flick, the director of flight appointed by the state. The former head of the school test pilots is still active. It is the center pilot flight test of the Directorate General for Armaments (DGA).

While Christine Lagarde is the favorite to head the International Monetary Fund, his two rivals try to put a spoke in the wheels. The Governor of the Central Bank Israeli Stanley Fischer, freshly candidate initially put forward his training as an economist, which he said is "essential" to lead the organization in Washington during a crisis. The Minister of Economy and Finance has followed a career as a lawyer. "You need an intellectual framework," he said in an interview Monday in The Wall Street Journal. He added that there was "great in the past director of the IMF who were not politicians."

For his part, another rival of the Minister of Economy and Finance, the Governor of the Bank of Mexico, Agustin Cartsen, regrets the perpetuation of the domination of Europe on the position of boss of the IMF since 1946."There could be a conflict of interest between the IMF and the European Union if the French Minister of Economy Christine Lagarde was taking the head of the institution," he said business cards. We would have a situation where borrowers dominate a creditor institution. I think it's a problem that must be addressed. "

Carstens sees Christine Lagarde elected

This did not stop to see the Minister of Economy and Finance elected. "The chances for Christine Lagarde of getting elected are very high. I am sure she will make a good CEO, he told a conference at a research center on international economics from Washington, the Peterson Institute. This does not prevent him from criticizing a victory for Christine Lagarde he considers almost gained.

As for Christine Lagarde, she tries to gather as many supporters, including the United States that have not yet made their choice. They are however allowed to compliment Agustin Carstens, deeming it "highly competent". While the name of the future director of the IMF must be known by June 30, the fight promises to be full.

Closing on a rise from 0.65% late Wednesday, Wall Street has ended three consecutive sessions of decline. The U.S. central bank reassured investors by announcing that it would continue its policy to support the economy of the United States.

Despite the mixed performance of Asian stock markets on Thursday morning, the CAC 40 index continued its rebound movement began Wednesday. And the more so as oil prices are starting to rebound on Wednesday, surpassing the $ 100. In electronic trading in Asia, the black gold coast 100.23 dollars.

At the opening, the index in Paris gained 0.59% to 4001.32 points. On the stock market in Frankfurt, the DAX 30 rose 0.78% to 7360.47 points, for its part, the Footsie-100 from the London Stock Exchange ahead of 0.62% to 5960.32 points.

On the macroeconomic front, no indicator is expected in France.However, several are in the U.S.: the weekly claims for unemployment benefits (1430), home resales in April (16 hours), the composite indicator of economic activity in April (16 hours) activity in the Philadelphia area in May (16 hours).

Air France-KLM returns to profit

Air France-KLM: 1.43% to 12.06 euros

Air France-KLM announced in a statement it had returned to profit in 2010-2011, with a net profit of 613 million euros after a loss of 1.55 billion a year earlier.

EDF: 1.17% to 28.86 euros

Eric Besson confirmed Wednesday that the wholesale price of nuclear electricity EDF will sell to its competitors will be far from 42 euros per megawatt hour (MWh) from 1 January 2012 against the advice of the Regulatory Commission Energy (CRE) payday loans lenders.

Vinci: 0.67% to 43.60 euros, GDF Suez: +0.40% to 26.29 euros, Areva: +0.12% at 30.20 euros

GDF Suez, Vinci and Areva said Wednesday they have jointly respond to the bidding of government for the development of five wind farms off the French coast as part of a program of dévloppement 6000 MW offshore.

Vinci could also interest in the activities of German Hochtief concessions if it were to sell them.

LVMH: -1.37% to 118.60 euros

The redevelopment of the Samaritan woman, owned by LVMH, has been finalized and will be open for public consultation from May 20

In addition, in the case LVMH / Hermes, the Paris Court of Appeal will consider the appeal filed by minority shareholders against the decision of the AMF to allow the group to lock Hermes capital.Hermes was down 0.11% to 174.90 euros.

Plastic Omnium: 3.19% at 22.63 euros

Plastic Omnium buys the activities of gas tanks of Ford in the U.S. through its subsidiary, Plastic Omnium Auto Energy.

Soitec: + 2.80% to 10.45 euros

Soitec said Wednesday that the activity continued to expand its markets suggesting a positive outlook despite unfavorable exchange rates.

The rigor is no longer appropriate for the big bosses of the banking sector. Aid paid by the state and now repaid their business reaping the effects of recovery, there are incentive bonuses, considering the annual reports and press reports, clearly an upward trend for 2010. While many top executives of French banks had waived their bonuses the previous two years, 2010 has signed the back of generous salaries.

In addition to a salary of 1 million euros, up from last year, the head of Societe Generale, Frederic Oudéa, reaching his first bonus since he took office and the Kerviel affair.Bank boss of the highest paid, he will receive a variable remuneration amounting to 598,400 euros paid immediately in cash, plus a paid deferred until 2015 to comply with European Directive CRD3 applicable since 1 January 2011. In total, the variable compensation paid for 2010 could reach up to 3.2 million euros, according to the calculation of Echos.

It's a little more than Baudoin Prot, CEO of BNP Paribas, which in turn will receive a fixed salary unchanged from the previous year, but a sharp rise in bonuses. About 1.67 million awarded in total, 60% will be paid in deferred over two years with conditions. His total compensation could reach 2.47 million euros as well. Last example, the boss of BPCE, former deputy secretary general of the Elysee Perol, who waived his bonus last year easy payday loans.According to AFP, he will receive 1.05 million euros to this title, for a fixed salary unchanged at 550,000 euros.

Variable pay "balanced"

If the amounts received are variable up substantially, however, banks have generally respected the requirements of European directive adopted in 2010. Transposed into French law by the end of last year, it sought to control the compensation of employees of banks that may affect the risks taken by their institution. To get them interested in long-term results, a fraction ranging from 40% to 60% variable compensation should be paid for example over several years, subject to results.

But according to the directive CRD3, this variable compensation should be "balanced" with respect to the fixed remuneration. And that's where the shoe pinches.As said the European Commissioner Michel Barnier to services in the columns of Liberation on Saturday, "behaviors have not changed as much as you want. The banks have not complied with the spirit and letter of our directive. " If French banks do not face good students, British officials are still better off. The new boss of Barclays saw himself awarded a bonus of 23 million pounds.

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Up to 12 billion euros in the envelope for help in Portugal will be used to increase the level of strength of banks. Tuesday night, the Portuguese Socialist government resigned and the delegations of the European Union (EU) and International Monetary Fund (IMF) are in fact reached an agreement Surun bailout program for three years.

The amount of external financial assistance who does not seem to be completely fixed. According to the Prime Minister, it rises to 78 billion euros, but a senior source in the euro area said that "officially, the range is between 75 and 90 billion euros.Much depends on the final needs of Portuguese banks. "

Jose Socrates said his side that the terms of the agreement, "which defends Portugal", will give the country more time than promised by the government to meet its budget deficit targets. "It's a three-year program, which defines the objectives of a more gradual reduction of the deficit: 5.9% of GDP this year, 4.5% in 2012 and 3% in 2013," he said. Portugal had previously committed to reduce its deficit to 4.6% this year to 3% in 2012 and 2% in 2013.The imbalance of Portuguese public accounts in 2010 amounted to 9.1% of GDP, well beyond the target of 7.3% from the government.

Threatened breach of funding because of prohibitively high interest rates charged by the markets, worried about the solvency of the country, Portugal, who must repay five billion euros of debt in mid-June, had requested assistance EU and IMF on April 7, after Greece and Ireland last year.

In exchange for this aid, the EU and the IMF require an "adjustment program" consisting of austerity measures "ambitious" and structural reforms involving the major parties beyond the next parliamentary elections of June 5

Divergent opinions

The opinions of analysts on the plan unveiled Tuesday night diverge."The rapid deterioration in borrowing conditions in Portugal (which saw interest rates soar in recent months, note) placed the country in an untenable situation", says Jesus Castillo, an economist at Natixis. The plan "will give the country more time to restate its finances and pursue a policy of structural reforms to improve its competitiveness deteriorated."

The plan submitted by José Socrates, for its part considers Gilles Moec, economist at Deutsche Bank, "made no reference to concrete structural reforms to enhance growth potential." However, he continues, "Portugal's budgetary problems are only symptoms of the difficulties of the country, by their source."

Others worry about the aid itself. "The size of the loan appears excessive in relation to the needs of Portugal," said Ciaran O'Hagan, strategist at Societe Generale CIB rate.The maturities of the debt amounted to 10 billion euros per year and the cost of the deficit itself will be less than this amount. In total, Lisbon auait therefore need much less than 20 billion euros a year, he calculates. "We fear that the aid will reduce the incentives to reduce spending and increase taxes," concludes the analyst.

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Lefigaro.fr – Moral and household consumption in U.S. economic growth and lowered down. Yet financial markets are up sharply since the beginning of the year. How do you explain it?

Francis Mouté – The morale of Americans is not really half-mast. They are even more optimistic, despite rising gasoline prices. Getting back to your question, several factors explain the rising trend of U.S. exchanges: the zero interest rate, the excellent corporate profitability, liquidity held by many investors, the tension on the bond markets. U.S. investors have no other choice but to invest in the shares.

U.S. companies generally show very strong first quarter.What should we expect for the second quarter?

In the first quarter despite soft U.S. growth, U.S. companies that have operations in Europe and around the world have benefited from a favorable currency impact, due to the sharp decline in the dollar. We are more cautious on U.S. equities by the end of the year. We believe that the ticket of green should stabilize or even rise against the euro. And then this exchange will not make a favorable economic growth will remain weak.

What are the priority sectors?

Our portfolio is structured in the context of sluggish growth and high inflation. Thus, we are overweight the oil companies, gold and agricultural products.While rising oil prices do not impact the market price of oil companies due to additional costs (staff, investment, energy) and the next taxation imposed by governments, but the shares remain attractive valuations.

Despite what the President of the U.S. central bank, Ben Bernanke, the dollar remains weak. Is there a risk of the dollar crisis?

Certainly, but the weak dollar also arranges the U.S. for their growth. Hear the Fed saying otherwise is a joke. Given the depreciation of the dollar as investors rush to protect assets such as gold or real estate. U.S. monetary policy remains too loose. The proof is that interest rates are zero in the short term, while inflation is at 2.7%. Ben Bernanke's speech Wednesday was disappointing.Financial markets were expecting a change in language from the last meeting. It is clear he has not changed one iota. He merely found a decrease in growth prospects and rising inflation. Ben Bernanke does not surely expect that U.S. growth is still too soft.

The end of "quantitative easing" * In June he announced a hot summer in the financial markets?

It is not certain. On the one hand, doubts remain about the ability of the U.S. economy to get by without the injections of liquidity of the U.S. central bank (900 billion), which still represent almost 60% of the U.S. budget deficit. Secondly, financial markets know the conditions of release. So do not expect a collapse of financial markets from June.

The continuation of measures to support the U.S. economy is feasible?

Everything will depend on U.S. growth in the second quarter and oil prices. If the upward movement of black gold will continue, U.S. growth will remain sluggish in the second quarter. At this point, anything is possible including further measures to support the economy. The proceeds from maturing U.S. bonds held by the Fed, could thus be used to finance the acquisition of new Treasury bills. Conversely, if U.S. growth in the second quarter is high, the Fed will end its policy accommodation and financial markets will adapt.

The "quantitative easing" Is not the only way to revive the U.S. economy?

The "quantitative easing" is not in any way to revive an economy but to inflate the balance sheet of the Fed.The U.S. central bank can not indefinitely pursue a lax especially when we know that the debt of the United States own more than 30% by foreign investors. If monetary policy remains accommodative for too long, the risk of a bond crash is inevitable but by default support the equity markets. The U.S. financial situation is not very strong. Degradation by Standard and Poor's at the prospect of debt the U.S. is justified. However, the fact that the rating agency has dared to tackle this "monument" that are the United States, is surprising. So much so that the equity markets and bonds do not much mind. Investors do not believe a country like the United States may be degraded. They make it too confident for that.

* The "quantitative easing" (QE) is a monetary policy used by some central banks to increase money supply by increasing the excess reserves of the banking system.

The Barroso Commission is preparing a great tussle tax: it was unveiled on Wednesday a proposed carbon tax that would raise the price of diesel and coal, raising the ire of Berlin, London and the annoyance of reservations in Paris.

Reform, touted as essential to put the tax in accordance with the fight against global warming, is especially transport fuels and fossil fuels for heating. The minimum tax rate based on two parameters. CO2 emissions at a price of 20 euros per tonne to reduce harmful emissions.And energy content to promote the most efficient (9.60 euros per gigajoule for fuel and 0.15 euro for fuels).

"This is to encourage clean energy, biofuels and help reduce dependency created by imports of imported diesel," says Algirdas Semeta, Commissioner of Taxation. The unanimity of the Member States and a vote of the European Parliament will be needed to approve it, which is far from won, as recognized by José Manuel Barroso.

Diesel and fuel oil, which currently taxed, would be more. It would also be true for coal. The minimum rate for diesel would increase from 330 euros to 412 euros per m3 in 2018, an increase of 8 cents per liter. In essence, it would remain unchanged at 359 euros.

Arrangements

The goal is a minimum tax is unique in Europe.It would force it to align countries with low excise duties on fuels, such as Luxembourg or Eastern European countries who purchase Russian diesel. States that are above the floor could maintain their tax unchanged or even decrease.

This carbon tax would apply to transport, building and agriculture, responsible for 60% of the 4.9 billion tons of CO2 and other greenhouse gases emitted each year by the EU. The professionals of the sea would be exempt. Heavy industry and aviation are not affected because already incorporated a mechanism for allocating rights to pollute (ETS). Electricity is regarded as clean, is not affected at the stage of delivery.

Many improvements and grants are drawn. The dual mechanism proposed by Brussels to be operational in 2023.But he faces sensitivities as varied as the uses of energy. Germany, champion of the automotive and diesel engine, responded within the hour: "Reform is in the interest of neither citizens nor the auto industry, or subcontractors, or the environment, "said Minister of Economy, Rainer Bruederle.

France, supported in principle, fear the displeasure of its farmers and its roads. The United Kingdom, which already has a national tax, was opposed in principle to any tax imposed by Brussels. Ireland is on the same line, such as Luxembourg. Large consumers of coal, such as Poland, are finally hostile to any penalty.

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The decision of the Bank of Japan (BoJ) was taken unanimously. All members of the institution wished to act, having raised their estimate of the quake's impact on the Japanese economy. They decided to inject into the Japanese economy 1000 billion yen, or 8.22 billion euros. Several similar actions have been taken since the natural disaster and nuclear, which killed at least 28,000 dead and missing, totaling tens of billions of euros.

The measure taken Thursday morning, along with maintaining its zero interest rate policy, designed to offset declining business prospects of Japanese companies and the slowdown in consumption.

However, the BoJ said it expects Japan's economy revives a "moderate pace to recovery."As for financial markets, the Bank of Japan has been a "relative stability" of the markets after the disaster of 11 March.

She is worried that the 'weak financial positions of some companies, mostly small, since the earthquake. " Despite these statements Thursday morning, the benchmark index of the Tokyo Stock Exchange remained flat.Shortly before the close, the Nikkei displayed indeed close to balance, but still in the green, up 0.15% to 9599 points.

The Nikkei is resistant compared with other exchanges in Asia

If progress is not straightforward in the Nikkei this morning, the comfort that the announcement of the BoJ have given to Japanese investors this morning is measured by comparison to developments in other financial centers in Asia.

Several major exchanges in the region appear to have eased slightly: The South Korean Kospi fold from 0.54% to 2115 points, the Australian ASX was down 0.19% at 4903 points and the Indian BSE dropped 0.31% at 19,550 points.

In contrast, the Taiwan TAIEX index ahead by 0.25% to 8874.28 points.importantly, the Chinese places continued to grow, which seems immune to all events that affect investors worldwide, whether issues related to the situation in Japan, or those that pose debts Sovereign European countries in difficulty, such as Portugal, who admitted last night needing a European aid. Thus, in Shanghai, the CSI 300 rose 0.3% to 3321 points. In Hong Kong, the Hang Seng is in equilibrium (-0.04%) to 24,275 points. The Chinese financial market took a breather on Thursday, but it remains very dynamic and attractive, thanks to the influx of new companies in this market. Indeed, it has recorded no fewer than 37 applications for IPOs for the month of March.