France initiated its reform, that the legal age of retirement will be pushed back 60 years to 62 years by 2018. By 2029, the Germans to retire at age 67 instead of 65 today. Spain, whose age is currently 65, is studying a similar scenario. Finally, Great Britain, the legal age could be raised to 68 years.

These measures are widely endorsed by the European Commission, who said in a Green Paper published today on the occasion of the opening of public debate."In all Member States, an aging population weighs heavily on the existing pension plans, and financial and economic crisis has only increased that pressure," said a statement in Brussels with its consultation document.

"In Europe it is expected that the number of retirees will double by 2060 compared to the number of people who fund their pensions: the current situation is simply unsustainable. To remedy this, it is necessary to consider carefully the balance to be struck between the length of working life and in retirement, "said European Commissioner for Employment, Laszlo Andor in this release.

An average exit age increased to 70 years by 2060

Clearly, the EU executive urges EU states to a widespread decline in the age of retirement, at a time when people are living longer while birth rates are sliding. "In 2008, there were four people of working age (15-64 years) for every citizen of the European Union (EU) aged 65 years at least. By 2060, this ratio will drop to two for one ", explains the Commission. The latter considers that the average age of retirement should be raised from 65 to 70 years by 2060 to maintain pensions at their current level.

The consultation opened on Wednesday last four months, until November 15, 2010. To mobilize the citizens, the Commission established a website to collect the views of each.Based on a recent Eurobarometer survey, Brussels says that Europeans are ready to accept the measures taken by EU governments. The survey found that "73% of citizens of the European Union provide a clear decrease in their retirement or think they have to work longer or save more for their old age."

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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:

]]> http://chestnutchurch.org/vivendi-trial-the-prosecutor-does-not-require-any-penalty/feed/ 0 http://chestnutchurch.org/eurozone-tensions-douche-scholarships/ http://chestnutchurch.org/eurozone-tensions-douche-scholarships/#comments Tue, 01 Jun 2010 11:24:48 +0000 admin http://chestnutchurch.org/eurozone-tensions-douche-scholarships/ New waves of turbulence on Thursday on European equity markets. At closing, the ACC has sold 2.25% to 3432 points in trading volume of over 4.43 billion euros. The London Stock Exchange lost 1.55% at the same time, while the German Dax loose more than 2.2%. Already strained by the very repetition frictions between Paris and Berlin, investors have been demoralized by a poor U.S. statistics: registration weekly unemployment rose against all odds, for the first time since early April in the U.S. during the weeks to 15 May, against 471,000 446,000 the previous week, according to the Department of Labor.

The euro goes down quickly and found $ 1.23, after having taken the day 1.5% up to 1.2414 dollar.The rebound came after the sharp decline of the single currency in the night from Tuesday to Thursday, which has pushed the euro to a new four year more, to 1.2144 dollar.

Christine Lagarde did not hesitate to take the opposite view Thursday of Germany, stating, in contrast to Chancellor Angela Merkel, the euro was "absolutely not" in danger. She also criticized the German ban of short selling of certain financial products, described as "questionable, because there was no prior discussion."

But on substance, they are two different philosophies that are expressed on both sides of the Rhine, experts say, vis-à-vis the economy and Europe: the quasi-religious cult of stability and solidity Monetary and fiscal policy in Germany; tradition of state intervention and boost growth and employment in France.Since the beginning of the crisis in Greek, the largest economy in the euro area has a position of accused in Europe, having been slow to rally to the idea of a bailout.

His German counterpart, said this morning in the Financial Times that he considers the markets "really out of control" and advocates more regulation. Taboos have been broken yet for Germany, as the intervention of the European Central Bank (ECB) in the support system put in place or the rescue of a country in the euro area. And the crisis has, according to experts, everyone take a step towards each other.

L'Oreal stands

On the values front, two titles show up on the CAC 40. This is L'Oreal (2.17%) and France Telecom (+0.10%).

As for cuts, is Alcatel Lucent is the most penalized (-6%), to Vallourec, Arcelor Mittal.

On the SBF 120, it appears as Soitec the red lantern (-9.26% to 8.60 euros): the producer of silicon on insulator for the semiconductor industry confirmed its forecast return to operating breakeven this year, Concentrix off after a current operating loss reduced during the second half of 2009-2010.

In addition, Air France-KLM (-2.12% to 9.40 euros) confirmed anticipate a return to operational balance in 2010-2011 after posting record losses after an exercise she calls it himself as "annus horribilis." Franco Dutch airline, which renounces propose an annual dividend, also undergoes an early exercise sealed by the eruption of the Icelandic volcano Eyjafjöll.

Credit Agricole (-3.07% to 9.09 euros) was no surprise on Wednesday confirmed the appointment of Jean-Marie Sander as his successor Rene Carron as president of the bank, marking the arrival of a new tandem leaders the head of the listed vehicle of mutual group.

Sanofi-Aventis (-1.25% to 47.38 euros): Brazil has given the green light to redeem Medley by the pharmaceutical company for 500 million euros.

The Board of Directors and the two main shareholders of Sperian have agreed to repurchase the company specialized in personal protective equipment by the industry group American Honeywell for $ 1.4 billion. The shares are still suspended from trading.

But the thinning stops there because the number of jobseekers registered in the four other categories increases. And sometimes significantly: +2% in group BC (24,700 unemployed persons who worked more or less than 78 hours in the month), 2.4% in category D (6200 unemployed in training, education or health) to +3 8% in group E (11,400 unemployed in assisted contracts). Worse, over one year variations ranging from 18.3% (Class BC) to + 36.4% (Class E).

"The increase in categories C, D and E reflects both the recovery of Acting as an employment policy more active, more job seekers in training and subsidized contracts," Marie-grade Claire Carrere-Gee, President of the Advisory Council for Employment which welcomed the "significant slowdown for several months" the number of unemployed.

In other words, the social treatment of unemployment is running at full output during the crisis. Difficult, therefore, welcome a decline in unemployment in France (including overseas departments) where 4,130,000 people "required to make positive job search" was recorded at the end of March employment center. 0.5% more than a month ago and 12.5% a year ago.

As usual, most 50 year olds still have suffered in March, with growth still disturbing number of entries: +1.1% in group A and +1.5% in ABC."Without strong political will, these jobseekers were statistically unlikely to rush out of trouble, consider Marie-Claire Carrere-Gee. Passed the fifties, it is very difficult to find work, moreover in an economy that barely found his breath. "And, even more than" half of the unemployed over 50 years are unemployed Long-term, "she insists. Conversely, young shoot for the fifth consecutive month hold their own while benefiting from a decline of between 0.5 (Class ABC) and 1% (A) enrolled.

Lower radiation

Another black spot: the share of jobseekers in employment center for over a year continues to increase (+0.7 percentage points in one month and up 5.1 in one year) to represent 35.3% of registered voters. As for seniority, it reached 415 days on average, an increase of 29 days in a year.In fact, only the registered unemployed for less than a year benefit from the upturn in March with a decline of 0.7% of their enrollment and reduced to 4.1% increase over one year.

As grounds for release of employment center, march to a significant reduction in the number of radiation administration (-7.9% in one month) and a stagnation of terminations for default updating entries (0.8%). The collection of jobs is up 2.9%, including the jobs of more than 6 months were up 7.4% in a month.

Delzant Ellen: The Basel Committee has submitted to banks on December 31 last, ten recommendations for strengthening the system of banking supervision and harmonize accounting and prudential standards.

The new regulation called "Basel III" offers a better credit side, with the strengthening of equity and weighted by their market activities, securitization or counterparty risk. And the other, a much higher level of liquidity that banks can refinance markets. According to recent studies, these new standards would impose on banks to raise, by 2012, approximately 450 billion euros in capital to 1.500 billion debt.

What seems impossible in the eyes of banks, explaining that such rules would threaten the financing of the economy. The recommendations of Basel III were subjected to these banks, who are currently studying more accurately the impact of such measures. They make their copy on April 16 next.

The aim would be to implement a new regulation in 2012, the time that the economy really recovering from the crisis.

What exactly is the tax on banks which Berlin and Paris agreed on Wednesday?

At Summit Pittsburgh, which took place in September 2009, the G20 countries have shown their determination to rethink the regulation of the financial system, particularly for states to prevent digging into the coffers filled by taxpayers to save banks the bankruptcy crisis.

In Europe, there are already many discussions on this aspect of bank failures. And in Germany, recently adopted a tax credit that would put money into a rescue fund to be used in case of difficulty of the banking system. Such a tax would yield between 1 and 1.3 billion euros per year. What remains poor compared to the hundreds of billions of dollars injected by the German state banks. But pre-election period in Germany is already a good way to reassure taxpayers, who are also voters no fax cash loans.

Such a tax is not she justified since it was introduced in all countries?

Yes. But he must first of each country working at national level.Last Wednesday, while Christine Lagarde was alongside his German counterpart Wolfgang Sch?uble, France went in the direction of a tax credit. But it would fuel the state budget.

Whatever the allocation of such a tax, these are national decisions that will prevail, but will add a European, and even to globalize this process predominates, partly to avoid distortions of competition.

Already, the Franco-German cooperation is a strong sign of the desire to bring the case to the European level.A global control is obviously essential and the principle of transforming debt of banks capital seems consistent with the desire to take arms against a possible new crisis and save the taxpayers of the world's financial woes.

History:

• Basel I: In 1988, central bankers from the G-10 countries have issued recommendations to "ensure the stability of the international banking system by setting a minimum limit to the amount of bank capital.It showed the famous "Cooke ratio, established in 1992, which required that capital in relation to all lending commitments do not exceed 8%.

• Basel II: In 2006, the New Basel Accord, has established standards constitute a prudential perspective to improve understanding of banking risks, mainly credit risk or counterparty and capital requirements.

• Basel III: The governor of the Bank of the Netherlands, Nout Wellinck, chairman of the Basel Committee, announced December 31, 2009 "a profound change" prudential rules. The application of new standards will not happen until the world economy will not be permanently out of the crisis.Experts believe that Basel III should not occur before 2010 and 2011.

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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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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.

Markets were awaiting major publications in the United States. Around 12 o'clock, the President of the United States, Barack Obama has proposed a 2011 budget of 3.834 billion dollars. The White House said Monday that the draft budget for next fiscal year (October 2010-September 2011) showed a deficit of 1.267 billion dollars, down 19% due to higher expected revenue.In the afternoon, indicators follow overseas spending and household income for the month of January (1430), construction costs for the month of December (16 hours), the ISM index of manufacturing activity January (16 hours) payday loan . On Friday, the U.S. GDP figures for the fourth quarter, came out up 5.7%.

The results season of American companies continues its course on Monday with those of Exxon Mobil, the world's oil.

In France, prices for production in French industry decreased by 2.9% in 2009, a decline limited to 1.3% for foreign markets, according to figures released Monday by the INSEE. In all markets (French and exports), the producer prices are down 2.4% a year, says the National Institute of Statistics.In December 2008, prices remained stable (0%) in the industry for the French market.

Sales of new vehicles surged 14% in January by the Committee of French manufacturers (CCFA).

Side currencies and commodities, oil off again on the rise (+0.22% to 73.21 dollars), while the euro strengthens against the dollar (+0.25% to 1.3899 dollars).

The detailed values to follow

After a setback, following the publication of figures for new home sales in the United States and the index of consumer confidence, the market has finally resumed.

The detailed values follow …

The parent company also owns the Iliad ISP Free, used to practice low price to differentiate themselves from competition (pioneer Tripe Play offers 30 euro launched in 2002).Last September, Num?ricable announced the launch of its triple play offer to 19.90 euros per month, which will take effect within days.

If consumers see a good eye that price war among operators to reduce their bill each time, lower tariffs may lead to a loss of associated services, such as controversial after-sales services, including quality has often been lacking in the area.