World and National News

The occurrence in extremis of a third candidate could thwart the ambitions of Christine Lagarde and Mexican Agustin Carstens, until that night still only competitors to head the International Monetary Fund (IMF). The Governor of the Central Bank of Israel, Stanley Fischer, was a surprise Saturday night by making public his candidacy at the last minute, just before the deadline. While the economy minister was previously considered the favorite to succeed Dominique Strauss-Kahn's candidacy Israel could reshuffle the cards in the game

World-renowned economist, Stanley Fischer had been a time favors the Financial Times, The Wall Street Journal and Euromoney. The Isrélien, whose CV is like a flawless, no stranger to the IMF.Former vice president and chief economist of the World Bank until 1990, he served as deputy director of the IMF from 1994 to 2001. University, he was also the thesis of Olivier Blanchard, the current Chief Economist of the Fund, during its years of teaching at MIT. After several years in the private sector, during which he served as deputy director of Citigroup and president of International Citigoup, he was appointed and then renewed in March at the head of the Israeli central bank.

At age 67, age is a weak point

The good health of the Israeli economy, which has weathered the crisis virtually unhindered, could also play in his favor. With growth of 4.7% in 2010 and forecasts growth for 2011 of around 5.4% according to the OECD, Israel recorded the best economic performance since its inception in 1948.The fruit, as recently explained the Israeli Finance Minister Yuval Steinitz of the Figaro, heterodox economic policy implemented in this country since 2008. Unlike most Western countries, Israel has chosen to raise the VAT while pointing the recession, while pledging to cut taxes in 2017.

"We invested all our energy and our money to provide reassuring outlook for consumers and businesses. Because if you aggravate fiscal deficits in order to preserve the current situation, nobody wants to invest because of lack of confidence in an economy unable to balance its accounts, "explained Yuval Steinitz last week with Le Figaro. A strategy that could fly as Europe struggles to cope with the excessive debt of some of its members.

The nomination of Stanley Fischer, however, suffers from a double reef.His dual nationality Israeli-American could play against him, insofar as director of the IMF is traditionally awarded to a European. Another weak point: his age. At 67, Stanley Fischer is two years age limit for applying to head the IMF. The Indian economist Montek Singh Ahluwalia, 68, had already had to throw in the towel at the end of last month.

ALSO READ:

"Lagarde still leading the race for the IMF

Measures deemed insufficient. Farmers are almost unanimous in the result of measures announced by the Head of State yesterday in the Charente, including the provision of advances on compensation, exemptions from social contributions and deferred debt.

The President of the Republic "leaves farmers in their thirst," said a statement from Rural Coordination. "The agonizing question of farmers, as how to buy the additional food needed to feed a proper straw-based (for livestock), does not seem to touch the mind of Nicolas Sarkozy," regrets the union. Rural Coordination also reiterated his request for "make available the farmers two million tonnes of cereals in 2011 is intended to produce biofuel."

Another minority union, the Confederation Paysanne, made the same request, and indicates in its brief statement that the announcements made by the president are "insufficient". The union is also seeking the postponement of one year of all maturities of borrowings (2011 paid in 2012 and 2012 paid in 2013) and "zero-interest loans offered by all banks to farmers to aid payments Common Agricultural Policy (CAP) October 15, 2011.

FNSEA satisfied, but relativized

FNSEA, the main farmers' union, is the only one to be satisfied with the measures announced by Nicolas Sarkozy yesterday, saying that the Head of State "became aware of the situation" of farmers and its urgency. Its president, Xavier Beulin, welcomed the "emergency response" proposed.He also welcomed the establishment of a five-year plan to create water reservoirs and reduced volumes of water used by agriculture.

However, the president of the FNSEA expects the figures for the consequences of drought, which should be known in early September. He estimates it will then probably look at more structural measures, and direct payments to certain farms.

ALSO READ:

"Drought: the boost from the state to farmers

"The French wheat harvest expected to be modest

"Drought: water restrictions for all

The player has to use default in the articles of figaro payday loan.fr. maj3

Drought crisis in the cucumber and G20: Invited Talk Orange-Le Figaro, the Minister of Agriculture Bruno Le Maire is back in detail on Monday on these three topics that dominate the front of the news. Positive for some 200,000 French farmers victims of water scarcity, France should be able to release national aid beyond the maximum normally allowed by the European Union (EU). "I moved (Monday, Ed) in Brussels to discuss the matter with Ciolos (Agriculture Commissioner, Ed). No one will be forgotten. I think we have opportunities for national support that will exceed what is permitted by the EU to ordinary, "said Bruno Le Maire.However, the European Commission does not yet directly aid from the EU budget.

Bruno Le Maire especially wanted to ensure that national aid were "euro-compatible", that is to say, "consistent with European law." He remembers the painful episode in August 2009, just months after his arrival Rue de Varenne: Brussels had demanded repayment of State aid paid by its predecessors to fruit and vegetables because the Commission had deemed illegal with respect to Community rules.

"Compensation to the nearest euro"

Another hot topic of the moment: the crisis of confidence among European consumers against cucumbers, lettuce and tomato, consequent upon the outbreak of the deadly bacterium E. coli. While the season is at its peak, this resulted in considerable losses for European gardeners.Especially for the Spaniards, whose whole fruits and vegetables have not been sold for export, more than 200 million in total losses cash advance loan. French producers have not been spared. "There must be a compensation to the nearest euro losses suffered by vegetable growers in France not only for producer organizations but also small producers," insists Bruno Le Maire. A first encryption performed by vegetables in France last Friday, evaluates losses just for cucumbers and tomatoes to 4.8 million. "Our services will address these estimates, in order to unblock the aid faster," said Bruno Le Maire.

The latter will participate on Tuesday with his counterparts in Europe affected by this disaster to an extraordinary meeting in Luxembourg on the issue.It could lead to "an agreement in principle to action," said Bruno Le Maire for the future that "we must draw the consequences of serious device malfunction safety revealed by this crisis." Finally, the G20 on agriculture to be held in Paris in a fortnight, Bruno Le Maire, who completes her world tour in London this afternoon, is optimistic about the possibility of reaching an agreement. "After a year of negotiations, I think it is not far from a consensus. Agriculture is a strategic issue for the world, "said Bruno Le Maire. All subjects that did not give her time to reflect on the estate of Christine Lagarde. "I do not think about the issue, merely there to answer his name when talking to Bercy.

A decline of 7.8% of GDP in the first quarter! Tunisia pay expensive, economically, its political independence. Just as the whole area, shaken by the revolutions of the spring. "Observers have not yet realized the importance of economic and social transition taking place in these countries," said Philippe de Fontaine Vive, Vice-President of the European Investment Bank (EIB). "The recessive effect of this transition will inevitably be strong, but it should be supported: prosperity without democracy can not be consolidated."

Sign of distrust of the area, "the number of direct investment projects in countries of the southern Mediterranean has dropped by 13% compared to the pace of 2010, according to the observatory Anima Investment. In detail, Egypt and Tunisia have experienced over the first three months of the year a 50% drop in investment projects.Libya and Syria are also severely affected, while the Lebanese resistance. Only Morocco stands out by recording an increase in expenditure compared to previous years. With 37 projects during the first three months of 2011, the Moroccan kingdom even beat his record.

Click on the thumbnail to enlarge the graphic. Free valuation

All these figures underline the urgency of assisting countries in transition to democracy. "Our two biggest challenges are unemployment, with 750,000 job seekers – including 160,000 young people – and the lack of long-term financing," said the Tunisian Minister of Finance, Jelloul Ayed, at the 9th Conference of the FEMIP (the subsidiary of the EIB in charge of financing the South-Mediterranean), held in Casablanca last week.To solve them, the government prepares a five year plan in two phases: short term, it facilitates the creation of public employment and compensation for firms in difficulty.

In the long term goal is the establishment of a genuine financial sector, based on the creation of a fund deposits and deposit, to fund infrastructure projects and a fund "generational" – Sovereign – fed by the privatization proceeds.

But this will not, without outside help. EIB figure indeed to 300 billion euros investments needed in energy and transportation infrastructure to achieve in nine South Mediterranean countries by 2030. At the G8 in Deauville, May 27, the major industrial countries pledged to help the Arab countries in their transition. But their public finances are battered, they have promised are expected."This forces us to consider additional funding, such as public-private partnerships (PPP)," said Philippe de Fontaine Vive.

The PPP is a private operator to finance, construct and operate a public service on behalf of a state or community. The EIB, the first financier of PPP in Europe, has offered to make its expertise available to free southern Mediterranean countries to help develop the legal and tax, to establish this type of financing. It associated itself with the creation of a "club PPP, consisting of four pilot countries in the region, Egypt, Jordan, Morocco and Tunisia. But this initiative, full of pitfalls, will produce results only in the medium term. In the short term, the Bank has pledged to accelerate its direct financing by paying 6 billion euros by 2013 in the southern Mediterranean countries.

At Deauville, all multilateral development banks have pledged to provide $ 20 billion in two years. It's much the same time very little. Tunisia waited – alone – 15 billion euros in aid from the G8 …

The rebound shy of industrial employment, which for the first time since 2000 rebounded last year (8300 + posts) is seen on the side of the elect as a rallying cry to mobilize support for the industry. "Enrich our industrial prospects and expand our vision," insists Alain Chatillon, Senator (UMP related) Haute-Garonne and Rapporteur of the joint mission of information on de-industrialization of the territories. The facts are well known: the share of industry value added increased from 24% in 1980 to less than 14% in 2008.And competitiveness continues to erode: "The employer social security contributions, all sectors combined, represent about 43% of wages in France as against 29% in Germany," said Alain Chatillon.

"Hailed by the government"

Adopted last month by the Senate, the report produced as part of a joint left-right formula 17 series of proposals to strengthen the local industrial ecosystems. Stronger, French companies will address international markets better prepared. "We must shift up a gear for reindustrialise territories," said Alain Chatillon, also an entrepreneur and chairman of cluster twelve o'clock Pyrenean Agrimip Innovation.

Main proposals of Senators: modulation of the research tax credit depending on the size of companies "to focus on SMEs and mid-cap companies."Similarly, we must increase the share of French companies in public tenders. "It's not the focus but just apply the same rules as the states with which we trade and who are much less open than we are," says Alain Chatillon. Another proposal: "develop the venture capital and capital development at the regional level," which means creating regional funding windows. The senators also proposed to promote a true industrial culture at school. "The Germans are proud to work in factories, why not the French?" Said Alain Chatillon.This requires the development of learning or why not, the obligation for officials to do an internship of several months in an SME "to feel the air of the true France," quips the senator.

Discussed in public session in late April, these recommendations have been "hailed by the government," says one to the office of Minister of Industry, Eric Besson. The first bills containing these themes should take shape in the weeks and months ahead, we are assured at Bercy.

The waiting, the business side, remains as strong as ever: the Richelieu Committee, which includes hundreds of innovative companies, has surveyed its members on the proposals of the Senate: 86% supported the idea of ​​modulating the CIR based on company size.

The days are not alike at the Paris Bourse. In the wake of a rise of 1.63%, amid relief on the Greek case, the CAC 40 has canceled much of its gains on Tuesday. The Paris stock index was down 1.05% at 3964.81 points.

U.S.: Manufacturing activity slowed and job creation disappointing

Investors were disappointed by the indicators on employment and growth in the United States.The employment figures in the private sector show an increase of only 38,000 in May, according to the firm ADP, while analysts were betting on 170,000 net hires.

Construction spending rose 0.4% in the U.S. in April, according to a Commerce Department estimate released Wednesday in Washington, and contrary to that of analysts who had forecast a decline of this indicator.

Manufacturing activity has slowed markedly in the United States in May, according to the index of purchasing managers released Wednesday by the industry trade association and ISM fell to 53.5%.

The industrial sector in the euro area slows

In France, the unemployment rate fell slightly in the first quarter of 2011, to 9.2% of the workforce in France (9.7% overseas departments included), down 0.1 points compared revised figure for the fourth quarter of 2010, INSEE announced Wednesday.

Moreover, the PMI industry is back to 54.9 after 57.5 in April. The growth in output and new orders fell in May to their lowest levels since seven and ten months, says Mark.

In Germany, the final manufacturing PMI rose to 57.7 in May against 58.2 in the flash estimate and 62.0 in April, its lowest level since October 2010. The price index of inputs had also its biggest drop since November 2008, to 70.5 in May (71.2 in flash estimate), after 80.3 in April.

Overall, the signs of decline observed in industrial production in the peripheral countries of the eurozone weighed on its manufacturing growth in May, show the final results of the survey Markit.The Markit PMI manufacturing index for the euro area stood at 54.6 in May, after a flash estimate of 54.8, against 58.0 in the month of April, its lowest level since October.

As for currencies, the euro still progressing against the greenback on Wednesday, but remained confined in 1.4450 dollar. Late afternoon in Paris, the European single currency was worth 1.4445 dollars against 1.4397 dollars late Tuesday. For his part, a barrel of oil lost 0.76% to 101.92 dollars.

Operators abused

Axa: 1.45% to 15.05 euros

The group, which has detailed a plan Wednesday to strategic investors, will sell its Canadian subsidiary to Intact Financial.

Peugeot: -0.83% to 29.16 euros, Renault: -0.84% ​​to 39.09 euros

Registrations of new cars rose 6.2% in MayRenault saw its registrations tumbled 18.2% as reported, while PSA Peugeot Citroen, for its part, showed an increase in registrations of +12.5% ​​compared to May 2010.

Schneider Electric: -1.22% to 113.20 euros

The group announced Wednesday a takeover bid of $ 2 billion (1.4 billion euros) to Telvent, a specialist in systems for managing energy infrastructure, water and transport.

France Telecom: -1.51% to 15.66 euros, Bouygues: -0.95% to 31.79 euros, Vivendi: -0.59% to 19.28 euros

The mobile phone is possibly carcinogenic but no formal proof establishes the link between mobile use and brain tumors, cancer specialists have said Tuesday the World Health Organization (WHO).

Arkema: -2.23% to 74.47 euros

The group will enter the CAC Next 20, the antechamber of the CAC 40, and CNP Assurances will be withdrawn with effect from 20 June, the Council decided on scientific evidence of NYSE Euronext Paris. In a statement, Arkema said that NYSE Euronext enters the CAC 60 and the Large NOC is withdrawn. The reverse operation is performed for the CAC Mid 60.

Neopost: -1.72% to 61.15 euros

The group announced an increase in its turnover in the first quarter despite difficult conditions in Europe and confirmed its targets for 2011.

Theolia: 6.11% to 1.39 euros

The group announced Wednesday it had signed an MoU with the National Electricity Morocco (ONE) to develop and implement an entire fleet of 300 megawatts (MW) in Tetouan near Tangier.

Lagardère: +0.11% at 28.41 euros

The group has completed the bulk of the sale of its international magazine to Hearst, which should have a negative impact of EUR 35 million on operating profit of Lagardere Media for 2011. These disposals will impact is the objective announced in March a growth of around 10% of its 2011 operating profit at constant exchange media, which included the magazine internationally.

Neopost: -1.72% to 61.15 euros

The group announced an increase in its turnover in the first quarter despite difficult conditions in Europe and confirmed its targets for 2011.

Belvedere: -1.72% to 61.30 euros

The CEO challenge the fines against him required by the representative of the college's Financial Markets Authority (AMF).