World and National News

No change in the short term. But the door remains ajar for two more months. Nicolas Sarkozy held a meeting this FRIDAY on pension reform in the presence of several ministers: Baroin (Budget), Georges Tron (Public Service) and Eric Woerth (Labour). Following this meeting, the President of the Republic has decided to send as is the bill (see the text in its entirety) to the Councils for review. No editing for now, is therefore proposed for this text which provides a gradual increase in the age of retirement until age 62 in 2018.

However, the executive says ready to developments on three issues dear to the CFDT: the situation of people who started working before age 18, taking into account the hardship and treatment of poly-pensioners (of persons covered by several pension plans) low fee payday advance. The special case of poly-pensioners had hitherto not been mentioned in the text of the reform presented Wednesday.

Nicolas Sarkozy has asked Eric Woerth offer him "at the latest before the start of parliamentary debate in September, possible developments on these topics.

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The announcement was delayed but brutal. While markets have somewhat relaxed their attention on Greece, the rating agency Moody's downgraded four notches Monday of the note of most indebted country in the euro area, "A3" to "Ba1". After his colleague Standard & Poor's, the second of the three agencies have downgraded the debt of Greek in junk bonds.

The announcement comes as setbacks. "Moody's has not sufficiently changed its ratings on European countries, the sudden it went off the crisis," Norbert J. Gaillard, a consultant to the World Bank and specialized rating agencies. The degradation of the note in Greece four notches therefore reads as an attempt to "catch up past blindness," said the economist.

A blindness that also concerns Spain, according to some analysts. And the investors live badly."What is it to follow a triple A rating agency that a country undergoing a difference in rates reflecting the risk very high?" Critic Jean-Francois Robin, strategist at Natixis, referring to Spain . The latter receives the same notes that France and Germany, so it pays interest rates much higher.

Sign of disapproval or casual coincidence? Pierre Cailleteau, the head of the sovereign rating from Moody's, that is to say, fixing States Notes, recently left the company. The agency would not comment on his departure.

Stoicism

Greece, or Spain, are textbook examples and betray policy at Moody's. The agency notes in effect "through the economic cycle", without giving too much importance to the market turmoil. This stoicism was removed Moody's market reality, but had a beneficial effect.The agency has helped calm the markets by keeping his notes. His rivals, degrading the height of the crisis, have instead fueled the panic.

Now, even out of season, the degradation of the note in Greece by Moody's has led to protests. The European Commissioner for Economic and Financial Affairs, Olli Rehn, said that Moody's decision on Greece on Tuesday "comes at a rather surprising and unfortunate, following the agreement on a program of macroeconomic adjustment between Greece, the Commission, the ECB and the IMF. "

The fall of the euro makes people happy at EADS. Interviewed by the Financial Times Deutschland, the chief financial officer of Airbus, Hans Peter Ring said the group saw again upgraded its earnings forecast after the fall of the euro. The manufacturer was expecting $ 1.40 to euro. However, the single currency has now reached its lowest level in four years at 1.1894 dollars.

This is a boon for EADS, which occurs in the euro area and therefore pays the majority of its costs in euros, but which generates most of its sales in dollars. If Hans Peter Ring said that the rate of the euro would have no impact on short term profit for the group, he still said he would have a positive effect on turnover. "It seems that this will be different about our income because we have more volatility.Therefore, our revenues could be better than what was previously expected. "

No significant impact in the first quarter

In the first quarter, the impact of the fall of the euro on the results of the group was not significant but if the euro maintains its current course, the first signs should appear in 2012, and the effect could be strengthened 2013. "We must be patient," says the CFO. In an interview with German weekly Welt Am Sonntag, Chairman of the Board of Directors of EADS, said Bodo Ubber parity ideal for Airbus would be $ 1.20 per euro.

As expected, the group should increase the proportion of sales paid in dollars."I think we would be shortsighted if we changed this strategy," said Hans Peter Ring.

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Sanofi-Aventis and Novartis, the case is closed. For Glaxo-Smith-Kline, not yet. The French state, which had ordered millions of vaccine against H1N1, was canceled last January some of the orders, forcing him to pay compensation to these laboratories.

In all, the French government had ordered 160 million doses of vaccines, including 94 million to Sanofi Pasteur, the vaccines arm of Sanofi-Aventis European leader, at 50 million British Glaxo-Smith-Kline (GSK) and 16 million Swiss Novartis.

While the epidemic of influenza was less concern, the Health Minister, Roselyne Bachelot, has gone back on his feet and set aside 2 million doses from Sanofi-Aventis. Novartis has seen its order reduced by 7 million units, while GSK shipped 32 million in vaccines and less.

Agricultural commodity: cocoa finds form

The brown bean has been the stars of the markets in London and New Yorker last week. The tonne of cocoa for July delivery climbed to 2,350 pounds in London, its highest level since January 21 last. In New York, a ton for the same maturity has reached 3211 dollars, its best performance since February 1. Friday, prices were flirting with the same levels at 2336 pounds a ton on the Liffe, and 3186 dollars on the NYBOT.

The rebound by a recovery in global consumption of chocolate. The volume of cocoa stocks rose 16.17% in North America. Another factor in the rise: speculative buying. They returned in force in this market, driven by the potential of emerging countries including China.

In contrast, coffee prices fell, hit by rising dollar.The dollar rose Thursday to 1.3202 dollars per euro, its strongest level since April 2008, amid concerns Greek. On Liffe in London, the Robusta for July delivery was trading at around 1,325 dollars per tonne on Friday against 1385 dollars for the same term contract last Friday. On the NYBOT New York, he posted 131.60 cents 132.10 cents a pound against the pound last week.

From their side, wheat, corn and soybeans show a slightly more moderate increase than last week. Wheat finished 491.50 dollars on Friday in Chicago (2.24% on the week). A bushel of corn finished at $ 3.54 while that of soybeans ended 9.96 dollars on Friday in Chicago.

The plates still on top

As for precious metals, platinum rose to 1,754 dollars per ounce, a price he had not seen since July 2008.For its part, palladium reached 572 dollars per ounce, the highest since March 2008. Friday in London, an ounce of platinum finished 1725 against $ 1708 per ounce last Friday. The ounce of palladium finished at 555 dollars against 532 dollars a week earlier.

Gold however has continued to weaken. The courses have been affected by the case Goldman Sachs, like many other financial assets No fax pay day loan. On Monday, after the announcement of a prosecution for fraud by the SEC, gold has plunged to 1,124 dollars per ounce. The rising dollar has not helped to support markets.On the London Bullion Market, an ounce of gold ended at 1139.50 against 1151.50 dollars Friday dollars last Friday.

The ounce of silver followed gold ended down at 17.89 dollars Thursday.

Base metals: copper runs out of steam

Star of the market in recent weeks, copper has seen more difficult days this time by returning to below $ 8,000 per tonne, down over 2% in 5 days. The markets saw a dim view of the rising dollar.

Aluminum, which had hit its highest level since late September 2008 to 2494 dollars per ton during the Friday meeting, a cash drop of 6.5% over the week. According to analysts, the offer would be so abundant that China should become a net exporter of aluminum this year.

Nickel, which reached are higher in two years last Friday (27 595 dollars per ton) is decreased again.It was worth 26,930 dollars per tonne on Friday.

Oil boosted by good U.S. data

Oil ended sharply higher on Friday above 85 dollars a barrel. The contract on June U.S. light crude ended on an increase of 1.7%, to 85.12 dollars a barrel. For his part, Brent North Sea took 1.84% to 87.25 dollars.

"The very good statistics of new home sales was favorable to the crude," said Robert yawg, Vice President MF Global.Sales of new homes rebounded strongly in March to 26.9%, the fastest pace since April 1963, at 411,000 units annually against 324,000 in February, ending four straight months of declines.

Prices were also supported by rising demand in China and Greece's decision to engage the support mechanism of the European Union and the IMF.

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Specialist Theolia wind blows. His financial restructuring plan has been approved by its shareholders, "an overwhelming majority," March 19 last.

The group headed by Eric and Peugeot will be able to launch its capital increase of between EUR 45 and EUR 100 million, by August 31, 2010, according to a statement released Monday.

Announcing (end December 2009) the need to raise these funds, investors had reacted very badly on the stock market – securities Theolia have plunged over 15% in session – for fear of being heavily diluted.

But this capital increase is part of the agreement by Theolia with its major creditors to reduce its heavy debt cash advance america.

The group has negotiated to modify the terms of his contract issuance convertible bonds (bonds convertible into new or existing shares) amounting to 253 million euros.

In exchange for a lower conversion price of convertible bonds, and partial reimbursement of their immediate Theolia got its bondholders a reduction and an extension of its outstanding debt until 2015.The restructuring does not require launching a takeover offer.

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Calculations of future property owners will soon have to change. According to Les Echos, the government would work aggressively to replace the tax credit on mortgage interest to, in effect since summer 2007. This tax advantage should be replaced next year by using direct state inflate the supposed personal contribution of households seeking homeownership.

According to the rapporteur of the budget Gilles Carrez UMP and MP Michel Piron, the current tax credit has its limits. This is a tax credit of 40% interest the first year and 20% four years following the acquisition of a principal residence. All in the limit of 7,500 euros for couples, plus 500 euros for each additional dependent.But this aid, which is paid only one year of purchase, would not have to drive up the share of first-time buyers in the total number of buyers at 70%, as desired by the government.

Worse for him, this assistance will be transformed into a niche tax for 376,000 households have benefited. The bill for the Government in 2009 amounted to 1.05 billion euros.

A reform modeled on the loan at zero

To fight against this windfall and increase the number of low income among the owners, the government should establish a direct support that would be paid at time of purchase. Directly integrated with the personal contribution, the latter would get loans more easily.

As the zero-interest loan, this assistance is not calculated as a percentage of interest paid but would be flat.It depends therefore tested household and would be combined with a zero interest loan. Small households are thus favored. The amount of aid will also be calculated according to the area of purchase.

The banks are not forgotten by this new device because they receive a tax credit on the companies. The state will also reimburse the loan interest on a shorter period than households.

The government hopes the bill contain the device to its projected level in 2010, 1.5 billion euros. The measure should be passed through the Finance Act 2011 and implemented starting next year.

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"Rates should go" before the end of the year "

The bill to regulate the consumer credit finally arrives Wednesday at the National Assembly. Already adopted by the Senate in June 2009 and debated in committee in the National Assembly, he aims to "facilitate access" to credit for consumption and to "avoid excesses". Before the deputies committee, Christine Lagarde, Minister of Economy has defended a credit "contributes massively to support certain industries, such as mail order and the automotive sector," while not forgetting the excesses and abuses to which this credit may result if not properly supervised. "

The Bill seeks end to "ensure responsible distribution of credit, creating additional obligations for industry (specialized institutions, supermarkets).As it stands, the full account and delete the "black spots" of revolving credit (also called renewable) often lead to debt for the most vulnerable households. The revolving loan indefinitely should no longer be allowed, Lagarde law limiting the repayment term (3 years for a credit less than EUR 5 000). Likewise, financial institutions will be forced to offer not just a revolving credit (average 16%) on sales premises. They will also make an alternative offer of personal loans (average rate of 7%). The ads "aggressive" will also disappear. New posters should be explicit and clearly mention the term credit. Exit therefore, the promises of "air cushion".The appropriation in which the consumer "in without the knowledge" in connection with the purchase of a loyalty card, and the "credit blind", without checking the creditworthiness of the customer will also be banned unsecured personal loans! ???!!!???!!!. The law also aims "to better help people with debt problems," Christine Lagarde said on Wednesday that will make new proposals to strengthen the fight against indebtedness.

The positive file divided

"In the future the consumer will certainly be better protected. But financial institutions will still be able to sell massive amounts of revolving credit, sorry Nicole Perez, National Director of the UFC-Que Choisir.For its part, the Afub said that "beyond these measures, it is certainly essential to note their failure to control a sustainable revolving loan and to fight against the danger of debt."

Overall, consumer groups have asked that the text should go further by imposing such a complete separation between loyalty cards and credit cards. The bill also proposed withdrawal of parliamentarians of all stripes, many calls for reform of the rate of wear (maximum interest rate close to 20%) and the creation of a positive file listing all loans to individuals. This latter issue has divided many years, consumer groups, credit institutions and politicians. Tuesday Cresus the Association Agreement and the bank have also called for the creation of a national credit.

In the Assembly, the passionate debates ahead. More than a hundred amendments have been tabled.

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After the madness of the Netbook, here come from the Internet Tablet. This is reduced to a computer touch screen, in color, which can surf the Internet, play games, watch movies, listen to music, reading newspapers and books. The Apple iPad, which will be marketed in April, "will revitalize the market for tablet PCs, which could reach for the equipment alone, 12 billion dollars in 2014," says research firm Strategy Analytics.

On the PC market, which continues to grow in units at a frantic pace but stagnant in value, a revolutionary new product is an opportunity of choice for manufacturers. As with every change in technology, new players could emerge, as was the case with the netbook, which has allowed the rise of Taiwan's Asus and Acer.

Since 2010, he could sell 10.5 million tablets of the Internet, said Gartner.Alone, Apple could sell 4 to 6 million units iPad, believes his side firm GfK. The firm's apple is not alone in this ball of suitors. The French Archos hopes a return to grace with his tablet PC equipped with operating system Windows 7.

In late March, just before placing on the market iPad in the U.S., Sony could make a stretched version of its portable game console PSP foothold in the niche of Internet tablets, said recently the Wall Street Journal.

HP, the world's number one PC, plans soon to launch his magic slate. Presented earlier this year by Steve Ballmer, CEO of Microsoft, Slate HP recalls the Apple iPad. "We continue to finalize our product. We expect to launch Slate around the summer, "says Eric Cador, the boss of HP's PC division in Europe.His tablet use "operating system Windows 7," warns one from HP.

Cooperation with the content

One way to respond in advance to the ambitions of Google with Chrome operating system OS, which should be used this year for large touch screens. Meanwhile, Slate is the most innovative product promised by HP's PC division this year. And Phil McKinney, a charge of HP's research, says that in three years it will be possible to launch an "Internet Tablet flexible.

For its part, the director general of Taiwan's Asus is also planning to enter the market for Internet Tablet "provided to establish cooperation with publishers of content in music, video games and movies.This ambition is shared by other manufacturers reported.

For Internet Tablet "might cannibalize existing products such as netbooks, digital media books and mobile devices to surf the Web," suggests one expert from Strategy Analytics. It will also be a way to renew the genre, for the Tablet PC, launched some ten years, never really took off.

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From our special correspondent in Stockton (California)

Real estate staggers back to the United States. The improvement of the activity recorded since the spring of 2009 fade. If this trend continues, it is a worrying news for the economic recovery. Recession brutal voyage around the world last year is part of this key sector of activity which the U.S. bubble burst in spring 2006.

Since May 2006, average prices of properties in the U.S. plunged 30%. In some areas the fall was twice as strong. Over the last seven months, however, a rebound was observed: the average value of U.S. homes rose 3%, according to Case-Shiller index.

But signs of relapse increase. In January, for the third consecutive month, sales of new homes fell.During the winter, the United States have returned to the lowest levels ever recorded transaction. In turn, sales of old houses have, against all expectations, plunged in January to the lowest in seven months. "In terms of price … the pace of decline has stabilized yet. However, the recovery observed during the summer of 2009 did not last, "says David M. Blitzer, who calculates the index for Standard & Poor's.

The improvement in 2009 is largely explained by the massive intervention of federal authorities. In capitalist countries, 90% of U.S. mortgages find themselves de facto guaranteed by the Treasury. This is indeed the de facto owner of Fannie Mae and Freddie Mac, two financial institutions specialized in buying and guaranteeing bank loans to housing.These agencies, nationalized in September 2008, received a new mission explicit Obama Administration: "Do everything to ensure that households can not pay their mortgage maturities could stay in their homes."

Uncle Sam has already spent 111 billion dollars to bail out the two institutions. This is just the beginning. Fannie Mae request 15.3 billion dollars more, having announced its tenth consecutive quarterly loss last week.And the bill could be much heavier in the end: quietly, just before Christmas, the Treasury said that the ceiling of direct aid from the federal government $ 200 billion initially set for Fannie and Freddie was up.

The upper classes affected

Another factor supporting the business about to disappear is the tax credit of between $ 6 500 to 8 000 dollars currently available to homebuyers. The purpose of this aid was initially scheduled to last fall. For fear of turning too sharp, these tax incentives were extended until the end of April. Nothing says that the Administration will continue beyond cash advance to savings account .

On the ground, the reality remains difficult for households. The number of properties seized by banks from borrowers who fell into default continues to climb.2.8 million homes have been taken last year. This year, the record will be beaten. The firm RealtyTrac expects 4.5 million seized in 2010. Optimists point to the stabilization of 9.5% "rate of late payment" mortgage loans in the fourth quarter. Still, the continued rise in defaults ending with seizures. The default rate is now higher than 5%. Equally alarming: the sharp deterioration of late payments by households belonging to a class yet considered less risky. The worst wave of default on subprime niche (highly indebted households) is certainly past.But the failure of the wealthier classes at record levels and is now approaching 10%.

This situation is equally problematic for banks whose balance sheets do not fully reflect the rising defaults on U.S. households trapped in unemployment and the collapse of their heritage. "Overall, we believe that U.S. banks have realized that a third of their losses on residential mortgages," said Robert McNatt agency Standard & Poor's.Financial institutions have beautiful long as possible seizures of homes, high unemployment and the proliferation of "strategic flaws" (see glossary below cons) continue to plumb their balance sheets.

GLOSSARY

• Hamp (or Affordable Home Modification Program)

Federal program encouraging banks to reduce rates and lengthen the duration of mortgage loans to households have at least 60 days late payment of their monthly payments.

The Treasury has set aside 75 billion dollars by 2012 to modify loans 3 to 4 million homes and avoid the seizure of their property and their expulsion. For a year, 830 000 borrowers have tried this program on an experimental basis.But 25% are again in arrears.

• Strategic Default

This is a practice that leads borrowers to stop paying their monthly mortgage lenders by personal choice or calculation, and not for reasons of loss of resources. The "strategic failure" is made safer in states like California or Arizona, where the bank can seize the house of the borrower and not its other assets.

• Under Water

For a home, it will return "under water" when the market value of their property has fallen below the amount of his debt to the bank. This applies to almost 10% of households in the United States who have subscribed to a mortgage.