The debate on financial reform will begin

The Republican senators voted to open discussions with the chamber after blocking the debate for three consecutive days. Financial reform desired by the U.S. President Barack Obama and intended to prevent another financial crisis, would be the most important sector since the Great Depression. The Democrats want more regulations on stock markets and restrictions on derivatives, widely criticized for the crisis. The tougher regulatory worries Republicans.

Barack Obama gave a speech yesterday in Illinois calling for implementation of the reform loan cash advance no fax.The discussion should begin today and could last at least two weeks.

Symbolic of this financial speculators, Goldman Sachs is seeking a way out of his side after his questioning by U.S. regulators. The investment bank is in talks with one of his clients to agree on compensation due to losses on receivables-backed debt, in the heart of the controversy is the establishment.

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Greece: "Confidence in the eurozone is at stake"

Reassuring markets panicked, convinced German parliamentarians to grant a loan to Greece. Such is the dual mission survey completed Wednesday afternoon Dominique Strauss-Kahn (DSK), director of the International Monetary Fund, and Jean-Claude Trichet, president of the European Central Bank (ECB) during a joint press conference Berlin, the German Parliament.

Dominique Strauss-Kahn said he was "confident" about the resolving the financial difficulties of Greece. On the condition that "the euro area and the IMF act quickly." Even reassuring speech by Jean-Claude Trichet: "I am the working hypothesis that we will reach a good result at the end of this negotiation. It depends on us and it depends on the Greek government. I am confident. "

The two leaders apparently he managed to complete their first mission, to reassure markets.The cost of insurance on debt Greek, CDS (Credit default swaps), has fallen sharply to 690 basis points, while they peaked at 822 points the day before, Markit News reported. On equity markets, investors remain worried. In Paris the CAC 40 lost including another 1% at 16 hours at 3805 points. Elsewhere

German parliamentarians were they sensitive to speech and Strauss-Kahn Trichet? The fact is that they have hammered the Bundestag. "Do not act in time could have consequences beyond Europe," warned the director of the IMF, joining on this point the Greek Prime Minister George Papandreou. It is "confidence in the euro area is at stake," he added. A recurring theme echoed by Jean-Claude Trichet, president of the ECB.The latter stressed the need for "absolute" for Germany to decide very quickly, to avoid contagion in the euro area quick payday loans.

100-120000000000 aid discussed

The Director of the IMF also warned Greeks next level consequences of international aid: "The reforms will be painful," he warned, without deciding for the moment on a total allocation, as discussions with the Greek government will not be closed. The Greek Minister of Employment has already indicated that Greece refused to make the wage cuts demanded by the IMF and the ECB.

Earlier in the afternoon, a German deputy, Juergen Trittin, however, had said that the overall plan of aid to Greece should reach 100 to 120 billion euros over three years, saying, quote the director of the IMF speaking in the chamber of the Bundestag.In return for this support more than expected, Greece should refrain from market to finance themselves during the next three years, understands J?rgen Trittin.

Other information gleaned from the Bundestag, where Jean-Claude Trichet, ECB president, and Dominique Strauss-Kahn spoke this afternoon, the ECB and the IMF would have rejected the request of some German parliamentarians to engage in some banks plan help set up, according to statements by a member of the CDU, the party of Chancellor Angela Merkel.

On this occasion, the German parliament, which could give trouble to the leaders of the eurozone and the IMF launched a warning: their support for Germany's plan to help Greece will "not automatic".

Athens promises to satisfy a new purge Berlin

Angela Merkel is mounted on the front line on Monday to try to calm her European partners and markets: Berlin will provide financial assistance to Greece "in the coming days, if Athens accepted the cure of austerity imposed by the IMF and the European Union. The Greek finance minister was quick to comply. Greece will present "at the end of the week" new "concrete steps" to reduce "dramatically" its deficit, acted on Monday, the Greek Finance Minister George Papaconstantinou.

The Chancellor said his "confidence" in the capacity of Greece to present a credible program of savings. But on Monday, she went before the cameras with fifteen minutes late, illustrating the tensions within the corridors of the Chancery on the issue of the bailout."I say clearly, will help Germany Greece if the conditions are met," he assured the Chancellor.

Merkel has ruled out the hypothesis of an outflow of Greece to the euro area considering that possibility, raised by some in Germany these days, including in its majority, was "not an option" and did markets cause concern. She received Tuesday at the chancellery IMF chief Dominique Strauss-Kahn. The Chancellor also insisted that the director of the Fund met the leaders of parties represented in the Bundestag, which must approve the financial aid in time. She said "understand very well the concerns of people in Germany."That is why "I insist on a comprehensive, well prepared" Greek deficit reduction, "she added.

Since Greece has called Friday, triggering the mechanism of EU aid and the IMF, the spirits continue to heat up the Rhine. The German media fanning the fire by increasing reports showing that the crisis has not changed in Greece, where taxi drivers and newsagents continue to be paid to black and where public employees receive pensions comfortable .The Germans, who tighten their belts over the past ten years, refused a massive rescue of Greece.

With the approach of regional elections on May 9 in North Rhine-Westphalia, difficult for the center-right government of Chancellor, the leaders of the majority want to avoid at all costs to lose the vote because of aid to Greece .

European Reviews

The Finance Minister, Wolfgang Sch?uble, had brandished the threat of a veto German plan with the EU and the IMF. The liberal FDP say that Berlin "will not offer the Greeks a blank check." Although she has promised to act quickly, Merkel tried to play the shows, even if only to show that it has not sold off billions of German taxpayers.

The attitude of Germany as always irritates its European partners.The President of the Eurogroup Jean-Claude Juncker in Berlin accused of throwing "a priority under domestic political issues in Europe." The Italian Foreign Minister Franco Frattini, said he was "troubled" by the "rigidity" of Germany.

France is showing more diplomatic. Monday, following a lunch between Nicolas Sarkozy and European Commission President Jose Manuel Barroso, the Elysee said that both had "acknowledged their agreement on the need for swift and resolute action against the speculation that Greece aims to ensure the stability of the euro area.

But speed does not mean precipitation, "said Minister of Economy Christine Lagarde. "We all need to preserve the process of the rule of law and democracy," she said Monday from New York, acknowledging that the situation is "a bit chaotic.Although "the markets have found the reaction too slow European [...] the debate is necessary for local views," she added, referring to the German electoral context. If the situation does not release quickly, a special meeting at the highest level of Heads of State and Government of the EU may be needed to resolve the crisis, said Franco Frattini.

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The recovery is gaining ground, according to the G20

Dominique Strauss-Kahn warned: he wants more consistency in regulation. The G20 works there. This Friday in Washington, he has been more talk of economic opportunities.Meeting to discuss the taxation and regulation of finance, the finance ministers of the G20 in effect Friday reaffirmed their goal of balanced growth, and pledged to develop an exit strategy for each "credible" in a joint statement issued after a meeting in Washington.

"We, the Finance Ministers and Central Bank Governors of the G20, we met in Washington to ensure global economic recovery and the transition to a sustainable high growth and balanced", said the participants in this document.

According to the G20, some countries must be persuaded to continue their policy stimulus, but all must design their plans output exceptional political support to the economy.

Tax on banks: no agreement

"We all need to develop exit strategies credible measures of macroeconomic and financial support that are tailored to individual circumstances and each country taking into account the consequences on others," said the G20.

On the issue of taxation on banks, no agreement has yet been found, according to the ministra candaien low interest rate personal loans.The leaders of the G20 Finance (Finance ministers and central bankers of the twenty richest countries in the world, Ed) are satisfied for the time to ask the IMF to continue its work on financial sector taxation.

"We urge the IMF to continue working on options to ensure that financial institutions in each country bear the brunt of any extraordinary intervention of the States where they were necessary to tackle the problem of excessive risk-taking and help to promote fair competition, "said the G20.

As revealed an official of the G20, no explicit reference to the proposal to introduce a tax on banks is made.No more than the Chinese currency that several countries, starting with the United States, consider devalued.

Parallel to this meeting, the U.S. Treasury Department, speaking through his secretary, has lowered the cost of the rescue of banks to 87 billion, or about 0.6% of U.S. GDP. In 2009, the Treasury had anticipated a cost of rescue finance to … 500 billion, or 3.5% of GDP.

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The Paris Bourse to increase

The Paris Bourse, which has declined sharply Thursday evening the CAC 40 fell below 3,925 points – should open up art. The CAC 40 should always move in the Greek fear – revived by lowering the grade of Greece by the rating agency Moody's and reassessment of the Greek deficit by Eurostat, 13.6% – and a banking sector plagued .

Around 8:20, the index future on the CAC 40 rising 0.39%.

Yesterday, the number of unemployed registered in the U.S. fell less than expected during the week ended April 17, and producer prices have rebounded sharply in March. This growth is fueling speculation about a future rate hike from the Federal Reserve. Wall Street closed slightly lower.

This morning, Asian stock markets are also changing in quick retreat.

In this context, the euro hit a new low against the dollar at 1.3202 dollars to a euro.The single European currency has reached the floor in the morning in Tokyo. Around 3:15, she sat up slightly, to around 1.3235 dollars, against 1.3293 the previous day to 23 hours in New York. The euro has broken the 1.3280 support and could, according to technical analysis, find its level in March 2009 and November 2008, or $ 1.24 per euro.

Clear indicators

On Friday, France, INSEE begin at 8:45 am by disclosing its quarterly survey of conditions in the industry for the month of April and spending on household consumption of manufactured goods in March.

In the euro area, new industrial orders in February are known.In Germany, the Ifo confidence barometer for April will be followed, while the first estimate of GDP in the first quarter will be published in the United Kingdom

In the U.S., at 14.30, investors will pay attention to durable goods orders (March), then 16 hours, the promise of home sales (also in March).

Wind Publications

Side values, the specialist construction Saint-Gobain aenregistr? sales down 0.5% to 8.7 billion euros, and maintained its targets for 2010.

Essilor, the world leader in ophthalmic lenses, on Friday issued a turnover of 905.8 million euros in the first quarter, up 7.8% over one year through acquisitions and a recovery of activity, particularly in emerging countries.

At 4.7 billion euros (+8.1%), the turnover of the group L'Oreal is slightly above expectations.L'Oreal has been observed in the first quarter of the divisions that had been heavily impacted by the crisis.

The first European manufacturer of semiconductors STMicroelectronics announced Thursday that it had returned to profit and exceeded the consensus expectations in the first quarter of 2010.

EDF will host the market reaction after the Russian electricity trader Inter Rao, announced last night a planned entry to the French capital of Russia, at 10% interest. An investment valued at 400 million dollars (299 million euros).

Zodiac regained its financial leeway when it observes an encouraging start of recovery in commercial aviation.The aerospace supplier has published sales in the first half down 12.8% to 966 million euros.

Still later boats, sailboats, but this time, the B?n?teau Group has reiterated its target for operating profit of 37.5 million euros for the 2009/2010 financial year despite a loss in the first half.

Side car, Valeo announced Thursday a 42% jump in its quarterly revenue, and confirms its objective of doubling the margin in 2010.The acceleration of the automobile production observed at the end of the year thanks to scrap premiums had still not disproved.

On the sidelines of the Beijing Motor Show currently underway, Changan Automobile Group China confirmed Friday it was in talks with French automaker Peugeot on the creation of a possible joint venture in commercial vehicles.

AXA continues to make targeted acquisitions after taking over the assets of investment capital to Natixis.The group has announced yesterday that its subsidiary AXA PE will buy Bank of America to a private equity fund of 1.9 billion dollars.

Euler-Hermes profit quintupled

Euler-Hermes expects its net profit increase by five this year and think back to its turnover at the 2008 level, according to the CEO of the credit insurer, Wilfried Verstrate.

Ingenico announced Thursday it was on track to meet its financial targets in 2010 after seeing its sales on a constant increase of 8.8% in the first quarter.

Somfy Thursday posted a turnover up 10.2% but warned that the economic situation was still marked by pressure on prices and margins.

Are still expected this Friday publications sales and quarterly Interparfums Damartex.

Schneider is growing again

Beginning of year good for Schneider. The world's number one low-voltage electrical equipment and number three for medium voltage carried on the first three months of the year a turnover of 3.91 billion euros, up 2.3% at the both structure and exchange data current and organic. It's better than expected by analysts polled by Reuters had expected a slight decline in activity (-1.2% to 3.78 billion).

This is the first quarter of growth for the group since the third quarter of 2008, the beginning of the economic crisis for the sectors to which its activity. "As expected, we see significant recovery in industrial activity – a sharp contraction after last year – and the rebound in investment in energy secure," said Chief Executive Jean-Pascal Tricoire in a statement.

2010 targets confirmed

Schneider is being strengthened in emerging countries like China, its second largest market behind the United States and ahead of France and on the segment to higher value-added solutions for energy management. "Energy efficiency and renewable energy, particularly in Europe, remain a relay of growth through new orders supported," said Schneider.

In contrast, "the market for commercial property in the mature economies should not restart the short term and probably still weigh on the work of Schneider for several months," said Emmanuel Babeau, CFO of the group, even if it considers that low point could be reached at the end of the second quarter.

The focus group confirmed a moderate growth this year to a number of his sales at constant exchange rates and consolidation scope, after falling nearly 16% throughout 2009.

Schneider also still expects an improvement in EBITA margin of approximately 14% before restructuring costs and impact of integration Areva Distribution, against 12.9% in 2009 and 16% in 2008, thanks to cost savings conducted under the Strategic Program One.

GM would pay its debt this week

The American manufacturer is expected to announce Wednesday a plan for early repayment of its outstanding debt, it must always states U.S. and Canada. The 4.7 billion dollars could be settled this week, instead of June initially raised by the company, according to information from the Wall Street Journal.

Edward Whitacre, CEO of General Motors (GM), has made debt repayment a central tenet of its strategy to recapture the American consumer after the bankruptcy of the manufacturer last year.Following the rescue of Washington, which had injected nearly $ 50 billion in total, though the company had until 2015 to meet its debt by $ 6.7 billion in cash, the rest being paid in share capital.

The rival Ford, which did not require such a rescue has benefited greatly from its game in recent months, with sales up 38% in March, year on year. GM lost 4.3 billion dollars over the first half of 2009, but Edward Whitacre expects the results "solid" for the first three of the year. The figures will be published next month.

A cloud of 150 million euros per day for air

A cloud of 200 million dollars (148 million euros). That bill, by far, the paralysis of traffic due to the cloud of volcanic ash, according to an estimate made Friday by the International Air Transport Association (IATA). This amount corresponds to "the financial impact (…) day in terms of lost revenue," said a spokesman for IATA said in a statement.

"In addition to lost revenue for airlines costs to change the routes of their machines and take on passengers and equipment stranded in various airports," he added. This is a "first conservative estimate".

According to many analysts, the closure of airports in North Europe was difficult to quantify an impact on the finances of airlines. Experts estimate that it will depend on claims from customers.More recently prefer to postpone their flight, the more it will limit the losses to the industry.

"While we have no visibility on the duration of these disturbances, it is difficult to say what is the cost for companies," Marina J. Devitt, the Irish Goodbody brokerage told AFP.

An invoice of $ 30 million for Air France

In the ladle, it is possible to obtain an estimate by dividing the annual turnover of a company by the number of days during which the aircraft remain grounded. Based on this rough, it is possible to establish that, for Air France-KLM, the cloud would cost 30 million euros and 25 million for British Airways, a Paris-based analyst advance fast cash now.

In Germany, total paralysis of traffic is expected to weigh on the entire industry to the tune of 50 million euros in total per day and "less than 10 million euros a day" for Lufthansa, said analyst Per-Ola Hellgren, bank LBBW, told AFP. An invoice less salty than the recent pilots' strike which had cost 48 million euros in total.

Finally, the "one-time impact on earnings of the Irish Ryanair should be low since most of the operational costs will be avoided, except for aircraft rental and labor costs," notes the brokerage Irish NCB.

Rush predictable

Companies should still limit the damage thanks to the predictable rush of customers at the end of the flight ban. The aircraft should then record load factors much higher than normal, making profitable at the same time much better flights.

Without waiting to preliminary figures, the titles of European airlines fell sharply on the Stock Exchange on Friday. At closing, Air France-KLM took down 3.42%, British Airways fell by 3.13%, 4.10% Lufthansa.

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JP Morgan improved its first-quarter profit

JP Morgan launched the period of first quarter 2010 results of major banks on Wall Street by posting its own from this Wednesday. Its net profit for this period is 3.3 billion dollars against 2.1 billion in the first quarter of 2009. Its net banking income, which may be compared to sales for firms outside the banking sector reached 28.2 billion dollars against 26.9 billion a year earlier.

Jamie Dimon, CEO of JP Morgan, said that these results reflect another strong quarter for investment banking arm as well as asset management and retail banking.However, the bank recorded heavy losses in the sector of consumer credit.

Outlook 2010

Jamie Dimon wants confident for the rest of the year, explaining that the economy still faces great difficulties, but there were significant improvements that will lead to a strong recovery. It also plans to create 9,000 new jobs there in the United States.

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The Paris Bourse consolidates its position

Session calm perspective on the Paris Bourse. On Tuesday, the CAC 40 began the session down slightly from 0.23% to 4038.73 points. Investors Parisians decide to follow the path indicated by Asia, where their peers have chosen to take their profits. In Japan, the Nikkei ended down 0.81%.

Other European shares also follow. In London, the FTSE-100 index opened down 0.18% to 5767.18 points. The DAX index of the Frankfurt Stock Exchange starts, he, sitting down 0.23% to 6236.28 points.

Without major indicators Monday, the markets were moving without motion but with optimism, encouraged by the European rescue plan to Greece.In the U.S., Wall Street ended the balance after the announcement of a budget deficit of 65.4 billion dollars in March, above expectations of analysts.

On Tuesday, several key statistics, however, could lead the French markets. INSEE announced that consumer prices rose 0.5% in March compared to February, an increase of 1.6% over one year.Note that in Germany, inflation was confirmed at 1.1% annual rate in March over a year.

The current account deficit of the Hexagon totaled 3.6 billion euros in February after 4 billion the previous month (-3.4 billion in the first estimate), according to the Bank of France fast payday loan.

Overseas, prices for imports and exports are expected to 14:30, at the same time as the trade balance figures.

Furthermore, after Alcoa, Intel continues a series of quarterly publications by revealing the figures in its first quarter after market close on Wall Street.

Values follow

Lagardere (+0.13% to 31.55 points) will be monitored throughout the session. The market reaction is expected after the support of governance expert at RiskMetrics Group Franco-American investor Guy Wyser-Pratte.This support should assure him of collecting a large share of the votes of investors at the meeting of the group, April 27.

The "clash" between Areva (stable at EUR 398.8) and EDF (-0.63% to 41.56 euros) continues on nuclear. Reportedly, the two companies would be unable to agree on a contract extension on Eurodif uranium enrichment. A deal with Areva for 500 million.

Arcelor Mittal (-0.87% at 33.06 euros) should respond to the publication of results of aluminum giant Alcoa. The U.S. announced after the close of Wall Street yesterday, a net loss of 201 million dollars in the first quarter of fiscal 2010. A number two and a half times less than a year ago. The stock ended the session up 1.25%.