Axa was less affected by Greece that the banks

A nice trading day for Axa. The title of the insurer took 4% to 10 o'clock Thursday morning while the CAC 40 is given a little air, with an increase of 0.45%. Investors welcomed the good half done by the insurer that has quadrupled (324%) profit to 3.99 billion euros.

This performance is significantly higher than the expectations of analysts who had expected an average net profit of 3.7 billion. But Axa has mostly benefited from a favorable base effect. The increase in net income is in fact supported by exceptional gains of 1.44 billion euros from the sale of the 15.6% of Veolia capital of the life insurer China Life Taikang and the sale of its New Zealand and Australia."In this environment (of European debt crisis), we publish the results are good, satisfactory and show Axa's fine," said CFO Gerald Harlin, during a conference call.

Confirmation of the Plan 2015

The insurer stands in relation to banks about the impact of the Greek crisis on its accounts. While the financial cost runs into hundreds of millions for BNP Paribas (850 million), Crédit Agricole (650 million) and 395 million to Société Générale, Axa has placed "only" 92 million euros in provisions for impairment assets in its bond portfolio of the Greek state No teletrak payday loan.

In contrast, exposure of the insurer in Italy, estimated at 6 billion euros against 300 million for Greece, is much more important. "We have no reason to reduce our exposure to Italy and Spain," said Henri de Castries."We are confident that Italy is absolutely the means to repay its debt, simply that the European institutions give a stronger signal of support towards Italy for the markets calm down," said Denis Duverne, the deputy CEO of Axa Business on BFM radio.

If the macroeconomic environment remains uncertain because of the turmoil in financial markets, the CEO of Axa, Henri de Castries is "confident". It provides Axa is on track to achieve its 2015 targets.

Christine Lagarde to the American

From our correspondent in Washington.

America will now discover Christine Lagarde. Despite his six years at the head of the general business law firm Baker & McKenzie in Chicago, the French selected to head the International Monetary Fund (IMF) is not yet a well-known in the United States. The IMF does not enjoy the rest of America is its perceived prestige in Europe.

Those in the world of private finance and business in the United States had the opportunity to listen to Christine Lagarde, for example when she came to New York or Texas, explained the French economy, were impressed by his mastery of English style "professional" and his knowledge of capitalist values ​​cherished by Americans.

Its role in the G20 to build consensus on complex issues is also widely recognized.Including his prowess to have convinced the Chinese to accept the indicators for measuring imbalances that contribute to the weakening global economy. The weekly Bloomberg BusinessWeek points out that the style of Lagarde includes both an original look, built on its French elegance, her athletic figure, his tan, his white hair and a deliberate absence of ego that promotes the combination of points opposing views.

In 2009 the most American of French ministers had dared to participate in the satirical and political cable channel Comedy Channel. With a beret on her head, she had learned to his iconoclastic host, Jon Stewart, pronounced in French "catastrophic economic recession."In the movie produced by HBO about the financial crisis, the American actress Laila Robins plays the role of Christine Lagarde, s is to severely criticize Treasury Secretary Hank Paulson for allowing Lehman Brothers to fail: "This is a horrifying error," said she. This view, popular in Europe in 2008, is now about a real debate: let the shareholders of a bank that does not matter systems suffer all the consequences of errors of its leaders is seen to contrary by many American experts as perfectly justified. Systematic rescue of banks is seen by contrast as a source of distortion that increases the crisis and to encourage risk taking.

Reviews

Nevertheless, many who are familiar with the IMF were against the appointment of Christine Lagarde at the head of the institution. "If Mrs.Lagarde became boss of the IMF, it is likely to continue to dump loans in the euro area mired in its problems. If preventive programs are determined even for Spain, Italy or Belgium, the IMF will need to ask its shareholders at least another 1 trillion dollars in credit lines.Lagarde personifies the strategy of betting the euro area which aims to ensure his resurrection with other people's money, "explained a month ago, Simon Johnson, former chief economist of the IMF faxless cash advance.

One of his predecessors, Raghuram Rajan, argued that the choice of a European political figure would be bad: "The Fund is designed to defend policies hard to countries that have mismanaged their finances, not to win popularity contest "sums up the Indian economist, skeptical about a European is once again chosen to head the IMF.

In addition, Rajan is concerned about the lack of economic training of the French Minister: "We expected the IMF chief that he has opinions … we can not ask the staff to make decisions for you."This is where the boss DSK was ideal for the IMF: it could discuss on equal terms with technocrats Fund fundamental issues such as the relative effectiveness of tools to address a country in dire fiscal situation, or how best to control fickle capital flows without distorting market trends. Christine Lagarde does not have the technical knowledge to win such debates, very important in the IMF.

The most scathing anti-position Lagarde came from Sebastian Mallaby, Senior Fellow at the Council on Foreign Relations, "Lagarde is the latest person to whom he must look for a new approach and independent advice."Like many, the author of several books on multilateral institutions, Christine Lagarde believes that is partly responsible for the current crisis of the euro and therefore can not act with credibility to change the way it should be managed.

Mohamed El-Erian, head of the largest bond fund in the world, PIMCO, has taken some of these arguments. A former senior official of the IMF had proposed that it be called once just to finish the term of DSK, ie until November 2012. Beyond that, it could be renewed if it had been proven.

"Ms. Lagarde was also criticized, like other European political leaders for mishandling the crisis of the euro since its inception and now obliged to be in a hurry to clean the problems they have created" reminds his side a journalist from The New York Times.Far from judging that the triumph of Christine Lagarde is simply the consecration of real qualities, rather than the Americans consider their new responsibility will test his ability to play a role as conciliator not of divergent views, but the substantive decision-maker to decide in both technical issues but also political, forgetting that it is European.

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Google sued in the Commercial Court in Paris

The blows rained down from all sides on Google. Friday, the U.S. competition has announced the opening of an investigation into the Internet group. Today was the turn of French society 1PlusV attack. Editor of topics such as search engines ejustice.fr, Google it assigns to the court of commerce of Paris to seek redress for damages caused by anticompetitive practices of the American giant. 1PlusV assesses his damages at 290 million euros, corresponding to the lost revenue (74 million) and potential revenue lost since the establishment of its business in 2007. The company also claims the publication of the disputed practices on the home page of the famous search engine.

"Unfair Competition"

This assignment in Paris in addition to two cases brought against Google by 1PlusV in Brussels.The first complaint, filed in February 2010, led the European Commission to investigate Google in November 2010. A few months later, in February 2011, filed a complaint 1PlusV further to extend the complaint to all of its search engines. It accuses two things at Google. First, the search engine "rigged" results in both favoring its own thematic search engines (called "vertical"), as in the book, video, maps, and feeding its index data Public collected without the consent of the site publishers guaranteed high risk personal loans. On the other hand, Google would have prevented 1PlusV to monetize their sites with advertising by conditioning access to its advertising to the use of its search technology (tying).

"We launched search engine in 2007, but they could not develop because of discriminatory practices of Google.Our company was nipped in the bud, "said Bruno Guillard, founder of 1PlusV. He now believes it has evidence, found by a bailiff, on practices that dereferencing Google was guilty. "There is unfair competition to the extent that Google gives the impression that their engine is more powerful than us. This assignment, which is intended to redress, the complaint does not stop Europe, covering an injunction to stop these practices, says Bruno Guillard. We believe that Google has answers to give. "

The Commercial Court of Paris could take from 16 to 24 months to rule on this complaint. Brussels, meanwhile, is in the process of peeling the replies to questionnaires sent to various European actors in the Web in early January as part of its investigation.While the debate over Net neutrality has been raging, it could well be extended to search neutrality.

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Monaco placed on the royal wedding to revive its economy

The figures speak for themselves. In anticipation of the royal wedding of July 1 and 2, the National Council of Monaco, the equivalent of our Parliament, has allocated a budget of 4 million euros. Almost as much as the 4.4 million spent by the principality in 2010 to launch its corporate campaign in the French magazine and on the web. This shows the importance for the Rock the marriage of Prince Albert of Monaco and the former champion South African swimmer, Charlene Wittstock. Both in economic terms and in media coverage.

From next Friday, when the celebration of the civil union, Monaco looks indeed more than 200,000 visitors. A golden opportunity to restore a spotlight on the micro state of 35,881 inhabitants.Still considered a haven for billionaires, Monaco has indeed not escaped the crisis in recent years, in 2009 recording a decline of 9% of its tourism industry (mainly tourism business), before a resumption of 6 % last year. At issue: the crisis in the "customer proximity" (Italian and French), which became more reasonable.

Although the number of spectators attracted to the wedding should remain three times lower than the 600,000 tourists who traveled to London in April, for the marriage of William and Kate Middleton. But the Rock expects no less favorable economic impact. In anticipation of the weekend, everything was set up to attract maximum visitors: free trial of race cars, train frequency increased, on the big screen broadcast of the festivities, free parking, free admission to most museums … .Beyond the provision of 4 million euros of the National Council, the Centre has also participated in an amount that has not been made public.

Attract new large fortunes

The principality wants to use the event to attract tourists back wealthy, more and more tempted by other destinations. The sector remains in effect in the heart of Monaco's economy, with nearly 500 conventions and meetings a year and distributed 780,000 nights in the 16 luxury hotels. "Monaco must expand, transmit messages incentives to attract large fortunes, talents.It should be under the spotlight at all times, "said Michel Bouquier and the Director of Tourism of the Principality

Operation seduction seems to be working: within a week of marriage, hotels are almost full (2700 rooms, 90% in four stars), and the Rock is an increase of call for cruise ships in recent weeks. Remains to be seen, beyond the one-time event, the mass return of tourists will continue. Especially such an event is not without adverse consequences for the economy.For example, if the marriage of William and Kate has resulted in more than 570 million pounds (640 million euros) in economic benefits, productivity losses related to the only holiday of marriage (Friday, April 29 ) were valued at 7 billion euros.

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New suicide attempt at the Ministry of Finance

Ill-being at work does not spare officials. A union representative FO Finance tried to end his day on Friday, in full meeting of the Health and Safety (HSC) on working conditions within the Directorate of Public Finance (DGFIP). Several witnesses reported by AFP, the union is currently under observation in hospital, would have exposed the direction the difficulties encountered in connection with his work, before swallowing the contents of a tube of medicine .An accident that occurs just days after the suicide of another officer DGFIP, and one month after that of a labor inspector of Direccte (Regional Business, competition, consumption, labor and employment).

The report of activity to be examined on Friday at HSC, 27 suicides were reported to the Ministries of Economy and Budget in 2010, against 25 in 2009 and 24 in 2008. The growing number of these tragic events, the unions denounced the growing unease of the staff concerned, who suffer in their ongoing reforms. "Those from the general revision of public policies (RGPP) were a source of tension for the agents. But with the planned job cuts still 3100 jobs this year – working conditions deteriorate significantly, "worries Aubursin Lawrence, General Secretary FO."It comes to not being able to respond appropriately to user requests," says her assistant, Frances Gauchet.

A view shared by the occupational health department. "Problems related to job cuts are being felt throughout the hierarchy. This situation is not unique to the Ministry of Finance is now characteristic of the entire administration, "said one doctor. A fact made more difficult for agents to manage the discomfort in the workplace has long been taboo in the public service. For example it is extremely rare for a suicide to be recognized as an accident, unlike the private sector. But progress has been made so far in recent years. "There is now a real awareness of managers and the top hierarchy, the court doctor.A reflection on the organization is conducted, training frameworks in place … This is progress, even if these efforts are undoubtedly effective forced. "

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New finance minister for Greece

The name was the most anticipated of the new finance minister. This will be the former Defence Minister Evangelos Venizelos, who is also Vice-Premier, announced Friday a spokesman of the Greek government.

The new finance minister succeeds George Papaconstantinou, in office since the victory of the Greek socialist party (PASOK) in the legislative elections of October 2009. Principal architect of the austerity suffered by Greece to cover its deficits, George Papaconstantinou was in the front line of the anger expressed in the street by the Greek people. Finance aside, it remains in the government team in charge of the Environment.

Curb the social crisis and negotiate with creditors

Before arriving in the team Papandreou, Evangelos Venizelos, 54, had held many ministerial posts in previous socialist governments in the mid-1990s, including the voice of the government, Minister of Justice and Minister Development. He will now have the task of curbing the financial and social crisis in Greece and negotiate with creditors.

In Defense Venizelos is replaced by a close associate of Prime Minister Georges Papandreou, Panos Beglitis.Another relative, Stavros Lambrinidis, was appointed Foreign Affairs.

Faced with conflicting pressures of creditors of the country and the street, and the refusal of the main opposition party the right to form a national unity government, the prime minister announced Wednesday he would proceed to reshuffle and he would ask in the wake of confidence in parliament. By sacrificing his finance minister, George Papandreou shade his last card. If the new team fails to resolve the crisis, keeping its own head of government will be compromised.The question is whether this game of musical chairs will be enough to calm the anger of the street.

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Raffarin for a second day of solidarity

The French will they work an extra day to finance the addiction? This idea, stated in recent months by several groups working on the financing of dependence, was taken on Europe 1 this Saturday by former Prime Minister Jean-Pierre Raffarin, the instigator of the first day of solidarity. It would, he said "the easiest solution" to partially fund the addiction. A more appropriate measure to implement that "our organization's work" has "a lot of RTT," he said, tackles the 35-hour shift introduced by Martine Aubry.

As stated in former prime minister, would finance additional working day as part of the costs of an aging population.For if the day of solidarity relates each year about 2 billion to state coffers, the expenditures related to dependence in turn have posed 24 billion on public accounts for 2010 alone, according A recent review of the Economic, Environmental and Social Committee (EESC). The increase of approximately 1% per year in the number of elderly dependents by 2040 should in turn lead to a peak of public expenditure between 2025 and 2050, around 30 billion euros.

The day of solidarity potentially unconstitutional

This idea to make employees work an extra day is not new. A Senate report released in February, and the conclusions of the working group led by Bertrand Fragonard, made public last May, including this track evoked to support the aging population.The recent opinion of the EESC, which should be released on June 15, however has rejected this option, preferring among others, as mentioned by the report Rosso Debord, the hypothesis of increased taxation on inheritances and an increase in CSG retirees. For its part, the state also plans to encourage older people to tap into their life to convert into an annuity.

Reformed in 2008 so that employees can fulfill their solidarity day anytime during the year, not only on Whit Monday, the day has indeed challenged. The Constitutional Council will decide within three months to determine if this n'écorne not the constitutional principle of equality before tax.Indeed, only employees would pay, "and not professionals and retirees," says Mr. Bertrand Salquain, who entered the Elders of the question. The "father" of the measure, Jean-Pierre Raffarin said on Saturday that "it is not true that only the employees contribute, since we also taxed a portion of the capital."

Portugal: two aid plans exist

What is the real plan of assistance to Portugal? Since Friday, the question is on everyone's lips in the country. Doubts have been launched by the third television station in the country, Sic, who spoke of the existence of two different versions of the plan signed by the European Union (EU) and the International Monetary Fund (IMF) with the Socialist government resigning.

Thus, a first version of the document, signed May 3 by the Socialist government after talks with the troika (EU, IMF, ECB), has been submitted for approval to the two main opposition parties, the PSD (center right) and CDS (right). But it is another version of the text, including changes in schedule, which was eventually signed officially by the government on May 17 in Brussels at a meeting of EU finance ministers.

A surprise for the opposition

This revelation has caused controversy in the country, forcing the Ministry of Finance to explain. In a memo to reporters, he confirmed the existence of "ad hoc adjustments" between "the draft memorandum of agreement" developed in Lisbon and "the final version signed by the Ministry of Finance, the Governor of the Bank Portugal and the European Commission on May 17 payday loan.

Similarly, the outgoing Prime Minister Jose Socrates said the parties had signed "two documents, one with the European Commission, the other with the IMF, and the final text did the" make compatible . But for its part, the president of PSD, Pedro Passos Coelho says "not having been informed of these differences," which he said "are not just small adjustments."

For the socialist Jose Socrates, this mess falls at the worst time. The Prime Minister, who resigned in March following the rejection by parliament of its austerity program, is indeed a candidate to succeed himself for early parliamentary elections on 5 June. This Saturday, surveys conducted for the newspaper Publico and Expresso weekly show that PSD collects between 33.9 and 35.8% of the vote, beating the Socialist Party, credited with 32.3 to 34.1% of voice. CDS (right) remains in third place with 11.3 to 13.4% of the vote.

(With Agencies)

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Lagarde supports China to head the IMF, according Baroin

New support for Christine Lagarde, and not least! China second largest economy, would support the candidature of the French Minister of Economy to the Director General of the International Monetary Fund (IMF), according to the Budget Minister Baroin, interviewed Tuesday on Europe 1. Even if it is not always a candidate, Christine Lagarde is indeed one of the favorites to take over from DSK, who resigned last Thursday, charged with attempted rape and sexual assault.

"What is taking shape, it's a European consensus, which is important" given the current crisis of debt in Europe, said Baroin."But you will understand, in-enu circumstances of the resignation of IMF Managing Director and there is no national pride in this case, it is not for France to position themselves first" , he immediately said, adding not know the position of Barack Obama on the subject.

The Tapie affair "not worried"

"If a French man or woman may, in its name, set a European consensus supported by the Chinese, and eventually by the Americans, we can only welcome it," he said. But we do want to address any action that could be interpreted as a form of defiance vis-à-vis emerging markets and no sign of arrogance gesture in view of special circumstances. "

For the budget minister, he is "still too early to tell" if Christine Lagarde is a candidate to head the IMF.As for Tapie affair, in which the Minister of Economy is suspected to have intervened to mediate the case between Bernard Tapie and Crédit Lyonnais, "we are not worried by this case," assured Baroin. If Christine Lagarde was to leave for Washington, it could well become the new tenant of Bercy. "A decision for the President of the Republic, however, has merely responded Baroin.

Not "economic immigration"

Reacting to the Interior Minister Claude Gueant, that France "does not need bricklayers, waiters in restaurants" immigrant because she has "the necessary resource," said Baroin it was a "statement of common sense:" I remind you that France is a country in Europe which has one of the strongest demographic.(…) We have 100,000 people in ascorbic under the economy and we do not need an import economy and therefore of economic migration. " The minister noted the number of job dissatisfaction in the building and restoration, "a ratio of 1 to 4 or 1 to 5", he said.

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After Japan, the fall in industrial activity in France

Surprises in the industry. Production fell unexpectedly in March, activity in the manufacturing of picking up 1%, offsetting a rebound of the same magnitude in March, reports the INSEE. The industry as a whole fell 0.9% in March, after +0.5% in, February.

Virtually all sectors are in the red in March. The most dramatic decline is undoubtedly out of road car production, which lost 4.3% in one month, after 2% in February. The end of the scrapping partly explains the sudden stall. "The supplies seem to suffer from the Japanese crisis," also argues INSEE. The earthquake and tsunami, has paralyzed parts of the archipelago where factories subcontracting to automotive know-how.For example, the manufacturer PSA had to slow down its production in Europe because of a part for diesel engine developed exclusively on a Japanese site affected by the disaster. In addition, all transportation registers down -4.2% (against a rebound of 2.4% in February).

Also penalized by shortages of components due to events in Japan, activity in the electrical, electronic and information technology has continued to decline in March, to -1% from -0.9% in February. The agrifood sector displays a production decline of 0.4%. In this as in the automotive sector, "it remains unclear how much of the decline in production due to malfunction of the Japanese industry and what proportion by lower demand," says Dominique Barbet, an economist market at BNP Paribas.

The production of energy and water, on the other hand, fell 0.7% against 1.2% in February. In construction activity also declined by 0.3% after -0.2% in February.

Quarterly Progress

The poor figures of March are not enough to spoil the balance on the first quarter. From January to March, manufacturing output jumped 3% from late 2010, and the industry as a whole by 2.1%.

This increase is due to the boost given by the maturity of scrapping the transport sector (+3.1%) and the catch-up effect in refining (+21.3 %) after a fourth quarter of 2010 severely disrupted by strikes.

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