Banks: State ready to inject funds

French banks are they as strong as they claim? While Baroin, Minister of Finance, was the United States this week to reassure Americans about the health of European banks, Bercy is yet ready to draw a rescue plan, according to the Journal du Dimanche. Citing sources close to the bank and Elysium, the weekly reports that a secret crisis meeting was held in the Treasury Department Sunday, September 11. The leaders of BNP Paribas, Societe Generale, Credit Agricole, Banque Populaire, Caisse d'Epargne and Crédit mutuel have attended.

On the agenda, the capital of these institutions. While the debt crisis spreads, Europe wonders if its banks could absorb the shock of a default of Greece. Especially since the hypothesis of a failure of Athens is no longer taboo.This is why the French government is proposing to inject 10 to 15 billion euros of public money to strengthen bank capital.

Several forms of intervention would be considered, since the loan to the simple issue of preference shares (private equity voting rights) with options to purchase, understands the JDD. The initiative comes as the Bercy banks are suffering on the stock market. This week, bank stocks have suffered losses of more than 10%. Since July 1, the Societe Generale shares tumbled 61%, 58% of Crédit Agricole and BNP Paribas 53%. Aggravate the climate of distrust surrounding the French banks, groups such as Siemens or Meetic, decided to limit their exposure to these institutions payday loans. As the major U.S. money market funds.

The Elysee and the Bank of France belie

According to the JDD, Societe Generale would have accepted the plan, subject to conditions. CEO Frederic Oudéa, would have liked all the French banks are concerned to avoid pointing the weaknesses of the one or the other in particular. But Baudoin Prot, CEO of BNP Paribas, had initially refused this rescue group, burying the coup the project. It must be said that he repeats everything is that BNP Paribas does not need a capital increase. Last week, it was stepped into the breach to deny information from the Financial Times that the group was looking for a new shareholder in Qatar.

For its part, the Elysee denies the existence of a backup plan. "This is absolutely not being prepared," insisted the entourage of the Head of State to the JDD. "Banks have increased their capital by 50 billion euros since 2008.We encourage them to do, but not with public money. "Also interviewed by the Sunday newspaper, Christian Noyer, Governor of the Bank of France said that there was" no plan ". He said French banks have "a substantial capital base, comparable to those of other European banks, and are profitable." Investors would also not fooled. "I see no sign of a run and the very idea seems preposterous."

Player Figaro BFM

Euro: Sarkozy is expected to speak this afternoon

Nicolas Sarkozy could be expressed in the late afternoon, after his meeting with Herman Von Rompuy, confirmed Tuesday morning in his entourage Figaro. It would only be a few minutes of intervention, on the steps of the Elysée with President of the European Council. "Nothing is confirmed yet," says one, however. "It will also depend on market developments in the day," says an adviser.

While a government source announced the "initiatives" to support Franco-German Greece to face serious funding problems of its debt, the Elysee Palace denied."There will be no Franco-German initiative today," said the president requested by the AFP, saying also that no decision had been made about a possible speaking of Nicolas Sarkozy to Following his meeting scheduled at 17 am (Paris time) with the President of the European Union Herman Van Rompuy.

The Elysee was also opposed to a very firm denied rumors that a scenario out of Greece to the euro would be discussed at the Elysee. We emphasized above all the character "drama" of this to the Greeks themselves, but also for the euro area.

"To ensure compliance with the commitments of the July 21"

"This is not a desirable solution, we do nothing to make it desirable," confided a senior official Monday night Elysian following folder every minute."We try to be consistent: we are about to present to Parliament the rescue plan that was decided on 21 July in Brussels. We do not prepare in the wings is another scenario that would offer the exact opposite, "he continues.

The state still remains fragile in which finances are Greek, "We try to convince them to do everything to achieve compliance with the commitments of July 21," says this source. Tuesday evening, the Head of State may wish to print this message in a clear and solemn.

Hotels: 150 euros per night taxed?

The Finance Committee of the National Assembly on Wednesday adopted an amendment removing the increase in the VAT rate in the theme parks to theme. Then Saturday, Jean-Pierre Raffafin said the head of state had waived this. If the professionals, and local elected officials – Jean-Pierre Raffarin and Philippe de Villiers in the lead, have welcomed the government ends up in turn with a hole of 90 million – expected gain with the increase in VAT – in new revenue under the austerity plan. There is indeed little chance that the measure be reinstated Tuesday by the parliament met in extraordinary session.

But the government was clear: any measure removed must be compensated. Asked on Sunday to go to Europe Grand 1-Le Parisien / Today in France-i-Télé, Labour Minister Xavier Bertrand described the week ahead of "week of choice."Present at the close of the Campus UMP Marseille, Prime Minister François Fillon has assured that "nothing is taboo and nothing is left" in the savings plan. "The government is open to criticism and amendments provided they do not involve the amount of effort, nor their balance," he said.

0 to 14%

The general rapporteur of the Budget, the UMP Gilles Carrez therefore working on a measure that would affect this time the luxury hotel, the four, five star and luxury hotels in France. Since the 1960s, the area has a rate of 5.5% VAT. A niche that has cost 930 million euros this year to the state. Hence the idea of ​​submitting the luxury hotel at the standard rate of VAT at 19.6%.

For compatibility reasons, the European creation of a flat tax is now considered. He should table an amendment on Monday late afternoon.It provides that the tax would be due when the room rate exceeds 150 euros per night. It is progressive from 0% to 14% between 150 euros and 300 euros per night and would be fixed at 14%, for a price above 300 euros per night.

Politically interesting

Taxation of luxury hotels is considered politically attractive by some parliamentarians, while the tax on high incomes, which will be discussed in the fall, was ridiculed by the opposition and is not high enough to taste of some big names of the majority. But professionals do not agree. For Jacques Borel, consultant-lobbyist, the measure would be "shooting in the foot."

Secretary of State for Tourism, Frédéric Lefebvre agrees.He told AFP on Friday to be opposed to any measure that overtaxed the luxury hotel, and "deal a blow to the competitiveness" of the French tourism. "I am adverse to anything that overtaxed the luxury hotel business because it is precisely the quality and upmarket who left the area of ​​crisis," he said. As for the Synhorcat, union of the profession, he said that a tax of 33% between 1981 and 1994 on 4-star hotels of the period, against 7.5% for the rest of the hotel, had resulted in what "Many of these hotels" will downgrade "to escape the VAT hike."In Le Parisien, Aujourd'hui en France, director of the Plaza Athénée expressed this weekend's fear of his clients go to other capitals as cheaper in Italy or Spain.

Valérie Pécresse, making his debut as budget minister in the chamber Tuesday, said "respect" the parliamentary debate. But it should not drag on so that everything is completed before the Senate elections of 25 September.

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Wall Street should be on guard before the Fed

Wall Street holds its breath. In the wake of a sharp drop in session, and two hours of opening, the contracts are in equilibrium on the Dow Jones (+0.03% to 11,134 points), Nasdaq (0.09 % to 2113 points) and the S & P (+0.02% to 1157 points).

As in Europe and Asia this morning, the New York Stock Exchange on Friday waiting to learn more about the measures to be taken by the Fed to support the U.S. economy threatened by recession. Ben Bernanke, head of the institution, will speak Friday at 4:00 p.m. (French time) to his counterparts at the traditional central bankers in Jackson Hole Symposium, Wyoming. The Fed could launch a new program of quantitative easing, but many stakeholders are concerned that expectations may be disappointed.However, "if Ben Bernanke said that the need for further action is not obvious, it means that the economic outlook is less black than starting to think many investors, 'the economists broker Aurel BGC.

GDP in the menu

Before this appointment, investors will read the second estimate of GDP for the second quarter (14.30), the first being very disappointed. Growth could however be further revised down 0.2 point to 1.1% annual rate. The second estimate of the index of consumer sentiment in August is also the program cheap credit report.

As for currencies, the euro resumed slightly against the dollar to a few hours of the speech of Ben Bernanke. Around 11 am, the euro was worth 1.4440 dollars against 1.4378 dollars on Thursday in 21 hours. The wait also dominates the side of the oil markets.A barrel of Brent North Sea crude for October delivery was trading at 110.25 dollars on the Intercontinental Exchange (ICE) in London, down 37 cents, while in electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity lost 35 cents to 84.95 dollars.

Values ​​of the day

On the corporate side, Tiffany, Madison Square Garden, Frontline and Royal Bank of Canada must publish.

HollyFrontier reported a dividend increase of 17% to 8.75 cents.MTS Systems also announced a 25% increase in its quarterly dividend.

Pandora Internet Radio, which made its IPO in June, on Thursday posted a net loss of $ 3.18 million in the second quarter of its fiscal year lag, and a turnover more than doubled, exceeding analysts' expectations.

Krispy Kreme Doughnuts has reported a quarterly profit of $ 8.8 million or 12 cents per share against 2.2 million a year earlier. Sales jumped 11% to $ 97.9 million.

Jean-Paul Chifflet: "We have no difficulty in funding us"

LE FIGARO – Your share price has marked a record low 10 August, worse than worst days of 2009. What's going on?

Jean-Paul CHIFFLET – We are in paradox. You mention the low of the action but at the same time, the Crédit Agricole group in the first half net banking record since its inception! We are not the only ones to be attacked on the stock exchange, the whole financial sector is affected (banking and insurance) and even beyond all publicly traded securities.

So why this near-panic investors?

The world is experiencing a structural crisis that has three components: economic, financial and political. This is the first time they are collected and their entanglement makes the situation even more complex. In 2007-2008, the difficulties relating solely to the financial sphere.Today, investor concerns about the economy and growth are strong, with the feeling now that the recovery will be forthcoming in the United States. Then there are doubts about the European sovereign debt and U.S. policy of rigor to establish, particularly in Europe, and the governance of the euro area.

Given the effects of contagion, some raise the specter of a liquidity crisis for banks. Feel the French worried? The are you yourself?

No. Crédit Agricole we have not seen any concern from our customers. In all respects, including liquidity, our situation is good. Crédit Agricole is one of the banks rated by rating agencies in the world. We are the first custodian bank in France, which gives us a significant advantage in terms of liquidity.We have no difficulty in funding us.

U.S. money market funds, however, withdrew funding for European banks …

European banks, and French in particular, must adapt to this new situation. These funds will not be around for two or three months at least. But there are other sources of funding. Based on its treasuries in 25 countries, Crédit Agricole has direct access to central banks, companies or asset managers in Europe, Asia or the Middle East. Our financing program and long-term market was carried out at 90% at end-July. We also have available cash reserves of more than 120 billion euros. I am perfectly calm.

Have you been asked by the New York Fed on your cash?

No.Each controller on every continent requires banks to be mindful of their liquidity. It is a measure of attention that seems normal.

Why the French banks were they stigmatized?

French banks have been more battered by the markets than their European counterparts. The fears that we faced were related to our exposure to sovereign debt and doubts concerning reports of France. Add to this the fact that French banks capture a significant portion of funds from money market funds U.S. $ 200 billion on 800 billion allocated to European banks. This has raised specific questions about the ability of our banks to adjust.

Have you read this summer fiction of Le Monde, which envisioned a nightmare scenario for your group?

This did not please me, I did know.But I respect the freedom of the press.

How do you change the economy?

The recovery will be slow, slower than expected. But so far, we do not get a second recession.

This degradation should it encourage regulators to soften their demands on the banks?

I have only one message: we will adapt to the regulations. However, it would be nice if regulators take the time to add the impact on banks of all the new requirements, capital liquidity, through taxes and surcharges for systemic institutions. Banks are the sherpas of the economy. If their backpack is too heavy and that the oxygen is reduced, it will mechanically eventually impact on growth.It is ultimately the competitiveness of the European economy, these reforms threaten.

Are you going to trim down for credit offered?

Crédit Agricole is the main partner of the French economy. We are the largest financier in France with 471 billion euros of outstanding loans. They have always grown and we want to enroll in a sustainable way in supporting growth. But of course we will have to adapt according to the real economy and the requirements of regular lators.

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"The user usually has nothing to fear"

Is this the end of unlimited Internet packages at home?

No operator has no plans to do so today. The buzz started on the Internet by Owni skidded. The presidents of the major operators have simply said in recent months that they would go to differentiate their offerings and those who consume the most could be more involved. But the average consumer has no chance of being involved.

What consumers might be affected?

This is very, very heavy users, a very specific segment of customers that are found in all countries. These are 5% to 10% of consumers who use 80% of the bandwidth, because they spend their time downloading movies, make video at all times, spend the day on Facebook with video, YouTube, Dailymotion cash advance payday loan. The population is fairly limited.Perhaps operators will they have different prices for those? Maybe they will limit their bandwidth? Nothing is decided. But the ordinary user of the Internet has nothing to fear.

Is not a disguised means to raise prices for everyone?

No. On the contrary, the good news of the season is that competition only increased with the arrival of new players like Virgin Mobile or the post office in the market for Internet box. This will add new offerings on the market, which is already very busy. The French are very lucky: they can take advantage of competition.

Debt: France deserves what score she?

The three major rating agencies have Anglo-Saxon reassured after the deterioration of the U.S. debt rating by Standard & Poor's: France, with a AAA, will not follow the same path. At least in the coming months. An agency is an exception, the Chinese Dagong. It gives the country an AA-rating, while preventing it could soon lower it. Large agencies and small news, who's right?

Dagong is not severe with France. "She has a much more negative than Western agencies of the United States, the United Kingdom, France, Belgium, Italy, Spain, observes in a note to Patrick Artus, head of economic research at Natixis.Regarding the situation of public finances and potential growth, we can only give reason for Dagong against three major rating agencies. "

But the financial rating of a state that reflects the risk that it does not pay-or-bad debt, is not based solely on purely accounting. Moreover, France does not deserve an AA if only the statistics alone were taken into account by Standard & Poor's, according to calculations of Natixis.

Political risks

"The gap between Dagong and the three major agencies and explained in the apprehension of risk policy and governance," notes Juan Carlos Rodado, economist at Natixis, and author of a study on the methodology of rating agencies. An example: Venezuela has severely noted Standard & Poor's (BB-) by Dagong (BB +), because the former has less confidence in the Chavez government.Moody's, Fitch and Standard & Poor's, unlike Dagong, also place a note on the weight of history. If a country has poorly paid its creditors in the past, such as Russia in 1998, the final verdict will be more severe. This factor discriminates against developing countries, and benefits the West.

At the heart of the statistical arguments, the Chinese agency promotes stronger economic growth and foreign exchange reserves, that is to say the cash generated by an entire economy thanks to exports. This way of clearly favors the emerging countries, major exporters (including China) and catching up economically.

The agency Dagong appears too severe, however, in general, said Jean-Christophe Caffet, an economist in charge of France, Natixis also: "She has placed virtually no major country in the AAA category, and those that are found are the debt markets rather narrow in which we can not really invest, such as Norway, Denmark, Luxembourg and New Zealand. "

Question of Independence

Also emit some doubts about the credibility of the agency Dagong. It has only twenty analysts to rate 67 countries, against 70 to 80 126 Standard & Poor's. In addition, its relationship with the Beijing government cast doubt on some Chinese economists, reports Le Monde. Finally, the same method as slides Juan Carlos Rodado, is not innocent: "When Dagong underestimated so the political risk, we understand the underlying interest."Namely encourage emerging countries close to China.

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The display stands up well with JCDecaux Asia

No doubt, the economic model of JCDecaux continues to prove itself. In the first half, sales of the French group, world leader in outdoor advertising, organic growth (excluding acquisitions and currency effects) of 5.8% to 1.17 billion euros, higher than the communication sector, which is between 3 and 4%.

The growth remains strong with a good spread of activities. The dynamism of the Asia-Pacific, representing 19% of sales and grew by almost 20%, but the rest of the world (Middle East and Latin America in particular) helped offset JCDecaux weak activity in France (+0.6%). This is still weighing a quarter of turnover.Similarly, Southern Europe (Portugal, Spain and Italy) continues to suffer.

Among the major activities of JCDecaux, the decline in activity in the display (-3.7% as reported) is offset by the growth of income in airports and public transportation (subway, bus), which jumped nearly 17% over the first six months of the year. A segment of the market in which JCDecaux has invested heavily in recent years.

Stability in third quarter

In total, the group chaired by Jean-Charles Decaux can boast flashing in green. The increase in sales has led to a mechanical increase in the margin, but less than that expected by analysts. Net income group share resort, it, up 46.3% to 95 million euros. The slowdown, however, marked between the first and second quarter.Segment of street furniture (almost half of the activity), growth was almost zero from April to June, a jump of activity against 5% in the first three months of the year. This cons-performance due to the continuing difficulties in Europe and the loss of several concessions to large shopping centers in the United States.

The group gives no margin target. He anticipates only "organic growth of its sales in line with the second quarter. "In other words, we must continue to do with the difficulties in Europe. "Knowing that the bases of comparison are not favorable," argues Jean-Charles Decaux. Organic growth was over 11% in the second quarter of 2010.

"Our media is the one most resistant to the crisis," says the boss.JCDecaux expects the continued urbanization of the planet and the rise of digital (11% of the activity in transport) to continue to grow. Not to mention possible acquisitions.

Air France: conflicts threaten three departures on holiday

While looming two weekends among the busiest in passenger of the year, Air France warned of now-already-and its passengers that they may have to be patient. If the airline has reached an agreement with the seven unions of Stewart and hostesses, thus avoiding a first strike scheduled for July 29 and August 1, she still faces other threats to social movements.

Two pilots notice

The first is the drivers. Tuesday, three minority unions – the SPAF, the Alter and R'Ways – have in fact filed a strike notice for the same July 29 to August 1. As the crew before them, the drivers are protesting against the offensive "anti-low cost" Air France plans to launch in its databases province. The new operation is expected to result, according to the drivers, an increase in the number of hours worked and trips a day.

For now, this movement somewhat worried the company, which does not anticipate any disruption in traffic this particular weekend. She feared much more the second notice, filed for the weekend of August 5 to 8, by the powerful pilots' union SNPL. Especially since the solutions to this conflict then escape it, since it is the government that is directly targeted. The pilots claim in fact the culmination of the reform of the Pension Fund of seafarers, which began three years ago. This morning, Labour Minister Xavier Bertrand told Europe 1 radio he was "hopeful" of finding a solution to the conflict. A mediator was appointed in early July to resolve this issue, which divides pilots and cabin crew.Raphael Hadas-Lebel, who assumes the function of mediator in addition to the Chairman of the Board of Retirement Guidance (NRC) "shall make its findings in the coming hours," said Xavier Bertrand this morning payday loans for bad credit.

The mechanics harden the tone

But at the same time, the management of Air France must also manage a third conflict, less publicized than those of pilots and aircrew, but highly impacting: some 4000 engineers responsible for maintenance of 260 units of the company practice of walkouts, for seven weeks.

If the company minimizes the facts explaining that stoppages of one or more hours that are 50 to 100 people, the impact on traffic is nonetheless real. According to Le Parisien, Aujourd'hui en France, long flights and medium-haul flights from Paris-Charles de Gaulle accuse each day delays of 15 to 20 minutes.Management also recognizes that it is obliged to postpone the launch of a two-plane in the evening to morning. Orly airport and Toulouse are also affected.

And before the stalled negotiations on wage demands, the engineers are threatening to get tough tonight at 22 hours. "Delays are possible and we do not exclude some cancellations," said Air France AFP. Alert bulletins on traffic conditions are published to the attention of travelers on the website of the company.

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Paris and Berlin agreed before the summit on the euro

A first relief is visible on Thursday morning in the euro area, a few hours of the meeting of European heads of state in 13 hours, which is to lay the foundations for the rescue of Greece. Indeed, after a marathon meeting more than seven hours, which ended the night in Berlin, Nicolas Sarkozy and Angela Merkel have agreed on a "common position". The head of the European Central Bank Jean-Claude Trichet joined the French president and German Chancellor later in the evening, he joined the discussions.

No tax on banks in the European level

Nicolas Sarkozy and Angela Merkel did not present the details of the compromise. They prefer to reserve the premiere of the content of this agreement for seventeen countries of the monetary union when they meet in Brussels. The Franco-German consensus as a basis for negotiations between the countries of the eurozone.

Still, the Franco-German snatched in the night is "a prerequisite" to a European compromise in Brussels, said this morning on France 2 Valérie Pécresse, budget minister and spokesman of the French government. "We must find a way to stop international speculation and stabilize the euro area", had said his side in the evening the French Foreign Minister, Alain Juppe, in Madrid. He added: "If the euro broke out, it would be a catastrophe." If not addressed on Greece "the consequences will be felt throughout Europe and beyond," stated yesterday the President of the European executive, Jose Manuel Barroso, calling the situation "very serious". "Borrowing 30 years "

The plan under discussion would be based in part on a private sector contribution of 32 billion euros over three years no credit check payday loans.It would ease the debt of Athens and would extend the term of the loans (up to thirty years), while remaining sustainable for the Greek economy. Along the lines of this project, private creditors would participate actively in the rescue of Greece, but each of these banks would remain free to choose the terms of its contribution from three possibilities.

Moreover, the German daily Bild reported that several leaders of major European banks will be involved in discussions. Josef Ackermann, the influential head of the first German bank Deutsche Bank, will include some of the participants in the summit, said the newspaper.

Diversification and increase in Fund resources Stability

In addition, the amount allocated to the European financial stability, currently 440 billion euros, should be raised. Europeans could also expand its missions.The latter lend in Athens what buy its own debt in the market for a price usually mentioned by 60% of their face value. Such an option would have the advantage of reducing the debt burden of the country to enable it to regain growth and ultimately solvency. The fund could also reduce the interest rate and lengthen the maturity of its loans to Greece, flexibility Ireland and Portugal could then benefit.

The suspense will last a few hours, the agreement between the countries of the eurozone is expected in the evening. But now, after the meeting between France and Germany, the euro is slightly redrese 1.4254 dollars.

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