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The law is clear: each person can have only one tax-free booklet, A book or booklet blue. But who knows exactly where his grandparents do not stock a book to his name between the sheets of the linen closet? The Observatory of regulated savings admits that part of the 60 million books is linked to "a significant number of cases" of multidétention the booklet by the same investor. This situation existed even before the normalization of the Livret A, but increased with distribution efforts led by banks such as Credit Agricole and Societe Generale. "I have two savings books, but my savings bank refuses to close one that depends on it," says an investor.

The government, aware of the significant risk of slippage, had threatened the special penalty ": a fine on 2% of the outstanding or additional booklets had been provided by the Act of August 4, 2008. At this stage, however, no penalty has been applied, we recognize the Bank of France. To punish, would it still have the ability to distinguish between the intentional fraud and unintentional multidétenteurs No checking account payday advance."The computerization of some later historical networks did not facilitate the long-term management of these booklets, which have long shelf life support equipment," says the report, acknowledging that fiscal controls "remained limited in scope."

A central

Since the reform of the distribution of the Livret A, efforts are being made to remedy this situation. A central recency bank accounts in France, but it is still not an accurate picture of the holders of tax-free books. Each account is opened or a booklet, the banks have the obligation to consult. These planchent services of the State to establish the second half of 2010 an effective due diligence. "The process is complicated to implement, it is done gradually," said a representative of the Observatory of regulated products.Meanwhile, the Ministers of Economy and Budget have written twice to banks to encourage them to ensure the right information to their customers. What encouraged them to regularize their situation.

After their fine up yesterday, the U.S. equity market should be cautious Friday. The index futures are predicting a slightly higher opening of U.S. markets. Future Standard & Poor's 500 and Nasdaq 100 advancing in effect respectively by 0.36% to 1091.60 points and 0.43% to 1960.10 points. On Thursday, the New York Stock Exchange ended sharply higher, boosted by another round of results in good order. At the close, the Dow Jones gained 1.99% to 10,322.30 points and the Nasdaq 2.68% to 2245.89 points. For its part, the S & P has won 2.25% to 1093.67 points.

On the foreign exchange market, the euro off again on the rise against the dollar in the morning, after the publication of a German Ifo barometer jumped in July, but remained confined to below $ 1.30.The euro was at 1.2956 dollars against 1.2886 dollars late on the eve of the day.

On the macroeconomic front, the session looks very calm. No major indicator is expected in the United States. Wall Street should have their eyes on Europe. Operators should indeed play the card of caution before publication in the evening the results of resistance tests 91plus major European banks.

From the values listed, investors will react to another round of results published the day after the close of Wall Street.

The U.S. computer giant Microsoft seems to have turned the page on the economic crisis with a quarterly profit up 48% year on year, better than expected, more than 4.5 billion dollars.Over the year, net income climbed to 18.760 billion, up 29%, and sales to nearly $ 62.5 billion, up 7%.

Always on the side of values, the Internet retailer Amazon has posted Thursday a net profit increase of over 45% in the second quarter but below expectations. In after-hours electronic trade, the share lost more than 13.5%.

The credit card issuer American Express American issued Thursday a net income group share increased by 3 over one year to over $ 1 billion in the second quarter. The group was encouraged by the recovery of expenses of its customers and lower defaults on credit cards.

Note also the flash memory maker SanDisk has announced a quarterly benefit of $ 257.9 million slightly exceeded expectations.The turnover was 1.18 billion over the quarter against 730 million last year. "The U.S. market is recovering quickly (27%) and becomes profitable, but significant uncertainties remain safe with the new law on the distribution of consumer credit" note the experts at Aurel BGC. The group remains very cautious on the outlook for activity in the United States.

Meanwhile measure the effects of the broad financial reform approved by Congress, the giants of Wall Street continued their slow recovery. Citigroup, which had managed to exit the first quarter of 2010 after losing a total of $ 29 billion between 2008 and 2009, has confirmed his return to profits between March and June The third U.S. lender has reported net earnings of $ 2.7 billion, down 37% over a year. For its part, Bank of America, the first U.S. retail bank, posted net income of $ 3.1 billion, a slight decrease of 4%. The day before, JPMorgan had announced a profit of 4.8 billion, up 76%.

If the performance of these three giants of Wall Street have exceeded the expectations of financial analysts, they are far from convincing.The banks, in effect, save their profits fall in provisions for doubtful debts, which remain however very high levels. At Citigroup, they have a charge of $ 6.7 billion, the lowest in almost three years. For Bank of America, the drain $ 8.1 billion against $ 9.8 billion in the first quarter and still $ 16.4 billion a year ago credit reports free.

Less capital raising

More than three years after the start of the crisis in the housing, the improvement of conditions in the shy USA relieves borrowers. But business remains sluggish, as evidenced by the decrease in revenues of large banks: – 33% for Citigroup – 18% for Bank of America – 7% for JPMorgan. The great challenge for these players is to reach boost their sales."It will be several more quarters to see a sustainable activity," warns Brian Moynihan, the CEO of Bank of America.

Last year, the Wall Street banks had managed to offset the gloom with an exceptional year in the investment bank, with capital raising records. Alas, this windfall is gone and instead the second quarter under the sign of the crisis of European sovereign countries was characterized by high volatility and lower risk appetite. This scenario weighs on commissions and revenue from emissions trading.

Financial regulation in the United States is running. The most comprehensive reform in this area since the 1930s has been passed by the U.S. Senate by 60 votes against 39. A key legislative victory for Barack Obama after the reform of health coverage in March.The U.S. president did not hesitate to declare last May: "Wall Street has failed," referring to lobbyists who tried to prevent the adoption of this project.

New legislative victory for Obama

Obama can now enact this historic piece to prevent another financial crisis and economic such as the United States had known in autumn 2008.

"Today the Senate will take action and send the bill on the president's office, so that the country can finally feel the effects of reform on which we have discussed for so many months," said Thursday Senator Chris Dodd, one of the main authors of the text with the Representative Barney Frank.

The text of over 2300 pages of the law "Dodd-Frank", aims to extend regulatory control over whole sectors of finance, which escaped him.It thus provides for the creation of a consumer of financial products within the central bank and it prevents the rescue of large financial institutions at taxpayers' expense.

For regulators play now

Among other measures leading text include a provision for better control of the vast market of derivatives traded over the counter, these tools have been speculative in the heart of the recent financial crisis in the United States instant credit reports.The text finally contains a measure dubbed the "rule of Volcker," the name of Barack Obama's economic adviser, Paul Volcker, whose idea is to encourage commercial banks to focus on their lending activities and take fewer risks .

While most Democrats have supported this project, the Republicans have signaled their opposition to the text, notably in that it gives too much power to regulators who failed to prevent the recent financial crisis.

The Chairman of the Central Bank of the United States, Ben Bernanke on Thursday hailed an "important step" with the vote by the Senate of legislation to reform financial regulation, which gives them considerable powers of oversight at the institution.

The ball is now in the hands of regulators. "We will pay with meticulous application and our responsibilities under the new law," promises Ben Bernanke.Legislation passed by the Senate because the Fed responsible for regulating all major financial institutions in the country, more than 50 billion dollars in assets.

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Three months after British Airways and its Spanish partner, Iberia announced their marriage, the Commission gave its green light to the merger that will create the world's third largest airline. In a statement issued Wednesday, Brussels ruled that the merger would not impede competition in Europe. "The business of British Airways and Iberia overlap in the field of air transport of passengers and cargo and ground handling ASSISTRA and MRO," the statement said. He added: "Passengers will therefore have more choice of appropriate flight on these routes after this merger."

The merger between Iberia and British Airways which will see shareholders of British Airways take 55% of the new group should be completed by the end of the year.It is subject to approval by shareholders of both companies, who need to vote at general meetings scheduled for November.

The two companies will consolidate into a new holding company, which will be named Consolidated Airlines International Group SA, or International Airlines Group for short, and will be listed in London and Madrid.However, the two companies continue to operate independently and continue to operate under their existing brands.

Yes also for the alliance Iberia / BA / American Airlines

One remaining obstacles to the merger had been raised when Brritish Airways announced it had reached an agreement to cover the deficit of 3.7 billion pounds (4.4 billion euros) of its pension scheme.

The European Commission also approved the alliance as British Airways, Iberia and American Airlines want to build on the model of what makes Air France-KLM and Delta, recently associated with Alitalia."Today's decision will allow airlines to set up the transatlantic alliance to which they aspired for a long while allowing some 2.5 million passengers between London and New York as well as other relevant routes of continue to enjoy a range of frequencies and competitive prices, "commented Commissioner Joaquin Almunia competition.

Accor train just keeps on getting shorter. Just days after it formally separated from his service branch, and renamed Edenred publicly traded hotel group Accor has formalized its withdrawal on Wednesday its subsidiary Compagnie des Wagons-Lits (CWL).

The project had been discussed in our columns, before being denied by Accor. Its position has obviously changed since then. The group sells for an undisclosed fee, 60% of the catering on board trains CWL Newrest its competitor, based in Toulouse. From January 2013, the French group will assign the remaining 40%, for an amount which depends on the valuation of the company at this time.

Last year, Compagnie des Wagons-Lits has achieved a turnover of 248 million euros and operating profit (EBIT) of EUR 3 million. In late 2009, the CWL has lost a major contract in Spain.The impact on turnover in the first quarter of 2010 represents a shortfall of 40 million euros, says it Accor, stressing that the CWL has instead awarded the contract for the TGV East March 7 last. A year earlier she had lost the tender for the provision of bar cars off the TGV North-East.

Other possible assignments

Present within the Accor Group since 1992, the Company has lost its former glory. Founded in 1872 by Belgian Georges Nagelmackers, who built the first sleeping cars and dining cars before embarking on the Orient Express and the Trans-Siberian railway, it has diversified into the hotel chains with Pullman, Etap- Hotel and Arcade (now in the lap of Accor) and in the service on board trains. The latter is now the only one of the Company.Over the past year, the Pullman Orient Express is indeed operated by the SNCF ….

Newrest, the new owner of Compagnie des Wagons-Lits, himself is present in the food on board aircraft, the catering, the basics of life for the oil industry and mining, VIP lounges at airports .. . Last year, its turnover reached 407 million euros. "This joint venture represents a unique opportunity to expand into the catering market on trains and expand into new countries such as Austria and Italy," says one in Newrest. For Accor, which is defined as the first global hotel operator, "This transaction is part of its policy of focusing on his heart craft." This does not preclude other interruptions.Draft assignment of Sofitel and Motel 6 chains have been mentioned by analysts of the market … and denials by the management of Accor.

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"No engagement will not solve the demographic problem," still insisted the prime minister, noting that previous pension reforms of 1993 and 2003 had been "challenged" and "are now accepted by everyone."

"No, no, no, no. By repeating his answer, Nicolas Sarkozy has made to assert emphatically that the fate of Spain was absolutely no concern for him and for all European leaders, meeting in Brussels on Thursday. "No, there is no concern. We fully trust the Spanish authorities. There is no problem, "he said. The French president and wanted to put an end to rumors suggesting that the country of Jose Luis Rodriguez Zapatero will soon get similar assistance to that granted to Greece.

The Spanish head of government has also dismissed the "unfounded rumors" about the fragility of the Spanish financial sector."There is nothing better than transparency to demonstrate creditworthiness, to give confidence," he said.

"This is an analysis that we have 27 to make, which is shared by the IMF, the European Central Bank and the European Commission, Nicolas Sarkozy repeated. "I prefer to make this short answer. Otherwise, I can already foresee the reaction of markets, "has entertained the head of state.

"Defining an Economic Strategy"

The president has focused instead on the organization and objectives of European economic government for which he pleads with Angela Merkel. "It is legitimate that the Heads of State to take decisions in that they have an interministerial allowing them to make decisions in matters of competitiveness," he says, while the Commission President José Manuel Barroso, the European Commission wants to have its say."The Commission has a prominent role but is not she who is in charge of such decisions," decided the President of the Republic.

"The idea of economic government does not only address budget. It will develop a strategy for competitiveness, covering topics such as research, law office, universities, a strong and sustainable growth, "said Nicolas Sarkozy. "We are only at the beginning of the concept. The words 'economic governance' were taboo still four months ago. But the idea is gaining ground, "he was glad.

The tax credit is gaining

In addition to this question, the president addressed a wide consensus about the tax credit. This will be applied in European countries, in order to "contribute towards a fund to ensure that taxpayers and investors that what happened will not happen again," said Nicolas Sarkozy.Regarding the tax on financial transactions or financial markets, "the issue is unresolved. We will make decisions based on the major players in the G20. The idea of a tax will indeed be defended by the European Union at the summit to be held late June in Toronto. "This is a major challenge, but the fee must be applied to the global scale for more efficient," said President of the Republic.

In the field of transparency, the Council also decided that the results of stress tests (stress test) will be issued, bank by bank, in all countries before the end of July. "And in order to avoid new psychodrama.

Strengthened sanctions in the euro area

Concerning the Stability Pact, the European Council decided that it should be strengthened for greater "financial stability"."There will be penalties for those who do not respect the commitments on debt. The fine is not the best solution. With Angela Merkel, we uphold the suspension of voting rights.

Not to mention consenus on this last point, the head of state has simply stated that "several countries have requested that the penalties are the same for all members." Nicolas Sarkozy also said that "sanctions and obligations must be more important for countries in the euro area. The European Council President Herman Van Rompuy should give more detail on this subject in October.

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Societe Generale Securities Services (GSS), a subsidiary specializing in securities trades in Societe Generale, announced in a statement Monday night for a commercial partnership with U.S. Bancorp Fund Services, a subsidiary of U.S. Bancorp U.S. Bank. The objective of this association is to provide investors with a global service fund administration, global custody, lending, securities lending or distribution of funds.

The French bank, which is the number six world titles with the conservation of 3.246 trillion euros in assets under custody, has not been quantified business objectives but it does ensure that the alliance is not motivated by reducing costs. "The goal is not cost synergies but revenue synergies", explained Alain Closier, director of GSS, indicating that this type of alliance has never been tied up in securities trades.

No capital alliance

"This is not a partnership capital, held to clarify Alain Closier low fee payday advance. "There is not any exchange of shares between the two groups. We have no agenda or planned merger between the two institutions, "he added. "We always talk about critical mass, to pool plants to decrease costs," said the officer referring to reconcile and partnerships established by other banks in this business.

Also asked about a possible sale of securities of the SocGen activity or a possible strategic partnership, Alain Closier said that the rumors currently circulating were "unfounded"."There are always rumors fed by different sources, such as competitors, then taken over by consultants looking for business. It is difficult to comment on rumors, especially when they become increasingly accurate and increasingly unfounded ", he further said.