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It is now 96 billion euros that the bank will reserve the financing of small and medium enterprises (SMEs) and very small enterprises (TPE: companies with less than ten employees). Criticized for inadequate funding of the real economy and suspected tightening the screws on small and very small banks were received Friday morning at the Elysee Palace by Nicolas Sarkozy, François Fillon and Gerard Rameix, the Credit Ombudsman. After their meeting with Economy Minister Christine Lagarde at the beginning of February, they had once again put money on the table to demonstrate their goodwill.

They were committed in February to book a package totaling 38 billion euros "new money medium and long-term" cash advance till payday .They will now add 58 billion euros to authorize appropriations for the short term, for a total increase of 3% of the amount of credits granted, compared to the year 2009.

The year 2009 has indeed been particularly hard to finance small and very small, which have seen the amount of cash loans granted to them fell by 14% over the year. Even as the needs of new money was made more critical by an economic crisis.

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After giving a first pressure on the management of the oil company, Christian Estrosi, Minister of Industry, insists the government "will not accept" the closure of the Total refinery at Dunkirk "as long as n 'There will be no guarantees the necessary continuity "of some 800 jobs involved," he said Monday on radio BFM.

The Government looks forward to the official position of Total in this case. The group must decide precisely Monday on the fate of the Flanders refinery, which employs 370 employees and 450 subcontractors. Since mid-September, the site is in "stop cyclical" because he can no longer sell its output, given the current weakness in demand for fuel.

"For the moment we have no binding commitment on the part of Total and I say very clearly, the Government will be firm," said Minister of Industry.

The previous March 2009 is remembered

In any case, the government has warned it did not intend to be outdone in the folder "Total" payday loans . "We will not accept an initiative to be taken unilaterally without any commitments are made to sustain current employment at the refinery," says Christian Estrosi.

Last Tuesday, the Minister noted that Total was considering the possibility of opening an LNG terminal in the port of Dunkirk.

In March 2009 already, the oil company had attracted the ire of politicians, after announcing the abolition of 555 posts in France, including 249 by 2013 in the refinery.A few weeks earlier, had issued a total record profit for 2008 of 13.9 billion euros.

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"Venezuela: a devaluation at high risk

The devaluation of the Venezuelan currency, announced January 8, will have an impact of around 40 million euros on profit before tax and non recurring items of the group in 2009 and approximately 15 million euros on profit current net after-tax, said Accor in a statement. Despite this impact, the Group maintains its objective of profit before tax and non recurring items of between 400 and 450 million euros for 2009. Accor is present mainly in Venezuela through its prepaid service activities (luncheon vouchers, preloaded maps, gift certificates).

Venezuela on Friday announced the devaluation of the bolivar. The currency, whose exchange rate was 2.15 to one U.S. dollar, now trades at 4.30 to the dollar.

Last October, the fourth global hotel group confirmed its financial targets in 2009 but expressed cautious for the year 2010.

Accor will publish its turnover in 2009 January 19 next.

The Accor share price closed Monday down 0.63% to 37.59 euros while the CAC 40 lost 0.05% to 4043.09 points.

Carried by the first signs of recovery, commodity prices should continue to benefit from a demand effect, according to most analysts. And inevitably, when the recovery point the tip of his nose, the main concern of investors is inflation. Central banks, especially American, will they let it slip that the growth settles? Exactly, materials excellent in coverage against the general rise in prices. Among them gold.

It's the return of the "barbarous relic", to quote the famous phrase of John Maynard Keynes, the famous English economist. In one year, gold has gained 40%, up two times higher than the CAC 40. An increase which reached a peak last December 3, with a historic high: 1.227 dollars per ounce.The successive reductions in interest rates have reduced the cost of money at a level so close to zero as the low profitability of gold goes completely unnoticed. More than a genuine interest – unlike shares or bonds, gold in nothing (hence the term "barbarous relic" – the precious metal benefits mainly three phenomena.

Capitalizing on weak dollar

The first is the weak dollar, including emerging countries, mainly turn away. Asians, including Chinese, even openly criticize the supremacy of the dollar green. Which, incidentally, is a dangerous game for the Middle Kingdom, with about 80% of its foreign exchange reserves are denominated in dollars …. But alongside this, China, like India, strengthening its gold reserves in order to diversify its foreign reserves.Although they constitute just 1.6% of its total reserves of foreign exchange, bullion held in vaults of the central bank, however, correspond to the significant volume of 1054 tons, against 600 in 2003. What sets the Middle Kingdom to the sixth place amongst central banks richest gold, this beautiful place in Switzerland. The increase of 76% of China's foreign exchange reserves in gold vividly confirms the interest that Beijing is to the metal, she, who advocated the abandonment of the gold standard. Importantly, this increase clearly confirms the willingness of China to emerge more than ever a new international currency to replace the dollar ….

Hedging against inflation

Another aspect directly linked to the dollar's decline: the fear of a return of inflation."Now, what are the conditions for ending the recession concern; central banks should be tempted to let slip inflation initially, that the recovery takes hold," says Frederic Lasserre, head of research commodities at Société Générale. Although there is no question, especially towards the European Central Bank left spinning inflation, the Fed, for its concern for some developed countries deflationary risk. It may well in the second quarter of 2010 up its rates.

Value shelter or bubble?

Finally, to protect against loss of value of their assets, investors seek refuge physically in oil and base metals, but primarily in gold.In a context where some European countries are in trouble (damage to the notes in Greece, under surveillance from that of Spain …), gold saw its role as a refuge against the sovereign risk increased. "In the absence of sustained recovery, the sovereign risk could easily extend to other countries (Greece, Portugal, Italy)," said Francois Chevallier, strategist bank Leonardo. "The famous precious metal is seen as a safe asset, since it can serve as a currency of last resort. The rise of gold is made to last, "says Nicolas Rajna, spokesman of ETF Securities.

His recent relapse of 1110 dollars per ounce should nevertheless encourage investors to remain vigilant. Assets designated as refuge values, like gold, could well turn into a speculative bubble ready to explode at any moment."The rise in gold is a mystery because apparently solitary, said Francois Chevallier. Gold, regarded as a raw material is recovered much faster than oil. He has also climbed more than euro (safe haven against the dollar) and that long rates (safe haven against the indefatigable), and that while risk aversion continued to decline. " The virtues of gold have been recently confirmed by the decision of large countries in the world to mobilize some of the gold reserves of the International Monetary Fund to finance its activities in support of emerging economies. The global financial crisis has led to the resurrection of the barbarous relic. It is certainly less sure she keeps that relationship once the crisis is resolved.

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The carnage continues at the head of easyJet. After the departure of its chairman Colin Chandler and his CFO Jeff Carr, the British low-cost announcement Wednesday in a statement the departure of its CEO Andy Harrison June 30, 2010. It is seeking "new challenges". He especially wants to leave a vessel marked by the power struggle within the board. Andy Harrison had promised to stay at least until late May to offset the departures of other leaders.

In the aftermath, the leadership announced the departure of its interim President David Michels on 1 January. At that time, it will be replaced by Michael Rake, BT's current president and former chairman of KPMG.David Michels, who is temporarily acting in the position since the departure last April by Colin Chandler, will resume his post as first independent director.

The upheaval at the head of EasyJet explained by conflicts between the team leader and founder Stelios Haji-Iannou, holder of 38% of the carrier. While the former wish to pursue a growth strategy of the fleet, Stelios Haji-Iannou said it would be unwise to embark on this adventure in a recession.

These two new departures lead to renewal of any team in the space of one year. Five of the eight leaders are gone. In his statement to the London Stock Exchange, easyJet hopes that "these appointments will ensure continued strong leadership." In markets, the news is unwelcome. By late morning, the title loses 1.96% to 4.08 euros.

Eric Woerth, the budget minister, has reiterated this morning: the cell regularization well close December 31, 2009. So far, this structure set up in April has treated almost a thousand cases of taxpayers wishing to come into line after having concealed their assets abroad. "I am satisfied with this figure. And we expect an acceleration in the last month, "said the minister. Still, the famous list of taxpayers with accounts in Switzerland alone has 3000 names.

The tax begins to have a clear profile of the French who look to the cell. In most cases the money was hidden in Switzerland. Other education, the vast majority of the repentant are people who have simply inherited assets hidden by their parents or grandparents."For these fraudsters liabilities, penalties are lower," said Philippe Parini, head of the Directorate General of Public Finance. In general, they can expect that the total tax bill (tax due, penalties and interest) does not exceed 15% of capital. The very purpose of cell regulation is allowing repentant negotiate the interest and penalties.

At December 31, this advantage disappears. "We do plan to tax audits in large numbers. People on the list of 3000 will not escape. In addition, we will create an account held by French residents abroad, "said Eric Woerth. This file, called "Evafisc" will be powered by the 3,000 names. But not only. Earlier this year, published a decree that will create a real right of communication vis-à-vis banks in France.Clearly, the Treasury will request them to submit all transactions exceeding a certain amount made to certain countries over time. The focus will change each year. "For 2010, we will examine the banks' transactions from 2006 to Switzerland, Singapore and Hong Kong," said Eric Woerth.

The method will she work? It should be a little naive indeed to get his money from France through a bank. "Think again. Some believe going into armored pipes. Marketing of banks is effectively "the minister said.

Candidates for acquisition of Areva T & D sharpen their arguments, while the final submission of bids will take place next Monday.

Toshiba, long neglected in this competition is taken more seriously. He muscled his offer by joining two funds: the Japanese INCJ (mostly state-owned nippon) and a fund of Abu Dhabi Taqa. The latter's arrival in the bidding takes on particular importance, while a French consortium (Areva, Total, GDF Suez and EDF) supported by state battle for months to try to sell EPR Abu Dhabi.

Both funds, which provide additional financial strength to Toshiba, hold 40% of the future entity. The Japanese plans, if carried in case of IPO Areva T & D in five to seven years.The prospect of a listing of Areva T & D new version in Paris would be very well received by NYSE Euronext, which suffers from a lack of major operations and would target an ally of Toshiba on this issue. Such a listing would also be the "guarantor" of a French base of activity, in keeping with the country's global headquarters.

The Japanese, who was inspired by the offer from General Electric, has not forgotten to highlight the character "industrial" in its offer. It builds on the geographic – Areva T & D is absent from Asia and Toshiba contributes nearly one billion euros in sales in China – and synergies in research and development and procurement of raw materials.Main downside: Toshiba, owner of Westinghouse, is a very serious competitor Areva in the construction of nuclear reactors.

French base

For his part, General Electric has also revised its copy. Minority shareholder alongside the investment fund CVC in its initial offer, the U.S. conglomerate will position itself in the majority partner in the new offering will be delivered Monday. A decision making more industrial project and facilitate the granting of bank guarantees to Areva T & D when signing contracts.

The project also provides for GE in France to maintain the headquarters of a subsidiary of Areva and introduce the next five years the stock market. Industrial side, GE is the map of complementarity, it would include T & D to access the North American market, albeit less buoyant than Asia for transmitting and distributing electricity.A flat, however, GE sold it eighteen months a part of its T & D, raising questions about the strategic importance of such an event for the American conglomerate.

The presidents of Alstom and Schneider are also mounted to the wall for defending their joint bid. On Thursday, before the National Assembly, they reaffirmed that there would be no site closures or socially, in case of redemption. Schneider may be a cluster "distribution" of 5 billion euros. It would then match its two main competitors in the field, ABB and Siemens. Not enough, a priori, drawing the ire of Brussels. With the "transmission", Alstom is the world leader in this sector. Problem with this offer: it implies a separation of Areva T & D, an idea which irritates its management.

"Alstom defends its bid for Areva T & D