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European banks may need to raise 80 billion euros, to reassure the markets. A report by JPMorgan Cazenove, led by analyst Kian Abouhossein, estimates that if the level of reserve requirements is strictly adhered to 7%, nearly two banks will raise new money. French banks Societe Generale, BNP Paribas and Credit Agricole would need twenty billion.After the publication of this note, banking stocks are displayed among the largest declines in the Cac 40: while the benchmark index of the Paris Stock Exchange was down 1.13% to 10.30, Credit Agricole wipes a drop of 1.77%, BNP Paribas was down 2.05% and Societe Generale lost 3.08%.

But French banks are not the only ones to be shamed by JPMorgan Cazenove, which encrypts needs capital to 25 billion euros for UK institutions and 14 billion euros for German lenders, including Deutsche Bank . The Italian UniCredit, Credit Suisse and Santander are also cited in the report.

This study revealed the results of stress tests published last Friday by the EBA.These tests, built on capital requirements as 5%, entered into a need to refinance 2.5 billion euros for eight of the 90 banks assessed, including any French. But investors believe these tests inadequate, particularly criticizing for not sufficiently taken into account the default risk in Greece. JPMorgan Cazenove said the criticism in his study, indicating that these stress tests have "limited value".

The evolution of banking stocks on European stock markets will be very observed on Monday morning to find Investors Arbitration between the reassuring results of stress tests and numerical study of JPMorgan. In March, ratings agency Standard & Poor's had conducted its own tests of resistance.His conclusion: European banks would need 250 billion euros of additional capital.

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The world's leading consumer is again in top form. The annual accounts ended June should show an increase in turnover of 5% over last year, when sales reached 78.9 billion dollars. Bob McDonald, who took over the group in the middle of the crisis in July 2009, was last week in France for his first visit since taking office cheapest personal loan rates. This former military academy at West Point, who spent five years in the U.S. Army before joining Procter in 1980, his book Figaro battle plan to win every year 200 million new consumers.

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After losing more than 2% over the last two sessions, the U.S. stock markets continue their descent. This Friday, the Dow Jones lost 0.79% to close at 12,151.34 points, the Nasdaq 1.46% to 2732.78 loose points and the S & P 500 was down 0.97% at 1300.16 points.These statistics had already weighed on the Dow Jones yesterday, which had thus ended down 0.34% to 12,248.55 points.

A trend that has also confirmed Friday with the publication of the monthly report on employment in the U.S. Department of Labor, rather disappointing, the United States that have created 54,000 jobs in May, three times less than expected and not enough to prevent a rise in unemployment to 9.1%, against 8.9% expected.

The increase in activity in services is accelerating

The increase in activity in services has accelerated in the United States in May, more than expected, according to ISM trade association, whose index of purchasing managers in the sector released Friday appeared to increase by from April, to 54.6.

The Fed does not intend to undertake new measures to boost the economy, according to Richard Fisher, one of its members.In an interview with the Wall Street Journal this morning, the president of the Dallas Federal Reserve believes that "the Fed has done its job" and that if necessary additional stimulus measures, "they must come from elsewhere" .

The U.S. Treasury will sell the 6% that still holds in Chrysler to Fiat. The Italian will thus hold a majority stake in U.S. manufacturer. And the state will pocket U.S. $ 560 million.

Short-term domestic concerns will not prevent operators to remain vigilant regarding the conditions for aid to Greece as part of a new plan, unveiled in principle this afternoon Low fee payday loans.

Walgreen: -0.14% to 43.16 dollars

Walgreen announced today, before opening on Wall Street, the level of its sales in May: they rose 7% to 6.08 billion, up 5.6% on a comparable basis.Remember that the title had been boosted on Wednesday by a recommendation by UBS improved, which initiated coverage on the purchase of the title, with a price target of $ 51.

Chevron: -0.12% to $ 101

Chevron announced late yesterday that four people died in the explosion of one of its refineries in Pembroke. A fifth victim was hospitalized in serious condition.

New York Times: 6.34% to 8.05 dollars

For the first time in its history, the New York Times says the direction of writing to a woman. Jill Abramson, now editor in chief, will assume his new duties on September 6. She will replace Bill Keller, who wants to resume writing. The chief editor Dean Baquet will be provided by currently assistant Jill Abramson.

Relax on the raw

As for raw materials, the pressure falls.In this sector, investors await OPEC meeting next Wednesday, which could lead to a decision by the organization to increase its oil production. Despite the many demands and frequent recently, OPEC had refused to put the issue of increased production in its agenda, and has been for four years. The markets will also tend ear to New York, where the French agriculture minister, Bruno Le Maire, must speak about the speculation on raw materials, around 18 pm (Paris time).

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In recent weeks the government has repeatedly expressed its willingness to reduce migration flows. In April, the Interior Minister, Claude Gueant, promised "to bring down the volume of legal immigration." This week, the immigration of work he begins work. "Contrary to legend, France did not need the skills of immigrant, said the minister. It has the resources necessary "to fill its vacancies and" did not need bricklayers nor servers restaurants. "It is common sense," outbid Tuesday Budget Minister Baroin. A sense that still leaves many economists skeptical.

"On paper, it may be tempting to put face to face and unemployed immigrants," said Patrick Simon, a demographer at INED.If the French labor market was free of immigrants, it would make it not even more vacancies for indigenous peoples whose unemployment rate is one of the main concerns? "They forget that these two categories of people are not interchangeable," said Patrick Simon. Clearly, natives and immigrants do not occupy the same types of jobs, and make little competition. "They would rather complementary. And in this regard, there is a relative consensus, says Xavier Chojnicki, economist at CEPII and University of Lille 2. Most studies find indeed a very small impact of immigration on unemployment. "

"In France and Europe, the labor market is very segmented," he says. Immigrants often occupy low-skilled jobs, low wages, difficult working conditions.Areas of restoration, construction and personal services for example, still struggling to fill jobs that natives consider insufficiently attractive. According to the latest survey on the needs of labor performed by employment center, 61% of the offers of aid to home and pose difficulties for recruitment. "If the stream of immigration had to be reduced, this would create further difficulties in recruitment of these areas," said Xavier Chojnicki. With a probable consequence of a sharp rise in the black.

20,000 people per year

"In addition, try to reduce labor migration is surprising because it includes more migrants selected," Patrick says Simon.These 20,000 people a year who come to work in France at the request of business owners do in fact represent a small fraction of the 200,000 immigrants who settle there each year, including family reunification or humanitarian grounds. "Employers expect an easing of the rules because they need the foreign labor," he says.

Since 2006 and until recently, Nicolas Sarkozy also advocated for a "selective immigration", encouraging the arrival of candidates selected according to their professional profile. "Since then, labor migration has increased from 10,000 to 20,000 per year," said Patrick Simon. A marginal number compared to 500,000 job vacancies currently unfilled in France. "In total, this is not much either compared to the total migratory flow," J. demographer.Because France, like most European countries, is struggling to bring immigrants into its territory the most attractive. As such, Canada, Australia or the United States doing well ahead of the game their best

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Spain calmly observes the release of financial assistance to its neighbor Portuguese. The Economy Minister Elena Salgado has ruled out any risk of contagion. The facts give him reason for now: the Spanish treasury was placed yesterday, four billion euros good for three years from 3.601%, a decrease compared to the issue of March 3.

Two new reasons for this positive market reaction. "On one hand, the European Union now knows how to respond to financial crises of its members, analysis Giada Giani, an expert on Southeast Europe at Citigroup. Moreover, Spain has implemented reforms that Portugal is just beginning to discuss on the labor market, fiscal policy and the banking sector. "

For Brussels, "Spain is facing significant challenges, but it is on track to meet its objectives."It would be "totally inappropriate to compare Portugal to Spain," said Secretary General of OECD, Angel Gurria.

"Spain has done much to reassure the markets, but has yet to take action on reforming the labor market," Jean-Claude Trichet shade no faxing 1 hour payday loans.

The position of savings banks also remains fragile. In 2010, Madrid has injected 11 billion euros in "cajas", the latter have sought additional 6.5 billion in March. But ratings agency Moody's believes that they will be provisioned and 50 billion euros to ensure their viability.

"Spain has done much to reassure the markets, but has yet to take action on reforming the labor market …" Jean-Claude Trichet shade situation Savings Bank also remains fragile.In 2010, Madrid has injected 11 billion euros in "cajas", the latter have sought additional 6.5 billion in March. But ratings agency Moody's believes that they will be provisioned and 50 billion euros to ensure their viability.

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This time for sure. Or almost. March 2, Apple expected to unveil the highly anticipated iPad 2. It will suffice that the company sends an invitation to American journalists to revive speculation. A photo reveals a piece of screen that lets assume that this is the iPad 2. Additional evidence, the meeting will be held at the same place where the first tablet had been made, the Yerba Buena Center in San Francisco. Reactions to the announcement may seem disproportionate. This overlooks the fact that after upset the market for music (iPod and iTunes), telephony (iPhone), Apple is addressing the issue and the PC world with its iPad.

When is the next revolution? Some are betting on a sensational debut in television. Meanwhile, the assumptions about race 2 continues the iPad.It would be finer, with new features, including a second camera to facilitate video conferencing.

The moment is perfectly chosen by Apple to silence rumors about his ability to launch a new version. Although no official date had been given, the rumor predicted a delay in this second version! They waited for the new iPad in January to launch three months later. But the health of Steve Jobs delayed the process. That gap could make him lose several million in sales. According to analysts, a period of three months in the marketing of the iPad 2 would pass the annual sales from 30 to 23 million.

Investor confidence

For Apple, the risk is even greater than the competition gets tougher. There are now over a hundred bars of all sizes.Admittedly, not all are marketed in the U.S. or Europe, but the profusion of offers incentives for the response. If Apple wants to remain the benchmark in the market shelves, it needs to change his. Success of the iPad 2 also proves that even if Steve Jobs is on sick leave, product launches continue. Certainly, many shareholders have asked last week presenting a succession plan, a proposal rejected in general meeting. But overall, investors maintained their confidence in society. The way Apple rose nearly 8% since the beginning of the year, the market outperformance.

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The Airbus tanker derived from the long-haul A330 aircraft, will enter service later this year in Australia. Canberra has ordered five copies of this multi-role military aircraft, both tanker and cargo, should receive its first aircraft in spring. "In general, the commissioning follows eight to ten months later," says one Airbus. The European aircraft manufacturer delivers a complete unit which will then be militarized by the client, by the Royal Australian Air Force, for example with cons-measures to protect the aircraft. In Australia, a partner in Airbus, Qantas Air Service, which will implement the rigid pole, called boom refueling.

The A330s will begin in Australia military career already well underway. The European aircraft, also known as KC-45, has won all the latest tenders in the world.He was chosen by the British Royal Air Force who ordered 14 via a leasing agreement unprecedented in military matters, the Saudi army with five units and the army of the United Arab Emirates (UAE) up to three tankers. In total, Airbus has garnered 28 orders from four customers for a value not provided. As a guide, the list price of the A330 is 170 civilian million.

Apparatus assembled in Toulouse

The European supply has received its airworthiness certificate civil March 17, 2010 by the European authorities (EASA). His military certificate was issued by the National Institute of Technology Spanish competent authority in this case as Airbus Military, which is responsible for military programs Airbus is based in Spain. The product however is assembled in Toulouse, France on the same production line as the A330 civilian.

Airbus shows significant ambitions for its KC-45. In his own studies, the potential market is around 250 aircraft in the world outside the United States. France, for its part, could be ordered 15 copies.

French banks bear the brunt of the deepening of the crisis in Côte d'Ivoire. Ivorian President Laurent Gbagbo out, trying to stay ahead of the state and against the last presidential election, has announced last night on public television RTI "on decrees that the State of Côte Ivory took control by taking a full and complete participation in the capital of some banks. These include the SGBCI and Bicic, which are subsidiaries of Ivorian French banks BNP Paribas and Societe Generale.

His decision is to "preserve jobs and ensure the access of Ivorians and traders to their assets" in "as soon as possible." France has "condemned" the "nationalization" of banks, through the voice of the spokesman of Foreign Ministry.The two French banks have their part to comment the intentions of Laurent Gbagbo.

Financial asphyxiation

Following the post-election crisis, born of the struggle between Ivorian President Laurent Gbagbo and outgoing Alassane Ouattara, President-elect acknowledged by much of the international community, the Central Bank of African States (BCEAO ) has severed its ties with Abidjan in January to try to suffocate the Gbagbo regime. This isolation has closed the financial tap francs CFA president.Far from giving up, Laurent Gbagbo attempted to mount a viable banking system across Ivory Coast, the price of a "huge pressure" on the subsidiaries of large foreign banks to remain in business Business Card Holders.

But with the lack of liquidity, technical difficulties and legal risks, and the threat of sanctions wielded by the BCEAO against banks working with the Gbagbo government, especially when faced with violence that threaten the safety of their employees, BNP Paribas and Societe Generale first, yesterday, gave the signal for withdrawal. "Other banks will close," predicted one senior industry.

Effect "cataclysmic" freezing the financial system

Already five major foreign banks have decided to suspend their activities. The interruption of their business is blocking the Ivorian banking system, plunging the country a little more into chaos.The economy had indeed already been drastically slowed by the sanctions of the EU imposing such a ban on the two ports, the country's lung. The effect of blocking bank could be "cataclysmic," according to some.

Already, Abidjan went to stop their banks to withdraw their money. "It is feared the contagion effect, so we just remove a little about our savings," says one entrepreneur. "I'd rather have my money on me, it is unclear what will happen," shouts one soldier. The political crisis appears to have already led to a banking crisis that goes straight to an economic crisis.

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It's official: Sanofi-Aventis buys U.S. biotech Genzyme. The laboratory has improved its last offer, which was to expire at midnight yesterday after being launched on October 4 and extended twice. The two parties reached an agreement and the offer will end on March 16 upgraded.

Sanofi-Aventis and will spend $ 20.1 billion in cash (or 14.9 billion euros) to acquire the worldwide leader of rare diseases. An amount equivalent to $ 74 per share, or 5 dollars more than originally proposed. Genzyme shareholders will also receive certificates of conditional value (CCV). The latter could result in additional payments if the biotech meets certain sales targets.Security holders may receive up to $ 14 and additional action if sales Lemtrada, a drug used against leukemia that Genzyme is trying to certify against multiple sclerosis, achieve the goals most optimistic.

In financial terms, Sanofi-Aventis believes that the transaction would increase earnings per share of 0.75 to 1 euro by 2013. The Group Chief Executive, Chris Viehbacher, adds that the merger "should be accretive in the first year, in other words that the approximation should have a positive impact on the Group's profitability in the first year while the transaction should be completed in the second quarter of 2011.

Genzyme will be a new growth driver

Sanofi-Aventis also focuses on the strategic dimension of this approximation.According to Chris Viehbacher, the operation "will create a significant new growth platform for Sanofi-Aventis by expanding our presence in biotechnology." The lab also intends "to Genzyme's global center of excellence for rare diseases."

In terms of Genzyme, the title earned 3.53% to 74.30 dollars at the close of Wall Street yesterday in preparation for this announcement and before publication of its annual results on Wednesday. In 2009, the biotech had achieved a turnover of 4.5 billion. Its activities are an important growth driver for Sanofi-Aventis, faces competition from generic drugs.

Furthermore, the reorganization of groups is running. Sanofi-Aventis has already indicated that the CEO of Genzyme step down but retain an advisory role on the transaction.Remains to be seen what any other restructuring induced by this marriage.

In early trading, Sanofi-Aventis under the lead of more than 2.4% and signs and the largest increase in the CAC 40. The benchmark index of the Paris Bourse rose by 0.4% to him.

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The Court of Auditors is preparing to publish a highly critical report on the Great Sea port of Marseille. In this document, including Le Figaro has obtained a draft, working conditions and remuneration enviable some of its employees and the situation of "social blockage" of the harbor is culprit. The final report will be published on February 8. His revelation comes in the open social conflict: Tuesday evening, the negotiating meeting on the consideration of the hardship in the business of cargo handling between the CGT Union ports and management companies handling nothing given.

Violence without consequences

Drivers of cranes and gantries, key employees of major seaports, under the port reform passed in August 2008, should be transferred to the private sector do not work effectively as 14 hours per week and 12 hours Fos Marseille, given the organization by teams of two drivers for a crane or a gantry, absences and the rule of "finite-party", the report of the Court of Auditors. Their monthly salary is between 3500 and 4500 euros net, including gratuities, still illegally paid by the stevedoring companies despite a call to order of the Court in a previous report. However, only the Italian ports of La Spezia and Genoa are experiencing lower productivity than Marseille.The implementation of the reform should allow "seriously consider organizing handling to restore the GPMM every chance in the competition in terna tional," said the Court.

For, although it recognizes the comparative advantages "undeniable" port of Marseille, positioned on the route between Asia and Europe, and particularly easy to access compared to some competitors, the Commission stated that " except in the cruise, he continues to lose market share m ar payday loan lenders. For judges, "one of the key factors, if not the main, this decline is due to the insufficient reliability of the port, due to a deteriorating social climate, with alternating periods of calm and crisis, often violent, in a context where a union (the CGT, Ed) dominates all others. "And, faced with this situation, judges link "a commitment to reform disintegrating too often, particularly for lack of sufficient determination of the authorities of the State, facing a social crisis and the extreme tension that accompanies" .

The report notes the position of watermark fluid and not always consistent authorities in the bidding of the CGT, which led to an inextricable situation."There are shortages at the port of Marseille that applies to the normal rule of law, where everyone takes his role in the economic and social debate, but where the limits of democratic debate are not crossed," said the judges, who insist conclusion "to the leaders but also guardianship GPMM departmental and local representatives of the state to penalize or punish do, drifts accompanied by violence, including systematic complaining!

In a power struggle often unfavorable, port officials have not always been of the prosecution of violence which would have deserved and have often yielded to the bidding union.