The body responsible for regulating the banking sector would have directly challenged the previous management but also the leaders still in office. The report was quoted as saying, "number of findings concerning mechanisms for managing derivative positions are likely to contravene the regulations." Regulators cite "in 2007 and until 2008, the disclosure of Dexia Credit Local has remained evasive about the increasing risks, including the CEO and directors were aware. She ignored the violations of regulations and monitoring liquidity risk. "And the report says "the information to the public was not accurate, precise and sincere."

These omissions or falsehoods for the purchase of a portfolio of bonds and speculative securities amounting to 100 billion euros, an "illogical financing local government, the report quoted by Liberation. Regulators also suggest a failure on the part of the Dexia value of this portfolio of assets, both at the time of purchase as to resale. Worse, the leadership in place deliberately magnified the value of assets. The "overvaluation is estimated at at least 2 billion euros." Auditors such as Deloitte and Mazars have closed their eyes, the report said.

Loans to shareholders to purchase securities

The management team in place is also not spared.In a letter dated September 4, 2009, the report stresses that "the director of the institution has provided an underestimation of the volume of transactions."

Meanwhile, the Financial Timesaffirme that Dexia has paid 1.5 billion euros in its first two institutional shareholders before 2008 so that they carry out acquisitions of securities of the Franco-Belgian bank. But Dexia would, at the time, not breaking the law then in effect. The question is whether the court will examine the case Dexia.

ALSO READ:

"The dismantling of Dexia is an act

Operators also appreciate the position of the European Commission called for a strike force increased EFSF. In this regard, the Slovak government promises a new vote in Parliament no later than tomorrow, Friday. These news had boosted European and U.S. markets to new heights yesterday.

A weaker yen

Direct impact on the markets, the euro is rising again.It is 1.3801 dollar and is trading around 106.30 yen this morning sharply higher against the Japanese currency. In Japan, the Nikkei is relieved by the weakening of the currency. One hour of closing, he climbed 0.86% to 8814 points. Export values, hit recently by concerns over the global economy is picking up. TDK Corp jumped 4.17%, 2.96% Sharp and Citizen Holdings 3.05%. The automotive sector is also up to the image of Mazda Motor (4.49%) and Hyundai (2.7%).

The Stock Exchange of Hong Kong and Shanghai respectively earn 18,680 points to 1.91% and 0.50% to 2432 points. As for ads, the trade surplus of China has contracted to 14.51 billion dollars last month with a slower growth of exports.They rose in September by 17.1% year on year to reach 169.7 billion dollars, slower than imports jumped 20.9% to $ 155.2 billion dollars.

The Korean Kospi advance of 1.11% to 1829 points and the S & P Australian 0.85% to 4240 points, relieved by the authorization granted by the competition authorities Virgin Australia (1.59%) for an alliance Singapore Airlines (1.52%).

Oil markets more cautious

The oil was however down Thursday in Asia, where the market wait before the publication of figures on weekly petroleum reserves in the United States. In electronic trading, a barrel of "light sweet crude" for November delivery lost 86 cents to 84.71 dollars. Barrel of Brent North Sea crude for November delivery yielded nine cents to 111.27 dollars for the last trading day of the deadline.

Under the legislation July 13 that prohibits the controversial technique of hydraulic fracturing to exploit shale gas, licensees had to put the government in September a report in which they detail their exploration techniques. Sixty-four reports have been well reviewed by the Directorate General for Energy and Climate (DGEC).Most relate to conventional deposits and are not a problem.

In its report, stressed Schuepbach did not give up hydraulic fracturing, considered the only available technique to extract oil trapped in narrow fissures of shale payday loan. The operator is therefore logical to withdraw his license by the government.

However, Total indicated on September 12 to do without this process. "We do not take for granted the release of Total, we will use the report" had then told the BBC the Minister for Ecology Nathalie Kosciusko-Morizet. According to a source familiar with the matter, the experts found the report of the French group in accordance with law. Unless last-minute turnaround, it was not enough to prevent the decision to revoke the license of Montelimar."Nobody would have understood that we the American differences and not the French," said an industry expert.

If companies somewhat loose purse strings is to best manage a triple constraint, says Ariane de Calbiac, head of compensation consulting at Aon, Hewitt."Their priorities for 2012 are at the same time to maintain the purchasing power of their employees, retain their best people while controlling costs payday advance online." The "talent retention" is indeed an urgent need for HR managers at a time when the rate of commitment of employees show great signs of weakness in a company in three.

The variable has the dimension

The current stock market turmoil, with their potential economic consequences of corporate life, are they likely to question the good intentions wage. Not at this time, meet officials of AON-Hewitt. "The forecasts are reliable at this point. The survey was conducted between late June and 19 August.At that time, companies were already aware of the economic uncertainty, "insists Ariane Calbiac.

Other trends survey wages, AON-Hewitt is the further development of variable compensation, including among the non-executives, and increase the overall value of the "package" of compensation, which includes the Perco or employee ownership.

On this basis, German Chancellor Angela Merkel has once again firmly rejected the introduction of this system, although many market professionals believe that this is the solution to the crisis of European sovereign debt. "The Eurobonds are quite the wrong response to the crisis of the moment.They would lead us to a union of debt and not a union of stability, "she says in an interview with ZDF.

His comments echo those made by the Minister of Economy Philip Rösler the newspaper Bild am Sonntag: "The Euro-bonds are a bad signal sent to national economies failed. Cover the risks of other countries with Eurobonds would immediately drive up interest rates in Germany. This would have dramatic effects on growth in our country, "said he.

Strengthening governance

Despite all these outputs, the German government did not draw a line under this system. The finance minister, Wolfgang Schäuble, has again said that the countries of the euro area could issue Eurobonds if échafaudent prior fiscal policy and fiscal policy.But this move towards integration is not fast enough, he said. "Most Member States are not quite ready to accept the necessary limitations on national sovereignty. But believe me, it's a problem we can solve, "said the Minister in an interview with Welt am Sonntag.

Wishing to lead by example, Wolfgang Schäuble has said for his part personally prepared to transfer sovereignty to Brussels. "As a person, I would be ready. The idea of ​​a European finance minister I have no problem.But as finance minister I say that it is our duty to solve problems here and now, and that as soon as possible based on existing contracts. "

Wolfgang Schäuble will meet his French counterpart Francois Baroin Tuesday to discuss the harmonization of corporate tax and the introduction of a tax on financial transactions. France is the country with Germany most strongly opposed to the Eurobonds.

ALSO READ:

"Eurobonds: a debate premature for the ECB

"The issuance of Eurobonds, the weapon against infection?

"SPECIAL REPORT: debt crisis

Investors are relieved by the outcome of the Fed, which ensured that it would extend its monetary policy ultra-accommodating while maintaining zero interest rates until at least mid-2012 and exploring other measures to support economy U.S.. The Fed confirmed that the U.S. economy is in trouble, especially since the deterioration in the debt rating of American long-term.

But the French side, poor statistical stopping the rebound came as the Paris Bourse was trying to afford.French industrial production has displayed sharp decline in June, -1.6% compared to May after a significant increase of 1.9% the previous month, said Wednesday the National Institute of Statistics (INSEE) . In the only manufacturing industry, which excludes mining and construction, production was also significantly decreased in volume compared to May (-1.9%), according to INSEE. She was up sharply in the previous month (+1.4%).

Now that the mood calmed down on the front of the U.S. economy, more eyes turn to Europe, a somewhat forgotten during the American episode, but continues to skate on the issue of debt. But the urgency is "crucial to restore market confidence," stressed the President of the European Council, Herman Van Rompuy.But disagreements between countries are delaying the implementation of the rescue plan agreed in June

U.S. oil stocks on the radar screen

From a macroeconomic point of view, in France, the current account deficit narrowed in June to 3.4 billion euros against 5 Payday advance.5 billion in May, mainly due to a significant decline in the deficit of trade in goods, said Wednesday the Bank of France. The deficit of trade in goods reached 5.8 billion euros (7.5 billion after May) while the surplus in services trade has shown an increase ($ 1.5 billion from $ 0.8 billion) .

This is especially the United States the figures are viewed. Weekly crude inventories will be closely monitored while the oil has again depreciated sharply: Oil prices ended Tuesday to its lowest level since September 29, 2010, yielding about 2.5% in New York under the $ 80.At 20 hours, will be published the figures of budget execution in July.

GDF Suez profits down 23%

Values ​​on the forehead, the only value of the Paris stock to remain in Sanofi ke deckhouse is: -0.06% to 47.23 euros.

Note that GDF Suez (3.40% to 20.70 euros) issued a net profit down 23% to 2.74 billion euros in the first half of 2011. Mestrallet, interviewed by Le Figaro on Wednesday that his group believes in the process of deleveraging, which has signed a strategic partnership with China, is well equipped to benefit from growth in emerging markets.

Bourbon (5.90% to 23.34 euros) Wednesday reported a sharp increase in sales in the first half thanks to the continued improvement in the utilization of its fleet of bottom of market recovery.

Scor (3.16% to 15.81 euros) announced in a statement that it has completed the acquisition of the mortality of Transamerica Re, a division of AEGON, and it took effect from Wednesday. The amount of the transaction announced April 26 totaled 912.5 million dollars, said Scor.

Atari (17.69% to 1.73 euro) said Tuesday it has completed the sale of development studio at Cryptic Studios games Chinese Perfect World, listed in the U.S., for gross proceeds of approximately 35 million euros.

Each registrant may, in fact, a vote for a candidate for reimbursement. A voting system which limits the scope of the regulations to be sent. "Not to push the crime", only minutes of parking are also affected by this unusual offer, which kidioui.com starts to make itself known to the public.

The site, which usually sells cars and scooters new discount Internet, hopes to boost its sales.Opportunely launched after the passage of 11 euros to 17 euros in the price of parking fine, this communication campaign is already bearing fruit, says Uri Stopek, co-founder of the site. "In five days, we recorded over 20,000 visitors to our dedicated website. And in July, while the beta site was just launched, our sales were maintained, when new car registrations were down overall, "said he.

Budget "unlimited"

To date, the bill for this operation is approximately 2000 euros. But the site states that its budget is "unlimited." "The cost of the campaign will be proportional to its impact on public opinion. Plus we will pay fines, and we will have visitors to the site, "said Uri Stopek. This strategy, which uses a bait to attract the interest, is not new.Two years ago, the company had pushed the Rentabiliweb ploy to organize distribution of tickets in central Paris … finally canceled for security reasons.

"This type of operation, a relatively low cost compared to a conventional campaign, designed to make short-term buzz. It is a blow, Eric Weerdmeester analysis, associate director of marketing consulting firm Numsight. This generates awareness, but does not contribute to building a lasting positive image. "

But this is perhaps not the sole interest of the brand. For beyond the mere impact on the visibility of the site, the operation provides the same time to Kidioui.com data on a variety of offenders, which will then be reused for future solicitation. "Very few dealers who now offer their customers targeted offers and packaged.But this site has to do a formidable tool, said Eric Weerdmeester. It is in my opinion his best card to play. "

According to the Minister of Economy, the "partial failure" is that "legal characterization" that rating agencies could use in the coming days. "They will do what they want," says he.The derivatives market professionals, meeting within the International Swaps and Derivatives Association "(ISDA), should just meet in the coming days," probably "even today, to determine whether the new aid plan Greece is a "credit event".

Whatever their decision, Baroin determines that the plan provides an adequate response to address the situation: "This plan is a firewall. There will be the Central Bank to play its role as lender and the European Financial Stability Fund (EFSF), more flexible, which will intervene to prevent attacks by speculators. "

Banks will no longer be sought in the future

For the Minister of Economy, the agreement reached in Brussels provides answers "exceptional, deep, powerful, durable giving guarantees to Greece to support the continuity of its delivery to an acceptable level.""This is a response to avoid any risk of infection by a public-private and technical arrangements for the European fund, which also outlines the future prospects of the future European economic governance," he added. Regarding private sector involvement, the economy minister reiterated that private creditors are not required to save other countries in the euro area. "This is not one second that the private sector finds himself called for a voluntary basis for Portugal, Ireland, which are two other countries in the European assistance," he said firmly.

"Many things have changed yesterday. It was a real go of history which gives a more stable Europe, "said Baroin. Valérie Pécresse also welcomes the "Instrument for Stability" what happened to the EFSF, "beginning of a European Monetary Fund."She said the new rescue plan was necessary to "save and protect the euro." "This is a reference currency that allows France to have the confidence of investors. If we had dropped Greece, it was the French who would have paid, "she says.

The government spokesman also announced that "the Prime Minister will receive all 11 hours of national representation: the Senate president, the president of the National Assembly, the chairmen of Finance, European Affairs to present the rescue plan for Greece, which was adopted yesterday and tell them the consequences for France. "

ALSO READ:

"The euro area off the Greek fire

"Nicolas Sarkozy resolder the Franco-German

"SPECIAL – The states facing bankruptcy

Alexandre Bompard. – With the offensive Wednesday unveiled, we want to build a new Fnac looking to the future and whose identity will be based on three strong pillars. The first is the extension of our current product offering. Today, our offer is concentrated around the cultural and digital entertainment. With this plan, we will extend it to other types of activities: those aimed at children and families first, and in the future than in the discovery of the escape or the home and interactive design. The second line requires a paradigm shift for a brand that was built around its product: it aims to put customers at the center of our business and our business, emphasizing the relationship at any time with them.Of these, we will finally pay special attention to customer expectations family: it is the third pillar.

How will decline precisely this strategic plan?

To pass this plan, we will implement a number of levers. With the new consumption patterns, our stores will no longer be organized by product, but by world usage. For music, for example, you will find the same space CD, MP3 players, but also hats, concert tickets … well, we will create a world dedicated to children under 12 years with not only a comprehensive range of books to products edutainment and advanced technology, but also animations and dedicated services. More generally, however, the development of personalized services is a priority.We will innovate in this area soon, especially with takeover bids and the subscription of technical products.

This plan does not sign then the end of your physical network?

On the contrary! To be closer to customers in two French Fnac does not close to home, we take two major initiatives. By 2015, thirty stores will be open as well, on the outskirts of large cities in particular. Furthermore, after signing a partnership with Lagardère Services establish ourselves in stations and airports (the sign will replace the Virgin next week, Ed), we will launch a new store format: fifty Fnac proximity, about 300 square meters, should be released in four years, first in clean and free.These small signs, offering all the universe Fnac, will complement the department stores and will allow us to install in smaller cities. Of course, this is also associated with an increased fnac.com, because customers prefer the greater integration of the two sales channels. With our power in store as on the Internet, we will deploy a multi-channel strategy so successful and will offer such customers to withdraw all their in-store purchases made online or ordering of kiosks in stores.

You mention the date of 2015. Can you elaborate on the timing of this plan?

Speed ​​of execution of this plan is a key to its success. The first initiatives will therefore emerge in the next few months. Openings and reorganization of our stores are involved, they mainly in 2012 and 2013.The mobilization of our people, aware of the need for change, will also be one of the key elements of enforcement. I hope that the implementation of this plan is a lever to renew the social dialogue.

What budget has been earmarked to ensure the success of this plan?

I do not want to give numbers. The planned investments are suitable for our ambitions as we can. It is both a plan of conquest and a realistic plan. Therefore, we will continue to identify what we need to do it alone and that we can do through partnerships, both strategic in nature, as with Lagardère Services, or Screenrush SFR, or commercial, as with Apple, which a dedicated space in stores.

When do you expect to see the first results of this new strategy?

The first effects will be felt in the second half of 2012.Our aim is then to find a sustainable and profitable growth in France and abroad.

The sale by PPR of Fnac it not only jeopardizes the implementation of this plan?

My mission is to ensure the economic development of the Fnac. Since 1994, the PPR Group has played a leading role in particular for the implementation of the Fnac outside France and its growth on the Internet. As it does for all its businesses, the PPR group will manage the Fnac as if it had intended to remain within the group. Proof: This strategic plan is not a buildup of short-term, but a plan of conquest.

ALSO READ:

"Fnac Allociné and engage in e-cinema ticket

"Fnac says its rays telephony SFR

"The brands target the customer in the street and on the Internet

Priority to the CDG Express

"Paris is a destination that is well and is efficient in terms of reception bad credit pay day loans. But in a world that moves, other destinations are on the rise, said Gilles Pelisson. A number of handicaps and weaknesses that passed before will be more crippling future. "Her number one priority is to CDG Express project."Like the great European cities, Paris should have a direct fast with its main airport, it said in its report. The project, in the form of public-private partnership of the CDG Express, should be released: it will in the near time horizon (2015-2017) to connect directly (19 minutes) Roissy to Gare de l'Est. "

Paris also lacks large rooms. "There is only one large auditorium of 3000 seats, while most major cities have two or three," said Gilles Pelisson, convinced that it also lacks "a few thousand hotel rooms "and" 100 to 200 employees "to improve service to the border police at Roissy-CDG."Small things" could also make life easier for tourists to encourage taxis to be equipped including electronic payment terminals or negotiate packages for some races (CDG-Villepinte, for example).