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While the specter of economic collapse now seems ruled out in Iceland, it is time to settle accounts. With the front line, the trial of former Prime Minister Geir Haarde, which opens Monday. Before the Landsdomur, unique court empowered to try ministers or former ministers, it must meet its responsibility for the collapse of the financial system in 2008. In a financial crisis, the three largest banks in the North Atlantic island have failed, as they held assets equivalent to 923% of its GDP. Prime Minister and head of the Independence Party (right), Geir Haarde was forced to hand over the resignation of his government in January 2009.

The firm, which will incur up to two years in prison, but hopes a dismissal during the trial, relying on a pure and simple abandonment of the prosecution.For him, it is only a "political farce" orchestrated by "old enemies" of opposition now in power. Evidenced, according to his lawyers, that it is the only politician to appear in court. They argue that the parliamentary committee responsible for determining the individual responsibilities of the former government had initially proposed the indictment of four people.

To many political scientists, this position of scapegoat undermines the credibility of the judicial process. "Unfortunately, the Althing (parliament, dominated by a leftist coalition, ie) was not smart in deciding to charge him," said political science professor Gunnar Helgi Kristinsson, University of Iceland cheap credit report.According to him, "shenanigans and personal stories have weighed heavily" in the current troubles of the former Prime Minister, who is the victim of a revenge from former opponents.

A European survey

In this "house cleaning", Reykjavik has added a European dimension. Icelandic President Olafur Ragnar Grimsson asked Sunday in Brussels to launch an investigation to determine how it may have allowed Britain and the Netherlands to exert such pressure on the country in case of bankruptcy Icesave bank in 2008. London and The Hague had then advanced 3.9 billion euros to compensate their nationals injured 340,000. But Icelanders have rejected state reimbursement of that amount in two referendums.But last Thursday, the bank Landsbanki, parent company of Icesave, said he had recovered sufficient funds to pay all bank deposits.

Instead of rushing to accept applications and "absurd" of Great Britain and the Netherlands, "experience shows that it may be wise to wait," commented the president of Iceland. Remarks that sound like a lesson for EU officials entangled in the debt crisis. While on the other hand, Iceland seems out of the woods, growing from 2% in the first quarter compared to the same period last year. Similarly, observers believe that the country could do without the final installments of the loan of 1.45 billion euros granted by the IMF after the collapse of its banking system.

Rosneft has finally found a partner to conquer the Russian Arctic shelf. Three months after the failure of an agreement with the British group BP, the oil giant has signed an alliance "strategic" with the American ExxonMobil.

The agreement first announced by Prime Minister Vladimir Putin states that "approximately $ 3.2 billion will be spent in exploration blocks in the Kara Sea in the Arctic and a block in the Black Sea "said the two groups in a joint statement. These two regions "are among the most promising areas offshore and least explored in the world, 'the two partners. The area under the Arctic ice is released almost a hundred days a year, Moscow had absolutely need the contribution of Western technology to carry out its work cash advance payday loan.

Meanwhile, the Russian group wins the opportunity to participate in exploration work conducted by Exxon in North America, particularly in the United States in the fields of offshore Gulf of Mexico and Texas. This alliance could represent direct investment up to 200 to 300 billion dollars.

If the CEO of Rosneft Khoudaïnatov Edward points out that the agreement "is the result of years of cooperation with ExxonMobil," it comes just months after the Russian giant has turned the page of a strategic alliance with BP, which provided an exchange of shares weighing 16 billion.

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LE FIGARO. – Economic activity appears to be a brake brutal. How do you explain it?

Laurence Parisot. – The slowdown is due to meet two sets of causes: the United States, an economic and political situation that was deteriorating, and in Europe, the States that crossed the red line in terms of debt. Once you overcome these difficulties, we find a strong growth and job creation but do not mistake in the analysis of what we experienced this summer. The situation was tense when China began to lecture the U.S. on their debt. The Americans probably wanted then iron the mistigri to Europe. There has been a kind of psychological warfare and an attempt to destabilize the euro area. The markets have overreacted, being by nature very sensitive to rumors, even organized.The moral of the story is that we should not be naive and fall for the autodisqualification: if Europe were attacked, not because it is weak but because it is strong, and if it is envy, because it is enviable.

Who was behind this conspiracy?

I call it an "orchestration" overseas challenges of Europe. See the rumors about the French banks, which were released immediately when they were absolutely unfounded. Our banks are among the strongest in the world. Some of the U.S. media yet announced the death of a particular and even the end of the euro area.We went from attacks on Spain in attacks on Italy and then France, until rumors of degradation of Germany last week! When American publications widely read by investors and financial analysts on false ads headlined drama, questions arise.

The accumulation of debts of the States, however, is a reality …

Certainly. The debts are no longer tenable. They must be absorbed quickly. As shown by the measures taken last week, the government was quick to hear the warning.

You are therefore in favor of the gold back to a balanced budget?

The principle of the golden rule would consolidate the reputation of our country and facilitate the work of any government.Many countries are engaged in it, it would be strange that we're not able to do French.

Ten billion of additional levies for a billion expenditure savings, is this the best way to fight against the deficit?

We had to quickly adjust the situation, the government has. But you are right, this is not enough, and the state must also accelerate the decline in spending. Ideally, a ratio of 1 to 2: twice as many savings on expenses for upward social and fiscal revenues. Measures such as pension reform and the non-replacement of an official two-point in this direction.Going further will require further structural reforms: focus on local communities and to decline the RGPP; work as health, including public hospitals (why does bill over to the insurance sector private for the same benefits?), and finally develop across the public-private partnerships and public service delegations. These channels have the immense advantage of not touching our social model.

François Fillon he had the "SME attitude" that you keep advocating in his anti-deficit plan?

It has indeed been attentive to small businesses but we must do more. Among the SOHO-SME-ETI today are the CAC 40 companies in 2030: they must get the best possible environment in order to grow.That's why we call for an extensive program to délégiférer and deregulate the legal system that encircles the neck to the small and medium enterprises. It should also reduce their taxes. It is shocking that the corporate tax (IS) actually paid by the SOHO-SME is (relative to the operating surplus) of about 39% against 19% for large companies. Among other reasons, the latter deduced from their result the interest on loans, while the SOHO-SME do not because of their reduced ability to borrow. That's double trouble! There is also a reduced rate of corporation tax (15%) for companies whose turnover does not exceed 7.6 million euros. Medef request that the ceiling be raised to 10 million.

Sixteen top managers were willing last week to be taxed more.Do you agree with the exceptional tax on high incomes will be instituted?

We see very high incomes in athletes, actors, professionals: it is not an issue specific to some entrepreneurs. I understand the principle of a special tax to a special moment, but the tree should not hide the forest and make us forget the need for moderation in executive compensation. Also, do not confuse everything. There would be demagoguery to compare the incomparable and put in the same bag annual revenues of 250 000 euros and 2.5 million.Let us ensure that future developments of the threshold does not affect the middle class, including the upper middle classes, which are the engine of the economy.

The inclusion of overtime in the calculation of reduced charges on low wages is not likely does not increase the cost of labor and destroy low-skilled jobs?

There are of course in this action plan that we like less than others. We also deplore the passage of the social package 6 to 8%: it penalizes the profit-sharing that we want to encourage. But all part of a clear logic of debt and that, we salute.

Are you concerned about the evolution of unemployment in the coming months?

We can stop the recent deterioration. Understanding that in TPE-PME is the greatest employment potential and the fostering.Working on better employability of job seekers, integrating strong mutations trades, adapting in real time training.

The precarious employment with the proliferation of part-time, Temporary … How about it?

As part of the agreement on unemployment insurance signed earlier this year, we will create with the unions a working group on the evolution of modes of compensation. We have also provided a social debate on the labor market. I want to bring these reflections to improve the overall employment-unemployment-training. The procedures surrounding the employment contract must further progress: as such, they are blocked by their length and excessive legalism. Fear of hiring is the biggest problem for companies.Should be conducted with the collective labor disruptions that have been done with individual outs. We do not say enough that breaking conventional setup for the first time in France "flexicurity" and everyone wins.

What is the menu of your negotiations with the unions in the second half?

The priority in the coming days is to implement the employer-union agreements in the first half of youth employment. We will also continue negotiations on the value and the modernization of the peer. We will also discussions on the social well-being at work and professional equality between men and women, in which we will include paternity leave.

What is your strategy to get your ideas during the presidential campaign?

In 2007, we published a book, Need air that marked the campaign.We prepare "Need air 2" due out in early January. "Need air 2" propose structural reforms but also bring a great European project. Some time ago, it happened that I meet entrepreneurs who admitted to having voted no to the Maastricht Treaty, now I see those same business leaders confident, enthusiastic and ready to move resolutely towards European federalism economic and social development. France will remain in France if and only if Europe is united, united and powerful.

The denunciation was on a roll. While in Britain the government call the citizens to denounce the rioters, Greece, reports of suspected fraud to the Treasury affluent than ever. The local fraud squad has received 18,500 disclosures in 2010, against 4500 last year and 4,000 in 2008. The trend continues since 7500 reports have been recorded in the first half. In most cases, these phone calls or emails denouncing anonymous traders who have "failed" to issue receipts or the liberal professions (doctors, lawyers …) not issuing receipts.

Unpunished for decades, tax evasion is now seriously disputed by the authorities, under pressure from the EU and the IMF.In turn, the Greeks, hard hit by the austerity plans, are becoming more willing to report those who do not respect the rules of the game, however, they take care: this is almost twenty-five centuries of Athenian democracy suffered a lot of sycophants. These informers professionals who enriched themselves through their charges, have contributed to the decline of Greece.

After the European Central Bank (ECB), it's time for the U.S. Federal Reserve (Fed) to dive into the arena. The Central Bank of the United States met on Tuesday FOMC's Monetary Committee. Supposed to be, usually, a meeting classic, this appointment has turned the eyes of the financial world in crisis meeting. It is indeed the first time the Fed meets in public since the beginning of the financial crisis and especially his first public speaking since the deterioration of the financial rating of the United States by Standard & Poor's.

Not surprisingly, it has maintained its key interest rates between 0% and 0.25%. However, she said that this policy would be extended "until mid-2013," sign it receives considerable stress on growth. In fact, she says, "the risks to the economy rose" and growing "considerably slower than expected."

Other measures

"The Fed is playing a tough game with the words, it must show it is taking the situation seriously, without making too much not that the markets are worried about a return to recession," said Philippe Bruneau, Director central bank Neuflize OBC. For the latter, "the only good news for the current crisis is the drop in oil prices, which dropped below the 80 dollars a barrel after reaching $ 115 in the spring. A decrease of $ 10 is equivalent to 0.3 percentage point of growth in addition to the United States. " It is not certain that the message of this evening of the Federal Reserve reassured. Especially since three members of the Monetary Committee voted against the decision to keep rates from 0 to 0.25% until 2013.Evidence that the division now also prevails in the central bank.

Taking note of the slowdown in action, the Fed said "consider further steps to promote stronger economic growth." But without saying more. "Ben Bernanke was forced to send a message to investors and told them that he will continue to support the price of U.S. government bonds, weakened by the S & P's decision," said Antoine Brunet, director of AB Markets.But by not precise commitments, Ben Bernanke shows how the scope is narrow to implement this new policy unconventional.

China, the first lender in the United States which it holds more than 1.3 trillion dollars in debt, is fiercely opposed to these measures, particularly in quantitative easing, which is for the Fed to directly purchase U.S. Treasury debt. "To walk the printing press allows the U.S. to go into debt on the backs of low-cost external creditors," a summary of the economists of HSBC. Moreover, "it keeps the dollar at low levels and put pressure on emerging currencies, including the yuan." The Chinese authorities find themselves faced with an alternative: let their currencies appreciate or prevent this movement, which requires in turn create the currency.Action inconsistent with their goal to fight against inflation (see cons below). "In one way or the other, China is losing, 'the experts of HSBC. The previous quantitative easing campaign was very unpopular in China. A new one could cause actual casus belli. With the key threat by Beijing to stop buying U.S. Treasuries.

Concerned about the lack of progress in negotiations on the ceiling of U.S. debt, equity markets began the session in the red. After completing the session Friday without any real conviction, the Dow Jones lost 0.51% to 12,616.64 points, the Standard & Poor's 500 index 0.84% ​​to 1333.72 points and the Nasdaq 0.94% in 2832 , 06 points on Monday at the opening.

If the euro reached an agreement, the United States they still fail to agree on the ceiling of the debt. Crucial negotiations remain stalled between the Democratic allies of President Barack Obama, the Senate majority and their Republican opponents, who control the House of Representatives.If politicians on both sides do not agree by August 2, the maximum allowed rise of U.S. debts, the government of the world's largest economy may be in default.

In Europe, since the announcement of a new device to try to save Greece and avoid contagion of debt to other countries considered fragile in the euro area, the rating agencies make known their position on the plan, the highly anticipated reactions, since some aspects of the agreement threatens to put Greece under default. According to Fitch, as of Friday, decided that Greece was in partial default, Moody's downgraded three notches this morning note the country of Caa1 to Ca, one notch from the default.

New pressures on gold

Sign of renewed concern about the market, gold, traditional safe haven climbs to new highs.The ounce has risen to over 1620 dollars, while the stalled discussions on the United States raising the ceiling of U.S. debt exacerbated the nervousness of the markets. The price of an ounce of gold rose to 1624.07 dollars on the spot market in early Asian trade, a new record.

On the foreign exchange market, the dollar is penalized. The euro is rising against the greenback to 1.4375 dollars in late morning. Oil is also down. In morning trading, a barrel of "light sweet crude" for August delivery lost 1.08 dollars to 98.79 dollars. That of Brent North Sea crude for September delivery lost 60 cents to 118.07 dollars.

First estimate of GDP for the second quarter Friday

On the macroeconomic front there is no any major indicator on the agenda of U.S. investors on Monday.Things should accelerate in the coming days with the highlight of Friday, the publication of a first estimate of growth in the United States for the second quarter, the analysts of the firm IHS Global Insight provides "very disappointing" .

Other statistics will punctuate the week.Tomorrow investors monitor the index of consumer confidence and new home sales and durable goods orders Wednesday and the economic report of the Central Bank (Beige Book) and Thursday the promise of home sales and last Friday of industrial activity in the Chicago area.

Another wave of corporate results to follow

The side of values, the U.S. conglomerate United Technologies is planning a partial sale or other "strategic options" for a subsidiary specializing in rocket engines, Rocketdyne, according to the pattern of this activity, Jim Maser, interviewed by the Wall Street Journal .

Citigrop announced the sale of Egg Banking subsidiary, specializes in mortgages and savings, UK Yorkshire Building Society, announced last Monday.

Dow Chemical has announced its formation of a joint venture named "Sadar Chemical Company" with Saudi Aramco.

For its part, Netflix is ​​in talks with DreamWorks Animation to obtain exclusive rights to its catalog of streaming movies, according to Bloomberg.

Research In Motion plunges him 1.7% after a detailed cost optimization program, which includes 2,000 job cuts.

In addition, financial publications are still very many this week. Kimberly-Clark fell back 0.4% in early trade.The manufacturer of tissue paper, has already announced that its earnings per share for the year could end up in the bottom of the expected range.

Baker Hughes said it more than tripled its earnings in the second quarter due to increased drilling activity in the United States, which has also benefited its two major competitors in the oil services sector, Schlumberger and Halliburton.

Among the values ​​of Dow Jones, the retailer Wal-Mart, the aerospace group Boeing, the consumer group 3M, DuPont chemist, or the oil ExxonMobil and Chevron.

So far, the vast majority of large U.S. companies posted higher profits than expected in the second quarter, particularly in the technology sector.

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"Solidarity must play full for farmers," pleaded Monday morning on France Info on Agriculture Minister Bruno Mayor. To help farmers facing exceptional drought, the Minister urged all stakeholders in the agricultural sector to mobilize, while ruling once again assuming a tax drought. "It is too early and I do not think this is the right solution," the minister justified. Such a tax had been especially set up in 1976, during a previous episode of drought.

"Farmers are suffering from liquidity problems and nutrition. Bankers and insurers should play the game The Agricultural Social Mutalité may make deferrals premium, banks can make bridge loans until the European aid to be paid. "As such, the prepayment of certain European aid should give guarantees to banks, thought Bruno Mayor. As for the state, it must take action to "ensure long-term aging in Europe."

"I have therefore asked the European Commission, and I have the support of eleven member states, the creation of a working group on livestock high level in Europe to identify the structural measures to be taken," said Minister, who will be traveling on Monday in Seine-et-Marne.

Avoid speculation on food animal

Come to scrutinize the contents of contracts for the sale of straw, he also warned the farmers who would benefit from the lack of fodder for livestock offer straw to a predatory pricing. "I want to avoid having to feed speculation when there is drought.Straw today it is 25 euros per tonne, it must not be 40 euros or 60 euros as it exists unfortunately in some areas of the territory, "he warned.

To increase the amount of animal food available, the government had already taken the last week of administrative simplification measures, removing certain constraints on forage. In the Eure, the county government has also allowed farmers affected by drought to mow the shoulders of county roads and get the grass to feed the animals, while Maine-et-Loire has decided to advance the mowing in protected areas Natura 2000. In some regions, animal feed is so lacking that farmers are forced to slaughter animals puvoir failing to meet the needs of the entire herd.

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The global market for live television until May 28, one week critical. In New York, American studios unveil the series of vintage 2011. Buyers of French channels will now continue their negotiations in Los Angeles during the famous "Screening" that are on television what Cannes is to film. The battle to win the best series promises to be intense between channels for a vintage by both the extraordinary volume – production up 50% over 2010 – than the quality. All studios show ten rounds each.

Two major trends: the studios back to the series feuilletonists, that is to say that the episodes "does not close," leaving the viewer unsatisfied.Moreover, after the medical drama "tired and kind policeman who remains a safe bet, it is the comeback of comedy and especially of the supernatural. According to a market expert, "Hollywood continues to search for the successor of Lost." Like Warner offering Alcatraz series that depicts the disappearance in the 1960s, prisoners from the notorious prison that recur in 2011. Fiction is the second lighthouse Person of Interest, founded by Jonah Nolan, screenwriter of The Dark Knight. It features a former CIA agent paid by a billionaire to eradicate crime. The Fox studio is shaped with The Finder, a derivative of Bones, but Homeland, spy series written by the father of series 24, and Playboy Club, a sort of Mad Men, about the life of a night club in Chicago in the 1960s.But the big event will be Fox Terra Nova, directed by Steven Spielberg that tells the return at the age of dinosaurs in a scientific team to correct environmental problems. The pilot cost more than $ 20 million for a series whose cost is estimated at 200 million.

"A new stock"

For its part, Disney has "the largest inventory of new features." The succession of Desperate Housewives is assured with Good Christian Belles, written by the creator of Sex and the City. It will also count with The River, a supernatural series also produced by Steven Spielberg, written, directed and filmed with a handheld camera by the authors of paranormal activity, the movie event of 2010. Missing Finally, a feminine version of Luc Besson's Taken, is eagerly awaited.NBC, four major events are presented with SMASH, a sort of Glee adult, also produced by Steven Spielberg and devoted to Marilyn Monroe. Riding on the success of Inception, one of the most successful of Warner, NBC Awake propose that the universe is very close.

Finally, Sony has the remake of Charlie's Angels, called Charlie's Angels. The studio spent $ 10 million for the pilot. Finally, in the wake of his teacher Martin Scorsese, Robert De Niro starts with CBS in the series with Rookies. Enough to blow the auction.

No surprise decision. The European Central Bank (ECB) kept interest rates unchanged Thursday at 1.25%. President Jean-Claude Trichet implicitly excluded a rate hike in June. He did not mention the "high alert" of the Central Bank, usually a speech announcing the increase in borrowing costs next month.

In contrast, the ECB president said that the Governing Council will continue to monitor "very closely" developments "regarding the upside risks to price stability." "It is likely that inflation will remain well above 2% in the coming months," he said. This surge in prices "is confirmed because of oil prices," said the central banker.

This vocabulary suggests, according to analysts, the likely rate rise in July."If such a decision is uncertain, admits Chris Williamson, economist at Markit, it seems very likely, especially considering the latest economic data fast cash without a hassle."

Monetary policy remains "accommodative" in the words of Jean-Claude Trichet, economists expect the ECB to take its revised outlook to raise rates in two months. "Increasing rates twice in succession with a delay between the two, only two months, could have panicked the markets because of the aggressiveness of such a policy, analysis Ken Wattret, chief euro zone economist at BNP Paribas. "It would have been even greater rise in the euro against the dollar."

The ECB president also hammered a debt restructuring Greek is "not on the agenda." Contradictory statements about it are increasing in the euro area.

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The well-honed timing of Apple, which saw the last three years the presentation of a new generation iPhone around June and its marketing in the following weeks, is about to shatter. By the end of April, Apple will launch its two U.S. carriers with partners, AT & T and Verizon, a new model of the current iPhone, says Bloomberg, based on testimony from three sources familiar with plans the company.

The model in question is well known. This is the iPhone 4 white, presented at the same time as the black model, which was originally scheduled to be launched in June 2010. Because of engineering difficulties, this release has been delayed for nearly a year. Apple was unable to obtain an opaque white and uniform, because of the heat on the back of the unit.In addition, pictures taken with flash turn out poor quality.

This information on the release of the iPhone 4 White arise while developing its next version remains shrouded in mystery. According to a note from an Avian Securities analyst, who spoke with component suppliers, mass production will begin in September. The iPhone 5 could integrate a larger screen, the same processor as the iPad A5 2 and an NFC contactless payment. It would be followed later this year or early 2012 with a declination of entry, an "iPhone mini" J. Avian Securities.

The iPhone catches up with Android

Meanwhile, now is a white model who will support sales of the iPhone 4.While most manufacturers have released since the beginning of a new more powerful models, Apple does not oppose them so that a simple variation of color on camera as it prepares to celebrate its first anniversary. This competition is very fierce, it also nibble market share. In one year, the share of Android in the smartphone in France jumped from 4 to 23%, according to data from comScore, the iPhone when it hovered around 30%.

Apple however, has not only on hardware to differentiate the iPhone from other phones, recalled last week's analyst Robert CIHRS, Caris & Company's. The software plays such a significant part. If the date of the iPhone 5 remains uncertain, the California company announced it would present early June at its annual developer conference, the latest IOS, the operating system on his phone.This could include a remote synchronization, wireless, telephone with computer and data storage on Apple's servers.

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