Daily International Headlines

On Wednesday morning, the downward pressure on the euro regain the upper hand against the greenback, the single currency will trade around 1.4030 dollars against 1.4118 on Tuesday evening. In addition to a movement of profit taking after a rebound from the previous day – business confidence in Germany was well back, reassuring investors – "fears about the debt crisis of eurozone worsen ' says Saxo Bank in its daily note. Evidence of these serious concerns, "the rate two years Greeks have strained to reach record levels 25.736%." It must be said that the question of a possible restructuring of the Greek debt continues to generate controversy.Warnings against this possibility continue to multiply like the statements of members of the European Central Bank (ECB), European finance ministers, or even that of Christian Noyer, governor of the Bank of France saying it would be a "horror scenario".

Thus, the euro is on the verge of crossing the bar down $ 1.40. On Monday, the euro fell briefly below before rebounding. The currency suffered threats from rating agencies like Standard & Poor's that put a negative outlook on the rating of Italy, or that Fitch downgraded three notches note of the long-term debt of Greece, and monitor indicated that of Belgium. In addition, in Spain, the protests continued and the elections that went wrong for the Socialist Party in place, have fueled concerns about contagion cases Greek, Irish and Portuguese."As long as the debt crisis concerns only these three countries in the euro area, which weigh about 6% to 7% of its GDP, it is relatively manageable, felt Bruno Cavalier, chief economist at Oddo Securities. If it extends to Italy and Spain, it will be any more ".

Earlier this month, the euro had risen to nearly $ 1.50. Thus in twenty days, the currency has depreciated it by 6%. What, finally, is a pretty good news for European exporters in general and French in particular. These companies are suffering because of the level of the euro currency deemed "too strong", including Nicolas Sarkozy, faced with foreign currency (dollar, yuan, etc..) Pushed down by the local monetary authorities.

The euro, however, could see its downtrend settle or even reversed as speculation about a future rate hikes by the ECB resurface.However, a tightening in June seems excluded, as was suggested by President Jean-Claude Trichet recently.

• The Swiss franc receives record against the euro

Decline of the euro requires the Swiss franc appreciates mechanically. The Swiss currency rose to 1.2323 Swiss francs per euro on Wednesday morning, a record. Earlier this month, the exchange rate was worth around 1.30 (when the rate euro / Swiss franc drops, the Swiss franc rises), an appreciation of 5.7%. A year ago, it was more than 1.41 (+13% yoy) and three years ago, the euro was trading at 1.65 Swiss francs (+25%).

"The Swiss franc remains the strong currency on the market for foreign exchange, to the despair of many companies and sectors" Swiss exporters, estimated in a note to analysts at Pictet.For the latter, the franc could rise "soon" the bar of 1.20 francs per euro in a volatile economic environment. "The strength of the franc could weigh on economic recovery," said the State Secretariat for Economic Affairs (Seco) said in a statement.

• Belarus devalued its ruble by 36%

Another milestone this week, Belarus, facing a major financial crisis, decided to devalue the ruble by 36% to align the various courses in force in the country, according to a statement from the Central Bank on Monday. From May 24, the official exchange rate is fixed to 4930 Belarusian rubles to the dollar and 6914.82 rubles per euro, down from 3,155 Belarusian rubles a dollar before and cons of 4 516.38 rubles per euro.The dollar has appreciated by 56% as compared to the Belarusian ruble.

Belarus, a country in Eastern Europe led by Alexander Lukashenko in power for nearly 17 years, is sealed by an abysmal trade deficit, and sees its foreign currency reserves will reduce to a trickle.

• The yen is benefiting from a trade deficit less worse than expected

The Japanese currency has recovered slightly against the dollar after the announcement that the Japanese trade deficit was less than expected. Japan posted a trade deficit of 12.5% ​​yoy in April – the highest in 31 years – because of the consequences of the earthquake and giant tidal waves on 11 March. The deficit reached 463.7 billion yen ($ 5.6 billion) in April, against a surplus of 729.2 billion yen a year earlier. But it is much lower than the expectations of the markets. They anticipated 700 billion yen.

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A "groundbreaking study and scientific." Alliance, the second union peacekeepers, and the CNRS announced Friday the launch of an extensive survey of the 120,000 police officers on their working conditions, "stress" and "management". The study, entitled "Management and Well-being at work in the police" in a context of "working conditions are considered difficult" to police, said Mathieu Molina, the lead researcher at CNRS , referring to a "dangerous job".

Originally the project: Researchers from CNRS at the University of Toulouse / Capitol 1.They have asked the union so that the "investigation is widely distributed to police, including through its network of 4,000 trade union delegates, said during a press conference Molins Mathieu and Jean-Claude Delage, secretary general the police union.

According to an unpublished study by the National Institute of Health and Medical Research (INSERM), conducted at the request of the Ministry of Interior, the rate of suicide in the police community is 32.4 per 100,000 workers. A figure almost twice that recorded at France Telecom.

"A first in the police"

The police will respond anonymously on the Internet to a series of some 250 questions about their "working conditions", the "stress" or the "feeling of coaching."They will be asked about their environment "sometimes hostile," the "media pressure", the "workload", and the service weapon, but not direct, the "political figure". "If it appears that it" arose from the policy outcome driven by Nicolas Sarkozy when he was interior minister, "is an element terminated by our colleagues, we will know," said Jean-Claude Delage.

In the number of responses expected, Mathieu Molins argued that some 5,000 responses would be a "good sample". The target for the police union is to draw lessons in order to then make "concrete proposals" to the Ministry of Interior. The results of this new survey are expected in January 2012, a few months before the presidential election.This will "also ask candidates," said Secretary General of the police union.

"This is a first for the police," added Jean-Claude Delage. And it concludes: "The police will have to (this) level the opportunity to express themselves confidently (…) and make known their views on the current situation in their services."

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In early spring, a group of experts from the European Union and the International Monetary Fund is once again in Athens. For a week they will examine the preliminary draft budget triennial Greek (2012-2015), which will be unveiled at the end of the month and includes estimates for large departments, linked to continued structural reforms.

The fifth installment of the loan of 110 billion euros granted by the IMF and the EU is not directly involved this time. But the enforcement of austerity measures remains a priority for creditors became suspicious. And for good reason: the Greek government has revised upwards its deficit for 2010.The figures will be formalized by Eurostat on 26 April, but already, George Papaconstantinou, the Greek finance minister, admits he will not but at 9.4% to 10.6% of GDP.

Privatizations

For Yannis Stournari economic think tank IOBE, "from 15 to 10.6% of GDP deficit in one year is a good thing. But the government will soon be at an impasse if not privatize as quickly as some public enterprises, "he warned. The impasse is the debt restructuring, but the EU still denies such a possibility.

Meanwhile, international creditors imposed on Greece a privatization program of 50 billion euros by 2015, "which is entirely possible and desirable," says Yannis Stournari, "but we need the Prime Minister change in philosophy.The Greeks are bled dry by the rigor, and they said they will soon have more taxes and more cuts than revenue payday advance. Only the stimulus will help them relax a little. " Indeed, the announced new austerity measures by the end of the year, in order to save 4.2 billion euros, angered and worried the Greeks. If they show less and less in the streets of the country, many of them strikes multiply the zeal and slow pace of work. Others simply give up.

In 2010, more than 55,000 businesses have gone under the door and the Forecasts for 2011 are not encouraging. To counter the recession, the Greek government decided to facilitate business creation. "Until now, to create his company, he had to go to eight different administrations and wait over a month.Some would even give a small envelope to the employee so that his case should take less time, "says Akis Skertzos, political advisor to Minister of Development. Personally responsible for coordinating this initiative, he is confident of his success: "Now it takes an hour and only one place to start his business. This is not a matter of time, it is also an effective way to fight against corruption and in fact against tax evasion, since the system is connected directly to the Ministry of Finance, "adds it. Greece hopes to move from 149th to 83rd in the standings, which measures countries according to ease procedures for new businesses.

The case cringe to the intervention group of the Gendarmerie Nationale (GIGN). Reportedly, Air France, which has three models of new Airbus A380s and nine on order, has not equipped its aircraft of an option may favor intervention gendarmerie forces in the event of a terrorist attack and intervention on the tarmac of the airport.

This system, called "Cabin Video Monitoring System (MSVC), appears in the catalog of options from Airbus. It is a network of fifteen cameras placed in the cabin and cockpit. The images are not accessible to ground when the aircraft is in flight. However, in case of hostage taking and intervention GIGN, the troops can connect external cameras on the camera, see inside the cab and estimate the forces involved and their location on board.The new tool facilitates the preparation of the attack. "We developed this option at the request of the GIGN which sought information on what happens on board," said an executive of Airbus interviewed by Le Figaro. Some discretion is in order from the manufacturer about customers who bought this security system. Four more airlines operate the A380 in the world: Singapore Airlines, Emirates, Qantas and Lufthansa. Several of them would have to equip their aircraft system MSVC.

"Respect for private life"

GIGN at home to Airbus, it is indicated that the national carrier could not purchase the option with respect to an outcry from trade unions to aircrews. They did not want staff to be filmed without his knowledge. This information is not confirmed by Air France or by its unions."This safety feature is linked to an option of personnel management in the cab of the vast apparatus, said one part of Airbus. With these cameras, it is possible to know where staff on the plane. The security system is a derivative of the first option cheapest personal loan rates. "So it is impossible for the manufacturer to install the cameras if the client has not previously ordered the option of Personnel Management.

The Civil Aviation Organization (ICAO) has mandated a system called "CDSS" (Cockpit Door Surveillance System) team today Air France aircraft and those of its competitors. It consists of a video surveillance system for access to the cockpit. But the authority has not made mandatory the MSVC.A member of GIGN noted that "this option facilitates a transaction and it is ironic that foreign companies that buy MSVC developed through cooperation Airbus GIGN. Asked by Le Figaro, Air France said it did not adopt this system "out of respect for privacy and confidentiality of passengers, as well as respect for the work crews." The company also recalls that she "has other means to ensure its passengers and its crew the highest flight safety." "Air France did not buy the material but does not present a deficit of security, confirmed a spokesman for the GIGN.The company meets all ICAO standards and is well equipped to face the terrorist threat. "

If the debate seems settled for now at Air France about MSVC, the question may nevertheless stand as the equipment will now be offered by Airbus on all new generation aircraft. Boeing did not propose at this day as a safety feature. For drivers, the case is heard. "We do not want these cameras that could give rise to records and be used in case of accident, said a member of the Technical Commission of the National Union of Airline Pilots (SNPL). Justice is often an illegitimate use of the images obtained through the investigation of air safety. "

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Thirty minutes. This is the time it took to Switzerland to request a freeze on assets of 11 individuals Mubarak and Egypt immediately after the regime fell, Friday, Feb. 11. With "immediate effect", was held to clarify the Ministry of Foreign Affairs. In that game, the Swiss Confederation was the fastest. One way for it to improve its image, then drag it a tax haven.

But half an hour, it was already too long. Hosni Mubarak would have prepared the disappearance of its funds for almost three weeks, according to sources in the Anglo-Saxon intelligence cited by the British newspaper The Telegraph. Half an hour is also a time that will seem silly in the end if legal proceedings are initiated: they may take years.Where appropriate, "it will indeed Egyptian state to prove the fraudulent origin of the funds, not to ex-Egyptian leaders to demonstrate their good faith," said Thomas Chappot, NGO Berne Declaration.

Switzerland has yet voted in an emergency last year a new law supposed to facilitate the return of illicit assets looted States. Bern wants to avoid any repetition of the scandal Moboutou: Swiss justice had restored the fortunes of the bloody dictator of Zaire to his heirs. Alas, the new law, applied since February 2, should not apply to Egypt or Tunisia. It targets only those States considered delinquent.

The British detectives on the trail

European countries have sought for their part expect the demand for new Egyptian authorities to act. These do they have sent on Monday targeted a list of ex-officials of the deposed regime.The ex-Rais and his family are not there. British newspapers reported Sunday, however, that the financial sleuths had already begun investigating the secret funds of Mubarak.

In the case of France, it was only late Tuesday morning that the Egyptian property were formally placed under surveillance. A decision is not binding. Specifically, the body of financial intelligence Tracfin asked financial institutions to pay special attention to the assets of "senior Egyptian officials and politicians, including President Hosni Mubarak."

In theory, banks are always on the alert. So, a source close the file, it said on Monday afternoon, well before the official announcement that the funds were under Egyptian supervision, as well as those of "politically exposed persons" in general Internet Payday loans.Clearly, the former Egyptian leaders do not receive special treatment.

If Gbagbo

Under EU procedures, out of the banks financial investigators warn in case of suspicious movement. NGOs as Sherpa or Berne Convention would have preferred that the states agree to unilaterally block the assets and those of Mubarak Ben Ali. "The Security Council of the UN or even the EU could make such a decision," says Maud Perdriel-Vaissière, the Sherpa Association. "They did well in the case of the former Ivorian President Laurent Gbagbo."

We must not lose sight of the ultimate goal, she said: "Part of the funds acquired illegally by the former leaders must be returned to the States made victims." The previous legal proceedings conducted in Europe do not encourage optimism.In Switzerland, the assets of former Haitian dictator Jean-Claude Duvalier, known as "Baby Doc", have been frozen for a quarter century without having been given back to the State robbed. In France, the case known as "ill-gotten gains" to the old African dictators, is stalled.

"A lot of friends" in the Gulf

The fact is that the assets of Mubarak and Ben Ali are probably not located in Western countries. "I am skeptical about the return of misappropriated funds to Tunisia or Egypt: Most Arab leaders have placed their money in the Gulf, where they have many friends," said Christopher Davidson, a specialist in Arab world and professor at the University of Durham.

For example, the Egyptian property is located in Switzerland would amount, according to the Swiss Central Bank, to 3.6 billion Swiss francs, or 2.7 billion euros.Impossible at present to know who they belong, or even if they are illegal origin. This amount seems very low compared to the fortune that Mubarak is accused of hoarded. Estimates range between 3.5 and 47.8 billion euros. According to economists at the NGO Global Financial Integrity, the Egyptian capital flight represented an illegal outflow of $ 57.2 billion, or 42 billion euros between 2000 and 2009.

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We do not accept a contract of life insurance to invest money for a few months, for sure. Insurance rhyme first with long-term. But life is not always smooth sailing and sometimes it becomes necessary to dip into these savings before time. For additional income or in case of hardship, the savings invested in life insurance is available. How? Two little known options can help you out while preserving the priority of the contract (nothing changes in the taxation of the contract) and the ability to make further payments.

Perform a partial redemption: a smaller tax over time

The withdrawal (or buy) allows you to create regular income. It includes some "savings" and some "interest or capital gains."It is the latter which is only subject to payroll taxes (12.3% since 01/01/2011) and the income tax or a standard deduction amount varies depending on the age of the contract: 35% if less than 4 years and 15% if between 4 and 8 years (*). Past 8 years, interest is not taxed, if less than 4600 € / year for a single person and less than 9200 € / year for a couple filing jointly. Better to book this type of operation to the "old" contracts and verify each year that the exemption limit is not exceeded.

Advance, neither tax nor social security contributions

The advance is a specific need and limited in time payday loans. It's actually a loan made by the insurer on the available savings, which also continues in its full, grow as if nothing had happened.The advance may not exceed 80% of savings invested in a vehicle in euros by example and must be repaid within 3 years of receiving payment (these terms must be included in the general conditions of each contract). Cost or interest rate is the average rate on government bonds plus compensation insurer (+0.50% to 1%). The advance, which is an advantage, is not considered by the IRS as income or capital gains: there is no tax or social charges payable on the amount received … provided that it is actually repaid.Otherwise, it will be reclassified to withdraw, with the tax applicable to them!

(*) There is tax exemption, regardless of the duration of the contract in the event of termination, liquidation, severe disability, etc..

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The positive publications continue on Wall Street. After Alcoa, Intel's announcement on Thursday of results above market forecasts. World number one microprocessor has reported a net profit of $ 3.4 billion in the fourth quarter 2010, up 15% over the third quarter and 48% in one year. Brought into action, earnings reached 59 cents, well above the 53 cents expected. Turnover for the period is 11.5 billion dollars against 11.37 billion expected by the market. Operating income was $ 4.3 billion, up 74% year on year.

In 2010, the group posted net income of $ 11.7 billion, up 167% year on year. In action, it reaches $ 2.05, well ahead of forecasts of $ 1.99. Turnover jumped 24% year on year to 43.6 billion dollars.Finally, operating income climbed 179% over 2009, to 15.9 billion.

Optimistic, Intel aims a turnover within a range from 11.1 to 11.9 billion dollars in the first quarter of this year, thanks to increased investment in IT. Again, it's more than 10.73 billion expected by analysts. "2010 was the best year ever from Intel. We believe that 2011 will be even better, "said Group Chief Executive Paul Otellini.

On Wall Street, the title jumped 2.21% to 21.75 dollars in after market exchanges.

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In Las Vegas

The U.S. giant on Wednesday presented at the Consumer Electronic Show in Las Vegas (USA) an extensive range of touch-screen laptops and a large touch screen. A thinly veiled response to Apple iPad, never pronounce the name.

Among the products using this new version of Windows, there was the latest in Acer, called Dual Touch. This is a brand new laptop generation, including two touch screens. The second screen can be turned into a virtual keyboard, but the main advantage of this unit is to provide a touch screen surface "unprecedented", with an optimized interface between the device and operating system (Windows), promises Steven Sinofsky, president of the Windows and Windows Life. An optimization that also involves a version of Windows less memory-intensive than its cousins of the past.An enhancement that allows both to boost the capabilities of the machine while minimizing energy consumption.

Heavy-duty screen

Another novelty, "Slader, a computer halfway between laptop and tablet. It can be used simply using its touch screen, but the Nostalgic keyboard "hard" will not be disoriented. The machine has indeed a keyboard that slides under the screen, like that proposed by some smartphones. There is also another screen that lets you work with a pen, rallying to the technology potential of the Palm nostalgic.

Anguilo Michel, vice president of the Windows Hardware planing, did not hide his pleasure in unveiling the largest touchscreen existing, developed in partnership with Samsung. Its applications are mainly professional.It can be used both as a table in a restaurant "resisting the fall of a bottle of beer (sic)," Michel Anguilo promises to create an atmosphere that customers can modify, or in a less playful. Thus, the Royal Bank of Canada allows its customers to run simulations of loans or investments in its agencies, simply by touching the big screen with your fingertips.

Seven years after his arrest, the former boss of the Yukos oil empire, the former first fortune in Russia, Mikhail Khodorkovsky, was once again sentenced Monday by judges in Moscow to oil theft. He could spend 14 more years in a Siberian prison. Reading the sentence is likely to last several days or weeks. For many Western observers, it is not justice, but hard.

Trace the sources of the Yukos affair is to dive back into the business troubles of the early 2000s. The Russian president then and now Prime Minister Vladimir Putin establishment, explains its power when the Kremlin and extends its influence in economic circles, after the disintegration of the Yeltsin era.

Hunt oligarchs

Opposite him, the new lords of the business is called Roman Abramovich and, above all, Mikhail Khodorkovsky.The latter was offered Yukos in 1995 by Boris Yeltsin in appreciation of the financing of his campaign. Vladimir Putin first agrees with the favorite of the former president. Before targeting in the context of a highly publicized hunt oligarchs.

The boss of Yukos did not have cold feet. He dares to attack directly to Putin at a meeting in the Kremlin in 2003, criticizing the corruption endemic. Putin asks him to skip a beat if he himself is up to date with the taxman. In the process, a tax investigation is launched against Yukos and relatives of the oligarch stopped. On 25 October the same year, Khodorkovsky is in turn arrested for fraud and tax evasion on a large scale. Justice seizes Yukos shares for, "she said, fund future fines. Panic on the markets. Foreign investors are running scared.

Dismembered Yukos

The Russian government does not stop there and leads to the dismemberment of Yukos head and judicial office against his boss. In 2004, the company's assets are frozen. Rosneft, controlled by the Kremlin, has recovered the jewel of the group, its production subsidiary Yuganskneftegaz. Meanwhile, Khodorkovsky appears in court. Scoop it finally, in May 2005, 8 years in prison. "My conviction was decided in the Kremlin," he quips.

This is just the first act of the long descent into hell of Yukos and its wealthy patron. In 2006, Yukos was liquidated because he can not repay the 27 billion that the Russian tax authorities require it. In 2007, new charges were brought against Khodorkovsky. This time for money laundering and embezzlement.

Kafkaesque trial

The new trial began March 3, 2009.Kafka's: the former boss ruined (his fortune was largely made up of Yukos shares) is accused, with his right arm, had embezzled nearly all oil production in its group. Production on which he had been accused of not paying tax in 2005. The verdict is delivered this December 27: Mikhail Khodorkovsky was convicted. And even though people close to the Russian President Dmitry Medvedev, who wants the Liberal call for an acquittal.

Why such a hard power against the oligarch? Some see it as a personal vendetta of Putin, or a takeover of business by government officials and the Kremlin. Others interpret the fall of the boss of Yukos as a warning to the oligarchs who want to meddle in politics.

Some will even read the will of Putin to keep the energy sector in the Russian fold, while Khodorkovsky wanted to sell 51% stake to Exxon Mobile. The West has understood a message may be simplistic, but clear, as the formula Lilia Shevtsova of the Carnegie Institution: "Khodorkovsky's conviction showed that the Russian authorities have preferred to bureaucratic capitalism and brutal to liberal democracy. "

From our special correspondent in Seoul, Alexandrine Bouilhet

After twelve hours of negotiations, the G20 Seoul gave birth to a minimum compromise on the currencies, reflecting tensions high between Americans and Chinese on the yuan and the dollar. The G20 called for "enhancing the flexibility of exchange rates," so they "respect better economic fundamentals." So nothing will force Beijing to appreciate its currency more frankly, 40% undervalued against the dollar, according to some experts.

The main points of the final agreement to read here

The Heads of States and Governments promise, however, to "refrain from competitive devaluations." This is a stone thrown into the garden of the United States, accused by the Europeans and the emerging countries to depreciate the dollar to boost their economy.On this very sensitive issue for the United States, the G20 does not go beyond the finance ministers who had declared a truce on the war exchange last month in Seoul.

"Mitigating the risk of volatility"

Ubiquitous in Seoul, the question of the dollar, reserve currency privileges sometimes considered excessive, is approached gently. "Developed countries", says the G20, "including those with reserve currencies"-ed: that is to say the United States-will be vigilant against "excess volatility "exchange rate. "This will reduce the risk of excess volatility induced by capital inflows in emerging countries," said the final communique.

Dear Americans, 20's call to reduce the "excessive current account imbalances," remains very elusive.This is a site for the French presidency of the G20 that will define the first half of 2011, with the help of the IMF, "indicators" to judge whether a surplus or a current account deficit is excessive. "It will not be easy, believe me," conceded Nicolas Sarkozy. Refusing to reduce its current account surplus to deficit countries like the G20, Germany is already in ambush on this issue.

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