Daily International Headlines

After Ireland and Portugal, Iceland could be the third country to experience a major diplomatic or political crisis, directly resulting from the economic and financial crisis of 2007 and 2008. On Saturday, some 230,000 Icelanders go to the polls have indeed voted in a referendum against the agreement Icesave, the name of the online banking subsidiary of Landsbanski, the second Icelandic bank nationalized in 2008 after going bankrupt.

Since March 6, 2010, the date of an initial consultation, the question arose on the repayment to Great Britain and the Netherlands of compensation paid at the time of their nationals Icesave victims (about 340,000 savers). Totaling over $ 3.9 billion. A financial burden that Icelanders have refused to take in view of the first results of the referendum held Saturday, April 9.

"No problem to solve our debts"

According to figures virtually definitive, non prevail widely, with 59.1% of the vote, against 40.9% of voters in favor of yes. Certainly, the rejection is much less massive than a year ago, Icelanders have been 92% to vote against the assumption by the State for damages caused by international private banks. However, the consequences seem equally or even more complicated for the government in place since 2008. Iceland had indeed engaged in December last year to repay the Netherlands and Great Britain, all amounts advanced to their injured citizens.To plan would run from 2016 to 2046.

Already, even before the final election results, the Dutch Minister of Finance Kees Jan De Jager said he was "very disappointed" by the decision of the Icelandic people do not accept the agreement between the three countries to try to resolve a situation that has become almost inextricable. For British and Dutch side, no question that the matter ends there, whereas the two countries now that the litigation must be brought to justice.

In London and The Hague, the respective Ministers of Finance are studying the possibility of litigation to settle the case before the EFTA (European Free Trade Association). A first procedure had already been initiated by the Netherlands to that authority, then stopped to allow the three countries to negotiate the terms directly agreed.With the refusal of the Icelandic people Saturday "the negotiation stage is over" said Niels Redeker, spokesman for the Dutch Ministry of Finance. He thus echoes the English Treasury number two, Danny Alexander, who considers "disappointing" that the negotiated settlement with Iceland is either resulted in a release.

"No problem to solve our debts"

Therefore, the EFTA will resume in the coming weeks the record in hand. And Iceland may be worried because the authority was already acknowledged in 2010 that the amounts claimed by the Netherlands to Iceland and they were well due. The arrival of the United Kingdom in the proceedings, which examined the possibilities Sunday "to join it" could further complicate the task of the Icelandic government.Because if it believes it has "no problem to pay its debts" in the words of Steingrimur Sigfusson, his Finance Minister, is it always that the Icelanders are still refusing to pay the slate of private banks. More for foreign citizens. Therefore politically difficult to Reykjavik to meet its promises after two resounding rejection of his countrymen.

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Green remained in the game this Friday. At the close, the CAC 40 gained 0.63% to 3810.22 points and has recrossed the threshold of 3800 points, dropped Tuesday. For the week, the benchmark index of the Paris Bourse has still lost 3% (-3.02% exactly).

Elsewhere in Europe, the same movement today: the DAX index of the Frankfurt Stock Exchange took 0.11% to 6664.40 points, while the London Stock Exchange rose by 0.39% to 5718.13 points. Over the last five sessions, they gave respectively 4.32% and 1.88%.

This general relief at the weekend followed the decision of G7 finance ministers to intervene to halt the yen. They announced their decision to conduct a joint intervention on foreign exchange markets in response to the steep appreciation of the yen in recent days.The yen hit on Wednesday its highest level since the Second World War!

Hand disorders in the Arab world, Libya announced a cease-fire while the UN was prepared to launch a military intervention. The Libyan withdrawal had a calming effect on oil pressure. The black gold is still beyond 100 dollars a barrel in New York.

No increase in Fukushima

Finally, operators learn with relief that the Japanese nuclear situation has not deteriorated. As pointed out by the IAEA, the situation remains worrisome in the Fukushima plant, but it has not worsened since Wednesday.

On the currency markets, the euro continues to gain momentum against the dollar: the currency was trading at about 17.30 1.4164 (1.05%).

Side indicators, the day was relatively calm.The producer prices rose 0.7% in February in Germany, a figure slightly higher than expected which feeds the fears of accelerating inflation in the first euro zone economy. According to figures released Friday by the Federal Office of Statistics, the annual increase stood at 6.4% after 5.7% in January.

Notice also that the euro area recorded a trade deficit in January increased over the same month a year ago and higher than expected, Eurostat said Friday.The trade balance for the euro area showed a deficit unadjusted 14.8 billion euros in January, following a deficit of 0.5 billion euros in December 2010 and a deficit of 9.7 billion euros January 2010.

Lafarge viewfinder S & P

Lafarge: + 0.85% to 41.41 euros

The rating agency S & P lowered its rating on the cement to "BB + / B 'with stable outlook.

NicOx: + 8.01% to 2.35 euros

NicOx signed a license agreement with Ferrer for Spain naproxcinod (cons osteoarthritis drug), which remains subject to approval in Europe of treatment. To date, naproxcinod has been authorized in any market.After watching this Retoque treatment by U.S. health authorities (FDA) last summer, NicOx announced its intention to seek licensing agreements in Europe and the world

EADS: + 0.92% to 19.24 euros

Airbus was the first indicted Thursday for manslaughter in connection with the investigation into the crash of Flight 447, Rio Paris, which had been 228 casualties on 1 June 2009. In addition, the helicopter manufacturer Eurocopter has announced yesterday the construction of a new plant in Mexico to an investment of $ 550 million (390 million).

Societe Generale: + 2.18% to 46.43 euros, Crédit Agricole: -0.53% to 11.22 euros, BNP Paribas 0.48% to 52 euros

Banks react little to assumptions for new tests of resistance in European banks, unveiled by the European banking supervisor.The new criteria are nevertheless considered "more severe" than in the previous year which had been criticized for its laxity.However, contrary to what she had planned earlier this month, the European supervision of banks (EBA) has not published the list of establishments that would be subjected to these tests.

Renault: 1.52% to 38.14 euros

Thursday, after an interview with Carlos Ghosn, CEO of the automotive group, Christine Lagarde, Minister of Economy and Eric Besson, Minister of Industry, reiterated a "thorough audit" had been requested on this matter " to identify the origin of recently observed failures within the company. "

NRJ Group: 4.02% to 7.50 euros

The group reported a turnover up 4.1% to 343.6 million euros, while net income group share was increased fourfold to $ 32.3 million euros.

Sodexo: -0.60% to 48.14 euros

Its U.S. subsidiary has filed a complaint Thursday against a civil union Service Employees International Union (SEIU) which it accuses of illegal practices concerning unionization of employees.

NYSE Euronext: -2.31% to 24.92 euros

The proposed takeover of cons-Nasdaq OMX Group is facing a dispute with his partner approached, the IntercontinentalExchange, the Wall Street Journal reported on its website Thursday.

Total: -0.07% to 40.76 euros

Total Petrochemicals is putting into operation a new unit of 50,000 barrels per day refinery in Port Arthur, Texas, said a spokeswoman on Thursday.

Archos: -4.81% to 7.52 euros

The group hopes to double its sales in 2011 and return to profit by betting on the booming market of touch pads, but warned that the Japanese disaster may have affected his production, "said CEO and founder Crohas.

The Department of Housing spoke of the last week, the government will tackle rising rents by taxing the owners too greedy. The subject is delicate. For the Department working on the issue for several weeks, the task is to "correct the excesses without falling into a overregulated. No straitjacket general, therefore, the Secretary of State for Housing, Benoist Appeared, having said all the evil he thought the proposal from the left to frame the evolution of all rents.

Measures in 2012

The owners of rooms are in good contrast in the crosshairs. "Some landlords ask for more than 90 euros per square meter, or 900 euros for a maid's room of 10 square meters equipped with only a water point. "It's totally unfair," he said Thursday Benoist Found in a telephone interview with AFP.To end this situation, it means taxing rents above 40 euros per square meter for areas less than or equal to 13 square meters.

In Paris, the average rental price per square meter is estimated at 23 euros. For large areas – 100 m2 – the average price is around 17 euros per square meter, and he explodes for microhousings, reaching 40 euros on average. "40 euros, it still remains high, but we must find a balance, to prevent the owners meet the maid's rooms into an apartment," argued the Secretary of State freecreditscore.In Paris, there is a strong demand for small housing type maid's room, including from students and people with low incomes, and further more good bedrooms apartment rental stock reduces available.

The provision should be included in the next budget law, the one for 2012.

Price Transparency

In another interview with the newspaper Liberation, and intervention on France 2, Benoist Appeared also said the government would consider sanctions for not complying rented by the Loi Carrez. This law requires the lessor to meter housing. For now the text does, however, no penalty."We will fix it," says the minister who wants a student who rented a 10 square meters to claim a rent reduction if it finds the Carrez surface is only 9 square meters.

Moreover, to improve price transparency in the rental market, the Minister announced the forthcoming launch of an online website on rents "neighborhood by neighborhood" in Ile-de-France, to give "elements negotiations "with people seeking shelter against a greedy owner.

(With AFP)

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The mood is again dismal Monday in the New York Stock Exchange. The increase in U.S. indices will not last long. Wall Street is ironed into the red in late afternoon. The Dow Jones lost 0.89% at 12,062 points, the Nasdaq was down 1.92% to 2731 points and the S & P 500 loose 1.08% to 1307 points. Friday, despite the release of employment figures better than expected, the NYSE has closed down, hit by a new surge in oil prices.

The main concern of investors are the oil. After jumping more than 20% in two weeks, prices of black gold continued to soar on Monday at the opening in New York, prancing to levels not seen since September 2008 face new battles in Libya. "This week is frightening that opens to the oil market," said Phil Flynn of PFG Best.The risk is high with respect to the offer, and what the market tells us clearly is that he does not think the situation will be resolved quickly, "he added.

To 15.10 on the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for April delivery traded at 105.83 dollars, up $ 1.41 from Friday. In London, the Intercontinental Exchange, a barrel of Brent North Sea outdid themselves with identical maturity of 1.27 dollars to 117.24 dollars, approaching its peak of 24 February (119.24 dollars).

Return of the sovereign debt crisis in Europe

Other bad news the sovereign debt crisis in Europe back on the front of the stage.The rating agency Moody's Investors Service has announced that Monday it had lowered the sovereign rating three notches to Greece, Ba1 to B1 cons before, and warned it could further reduce it, due to continuing economic difficulties and risk of default.

On the foreign exchange market, the euro's rebound accentuated. The single currency continued to be driven by expectations of an early recovery of the interest rate in the eurozone. In early afternoon in Paris, the euro bought 1.3999 dollars against 1.3979 on Friday night

On the macroeconomic front, this week promises to be loaded in less economic publication.United States, the week will be placed under the sign of the American consumer with the release of consumer credit for January today, retail sales in February Friday and the preliminary results of the survey by the University Michigan, which is just the beginning of March. For specialists Aurel BGC, "retail sales for the month of February should show up strongly in the light of increased sales in the retail sector and the rebound in new car sales over the period.

Sanofi-Aventis: 0.39% to 35.68 dollars Genzyme: 0.07% to 75.70 dollars

The side of values, Sanofi-Aventis announced this morning that it had extended the offer for all the outstanding shares of Genzyme, for 74 dollars each and a certificate of conditional value (CCV) per share. This offer ends on April 1, cons on March 16.There are approximately 1.1 million shares, representing 0.41% of capital in this offer. Sanofi-Aventis has announced in mid-February to have purchased the American Genzyme for more than 20 billion dollars.

Citigroup: 0.55% to 4.57 dollars, Goldman Sachs: -0.16% to 160.75 dollars

Citigroup and Goldman Sachs have been affected by deterioration in Friday's recommendations by an analyst.Moreover, according to the Wall Street Journal, Lloyd Blankfein, the executive director of Goldman Sachs, have agreed to testify in the trial for insider trading against Raj Rajaratnam, founder of the investment fund Galleon.

Kraft Foods: -0.25% to 31.50 dollars

After the close of Wall Street on Friday, Kraft Foods announced that they qualify for an SEC investigation regarding a possible bribery case involving the Indian subsidiary of Cadbury.

AIG: 0.21% to 37.47 dollars

Commission oversight of Taiwanese financial services announced this weekend it will take a decision on the sale of the insurer by American Nan Shan AIG in the first half of 2011.

Nasdaq OMX Group: 1.36% to 28.40 dollars

Also note, the Sunday Times, the London Stock Exchange may consider an IPO on Nasdaq OMX Group.

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The Irish vote is also a warning to Europe. By giving more than 36% of the votes of the opposition Fine Gael in parliamentary elections on Friday, voters clearly endorsed the government that had negotiated the bailout with the EU and the IMF. The ruling party had won just over 17% of the votes. The future prime minister, Enda Kenny, has already announced he intends to immediately renegotiate the terms "punitive" of the device. For Europeans, the case falls ill while looming in March, a marathon of negotiations critical to the future of the euro area.

"We will act on it next week," promised Enda Kenny, who considers "bad for Ireland and for Europe" the bailout of 85 billion euros signed in late November. The future prime minister wants to broach the subject on Friday in Helsinki at a meeting of conservative leaders of the EU.With two requests: to lower the rates "punitive" loan, fixed at 5.8% and involving banks, making them bear a larger share of losses.

European side, the rhetoric still print campaign promises was greeted with caution. "The Commission will continue to support Ireland" in the implementation of its austerity program, "which is essential" to the country's economy, said Sunday the spokesman on economic issues, Amadeu Altafaj. Before the elections, Brussels had suggested that there might be a little leeway for adjustments after 2011.A lower interest rate can not be excluded, but Dublin will probably make concessions on its corporate tax rate, seen as fiscal dumping elsewhere in Europe.

Fears for the other weak links

The Irish case puts the euro area in front of his responsibilities on the eve of a series of summits that bring together Heads of State and Government (11 and 24 March) and Finance Ministers (14 and probably 21 March) . It is to decide on remedies for the debt crisis, first by raising the ceiling of the Rescue Fund (FESF) to assist countries in serious financial difficulties, and partly by tightening governance . Germany has much to impose his views on fiscal discipline.But his range of proposals, unveiled a month ago, was recently welcomed by its partners.

This bodes ill for the magnitude of the final result, even though the euro area sees risks reappear after a brief lull. Between record high oil prices and market concerns, Portugal was in the front line. The fear of another recession pushed its lending rates to astronomical levels (7.579% Friday, a record since the country's entry into the euro area). Investors are already convinced that Lisbon will shortly call on European rescue mechanism – such as Ireland and Greece before him.A perspective that revives fears for the other weak links in the eurozone, Spain in mind.

On Wednesday, the Portuguese Prime Minister Jose Socrates, will be received by Angela Merkel in Berlin to discuss the support fund – and how countries' having problems with their sovereign debt, such as Portugal "could best use of the devices financial assistance.

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The shockwave of the Egyptian revolt shakes up Wall Street. The chaos seems to reign in the second economy in Africa is causing great uncertainty. Accordingly, investors are lying around.

• Scholarships Arab fall. Sunday, which is not a public holiday in Muslim countries of the Arabian Peninsula, financial markets are in the red. The Dubai Financial Market lost 4.32%, that of 2.95% over Qatar, Abu Dhabi 3.68% and 1.76% of Kuwait. Riyadh, which ended Saturday night in 6.43% drop, recovered some of its losses (2.47%).

"On Saturday, the fall of the stock market in Riyadh has erased all the gains since mid-October," says Paul Gamble, Jadwa Investment."The turmoil will not affect regional economic prospects or those of Saudi companies, but they have undermined confidence, particularly that of foreign investors." Investors in the Kingdom have also suffered: they hold $ 126 million market Egyptian.

• Fears over the Suez Canal are the flaming oil prices. Brent crude ended the day higher Friday, brushing the symbolic 100 dollars to 99 dollars. The markets are worried because Egypt, which produces little black gold, occupies a strategic position on the oil route between the Arabian Peninsula and the western countries. It controls the Suez Canal and the Suez-Mediterranean pipeline (Sumed). About three billion barrels pass through these two paths, according to analysts at Societe Generale.They deemed unlikely a paramilitary attack against these facilities guaranteed approval cash loans. They believe however that a strike could affect tanker traffic.

"The closure of the channel lengthen the 10-day tanker trip toward North America, and 18 days to Europe," said specialists from JP Morgan. Developed countries have sufficient reserves to cope with these setbacks. But put them to work would automatically lead to higher oil prices, they said.

JP Morgan analysts fear that in the longer term, "the troubles are spreading across the Middle East producing countries of North Africa, which would have great impact on the stock market and confidence," noted Analysts at JP Morgan.A sustained increase of 10% in oil prices may cut off the global growth of 0.25% over the quarter.

• Tanks Cairo pound the floor on Wall Street. On Friday, the index feature of American values, the S & P 500 experienced its sharpest decline since August. Concerns about rising interest rates in Europe have dragged down the market share in early trading. But analysts wrote JP Morgan, "the floor was frankly collapsed when the news came out of an escalating protest in Egypt." It was enough for investors to rush to sell. Movement "that sought for some time good excuse to go off," added the experts the U.S. institution.

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The track is confirmed in the Chinese espionage case that target Renault. A note from the Central Directorate of Internal Intelligence dated January 7 attests. For now, it's just a bundle of converging suspicions that the French spy-cons must seek to substantiate in proceedings once he is officially before a judicial inquiry.

For now, the police sub-directorate for economic protection of the DCRI are on alert. They just carried out a number of "checks" until the builder filed a complaint in proper form. It had become inevitable, could act in the next few days.

At first, everything seemed to indicate that Renault had wanted to resolve this matter internally, discreetly and without making waves.When the manufacturer learned last August in favor of an information, it seems, suspicions of corruption involving three of its executives, he entrusted the care of this matter to its ethics committee, which in close relationship with some members of senior management, is organized to collect information. In its own way. Rather than using formal services, it relies on a private security firm to investigate possible wrongdoing. To everyone's amazement, the names of Jean-Michel Balthazar, a member of the steering committee and director of the division and upstream projects "that has worked for thirty years for the group, his deputy, Bertrand Rochette, in charge of pre- projects, and Matthieu Tenenbaum, assistant project director of electric vehicles, are listed in the confidential file.For months, these three men were found, enabling investigators to trace back to Renault.

"The specialized police became aware of the case by the press, Le Figaro said on Monday a source familiar with the matter. Astonished, they have even approached their counterparts in the Directorate General for External Security (DGSE) who were aware of anything either … "The three executives were laid off last January 3 before a flight in the press set fire to the powder and that Renault is in contact with the cons-espionage last week.

China's giant power

Refusing to reveal a priori the name of the mysterious pharmacy, the manufacturer has delivered some of his conclusions.According to our information, private investigators have ascertained that two of the three leaders suspected of embezzlement shall be provided with a bank account in Liechtenstein, where 130,000 euros have been discovered, and a second one in Switzerland where 500,000 euros have been deposited. According to the same pharmacy, the money would come from a Chinese company based in Beijing, China Power Grid Corporation, a giant electrical distribution … Questioned by Le Figaro, Renault did not want to make any comment Monday night.

To opacify the financial circuit of alleged bribes, kickbacks, secret payments allegedly passed through a series of intermediaries established in Shanghai and the island of Malta no faxing 1 hour payday loans.What draw the sinuous contours of "international organized network" mentioned this weekend in Le Monde by the number two of Renault, Patrick Pelata.

It remains to know the exact nature of the information passed through the chain of industrial espionage. "No nugget technology" has been filtered out of the business, has also assured the Director-General of the Board, before adding "whether the particular chemistry of the electrodes, the architecture of batteries, assembling the various components, the shipper or the engine itself, we are calm. "However, an informed source confided to Le Figaro on Monday that "the automaker did not yet have a clear view of all information that may have been transmitted by the alleged spies."

For now, all the "information" obtained in such shady circumstances by private investigators can not constitute evidence. "My client is stunned by this story, do not know the case against him and was like living a nightmare hammered Monday Thibault de Montbrial, lawyer Matthew Tenenbaum. We refuse to respond to rumors and accusations peremptory, made by Renault, who lost all caution in its communication. We will respond when allegations are supported by hardware. "

Any searches

The three executives will have details on the facts alleged against them as of this Tuesday.They are all three called for interviews prior to possible dismissal. Internally at Renault, the emotion was still as sharp on Monday. "Why do that?" Questioned one of the employees.Matthieu Tenenbaum, assistant program director of the electric car 33 years, was highly appreciated and promised an outstanding career at Renault.

Only the legal referral service as the DCRI investigation should explore in depth the mechanism of leakage and its real significance, especially when they heard the suspects under police custody, by making possible searches, the Technocentre Renault in Guyancourt (Yvelines) or elsewhere.

Beijing denies the charges "baseless and irresponsible"

China denies any involvement on Tuesday morning in the case of alleged industrial espionage in the car manufacturer Renault, announced a spokesman of Chinese Ministry of Foreign Affairs.
"We noted the information on this (…). These accusations are totally unfounded and irresponsible.The Chinese side can not accept them, "said the spokesman, Hong Lei, during a regular press briefing.

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Wendel will again face justice. More precisely, before the Commercial Court of Paris on Thursday, the group will appear after a subpoena for "misconduct" filed by the former legal director of the group, Arnaud Descleves. The latter, licensed since June 2009, Wendel criticizes the establishment of incentive suspicious practices that have enriched the former executives at the expense of managers to which he belonged. Are also concerned by the complaint of former supervisory board chairman Ernest-Antoine Seilliere, and former CEO Jean-Bernard Lafont.

Redemption redemption

The case dates back to May 2003. At that time, Wendel wants absorb Legrand. For this, the team leader sets up a structure, the Company Aurette with twelve frames. Wendel promises an interesting return on investment.The initial bet is "only" 14,208 euros for Ernest-Antoine Seilliere, 10,360 euros for Jean-Bernard Lafonta and 1176 euros for Arnaud Descleves. In a complex financial arrangement, the Company's acquisition of the loop Aurette Legrand end of 2003 and weighs 34 million euros.

Immediately after, another such operation is mounted with always the promise of a lucrative incentive for executives. This time, it is about the redemption of Sunfury, a subsidiary of Wendel. The same practice is repeated: a company called the Compagnie de Audon is fitted with frames. It absorbs the Company Aurette and April 2007, puts his hand on Sunfury. Two months later, the company's Audon weighs 324 million euros."That day, Lafonta was holding 156 million euros, 65 million euros Seilliere and Descleves 11 million," says the lawyer of the former legal framework in the columns of the Journal du Dimanche (JDD) Saturday.

Crisis wipes everything

But in 2008, everything collapses. The financial crisis brought down the share price of 120 euros Wendel at 60 euros. The Management Incentive melts like snow in the sun. Despite the urgency, the two leaders forbid their executives to sell their shares "to avoid arousing the suspicions of tax," according to the lawyer. But Ernest-Antoine Seilliere and Jean-Bernard Lafonta no bones, them to sell on the market some of their actions. This allows them to maintain a final profit of 32 million euros for the former and 59 million respectively.

In late 2008, executives are finally allowed to sell but the action has since dropped to 30 euros.According to an audit report referred to by the JDD, six executives have lost 18 million euros. Arnaud Descleves, for its part, saves three million, it must fully repay the treasury in 2011. On Thursday, he hopes the commercial court that all participants in this operation are placed on an equal footing. Starting with the former management team.

Ironically, it was Arnaud Descleves himself who in 2008 had written a formal denial in response to suspicions raised by an article in Le Monde on these incentive plans. He then spoke of "the legality of operations." Today, he would bite his fingers: "I was used as a bulletproof vest Tax heirs to believe that newspapers and profit-sharing plan would benefit managers," he says.

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A device for widespread fraud. 4000 French pharmacies are equipped with computer software allowing them to conceal part of their income in taxes. For a shortfall in state coffers estimated by a source quoted by Midi Libre, which broke the story on Friday to 400 million euros. Attorney Nimes, Robert Gelli, confirmed in the day to AFP that an investigation launched in 2008 on the practice of pharmacy in the Gard Rémoulins had found the pot to the roses. "In some pharmacies and also in other activities, using software called" permissive "serve to conceal taxable transactions, and thus evade taxes," said the General Directorate of Public Finance (DGIFP).

Two companies in France, including one based in Niort (Deux-Sevres), make this type of software.To distort an entire accounting, only the use of a computer code would be needed and would hide on average 5000 euros of revenue each month. "The system used Remoulins not limited to the pharmacy. It is something of a national scale. 4000 pharmacies have requested access to that particular computer formula, "said Robert Gelli. France had in 2009, approximately 22,389 pharmacies, so they are nearly 18% of them who are potentially fraudeuses.

Bercy does not disclose the amount of injury

"The tax administration has taken action and determined to fight against these specific practices and this will be all the tax and legal consequences," reported the AFP respective department in the Ministry of Finance.And for good reason: if the latter refused to disclose the amount of damage suffered by the IRS, the 400 million raised by Midi Libre equivalent, for example, the sum expected by the state of its sales in 2011 real estate.

The order of the National Pharmacists for his part shade on Friday the scope of this investigation. "For now, only one case of fraud is proven, and pharamacien in question was heavily condemned in 2009," said Jean-Charles Tellier, president of the section representing the holders of pharmacy at the College of Pharmacists. "We would also have long used accounting software are certified. But even if 4000 pharamacies actually made the request of the computer code, this does not constitute any evidence of fraud. All weapon bearers are not criminals! ".

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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