Daily International Headlines

The end of the nightmare in the Gulf of Mexico may be close. BP wants to believe in all cases: two days after the start of the crucial test of strength of the new funnel, no sign of leakage was observed. "We have no indication that oil or gas escape" of damaged wells, said the vice-chair of Kent Well. Tested since Thursday, the giant funnel that contains the daily flow pouring millions of gallons of toxic liquid into the ocean, seems to hold good.

Uncertainty remains high: the compressed oil, trapped in the wells blocked by the funnel, eventually creating gaps and spread back into the ocean.According to Thad Allen, head of operations against the oil spill administration, BP must conduct further tests because the measured pressure does not allow to draw definitive conclusions about what is happening inside the well.

High pressure would suggest that well resistance is good and there is no leakage. Low pressure instead leave thinking that oil escaping elsewhere. Admiral Allen said that the pressure increased from 0.1 to 0.6 bar per hour, which was a good sign. But Friday, the level of pressure in the well still left casts "doubt on the possible existence of a leak." On Saturday, Vice President of BP, however, that the pressure inside the well had continued to increase."The fact that the pressure continues to mount gives us more confidence that the test works," he added, stressing that the data are "quite" in the range predicted by the engineers.

The extended testing

As a precaution, the oil company said Saturday it would extend the period of initial testing prévuepour last 48 hours. "We continue in phases of six hours each time. If there is a change in the way we do, we will announce it, "said Mark Salt, a spokesman for BP at the end of this period.

If the test proves successful the well will remain closed until the risk of leak is definitely ruled out by injecting concrete through a relief well. An operation could be completed in early August.However, if a leak is detected, the valve will be reopened and the oil will be pumped to surface ships.

"If we decide to reopen the pit, oil drain into the Gulf for some time," said Mr. Wells, the time to connect the pumping lines at the wellhead. This would obviously a major failure for the oil group that tries since the end of April to contain the largest oil spill in U.S. history.

Since April 22, nearly 520 million gallons of crude that would have flowed into the ocean, estimated Tuesday the International Energy Agency. Even if the leak was finally stopped, Deepwater would remain one of the worst oil spills in history (see graphic below), a nightmare to $ 3.5 billion for BP and irreparable ecological catastrophe.

Traveling in Tokyo, Francois Fillon sought to reassure the Japanese business on the situation of France and Europe. Focus on the issues outlined by the Prime Minister.

Rigor

The word is out. Against all odds and for the first time, François Fillon spoke of the "rigor" to describe the economic policy of France. Boasting to an audience of Japanese businessmen, austerity measures launched by Paris, the Prime Minister said: "In every state budgets, the only one who is not subject to discipline, that is the budget of Higher Education and Research. Until now, the executive refused to fully use the term "hardship" may be too unpopular with the French.The economy minister, Christine Lagarde, recently described the French policy of policy of "ri-lance, a neologism describing a mixture of" rigor "and" revival ".

France has pledged to save 100 billion euros by 2013 to reduce its deficit. For now, the government relies on its growth forecasts to find half the sum. Otherwise, the government plans to freeze spending between 2011 and 2013 to maintain transfers to local governments and only slightly increase health spending. The state should also remove the tax loopholes and create a new tax on the wealthiest to raise 3.7 billion euros.

In Japan, the country's debt is colossal. The International Monetary Fund press and the country to reduce its deficit.However, there are uncertainties about the government's austerity policy, weakened by his recent defeat in the Senate elections.

The euro and yen to each currency's problem

And the Prime Minister was not content to praise the austerity policy of France, he also invited Japanese investors not to "turn away from the euro payday loans. He also promised that the EU would emerge "stronger" of the economic and financial crisis. It must be said that the disallowance of Nippon contractors for the euro area is growing. Proof is the recent A japponais Nikkei business daily, the 30% decline in investment in the euro countries during the first half of 2010. The concerns of the market seem to disappear on the Old Continent.The success of recent debt issuance in the euro area and witnessed the rise of the euro against the greenback, which is currently processing over $ 1.29.

In contrast to the euro, the yen continues to strengthen against the greenback. It operates at its highest level this year against the dollar, to 87.3 yen against the dollar.

Mitsubishi and Areva

At the industrial level, Prime Minister Francois Fillon said France was "open" to the entry of Japanese conglomerate Mitsubishi Heavy Industries (MHI) in the capital of nuclear group Areva. The Prime Minister has expressed his desire to "see strengthened the association between Areva and Mitsubishi for the particular realization of a new reactor, the reactor TTY. MHI and Areva have forged various partnerships, including establishing a joint venture, TDD, a developer of nuclear reactors of medium power.

Mitsubishi Heavy Industries does not hide its ambition to grow the European market nuclear pressurized water reactors. Nuclear is not the only area in France to attract companies Nippon. In 2008, France has 450 Japanese companies employing nearly 57,000 people.

The one that Sunday was a "very very big niche tax" that deserved a helping hand plane finally spared. Baroin, Budget Minister returned to his whims and confirmed on Wednesday in an interview to Le Parisien / Today in France that the government would not reverse the reduced VAT rates for restaurants given a year ago.

"This measure is maintained" said the mayor of Troyes. "If it must be questioned, the debate will take place during the next presidential election," he added.

10 billion savings

It must be said that the budget minister no longer had much choice. Tuesday morning, his minister, Christine Lagarde, had hammered on RMC and BFM-TV that the reduction in tax loopholes would not affect the VAT at 5.5% of restaurant owners.Baroin will have to find other niches planing to recover 10 billion euros economy expected by 2013. The minister on Wednesday gave few tracks a bit fuzzy.

Besides the movement of the plane 10% on tax loopholes previously announced, it confirms the non-replacement of 100,000 civil service posts (3 billion savings), reduced operating costs (2000000000), the reduction of lifestyle State … Baroin explains that this is the second round of general revision of public policies.The first, launched in late 2007 as it would have to generate 7 billion euros.

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China has emerged unscathed from the slump that has upset the global financial system. "Last year, Chinese banks have been the arm of an expansionary monetary policy", said Yang Zaiping, executive vice president of the Association of Banks of China, during an interview with China Central Television (CCTV) last February.

In 2009, Chinese banks have indeed given some 9.6 trillion yuan (1.150 billion euros) in loans. A staggering amount, to the extent of the recovery plan of 4,000 billion yuan (430 billion euros) set up by Beijing in late 2008. The grants funds have exploded from 30% in China in 2009 and projected to grow further by about 18% in 2010, according to the World Bank. In the first five months of the year, loans have jumped 7.6%, reports the institution in its latest report on China on Friday.And despite the many measures adopted by the central government in recent months to limit the risk of bubble and soaring property prices.

The regulatory tightening is not the business of foreign banks operating in China. These institutions expect that the legislation, already significant concern in recent years, a rigid further, the survey shows "Foreign Banks in China" * PricewaterhouseCoopers, published recently.

Since the opening of the Chinese banking market, 11 December 2006, following China's accession to the World Trade Organization (WTO) in 2001, foreign banks have rushed into the breach. "The market share of foreign institutions is still limited to 2% today, after a slight decline in 2009," said Herve Demoy associated financial sector specialist with PricewaterhouseCoopers in France.

A share market still weak

And half of banks surveyed by the consulting firm believes that this market share will not increase in 2010. Access to the Chinese market is an obstacle course for foreign banks. Three paths are possible. First track, making participation in a local bank. "The regulations limit the non-Chinese banks at 20% equity stake, which limits the chances of key positions within schools," notes David Bernard, associate director of retail banking outside France's Societe Generale Group .

By buying in 2004 a 19.9% interest in Bank of Communications, the fifth largest commercial bank in China, one year after acquiring 8% stake in Bank of Shanghai regional bank, the HSBC Group has quickly made the bet external growth in China.The formation of a joint venture with a Chinese partner is a second possibility for foreign banks, but it is restricted to a specialized field, such as asset management or private sale.

A third solution is to create a subsidiary to 100% Chinese cheap payday advance. "To open an agency and develop a network, you must obtain multiple licenses for geographic location or product offering," according to David Bernard, who estimated five years the time required for a foreign bank, once obtained the license for its network covers all of its products and services. Especially since the rules limit the pace of network expansion of foreign banks to open a new parent agency by city and year or so a year to two agencies in a city where the bank is already established .Despite these obstacles, Societe Generale has decided to develop its own network in the Chinese territory, following the failed acquisition of Guangdong Development Bank (GDB) against Citigroup in 2006.

Chinese banks gaining momentum

The regulatory environment is not the only challenge facing foreign banks in China. Competition with Chinese banks has increased, following the implementation of the huge recovery plan, says PricewaterhouseCoopers."With the importance of their networks and their growing expertise, particularly in the development of innovative products, Chinese banks are now better equipped to cope with foreign competition," said Herve Demoy.

However, some foreign banking players fear a backlash for their Chinese competitors, which have multiplied the granting of credits or risk having to cope with non-performing loans to term. On the other hand, Chinese banks are not exactly the same target customers as their foreign counterparts.

"International banks are working with foreign companies that have operations in China," according to David Bernard. But not only. A new type of clientele grows. "Chinese companies are parties to conquer the world and foreign banks are focusing on those slots," says the head of Societe Generale.They support projects and Chinese actors in Africa, where Chinese banks are not present.

If the conquest of Mecca is difficult Chinese, foreign banks remain optimistic. "Most of them expect an increase of 10% to 20% of their activities in 2010," says PricewaterhouseCoopers. Their ability to adapt to playing in China will be the key to their success.

* PricewaterhouseCoopers presented its fifth survey on foreign banks in China, which follows four previous studies published since 2005.This survey was based on interviews conducted in January and February 2010 with CEOs and senior Chinese branches of foreign banks from 42 in Beijing, Hong Kong, Shanghai and Shenzhen.

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Eleven days after that Nicolas Sarkozy has assured that the European Commission would propose a carbon tax in June border, Brussels released Tuesday, a text that could shower the certainties of the Head of State. "A carbon tax at the border has a considerable number of drawbacks, experts believe the Commission in a document of 60 pages devoted to" innovative international financing, "presented by three commissioners, including the Lithuanian Algirdas Semeta for taxation.

Following the regional elections, Nicolas Sarkozy has postponed the carbon tax, its implementation conditional on the adoption of a "tax border European" would apply to products from the 'polluter pays'.

Trade disputes

The idea largely divides the bloc, and the report points out the reluctance of Brussels."First, (the tax) should be designed to ensure legal consistency with the WTO (World Trade Organization). This obstacle is surmountable by experts held Bercy. The fact remains that the tax, according to Brussels, "could provoke trade wars and retaliation" fast cash. The fears about China but also the United States. "Secondly, the report continues, the administrative costs could be very high because the tax rate would vary depending on carbon emissions generated by each taxed product."

On March 26, following the European Council, Nicolas Sarkozy had been assured that "the question of a border adjustment mechanism" was "unavoidable", adding: "no country objected."According to the French President, the European Commission in June propose a mechanism of carbon tax at the border. This initiative does not appear in the official statement of the conclusions of EU summit. "It is an interpretation" by the Head of State, politely commented an official of the Commission. "The border tax," says this source in Brussels could be discussed "early May" between the commissioners involved in the revision of the directive on the taxation of energy to appear in a document may only be a proposal.

Profit-taking in Tokyo on Tuesday morning after sessions sharp rise. Around 6.45 am, the Nikkei 225 was down 0.52% at 11,280 points and the Topix similarly evolves and reaches 990 points.

However, the region is not affected: The main financial centers of Asia and Pacific region posting gains, as the Hang Seng in Hong Kong, which climbs from 1.4% to 21,537 points or the S & P / ASX Sydney, rising from 0.88% to 4950 points. The Australian central bank has postponed the sale of its decision on interest rates.

In India, the Bombay SE gleaning some points to 17,937 points.

The good news on the economic front in the U.S. have this optimism. Notably, the month of March, the U.S. economy created 162,000 jobs and the unemployment rate remained steady at 9.7%, according to Labor Department statistics.

Toyota Prius has sold its

In exchange, securities Toyota displayed a decrease of 1.3% to 3.765 yen. Despite reminders of the brand, sales of the vehicle hybridecontinuent to dominate the Japanese market no fax cash advance. The Prius hybrid car has remained a bestseller in Japan for the eleventh consecutive month in March, despite the technical flaws that led to the recall of about 200,000 copies a month earlier in the archipelago. A total of 35,546 Prius have been sold in Japan last month, almost seven times more than a year earlier.

Furthermore, the manufacturer will recall some 12,984 vehicles sold in South Korea because of mats may impede the accelerator pedal, said on Tuesday South Korean Ministry of Transport.Three models are involved: the Lexus ES350, Camry and Camry Hybrid, the ministry said in a statement posted on its website.

Isuzu Motor bend 2.7%, to 255 yen.

At the meeting this Tuesday, resource stocks led the dance, like Rio Tinto in China, which climbed 1.5%, Woodside Petroleum in Australia, which has won 1.5%, New Zealand Oil and Gas was up 2% and Inpex of Japan grants itself the index 1.1%.

From our correspondent in Berlin

This was over a year that Angela Merkel had banks in the crosshairs. Embittered by the irresponsible behavior and the "greed" of some institutions, the Chancellor had promised to pay the banks their share of responsibility in the financial crisis that has hit Germany hard. Monday, his government announced the creation of a special fund financed by a tax on banks to help stabilize the industry crisis.

"A levy bearable by the banks is expected to finance the costs of future crises. The samples will go into a fund that will finance the costs of restructuring in a crisis, "said the spokesman of the Ministry of Finance, Michael Offer.Berlin was said to want to establish a fund to ensure "the dismantling or the stabilization of banks in crisis, involving the financial sector so that the taxpayer has to pay much more in case of banking crisis.

Berlin has not released details of the fund, which should amount to several billion euros, according to German media. Neither the levies. The Finance Minister Wolfgang Sch?uble said that it should consider the role and weight of a bank in the economy. "It is important that the ability of banks to lend is not hampered by this levy," said Michael Offer, while "the danger of a credit crunch still exists.The bill would make a difference between banks deemed "serious" as the savings banks – Sparkassen – and the institutions that generate significant profits through speculation, which will be most heavily taxed guaranteed fast personal loans! !???!!!???!!!.

IMF proposal

The decision came after a meeting between leaders of the three main parties in the ruling coalition at the Chancellery, which could well see a rare show of unity. "We all agree that those responsible for the crisis also pay the consequences," said Vice-Chancellor and leader of the Liberal Party (FDP), Guido Westerwelle.We can not all be done on the backs of taxpayers. "The bill should be debated and adopted at a special Council of Ministers, March 31, in the presence of the French Finance Minister, Christine Lagarde.

Berlin hopes to run at full speed during the Franco-German push for a European initiative along the same lines and get a "strong international coordination" in regulating the banking sector. An international conference on financial regulation is expected in Berlin May 27

With the crisis, many countries want to overtax the banks, including the United States and Great Britain. The U.S. administration is considering two samples: one for the Treasury to repay the funds provided to the financial sector during the 2008-2009 crisis, the other to pay for future banking crises, without using taxpayers' money.Very controversial in the United States, the tax favored by the EU and IMF, which should make proposals to that effect in April.

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It's a tradition. The low-cost companies stigmatize the benefits of the former national companies who claim themselves of differential payroll with low costs.

The Association of European low-cost airline called in Brussels on Wednesday to launch an investigation into state aid granted to Swedish companies SAS, Malev Hungarian, Czech and Spanish Spanair CSA. In France, it was easyJet, which folded this year on Wednesday, declaring that the new policy of economic regulation that prepares Aeroports de Paris (ADP) continues a tradition of support to Air France.

ADP, which froze the royalties in 2010, proposes an average increase of 1.38% per annum from 2011 to 2015. But the freezing of airport charges in 2010 because of the crisis, conceal lower landing fees and parking a share, offset by an increase in passenger fees other."This pricing policy penalizes low-costs that have high rates of filling and favors Air France going for her clients in aircraft to three quarters empty for the lead on its hub," explains Fran?ois Bacchetta, CEO of easyJet in France. He said the British company pays royalties for a larger Paris-Toulouse full 85% Air France aircraft with a full 70%.

Competition with Air France

Questioned on the subject, ADP recalls having spent half of its 3 billion euro investment from 2006 to 2010 in the development of its terminals. "It is normal that the passenger charge to follow this evolution," said a spokesman of the group.

The British company also points a possible loss of the French network.The maintenance of this system of royalties could, she said, forcing her to abandon branch lines, more economically risky and focus on the most profitable routes in direct competition with Air France.

This strategy of direct competition with Air France is special easyJet, unlike Ryanair, which focuses on regional airports and routes not served by Air France. easyJet has opened a dozen roads in France since the beginning of the year and announced it will always profit at the end of the year.

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The veil is lifted gradually. The Labor Inspectorate, in charge of investigating the wave of suicides that has struck France Telecom, has submitted its report to the prosecutor of Paris, February 4 last. According to Le Parisien / Today in France this Saturday, this 82-page report clearly denounced the "political restructuring" implemented by the former management team of the operator in 2006.

The warning had been given

Based on the survey conducted by the firm Technologia since December 14 last, with 500 employees of France Telecom, the labor inspector, Sylvie Catala said that the former management has been warned "repeatedly" effects produced by its management policy of "health workers".Doctors labor union representatives, regional fund Medicare and "even justice" have sounded the alarm since 2006.

Neither worked. Management has maintained the course and put in place its plan Next, aimed at "improving the efficiency, effectiveness and productivity" of France Telecom. By what means? The removal of 22,000 jobs in three years and the transfer of 10,000 people to regions and / or different jobs.In its indictment, the inspection work is directly involved three people: Didier Lombard, the former CEO of the group replaced by St?phane Richard 1 March but retains chairmanship non-operational, Louis-Pierre Wenes, former director Operations France and Olivier Barberot, former director of human resources, both landed in the heart of the storm check cash advance .

The reorganization at any price

Thus, the inspector cites including about Olivier Barberot required to Staff Group in 2006, referring to the plane Next: "I will have failed if we do not the 22,000 departures. For the group, is 7 billion of cash flow. "The reorganization should be done.At the risk of certain employees remain "at the roadside," according to a formula used by Louis-Pierre Wenes at a convention this year 2006.

The conclusion of the inspection work is final. The organization of work implemented by the management of France Telecom is "likely to cause serious harm to the health of workers, it is written in the document shown by Le Parisien / Today in France. An accusation which excludes the regional operator. The latter "have merely applied the methods and decisions taken at the highest level of the group."

This questioning of France Telecom, which has complained about fifty suicides since 2008, echoed in another report from the inspection work on the floor of Besancon in January, following the suicide of an employee in the Doubs in August last.His verdict: "homicide by imprudence".

A hasty return to Australia of Jean-Claude Trichet, President of the European Central Bank in Europe, leaks to the press revealing a plan to aid in Athens … The financial markets were very well received this information. The risk premium on debt Greek, very high, has dropped. The price of insurance on the risk of default by the Greek state (CDS) has dropped 80 points to 340 points, according to Markit. Other countries covered by the contracts, Portugal, Spain and Ireland have followed the same trend.

With the prospect of EU aid plan for Greece, investors seem to have got what they asked for a few weeks. As Financial Times columnist Wolfgang M?nchau summed up the mood of investors in early February, calling for "an exit strategy of crisis.""The Summit of Heads of State (which takes place on Thursday, editor's note) must tell the world that the EU resolves its own problems teletrak no payday loan ".

Note however the risk of inaction. Given these expectations, "the disappointment is guaranteed Friday morning at the issue of top European strategist anticipates that London is not growing at the sudden appearance of an" economic government "of Europe.

There is still a good reason to see lower the risk premium on debt Greek says the analyst. Athens has in fact presented Tuesday a new set of measures to reduce deficits. Namely: the introduction of new taxes on income, more details on the freeze and declining civil service salaries and the pension reform, a tax on property owners."Even the Orthodox Church will be subject to this tax," says the strategist. This shows the willingness of the Greek state.