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It's official. As Le Figaro had revealed the Franco-Belgian bank Dexia announced Friday after its board, accelerate the restructuring of its balance sheet. Consolidation has a cost: 3.6 billion euros, which will be recorded in the accounts of the second quarter and that will put the bank into losses for the full year 2011. Dexia said however that his credit will remain good (with a tier one ratio above 11% at end-June 2011).

The plan is initiated by Dexia in two essential points. First, the group begins experiencing sell its portfolio of U.S. assets more toxic, by adding a provision of 1.8 billion euros, which puts the market value of listed securities of $ 9.5 billion in the accounts.And discounted, these assets could find buyers, "the depth of market exists for us to divest these assets within a reasonable time," says Pierre Mariani, Dexia's director general. Dexia not only get rid of a risk of exposure to U.S. housing market, but at last liberated state aid: the portfolio called "financial products" is guaranteed by the Belgian and French.

Second branch, Dexia is a "general provision" of $ 1.8 billion of other assets to be divested. Without elaborating.In fact, the bank plans to accelerate sales of its bond portfolio – over 100 billion today – and make disposals of subsidiaries (Sabadell in Spain and especially Italy Crediop) who do not find today ' Today at a price taker in the accounts of Dexia.

These provisions made, and if sales planned in the short term are actually realized, Dexia has a very significant given plumb its balance sheet, characterized by a massive gap between the tempo of its liabilities (long term) and the maturity of its resources (short term). A "model" that explains a little crazy that Dexia has grazed the worst in 2008, justifying state intervention at the time.

Rebalanced, the Dexia Group will be found very soon to face his recurring strategic questions.Will he keep this curious state alloy Franco-Belgian, born of the marriage of a Belgian retail bank and a former department of the Deposit specializes in local government finance (Crédit Local France), all of which are boosted by the profits of a subsidiary … Turkey? It's a safe bet that the speculation of a chronic cutting Dexia resume shortly …

Dexia shares was suspended while she was 3.24% at 2.514 euro, lost 3.3% since the beginning of the year after dropping 38.9% in 2010.

It's a story that Societe Generale would have preferred to keep to herself. Since the freezing of Libyan assets earlier this year, the French bank has made its discreet yet welcomed funds investments of the Libyan Investment Authority (LIA), the country's sovereign wealth fund of Muammar Gaddafi. According to a document published by the NGO Global Witness and Le Monde on Thursday, the LIA has investments in three funds of SocGen, now frozen: Soc Gen Europe Medium, Soc Gen CODEIS Strategic Equity Fund, and Soc Gen Cross Roads 5Y Link Notes. This is a set of structured products that allowed Libya to diversify its portfolio.

The case was not even interesting for the French bank that has faced very disappointing returns in 2010.Thus, the value of the three financial products is increasing between the first and second quarters last year, 1.8 billion dollars (1.27 billion euros) to 1.05 billion. The only funds specializing in Europe, Soc Gen Europe Medium, which alone weighed 1 billion dollar saw its value drop by 43% to 498 million.

BNP Paribas, JP Morgan, Goldman Sachs …

The French bank is obviously not the only one who sows the seeds of funds from the Libyan regime. The names of several banks are well surface, which another French BNP Paribas, as well as American as JP Morgan and Goldman Sachs and Credit Suisse and Britain's HSBC. In total, these financial institutions managed almost $ 5 billion in assets (3.5 billion euros) over the 55 billion dollars of financial assets of the LIA.Overall, losses collected by these funds would be heavy: their value would be increased from 5 to 3.5 billion dollars last year.

But for NGOs, collected more than the losses is the involvement of these prestigious institution in managing the funds of a scheme which is now discredited defendant. "It is striking to see how many large institutions were ready to do business with the Libyan regime, knowing the potential risk of misuse of state funds for personal use," says Robert Palmer Global Witness, in the columns of the Financial Times.

In his defense, Societe Generale said it acted legally and accurately manage the investments of several state funds in the same way.Remember, the banks and financial institutions held 8.233 billion Libyan dollars (5.84 billion euros) in deposits and loans from French banks to September 30, 2010.

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Everything will within the next fortnight for Christine Lagarde. The Minister of Economy would continue his term as head of Bercy, candidate for the general direction of the International Monetary Fund (IMF) … or end up in court. According to AFP and Reuters, the Committee requests the Court of Justice of the Republic (CJR) will decide, in effect, at its next meeting, June 10, if it opens or not an investigation into Christine Lagarde, suspected of abuse of authority in the arbitration case Tapie,

However, on June 10 is also ladate deadline for returning application to succeed Dominique Strauss-Kahn as Director of the IMF, for which the Minister of Economy is among the favorites.Although she has not officially a candidate, Christine Lagarde already collects many supporters, particularly among Europeans who fear that any shift in the IMF crisis of debt on the Old Continent. And yet, the case Tapie is the main downside of the potential candidate, especially after the resignation resounding DSK, accused of attempted rape, the IMF looks anything but a new scandal.

Misdemeanor punishable by 5 years in prison and 75,000 euros fine

In April, nine Socialist deputies had asked the Attorney General of the Court of Cassation Jean-Louis Nadal to open an investigation into a speech by Christine Lagarde in the folder Tapie, who covers the resale by Adidas man Case Credit Lyonnais in 1993. Declaring himself duped by the bank, he had obtained 285 million euros of public funds in 2008.At the initiative of Christine Lagarde, the government had abandoned the legal route, where it had won on points of law to rely on private arbitration.

The public prosecutor accuses Christine Largarde have opted for private justice, but also refusing to appeal against the award, while the number of specialists are encouraged. The Prosecutor General also questioned the amounts awarded to Bernard Tapie, and the impartiality of the arbitrators.

Two weeks ago, Jean-Louis Nadal at the RGC requested an investigation.He says he "found many reasons to suspect the regularity or legality of settlement by arbitration dispute that may characterize the crime of abuse of authority", a crime punishable by five years in prison and 75,000 euros fine.

So it's the turn of this committee requests the CJR, composed of three judges of the Court of Cassation, two of the Court of Auditors and two of the State Council, to give its opinion. Maybe June 10, just after having examined the applications filed against Christine Lagarde. If it closes the case without further action, Christine Lagarde could file his candidacy at the last minute to head the IMF. But the commission may also request additional documents in order to make its decision or issue an opinion in favor of opening an investigation. In the latter case, the commission of inquiry, composed of three judges of the Court of Cassation would have before.And the chances of Christine Lagarde at the IMF seriously compromised.

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lefigaro.fr – How do you explain the poor performance in the first quarter of the telecom sector, considered a defensive sector?

Yves Maillot – In general, defensive stocks have disappointed in the first quarter. Regarding telecommunications, financial markets are convinced that this is an area of ​​decay. I think that investors under-value in excess of these companies. Certainly, one should not expect to make money on the stock market with them, but a value such as France Telecom still generates a dividend of 8.5%.And even if its share price remains stable by the end of the year will be good for the group.

How do you explain the outperformance of Iliad stock exchange since the beginning of the year compared to the incumbents?

This illustrates that the market continues to appreciate Iliad as a growth stock, unlike the incumbents. Investors expect that Free (Iliad Group subsidiary) generate more growth through its new offering "Freebox Revolution." For three months the group has registered 154,000 new subscribers. Analysts expect 5% growth in turnover in 2011de its parent company, Iliad. This also confirms the good performance of small and mid-cap at the expense of larger ones.Now I think that this abuse of financial markets vis-à-vis incumbents will abate in the course of the year.

What reverse this trend?

Incumbents can not forever remain inert as financial markets anticipate. The telecom industry is back today as it was fifteen years ago, namely an activity to low growth but high profitability. He is immune to a speculative bubble, because analysts are no longer unrealistic forecasts. The risk / reward ratio is good. With this sector, investors have a "free option". In other words, an investor has nothing to lose by investing in value as France Telecom, whose price is very low (15.86 euros) and the opposite of a decade ago (220 euros).Good surprises are waiting on the telecom sector by the end of the year.

The 4G mobile is she a new growth?

It is difficult to assess the quantitative impact that 4G will have on the growth of operators. As I said earlier, analysts no longer looking like for 3G decade ago, to estimate the additional revenue that can generate these new growth.

As a result, financial markets do not believe in the potential of 4G. This explains the low valuations of the stock market operators. However, the 4G gives operators access to a historic new world of services. They still need to generate more revenue with subscriptions. And for that, more services and thus more features are needed.Traffic from the mobile broadband Internet will be increased tenfold in the next two years! These frequencies are strategic for the future.

Do you think that a fifth operator to participate in the tender that the state has launched?

There is no room for economic fifth licensee. This tender aims to give additional spectrum for existing licensees. Given the announced reserve price, I do not see what other operators – the mobile virtual network operators (MVNO) or other – could afford to participate in this tender. I see more MVNOs try to position themselves for the future and fit into the traditional grid in search of money. They seek primarily to promote their business model.

The eG8 be held on 24 and 25 May.Do you think the telecoms have their place in the G8?

This meeting is a good thing to discuss global issues in the sector and especially the arrival of new generations and new standards, at a time when the industry is looking for new growth. Whatever think the financial markets and rating agencies, telecoms evolve technologically.

Christian de Boissieu, an economics professor at the University of Paris-I. Photo credits: Jean Ayissi / AFP

After a session in the green Thursday, the New York Stock Exchange began the last day of the week to balance. In early trade on Friday, the Dow Jones was down 0.06% at 12,685 points, the Nasdaq lost 0.32% to 2854 points and the S & P coward 0.11% to 1347 points.

The tensions are still very vivid in the markets for raw materials and oil. The U.S. House of Representatives Thursday passed a bill to increase oil production in the United States to respond to soaring gasoline prices, despite opposition from the Obama administration to new drilling Wed For its part, China has announced to suspend its exports of diesel and severely restrict its exports of refined products to ensure adequate domestic supply and fight against inflation in fuel prices.Oil prices were higher Friday at the opening in New York, supported by a slight decline in the dollar in a market which is marked by volatility recorded this semaine.Vers 1:20 p.m. GMT, on the New York Mercantile Exchange (Nymex) a barrel of light sweet crude for June delivery traded at 99.32 dollars, up 35 cents from the veille.Il still traded above $ 100 just before the opening.

On the foreign exchange market, the euro regained some ground against the dollar on Thursday. About 11:00 am in Paris, the European single currency was worth 1.4316 dollars, against 1.4244 dollars on Thursday night. Yesterday, she had fallen in session at 1.4124 dollars, its lowest level since April 1.

Consumer confidence rises

United States, markets were reassured by inflation contained.The consumer prices in the U.S. rose as expected by 0.4% in April compared to March because of rising food prices and gasoline, according to statistics released Friday by the Labor Department.

Moreover, consumer sentiment recorded a rise to 72.4 in May unexpected vision against 69.8 in April, the index of the University of Michigan. Analysts were waiting to 70.

Yahoo! penalized

The side of values, the Nasdaq Composite is sealed by the fall of Title Yahoo (-5.18% to 16.28 dollars) after the Internet portal said Alibaba Group has reorganized the capital structure of Alipay, one of the leading online payment systems in China, without being notified when it is a shareholder of Alipay.

The earthquake in Japan, which has disrupted production car in the Japanese archipelago, has claimed its place as world number one sector to Toyota, doubled in the first quarter and probably for the year by the American General Motors ( 0.06% to 31.44 dollars) and Germany's Volkswagen. Toyota sold 1.79 million vehicles worldwide between January and March, down 12% year on year.Meanwhile, GM sold 2.22 million cars, and returning, at least for this quarter, the world number one spot he had sold to Toyota in 2008.

For his part, Nvidia (-6.65% to U.S. $ 19.14) reported after the close of Wall Street, for the first quarter of 2011 from a profit down 0.2% to 135 million. The gross margin was 50.4%, a record level. Sales reached $ 962 million against 948 million and 1 billion expected a year ago.For specialists Aurel BGC, "the group is clearly affected by the downturn in PC sales and growth opportunities on the shelf is far from certain … For the current quarter, the Group expects a growth of 4 to 6% of its sales. "

SunPower (-0.89% to 21.19 dollars) achieved during the first quarter 2011 revenues of $ 451 million against 347 million last year and a loss of $ 0.02 per share against a BPA from $ 0.13 a year earlier. For the current quarter, SunPower expects a turnover of 500 to 550 million.

CA Inc. (-8.86% to 22.84 dollars), formerly Computer Associates International) in the fourth quarter of financial year 2010/2011 a turnover of 1.13 billion dollars against 1.17 billion expected and earnings per share of $ 0.48 against $ 0.5 expected.About its prospects, the group expects a growth in turnover of 6% to 8% at constant exchange rates for the year 2011/2012, and GAAP EPS in the range of 1.79 to 1.86 dollar. In addition, the Board of Directors approved a quarterly dividend of 0.05 dollars per share and a stock repurchase plan of $ 500 million. Last night, losing the title

Nordstrom (-1.64% to 48.37 dollars) for the first quarter sales of 2.32 billion dollars, in line with expectations, and earnings per share of $ 0.65 against $ 0.67 and expected $ 0.52 last year. The board of directors also voted a share repurchase plan of $ 750 million.

The wave of mergers and acquisitions continues. Yum! Brands (+0.28% to 54.88 dollars) has announced the launch of a tender on the Asian restaurant chain Little Sheep at a price of 6.50 Hong Kong dollars per share.

The French are less Eurosceptic than the Germans. According to a poll by TNS-Sofres for the political foundation and published on Monday, 67% of respondents wish that France retains the euro, against 30% who would prefer to return to the franc. For comparison, a survey conducted a few months ago in Germany gave half of citizens in Germany favor a return to the Deutsche Mark, the currency dropped during the transition to the euro in 2002. More broadly, the French are rather attached to the European Union (EU). Only 13% of respondents expressed willingness in effect to leave. Results "surprising" to Secretary of State for Europe Laurent Wauquiez: "The French are more pro-European than we think," he responded on France Inter.

The French only lip though not the European Union on all fronts.Their trial against him is even more mixed: 30% of respondents, hope is the first feeling evoked by the EU for them. But for 29%, the disappointment! For some aspects, the EU is their protective: for three quarters of respondents, it ensures peace, and for more than half, it makes France more strong against the U payday loan lenders.S. and China. But in parallel, 60% of French believe that the term unemployment "corresponds to the EU, and for more than half, it accentuates the problem of immigration.

While the conditions of the plan of aid to Greece should be discussed again, the French are also mostly favorable for financial support to countries in difficulty, "even if this represents a cost to France." Only 39% believe that France did not pay for others.Overall, respondents call for a Europe of solidarity, more involved in the fight for employment, purchasing power and welfare. "The French are not skeptics, they just want Europe to change," concludes Laurent Wauquiez Monday.

* This survey was conducted for the Foundation for Political Innovation (Fondapol) from April 15 to 21 among a nationally representative sample of 1500 people aged 18 and over (quota method).

The U.S. stock market should open sharply lower on Tuesday amid a worsening nuclear crisis in Japan that affects all of world stock markets on Tuesday del'Asie to Europe. Futures on Standard & Poor's 500 and Nasdaq 100 retreat respectively of 2.28% to 1261.10 points from 2.27% to 2337.50 points. On Monday, the New York Stock Exchange ended down slightly as the market tried to assess the consequences of the violent earthquake that hit Japan, especially in the energy and nuclear power: the Dow Jones lost 0.43% to 11 993.16 points, the Nasdaq 0.54% at 2 700.97 points and the Standard & Poor's 500 fell 0.60% to 1 296.39 points.

The nuclear crisis has deeply aggravated in Japan.Explosions have occurred in particular in reactors 1 and 3 at the Fukushima, raising fears of an accident majeur.Un panic immediately swept the Tokyo Stock Exchange, sparing no sector. The Nikkei index plummeted by 10.55%. The Topix, which is composed of companies more oriented towards the domestic market that the Nikkei, consisting mainly of multinational companies, for its part, plunged 9.47%.

On the foreign exchange market, the euro appears to lower: about 11:00 am in Paris, the euro bought 1.3859 dollars against 1.3985 late Monday.

In this context, macroeconomic statistics should be further sidelined. Unemployment figures for the fourth quarter are expected and the United States and the import prices for February and the activity in the New York area in March.However, investors remain particularly attentive to the meeting after the close of Wall Street, the U.S. central bank (Fed). The latter should indeed take stock of its monetary policy in a climate of significant improvement in the U.S. economy tempered by concerns about international news. Long anticipated, the FOMC meeting held four days after the devastating earthquake and tsunami that struck Japan on Friday. The Fed's decision, however, should not be so affected by this tragedy whose negative effects on the U.S. economy may be only "weak", according to Ian Shepherdson, economist at the Institute HFE.The attention of the leaders of the Fed should be upheld by the situation in the Arab world, particularly in Libya.

The side of values, the high technology sector should undergo the full brunt of the devastating effects of the disaster in Japan. These groups may indeed soon be deprived of electronic components from Japan following the closure of many factories in the islands.

The energy sector related to nuclear power should also be further battered as the crisis in Japan could jeopardize the global development programs of this energy faxless cash advance. General Electric, which supplied the reactors at the Chernobyl nuclear Japan Fukushima 1, the victim of several explosions, would still suffer the wrath of the market.Titles such as Constellation Energy, Duke Energy or Pacific Gas & Electric could also be affected.

Other sectors are also found in the front line, like luxury with titles like Tiffany.

Yesterday evening, Manulife Financial has confirmed that the amount of refunds related to the earthquake of 11 March in Japan should not exceed 150 million Canadian dollars after taxes and should not impact the company's annual results significantly.

Always on the side of values, the U.S. electronic stock market Nasdaq is preparing to launch a hostile bid to buy back its rival NYSE Euronext, promised to Deutsche Börse, said Monday the Wall Street Journal and CNBC financial channel.An offer from Nasdaq certainly provoke the intervention of competition authorities, while an alliance with NYSE Euronext would create a very dominant issue in the U.S. market, noted Wall Street Journal.

After the close on Wall Street last night, E * Trade Financial has announced the appointment of Peter Knitzer, former president of Citibank North America, as Vice-President and President of E * TRADE Bank following the departure Retirement of Robert V. Burton.

Also note, Apple announced it had sold nearly one million digital tablets iPad 2 during the first weekend of marketing in the United States, a symbolic milestone that the first version of the iPad was put in 28 days to reach , analysts said.

The computer group Hewlett-Packard (HP) announced an increase of 50% to $ 0.12 in its quarterly dividend from MayIn addition, the company will develop a full range of services computing cloud (cloud), which will complement its offering of hardware, from servers to PCs. Starting this year, said CEO Leo Apotheker at a day presentation of its strategy, five months after taking office, HP intends to open an "app store" available online.

KBR won a contract for the supply of licenses, basic engineering and training for an aniline plant with a capacity of 360,000 tons per year, located in the Chinese province of Inner Mongolia, belonging to Inner Mongolia Chemical Industry Connell.

Texas Instruments (TI) said its manufacturing site to Miho about sixty kilometers north of Tokyo, had suffered substantial damage after the earthquake that hit Japan.Restarting production is scheduled from May.

The sensational espionage case that shook Renault continued on Sunday to "deflate". One of the three security officials of the automotive group into custody-to-view this weekend, Dominique Gevrey, was referred Sunday to the Paris prosecutor, while a judicial inquiry was opened for "scam organized gang ", following the dismissal last January three group executives for espionage.

Dominique was in the wake Gevrey be presented to the examining magistrate for a possible indictment. "We will communicate about it in a comprehensive and complete after the floor, probably Monday," warned counsel for Renault. Two of the three leaders in custody to view this weekend, including the director of security and close to Carlos Ghosn, Remi Pagni, however, were released Sunday morning, without any charges being brought against them.

The two frameworks safety first taken into custody-to-view, and Marc Dominique Gevrey Tixador, both authors of the report which led to the dismissal of three employees, have so far refused to reveal the name of the informant the source of accusations of espionage. By the reckoning of Renault's lawyer Wednesday to a microphone Europe, the automotive group has made "in the order of 250,000 euros" in this anonymous informant, through an intermediary agent of a private intelligence to collect data that led to three dismissals.

Renault claims a "manipulation"

Renault claims not to know either the name of that source, and have asked the two security officials, "who are only to know, to deliver his name and address to the investigators," said Renault's lawyer.This same source who gave Renault numbers of three bank accounts which was based on the automotive group to accuse the three executives have coined strategic information on the program of Renault's electric vehicles.

However, investigators of the Central Directorate of Internal Intelligence (DCRI) claimed last week they had found "no evidence of bank accounts" on behalf of these employees, nor "any evidence of espionage." As a defense, Renault now evokes the idea of ​​a "manipulation". In an interview with Le Figaro, the number two carmaker, Patrick Pelata, said that if this hypothesis was confirmed, "Renault will be attentive to repair any injustice."He also designated himself as a scapegoat, saying the group will draw all the consequences of this case until the highest level of business is to say to me ".

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After oil, gas. On Tuesday, the Italian ENI oil and gas cut announced that the only pipeline connecting Libya to Italy and Europe because of the violence. A decision in the wake of the cessation of petroleum activities in Libya.

The pipeline is long Greenstream of 520 kilometers and a capacity of eight billion cubic meters per year. From Mellitah in Libya, he arrived at Gela in Sicily (southern Italy). The gas passing through Greenstream from two deposits (Wafa and Bahr Essalam) operated by the national company ENI and Libya's NOC. ENI is the largest foreign producer in the country, with a production of 244,000 barrels per day and 640,000 barrels of around if one includes the appropriate share of the national carrier Libyan NOC under sharing agreements.The Italian group also sells some of the gas passing through Libyan Greenstream to others such as Italian and French Edison GDF Suez, but it is unclear how much share to the rest of Europe.

Do not panic

After the announcement of the interruption, ENI has sought to reassure that he was "able to meet the gas demand of its customers." According to Gianni Di Giovanni, a spokesman for the group, the gas from Russia and Algeria will cope with demand "for many months."

The government of Silvio Berlusconi, who met Tuesday night to discuss all aspects of the Libyan crisis with energy problems, has also assured that the situation was under control.The interruption of the operation of the pipeline does not cause "any problems with the security of supply," said Department of Economic Development who says he is ready "if necessary" to draw on reserves of gas.

For Italy, the former colonial power, the stakes are high. Libya is the third largest gas supplier in the country, behind Algeria and Russia.

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