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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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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 year 2010 had already been an exceptional year, even for groups of historic French chemistry, Rhodia and Arkema. But on Thursday morning, the two companies were again positively surprised markets by announcing strong financial results quarterly.

Alternately, Rhodia and Arkema unveiled a sales growth of 28% for the former and 33% for the second, at 1.77 billion and 1.5 billion euros. On both sides, the Guidelines highlight the sustained increase in volume, about 7% to 9%. In an interview with Le Figaro, Thierry Hénaff, CEO of Arkema, confirms that "the global environment is a carrier for chemists", referring in particular to the dynamism of emerging countries. Yet both groups are very active in high-growth countries.

Historically, Rhodia has developed in Latin America, particularly Brazil, and China.In total, emerging economies account for half its turnover. For his part, Arkema has focused on Asia, especially on China. With 20% of sales in the Asian territory, the group has therefore also a growing market. "In Europe and the United States, we see no sign of abating" moderates Jean-Pierre Clamadieu, the CEO of Rhodia, commenting on trends in other markets.

A positive pricing-power

Beyond these sustained volumes, the French chemists have now the choice made in the mid-2000s, to reposition their activities, and evolve their product lines towards products "performance" or "specialty" in very high added value.For example, include bioplastics produced by Arkema, to limit the weight of cars and therefore reduce the energy consumption of automobiles. For its part, Rhodia offers silicas for tires also reduces energy consumption, or compounds of high performance detergent products or cosmetics (shampoos, detergents …)

This positioning of substitutable products hardly makes them less sensitive to economic fluctuations, the chemists called "core" whose activity is based on the sale, in very large tonnages, minimally processed materials.

This choice also allows both groups to move more easily to their customers of price increases, a critical factor in a context of rising prices of intermediate raw materials, used in the manufacture of their compounds.This "pricing-power" allows them to maintain profitability, while according to Thierry Hénaff, "the raw materials we use have increased on average by 30% over the first three months of the year and sometimes up to 50 % for some petroleum derivatives quick payday loan.

Rhodia, this rise affected negatively for about 100 million euros on EBITDA (EBITDA). "But our pricing-power has led to a positive 51 million euros on EBITDA" said Jean-Pierre Clamadieu. In the first three months of the year, EBITDA recurring group reached 283 million euros, up 28% (margin of 16.8%), while at Arkema quarterly EBITDA reached 287 million euros. Having more than doubled in one year, it shows a margin of 16.6%.On both sides, net income reached a record 151 million euros.

Faced with these early indications of financial year, the leaders were rather confident for the rest of the year. Arkema Hénaff Thierry should not give targets for the year before summer, but said that the second quarter will be a continuation of the first, with fiscal 2011 "very likely higher than last year already historic for our group. " Rhodia, the annual target of a recurring EBITDA of one billion euros for 2011 was revised to "more than 1 billion euros."

Positive stock market reactions

At the Paris Bourse, investors applauded the figures above expectations. Arkema clinching the title with 4.60% in mid-session (71.8 euros), bringing its increase to 35% since the beginning of the year.Since the IPO just last 5 years (May 18, 2006), the title has been multiplied by more than 2.

For its part, the title being fed Rhodia very logically from 0.16% to 31.53 euros, the title remaining aligned with the price of the friendly takeover announced in April by the Belgian Solvay at a price of 31 60 euros per share. The offer, which should be open in June, would allow both groups, if successful, to form a new group of about 14 billion euros in turnover, for estimated EBITDA of EUR 2 billion .

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The event that would trigger a financial calamity improbable was postponed a month. Treasury Secretary Tim Geithner, has de facto given up until August 2, 30 days longer in Congress to negotiate with the White House a compromise budget cutting public spending in exchange for a higher ceiling of public debt.

Without a vote of Congress to raise the maximum amount authorized in outstanding debt today of 1429 billion, the Treasury is indeed found quickly running out of ways to prevent America falling into default.Now this event would trigger a serious crisis of confidence as the global financial system based on the principle that Uncle Sam by definition always pays his debts.

In a letter to leaders of the House of Representatives and the Senate, Tim Geithner said that in his view, there is an urgent need to raise the debt ceiling by May 16. Otherwise it is forced to take extraordinary measures to limit government bonds and earn a little time. The reason for the additional period of one month is estimated by the Treasury relatively good news: the fiscal revenues are higher than expected.

Republican obstruction

However, it is unlikely that Democrats and Republicans agree fall before May 16 on a package of budget savings.Tim Geithner is preparing to suspend certain loans made on behalf of local communities and states. The Treasury had already arrived at this end in 2006 and 2007. Even then, Congress was reluctant to raise the debt ceiling.

But at the time the Democrats were the resistance against President Bush. They called for higher taxes on the rich. Barack Obama, the Illinois senator, had even voted in 2006 against raising the ceiling. Today, it is the Republicans who are filibustering. Majority in the House of Representatives since January, they require substantial reductions of public expenditure.

Their leaders are conscious of playing with fire by letting approach the fateful date of a possible default.But they are equally sincere in saying that raising the ceiling systematic debt without cuts in spending has finally put the U.S. in an untenable financial situation. They are joined in their efforts, especially in the Senate, by many centrist Democrats. All were alarmed about the risk of loss by the U.S. of its AAA rating. That, however, three years that the U.S. budget deficit between 9 and 11% of gross domestic product (GDP). Worse, medium and long term, even with a return to sustainable growth, this deficit will not recede fast enough. At the direction of Barack Obama, Vice President Joe Biden will begin negotiations with Congress on Thursday. The White House wants them carried out independently of raising the debt ceiling. The Republicans did not intend it that way.

"Frankly, I am interested in your money": this clash of the BNP did not last long in the 1970 No bank would dare today to show his frontispiece, yet it has never been so relevant. Whether at the counter or on the home pages of online banks, retailers are currently struggling to raise cash from businesses and some 200 billion saved every year by French households. All opportunities are good. A mortgage? Some lenders offer more attractive rates if the borrower is guaranteed to leave a cushion of deposits.

One year after the worst oil spill in the history of the United States, the U.S. Coast Guard denounced the mismanagement of the Deepwater Horizon platform by its owner, Transocean Swiss. In a report of 288 pages, they are pointing the finger "serious gaps in security." Critical parts of the head of the oil wells were not replaced. The electrical system was poorly maintained. And teams on the platform were poorly trained in safety drills.

The report highlights especially the captain of the platform would not have known he had the right to decide to stop the flow of flammable gases. He would have lost precious minutes trying to get permission from his superiors superfluous. When the alarm sounded, the employee service does not know it was for her to initiate the system shutdown.Yet it would have prevented the explosion, according to U.S. Coast Guard.

Transocean defended himself by arguing that the evidence held by the coast guards themselves were against the same conclusions of the report, reports Bloomberg. "They controlled the platform Deepwater Horizon only seven months before the disaster and have certified that the site met all the requirements of U.S. law and international safety regulations," said a spokeswoman in an email to the agency financial reporting.

The report of the Coast Guard comes amid intensifying legal battle between Transocean, owner of the platform Deepwater Horizon and the British oil company BP, which operated. The latter accuses the first of negligence and asks for damages for the harm suffered.The group felt that disaster has so far cost $ 17.7 billion.

Transocean filed a complaint against BP in return Thursday. The contract between the two groups, said the Swiss company, stipulated that BP was, among other things, "take full responsibility, but also defend and indemnify Transocean for any loss, expense, claims, fines, penalties for pollution or contamination (…) related to operations under the contract. "

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On Thursday, the Paris Stock Exchange should make every effort to keep the 4000 points reached Wednesday. The CAC 40 was able to pick this threshold technique, driven by buying cheap and good results from JP Morgan. However, caution leads the ACC in this technical threshold for the opening and himself. The benchmark index in Paris lost 0.49% to 3986.26 points in early trade.

In Germany, markets follow the same path with a start down 0.24% at 7160.99 points for the Dax in Frankfurt. In London, the FTSE losing 0.37% to 5990.24 points.

Operators decide to follow the footsteps of their counterparts on Wall Street and Asian markets. Time to dissect the business publications across the Atlantic. Japan also remains a concern for markets.The situation remains tense nuclear posture in the country while the authorities claim that the islands have to find other means to cool the reactor number two at the nuclear plant in Fukushima-Daiichi because of the difficulty of evacuation contaminated water.

Entry in U.S. unemployment to menu

Side indicator, the markets will keep an eye on the German government's economic forecasts (13 hours). Overseas, the Labor Department will release the index of producer prices and weekly jobless claims (1430).

In France, Minister of Economy confirms the decrease to 2.25% of its growth forecast for 2012 against 2.5% previously. Its stability program should be forwarded to Parliament tomorrow Friday.

On oil markets, investors are plunged into doubt.Oil prices move in a disorganized in the morning, the market for assessing the impact of high prices on global growth. In morning trading, a barrel of light sweet crude for May delivery took 13 cents to 107.24 dollars and that of Brent North Sea crude for May delivery fell by 10 cents to 122.78 dollars.

Side currency, the euro is rising again against the greenback. A euro is worth 1.4501 in morning trading (+0.37%).

Schneider and Tyco: the series

Danone

The food group confirmed on Thursday its 2011 goals by announcing an increase of 19.6% of its sales in the first quarter thanks to the synergies of integrating Unimilk in fresh dairy products in Russia.

Schneider Electric

While the group denies any attempt at rapprochement with Tyco International, two sources familiar with the matter confirmed Wednesday that the leadership is seriously concerned by the project.Schneider Electric has approached banks, including French banks on the financing of a possible transaction.

Dexia

The Franco-Belgian bank has adopted a list of seven candidates for the resumption of its life insurance subsidiary Turkish Deniz Emeklilik, said Thursday the newspaper Les Echos.

Nexans

The group announced Thursday that it had been informed by the Competition Bureau of Canada to open an investigation against several cable providers and be part of groups covered by this survey instant payday loan.

TF1

The group announced a contract for sale of 100% of his company's games and online paris Solfive SPS, one of whose shareholders is the CEO of SPS.

Renault

The changes at the head of the manufacturer and the difficulties of the Japanese automobile industry have no immediate impact on the activities of automotive group in France, said Wednesday the director of manufacturing. Renault also believes that the Russian market could reach 2.4 million vehicles sold in 2011 against 2.2 million forecast earlier this year in favor of extending the scrapping in the country.

Morgan Stanley appreciates Accor

Accor

Morgan Stanley raised its recommendation on the value to be overweight, weight cons online before, and raised its target price from 32 to 37 euros.

Casino

Credit Suisse raised its recommendation to neutral cons underperformance before, and raised its price target on the basis of 50 to 70 euros

Carrefour

Several shareholders of the family Defforey opposes the draft that Carrefour plans to split its subsidiaries Property and Dia, reports La Tribune. Thierry and Sophie Defforey have announced their opposition, just weeks after Defforey Herve, son of the co-founder of the group, which had expressed early April. Their positions around the table were not disclosed.Sophie Defforey owns two million shares in conjunction with Xavier Kemlin, another individual shareholder, the newspaper said.

Total

The oil group announced at the conclusion of a works council the establishment of a voluntary redundancy plan than a hundred people per year until the end of 2017 in the refining industry in France, excluding staff posted , reports La Tribune.

Unibail Rodamco

The group announced Wednesday that yielded three malls and hypermarkets in Sweden to a consortium led by Grosvenor Fund Management for 268 million euros.

Cegedem

The group said on Wednesday it expected a 4% increase in net sales excluding currency effects in 2011, after recording a loss in 2010.

Bull

The group has been chosen to supply a supercomputer research center at Rokkasho in Japan as part of research into controlled nuclear fusion project ITER-related.

Direct Exchange

The group recorded an increase of 25% of its sales in the first quarter to 8.4 million. The online broker, Boursorama competitor, reported 52,000 accounts at end-March.

Pierre et Vacances Carrefour and publish their turnover in the second and the first quarter after market close. Stallergenes Mercialys and reveal their first quarter results at the same time.

Respect the rules of good governance at Renault while responding to questions about the French role in the company, without destabilizing it. It is the balancing act, politically dangerous and embarrassing that the state has since the collapse of the case. It may well be the largest shareholder of Renault, he is not alone in charge. If he holds 15% of the manufacturer, the state has two representatives on nineteen to the Board of Directors: Luc Rousseau, Director of the Directorate General of competitiveness and Industry at Bercy, and Alexis Kohler , Agency of State Holdings. It can not, in principle, to impose its views.

What it can do however is put the pressure. In both media and politics.When deemed necessary, it does not deprive it: Who does not remember the vitriolic statements of head of state, ignoring all rules of governance, demanding the resignation of Daniel Bouton after the affair Kerviel ?

"Everything has to be rebuilt"

Not so with the Renault affair, in which the Executive has been careful not to fan the embers. Although his handling of the crisis raises many critics, Carlos Ghosn is an internationally recognized industrial, away from the myth of "bad bank" that returned the boss of Societe Generale in full heart of the financial crisis. The CEO of Renault also plays "an important role in the Franco-Japanese alliance," said a government source, not to say that it is really unavoidable No teletrak payday loan.Finally, the company is a French industrial flagship, major employer.

The government had every reason not wanting to weaken and was careful from the beginning of the case not to attack frontally with his boss. "Our role is not to say this or that person is responsible," said Minister of Industry, Eric Besson … before adding yesterday that the audit conducted by Renault ended "to the conclusion that four people should be punished." As for the Minister of Economy Christine Lagarde said she had "instructed state officials who sit on the board, support the recommendations of the report of the audit committee."

Hiding behind the investigation that he himself requested, the state got what he wanted without seeming too intrusive. The departure would have added a number one crisis to crisis.The sacrifice the number two avoids return the image of a state shareholder leaving everything. At Bercy, where Christine Lagarde knows well the operating companies to have been in his previous life as head of law firm Baker & McKenzie in Chicago, it is noted that "the solution to the problem has been properly found, in accordance with rules of governance "and that" everything is now to rebuild. "

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Where are the Libyan petrodollars? The financial sleuths American, British or French, are trying to trace more than a month. According to statistics buried at the site of the Banque de France (BDF), banks and financial institutions owned Libyan 8.233 billion dollars (5.84 billion euros) in deposits and loans from French banks to September 31 2010. The latter also held $ 298 million (210.7 million euros) placed by customers Libyan individuals, according to the BoF.

Since this is anonymous data sent by the French banks to BoF, it is impossible to know which part of the state 8.233 billion is controlled directly or indirectly by the Gaddafi regime.Two local financial institutions, the Central Bank of Libya and the national sovereign wealth fund, the Libyan Investment Authority (LIA) are under fire from international sanctions cash advance today. The European Union froze their assets during February. These could they be included in the figures of the Bank of France?

If the Central Bank of Libya has made investments in France, they should be included in this envelope, Olena Havrylchyk advance, a specialist in international banking, Cepii economy. But it is difficult to determine if other money LIA therein. The sovereign fund is certainly not a bank per se, but its links with the central bank are very close.

Half a million! At last count conducted in late January, the number of broken treaty approved by the Ministry of Labour was 498,675. After three months of existence, the success of these amicable separation, introduced in the Labour Code in August 2008 following an agreement between the social partners (with the exception of the CGT), does not therefore be denied. The slight decrease of 17% in January compared to December 2010 is identical to that recorded a year earlier. "There is no reason to worry, an adviser confirms Xavier Bertrand, Minister of Labour. We are always on a rise of the device, according to a seasonality similar to that of previous years. " Without knowing why, the number of breaks conventional effect fluctuates during the year, giving the impression of playing with a yo-yo over the months. But the trend remains upward.In one year, separation amicably approved by the administration – which now represent 11% of the grounds of breach of CDI – still up 11.5% in 2010 and the refusal rate has dropped 2 points, stabilize at 7% of applications received.

None of the unions signatory to the January 2008 agreement does not deny his actions today. "The break helped secure conventional separations concluded an agreement which were not legally framed," says Gabrielle Simon, of the CFTC. Many of them were in fact disguised as dismissal for failure to allow the imaginary future ex-employee to receive unemployment benefits. "The best proof of this need for security is the low number of current use of industrial tribunals," considers Lawrence Berger, the CFDT on line pay day loans.Another way to approach is the decrease of 5000 in three years the number of entries monthly employment center following a resignation, a ground breaking CDI are not eligible for unemployment insurance. At least in the early months.

Preretirement disguised

Only drawback: separation amicably seem to be used by companies as an early retirement financed by collective Unedic. According to recent statistics, one in five unemployed entering employment center after a break treaty has over 50 years. Doubling of their other reasons for listing. But the fifties unemployed are entitled to compensation for three years if they have paid 36 months. And therefore receive an allowance until their retirement if they are over 58 years of age, at which the number of breaks conventional wings. The impact on the accounts would Unedic however minimal."Unemployment insurance has always been considered a case of early retirement for some companies," Lawrence Berger shade.

Some windfalls are not excluded. "Some companies multiply small packets of broken treaty to avoid having to implement a social plan," denounces Stéphane Lardy, FOR, which therefore calls for more guidance on approval procedures by the administration.

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