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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.

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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"Too big to go away, but not irresponsible." That is essentially the message delivered by the Japanese authorities on Friday after launching Tokyo Electric Power (TEPCO), the operator of the nuclear accident in Fukushima, an injunction to compensate victims forced from their homes or stay confined to their homes.

Fixed by the Government, this compensation reaches $ 12,000 (8350 euros) per family and $ 9,000 (6250 euros) for a single individual. In total, about 48,000 homes are affected by the evacuation of the exclusion zone according to Japanese media reports, an estimated $ 600 million (415 million) charge for the group.

A figure confirmed Friday by the operator, the voice of its President Masataka Shimizu, specifying, however, this very tentative estimate.For it is only a first payment, and it is not impossible to imagine a possible increase of compensation in case of extension of the exclusion period. A scenario more than likely in view of the confusion reigning on the site yet, more than a month after the earthquake and tsunami. The first payments to families will take place from April 28, said the leadership of TEPCO.

The bill gets heavier for Tepco

Facing these are deemed insufficient, several families went directly involved in the protest headquarters in Tokyo Tepco. For society, which in 2010 made a net profit of 1.89 billion dollars (1.31 billion euros), the charge may seem bearable.But it adds to the $ 24 billion (16.7 billion euros) required, Masataka Shimizu according to the resolution of current problems (rupture of the cooling circuits, explosions and radiation leaks) and restarting reactors.

Moreover, beyond the displaced families, TEPCO will also likely take into account compensation for loss wider (inability to grow for farmers, contaminated water, etc.).. According to JP Morgan, this compensation could reach a total of 24 billion dollars (16.7 billion euros) for the current fiscal year, while Bank of America-Merrill Lynch estimates that if an extension of the crisis Nuclear bill could exceed $ 130 billion (90.3 billion euros).

The situation may therefore be very critical for the fast group that supplies a third of Japan's electricity.According to the Nikkei newspaper, Tokyo, who could hardly afford to crumble Tepco would train alongside his orders to compensation, to set up an insurance fund guaranteed by the state. The latter, whose amount remains to be determined, would serve both to replenish the coffers of TEPCO and provide additional compensation of victims, also of the order of 12,000 euros per family. The fund would be financed by bank loans guaranteed by the state.

Broad program of cost reduction

The plan, looking like a loan, would allow the nuclear operator to bear the massive costs of compensating victims.This government support is crucial to TEPCO, which before the disaster showed a net debt of $ 91 billion (63.2 billion dollars), since heavier by a new bank loan of 24 billion dollars (16.7 billion euros).

The company will then reimburse the state for several years by a system of special dividends. By then, the company will implement a serious program to reduce costs that go through pay cuts for executives and managers, even for employees. TEPCO could also sell more than 1, 2 billion (0.83 billion) of real estate assets, according to Japanese media.

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The events in Libya amplify the concerns of motorists regarding the evolution of crude prices. Thus, the survey of ViaVoice over 70% of French people believe that higher pump prices will continue in the coming weeks. Fuel prices have increased on average by 17% since January 2010.

Faced with these developments, the French government decided to react by increasing tax deductions enjoyed by many consumers who use their vehicles in the workplace. A 'revaluation of 4.6% flat rate mileage applicable to 2010 income tax "was proposed Tuesday by Prime Minister Francois Fillon. Nearly 5 million consumers could benefit.

Contribution of oil companies estimated at 100 million euros

To finance the tax deductions from motorists hit by rising fuel prices, the Energy Minister Eric Besson account the contribution of oil companies. It would be assessed "around 100 million euros," said the ministry statement paperless payday loans. This contribution has been "encrypted services Baroin," Budget Minister, Eric Besson said on the sidelines of a conference on oil in Paris.

A meeting between professionals refining and representatives of the French government is expected next Monday. Minister of Energy and the Economy Minister Christine Lagarde and Secretary of State for Trade Frédéric Lefèbvre with oil companies will define the modalities of this contribution, intended to mitigate rising fuel prices in France.

In the statement released Tuesday after the announcements of the Prime Minister on the regulation of energy prices, UFC-Que Choisir describes the contribution of "drop of water to a sea of ​​expectations", adding that the commitment of France "seems very thin."

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The CAC 40, which won in the 4000 points on Monday night, amid record oil prices and gasoline, returns to form on Tuesday: the index 0.67% to 4017.34 wins points mid-term. The DAX index of the Frankfurt Stock Exchange ahead of 0.17% to 7173.90 points while the Footise London declined 0.12% over the closing Monday at 5,966.85 points.

Last night, Wall Street has yet suffered during the black gold but this morning, Asian stock markets have evolved around the equilibrium. Tensions in the oil market will settle down when in fact that Nigeria, Kuwait and the UAE will increase their oil production by April to offset higher prices that now exists as Libya comes into civil war with an additional 300,000 barrels per day, according to the Financial Times.This morning, oil prices dropping a bit of ground: a barrel of light sweet crude for April delivery yielded 1.41% to 103.95 dollars and that of Brent North Sea fell by 1.16% to 113.71 dollars.

French growth of 0.8% in first quarter

Side macroeconomic figures on Tuesday to watch: Bank of France said Tuesday forecast growth of 0.8% of gross domestic product (GDP) of France in the first quarter of this year in its monthly business survey. The survey on business climate shows a continued growth of industrial activity in February, but at a slower pace than in January, the indicator remained stable 110.The business climate indicator in services has increased in parallel from one point to 102.

Moreover, the trade deficit widened from France in January, to 5.89 billion euros against 5.60 billion the previous month, seasonally adjusted data, the Customs said Tuesday.

In Germany, it will follow at noon, industrial orders in January (Destatis). No statistics are expected this afternoon from the United States.

On the foreign exchange market, the euro lost it again a little ground against the dollar on Tuesday as investors reaping some profits after a summit in four months yesterday. About 11:00 am in Paris, the euro bought 1.3918 dollars against 1.3971 late Monday.

Scor: net profit up 13%

At the Paris Stock Exchange on Tuesday morning, Michelin took the top ranking (2.51% to 59.19 euros) the Cac 40, followed by Axa (+2.49%).Red side, Alcatel Lucent was down 2.72% on profit taking as well as Capgemini 0.62% and 0.53% of GDF Suez.

The SBF, Scor (-1.69% to 21.43 euros) also suffers profit taking. The reinsurer recorded in 2010 net profit up 13% to 418.0 million euros, above expectations, thanks to a surge in financial products, according to a statement released Tuesday. It is also in talks to buy the U.S. Transamerica Reinsurance, a subsidiary of its Dutch rival Aegon, reports Bloomberg.

Air France-KLM (+0.34% to 11.64 euros) reported on Tuesday morning traffic on a February increase of 4.9% capacity increase of 5.1% annual rate . This brings "a quasi-stable load factor to 77.6%," says the airline in a statement.Passenger numbers rose 5.7% to 58.1 million.

Side values, the oil services group Technip (+0.52% at 71.09 euros) has signed a contract worth around 45 million euros for the Gjoa Field Development in the Norwegian North Sea, he said Tuesday in a statement.

LVMH (+0.75% to 113.80 euros). Bernard Arnault, CEO of LVMH, said that the purchase of Bulgari and the agreement with family shareholders of the Italian jeweler might show interest in the Hermes family of a rapprochement with his band.

To be continued this evening, after-hours trading, the 2010 earnings of Havas and BioMérieux.

While oil continues to surge, Asian stock markets continue to plunge. The Tokyo Stock Exchange is preparing to close a third straight session on the downside. The Nikkei 225 Index, which still loose 1.19% to 10,452.71 points at the close on Thursday, losing about 3.5% since the beginning of the week. A performance-cons also linked to the rise of the yen, the dollar-yen has fallen about 1.5% in a week. 82.03 yen a dollar symbol.

In contrast, China's financial markets are fairly resistant, backed by the coal industry. Indeed, investors expect that the surge in oil prices spur demand for alternative energy sources. Suddenly, the Hang Seng Index in Hong Kong as the CSI 300 Index of Shanghai are stable at 22,923.90 points and 3176 payday loans.04 respectively points.The Taiwan TAIEX index gained 0.15% to 8541.64 points.

Conversely, the KRX 100 Index lost 0.59% to 4165.88 points, the S & P / ASX 200 Index dropped 0.76% to 4809.30 points, the BSE Sensex 30 Index coward 1.52% to 17,902 points and the FTSE Straits Times Index is in equilibrium at 3000.86 points.

Crude prices have reached levels not seen for two years Thursday on markets in Asia, supported by the surge of violence in the Arab world and particularly in Libya, a major producer of black gold, analysts said. In morning trading, a barrel of light sweet crude for April delivery gained $ 1 to 99.10 dollars. That of Brent North Sea crude for April delivery has appreciated by 85 cents to 112.10 dollars.

Better than an official statement, an absence confirmed on Friday the Berlin waving speculation since Wednesday. The head of the Bundesbank, Axel Weber, was omitted from the Economic and Financial Advisory Franco-German gathering in Berlin, the German finance minister, Wolfgang Schäuble and his French counterpart, Christine Lagarde.

Since announcing his candidacy to the surprise withdrawal of the European Central Bank (ECB), which has overtaken Angela Merkel, the media do not broadcast in unison more than a single image: that of a man sweating big drops … As if the events of recent days had revealed a personality nerves too fragile to guide the euro out of the storm.

Axel Weber was called on Friday afternoon at another appointment, at the Chancellery in the presence of the Minister of Finance. It was for the Chancellor to push him toward the exit as quickly as possible.The president of the German central bank will leave office April 30, for "personal reasons". "His successor will be announced during next week," says a statement from the Chancellor very dry, which contains no shorthand praising the work of the President of the Bundesbank.

Jens Weidmann, 42, economic adviser to the Chancellor, who defends, as Weber, a monetary policy ultrarigoureuse, is the favorite to succeed him as "Buba".

Weber announced Tuesday night at his colleagues in the Executive Board of the Bundesbank, he renounced his ambitions to the ECB.He lamented a lack of clear support from the Chancellor in recent months, while his candidacy aroused opposition from several countries including France because of its monetary conservatism.

Liberals pledge to

For Berlin, put this former professor of economics at the helm of the ECB, was to guarantee the stability of the euro and thank you without a fight against inflation, which remains for the Germans absolute evil since the Great Depression of 1923. Within the coalition government, the appointment of Weber allowed to give pledges to liberal FDP and temper their opposition to an enlargement of the European financial stabilization (FESF). Now, Merkel may be forced to be even more intransigent on the issue of deficits to satisfy his allies in the FDP."This is a severe blow to Angela Merkel and a disavowal with respect to its European policy, has accused the leader of the opposition Social Democrats in the Bundestag, Frank-Walter Steinmeier.

Merkel now finds itself extremely impoverished. "Germany has little money makers with the right profile" to take the reins of the ECB, the daily economic Handelsblat t. The name of Klaus Regling, president of FESF, is often cited, but he has no experience of central banking. He's chief economist Juergen Stark also the ECB, but his candidacy would raise legal problems because he is a member of the Executive Board of the ECB.Friday, at the end of the economic council, Schäuble said that Berlin had never insisted that there be a German candidate for the presidency of the ECB …

Berlin could be forced to support the president of the Central Bank of Luxembourg, Yves Mersch, or the Bank of Finland, Erkki Liikanen, to bar the way to the Italian, Mario Draghi, a former Goldman Sachs. For his part, Weber saw that the media already succeeding Joseph Ackermann, the head of Deutsche Bank, could be forced to review its ambitions. The tenors of the CDU and FDP "advise" the biggest German private bank hiring Weber, considered "unstable."For its part, the opposition called for a "waiting period" of three years before the former president of the central bank can take the direction of a private bank that was responsible for overseeing.

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For the second consecutive day, the mobilization continued Saturday in the French ports. In Fos, freight traffic was disrupted at the level of 80-90%, according to Serge COUTOUR, head of the CGT Dockers Gulf. In Marseille East, freight traffic was paralyzed at 100% for containers, according to Daniel Manca, general secretary of CGT Dockers port, which advises cruise passengers to "avoid Marseille. At Havre, the second French port, the movement also continued, including blocking container terminals. Finally, Nantes / Saint-Nazaire, 7 boats were stranded at the dock and 12 offshore.

Far from weakening, the movement should be required to continue at least until Monday included, the day new general meetings must be held.The CGT called in any case employees to continue the blockades.

Early departures

The strikers are mobilizing to defend their right to retire early in retirement under the hardship. CGT ports and docks wants to validate an agreement on the recognition of the harshness found in late October with employers' organizations, which would allow retirement four to five years before the legal age for port workers 5-6000 with funding based on the branch but also from public funds.

For its part, the government calls for a resumption of negotiations "within the framework defined by the Act of November 2010 on pension reform, which would reduce to two years in advance of departures.Thus, fewer people would be affected.

For Jeremy Julian, Deputy Secretary General of the CGT dock in Le Havre, it is "incredible back on virtually everything that was granted." Serge COUTOUR warns: "The mobilization is still to go. We try to drown us in the case of pensions, while our case was completely offline for two years. "

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France asked Saturday free elections "as soon as possible" in Tunisia and announced it had taken measures to block "suspicious financial movements" of Tunisian assets on its territory.

In a statement, the Elysee said he had "taken steps to ensure that suspicious financial transactions involving assets in France are blocked Tunisian administratively under the law."

Paris "is available to the constitutional authorities to respond promptly to any request on Tunisian assets in France," the statement said the French presidency.

Calling for "healing and an end to violence," France has also requested "the organization of free elections as soon as possible" in Tunisia, claiming to be ready to "respond to any request for assistance so that the process democratic place as the most compelling ".

Recalling the principle of "non-interference in internal affairs of a sovereign state," Paris said at last bring a "strong support" to the Tunisian people in its "commitment to democracy."

More information to come.

(With AP)