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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.

Accor is considering separating from Lenôtre, catering luxury present in thirteen countries with 64 schools. This decision was under review by the two structures for some time, the company said. The transfer of Lenôtre is linked with the change of strategy group, which wants to focus entirely on the hospitality sector, according to a statement released Friday.

Accor believes this project could be beneficial to Lenôtre: according to him, Lenôtre development could be accelerated if the repurchase by a group in its sector.

Already, potential buyers have expressed interest in buying this prestigious culinary group, said Accor, which is careful however to specify the identity and business of the suitors."The bodies representing staff were informed of these discussions and will be consulted when a project is developed more concrete," the statement said without giving further details cash advance payday loan.

Under pressure from some major shareholders, Accor has launched a process of refocusing on the hotel. He has sold its prepaid services, become Endered, sold the business to restaurants in the trains of the Compagnie des Wagons-Lits and sold the walls of a large part of its hotel brands Novotel, Sofitel and Formula 1 keeping only their management.

The announcement of this proposed sale leaves investors indifferent. This morning at 10:30, the title of the Accor Group in effect losing 0.33% to 30.15 euros in a market down 0.32%.

The princely marriage between William and Kate be enough to revive the British economy? Nothing is less certain. Despite the media whirlwind and the important marketing surrounding the event, the positive impact on the business, whether sales of products or benefits for tourism, a sluggish economy will not reverse (drop 0.5% of GDP in the fourth quarter), weighed down by a severe austerity.

It could even have a cons-effect on production, if one believes, the Federation of Small Businesses, because of the eleven days of vacation grant themselves the British, between Easter and the wedding day, holiday. Federation, quoted by Bloomberg, down from 6 billion pounds (6.75 billion euros) loss for the economy, 10 times more than expected revenue, estimated by Dataminor to 620 million pounds.

"It's wishful thinking to imagine that people will feel better or spend more," said Jonathan Far, chief economist at Capital Economics. As bright as it is, the smiling young engaged does not erase the billions of budget cuts, the 350,000 jobs lost in the civil service, tax increases and inflation, growing twice as wages.

Besides, the English showed little passionate marriage payday loans. According to a recent survey, 45% say they do not want the webcast. They prefer to take the opportunity of a great bridge between Easter and the day of the ceremony, to afford a trip abroad. Of the eleven days they are more than 3.5 million to leave British soil, advance tour operators.An exodus for the season that will boost sales by airlines and travel agencies.

"If marriage boost sales this month, it will not be enough to restore consumer confidence," said Stephen Robertson, director general of consortia in the distribution. The industrial morale, anticipating higher prices, has relapsed in April, according to a monthly survey by the Employers' Confederation, the CBI filed Tuesday.

The index measuring the state of order books deteriorated significantly, falling to -11 points against five in March. And evaluating the export orders himself declined to -6 points against five month précédent.La publication on Wednesday of GDP for the first quarter, will be closely watched.Economists expect a slight increase around 0.3%.

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Within hours of the opening of the summit of finance ministers of the 20 richest countries on earth – Friday and Saturday in Paris – the negotiations are intensifying behind the scenes. Berlin has made several gestures of good will on Wednesday, indicating the voice of a senior official of the Ministry of Finance argued that Germany "active efforts of the French presidency." The change is noticeable on one of the flagship projects of Paris, which would result, by Saturday evening, a common definition of economic indicators to be shared within the G20.Last November, in Seoul, the U.S. Treasury Secretary Tim Geithner, had struck the Germans and the Chinese hostile to his proposal to limit to 4% deficit or surplus in the current account.

"Do not stigmatize the poor performers

Berlin now seems more open to this question, suggesting that an agreement could take place during the weekend. According to German government sources, the G20 countries have compiled a list of five indicators to measure imbalances: the current account balance, real exchange rates, budget deficits and debt, foreign reserves and rates of private savings. "It is likely that the ministers approved" list of indicators of economic performance, thermometer, the source said.Berlin considers that these indicators will be "to enjoy in their entirety, and in association with each other. However, Germany remains opposed to what the G20 sets quantitative targets specific to each country. Paris did not intend at first. "Fall first agree on the indicators, then it will be great to spend time each country to the screen, taking care not to stigmatize the poor performers," says Christine Lagarde, French Minister of Economy.

The United States, for now, are more reserved. "It was expected that during the first half of 2011, the IMF identifies those indicators. Then, during the following months, as we proceed to evaluate them … We should, in Paris, have an additional discussion on this topic at the technical level payday loans. But there will be no agreement so early in the year, "says one Washington.Tim Geithner should show booked, also on the question of regulation of commodity markets, the second major project led by France. "We agree to strengthen market mechanisms, but not to supplant the market," says one Treasury recalling that in the Dodd-Frank legislation on financial regulation (adopted last year) are already provisions helping regulators to ensure that markets are not manipulated.

On this question, France will find Brazil on its way. "Brazil is totally opposed to the mechanism of control or regulate the prices of commodities," said Finance Minister Guido Mantega during a press conference.He warned that even these measures could "adversely" by curbing supply.

"Two Camps"

Latest issue of potential conflict, the issue of currency, although it seems less sensitive that a few weeks. "Since the announcement by China of a gradual adjustment of the parity of the yuan, we see a bilateral real appreciation against the dollar at an annual rate equivalent to 10% … So yes, there is progress, but the Chinese currency is always underestimated, "admits one American side.

Japanese Minister of Finance outlined Friday morning, a G20 divided in two. "My impression, based on discussions of the working group, which countries are now divided into two camps," Yoshihiko Noda advanced.He added: "It is not clear that countries agree on all the indicators but I think that agreement on some of them is possible."

China said Friday it is not binding rules, but only indicative. She does not wish to see included levels of exchange and reserves. Beijing agrees to include the public debt and private savings. It is also ready to be included in the trade surplus instead of the current accounts.

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Met this week in Barcelona at Mobile World Congress, major mobile phone manufacturers have outlined what will be the year 2011, presenting their new products. Unsurprisingly, most attention has focused on smartphones, which should represent the majority of handset sales in France in 2011, according to projections by the GfK. More conventional phones were usually stored in corners, out of sight. Here's what can be learned from this series of ads.

The consecration of Google

Nothing stops Google in mobile. "There are 350,000 activations Android phones each day, 170-enabled devices, and 150,000 applications available," said Eric Schmidt, now at Barcelona.During the fair, the mascot of Android – a little "droid" apple green – was omnipresent and the stand of Google, with its slide, was among the attractions not to be missed. Android smartphones team as all the most sought-after Samsung S2 Galaxy, Sony Ericsson XPERIA 2, Atrix Motorola, LG 3D Optimus. Despite the lack of Apple, who shunned the event yet, the iPhone has nevertheless made about him, with rumors of leaving a smaller and cheaper.

Smartphones as powerful as a PC

As with PCs, the processor is a key issue for smartphones, and is now very high in the selling points of manufacturers. Display images in high definition or in three dimensions without slowing the phone in fact requires ever more powerful chips.During the show, Nvidia and Qualcomm fought a war from a distance, each claiming to have introduced the first quad-core chips for mobile devices. Motorola presented its side in Europe's Atrix, a smartphone that has the ambition to replace the PC. Once placed on a pedestal, the device connects to a TV and a keyboard, which lets you surf the Internet, write notes or see videos on the big screen as you would with a computer.

Everything for the game

Smartphones have nothing to envy the portable game consoles business card. In opening the show, Sony Ericsson unveiled the XPERIA play Sunday, a phone that incorporates the same buttons that control the joystick on the PlayStation. Fifty games will be available for launch in March, including the great classics of the first Sony console.For its part, LG has chosen to equip its new phone with a screen similar to that found on the Nintendo 3DS, capable of delivering 3D images without the need to wear special glasses. Four titles are optimized for 3D French publisher Gameloft, whose racing game Asphalt 6, will be delivered with the phone.

Faster and faster Internet

Such as PCs, smartphones will spend this year to Internet connections at very high speed. In France, mobile networks are not yet deployed, but abroad, including Japan and the United States, operators have taken the lead. NTT DoCoMo, ZTE, Alcatel-Lucent and Verizon offered during the fair test sessions on their stand of LTE (Long Term Evolution) 4G technology as the successor to 3G.Visitors could participate in the parts of multiplayer video games or conversations in high definition video.

Facebook encrusted in smartphones

Facebook already offers applications for most smartphones, including iPhone and Android. INQ HTC and went further, presenting him with his consent, the first phones with the colors of the social network. HTC Chacha and Salsa as well wear a button on their Facebook facade, which lets you share one click messages and photos with friends. They also combine the SIM card directory with the contact list on the site. Dozens of phones like this should appear in the coming months, said Mark Zuckerberg, Facebook founder.

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The situation becomes more blurred in Egypt and a barrel of oil rises. On the only day on Friday, the price of a barrel of light sweet crude for March delivery gained 4.32% to 89.34 dollars in New York as they leapt from 2% in London, pushing Brent a hair of $ 100 (99.74 dollars). A threshold that has not been taken since October 1, 2008.

On Monday, the rise continues. In morning trading in Asia, the "light sweet crude gained 37 cents to 89.71 dollars and that of Brent North Sea has appreciated by 18 cents to 99.60 dollars.

The Suez Canal in the heart of the concerns

This rise of prices, after several sessions swales, reflects the fear of the markets to see the routing of oil through the Suez Canal impacted by the events.Since the early disturbances in effect, port operations are slow and some employees can no longer reach their workplace. In addition, ships can no longer find in the port of Suez capable of military escorts to protect them while crossing the Gulf of Aden, whose waters are crisscrossed by hackers.

"No ship has been delayed for two days but no responsibility for immigration and customs has come to give permissions for security teams to shipments, said a coordinator of a freight company Suez. Crew changes have also been disrupted and some supplies, like food and water, are no longer transported to the port, "he added.

Nervousness

The situation is even more problematic that about one million barrels per day pass through the Suez Canal payday loans lenders.In 2009, the latest data available, more than 34,000 vessels passed through the canal, including nearly 2,700 tankers carrying approximately 29 million tons of crude. "There is some nervousness about supply and this could affect Europe more than the U.S.," said Tom Bentz of BNP Paribas.

Now, ships calling at ports in neighboring countries like Turkey or the UAE for their supplies. "If the shipping lanes closed, it will be a detour of 6,000 miles (almost 10,000 kilometers) in order to ensure deliveries," warns Rich Ilczyszyn, Lind-Waldock.

Also concerned about the situation, OPEC said that a "shortage" of oil is possible.The secretary general of the organization, Abdullah El-Badri said, however, that OPEC stands ready to increase production if necessary.

"A blip"

Some observers, however, take the situation into perspective. "Investors are speculating on the situation of the channel but it has very little chance of getting stuck in the light of financial challenges it poses to Egypt, said Djillali Hacid, technical analyst at XTB France. For now, the impact of Egypt on the course is not so huge. This is just an excuse for investors to speed up that takes place from August but stumbled on the psychological threshold of $ 100.

Evolution of a barrel of Brent since February 2010. Source: XTB France

All observers are on the lookout: store traffic will she go in to this Wednesday, the first day of sales? As tradition dictates, the economy minister, Christine Lagarde and Secretary of State for Trade Frédéric Lefebvre, gave the kickoff event this morning at 8 am, flying in large Parisian department stores, first in the Galeries Lafayette and Printemps. They should be emulated by 300,000 visitors this Wednesday at Galeries Lafayette, and 150,000 visitors are expected through the doors of Spring. More generally, 85% of French people intend to participate in sales that begin today for five weeks, according to an Ipsos survey conducted for the National Council of Shopping Centers (CNCC).BVA about 67%, reflecting but also a real craze.

And for good reason, Frédéric Lefebvre believes that the balances are "now a budgetary necessity for millions of French. All the French out of the crisis. Moreover, the snowfall creates a very high expectation. "

The 2011 winter sales will be in effect all the more important that sales have been hampered by snow during the holidays, as well as deliveries, which helped to increase trade inventories. However, stocks are an important input in the dynamic balances.

Incentive scheme

And on the merchants, especially those of clothing, the stakes are also high: the turnover on the first day of the discount period is one of the most important year for large signs.Printemps Haussmann, for example, has traditionally run in the first day of sales in the amount of daily sales record. Until the end balances, set this year to 15 February, the business generated is the second largest after that of holiday season.

Everything is implemented to encourage the French to consume. It must be said that consumption is particularly bleak in France instant payday loans. In December, households' opinion on the economic situation worsened by 3 points, according to Insee. To mark the kick-off balances Christine Lagarde has justified maintaining the floating balances to boost consumption throughout the year.

For its part, the association "by Paris Shopping", with the support of the City of Paris, is mobilizing to encourage fashionistas to go to stores by offering shopping itineraries and walking free on board electric tricycles . The operation, launched in 2007, also aims to attract international tourists in the capital, month traditionally low for hotels.

The French plan to spend 219 euros in stores

On average, these followers of balances to spend 219 euros considering their purchases in stores, according to the BVA poll. If the intentions of the French materialize, the numbers will increase over the last markdown when the French spent an average of 199 euros.

The online trade is also affected by this downbeat trading.Two out of three Internet users are about to do because the sales on the Internet, according to the survey by Fevad Federation (e-commerce and distance selling) and Directpanel Research. On average, users were expected to spend 180 euros for their purchases on sale on the Internet.

It must be said that significant discounts are becoming the norm even in this first day of sales. In shops, the awards should be 20% to 70% and online sales, lower prices could reach 90%. And discounts should go crescendo until February 15, the day end balances. Until then, Happy shopping!

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The Tokyo Stock Exchange finished up 1.51% Tuesday, investors rushing on Japanese values after losses charged yesterday in a gloomy climate in all Asian markets. At the close, the Nikkei gained 154.12 points to 10,370.53 points and the Topix broader took 7.66 points (0.85%) to 906.21.

The volume of transactions was low a few days holiday season, with only 1.61 billion shares traded on the primary market.

Investors ignored a slight rise in the yen against the dollar and have focused on major exporters, encouraged by the rebound in Chinese markets have fallen the previous day amid fears about credit availability.

The easing on the Korean peninsula, which has experienced a resurgence of tension Monday, has also promoted trade.

On the values front, Sony Corp has taken full advantage of this appetite for value and export finished up 2.73%, while Mitsubishi Motor rose 2.5%.

"Everything is a political firebrand." In short, the Head of State summarized the sensitivity of what should be the last major economic reform quinquennium. Nicolas Sarkozy announced yesterday the creation, in a supplementary budget in spring 2011 of a new tax on unearned income. A decision to accompany the abolition of wealth tax and the tax shield. Not since the first removal of tax on capital, which was very expensive to Jacques Chirac in the presidential election of 1988, a leading right-wing had dared to attack again so clearly. The idea of the Elysee is simple: tax the unearned income – dividends, interest, capital gains – rather than wealth itself. "This is the angle of reform," said Nicolas Sarkozy.

Reflections on this issue are already well advanced in the majority."France must not become a nation of renters. We must align the taxation of capital over that of labor, "says Jerome Chartier, National Secretary to the taxation of the UMP. One of the tracks would be to delete the standard deduction, which does tax interest and dividends to 19%. These savings income scale would then be taxed at normal income tax, usually less profitable (the rates are 30% or 41% for high incomes). Another measure considered: raising the tax on capital gains realized on sales of shares and securities or real estate. This reform must be done at constant tax burden. There will be no general tax increases, has once again promised the president because it would harm the competitiveness of France "would therefore fewer jobs, less buying power and less growth."The goal is to make heritage more tax efficient, not more burdensome.

Because the current system accumulates defects. The ISF, first. This tax does not nearly account for revenue. Result, there are still a few years, a household's wealth but little income could see almost all of its resources from Income Tax payday advance. To avoid this absurdity, the Villepin government had introduced the first tax cap set at 60%. Once elected, Nicolas Sarkozy has strengthened the system by assuring the taxpayer that their taxes would not exceed 50% of its revenues. A rule of "common sense" that the majority have never managed to impose in the public opinion. In these times of crisis, the opposition was quick to point out that some very wealthy taxpayers in 1100 hit a tax refund check of 362,000 euros on average.Forgetting that 17,000 other taxpayers – including people with a big heritage but little income – also benefit from the shield. Another drawback: the shield has not stopped the tax exile. 821 subject to the ISF have left France in 2008, against 719 in 2007 and 846 in 2006. Evidence that the shield was never able to erase the flaws of the ISF continues to face foil. Hence the idea of removing it. "And if we have no wealth tax, we do not need a shield," said Nicolas Sarkozy.

The launch of this major reform will coincide with the publication earlier this year, the report of the Court of Auditors on fiscal convergence between France and Germany. This will be another cornerstone of the French economy: "I want to create with our largest trading partner, Germany, an area of uniform taxation, where our taxes are comparable and compatible," said Nicolas Sarkozy.Germans who have suspended the ISF in 1997 …

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India, which boasts of having the smallest cut diamond in the world (0.0003 carat or 0.00006 gram), can now be proud to host the largest diamond bourse in the world. The realization of a dream dating back to 1992 … and aims to make Mumbai an international center of the diamond trade with the ambition to compete with Antwerp and Tel Aviv.

Located in Bandra, a neighborhood business booming economic and financial capital of India, the new premises of the Bharat Diamond Bourse (BDB) were inaugurated yesterday. "The date is not trivial," says Anoop Mehta, president of the BDB. Yesterday, the Indians celebrated Dussehra, one of the most important festivals of Hindu calendar. It marks the victory of good over evil …

The premises of the Bharat Diamond Bourse extend over 287,700 square meters.They include eight towers of nine floors each and will bring together under one roof sellers and buyers, banks, customs, investors, etc.. The complex will also include vaults. In Bombay, the diamond trade is still in cramped and overcrowded offices, trapped in three buildings located south of the megalopolis. And it was not so long ago, exporters were across town with their precious cargo to go to customs. By December, everyone should have moved to Bandra.

"Globally, the diamond industry is growing very fast, is Anoop Mehta. India is an important center: twelve diamonds in circulation worldwide, eleven are cut and polished in our country.The BDB will undoubtedly India to become an international center of trade in stones and jewelry. "

A project of twenty years

The diamond industry employs some 850,000 Indians. The center of cutting and polishing the most important thing Surat, Gujarat town, 250 kilometers north of Bombay.

The BDB, meanwhile, plans to increase its turnover, currently at $ 28 billion, 10 to 15% per year over the next five years. "We hope that the new infrastructure will more traders from Israel and Belgium," says Mehta.

The completion of this gigantic project costing 240 million dollars has not been without pitfalls. Disputes over land acquisition, disputes between contractors and architects, natural disasters … it took almost twenty years to solve all problems. It was time.If India is indeed leading exporter of cut and polished diamonds, it did not previously asserted as an international trade in these stones.

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