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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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"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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Prepare the re-election of Barack Obama or Facebook IPO? Cruel dilemma that faced by Robert Gibbs. The former spokesman for the White House had left his post in February to work on re-election of Barack Obama in 2012. But now he has been approached by Facebook, which wants to expand its communications team, a few months of its IPO, said the American daily New York Times. Planned during 2012, it promises to be one of the largest IPOs in history. Robert Gibbs, whose salary is in the millions of dollars, would receive shares at that time.

While negotiations are still at an early stage, the former presidential adviser would have consulted several colleagues of the White House on this proposal Facebook.This transfer echoes a previous transfer of skills between the team of Bush and that of Mark Zuckerberg: in 2008, one of the co-founders of Facebook, Chris Hughes, had defected to join the campaign team Barack Obama and fly it on the Internet, including the social network My.BarackObama.com.

Airbus is closely monitoring the developments in Japan. The European aircraft manufacturer employs 25 people locally, including 5 expatriates employed in support functions to customer airlines. Airbus has decided to move its expatriates in the south, while 20 Japanese installed at the headquarters in Tokyo were invited to stay home this week. "We have a team that is studying the situation in real time and the decisions of the Japanese government. Our priority is our employees, "said a spokeswoman for Airbus. C hez same speech that Boeing has allocated 2 million dollars to help the Japanese. The U.S. giant has – for now – not decided to withdraw its 200 employees. "We work with our partners and customers to see what assistance we could provide," said a spokesman. He added: "We remain in constant contact with all our employees."

Airbus currently refuses to talk about any economic impact because of the seriousness of the situation. Commercial presence is modest. F the monkfish Airbus A320 in service with 5 StartFlyer, 18 A300 and 29 at Japan Airlines All Nippon Airlines A320 at. Recently, Boeing has signed two contracts with Skymark for 4 A380s and with A & M Aviation, a subsidiary of ANA, for 10 A320s. Nothing comparable to the ultra dominance of Boeing, which controls 98% of the Japanese market and has forged a partnership with the country strategically in the aftermath of World War II.

On the industrial side, again the two groups are not in the same position. Airbus has gradually built Japanese subcontractors in its worldwide network of suppliers. Today, 12 of them work for the A320, 15 for A ranges 330-340 and 20 for the A380.For its part, Boeing has made the Japanese aviation industry a leading partner that shares the financial risks and technological programs. Mitsubishi Heavy, Kawasaki Heavy and Fuji Heavy provide 15% of the 767 fuselage components, 20% and 35% B777 B787 Dreamliner.

For now, Boeing has not suspended any of its business in Japan and, according to preliminary reports sent to industry partners Boeing, their factories south and south central (Nagoya, Kobe particular) have not suffered so significant earthquake.

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While China has already provided support to European countries struggling with debt problems, such as Spain or Portugal, it could again give them a boost. The central bank governor, Zhou Xiaochuan, said on Friday that "despite difficulties in some European countries, China supports strong to overcome their budgetary difficulties and succeed in their economic recovery."

Moreover, Zhou Xiaochuan said China is "very confident in the euro area and its ability to overcome the crisis. What about European countries in difficulty, the governor said: "We have confidence in their economic prospects." A response to the wave of downgrades by Moody's sovereign these days, that hit Greece and Spain.

China pledged last year to support the euro zone countries face the rising cost of sovereign debt, worsened by U.S. rating agencies. The Spanish daily El Pais had reported in early January that the Chinese government planned to buy six billion euros of debt in Spain. In December, the Portuguese daily Jornal de Negocios wrote that Beijing was ready to buy five billion euros of debt Portuguese. At the end of last year, the chief economist of the bank Natixis, Patrick Artus, had considered buying Chinese Greek debt to several hundred million euros. Beijing has never confirmed any of these amounts.

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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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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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For months the local politicians are fighting for an increase in parking fines. And for good reason. A motorist who does not put money into the ticket machine is now paying the same fine (11 euro) in 1986 (75 francs)!

This fall, when discussing the state budget, MEPs had proposed that the bill is 20 euros. Finally, the measure was not adopted. But Baroin, the budget minister, pledged to take a decree raising the price of fine between 15 and 20 euros easy payday loans.

Reportedly, the fine would rise to 17 euros, in fact. This last figure is circulated within the government. But the date of entry into force of this increase is not yet known.

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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

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%.