The European Commission (EC) and European Central Bank (ECB) working on a contingency plan in case Greece should leave the eurozone, said EU Trade Commissioner Karel De Gucht, in an interview published Friday.
This is the first statement by a senior European official confirming the existence of such plans.
Speculation about the development and content of such projects are fed from the Greek elections of May 6, but their existence had not previously confirmed e.
"There is one and a half, the risk of domino effect could have existed," said Karel De Gucht Belgian Flemish daily De Standaard.
"But today there are, both within the European Central Bank and European Commission services working in emergency scenarios where the Gre it can not. "
The field of business has expanded in a broad way, and one area that is common is the business of financing people who are on paychecks. The opening in this business has grown to a greater extent, and now, people have limitless options, including one of getting
payday loans online.
U.S. courts ruled inadmissible two complaints against the rating agencies Standard & Poor's and Moody's, accused of misleading investors about the safety of financial assets on derivatives debt markets.
Judge Shira Scheindlin in Manhattan federal However limited the scope of these two complaints, finding that the offenses of incitement to fraud, negligence and breach of fiduciary duty were not founded ; es.
Stay the proceedings for deformation of agency activities relating to investment products in question, known as Cheyne and Rhinebridge.
The plaintiffs, including the Commercial Bank of Abu Dhabi, blame Moody's Investors Service and Standard & Poor's losses related to bankruptcy Product Cheyne in August 2007. Investment product Rhinebridge him collapsed a year later, in August 2008.
In both cases, the plaintiffs accused the rating agencies to have worked with banks for financial products that have a triple A, the highest credit supposed to guarantee a free investment risk, whereas these derivative investments were backed in part on credit "subprime" high risk.
The Fitch is also concerned by the complaint Rhinebridge.
The decision of Judge Scheindlin was taken Friday but was released on Monday.
Tony Mirenda, a spokesman for Moody's, said the complaints were unfounded, and that still recent allegations would be considered inadmissible in turn.
Standard & Poor's, John Piecuch, spokesman, said similarly that the latest complaints were inconsistent with previous court decisions.
Standard & Poor's said Wednesday raising the rating to CCC from the Greek sovereign debt, which is no longer so in default, a decision no surprise since the country has reduced its liabilities by about a third after a debt restructuring complex and unprecedented.
S & P maintains this climate speculative grade ("junk") and warned that a deep recession, the unpredictable outcome of the elections on May 6 and wrath of public opinion against the austerity could threaten the efforts of Athens to redress its finances.
S & P, which matched the rating with a stable outlook, provides that Greek sovereign debt will remain high over the next three years, around 160 to 170% of GDP.
"The rating could be degraded if we believe that a forced exchange on what remains of the Greek private debt appears likely," the agency said in a statement.
Fitch was the first to recover the note by assigning a B-to Greece in the middle of March, after the establishment of the exchange procedure which reduced about 100 billion sovereign debt of the country and cost the private bondholders most of their assets.
S & P warned in February that it would report surely the Greek notes to CCC, upon completion of the exchange procedure.
Moody's is now the only agency to keep Greece in zone fault (likely in his case). She said it would review his notes "on time" but that any recovery would remain limited.
A decree published in the Official Gazette requires EDG and GDF to repay the overpayment charged to customers within 15 days of issuance of the annual bill or the subscriber's request. This obligation will come into force in 2013.
EDF and GDF will, from next year, reimburse their customers within 15 days of issuance of the annual bill or the subscriber's request, in case of overpayment exceeding 25 euros, according to a decree of April 18 published in the Official Journal (OJ). "During the contract, when the invoice based on energy consumption reveals an overpayment by the contractor less than 25 euros, the excess is carried forward to the next invoice, unless the consumer requests a refund" states that Order, which comes into force on 1 January 2013. "From this amount, the overpayment is refunded by the supplier," the statement said, adding that "the refund is made within fifteen days from the issuance of the invoice or the customer's request ".
Billing of the two suppliers is based on an estimate of consumption for customers who choose the monthly payment, with an annual bill of regularization based on actual consumption. "It has taken up several times to the plate and the publication of an official report to achieve this decree," said Bruno Lechevin, managing director of energy ombudsman, the daily Le Parisien on Friday which states that during the first quarter, 3.2% of complaints received by the Ombudsman were related to reimbursement of overpayments. "In 2011, EDF had made and pin: the utility reimbursement to amounts of less than 15 euros if the customers were demanding," said the newspaper. EDF now states on its website monthly installments if the client has paid a sum greater than its invoice regularization, the credit balance is refunded "by bank transfer within 15 days."
In May 2011, the supplier had agreed to reimburse "now" and automatically overpayments of all invoices to its customers after termination of their contract (move). The group previously had a policy not to refund overpayments of less than € 15.24 if customers were not doing the requests. Parliament passed a provision in the Law on Organization of the New Electricity Markets (Nome) of 7 December 2010 so that energy suppliers are now required to systematically repay overpayments to consumers.
The action is Danone rebound Monday, with investors relieved after the announcement of the takeover by Nestle's division of child nutrition Pfizer, a redemption of $ 11.85 billion which the French group was also in the running.
At 2:50 p.m., the title Danone raises of 1.83% to 53.39 euros in a market down sharply (-2.15%).
"The rise in the stock is clearly related to the fact that it's not Nestle and Danone buys Pfizer infant nutrition. The price is very high and the market would like Danone uses his money for something else, "said one operator
. L action Danone had lost 3.55% Friday following a tip that he was outbid and proposed $ 11 billion to buy up Pfizer Nutrition
…. Analysts say ….. Danone had not the means to finance a transaction of this magnitude, even if it reduced its debt by nearly half since the acquisition of Numico in 2007 to 12.3 billion euros
. Danone's net debt was $ 6.6 billion end of 2011 euros, against 12 billion after the acquisition of Numico.
Natixis, the analyst Pierre Tegner observes that "the strategic importance of the lost battle (against Nestle) depend on the group's ability to recover some assets, either in Asia Southeast Asia (Philippines, etc..) and / or Latin America. "
According to Kyodo, Danone could increase its stake in Yakult Honsha to 28% against 20% today, and asked the group of Japanese drinks to name one of its managers to an executive position.
The United States believes that European governments have not stopped the illegal subsidies to Airbus and will accordingly implement the first stage of the procedure before the Sanctions 'World Trade Organization (WTO), said Friday the U.S. Trade Representative Ron Kirk.
This initiative can in theory lead to penalties amounting to billions of dollars imposed on EU products.
"We refuse to remain inactive while companies and American workers are disadvantaged," said Ron Kirk in a statement.
The text clarifies the intent of the United States to ask the WTO to say whether the EU has complied with a previous decision of the organization de ; favorable state aid to Airbus.
Ingenico is looking for growth opportunities in services and emerging markets after the forced abandonment of its proposed acquisition in the U.S., which would enable it to face the giant VeriFone.
The CEO of specialist payment terminals, Philippe Lazare, told Reuters detect "significant room for improvement" in Southeast Asia, where it is to affû ; t acquisitions.
"The past year has confirmed that emerging markets are really the primary drivers of growth and the business model with an increasing share of our service activities and transactions (compared to) our terminal activities is a strategy that works, "he argued in an interview.
Ingenico had to rethink its strategy last year after renouncing buy U.S. assets of Hypercom as a result of a decision of the department improve Rican Justice to initiate an antitrust action.
In the U.S., where the group's clients include distribution groups Wal-Mart and Home Depot, Ingenico expects much of the ongoing transition of the United States to smart cards, lead to a prompt Renewal of the terminal stores.
Ingenico, which counts among its competitors Gemalto, First Data and Heartland Payment Systems, is also betting on the transaction management services and maintenance of payment terminals, for not having to rely on its core business , manufacture and sale of terminals.
This service activity should represent 40% of turnover next year as against 32% today, said Philippe Lazare.
Ingenico announced last month reaching for the first time in 2011 the symbolic threshold of one billion euros in revenue, driven by the dynamism of emerging countries.
For 2012, the group said it expected growth of over 8% on a comparable basis of its revenues and an EBITDA margin of greater than or equal to 18.3% .
The action, which exceeded 85 euros at the height of the dotcom bubble, touched a low of 4.6 euros in 2003. The title has turned the corner since 2009 and was up 28% since the beginning of the year at nearly 36 euros.
Ingenico, whose biggest shareholder is the supplier of defense and security Safran, in 2010 had rejected an offer to 28 euros per share of U.S. conglomerate Danaher, but Philippe Lazare said his group left for sale. At the right price.
"Clearly, society has been widely appreciated since this offer," he said. "We will continue to strengthen our balance sheet and strategy and make acquisitions to grow our relevant value. After, if someone wants to buy us one day, he will be welcome provided that it will put the price ".
There was never enough analysts, says a former Moody's and Standard Poor's has. Some had multiple dozens of folders and noted without sufficient data. Moody's in New York.
Former analysts rating agencies testified Wednesday in the Senate on their working conditions, reporting a dire shortage of manpower and intense competition among agencies that sometimes pushed to note without sufficient data .
The Senate on Tuesday launched a mission of information on credit rating agencies and which audition until July consult experts, former employees of agencies, debt issuers and investors in France and abroad.
"Your question is daunting, watermark, you ask us: + Did you know what you did? +, Told senators who questioned Anwar Hassoune, who spent seven years at Standard & Poor's and three years at Moody's. "The answer is + not + always. There is never enough analysts, "responded Normale Associate Management, a graduate of HEC and Sciences Po, who says he experienced analysts for 35 to 45 cases each
. "It is humanly impossible, we had to follow two Credit Agricole, it is not possible!", he said. For him, the analysis of Crédit Agricole would require "a battalion of a dozen analysts with 15, 20, 30 years of experience, knowing all the ins and outs of each business" of this banking giant. "But this is not sustainable economically because each entry will cost 500,000 euros and 600,000, including bonus" and your "business is dead," he said.
Behind this problem is the business model of agencies, the high margins they achieve for their shareholders, analysts have estimated the former. "It is rightly said that it is outrageous that agencies emerge as significant margins," said Catherine Gerst, who worked at Moody's Paris from 1991 to 2000, first as an analyst before becoming CEO.
Agencies who had "no obligation to reinvest in people," Ms. Gerst suggesting to create constraints of this type, for example to limit to 10 the number of entities to be processed by analyst. As for subprime ("subprime"), the agency had only two years of decline on these new products and noted "knowing full well they had no data" necessary, she lamented, explaining this fact by "too much competition between agencies."
Since the beginning of the year, the U.S. equity markets have confounded the pessimists, and employment figures of February in the U.S., expected in late week, could well justify a continued rise.
The 'rally' stock in recent months has been built on a series of economic indicators improving, which suggest that growth in U.S. corporate earnings remain intact, analysts said.
But some strategists warn against a downward trend, while the main New York indexes have reached key thresholds and that the publication of results for the fourth quarter draws to a close.
The Standard & Poor's 500 rose in eight of nine weeks past. During the past week, the Dow finished above 13,000 points for the first time since May 2008, and the S & P 500 closed twice over resistance threshold of 1,370 points.
The Nasdaq composite crossed the threshold of its side of the 3,000 points and is trading around its highest level since 2000.
Some believe that Wall Street could continue to rise thanks to new macroeconomic indicators considered solid.
"The question is: 'Are we witnessing a sustained improvement in the economy?' I think the answer is yes, and that the rally will continue somewhat, "says Bryant Evans, portfolio manager and advisor for Cozad Asset Management, Illinois.
Detailed figures for February employment in the United States must be published Friday. Economists polled by Reuters expect 210,000 new jobs outside agriculture, against 243,000 the previous month.
This would mark the third consecutive month of job creation. The unemployment rate is meanwhile expected unchanged at 8.3%, its lowest level in three years. To investors, such figures would bring additional proof of a recovery in the U.S. economy.
Growth of gross domestic product (GDP) U.S. has already been revised up to 3.0% annualized in the fourth quarter of 2011, its highest rate , since the second quarter 2010, according to the second estimate published Wednesday by the Commerce Department.
TAKING PROFITS tempting
Now that the second bailout of Greece seems on track and that the earnings season draws to a close, investors are more focused on macroeconomic data.
Rising oil prices, bolstered by the tensions around Iran, however, could darken the horizon. Brent crude is trading above $ 120, an ominous trend when Europe seems to be sliding into recession.
Also in Europe, the first funds of the new aid package to Greece could be paid immediately after the debt swap between Athens and its private creditors s, to be concluded by 9 March.
In any event, investors had gains high enough since the beginning of the year to consider taking profits.
The S & P 500, who finished almost unchanged in 2011, increased by 9% since the beginning of the year.
U.S. ECONOMY, THE ENGINE RALLY
Health of the U.S. economy now looks up the engine for stock markets, investors wanting to believe that a recovering economy will spur creation of jobs and profits up.
Regarding the fourth quarter, the share of companies exceeding expectations is declining.
A 9.4% quarterly earnings growth is also lower than in previous quarters, but analysts want to believe that the recovery of the U.S. economy will help to avoid settling too brutal.
"From our perspective, as the employment situation continues to improve, we are on track," said Thomas Villalta, portfolio manager at Austin.
Monday, the ISM services will provide an overview of the activity of tertiary service last month.
The ADP survey on job creation in the private sector in the United States, released Wednesday, will precede the official statistics on Friday.
In the match that opposed them remotely Friday field of employment, Nicolas Sarkozy announced at the Petit Couronne do restart the refinery Petroplus temporary while in Florange, Francois Hollande has proposed to oblige companies to find a buyer. Relive the game minute by minute.
This afternoon, a new match was held at a distance between Nicolas Sarkozy, visiting the Petroplus refinery in Petit Couronne, and François Hollande, who moves in Florange to meet with employees of Arcelor Mittal. Two strategic locations in the field of employment. The outgoing president has announced a 6 month contract with Shell and restart the refinery. The Socialist candidate, himself, proposed a law requiring companies to find a buyer when leaving a site. Back to the duel of "saviors of plants".
2:05 p.m.: Arcelor Mittal is dismissed by the High Court of his application for entry ban to anyone outside the service in its application was primarily site.Cette the many journalists covering the occupation of the site by employees.
14:00: Nicolas Sarkozy said that would be discussed next week in Parliament a bill to prevent the diversion of assets of a failing firm, regarding the Petroplus oil declared bankrupt since late January.
14:00: "Now we need you to fight for the more difficult is that the buyer", said also the head of state. There are 3 or 4 buyers interested [...] So far we have not yet found "
. 1:52 p.m.: With regard to the financing, the president ensures that for two months of work needed to restart the refinery, "was 50 million. The 20 million were transferred to the state, 10 million will come through quotas CO ², and the other 20 million cash avanace Schell in "
1:50 p.m. "Last night later, we signed a processing contract, which guarantees refining activities for a period of 6 months. If there was no contract, it was over. The oil company will provide the gross pay and the cost of processing.
1:40 p.m.: Francois Hollande reacted to the news of Nicolas Sarkozy: "It is in fact only get the former owner of the site. This is going to the most urgent."
1:20 p.m.: "I am a word. It is signed" with Shell, said Nicolas Sarkozy, adding: "I'm not saying it saves the refinery, but it is signed, it makes the job for six months ".
Holland made two proposals
1:18 p.m.: Holland wishes to clarify that he came as an MP, and is prepared to file a bill: "When a large firm does more than one production unit but does not give the, we will do a bill that will force him to appeal to buyers. " Another proposal: the businesses that use too much to pay the interim benefit of unemployment contributions. He is applauded by employees.
1:10 p.m.: The Socialist candidate speaks. He says he wants to defend the steel industry, "sector of excellence". "I come before you to make commitments. I am aware of the anguish that is yours." He adds, to the attention of its competitors: "There are candidates and candidates of the people who claim to serve the people"
13.00: Francois Hollande arrived at the plant Arcelor Mittal, where he has not spoken yet. It stands in the middle of union representatives, who express their demands, after climbing a truck.
12:45: The president finally arrives on the site. Francois Hollande, is always expected Florange.
11:50: The PS deputy for Seine-Maritime, Laurent Fabius, was invited by surprise on the Petroplus refinery site to welcome Nicolas Sarkozy.
11:45: Nicolas Sarkozy will meet in closed session with the staff representatives and administrators of the Petroplus refinery.
Faced with a record unemployment rate since 1999 that is almost symbolic of the 3 million people, the head of state has recently invested personally in two emblematic cases of companies threatened: the Lejaby lingerie factory Yssingeaux (Haute-Loire) and the solar panel manufacturer Photowatt to Bourgoin (Isère). Candidate since Feb. 15 to a second term, Nicolas Sarkozy made a record of his two electoral argument to illustrate his determination to protect "the France of the factories". "If I had said as they (the Socialists) + we + can not do anything, Alstom would no longer exist, Photowatt we do speak of it and Lejaby would have been wiped off the map", he said Thursday at a public meeting in Lille.
