China cut Saturday the amounts that banks must hold in reserve, thereby increasing their lending capacity of 400 billion yuan (48 billion euros), a measure taken to e avoid the risk of a sharp slowdown in the second largest economy.
People's Bank of China reduced the reserve ratio by 50 basis points, bringing it to 20.0%. This new amount will be effective next Friday May 18
This is the third decline in six months of the required reserve ratio, a decision just one day after the publication of macroeconomic data for the month of April have concerned investors, including the numbers of industrial production.
Economists had indeed thought that the growth rate of gross domestic product (GDP) of 8.1% over one year was a record low and that the activity would be departing in the second quarter. Considering the recent statistics, this scenario does not seem to confirm.
"The central bank should cut its reserve requirement ratio after the first quarter. She missed the best possible time, "said Dong Xian'an, chief economist at Peking First Advisory
." A drop TODAY 'Today will have a lesser impact. The Chinese economy will therefore be more vulnerable to weak global economic conditions and a slowing Chinese economy will in turn have a negative impact on the global recovery. "..
…… "The uncertainties surrounding the global and Chinese economies increase," said Dong Xian'an
… …… Economists estimate that China's growth should be 8% per year to absorb the annual flow of new entrants to the labor market and rural land left to find work in the factory
. The central bank announced its first drop in the ratio of bank reserves for three years on November 30, lowering the rate of 50 basis points.
According to a Reuters poll conducted in January, economists estimate that the central bank will reduce the reserve ratio of 200 basis points in total in 2012, bringing it to 19%.
Moreover, despite the inflationary risks, some believe that lower interest rates is not excluded.
"The problem is that loan demand from companies is very low, therefore the lower reserve requirement ratio is not as effective as lower rates of intere ; t, because a decrease in the ratio of reserves does not change the cost of loans, "said Liu Junyu (China Merchants Bank).
"If the economy continues to be hesitant, it is likely that the government will opt for a lower interest rate."
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.
The German automaker Volkswagen said Thursday an operating profit increased in the first quarter to 3.2 billion euros against 2.9 billion euros a year earlier , thanks to record sales of vehicles.
This is an above analysts' forecasts, who on average expected a profit decline to 2.7 billion euros.
Around 8:10 GMT, action Volkswagen earned 4% to 131.25 euros, while the European sector index gained the automotive 1.6%.
If he departed from Areva, it's because she was unable to work with EDF, said President candidate. It also ensures that the government never considered selling a nuclear power plant in Gaddafi's Libya. Lauvergeon and Nicolas Sarkozy in New Delhi, December 6, 2010.
New episode of the clash between remote Nicolas Sarkozy and Anne Lauvergeon. Incumbent President said Tuesday that it had terminated the functions of Anne Lauvergeon at the head of Areva because she was "unable to work in harmony with EDF". "Ms. Lauvergeon, we asked him to leave his post for some reason is very simple, was that she was unable to work in harmony with EDF, "he said on France Inter.
Asked about its incompatibility with the current CEO of EDF Proglio, considered close to Nicolas Sarkozy, the head of state assured that "with the previous (Gadonneix, ed), it was exactly the same thing ". Ms. Lauvergeon "did everything to remain as head of Areva," she "came to me countless times," he insisted, "if it had been in disagreement with the policy as I was driving to the nuclear, one wonders why she wanted to stay. "
"This is someone I respect, I kept at the head of Areva that I had even known (…) we can not say that he mistreated her," continued the President UMP candidate and confirming that he was offered a post in his government. "See Ms. Lauvergeon now explain how she suffered with me, when she was a president of Areva who wanted to stay, who wished by all means remain president of Areva, all these people who, once that they left their posts, say 'my God as we suffered when + they wanted to stay, it's pretty outrageous, "he – he concluded.
In an interview last week in the weekly L'Express and a book, Ms. Lauvergeon, old Sherpa of François Mitterrand, ousted in 2011 by the Government of the head of champion French nuclear company, denounced the methods of the CEO of EDF Proglio, reveals some of his conversations with Nicolas Sarkozy, accusing the government for consideration until 2010 to sell a nuclear reactor to Libya's Colonel Gaddafi. Again, Nicolas Sarkozy denies.
"I have not consorted with Gaddafi"
"There was never a central issue to sell to Mr. Gaddafi and let me tell you that if there is a head of state who in the world, has not paved with Gaddafi and is responsible for his departure and what happened to him, I think maybe it's me, "Sarkozy said in response to a question from a listener on France Inter. When visiting the controversial Colonel Muammar Gaddafi in Paris in December 2007, the Head of State announced to reporters, after an initial interview with the Libyan leader that France had signed the signature of "tens of billions" of euros of contracts with Libya …… These agreements
…, he cited "collaboration contracts for desalination of seawater with a nuclear reactor for armaments cooperation, different economic contracts ". Lauvergeon accused the government of having planned until 2010 to sell the nuclear reactor. "This is a blatant lie (…) it has never been involved," insisted Tuesday Nicolas Sarkozy, "I remind you that if Benghazi was saved and if Gaddafi is gone, it is because that France intervened. " "There is still a logic. We can obviously angry with me for a whole bunch of things but we can not blame me for the inconsistency. In Libya it is France that led the operation, it is France with the UK, "he said.
"So, between those who say that Gaddafi paid my campaign, the other we wanted to offer a nuclear power plant, do you really think I would have done this if it was all true?" concluded the incumbent president and candidate of the UMP. The information website Mediapart published in March a note suggesting that the former Libyan leader Muammar Gaddafi has funded a 50 million euros the 2007 campaign of Nicolas Sarkozy. The President had called the accusations "ridiculous".
When moving to Tripoli in July 2007 Nicolas Sarkozy, France and Libya signed a memorandum of agreement on civil nuclear aim of which was, according to the secretary general of the Elysee Claude Gueant of the time, "to provide to Libya a nuclear reactor that allows the provision of drinking water "in seawater déssalinisant This agreement was widely criticized, especially from France's partners such as Germany, and left in environmentalists who saw a proliferation risk. Some had even suspected this Agreement to be consideration for the release of Bulgarian nurses held in Libya, which the Elysée has always denied.
The resumption of international trade should take place sooner than expected.
It's time for optimism for international trade. This is the conclusion of the study HSBC Global Connections: Trade Forecast (February 2012), which provides a faster growth of international trade from 2014, one year earlier than expected, according to previous analyzes. Between 2014 and 2026, world trade is expected to grow by 86%. Its annual growth is estimated at 3.8% until 2017, then mark a sharper acceleration beyond, with an annual growth of 6.2% from 2017 to 2021.
The biggest concern now trade oil, gas, petrochemical, automotive and electronic goods and equipment. But things are changing. With the threat of global warming and the demand for competitiveness, companies must now be closer to markets where they want to trade. This new situation allows to identify new growth areas. Here are the main:
– Electric power: all regions of the world are now seeking to develop non-fossil energy: nuclear, hydroelectric, solar, wind …
– Containers & Packaging: crates, boxes, and all objects to package and transport goods. This highly competitive industry is expected to grow particularly strong in America (nearly 10% annually over the next five years in Latin America and 8.9% in North America).
– Metallurgy: prepared binders for foundry. The annual growth forecast for this sector should be 8.8% in the next five years.
– Coal: coal and pellets. Demand is high worldwide, and especially in China which produces half the world's coal, but who is also the first consumer.
– Processed food: demand for more sophisticated food is high everywhere in the world.
– Electrical Control Systems: the development of new electrical power sources to the emergence of demand control systems and automatic control, especially in Asia, Europe and North America.
– Infrastructure: The sector is large, since the production of metal bars to the research services and consulting. This sector, vital for global economic growth, is expected to grow 110% in the next 15 years.
Consob, the Italian financial markets authority, suggested Wednesday EDF to revise upward the price offered to minority shareholders of the Italian group Edison, an opinion that could further extend a drama begun there are nearly ten years.
Three months after the announcement of an agreement between EDF and other major shareholders of the second largest electricity producer in Italy, Consob said that "the price of EDF 0, 84 per share does not seem representative of the actual price agreed between the parties. "
She adds, in the notice published on its website a price ranging between 0.84 and 0.95 euros would be more consistent with "the notion of price paid" and that the median of this range , or 0.89 euros, can be "a useful reference point".
Contacted by Reuters, EDF has made no immediate comment.
"Let's see what the French would say. But if we take as 0.89 euro price, the difference is about 60 million euros. It is nothing for a band like EDF" said a source close the file.
After months of negotiations, EDF had signed a preliminary agreement in late December supposed to ensure control of Edison. But he was then conditioned the implementation of the agreement to confirmation by Consob price of 0.84 euro per share Edison.
Under the terms of this agreement, EDF was, initially, increase from 50% to 80.7% its stake in Edison for 700 million euros, and then launch a takeover bid for the remaining shares.
The group led by Proglio then found that the agreement Edison valued at 0.84 euros per share.
In return, Edipower, which Edison owns half the capital and considered by some observers as the "nugget" of the Italian group, had to go completely in the hands of current shareholders of Italian , led by A2A.
At the head of the minority shareholders of Edison appears the businessman Romain Zaleski, through his holding company Carlo Tassara.
The action ended in Edison 0.8735 euro Wednesday at the Milan Stock Exchange. In this course, the Italian group is valued 4.5 billion euros. In Paris, EDF finished at 17.2150 euros, a capitalization of 32.7 billion.
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.
In February, China recorded its largest trade deficit over the past decade. A sign of the deteriorating economic conditions of countries, some analysts say. China recorded in February its largest trade deficit in over a decade.
This is a record. China recorded in February its largest trade deficit in over a decade, from 31.48 billion dollars, due to a surge in imports, particularly oil, according to figures reported Saturday by China Customs.
Imports jumped 39.6% year on year to 145.96 billion dollars, while exports rose 18.4% to 114.47 billion USD, have detailed the Customs on their website.
Imports grew far beyond the expectations of economists polled by Dow Jones agency, who on average expected 26% increase, while exports are well below their forecasts, which were 28.8% increase.
The expected deficit by these economists was 8.5 billion only. This is the largest trade deficit ever recorded in a single month by China since at least 2000, according to Dow Jones agency.
Slowdown
For the first two months of the year, China has a trade deficit of 4.25 billion. In January, it had a surplus, but the volume of China's foreign trade had shrunk because of the impact of Chinese New Year celebrations. The high level of imports is mainly due to oil imports, which hit last month to a record volume of 23.64 million tons, amounting to 19.47 billion dollars.
China recorded a trade deficit frequently earlier this year, but in 2011 it had only reached $ 890 million for the first two months of the year.
The deficit in February in addition to other economic indicators released reflecting a slowdown in the second world economy.
"Overall, we see an acceleration of deteriorating economic conditions," responded Zhang Zhiwei, an economist at Nomura Securities agency quoted Dow Jones. "The slowdown occurs more rapidly than expected in the government," he said.
The record trade deficit could prompt Beijing to further relax its monetary policy to support economic activity, while Chinese exporters are suffering from the impact of the debt crisis in Europe and weak economic growth in the U.S. .
The Tokyo Stock Exchange closed up 0.92% Tuesday, Japanese markets have erased all losses posted in early trading before going into the green and Register a fence frankly positive.
The Nikkei gained 88.59 points to 9,722.52 and the Topix broader took 3.23 points (0.39%) to 838.48.
The bankruptcy of Elpida, the first Japanese manufacturer of memory weighed on the sector, Advantest yielding 1.5% and Shin-Etsu Chemical 1.2%.
But this failure did, in the opinion of stakeholders had limited impact on investor sentiment.
In 2009 women earned on average 20% less than men in the private sector in working time equivalent, according to latest figures from INSEE. This is due largely to different qualifications. However, even within each occupational category, the differences remain. Of employees in an office in Caracas Noticias24.com website.
In 2009 women earned on average 20% less than men in the private sector in working time equivalent, according to latest figures from INSEE showed on Wednesday. "In 2009, the average net salary in full-time equivalent for women is 80% of men in the private sector and 87% in the public sector," wrote the Statistical Institute. The conclusion was the same for 2008. "This is due partly to a structure different skills," said INSEE, "for example, 19% of men are employees of private frameworks against only 12% of women." However, even within each occupational category, "gaps remain," added INSEE survey in the "Jobs and wages".
Among managers of private, women's wages is less than 23% and 21% in the public, illustrates INSEE, noting that the gap "can be partly explained by an effect of glass ceiling + +, but also by other elements such as choice of specialty training, industry or career paths. " This wage gap among executives is "much less important in under 25 than among older people," adds the INSEE, which also notes that the differences "are lower in other occupational categories."
Women are more part-time
A study by the Directorate of Coordination of Research, Studies and Statistics (DARES, Ministry of Labour) in 2008 and published on 2006, frequently cited, noted 27% of gross wage gap in the private sector (about 17% in hourly wages, working time to be equal). The gender differences are also visible in the activity rate and working time. If 70% of the population aged between 15 and 64 is active as defined in International Labour Office (worked, not even one hour during a given week), the figure drops to 66, 1% for women and up to 75% for men.
This gap is much reduced between 1975 and 2009 from 31 points to 9 "under the combined effects of rising female participation rates and a decline in male activity." He explains "a large part" by the presence of young children at home "for families of two children with one (or more) is less than three years, the participation rate of mothers is 54% while that of fathers is 92%. " Finally, women are more often part-time, which only partly explained by the presence of children. "Even among the employed and childless, the proportion of women working part time is 17 points higher than men." "This is so very often involuntary part-time, women are likely to work in the service sector where the use of part-time by companies structurally important", said INSEE yet.
