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Surprising as it may seem, the purchasing power of French households has increased more during the recession of 2009 than during the previous year. Very specifically, the increase was 1.6% last year, against 0.4% in 2008, according to figures from INSEE. Unemployment forces, incomes have barely increased in 2009 (1%). But inflation has settled down, which has given fresh air to the household budget. With a decline in oil prices and food prices, prices of consumer spending fell 0.6% in 2009, when they rose 2.9% in 2008 payday loans.

Concerned by the crisis, the French preferred to save the additional resources, including by placing life insurance. The savings rate has reached 16.2% at end 2009. Consumption has it, plus a small 0.6%. The scrappage boosted purchases of cars (+8.3%).The French bought mass televisions, went to the movies more but have less clothes and bought train tickets and plane.

The government wants more than ever, give pledges of seriousness on the issue of deficits. On 20 May the Head of State had announced its intention to amend the constitution so that every elected Government embarks on a path of structural balance is imperative, as well as on the date on which the balance of government finances public must be reached.

Without waiting for the amendment of the constitution, Francois Fillon took the lead. In a letter that the Prime Minister has just sent to members of government, he asks them to "stop inserting provisions that affect tax revenues or social security in ordinary legislation.A real revolution!

For material already deposited and bills that have not yet been examined, the head of government asked its ministers "to submit amendments for the deletion of such provisions and to oppose a negative opinion of the Government any amendment which would tend to introduce. Members of the government "shall not in any way rely on the wisdom of Parliament," wrote François Fillon.

François Fillon finally asks ministers to screening assessments for all tax provisions that they want to introduce in the Finance Bill or draft law on financing social security. All this will lead ultimately to limit the creation of new tax loopholes

This was both a first and a dress rehearsal. In six years of Socialist government, the unions had never called for a national strike in Spain José Luis Rodríguez Zapatero. But since the mobilization of officials Tuesday, the divorce between the executive and the two largest trade unions – Comisiones Obreras (CCOO) and CGU – is officially consummated.

Pressed by their bases, the unions had no choice but to break with Zapatero. That, of course, the single most dramatic deficit reduction plan that set fire to the powder: falling wages in the public service, 5% on average in the month of June, arouses indignation public employees. But the unions' own admission, is the absence of any consultation that infuriates most."We do not even ask for the withdrawal of the measure," says Julio Lacuerda, the Secretary General of the Federation of utilities UGT. The unions are aware that these decisions will be implemented. The austerity plan is required by markets, the European Union and … by the United States, including the president himself, Barack Obama, called Zapatero Payday advance low fee.

A war of figures

Therefore, the event serves as a test of officials for each game. The first testing their strength before calling, "if necessary", a general strike. The executive, for its part, gauge the discontent before announcing new measures unpopular. First, the reform of the labor market, to be unveiled June 16 Meanwhile, everyone engaged in a war of numbers.For unions, 75% of staff were on strike Tuesday. The government says they were only 11%.

Above all, workers' representatives refuse to be the only ones to pay. "Why do we keep our troops in Afghanistan? Why do we continue to offer 900 million euros in tax subsidies to the Catholic Church? "Interrogates Julio Lacuerda. While Zapatero announced the creation of a new tax on the rich and inspired by the French TFR. But according to his own statements, "99.99%" of the Spaniards should escape.

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For its centennial, the fund invests Strategic Investment (ISP), launched there just eighteen months, has chosen to support CGG Veritas. This intervention takes place through the acquisition of the group's shares listed in Paris and New York, up from just over 170 million euros, or 6% of capital. The fund, which became the largest shareholder of the company, ask an administrator to the council table. "This is a significant commitment of ISPs, says Gilles Michel, Director General of public funds. One of our three missions is to strengthen the capital of companies listed on major technological potential. Upon entering the capital of CGG Veritas, we conduct our sixth investment of this type. "

This, incidentally, the third stake in an oil company, after Vallourec and Technip.With a market capitalization of 2.7 billion euros, CGG Veritas is smaller than the other two groups supported by the fund, but the company employed 7,500 strong positions in its areas of specialty. It is a world leader in providing services in imaging for identifying hydrocarbon reserves, both onshore and offshore, it is also the world leader in seismic equipment.

"We are proud to be regarded as a business with great potential by the ISP, and it does not mark a turning point for the company, but it will allow us to further develop the technology to improve the image of the basement" , commented the President of CGG Veritas, Robert Brunck on line pay day loans.

Long-term shareholder

The entry of ISPs also aims to secure a capital highly fragmented.IFP (French Petroleum Institute), long the largest shareholder, holds only 4.2%. And the company has 700 funds in its capital.

With the strategic fund, about 10% of the capital are now in the hands of public shareholders and long term. "The presence of ISPs in the capital makes CGG Veritas attractive for other long term investors," said Gilles Michel. For him, securing the capital enables these dynamic companies to focus on growth rather than spending time managing financial issues.

Problem even more crucial that CGG Veritas is an average actor in a sector parapetrolic won by a movement of concentration. Schlumberger has made two acquisitions in quick succession.The industry giant has launched at the end of winter a bid of 11 billion dollars on Smith International, before you spend a few weeks later, one billion euros to afford the French Geoservices. Many observers consider that competitors, including Halliburton, would replicate …

SeaFrance to court to denounce "numerous errors, deviations, differences in the accounts established in late 2009 by the auditor, appointed to audit the accounts of the company." The ferry company suspected fraud, particularly related to sales on board ships between Calais and Dover, for two years.

The prosecutor of Boulogne-sur-Mer, Pas-de-Calais, has opened a criminal investigation for "breach of trust", while the direction of the Company filed a complaint against X in March.

According to the spokesman SeaFrance differences accounts were "significant". According to Le Parisien, they concern "hundreds of thousands of euros".A significant shortfall for a company that has placed the supervision of the Commercial Court of Paris in mid-April to avoid bankruptcy.

This backup procedure had been launched a few days after a strike that lasted throughout the Easter weekend, and who literally "poured" the company: Blocking boats will "cost 1.25 million euros SeaFrance and can cause death of the company and all its jobs, "then had warned management of this 100% subsidiary of SNCF flexcheck cash advance.

Items returned at any cost

According to information from Parisian-Today in France, the auditor was particularly interested in returning items sold in 2008, "whose amount was 610,000 pounds, or 720,000 euros."

"It seems surprising that cigarettes, perfume or whiskey are subject to systematic customer feedback, and especially for these volumes," Le Parisien reported the briefing note written by the expert. Another oddity: there is no inventory of returned products, so it is impossible to know what these products have become.

In addition, differences in body are disturbing: the first four months of 2009, differences between the turnover and amounts in cases concerned 60% of trading volume.

Finally, discovering one of the ships of the fleet has the equivalent of a stock of thirty months of a brand of champagne, it is clear that there is something fishy.

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Meeting in Brussels, the Heads of States of the euro area have finally approved the activation of the financial assistance plan 110 billion euros to Greece three years. According to several government sources, the leaders have also discussed the establishment of a fund to help countries threatened to defend the euro. The European Commission could contribute in the form of loans to the tune of 70 billion euros. The European Central Bank (ECB) will also participate.

"Attack of the market is now against the euro and individualized assistance to any country may give an insufficient response of Europe, the priority is a unified response, firm and fast," said one in particular these sources on condition of anonymity.

If agreement seems to have been found on Friday on the need to establish a sustainable mechanism for defending the single currency, the heads of states still fail to agree on every detail. "The discussion focuses particularly on the role of the ECB," said a source close to the talks

Pressure on ECB

All eyes are turned to the ECB effect. The other track would be mentioned that the latter buys bonds issued by states of the euro area, to provide them in exchange for cash. According to these same diplomatic sources, the European Commission would currently pressuring the ECB to make sense in a concrete proposal to support the euro area.

On Monday, the ECB announced it would accept the Greek debt as collateral for its loans, regardless of their credit ratings.Extending this unprecedented step for all countries in the euro area "would be a strong signal to markets" would have said the president of the European Commission Jose Manuel Barroso. But on Thursday, the ECB said it had not considered.

Tighten fiscal discipline

The euro zone leaders agree at least on the need to tighten fiscal discipline. A commitment to ensure that "Greece is not only to reduce its deficits, but that we work so that all the Stability and Growth speedy again respected," said German Chancellor Angela Merkel in Brussels.

Leaders also stressed the need for better coordination of economic policies in the euro area.Finally the sixteen Heads of State and Government reiterated their determination to "move quickly on the regulation and supervision of financial markets. They also insist on the creation of "a European rating agency.

Barack Obama supports the EU

Moreover, since the White House is that Barack Obama supported the European heads of state on Friday. "I made it clear that the United States supports these efforts and will continue to cooperate with EU authorities and the IMF during this critical period," he said, after talks with Angela Merkel.

American concerns grew at the same time as the market stress.Wednesday, Charles Plosser, a leader of the U.S. central bank (Fed) has assured that "the economic recovery of the U.S. could be delayed by a further turmoil in financial markets. Recent events in Greece are one of the factors likely to influence the evolution of the U.S. economy. "

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Wall Street in the red. The U.S. stock market reacted badly to the degradation of the sovereign rating of the debt of Portugal. Standard & Poor's said Tuesday it has lowered the rating two levels of long-term sovereign issuer of Portugal, A-A + cons.

The rating agency also lowered by three notches note of Greece, from "BBB +" to "BB +", relegating to the category of "junk", speculative investments.

The President of the European Central Bank (ECB), Jean Claude Trichet immediately to reassure the markets by indicating that it was "no question" that Greece or any other country in the eurozone could default on its obligations. But this ad is not enough.

Around 5:40 p.m., the Dow Jones coward 1.07% to 11.1085 points, the Nasdaq was down 1.41% at 2,488 points while the S & P lost 1.49% to 1195 points.The European financial markets have tumbled at the close.

In this new addition to the opening of the hearing officers of Goldman Sachs by the Subcommittee of the Senate. Goldman Sachs (2.46% to 155.48 dollars) will continue to attract the attention of investors. CEO Lloyd Blankfein, Chief Financial Officer David Viniar and Fabrice Tourre are heard in Washington before the Subcommittee of the Senate. While the financial sector following the case closely, so the reform of financial regulation was postponed by the Senate. It remains feared by the banking sector. Concerns focus on the reform activities in derivatives that could affect the performance of the investment bank.

The bank responded in different ways. Bank of America lost 0.22%, Citigroup slumps to -2.27%, while JP Morgan Chase is 0.23%.

Confidence off again

U.S. consumer confidence improved considerably in April, reaching its highest level since September 2008 thanks to greater optimism about the job market, according to the index of employers' organization the Conference Board released Tuesday. The index stood at 57.9 in April against 52.3 in March. He had reached that level since September 2008 which corresponds to the bankruptcy of U.S. bank Lehman Brothers. Analysts polled by Reuters expected at 53.5.

For their part, the prices of residential property in the United States still slightly in February but they registered their first increase in annual rate over three years, at +0.6%.

Herz sanctioned

As for values to follow, investors will have the matter: this is indeed the highlight this week, publication of quarterly results.165 companies to sacrifice performance.

After the close of yesterday evening, several, including Texas Instruments (0.26% to 27.22 dollars), have already published. The semiconductor group has unveiled strong results. The Texan also reassured to 56-64 cents per share on a turnover of at least 3.31 billion dollars in the quarter, against respectively 53 cents and $ 3.23 billion for Bloomberg's consensus.

3M (1.96% to 88.74 dollars) announced Tuesday it posted a net profit of 930 million dollars in the first quarter, up 80%. Revenues climbed 19% in one year, 6.348 billion dollars.

U.S. Airways (1.39%) has reduced its losses in the first quarter. In the first three months of 2010, net loss was $ 82 million against a loss of 382 million a year earlier.The turnover increased by about 15% to $ 4.24 billion, above analysts' forecasts (4.18 billion).

DuPont (-0.84%) reported a net profit of 1.13 billion dollars (850 million euros) against 489 million during the corresponding period a year earlier. Its turnover rose 23.5% to 8.48 billion, against 8.06 billion expected by analysts. The chemist has also raised its forecast for 2010.

Ford (-5.81%) reached a first quarter net profit of 2.1 billion dollars (1.6 billion euros) against a net loss of $ 1.4 billion over the same period last year. Its turnover rose to 28.1 billion dollars against 24.4 billion in the first three months of 2009.

Note that the number one car rental Hertz (-2.72% 14.25 dollars) bought its competitor Dollar Thrifty (-1.07% to 42.61 dollars).It will pay 1.27 billion dollars and 1550 points will earn additional rental. A crucial task for Hertz, which remained in the red in the first quarter with a net loss of 150 million dollars.

More fear than harm. The Icelandic volcano spits ash and under no threat the European sky. The deadweight losses resulting from the disaster are expected to amount to 1.7 billion euros for the airlines, but "the recovery of the airline industry is not in question, according to analysts at Natixis.

There is good news since early March for the sector, with monthly data that highlight improvements in traffic and unit revenue. In addition, IATA (International Air Transport Association) has recently raised its earnings estimates for companies in 2010.

Although the relief is a priority for Asian companies and South America through a more dynamic economic environment, but companies in Europe and North America are also expected to rebound, "but more gradual.

Air France-KLM on the upslope

Natixis Securities is confident for the Franco-Dutch airline AIR FRANCE-KLM: the good news will continue, as the broker, which emphasizes the positive trend registered "throughout the fourth quarter of 2009/2010, with an increase in traffic March, which is one of their busiest months of the year. "The increase – the first 15 months – the number of passengers was thus elevated to 4.7% and load factor improved by 5 percentage points to 80.5% Guaranteed fast personal loans.

The unit revenues are also up compared to 2009 but are still lower compared to 2008.

The analysis bureau raised its price target on the value of 13 to 14.5 euros, explaining that such enthusiasm on the titles for the upcoming IPO of Amadeus, April 29 in Madrid. The travel booking company expected to raise between 1.25 and 1.36 billion euros to reduce its debt.This will be the most important introduction of European market since the beginning of the year.

Finally, the ash cloud, which should be operational in losing about 150 million euros in Air France-KLM estimated by Natixis, does not alter the optimism of the broker or investor: the Air France-KLM shares climb 1.63% on Monday to 10 hours and rate 12.45 euros. A similar level to that recorded at the beginning of the closure of major airports in northern Europe because of the cloud.

British Airways shares soar 2.6% at 239.8 pence on the London Stock Exchange.

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During a speech Thursday at the University Cooper Union in New York, Barack Obama forcefully defended his plan for banking reform. Faced with dozens of top leaders of institutions in New York, Bush has denounced "the furious efforts of professional lobbyists to shape this legislation in a way that serves their own interests."

Most of the bosses of big banks such as JPMorgan Chase, Bank of America or Morgan Stanley, had not moved to hear this lesson in civics."I am here today because I believe these reforms are ultimately not only in the interests of our country but also in the interest of our financial sector," argued the President of the United States.

"Some on Wall Street have forgotten that behind every dollar borrowed or exchanged is a family that wants to buy a house, finance the studies of one member, create a business or saving for retirement," said Barack Obama. The President relies on the unpopularity of the major New York banks to overcome Republican opposition. The charge of fraud brought against Goldman Sachs by the SEC, U.S. financial markets authority, maintains that state of mind.By their excessive risk taking, the largest financial institutions are held accountable by the crisis that nearly triggered one second Great Depression.

The "surcharge" balance

A version of the financial reform has already been passed in the House of Representatives in December. The text gives the executive the power to dismantle a large financial institution in difficulty. It forces to standardize financial derivatives and to rank them on organized markets transparent. The possibility of requiring commercial banks to abandon their activities altogether derivatives is proposed by some Democrats.

The reform also creates a new agency to regulate financial services to the general public.Barack Obama also wants to cap the size of banks and ban those who have access to the discount window of Federal Reserve to speculate on their own account. The Republican opposition was fierce against the idea of creating a new fund to rescue banks fed by a surcharge for banks. Conservatives see it as an institutionalization of the principle of systematic rescue large banks irresponsible. The possible loss of this part of the reform would respond to their wishes.

Experts are still at work, especially in four communes of Charentes-Maritimes, and the final figures will not be known until Thursday. But government has given an estimate on Wednesday: about 1,400 homes flooded during the passage of Xynthia end of February will be completely destroyed and can not be rebuilt in the same place, the area is considered extremely dangerous. This raises the issue of compensation for affected families.

"The amount of compensation to owners will be determined by the area (central sales of furniture plus the state – the Paris region – the management of unclaimed estates or vacant, ed.) The price will be based on the value of the house before the storm hit, "says the Department of Ecology.No question of compensation so fixed, but estimates made on a case by case basis with local officials.

Barnier Fund

The relocation of families should be through acquisitions amicably. The State may, however, to expropriate in case of disagreement. The compensation scheme will also be different depending on the damaged condition of the dwelling. If the house has been damaged, the insurance will pay compensation. Barnier Fund, created in 1995 for the property exposed to natural disasters and concurred in part by insurance premiums, make up the difference between amounts paid by insurers and the estimated value of the house.

If housing has however suffered no damage, but care must be razed, the fund will be responsible for the acquisition of the property without interference from insurers.The validity of permission will not come into account, the judicial inquiry liability will follow. "The goal is to enable victims to relocate quickly," says the department does not wish to increase the damage of the disaster victims with months of procedures.

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