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A consolation for drivers: when markets are seeing red since the deterioration of the American note, the fall in oil prices will lower the prices a few cents of gasoline. "The impact of pump prices will be automatic, mechanical, it's something we'll see this week and then in the course of next week," announced the president of the French Union of Petroleum Industries ( Ufip), Jean-Louis Schilansky Tuesday morning on Europe 1.

"A sizable decline" is expected, according to Jean-Louis Schilansky, who expects 4-5 cents less per liter of gasoline. The lead-free 98, currently at 1.52 euro and should revert to below 1.50. As for diesel, a liter will cost less than 1.30 euro.For how long? The president of the Ufip is silent: the impact takes place mechanically from one week to another and it is impossible to predict whether oil prices could erase some of their losses.

Light crude to its lowest level since September 2010

Meanwhile, the turmoil in stock markets continues to drive down oil prices, investors anticipating a slowdown in global activity fast cash online. Tuesday morning, a barrel of Brent fell heavily, breaking briefly the threshold of 100 dollars in Asia before recovering. Around 9 o'clock, it was down 0.65% to 103.07 dollars. In New York, the "light sweet crude" is, too, fell below 80 dollars and remains below this threshold, after hitting 75.71 dollars, its lowest level since September 2010.

Oil distributors in July that they had assured reverberated in the same way the rise and fall of oil prices on the prices at the pump. "To say that the price evolution is faster in one direction than another is not fair", had assured the President of the French Union of Petroleum Industries (Ufip), Jean-Louis Schilansky, to meet Critical Labour Minister Xavier Bertrand. The Energy Minister Eric Besson also stated that "Total [had] passed down as fast as the rising trend in oil prices."

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The board of the International Monetary Fund (IMF) met Friday in Washington, approved, as expected, the release of a new tranche of 3.2 billion euros for Greece.

It is in addition to 8.7 billion euros released a week ago by the European Union. This round of 12 billion euros is the fifth of the rescue plan 110 billion approved last year. It should enable the country to repay much of its debt maturing July 15 (EUR 2.4 billion to good six months) and 22 July (2 billion euros good for three months).

But Greece, the public debt (354.5 billion euros at end March) shook up the United States, is not out of the rut.Athens calls for a hue and cry a second bailout, a value equivalent to the first, or 110 billion euros, for which the Europeans require the participation of the private sector. A meeting of the Eurogroup in Brussels next Monday, followed by a council of finance ministers the following day was supposed to define its contours. But it will not succeed, as the differences remain significant even within the Union. At best, a decision is expected in mid-September, confirmed the new Greek Finance Minister, Evangelos Venizelos.

Taboo

For many scholars, starting with the rating agencies as criticized in recent days, the private sector's contribution to the recovery plan would resemble a Greek default, since creditors will not get their refunds in time and hour.A nightmare scenario that Europeans seek to avoid at all costs. Without having yet found the parade.

And meanwhile, some still waving the event of a release of the euro area. An expert in Brussels who had requested a report before he leaves office, a judge at the end of the decade "there may well still have 17 members, but the question is whether this will be the same that 'today. "

The subject is taboo, but if Greece were to be found in default, many experts believe that the only way to redress the country's economy would be a devaluation, and thus an exit from the euro. This had been done in Argentina in 2002, winning its currency, the peso, the U.S. dollar.

Alongside the giants Fitch, Moody's and Standard & Poor's, "small" credit rating agencies are somewhat more severe in their ratings of sovereign debt …

In fact, earlier this year, more than half of Canadian sovereign ratings by DBRS, and the Japanese JCR and Rating & Investment (the three "small" agencies enjoying a certain notoriety) are quite correlated, and appear on average equivalent to Fitch, Moody's and Standard & Poor's. Chinese Dagong, however, stands out, since at best one third of his notes are the same as those of Moody's, Fitch and S & P. These notes have several characteristics. First, the "ratings" assigned by Dagong the major emerging countries [Brazil, China, India, Russia, Saudi Arabia, South Africa, note] are significantly higher than those of Western agencies.Then, his notes to the major industrialized countries [North America, Europe and Japan] are much lower than those of Western agencies. In both cases, the differential of notes can reach four notches, which is considerable.

What credit can we give these agencies?

They have mainly local influence, at best regional. So even if DBRS has a good reputation, is most active in Canada and the United States. It is also accredited by the SEC [Securities and Exchange Commission, Constable of the U.S. markets]. But it suffers from a lack of notoriety outside of North America. As for JCR and Rating & Investment, these agencies have an influence on the Asian continent, but tend to "surnoter" Asian debt issuers. Both are accredited by the SEC. However, Dagong this accreditation was denied two years ago.The U.S. authorities have found it too especially in the political influence of Beijing. Since then, Dagong never ceases to publish reports critical of both the U.S. monetary and fiscal policy, that the action of three. In summary, Dagong tries to embody the alternative in the rating industry. It is aware that the financial difficulties of the United States and several European countries confirm their views. Still, recent events such as doubts about the sustainability of the euro area and the uncertainties about the ability of the United States to halt the spiral of debt due to give Dagong.

Some leading economists, such as Patrick Artus (Natixis), Dagong now estimate that better reflects the reality, particularly offended to see the 'big three' to keep a high rating for U.S. debt.What do you think?

I share the view of Patrick Artus on the fact that the ratings of several countries are excessively high. Fitch, Moody's and S & P "surnoté" Greece and many European countries because they have seen, wrongly, that membership in the euro area reduces the risk of insolvency overnight pay day loans… It was a mistake. States whose public debt has risen sharply over the past decade that have not reorganized their welfare state and have sufficiently reformed their pension system should be degraded. However, I also think that Dagong "surnote" some emerging, such as China, Russia and South Africa. In detail, the "overweight" on criteria such as economic growth and foreign exchange reserves, but neglects the indicators of political and institutional stability, not thinking enough in terms of debt sustainability.For industrialized countries recorded a triple and double "A" by Fitch, Moody's and S & P can afford debt levels higher than those of emerging markets, given the importance of the middle class, better social cohesion, and greater ease in accessing capital markets.

In a context of debt crisis, and after the disappointments of the "Big Three" during the crisis (widely criticized, especially for high marks stamped toxic financial products) these agencies for the time being heard by some markets , she can gain influence?

For four years, it's true that small agencies, few involved in these scandals, have the opportunity to hold their own in the game but break into the industry rating is very difficult because the three major agencies hold almost all (95%) market share.To me, small agencies have only two possible strategies: either they specialize in industry niches or geographic, or they differ in their diagnoses and notations, like Dagong.

Do we need more competition in the industry of the rating?

Yes, and again, the new entrants will be more positive than their ratings diverge from those of the 'big three'. This can particularly help reduce the effects of mimicry on the markets. But regulators must ensure, however, that increased competition does not lead to an inflation of ratings that may be confusing. In addition to competition, agencies must review their methodologies.In the future, agencies should lower the country notes that even in times of growth, are unable to reduce their deficits, as these states will be vulnerable in the first economic downturn. This type of care would include agencies to better anticipate the debt crises.

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70% stake sold
It was in the air for a few weeks is now official: Paris Saint-Germain will be partly sold by Colony Capital, its current owner (who owns 95.8% of capital), Qatar Investment Authority, the sovereign wealth fund of Qatar (QIA). The information, released Tuesday afternoon by Le Parisien on its website, was confirmed in the wake of the club itself. "Colony Capital and investment company in Qatar announced that day, have finalized a draft agreement under which the new partner becomes a shareholder of the Paris-Saint Germain at 70%, Colony Capital 30% maintaining club, "says PSG in a statement. The boss of Colony Capital Europe, Sebastien Bazin, shall hold a press conference Tuesday afternoon to clarify the terms of the transaction.Le Parisien advance for the time a sale price between 30 and 40 million, without specifying whether this amount takes into account the club's losses, estimated at 19 million euros for the season ending, and its accumulated debts (between 15 and 20 million).

Sébastien Bazin said already, in the statement posted by the PSG, "since the entry of Colony Capital Club, we played our role as developer, coach of a stage of life of the GMP. Over the past 5 years we have provided the club a quality management team which has enabled the PSG have now training tools and training worthy of the great European clubs, and a team playing now in a peaceful environment. Our responsibility as a shareholder was also preparing for the future.That is why we sought the best possible partner for PSG a place in history. We found with our new partner who shares this ambition. "

No change in the organizational
This change in ownership should not, at first, change the current organization of the club since Robin Leproux should remain as president and coach Antoine Kombouare. However, QIA, which owns luxury hotels in the capital and is part of the capital of large French companies, could provide more resources to leaders in Paris for the summer recruitment campaign. "He (Editor's note: the new partner) took the measure of the importance of the work done by all of the current management of the club and wants to work with him to continue the efforts undertaken by the PSG to reach the highest levels" ensures Sebastien Bazin.What hoped to attract big names this summer (Alou Diarra, Kevin Gameiro, Dimitri Payet) …

Where can you buy with his mobile phone in France?

In Nice, about 3000 subscribers already use their mobile phones to pay for their tram, their parking, their paper etc.. Nine other cities, including Paris, will follow this year. One testing ground in Europe is likely the London Olympics in 2012 when Samsung and Visa will deploy this type of regulation.

Should we change phones?

Yes, you need a phone (NFC for Near Field Communications) and be equipped with a specific SIM card. The cell phone used in Nice is a Samsung mobile. But all the major manufacturers, Samsung, LG via Nokia, HTC and Rim should propose several models by the end of the year. Google estimates that in 2014, less than half the mobile phones will be equipped with NFC technology.

Should I change to another provider?

No.In France, Orange, SFR, Bouygues Telecom, NRJ Mobile offers mobile payment. It is always possible to switch from one operator to another. In contrast, Google Wallet does for the moment at Sprint, which owns 11% of the market in the United States electronic check payday advance.

What happens if there is loss or theft of the phone?

This is where the role of the telco is essential. It is he who provides security through the SIM card and customer service. The information contained in the SIM card without contact are encrypted and secure. So nobody can access it.

The Google Wallet Will he land in France?

Yes. The operator Orange was in discussions with Google, with which it has already established a number of partnerships. It should soon have NFC devices running Android.

The State encourages Does the rise of the NFC phone?

Yes.Christine Lagarde, Eric Besson, Rene Ricol announced yesterday the launch of a call for proposals for the NFC, with 20 million euros. Objective: to support the order of 20 to 30 projects of innovative mobile services simplify many everyday actions of the French. "In case of loss or theft, the operators guarantee the security of bank information."

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Rather used to host a Parisian clientele, Deauville sees scroll past few days of military weapon and police bulletproof vest. On the eve of the G8, the 26 and 27 May, which annually brings together leaders of the top eight economic powers, the seaside resort of Calvados now looks like a real fortress. It must be said that for this edition, no less than 25 nations-and-so many leaders will attend. Since that besides Barack Obama, Angela Merkel or Nicolas Sarkozy and their counterparts from seventeen countries in Africa and the Arab Spring were invited for the final day of the event. In total, therefore, more than 8000 officials, experts and journalists who invest the city, where, in normal times is less than half the souls.

For this event outside the norm, security officials have placed the city under very high protection.GIGN to the elite unit of the Raid, the platoon of gendarmes mountain through the Air Force … More than 12,000 policemen, gendarmes and military have already taken a position on the town and surrounding areas. An area called "sanctified," "blackout, except for heads of state and their delegations' officials said, has been delineated in the heart of the city. It includes facilities which will host the summit meetings, as well as hotels and Royal Normandy (with respectively four and five stars) that will host the heads of state. In addition, an area "safe" encompassing the town will be controlled by more than 5,700 police officers. Only able to move people, journalists and officials provided a special badge.

UAVs and air defense batteries deployed

But the device does not stop there.Two security perimeters, including Auberville (west station), Pont l'Eveque (south) and Villerville (east) were also established. This sector, under control of the gendarmerie, includes the airport of Deauville Saint Gatien will land where the majority of delegations. To this must be added a no-fly zone, monitored by "at least one drone and batteries of surface to air missiles, according to the Ministry of Interior. Sea side "of the warship, patrol boats and zodiacs of the police will be deployed.

The Department of the Interior, the device is deemed "suitable". "The terrorist threat level is important," argues Pierre-Henry Brandet, his spokesman, that evokes a "Vigipirate red" because of the Arab revolution.However, he claims not to have "particular concern" to the threats made consecutive to the West after the elimination of Osama bin Laden by Washington. However, he stated his concern to avoid any spillover of anti-G8 ", who come together for over a week to Caen and Le Havre.

CRS housed in University City

In total, the cost of operation vary between 16 and 20 million euros for the French state, according to Pierre-Henry Brandet. "Essentially, it involves building a media center, an SPV to issue badges, and accommodation of law enforcement," he recites. The spokesman, however, sees only a "modest summit." He stressed that "Deauville was chosen because there were already all on-site facilities, including an international center and a hotel offer abundant.In fact, if the budget allocated to the summit seems high, it remains well below those of previous similar events. For the record, the NATO summit held in Strasbourg in 2009, had cost 50 million euros. What had prompted the Court of Auditors, in December 2010, sounding the alarm in a report to Parliament.

Philippe Augier, Mayor of Deauville, on the other hand ensures that the state was more ants than usual. "I felt a real desire to limit its services to the bill," he says, recalling that his city has already hosted the G3 between France, Germany and Russia, in October the last year. Based on initial feedback on the spot, hard to prove him wrong. According to the website My Channel student companies of riot police mobilized to Brittany the opportunity to stay the university of Caen, sharing their dorm with … young anti-summit.The information website of the faculty lamented "a little friendly agreement" between the police and students. "Our presence may be considered provocative face protesting students may be against the G8," an irritated CRS, calling it somewhat "clumsy" choice of the authorities.

The natural disaster that shook Japan on March 11 and caused a serious nuclear accident in history, affecting badly the Japanese utility Tokyo Electric Power (TEPCO). The company reported a net loss record 11 billion euros (1.25 trillion yen) on Friday morning, well above the 9 billion expected by the Japanese press. It is the worst deficit recorded by a Japanese non-financial group. The earthquake and the tsunami have paralyzed much of its central activity based in Fukushima, a city northeast of the country now known worldwide. For more than two months in fact, at least four of six reactors on the site are stopped. Before the event, Tepco expected a net profit of 1 billion euros.

Another important announcement this morning by Tepco: Masataka Shimizu's resignation.It must be said that his handling of the crisis has been sharply criticized in Japan and the rest of the world. Particularly for its lack of transparency in the first moments following the disaster. He will be succeeded by Toshio Nishizawa, the current CEO of the group.

State utilities and banks to contribute

The future already looks difficult for TEPCO. The operator had to call for help from the Japanese government. In a request sent on 10 May at the Japanese government, the third largest producer of electricity in the Archipelago evokes an immediate need 8.7 billion euros. Very quickly, the Japanese government has responded, putting Tepco under its control and disclose its financial rescue plan."The purpose of this plan is not to bail Tepco, said Friday the Japanese Minister of Economy, but to ensure that victims are compensated properly," he commented.

TEPCO has indeed compensate the 85,000 victims of the nuclear accident payday advance. A bill that could total between 25 and 43 billion euros, according to local press. Thus the state ensures that dip into its funds and requires the efforts of other private electricity companies in the country. Even banks will tighten their belts: they have provided a loan of 1.4 trillion yen (11.7 billion euros) to Tepco are asked to waive a portion of their claims vis-à-vis the operator .

For its part, TEPCO must, of course, participate in a pinch.The group will include transfer of financial assets and properties in order to concentrate its resources on the production and distribution of electricity. In addition, the eight most senior executives of the company will also waive any compensation and personnel managers to ordinary workers, will also undergo substantial pay cuts.

In exchange, Tepco falls again

This Friday morning in Tokyo, the title has finished Tepco small increase of 0.54% before the results are published in the group. Since, in trade-off meeting at the New York Stock Exchange, the action Tepco listed on Wall Street tumbles 9.6% and is only worth 4.45 dollars. So since March 11, the title collapsed by 83%. Investors, cooled the past two months, do not see Tepco bounce soon.While its nuclear activity has melted, the group had to increase production at its thermal power plants to continue to supply the population. However, this has a cost of hydrocarbons, which could cost another 8.7 billion uros on the current tax year.

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All for it! A great stir launched by Laurent Wauquiez triggers an uproar, followed by a double crop, ministerial and presidential primary. But a few days later, means a whole different story. François Fillon Laurent Wauquiez has criticized the "form", but acknowledged the need to "correct" the RSA. And Roselyne Bachelot, who on Monday denounced the "About counter" in the mouth of his government colleague, merely validating the more moderate course, diagnosis shared by all governmental experts: the RSA does not work .

"This system is not perfect and needs improvement. This is a horribly complex. It must be simpler, "said Minister for Solidarity. The Minister of European Affairs has lanced the boil.The initiative is very cavalier but Sarkozyist in mind: to generate debate on a subject which will now cleaving the heart of the presidential election.

Since the Elysee prepares a balance sheet of five years, the RSA is an embarrassment, even if the plate issued by the Presidency of the Republic for the fourth anniversary of the class number of successful reforms. Should he be praised for showing that the government can boast of a true social balance? You run the risk of exasperating his electorate that is notched on all subjects assistantship. Should we criticize, pointing to its shortcomings?

Crisis forces, the RSA is not increased in intensity. Departments have struggled, together, to put in place. The record is disappointing.And Nicolas Sarkozy, who was given carte blanche to Martin Hirsch, came back the promises of the former High Commissioner of Solidarity.

A "disappointment"

Last Friday, Nicolas Sarkozy himself acknowledged before some guests of the evening that the RSA is a "disappointment" because he "does not fulfill the function" for which it was designed. Several employees Elysian find elsewhere, for several days that the RSA was "a bad system." Even Jean Castex, deputy general secretary in charge of social issues, slid in front of several elected officials as the "RSA does not correct the RMI but amplifies it." He likes to cite the example of supermarkets, which are not hiring more part-time because it makes employees eligible for RSA. "As a result, employers have an incentive to pay only partial activities," said Castex.This means that Wauquiez had some support when he opened a gap on this subject.

Now, everyone understands that the assistantship in general, and the RSA in particular, should enter the debate of the presidential election. Whether it is local aid, of individual housing, the earned income tax or unemployment benefits – by far the most generous in Europe, particularly for executives – these benefits will be evaluated. First, during the debate held on this subject by the UMP June 8 Then during the mission's findings Marc-Philippe Daubresse on RSA.

"We have two solutions. Or we're like 80% of the countries that surround us, that is to say nothing, because generalized social benefits are the only true French specificity. Or do we tip of a support system to a delivery system, that is to say, aid in exchange counterparties.Only the second solution seems feasible, there is little confided to Le Figaro a close adviser to the Head of State. The Elysee, who thinks of course the debate of 2012, reflecting on different tracks. For example, the idea of ​​a "welfare reduced based economic growth," says this adviser.

But another near the head of state calls on him "a fierce fight against abuse", without questioning the entire system, on behalf of national cohesion.

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At TEPCO, the operator of the central hilly Fukushima, everyone will have to sacrifice financially to repay victims of the worst nuclear disaster since Chernobyl. The Japanese utility Tokyo Electric Power, said TEPCO announced Monday a general reduction in salaries of its staff to reduce expenses. This is for her to pay their due compensation to the people of the region.

All will not suffer wage cuts of the same magnitude. Widely criticized for their handling of the crisis, the honorary chairman, CEO and other senior leaders TEPCO will see their annual emoluments amputation of 50%. The salaries of middle managers will be reduced by 25% and those of ordinary employees by 20%. TEPCO had already announced it would not pay dividends to its shareholders or for 2010 or 2011.

"We will apply these deductions to earnings because of the impact on our accounts of the amounts payable under the law on compensation for nuclear damage to those who have been victims, and because of the increased costs for rebuild electrical installations, "the company said in a statement. Tepco discount and make an annual saving of 54 billion yen (455 million).

Recruitment canceled

In addition, the company canceled a plan to recruit 1,100 people. These hires, planned for 2012, should allow it to expand abroad. Before his international ambitions are ruined by the disaster, including TEPCO planned to expand its business in construction and operation of nuclear facilities outside Japan.

"We sincerely apologize to the public and our customers for concerns and inconvenience caused by the accident in Fukushima," assured the group. "We will continue to make every effort to manage the current situation and reduce our expenses by focusing on stable supply of electricity and security."

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The reform of the ISF should apply to tax payable this year. This will help to 300,000 households with assets of between 800,000 and 1.3 million euros to escape the levy. Yet, June 15, usual time of payment of the ISF, the reform will not yet adopted by Parliament. To make the system applicable this year, the authorities have planned to postpone the date to September 15, 2011.

This vagueness will not push the subject to the first installment of the ISF to consider the tax exemption before being fixed and especially worried about the foundations of public benefit, which collect large donations through this channel. "The situation, its suddenness and its uncertainty, is frankly disturbing," says Francis Charhon, president of the French Center Foundation, which fears a fall collection.For assets exceeding EUR 1.3 million, donations to charities are tax-exemption form yet the most interesting, with a deduction of 75% and a ceiling remained at 50 000 payday advance. To simplify and personalize the process, the Fondation de France has even created a website to choose the project to be funded.

Funds that invest in unlisted companies, the FIP and the FCIC, provides, them, an ISF reduction of 18,000 euros maximum (50% of the amount invested in unlisted). Reform or not, they should still be successful. "Last year, they were competed by holding companies. However, they have virtually disappeared, "said Christian Foil, president of Finaréa. Like other managers FIP and FCIC, the company recently launched funds that will alleviate the ISF 2011 … in June or September.

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