"I also want to stress that exchange rate determined by the market are essential to global economic vitality," wrote as Barack Obama, who is of course referring to China, which Washington believes the currency, the yuan, is artificially under -valued, preparing a showdown with his counterpart, Hu Jintao.

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These reviews are intended to reflect the ability of banks to withstand extreme financial and economic conditions. Currently, those made at European level on a score of major banks remain confidential.Last year, only general trends were made public, including the fact that European banks were sufficiently capitalized to face a severe deterioration of macroeconomic conditions.

First published in late July

Nicolas Sarkozy has confirmed at his press conference that the publication of these tests would take place in late July as desired by Paris. Earlier in the day, Christine Lagarde, French Minister of Economy, had told Reuters: "I am very positive about this publication. There is nothing worse than the rumors and doubts about the banks. " The Minister is confident, remembering that French banks have so far yielded positive results. These displays of the solvency ratios for the time, satisfactory. In the opposite case, Christine Lagarde said the banks to recapitalize.

Madrid triggers debate

The day before, the Spanish central bank had announced the forthcoming publication of the results of these tests. The newspaper El Pais had found the ad "unprecedented in the euro area. The Madrid Institute hopes to dispel the doubts now hanging on the strength of its banking sector. The Spanish governor of the Bank believes that the current rumors greatly amplify the difficulties of the Spanish financial industry. He hopes that the markets "are fully aware of the situation in the Spanish banking system."

Banks reluctant

Further to the announcement in Madrid, the German government long reluctant, finally decided to give the green light too. But Berlin has yet to convince its banks. German institutions showed far opposed the publication of these results.

Successful tests of Moody's

The European Central Bank will also favors the publication of these tests. In the eyes of the central bank, the operation of transparency is able to reassure the markets. And regulators have reason to be optimistic. Indeed, European banks have recently passed the tests of strength by Moody's. The rating agency has increased the stress tests to thirty European banks from ten countries, and concluded that they have a level of capital sufficient to take further losses.

"In each case, some niches will be deleted. And there will be a movement of the plane by 10%. With exceptions because it should not increase the cost of labor, "he says. Over the years, it is indeed accumulated more than 400 tax loopholes, intended for particular social groups or economic sectors. In total, the Telemachus to win for the state accounts for almost 75 billion euros.

For in order to cope with a deficit which currently stands at 7.5% of GDP, the resources available to the government are now limited, said the Premier. A tax increase seems difficult in France, both the level of tax burden is already high. "Within the euro area, we are among those who have the highest rate. Again, our margins are limited, "said the Premier. More limited, for example, those of our German neighbors.

No removal of tax charges

Same for the amount of charges. "In some sectors, the competitiveness gap with Germany reached up to 20%. We can not win over the German economy, "said Francois Fillon. No question, therefore, to remove some relief.Neither, as announced Wednesday Georges Tron, the Secretary of State for Public Service, to lower or freeze the salaries of civil servants, which may depend on the success of pension reform.

Only possible levers mentioned by the Prime Minister in the East Republican, in addition to the tax loopholes, reducing social spending and a freeze on the allocation of local communities. "But we will not touch the RSA," said Francois Fillon.

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Specifically, the agreement provides that if a contract awarded, MIH supports the manufacturing facilities and the provision of essential equipment.For his part, Spanish will be responsible to install, the grouping of devices and materials that their test. The offer of MIH is based on a pressurized water reactor of 1,700 megawatts (MW), whose rights have been designed for the Japanese market, and adapted to European standards and regulations.

MIH is not his first partnership with a European group. The Japanese already collaborating with the French Areva in a joint venture called TDD, which is developing a medium-power reactor for countries wishing to launch their first nuclear power.

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"Coaster"

If UMP deputies, who withdrew their amendments for the creation of "positive file, were satisfied with this compromise, however, the SP, we speak of" coaster ". "Whenever you have a problem, you create a working group. The string is a little big. Your speech does not convince us, "said Socialist Jean Gaubert empire payday loans. The same goes towards his colleague, Francis Brott. "The majority is thus the choice of banks against consumer choice," he says. Today is a first class burial of "positive file, '" he said. The Socialist amendment was then rejected.

The government has introduced and passed a new amendment which stipulates that the creation of a "national registry of credits for individuals" is the subject of a report submitted to the Government and Parliament within twelve months, " developed by a committee to prefigure this development "and whose composition will be fixed by decree.

This debate on the "positive file" was held under the bill reforming the consumer credit which aims to reduce abuse by better protecting consumers and imposing new obligations on lenders.

Members will vote by formal vote Tuesday, April 27.

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The London Stock Exchange and Frankfurt have also recovered well in the wake of Wall Street, buoyed by an upturn in consumer spending … The London FTSE 100 closed up 1.02% to 5770.98 points. The German Dax closed up 1.26% to 6249.70 points.

Thursday evening, the CAC 40 lost 1.20%. After rising almost continuously since February. The index had been weakened by fears of renewed solvency of Greece.

The lifeline of the ECB

Fears eased by the reassuring words of Jean-Claude Trichet, called "lifeline" by the Greek press.The President of the European Central Bank, rejected any risk of contagion to other countries, like Italy. He also assured that a default of Greece was "beyond question". In fact, the President of the European Union, Herman Van Rompuy, promised Friday that the Europeans are "ready to intervene if the Greeks call" and implement a plan of assistance involving the IMF, which Greece seems to want to avoid. French President Nicolas Sarkozy confirmed: the European Union is ready to activate its plan "at any time.

These incentives have led to a rebound of the euro against the dollar above $ 1.34 this morning, then at 1.3385 dollars this afternoon. Volatility remains a must. After being stretched to 7.5%, the yield on loans to 10 year-old Greek, too, calmed a time, returning this morning to 7.2%.It said Thursday that Athens be able to reduce its deficit by 40% YoY in the first quarter.

The Greek situation remains fragile. The rating agency Fitch has lowered a few minutes from the end of Paris, noted the long-term debt of Greece, from BBB + to BBB-. This could well lead Greece to seek EU aid promised on March 25 …

According to strategists at BNP Paribas, investors await the issuance of treasury bills by Greece on Tuesday to assess the ability of countries to find core funding. Markets await the second season launch of results from U.S. companies, with Alcoa on Monday.

Side values, in Paris, the banks have been resilient, despite their exposure to Greece, to the tune of fifty billion euros.This does not raise "no particular concern, said Friday the governor of the Bank of France Christian Noyer, even if the French regulators monitor" closely "the situation.

The rising price of rubber has instead penalized cars, Michelin (-0.08%) signing the only declines the CAC 40.

Main reason for this improved environmental performance: the recession. Manufacturers must report annually their copy in Brussels on March 31, that provide estimates of their emissions of CO2 duly verified. Crisis forces, thousands of factories have emitted less tons of CO2 that the annual ceiling that has been allocated for the period 2008-2012.In other words, "there is a huge surplus of allowances," says Emmanuel Fages, an analyst at market CO2 Orbeo, a subsidiary of Societe Generale.

When the allocation of quotas by country and by industry, by 2008, some sectors have been able to negotiate generous limits, said Emmanuel Fages. This lobbying coupled with the crisis allowed them to return today holders of "carbon credits" worth tens of millions of euros, they may at their discretion to sell on the market. Thus, preliminary analysis of 12 569 lines of picture released Thursday in Brussels, European steelmakers (including mining) are left with 93 million tonnes of CO2 "in his pocket." In the spot market price on the spot exchange BlueNext Paris (12.65 euros a tonne on Thursday), this represents 1.17 billion euros of Treasury.The cement for their part have 53 million surplus allowances (670 million) cash fast now. As electricians, they have instead passed their overall ceiling of 100 million tonnes of carbon they will buy on the market.

In France, among the 1 118 facilities (power plants, boilers) subject to quotas, ArcelorMittal, with its two plants Gandrange and Mediterranean, has a surplus of 2.9 million tonnes, 36.9 million treasure euros at market prices. Ten plants of Lafarge cement totaled 1.3 million tons, 16.9 million euros.

In the automotive sector, emissions of four plants Peugeot-Citroen reflect the depressed activity. PSA has a credit of 138 000 tonnes.Even Disneyland in Marne-la-Vallee, low emitter of greenhouse gases but nevertheless subject to quotas liberates carbon credit of 3 650 tonnes. The raw data do not explain the case of crisis or the effect of efforts to produce heat and electricity more green.

Should we expect massive sales of CO2 by companies tempted to rake in cash, and thus a decline in the price of carbon on the European market? Although official figures for CO2 emissions, one indicator of demand for this very special market, falling only once a year, and analysts expect the industry. "There is therefore no surprise," says Emmanuel Fages. "We do not wait more sales," says the analyst Orbeo.

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Consequently, the Japanese manufacturer, also a victim of the premium end of the breaks, slowing production on the Old Continent. The Onnaing plant in northern France, which produces the Yaris will undergo fourteen days of partial unemployment by 1 July, a union source. His pace, already reduced to 837 cars per day in February, dropping to 651 vehicles May 10After splitting from over 300 temps in February, the plant will not renew the contracts of the 340 remaining, the source said.

Eight days of production shutdown is also scheduled by mid-April in Britain, according to the Japanese agency Kyodo. Production will be suspended again in August and 750 jobs should be deleted.

To reassure customers

Aware that the crisis of technical faults has tarnished the image of his group, Akio Toyoda, Toyota's CEO, tried this week to reassure employees and customers during an impromptu visit to EU headquarters in Brussels. Having acknowledged that the group had wanted to grow up too quickly at the expense of quality, Akio Toyoda has formalized the establishment of a World Committee on this subject. The goal is to go faster technical problems payday loan no faxing .This committee will be chaired by the CEO and will have five members. Didier Leroy, previously director of sales and marketing in Europe, has been appointed quality manager for this area.

"We must reassure our existing customers on the fact that there were no accidents in Europe, and that repairs are progressing," says Didier Leroy. Approximately 750 000 vehicles were repaired in Europe on more than 1.6 million recalled because of faulty accelerator and nearly 53 000 Prius hybrid with a brake problem.

For now, a survey conducted in late February in the United States, shows that Japanese customers remain loyal to the brand. Only 6.5% of them said they no longer buy Toyota because of technical faults.But "convince other drivers to choose a Toyota is more complicated in the coming months, acknowledged recently Didier Leroy.

Meanwhile, the pressure intensifies court against the group in the United States. The San Diego court must determine whether complaints of Toyota customers can not be grouped into one, rather than separately. Toyota is the subject of 138 complaints in partnership with the United States for vehicle depreciation and 97 complaints relating to death or injury in accidents.

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For now, the atmosphere seems to be tight in the countries of the European Union. The President of the European Commission, Jose Manuel Barroso had to bang his fist on the table to encourage the different European countries to agree on the mechanism adopted to help Greece.

As for values, the pharmaceutical industry will again follow after that, according to information from Figaro, Novartis has accepted the decision of the Ministry of Health to withdraw 50 million doses.Sanofi-Aventis fell by 0.71% to 55.93 euros

Seloger.com (+7.14% to EUR 27), who announced he would propose to pay for the first time a dividend of 0.33 euro per share, in the resume in 2010 with a double-digit growth of its business and profitability of payday loan lenders . Its turnover was up 1.9% in 2009 to 73 million euros and net income rose 3.9% to 17.7 million.

Audika (+1.18% at 26.51 euros), a specialist in hearing aids, plans to continue its growth in 2010 based on the dynamics of the second half of 2009, after a year of contrasts in terms of activity.

EADS (-0.40% to 14.94 euros): The North American subsidiary confirmed Monday the application for a postponement of 90 days from the deadline of May 10 to tender the contract had Replenishment of the Air Force.

Iliad (+2.56% at 76.49 euros) displays a turnover for 2009 of 1.954 billion euros, up by 24.9% including its subsidiary, Alice, and 1.619 billion euros up 3.5% excluding the supplier of broadband access. In addition, net income rose 75% in 2009 to 175,9 million euros.

The annual results of Havas and Meetic, after-hours trading, are expected on Tuesday.