Cameron mocks Sarkozy's Tobin Tax

With this measure unilaterally decided by France, the UK will host "several French banks," mocked the British prime minister Monday. Meeting between David Cameron and Nicolas Sarkozy at the Elysee December 2, 2011. <p> British Prime Minister David Cameron mocked Monday Nicolas Sarkozy's decision to unilaterally introduce a tax on financial transactions, believing that by this measure, the UK would host "several French banks." " / p> "I find it incredible that we can do this," said Mr. Cameron about Mr Sarkozy's decision to introduce this tax without waiting for its European partners. "As we fight for jobs and growth, do something that cost so many jobs seems extraordinary," he said during a press briefing on the sidelines of a summit of 27 countries of the European Union in Brussels. </ p> "And in a healthy sense of competition with France, if France a tax on financial transactions, our door is open and we can welcome UK banks and many more French companies, and our economy will grow, "Mr Cameron joked. </ p>" I am full of admiration for Nicolas "<p> While noting that they were disagree on certain issues, he described the French president as "remarkable man" and recalled their collaboration during the war in Libya. "I wish the best to my friend Nicolas," he added, in response to a question whether, as German Chancellor Angela Merkel, he would campaign for re-election of Mr. Sarkozy. </ P> "I am full of admiration for Nicolas. From time to time he said something with which I do not agree, as when he said that Britain has no industry, as we have an industry larger than France, "he said. </ p> M. Cameron was referring to comments made Sunday night by Mr Sarkozy during his interview broadcast by French television channels. "We can talk in the UK with pleasure, the UK, they have more industry", launched the French President. </ P> Relations between the two men are strained these recent months. The EU summit in late October had already been the subject of a frank explanation of them, M. Sarkozy irritated during a meeting that Mr. Cameron gave lessons to the euro area over the course of action. </ P>

BNP Paribas will eliminate 1,396 jobs in its banking activities and investment (BFI), or about 6.5% of the pole, told Reuters on Wednesday representatives of the CFDT union SNB and banking, to Following a meeting with management.

Downsizing of the BFI, which will be built through internal redeployment and voluntary redundancies, 1023 for positions abroad and 373 positions in France, said the two unions.The CIB division of BNP employed approximately 21,400 employees worldwide at the end of September, according to information available on the website of the bank.

The job cuts at BNP Paribas occur the day after a similar announcement of Societe Generale, which plans to reduce its workforce by bank and investment of several hundred jobs.

"BNP Paribas has announced a plan for job cuts is, in the world and only for bank financing and investment, 1396 jobs," said Joel Debeausse, deputy national delegate of the union SNB.

"It's 1023 posts for the world, there is no breakdown by country, and 373 for France," he added.

Asia continues to draw clear of global economic growth, but may be affected by a worsening crisis in the euro area because of its trade and investment links with Europe, said Saturday the director of the International Monetary Fund, Christine Lagarde.

The latter was speaking at a press conference after his meeting with Japanese Minister of Finance, Jun Azumi.

Former French Minister of Economy has called for strengthening international cooperation and a determined political action in order to ensure a strong, sustainable and balanced.

"(…) We discussed the consequences of the crisis in the euro area, and that it would have for the rest of the world, especially Asia, if it gets worse again."

"In current circumstances, no country can be immune, regardless of its development, its level of emergence or advancement," she warned.

Before arriving in Tokyo, Christine Lagarde visited Moscow and Beijing, hoping to convince Russia and China to invest part of their huge foreign exchange reserves in the bailout funds in the euro area .

The large emerging group of BRICS (Brazil, Russia, India, China, South Africa) are reluctant to invest directly in the European Financial Stability Fund (EFSF), and prefer to help Europe through contributions to the IMF.

The de-globalization is "reactionary" according to Michel Barnier

European Commissioner Michel Barnier to financial services has denounced the speech "against" the interests "of peasants and workers", held by Arnaud Montebourg. The EU Internal Market Commissioner Michel Barnier (here at a press conference in Brussels on 21 February 2011)

European Commissioner Michel Barnier to financial services Friday sharply criticized the "reactionary discourse" of the de-globalization held in France, saying it was "contrary" to the interests of peasants and workers. "I hear that speech that I found in France (to be) a reactionary discourse on the de-globalization", denounced Mr. Barnier, former French Minister of Agriculture and member of the majority party UMP on LCI television.

"What is it? Is protectionism? The home each and every man for himself? This is contrary to the interests of the workers is contrary to the interests of farmers who need to produce goods and export "he criticized. For the Commissioner, Europe needs a sectoral industrial policy to be "a force of production" and "not just a force of consumption." In France, the PS deputy of Saone-et-Loire, to the surprise came third in the primary Socialist, Arnaud Montebourg, notably because of the "de-globalization" a major focus of the debate politique.d

Greece rules out new austerity measures

Athens does not need to take further austerity measures "provided that the measures already announced apply," said the Greek Minister of Finance Evangelos Venizelos. Greek Finance Minister Evangelos Venizelos

Greece does not need to take "further steps" rigor, "provided that the measures already announced apply," said Tuesday the Greek Minister of Finance after the meeting of the euro area in Luxembourg that asked for additional savings in the country. "New measures are not necessary provided that the measures already announced are applicable," Venizelos said in a press conference on his return from the meeting.

"The steps already taken were considered impressive and they have changed the climate," he added.The euro area called Monday night to further economies of Greece and further privatizations expected to fill the holes in its budget for the years 2013 and 2014 and postponed to early November a decision on the payment of a loan critical to the country originally due on October 13.

"We call on Greece to take additional measures" in terms of savings for 2013 and 2014, thus going beyond those that have just been announced for this year and next, said the head of Luxembourg leading finance ministers of the euro zone, Jean-Claude Juncker, at the end of the meeting of the Eurogroup.Locally, according to Greek media, the troika of donor country (European Union, European Central Bank and International Monetary Fund) currently conducting an audit in Athens on the Greek accounts, called on Monday the Minister of Employment to revise the collective agreements in the private sector to lower the minimum wage, currently set at 750 euros.

Net state television reported Monday night that even the Greek Prime Minister George Papandreou, would have opposed that request. "We support the workers and we protect it in accordance with collective agreements (…), we will not turn into India," he would have said, quoted by the Net.

Nearly 200 protesters Front communist union Pame occupied the Minister of Employment in Athens on Tuesday morning to protest against this new application of the troika which "threatens the rights and gains of workers," according to a statement from the Pame.

France could reactivate the plan to help banks in 2008

The French authorities said Sunday that the system created in 2008 to help banks following the collapse of Lehman Brothers was always available on event "extraordinary".

However, they insisted that French banks, whose market value has shrunk in a few weeks, were strong and they did not need injections of public capital demanded by some stakeholders in the financial markets.

"The only thing that exists is the mechanism 2008 of a public company may purchase securities in the capital of banks if they express a need.So if there was an extraordinary event, this mechanism is in place, "said the Governor of the Banque de France, Christian Noyer, in an interview with Journal du Dimanche.

"There is no plan.And besides we do not need, "he added, saying once again its confidence in the strength of French banks.

The Sunday newspaper also reported that a proposal by the French authorities to banks, September 11, to put 10 to 15 billion euros at their disposal, along the lines of operations in 2008.

Banking sources said this week told Reuters that exploratory talks on a possible state support to the banking sector were underway.

READY FOR 2013 IN BASEL III

According to the Journal du Dimanche, the CEO of Societe Generale, an institution whose share price tumbling for weeks, has accepted the proposal of the authorities, provided that all banks participate.But "BNP Paribas declined to be supportive, burying the project immediately," wrote the weekly.

"Many intervention schemes were under consideration, simple loan to the issuance of preferred shares with warrants," he says.

Contacted by Reuters, BNP Paribas, Societe Generale and Credit Agricole had no comment.

As for the Ministry of Finance, "between the more formal denial" of the possibility of an imminent public recapitalization plan mentioned by the Journal du Dimanche.

Christian Noyer also stressed in the same interview that he has asked banks to speed up the process of strengthening their capital of schedule III of Basel, the international agreement designed to make banks more resilient. "They will be ready by 2013," he said.

To address the financial crisis following the collapse of U.S. bank Lehman Brothers, the French government established in the fall of 2008 a plan to help the banking sector by mobilizing a budget of 360 billion euros, including 40 billion to build equity and 320 billion to help banks refinance themselves via the Company's financing of the French economy (SFEF).

Athens has a payment of aid in September

Greece will comply with its program of fiscal austerity and expects to receive its sixth installment of aid as planned in September, said on Monday a spokesman for the Greek government.

This new tranche of aid granted by the European Union and the International Monetary Fund (IMF), should rise to 8 billion euros.

Friday, discussions between the Greek authorities and inspectors of the European Union, the IMF and the ECB have been suspended for ten days, the two sides disagreeing on the reasons and extent of the delay in the Athens reduce its budget deficit.

"We expect to receive the sixth round in September," said Ilias Mosialos reporters.

Athens invokes a recession more severe than expected, while its creditors in turn point to delays in the implementation of reforms such as reducing salaries in the public service, openness to competition and privatization of professions.

Greece is pressed to move forward on these reforms in the next ten days before the return of inspectors, to convince them that the country has made sufficient progress to be able to touch this new tranche of aid, even if it exceeded the objective of reducing its budget deficit to 7.6% this year, against 10.5% in 2010.

"We will put the program in place," said Ilias Mosialos.

Asked about the articles published in local media that Greece would seek to revise the goals of deficit reduction to reflect the impact of the recession, Mosialos Ilias said that discussions on this issue were ongoing.

The government estimates that the recession this year is 5% of GDP against 3.9% according to a recent projection.

"We have not requested a review of the objectives of the debt. We are in ongoing discussions with the Troika regarding the implementation of fiscal policy (…) and the macroeconomic indicators in general," has he said.

What do you think of Angela Merkel?

German Chancellor would be the most powerful woman in the world. A majority of French also make him more confident that Nicolas Sarkozy to resolve the crisis. And you, what do you think? German Chancellor Angela Merkel (Blegrade by August 23, 2011)

German Chancellor Angela Merkel is again this year the most powerful woman in the world, before the U.S. Secretary of State Hillary Clinton and the President of Brazil Dilma Rousseff, according to the annual ranking by Forbes magazine. An award well deserved, it said in the comments inetrnautes expansion. Com.

A recent survey revealed also that the French, overwhelmingly concerned about the impact of the current financial situation, have more confidence in Chancellor Angela Merkel to Nicolas Sarkozy to resolve.What is ironic is that the Germans themselves increasingly skeptical of the capacity of Chancellor to resolve the financial crisis.

And you, what do you think of Angela Merkel? She deserves the title of most powerful woman in the world? What are its qualities or defects? Why make him more confident than Nicolas Sarkozy? Give us your opinion in the comments.

CASA provides a deal to freeze the money market

Credit Agricole, which accounts for the second quarter suffered a heavy burden to Greece, said Thursday that it could compensate for a freeze on cash from U.S. money market, essential for the refinancing of European banks.

The group, which is the latest French bank to publish its second quarter, also ruled out any increase in capital stock exchange after the fall of his title since late June, just like all European banking shares.

"The refinancing home residual dollar money-market funds (funds U.S. Money, Ed) is now reduced (…

Faced with the debt crisis in the euro area and degradation in early August after the United States note by Standard & Poor's, banks try to reassure investors who have shown past two months, concerns about the refinancing of European banks.

These concerns have led to a fall in European banking shares. The European banking index has lost more than 26% since late June.

In this context, the titles of the French banks were particularly hard hit, including a plunge of 48% for Societe Generale and Credit Agricole 40%.

NO CAPITAL INCREASE PLANNED

"The month of July took place normally.August was a bit more complicated given the financial movements and disturbances that have existed.This is what we can say about the game BFI (banking and investment, Ed), "said Jean-Paul Chifflet, the executive director of Credit Agricole, asked about the activities of the bank over the last two months.

"We do not plan a capital increase," he added.

In the second quarter, the bank, which launched in late July a warning on its results, posted a net profit of 339 million euros, down 10.6%, after a charge of 653 million euros related the Greek crisis.

According to the consensus reached by the editor of Reuters, analysts on average expected a net profit of 193 million euros.

The load on Greece proves ultimately less important than initially announced.

Net income for the Crédit Agricole group as a whole for its spring to 881 million euros for the second quarter. For comparison, BNP Paribas and Societe Generale respectively reported a net profit of 2.12 billion euros and 747 million euros.and

Given the deterioration of the crisis in Greece, Crédit Agricole was forced to abandon its goal of returning profits to its Greek subsidiary Emporiki in 2012, without setting a new schedule.

However, the bank maintains its financial targets for 2014, ie a net profit of six to seven billion euros in 2014 and revenue over 25 billion.

Nestlé driven by growth in emerging markets

Nestlé has identified its goals Wednesday after unveiling an organic growth than expected in the first half, also marked by strong sales growth in emerging markets.

Despite an environment of rising agricultural commodity prices and the strength of the franc, the agribusiness giant expressed confidence in its ability to achieve its target of organic growth of 5% to 6% – indicating he thought to reach the top of the range – combined with an increase in the margin at constant currencies.

Nestle also announced that it would not launch a new program of share repurchases at this time, after buying 35 billion francs in securities since 2007.

The group intends to maintain its financial flexibility to carry out its expansion strategy in emerging markets while pursuing acquisitions.

Nestlé intends to continue to increase the dividend paid in Swiss francs to shareholders, also stated the CFO.

In the first six months of the year, Nestle achieved a turnover of 41 billion francs (39.3 billion), down 12.9% from the previous year due to changes in scope and impact of foreign exchange.

Sales increased in all regions, including Europe and North America, despite the fall in consumption in developed countries.

PRESSURE FRANC FORT

Organic growth has exceeded expectations, reaching 7.5% while sales in Asia, Oceania and Africa rose 11.5% on strong performance of the Maggi range of products.

Price increases, of 3.8% recorded in the second quarter after rising 1.5% in the first, also contributed to this performance of Nestlé.

Last week, competitors Kraft Foods and Unilever have published better than expected results after having passed on their selling prices high inflation in the prices of agricultural commodities such as coffee, cocoa or milk.

For Danone, which published its half-year end of July, the price increases, however, have negatively impacted volumes in the dairy business.

Nestlé, unlike its major competitors, has also faced pressure from the strong franc has had a major impact in the consolidated accounts.

"The Swiss franc has no significant impact on the underlying performance," however, said Chief Financial Officer Jim Singh, at a conference with analysts.

PROGRESSION OF OPERATING MARGIN

Compression of distribution costs and administrative costs, however, have helped to protect the operating margin which increased by 20 basis points and 40 basis points at constant exchange rates, while many analysts had forecast a loss of profitability .

Net income was 4.7 billion francs, a decline in over a year but slightly above expectations.

The consensus of analysts polled by Reuters had stood at 41 billion francs in revenue and $ 4.6 billion in net income.

At 11:20 GMT, reduced earnings, but still took 0.7% to 47.03 francs, underperforming the European index of food and drink that gained 1.13%.

"The forces were well distributed geographically, but were particularly impressive in Europe and echo the strong results from Unilever last week," noted Alicia Forry and Eddy Hargreaves, analyst at Collins Stewart.

"The fact that Nestlé has not announced share buyback will fuel further rumors of an interest in the activities of Pfizer Nutrition," says Jean-Philippe Bertschy, an analyst at Vontobel.

Nestlé, which has large reserves of cash from the sale of Alcon to Novartis, has acquired particular Prometheus Laboratories, California company that specializes in the diagnosis in gastroenterology and oncology.

In July, he also announced plans to partner with Hsu Fu Chi to grow the confectionery market in China.