The former trader Jerome Kerviel SocGen complaint against

The former trader Jerome Kerviel has filed a complaint against Societe Generale judgment for fraud, said Friday his lawyer, David Koubbi, in an interview on Europe 1.

"We filed a complaint against Societe Generale today the judgment for fraud," he advised me Koubbi.

"What interests us is that our complaint is welcomed," he added.

Kerviel was sentenced in 2010 to five years in prison and three farms to repay 4.9 billion euros, an amount corresponding to the loss suffered by the SocGen trading in January in 2008.

His appeal to be held from 4 to 28 June 2012.

European shares in the red at midday

The rebound in European stock markets fizzled Thursday and all were down in mid-session, due to renewed fears about the European crisis of sovereign debt, which continues to penalize euro.

In Paris the CAC 40 yields 0.53% (-17.64 points) to 3,295.68 points. After driving the 3350 points on Wednesday, its next support level is at 3270 points, corresponding to the moving average at 200 days, while the next resistance is at 3,350 and 3,425 points, emphasizes the broker Aurel BCG.

In Frankfurt, the DAX was down 0.91% and London, the FTSE drops 0.38%. The pan-European index Stoxx 50 lost 1.14%.

The FTSEurofirst 300 was down 0.52% to 1,045.56, the lowest in two months and sinking support for 1,050 points.

Clearances are again particularly marked on banking stocks due to their exposure to sovereign debt.

A Spanish Treasury auction Wednesday marked by weak demand and yields to rise, despite the austerity budget presented by Madrid, has revived tensions over the debts of pe riphériques within the euro area and fueled a movement of flight to quality benefiting in particular German bunds. 

The resurgence of risk aversion to the approach of a long weekend, on many places, for the Easter celebrations, benefits to the U.S. dollar and in a lesser extent to gold.

On the bond market, the yield on government bonds to ten years in Spain have continued to tighten, gaining 12 basis points to 5.84% after being up nearly 30 basis points Wednesday and pushing the performance of Italian government bonds to rise. The Italian 10-year yield rose 12 basis points to 5.52%. German Bunds continued to benefit from their safe haven status, yields from 10 years to below the threshold of 1.80%.

The spread between Germany and Spain to ten years widened by 10 bps to 400 bps, the highest since late November when it stood at 475 bps, according to data Tradeweb. The spread between Germany and Italy widened 10 bps to 370 bps, then at the height of mid-February.

However, France issued in good condition 8.439 billion of long-term debt.

Nissan and Dongfeng trucks come out of their joint venture

Nissan Motor and Dongfeng Motor Group will split the truck business of their Chinese joint venture for the transfer to the parent of Dongfeng public, paving the way for local production of Renault and Infiniti cars and a possible rapprochement between Dongfeng and Volvo trucks, reported Monday the website sina.com.

The activity of Nissan cars in the joint venture will remain intact, as its agreement with Dongfeng Automobile in small utilities, sina.com said, citing unidentified sources.

The hypothesis of an alliance between Dongfeng and Volvo Trucks is regularly mentioned for years but neither industry has recently reported on the subject. 

To get the green light from Nissan, Dongfeng could allow the Japanese manufacturer to produce its premium brand Infiniti and Renault models as part of their joint venture.

No spokesman for Dongfeng could not be immediately available for comment. A representative of Nissan said the group did not have information about an agreement.

As part of such an agreement, Dongfeng Motor will resume activity heavyweights as of July 1, said article of sina.com. He gives no details on the timing of an agreement Dongfeng-Volvo, nor on that of the production Infiniti and Renault.

Volvo has broken several years ago an alliance with China National Heavy-Duty Truck due to weak sales thereof.

The reforms must be pursued in the euro area, said Draghi

The euro area is beginning to stabilize but his future will depend on the integrity of structural reforms undertaken by Member States, said Tuesday the president of the European Central Bank, Mario Draghi.

The leader, in office since last November, said the inflation risk did not materialize currently within the euro area since the output gap remained, while expressing "determined" to continue the work of his predecessor Jean-Claude Trichet in terms of price stability.

"We are constantly vigilant about inflation risk but this risk does not materialize at the moment," he said during a speech in Paris on competitiveness ;. 

The ECB continues to see signs of stabilization in the euro area which would benefit the member countries to pursue economic reforms, he said.

"We continue to see signs of stabilization although they are shy," said the central banker, before asserting that rates low in the short term together with measures to the sector would support financial growth.

The ECB has held since December two large lending operations to three years (LTRO) for banks for a total turn around of a thousand billion.

Mario Draghi said that banks should do the same to strengthen their balance sheets by retaining earnings and by reducing dividends and bonuses. 

"The strength of bank balance sheets will be a key factor in facilitating their lending activity, their primary mission," he said.

The President of the ECB has however expressed concern about the differences in competitiveness, increasing according to him, among the member countries of the euro area.

According to the ECB, labor costs rose two and a half times faster in countries with balance of payments deficit in countries that accumulate surpluses.

"Member countries must reduce their competitiveness and enhance their own prosperity and stability of the monetary union," he said. 

"If we do not reform all together, and this has been said many times early in the life of the euro, it will be difficult to maintain the integrity of the area ".

BP stock market jumped after agreement on the oil spill

The action was sharply higher BP in London Stock Exchange Monday, boosted by the settlement of a dispute related to the oil spill in the Gulf of Mexico in 2010.

Around 9:05 GMT, BP gained 2.12% to 507.0 pence. The European oil and gas index lost 0.25%.

BP has entered into an amicable settlement with the plaintiffs' lawyers who had seized American justice. Still pursued by the government and its industrial partners, the British company said it had proposed $ 7.8 billion, of which 2.3 billion to offset losses for fishermen. She stressed that the agreement did not value recognition of its responsibility.

Some analysts argue that the slate is less than expected for the heavy oil.

Jason Kenney, oil analyst at Santander, for its part, BP sees "progress to a margin of 530 to 550 pence in the short term (or more), and perhaps even grow over subsequent quently ".

In all cases, the agreement next week increases the exchange of a negotiated settlement with the U.S. government, in the opinion of analysts.

"This agreement, if implemented, encourages even more the direction of BP to try to reach an amicable agreement (with the U.S. Department of Justice)," said Iain Armstrong ( Brewin Dolphin).

Unemployment up off again in September

Unemployment in France is left up in September after a slight decline in August, show statistics released Wednesday by the Ministry of Labour and job center.

The number of job seekers in category A (those who exercised any activities during the month) in France rose by 26,000 (+0.9%) last month to $ 2,780,500.

In one year, the number of unemployed in category A growing by 3%.

By adding the persons engaged in small (B and C), the number of job applicants sign an increase of 0.7%, or 27,600 more people in one month, to $ 4,175,800.On an annual basis, the increase for these three categories falls to 4.5%.

September was especially unfavorable for 50 years and older, an age in which the number of unemployed in category increased 2.1% over the month and 14.3% year on year.

It was also detrimental to the age of 25, since in that category, the number of unemployed increased by 0.6%. On a year, however, declined 2%.

Rescue of the euro: the bites of discord

Despite claims of a "perfect match" between Paris and Berlin to save the euro area, Germany is seeking to impose its measures to France. But Paris is fighting back. Anthology of statements that illustrate these differences. German Chancellor Angela Merkel and French President Nicolas Sarkozy during a press conference at the Elysee Palace August 16, 2011.

"The French do not move one iota"

Paris and Berlin on the same wavelength? There is something highly doubtful. Despite Thursday about the German Finance Minister Wolfgang Schäuble has mentioned a "total agreement" between France and Germany before the European summit Sunday, the two capitals still cling. This is particularly the disagreement on scenarios for ending the crisis of the euro which caused the postponement of a final decision next Wednesday, not Sunday as planned.Angela Merkel even declared Thursday in a small group that "the French do not move one iota" on their positions, according to remarks reported by the German daily Bild.

"Give a banking license in EFSF is out of question for us"

The disagreement most marked between the two capitals is on maximizing the European Financial Stability Fund (EFSF). Paris wants to give it a banking license to enable it to obtain financing from the European Central Bank (ECB) and have a borrowing capacity multiplied. Out of the question for Germany. The Vice-Chancellor of Germany Philipp Rösler was repeated Friday, "in no circumstances do we want a banking license is given to the EFSF. Want that our colleagues, friends and partners in France. But it's out the question for us as government and the coalition (government) as a whole. "The ECB also refuses, his chief economist Juergen Stark said on Thursday that "we can not meet the expectations of the governments (…) the fact that the ECB to do more."

"France continues to defend it, there are big discussions"

The EFSF, negotiations are still bitter between the two diplomats, and Paris does not admit defeat. According to a European diplomat, "France continues to defend it, there are big discussions." Paris as the ECB would continue to purchase securities of distressed states like Greece, Italy, and Spain. The institution has made since May 2010 out of its mandate to do so, and avoid contagion of a debt crisis in these countries. Belgium is already favorable.But the ECB refuses to continue this policy firmly and waits for the EFSF take the baton, according to the diplomat.

"From the beginning, Merkel dictate the tempo and impose its income erroneous"

If France does not want to compromise on its position is that it has followed much the German proposals in recent weeks on two main points: a strong restructuring of the Greek debt and bank recapitalization. It has long been opposed, but finally solved it, especially to preserve the unity of France and Germany. "From the beginning, Merkel dictate the tempo and impose its income erroneous," a European diplomat plague.France seemed to have resigned to claim the "banking license" to EFSF, it is now ready to attempt the showdown with Berlin.

"The impact is disastrous outside"

To stem the crisis, Berlin wants to use the EFSF as insurance against the default of the countries in difficulty. It would guarantee 20 to 30% of the securities issued by states. But on this subject the French are not the only ones to show their reluctance. Rome and Madrid are also in disagreement according to a source cited by Les Echos. According to Italy and Spain it will create a rate difference between bonds and debentures. "No one in a financial crisis, venture to purchase securities that need a crutch," the official said.The prospect of a consensus is difficult to foresee, and Europe the world illustrated by his disagreements according to the chairman of the Eurogroup, Jean-Claude Juncker. "The impact on the outside was a mess," he said. "We'll have to agree soon on how we can improve the look of others on us."

The situation in Greece "has not changed since July"

One of the major issues for the future of Europe is its ability to prevent financial excesses of fragile states in the euro area. In Germany, it would tighten controls on the reforms implemented by the countries supported by the troika (EU, ECB, IMF), today Greece, Portugal and Ireland. For this troika responsible for evaluating on a quarterly basis the progress of reforms, not enough according to a source close to the German government.The situation in Greece "has not changed since July," said the source. "The troika system which advises us every three months because too much stress, we need a much more permanent support, which allows to adapt much more quickly" assistive devices.

"There is no real problem with the Chancellor, there is a problem with the German coalition"

According to a French official quoted on the blog of Libération journalist Jean Quatremer, the real obstacles between France and Germany would rather a problem of "German-German". "There are no real problems with the Chancellor, there is a problem with the German coalition," said the official, who stressed that the Finance Minister Wolfgang Schäuble diverges including its chancellor on the level of discount to be imposed on creditors private on Greek debt.What foreshadow muscular discussions before the EU summit on Sunday.

Bank stocks affected by the proposed recapitalization

Securities Credit Agricole and Societe Generale are penalized on the stock market Monday by the lack of details from Angela Merkel and Nicolas Sarkozy on possible solutions to the crisis of debt in the euro zone, while BNP Paribas , which is considered the most solid rebounds.

German Chancellor and French President said Sunday that a comprehensive response to the crisis should be announced by the G20 meeting of November 3 and 4, adding that they were ready to recapitalize banks.

Asked about i> Télé, the French Minister of Economy and Finance Baroin said Monday that the terms of a capital injection would be discussed with Germany prior to the G20 in Cannes.

Some investors awaited more specific ads.

"By asking the calendar, French and German leaders have given a road map without further guidance on how," commented strategists of CM-CIC Securities. "The two leaders seem to agree on the finding of the crisis and the importance of providing a comprehensive response by the end of the month.However, no further details filtered from the summit. "

"We still do not know how Europeans have recapitalize banks and, above all if they wish to recapitalize so that some are stigmatized" they added in a note to clients.

At 1:11 p.m., Societe Generale lost 0.49% to 20.410 euros and Credit Agricole 5.331% to 0.54 euros, while BNP Paribas resistance with a gain of 2.20% to 32.250 euros.Since early July, SocGen fell more than 52% and Credit Agricole of almost 51%, while BNP Paribas has lost about 41%.

At this stage of the session, the CAC 40 index rose 1.14% and the index of European banks in Europe is 0.3%.

BNP Paribas, considered the strongest of the three major French banks, particularly in terms of capital ratios, this morning also benefits from its inclusion in the list of preferred values ​​in Eastern Europe through CA Cheuvreux.

BNP Paribas has weathered the crisis better than its rivals thanks to its limited risk profile, and yet it is trading at a discount compared to its peers, the broker said, adding that the bank has gained share including substantial market in the investment bank and Fortis acquired in very good condition.

Franklin Pichard, director of Barclays Bourse France, agrees that the discount on equity warrants remedial BNP Paribas in the short term the bank.

"We recommended last September 16 to return to the purchase of the banks.If we have only one request, it is BNP Paribas, "he wrote in a note to clients.

"While we can not control the political decision to recapitalize French banks (recapitalization targeted or general amount?). But the discount on equity is large enough (70 billion in equity to capitalization of 39 billion euros) look for the file in a logical short-term catch-up, "he said.

Do you live better or worse than before?

According to a survey, three out of four Fançais observe a decline in their standard of living. And you? The basket of essential goods for households with small budgets

Three in four French people think life worse than before, a decision that had never reached such a level for twenty years, according to a survey by TNS Sofres for the association of mayors of major cities in France.

To the question "Did you feel that in recent years people like you live better or worse than before," 75% of respondents answered "less". This feeling is a "historic high in the evolution of the personal situation of the French" in the TNS Sofres survey, conducted since 1981, said the institute.

It manifests itself particularly in the 25-49 age group (81%) and among the employees (87%) and workers (82%).Only 14% say their side "better life", while 10% see no change (1% undecided).

With an unemployment rate of 9.6% according to INSEE, and generally 3.3 million people, who are not working but want to work in France, the fear of becoming unemployed grows in the opinion, according this investigation. Two out of three French (66%) fear of "risks of unemployment", for themselves or someone in their household. A result in increase of 4 points from last year and 16 points since 1988, said the Sofres.

And you, your standard of living has deteriorated there? How do you explain it? do you fear unemployment? Give us your opinion in the comments.

Meeting with a yakuza chief

The interview took place in a building discrete, in the district of Shinagawa in Tokyo. Masatoshi Kumagai, one of the "sponsors" the most powerful of the Japanese mafia, the famous yakuza, has agreed to talk about his business. The interview in pictures.

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