COR-G20 hopes to increase IMF resources in April

The G20 finance ministers pledge to do in April the stock of progress in strengthening the resources of the International Monetary Fund, have we learned from officials G20.

At their next meeting in April, the G20 agreed to agree on a financial firewall around 2,000 billion dollars (1.487 billion euros) to prevent European debt crisis from spreading and threatening the global recovery.

This would be the most ambitious effort since the financial crisis of 2009, when the G20 has reached 1,000 billion dollars to save the global economy. 

In an unexpected turn, Germany announced that it would decide in March on strengthening the European bailout fund, an initiative it excluded so far and that many G20 countries consider essential before any increase IMF resources.

For many partners in the euro area, it is indeed the first European leaders to implement the necessary means to control the risks of contagion from the debt crisis, for example by combining lending capacity of its two mechanisms of financial stability, the European Financial Stability Fund (EFSF) and the European Financial Stability Mechanism (MES ).

This would bring their firepower combined with some 750 billion euros. 

G20 countries would then be more inclined to answer the call of the IMF, who wants more than double its capacity to respond by raising $ 600 billion of additional resources.

Added together, all these measures would create a global financial firewalls of about 1,950 billion.

The question of strengthening the bailout funds in the euro area is on the agenda of the European Council of March 1 and 2.

Japan and Britain have reiterated over the weekend that they would refuse to increase their contributions to the IMF as countries in the eurozone will not self-reinforced ; their own firewall facing the debt crisis. 

"I expect that the debate on strengthening the capacity of the IMF loan is progressing as long as the problem of European debt crisis is resolved by the G20 meeting in Washington in April, "said Japanese Finance Minister Jun Azumi.

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.

Death is expensive in France

Bury or cremate their dead costs on average 3,000 euros, according to a survey of the UFC-Que Choisir. The difference between the cheapest quote (1300 euros) and the most expensive (6100 euros) shows that competition is not enough. Cemetery of Pantin, near Paris

Bury or cremate their dead is a complex and costly journey to the consumer who must deal with often exorbitant prices and specifications are difficult to obtain or abuse in an industry where competition is not. The cost of the passage from life to death can be multiplied by five, depending on the selected services and burial.A survey of UFC, released Tuesday, provides a range of 1300-6101 euros between the cheapest quotes and the highest, at an average cost of 3098 euros, almost equivalent to a burial or cremation.

These differences show that the competition is not enough, and especially since customers weakened by grief often accepts the estimate prepared by the provider first met. "Play competition, even in the case of death, it's not butt, although some operators do not hesitate to make this argument vicious" to corner the families to pay a high price, told the AFP Alain Bazot, president of the association.The "first condition" of healthy competition, he says, is a quote "transparent and legible for comparing and sorting" between mandatory services and plenty of optional services (flowers, toiletries, conservation , dressing, porters etc. ..) always available.

The price of the coffin varies from 950 to 1300 euros, care to the deceased from 90 to 150, the burial chamber from 250 to 400, and administrative procedures handled by the operator 110 to 263 euros. However, the benefits required by law, can be summarized in a coffin 22 mm – 18 mm for a cremation – a mechanical seal, four handles, an identification plate, and a vehicle authorized to transport the deceased.

Reinvigorate competition

A ministerial order intended to force since August 2010 funeral operators to establish transparent and legible quote, did not provide a satisfactory answer, according to Mr.Bazot: 97% of estimates collected by UFC does not conform to the regulatory model, 39% only partially meet the criteria, and 18% of 997 shops visited refused burial to establish a personalized quote. The constraint can not be effective if accompanied by sanctions, and this, according to Bazot, the Directorate General for Competition (DGCCRF) must become a "deterrent" in imposing penalties financial.

DGCCRF objected that "this is the field establishing PV" including crimes (in case of deception on benefits). Paid for justice to follow. DGCCRF also conducts investigations "to identify more discrete agreements between operators or abuse of dominant position". For in this local market, franchisees and independents, too often only locally, abuse of that exclusivity.

"There are ways to enhance certain operators and avoid the ill will of others," says Bazot proposing to inform consumers through brochures available in hospitals, nursing homes, and town halls. "It's not revolutionary, he says, but it can revitalize the competition."

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

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.

The U.S. economy created more jobs than expected

The U.S. economy has created far more jobs than expected in September and the new posts of previous months have been revised upwards, according to official statistics released Friday that could mitigate fears of a return to recession.

Last month, 103,000 non-farm jobs were created, according to the Labor Department, while economists on average expected 60,000 creations.

The unemployment rate was unchanged from a month to month to 9.1%, in line with analysts' expectations.

The right numbers in September are based in part on the reintroduction of 45,000 employees of Verizon in the number of jobs created, they were not in August because of a strike.By excluding these employees, 58,000 new jobs were created.

Statistics disappointing August, which reported zero job creation, for its part has been revised to bring out 57,000 new jobs. That of July was also revised upward to 127,000 against 85,000 previously.

Overall, the private sector has created 137,000 jobs, 100,000 against and 42,000 expected in August. The public sector has eliminated 34,000 jobs to him.

RELIEF

These employment figures are one more sign that the U.S. economy could avoid falling into recession despite a sluggish summer.Last week, the growth of U.S. gross domestic product in the second quarter was revised up to 1.3% against 1.0% in the first estimate.

Recent indicators of the manufacturing sector, business spending and auto sales leave now think the economy is doing better than expected third quarter.

Hourly wages have also increased by 4 cents in September after falling all the previous month.They then recorded their first decline since October 2009, pushing the savings to its lowest level for over a year and a half.

"The increase in job creation and revisions of the statistics is comforting and exciting to the market," said John Kilduff, partner of Capital hedge fund in New York Again.

"But it seems premature to use these numbers to say, regarding the economy in general, we are out of the woods," he tempers.

In September, the U.S. economy has eliminated 13,000 manufacturing jobs, after having destroyed in August 4000.

Some economists fear that the debt crisis will derail the U.S. recovery, not a fear expressed Thursday by U.S. Treasury Secretary Timothy Geithner.

"We're still not at a job that can bring down the unemployment rate, which remains a key concern important to the economy," warns Ellen Zentner, economist at Nomura Securities in New York.

The economy must grow by at least 2.5% per year and create jobs 150.00 per month to prevent the unemployment rate to rise.

Are we really rich with 6000 euros per month?

For the French, a person is rich if its income reached 6,308 euros per month. This is six times less than the threshold set by the government for the implementation of the future tax on the rich.

What a rich? As defined by the Oxford, Cambridge, is a person who has "a relatively large amount of money." The French have a much more accurate definition of wealth. For them, on average, a person may be considered "rich" when its income reached 6,308 euros per month, according to a poll published in the Journal Ifop Sunday. Two-thirds (66%) of respondents, a person is rich when it gains between 2000 and 5000 euros per month.

These figures are the wealth to 5 or 6 times the monthly poverty threshold (954 euros net per month).They are mostly in line with the scale of income tax: the marginal tax rate (the top rate of income set at 41%) apply from 70 830 euros per year, or 5900 euros monthly.

This perception of wealth of the French is in any case far from the government. Tax the rich announced in late August by the Government to fight against the deficit, a key measure of the budget in 2012, provides for taxing income at 3% tax above 500,000 euros per unit per year, or 41,666 euros per month. Parliamentarians should, however, as part of the budget vote in the Assembly in October and November in the Senate, lowering the threshold to 250,000 euros or 20,833 euros per month.

In the first case, the tax affects 10,000 homes. In the second, 25 000 households.Which corresponds to only 0.01% of the French richest, according to Insee, while 10% receive an average income of around 6000 euros per month threshold at which the French are wealth.

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.