The crisis in the euro area has so encroached on the official program that the French president had to cancel his meeting with Indian Prime Minister Manmohan Sing. French President Barack Obama had previously met face-to-head and seems to have gained the support of the United States for its proposed financial transactions tax cash till payday.

The political changes in Athens have also punctuated the start of the summit. Returning to Greece after being scolded by Nicolas Sarkozy and Angela Merkel on Wednesday, Prime Minister George Papandreou is facing the sling of his own ministers.Rumors of resignation are insistent, despite denials from the Prime Minister.

On Thursday afternoon, the G20 countries were in flooring solutions to end the crisis, reform the international monetary system, and the increase of IMF funds. If the crisis in the euro area permits.

Innovation and Networks, protection of privacy, digital divide, security against cyber attacks are on the agenda of the conference New World 2.0. However, "there will be no statement after the conference, because there is already the declaration of Deauville, Le Figaro said Eric Besson. I wanted to spend New World 2.0 principles into action. It is time to materialize. "

Participants include, among others, Elliot Schrage, head of public policy for Facebook, David Drummond, Senior Vice President in charge of development of Google and Stéphane Richard, CEO of France Telecom, and Neelie Kroes, Vice President of the European Commission , in charge of the digital agenda. "This is progress as concretely as possible. These are issues that must be discussed together. New World 2.0 will bring together participants from 18 countries from five continents and all walks of life: ministers, large companies, startups, bloggers, venture capitalists, civil society, "explains Eric Besson cash advance today.

Value of content

The question remains networks at the heart of the debate. "There would not have the current development of the Internet without investing heavily in networks. In addition, we are only at the beginning of the increased use of networks.This raises the question of standards, quality of networks and investments, "says the minister. Before continuing, "On networks, we also work with the Americans. We do not want to trap them. What is the value of networks that are circulating over the contents. Our goal is to involve all major players. Thus we are able to be in the same round table number 2 on Google and the boss of France Telecom. "

If no resolution is produced at the end of this seminar, we must also rely on the goodwill of the United States, who will take over the presidency of the G8, to wedge the next go digital . "The event was to bring Internet to the agenda of the G8. And the highlight today is to bring together so many Internet stakeholders to implement together the principles of Deauville, "said Eric Besson.

Only 5,000 young people benefited from the end of 2010 RSA. Less than a third of the number of recipients while working. Ten months after the declaration of the Minister, the objectives are still not met and no corrective action was unveiled.

According to the latest scores (end June) and Le Figaro has procured, 10,200 youth aged 18 to 25 years are now affecting the RSA Young.An increase of 100% of beneficiaries in a little over a semester, but a figure still well below the initial target of 160,000 to 200,000 posted in September 2009. In 80% of cases, the RSA is nothing but a supplement to earned income which grew by an average of 130 euros per month.

Roselyne Bachelot took his time

"It was the objective of the measure, objecting a ministerial adviser: providing additional income to young people active." And not, as had been hammered in September 2010 Marc-Philippe Daubresse, then in charge of its implementation up to the government to "create an assistantship grant for youth."Less than a year after the extension of the RSA to 18-25 years, only 2000 young people (who worked two years in the last three and no longer receiving unemployment benefits) affect, in fact, just the RSA base, income Replacement of just over 460 euros per month.

As for Roselyne Bachelot, his silence is easily explained according to his entourage. Given the complexity of the case, the Minister of Solidarity decided to give some time to analyze the reasons for the low rise of the device. "The subject is by no means abandoned, we are assured Avenue de Segur. We begin to have a little more back and we will soon make announcements to that effect. "

According to reports, corrective measures will be announced before the end of the year, with six months behind the original schedule, most likely during the Review Conference of the RSA to be held December 15."Fill a folder is a gas plant for a young struggling to meet all the necessary documents," and advocates a relative of the minister should propose a simplification of administrative procedures. It is not excluded that the conditions for entry into the device, from the outset considered too restrictive by Martin Hirsch, should be reduced to allow more young people to benefit.

No concrete decisions

Paris and Berlin agree on everything kept repeating the two leaders. In particular the need to "take the necessary measures to recapitalize banks", according to Angela Merkel, or rather to "strengthen the capital structure of banks in Europe," according to Nicolas Sarkozy.A semantic nuance that neither one nor the other details provided. The "details" will be specified later they have promised, even suggesting an EU summit scheduled for October 17 and 18 and qu'unEurogroupe quick pay day loan. This lack of concrete decisions may be poorly received by financial markets because it gives the impression that there are still differences between Paris and Berlin on how the European financial stabilization (EFSF) must be used to strengthen bank capital.

However, the two leaders seem more attuned to the desire to strengthen economic integration Lazone euro. It will require "significant changes" to the European Treaties, provided Nicolas Sarkozy.All these elements will be subject to comprehensive proposals before the end of the month, concluded Angela Merkel and Nicolas Sarkozy.

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This small town of 598 inhabitants located in the province of Frosinone in the center of the country declared independence in protest against the government's austerity plan which provides for the pooling of budgets of small towns under 1000 inhabitants. The new "Principality" issued 20,000 tickets to the effigy of the Mayor and has already set an exchange rate against the euro if it would carry out its threat of secession. The "Fiorito" would then 0.50 euro.

The idea of ​​an alternative currency to the euro or the dollar is not new. By 2003, Prien am Chiemsee, a common German Bavaria, has released the "Chiemgauer." Notes 1,2,5, 10, 20 and 50 Chiemgauers have the same value as the euro and can be used in a network of retailers and businesses that have joined the project. Today there are 617 members. The phenomenon has become so widespread in Germany there are about sixty local currencies.

Development "solidarity"

These alternative currencies have also landed in France. At the initiative of the Association for the living act, the Bee has appeared in the wallets of the people of Villeneuve-sur-Lot in the Lot-et-Garonne, in January 2010. In Toulouse, the Sol-Violette is intended as a "currency ethics", which aims to promote "economic solidarity".Finally, the South Ardeche has established its currency, the Firefly, in spring 2011 in order to "pave the way for a greener economy of the human being and its environment."

Hints "solidarity" that is found throughout Europe, the hour or the debt crisis is spreading cheap business cards. In Belgium, in the region of Hainaut, in Mons has launched the Ropi to "relocate the economy, preparing for post-growth, and put the citizen at the heart of the debates and decisions, including finance and monetary issues. " These concerns go far beyond European borders. In the United States in the region of the Berkshire (Massachusetts), associations were created in 2006 a parallel currency system, based on BerkShares. Today, more than 400 companies accept this money, and more than 2.7 million BerkShares are outstanding, redeemable at $ 1 against 0.95 BerkShares.

Closed circuit

Faced with the popularity of these alternative currencies, the euro and the dollar they have to be worried? In a report published in 2007, the Deutsche Bundesbank, the German Central Bank, was already wondering if they could compete with the euro. According to the institution, the local currency in circulation in Germany then weighed the equivalent of 200,000 euros and their impact on the economy was "negligible." Today, they account for 900,000 euros.

The Bank of France, meanwhile, said that the legal tender, as defined in the Monetary and Financial Code, is the fundamental principle of any form of payment. "Traders are obliged to accept notes and coins are legal tender with this." Conversely, the release of a parallel currency is not prohibited, but it must be under an agreement between the different users."This currency is not exchangeable and circulates in a closed circuit," says the institution. Despite the snowball effect, the euro has probably nothing to fear from local currencies doomed to remain confidential.

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But the Swiss bank is not alone in feeling concerned. All trading rooms around the world have the fear of these traders "crazy", they keep trotting out the litany of Nick Leeson, the destroyer of Barings, to Jérôme Kerviel, the world record with 5 billion euro soared to Societe Generale. And each new scandal, as that caused by Kweku Adoboli at UBS encourages to review the effectiveness of brigades antifraudeur.

In 2008, after the disappointments of Societe Generale, Bercy was imposed on Societe Generale, BNP Paribas and Natixis other a plan of attack.Knowing that the supervisory authority requires more or less equity trades across markets depending on the quality of procedures for prevention and detection, the effort proved intense. "The work that was conducted in French banks would have allowed UBS to avoid this fraud," says Benoit Genest, director of risk modeling to consulting firm Ares & Co.

Behavior analysis

It must be said that the modus operandi of Kweku Adoboli reminiscent of Jerome Kerviel. The index trader UBS is accused of fictitious transactions rose, from 2008 to hide unauthorized positions. To locate this type of martingale, French banks have muscled their risk control systems and require confirmation and signatures to all floors. The positions are valued at their nominal and not just in terms of their net worth of blankets.But hunting is not just a matter traders crazy numbers. The behavioral analysis is essential payday loan.

Banks take very seriously the obligation to their teams to take two weeks off in a row. Not always easy to organize when the holidays are reduced in some countries like Hong Kong. Especially as the human drive to ensure that details two "friends" of a trading floor can not take turns (and hide their possible combination). For the same reason, traders no longer allowed to fraternize with brokers who do their bidding. Farewell invitations lavish gifts and generous year-end. The managers themselves are trained to identify the stress level of their troops. A trader is often fool someone who originally did not dare tell her a little higher "palm".As for those who, like Nick Leeson and Jerome Kerviel Kweku Adoboli now, have gone through the support functions, they are observed under the microscope …

It's new, each operator sign contracts every year a mandate that defines the size of the playground: what products he is authorized to treat, what maturity, what currency, which limits … So any foray outside of this area can be identified. The aim is to ensure that the trader does not abnormal behavior, such as more frequent transactions or unusual amounts. It is no coincidence, moreover, if the fraud often arise when markets are heckled, when finally the abnormal becomes the norm. "Studies show that the risk of fraud is increasing in times of market turmoil," warns Benoit Genest, Ares & Co.So vigilance …

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In an attempt to stop the stock market crash, the finance ministers and central bankers of the twenty leading economies gathered in Washington last Thursday pledged to provide "a strong and coordinated international response" to the crisis at a meeting in Washington.In a joint statement, they agreed to ensure that "banks have adequate capital" and promised to provide "the necessary liquidity" to financial institutions. But for specialists Aurel BGC, "the real decisions are referred to the Summit of Heads of State and Government to be held in Cannes, 3 and 4 November."

The Perfect Storm, the large emerging group of "Bric" were "determined to accelerate structural reforms to sustain strong growth." Brazil, Russia, India and China but also South Africa so consider "if necessary, to provide support through the IMF or other international financial institutions, to address the current challenges facing the global financial stability, according to the circumstances of each country. "The inventor of the BRIC, Jim O'Neill, chairman of Goldman Sachs Asset Management, said however that emerging markets are likely to require at least, in exchange for their support, greater clarity on how the Europe has to solve its crisis.

Gloomy outlook for world trade

In response to a request by the G20 in September addressed to Nicolas Sarkozy, the countries of the euro area have also promised to implement "necessary measures to increase the flexibility of the European Financial Stability Fund (EFSF)" to avoid contagion from the crisis in Greece. Yesterday, the possibility of a defect in Athens, though long ruled by EU leaders, was raised by Klaas Knot, Member of the Board of Governors of the European Central Bank (ECB)."This is one of the scenarios," he told the Dutch newspaper Het Financieele Dagblad.

The specter of a global recession has suddenly resurfaced after the ads pessimistic U.S. Federal Reserve (Fed), which held that the U.S. economic recovery was "slow" and threatened by "high risk". Wednesday she has decided to sell by the end of June 2012 for $ 400 billion of treasury bills and to purchase for the same amount with a longer maturity.But the fact that it favors measures to monetary easing, a depressed market on Thursday, who sees as a sign of impotence.

New signs of abating, the World Trade Organization (WTO) revised downwards its forecast for this Friday trade growth for 2011, expecting growth of world trade by 5.8% against 6.5% forecast so far, according to its website.

On the foreign exchange market, the euro climbed slightly against the U.S. dollar: it rose on Friday by 0.57% to 1.3533 dollar. Oil prices also went up.A barrel of "light sweet crude" for delivery in November, which had tumbled more than $ 5 the day before returning 1% by mid-morning at 81.31 dollars.

The side of values, after the close of the NYSE YorkHewlett-Packard announced the replacement of Leo Apotheker as CEO from Meg Whitman, confirming the many rumors that had circulated in recent days.

At Advanced Micro Devices (AMD) is Rick Bergman Devices, responsible for products, who announced his resignation. The CEO will temporarily Rory Read office.

Covidien raised its quarterly dividend 12.5% ​​to 0.225 dollar per share.And, for its part McDonald's has increased its 15% to $ 0.7 per share.

In order to treat its shareholders well, Raytheon has authorized a stock repurchase plan of $ 2 billion.

The American manufacturer of sporting Nike has exceeded market expectations by posting yesterday after the close of U.S. markets net income for the first quarter of fiscal year up 15% to $ 645 million, driven by its Sales in North America and in emerging countries. Revenues rose 11% to $ 6.1 billion.Orders scheduled for delivery between September 2011 and January 2012 were up 16% to $ 8.5 billion.

On the occasion of a major overhaul of its website, Facebooks'est services associated with music, news and video, including Spotify, Deezer and Dailymotion, and challenge from Apple in the content.

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This date corresponds to the extinction of the major broadcast rights as the game Saturday night in the Championship of France of football, as well as the rights to broadcast Diamond League (athletics) and the African Cup of Nations. It will, however, the rights of the ATT 1000 tennis which runs until 2013 for 4 to 5 million euros per year.A difficult case to the extent that these rights are not transferable by Orange to another operator, unless you agree with the rights holders. Because contrary to what was hoped the staff group, the chain has not been sold.

The band's arrival in Qatar in French football this summer has raised hopes the acquisition of Orange Sport the cost grid is around 160 million euros. A base that would have allowed the al-Jazeera Sport channel to launch in France in January no fax payday loan. But Qatar has not responded. Similarly, negotiations with the American ESPN have fizzled. However, Orange Sport, whose loss is estimated at 150 million euros, should not weigh on the financial statements 2011 of France Telecom.The group had provisioned at December 2010 the cost of the shutdown of its two channels, up from 450 to 500 million, including $ 300 million for the sports channel.

Of critical success

At the same time, Orange will lead a reflection on the future of Studio 37, subsidiary co-production film. Now deprived of the support of his movie channel and making low profile in the activity of the studio, its existence is justified less than in the past. Especially since, despite critical success as Welcome and Gainsbourg, or the heroic life of Fine guys, Studio 37 has had some setbacks as the Night kings of children, animated film on which it has invested 10 million euros – half of the production budget – to a resounding failure.

Orange is still given two years to find a growth in the studio and complementary activities before taking a more radical decision.

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The declaration on Sunday night on TF1, former IMF Managing Director Dominique Strauss-Kahn, for whom "we must accept to recognize that we must take his loss" of Greece was the effect of bomb."Hearing that DSK four months ago the IMF also urged new funding for Greece say the exact opposite now shows how events have turned," says Bruno Cavalier, chief economist at Oddo Securities. For the latter, there is a "real tired of the financial markets who want to wipe the slate clean once and for all to get back on firmer footing."

A feeling evident in a survey by Barclays Capital from major global investors. They are 24% think that the current crisis will lead to a breakup of the euro area. Over 60% of them believe that the European Financial Stability Fund (EFSF) will be insufficient to resolve the debt crisis.Although little scientific significance, such polls show the amount of work to be done now to reassure the magnitude of the crisis.

Bercy wants to reassure

France, Monday it is used by the voice of its Minister of Economy Baroin for which a default of Greece "is not a working hypothesis." At Bercy we stick to the same line of defense when all European countries have adopted the plan of July 21, that is to say by mid-October, the bleeding will be stopped.Reasoning that is opposed to that of economists who say a failure Greek is becoming increasingly economically rational, "If they want to avoid a failure of control, the Troika and the European Union in particular have an incentive to relieve pressure on the objectives short-term budget of Athens by insisting on the implementation of structural reforms to boost potential growth in Greece, "say economists at Morgan Stanley free business cards.

Rather than a sudden failure, we must consider a debt restructuring in the short term, implying a lower repayment installments provided for in the coming months to ease the Greek public finances.The major risk of such a scenario is a contagion to other peripheral countries "can be avoided if the ECB goes on the front lines and discourage speculation against the Italian debt by buying heavily," said Bruno Cavalier.

Creditors on deck

In this climate of growing skepticism, Greece somehow continues the implementation of the agreement of July 21, which passes through the participation of private creditors. Artisans of the device designed to reshape 192 billion euros of Greek claims STRIPS to complete the offer in October. "This operation can not be done in a snap. It is very complex technically and supports many constraints, "insists Fabrice Faure-Dauphin, a partner with law firm Allen & Overy, the Board of the operation.And insist: "If Greece were to miss a deadline, it does not fundamentally change the rules and would not offer more solutions to the problem."

The only good news, the first signals of the voluntary contribution of banks and other insurers are quite positive. While Greece requires a 90% interest in the exchange, some suggested a rate of 75% or 80%, almost unexpected. At these levels, the operation would have every opportunity to move forward. "A contribution of 85% instead of 90% needs to find an additional 8.5 billion euros," analysts calculate Barclays Capital.If Athens was a survey of creditors, the real success of the operation will not be known until after the formal offer proposal issued by the Greek government.

Athens without a loan repayment expected before December, this still leaves him time for both to continue its negotiations with the Troika and to carry out – or not – this massive debt restructuring for its crucial public finances. Meanwhile, the markets do not.

UBS said Thursday an estimated loss of 1.5 billion euros due to fraudulent transactions of its employees. Since then, the bank did not provide details on the mechanisms in question. The extent of fraud appears, however, reach gigantic proportions: it would be spread over three years since October 2008, without apparently the slightest alarm it caused internally. UBS warned regulators Swiss and British have launched a joint investigation.The bank has set up a parallel internal investigation unit called "Project Bronze" and instructed one of his best traders in derivatives, Jason Barron, to unwind positions Kweku Adoboli. While the fraud would have been discovered in the day Wednesday, all commitments have been liquidated Adoboli Friday.

Supposedly low-risk operations

The trader, who was promoted to his post in 2008 from the back office services, was a member of a small team of five people at Delta One desk. Their mission: to invest large sums to the equity of the bank's alleged market changes, via financial instruments called ETF (exchange traded funds) small personal loans. Generally, low profits emerged from these supposedly low-risk operations at very high volumes.Adoboli of the fault could have come from a lack of coverage of his Paris, which would have resulted in a spiral of losses since the collapse of financial markets this summer.

New to fear layoffs

The extent of the scandal poses serious threats to the future of UBS. While the bank has launched a 3500 plan job cuts, new job cuts are feared. The approximately 6000 employees of the investment bank in London feared an outright shutdown of their business, which should show a loss on the year while UBS as a whole should remain the beneficiary. Despite calls for resignations in Switzerland, head of UBS, Gruebele Oswald replied that he did not intend. "If you ask me whether I feel guilty, I say no," he told the newspaper Der Sonntag.

Concerned about its reputation with its clients it manages fortunes, UBS wrote them a letter Saturday to try to reassure them. "We fully understand that this incident may worry, says the bank. We are very disappointed and we also assure you that UBS is taking the matter very seriously and makes every effort to resolve it quickly. Your assets are safe with us. "

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