International Business News

Allianz reported Friday a third quarter net earnings well below expectations, the financial market turbulence has sealed investment income of the first European insurer.

The German company posted a net profit of 196 million euros over the period while 14 analysts polled by Reuters had expected an average of 566 million.

Allianz has spent 931 million euros in provisions, mainly on investments in the financial markets.

The cons-performance does not deter investors to buy the title, the emphasis operators operating income.

The latter is certainly emerged down 7.3% to 1.91 billion euros, but above a forecast of 1.71 billion.We do not judge too negatively the fact that the net profit is below expectations because it was caused by a higher taxation and impairment of assets higher than expected, "said Philipp Hässler Equinet Bank.

By 10:00 GMT, taking 1.87% to 74.07 euros while the index grouping the values ​​of the European insurance advanced 0.97%.

Allianz confirmed its target of operating profit between 7.5 and 8.5 billion euros for the whole of 2011 but said that the annual net would likely be less than five billion euros in 2010.

Paris and Berlin would have agreed to increase the capacity of European Financial Stability Fund (EFSF) in 1000 or 2000 billion. Paris gained 0.76%.

Despite the deterioration in the sovereign rating of Spain by Moody's, the Paris Stock Exchange was up Wednesday morning, encouraged by rumors of a Franco-German agreement on the recapitalization of banks and strengthening of the support fund in Europe. At 9:37, the CAC 40 clinching 0.76% to 3164.70 points, the German Dax gained 1.02% and 0.97% took London. Investors reacted positively to news reports on the European Financial Stability (EFSF), analysts have said Aurel BGC.

Paris and Berlin would have agreed on a plan to end the debt crisis by increasing the response capacity of the EFSF to 2,000 billion euros, against 440 billion currently, according to an article posted online by the British newspaper The Guardian. According to the Financial Times Deutschland, the German finance minister, Wolfgang Schäuble, for his part, mentioned the figure of 1.000 billion euros as the future financial capacity of the support fund.

"The important point to remember is that an agreement exists between France and Germany, which suggests significant progress this weekend," noted strategists Credit Mutuel-CIC. "However, do not expect miracle solutions that will enable us to turn the page of the crisis", they said.

Especially as the situation remains confused in the eyes of analysts.We do not have the essential piece of the puzzle, namely how the "size" of EFSF may "be increased" in 1000 or 2000 billion, and asks the broker Aurel BGC. The hope of a future strengthening of the EFSF relegated to second the blow firmly told to Spain by Moody's Investors Service on Tuesday night which lowered the country's credit rating by two notches.

According to Reuters, two senior officials of the European Union say that no agreement has yet been found. "It is naive to think we can do this kind of calculation and come up with a nice round figure of 2000 billion. It's not that simple, "said one of them.

As for values, the banking sector was up sharply, driven by any progress on the EFSF.BNP Paribas take the lead in the rating (4.21% to 31.19 euros), followed closely by Credit Agricole (2.28% to 5.03 euros) and Societe Generale (2.13% at 19 , 65 euros). Accor took 2.08% to 22.53 euros after posting a turnover of 1.62 billion euros in the third quarter, up 2.7%.

Over a third of French say they have experienced "a situation of poverty" at least once in their lives, according to an Ipsos for the Secours Populaire. The respondents considered 92% as a "poverty" the fact of "regularly experience significant difficulties in obtaining a healthy, balanced diet."

Over a third of French (35%) say they have experienced "a situation of poverty" at least once in their lives, a proportion rising, says an Ipsos for the Secours Populaire announced Thursday. This rate of 35% is seven points higher than in the previous survey in 2010.

Nearly one in four French people (22%) also indicates that it is "ever had (to) say, at a time of (his) life, that (he was) on the verge of a situation poverty ", but he finally experience it.

Sign considered "alarming" by Secours Populaire, "young people are increasingly concerned", "ages 15-34 are almost a third of French (29%) who have experienced job insecurity." "They were only 22% in 2010."

And 85% of respondents believe that "the risk (their) children know one day a situation of poverty are higher than for (their) generation" for 50% risk is "significantly higher" for 35% they are "slightly higher". Only 11% consider them "lower".

The French set the poverty line at 1,031 euros per month for a single person, a figure "stable" compared to 2010, "a little below the minimum wage (1070.76 euros net per month), but always" superior to 954 euros the official poverty line calculated by INSEE. "

The respondents considered 92% as a "poverty" the fact of "regularly experience significant difficulties in obtaining a healthy, balanced diet." But they are also likely to discuss the fact of not being able to "send their children on holiday at least once a year" (73%) or not being able to "access goods or cultural activities and entertainment for himself or family "(71%).

Survey conducted by telephone August 19 and 20 with a sample of 1,016 people representative of the French population aged 15 and over, by the quota method.

Require the recipient of the RSA base to work one day a week, without offering additional training or support, will not help them find new jobs, says Matthew Angotti (Federation of Associations of insertion). Former Secretary of State for Active Solidarity, Marc-Philippe Daubresse, submitted a report to Nicolas Sarkozy Wednesday, September 14, 2011, which makes 22 proposals to reform the RSA.

In a report submitted Wednesday to Nicolas Sarkozy, former Minister of Solidarity Marc-Philippe Daubresse proposes to employ the beneficiaries of the RSA one day a week, paid at minimum wage. The activities concerned will have to be socially useful and cover needs that are not, such as DIY, waste collection, maintenance of heritage, home services, etc..Only persons "capable of work" would be affected (a third of the beneficiaries of RSA base). Any refusal would be punished. This report hopes to defuse the controversy launched in the spring by some members of the majority and the Minister Laurent Wauquiez, who had proposed to work for free RSA recipients. These proposals are in the right direction but remain largely inadequate, says Matthew Angotti, Director General of the Federation of Associations of insertion (Fnars). Interview.

What do you think of the proposal to employ the beneficiaries of the RSA for pay?

Compared to the proposed Laurent Wauquiez, there are two positive developments. First, we return in the labor law, contract with a single insertion (CUI) that already exists and it is not free but paid work at minimum wage.Then, targets only those capable of work, allowing social workers in the field to decide the conditions to be met.

Is it a positive step for the return to work?

No. This is not working 7 hours per week in odd jobs such crafts as one leaves lasting insecurity. There is even a big risk to keep the beneficiaries in a precarious state. This should not be the lasting solution but a starting point of a trajectory employability, including the following steps would be to get these people to vocational training and coaching increased to find a job. However, the report says nothing about Daubresse training and support. As it stands, this is like a manipulation to lower unemployment figures.

The report suggests Daubresse to strengthen sanctions for refusal of beneficiaries to work. Is it necessary?

It's communication. How pathetic to suggest that the unemployed will not work. Above all, it makes no difference: recipients of the RSA are already obliged to accept job offers or assisted contracts offered to them, or risk seeing their benefits reduced or eliminated. The problem is that offers them nothing.

In addition to training and support, are there other gaps in this report?

Yes, two major. The first concerns the RSA youth. Currently, the access conditions for the RSA under 25 are too restrictive. This leaves thousands of young people in a very precarious.The second is the level of RSA: consider that in France you can live with 450 euros a month is ridiculous! Of course, in times of austerity, I'm not asking that the amount be doubled, but it would still fund a reflection on what we consider to be the minimum decent standard of living.

The rating agency Standard & Poor's reaffirms its trust in "AAA" of France. The opportunity to understand the links in a few risks to the note light, and challenged the role of rating agencies. This Thursday, August 18, Standard & Poor's is confident the triple A of France

Standard & Poor's is confident the triple A of France The rating agency expressed "confidence" in the ability of France to maintain its optimum rating "AAA". The president of the rating agency for the French-speaking Europe Carole Sirou said Thursday on RTL radio that "the note of France is" AAA "stable, it is the case since 1975." Asked about rumors of Degrate the French note that shook financial markets last August 10, she declined to comment.August 8, John Chambers, chairman of the state rating of S & P reaffirmed that France had a "well-designed fiscal policy" which justified its "AAA" rating with positive outlook "stable".

Read the interview with Carole Sirou, president of Standard & Poor's, on RTL: "We are confident about the AAA rating of France."

The Triple A of France inquièteMalgré assurances from the rating agencies, who denied rumors of degradation of the note of the Hexagon, the concern remains. "The ratio of debt / GDP ratio is approaching the danger zone, said Jean-Christophe Caffet, economist at Natixis. It is not yet in the red but already in the orange." The rating agencies scrutinize closely the social spending of France. Second weakness, the lack of French growth, which does not pay interest on public debt.And the slowdown could continue. The expected growth in 2012 would not exceed 0.2%.

Read also: The anguish of the triple A of France

Why persistentPremière doubts because in the circle of countries stamped "AAA", France shows the worst budget ratios. Its deficit to 7% of GDP, above the level of other countries rated in the euro area. In addition, the primary deficit (excluding debt burden) is twice as high (3% of GDP) than its neighbors. From there to suggest that the hexagon is at the forefront of the next breakdown … Second reason, the commitments to reduce the deficit of France are struggling to convince. With growth low and, consequently, lower tax revenues, the country will have to make efforts for additional savings for deficit reduction.But in a report published mid-June, the Court of Auditors considers that "the effort goes beyond the measures that have already been taken." Removing more than expected tax loopholes, tax on very high incomes, increased taxation of life insurance, all measures envisaged by the Government, which will result in tax increases in 2012. Unless these measures to reduce the deficit does the cost of the presidential campaign. In 2007, Nicolas Sarkozy has loudly proclaimed that he was not elected to raise taxes …

See also: Why France worries markets

Rating agencies, the oracles marchésPour Gunther Capelle-Blancard, deputy director of CEPII, in times of great uncertainty about the economic outlook, financial markets are among the rating agencies the information readable and easy to interpret.These new oracles, act as aggravating factors of the crisis. They sow or exacerbate panic. Over the past 15 years, they never alert the warning signs of a crisis. Neither the failure of South American states in the 80 or the subprime crisis, nor that of the Greek debt in 2009. What to doubt their credibility. However, legislators and regulators have raised finance rating agencies to the level of ultimate reference. Difficult to deny that they have become essential because they illuminate the investors on the creditworthiness of the borrower. But to limit their destabilizing effects, detoxification is necessary, according to Gunther Capelle-Blancard. To limit their influence, they should be separate texts that regulate international finance, so that the rating agencies become mere sources of information among others.

See also: "You have to detoxify the rating agencies"

Dagong, rating agency alternative? According to the criteria of the Chinese agency Dagong Global Credit Rating, neither the U.S. nor the UK or France deserve the highest rating. Criticized for its dependence on the Chinese government, the agency presided over by Guan Jianzhong, at least has the merit of representing a creditor country, when the three major agencies, Standard & Poor's, Moody's and Fitch are from debtor countries. With public debt ratio of 96% for the United States, 83% for the UK and 85% for France in 2011, difficult to challenge their degradation. Dagong aggréée was not in the U.S., it has no influence on the markets. Yet there are voices calling for alternatives analysis grids.Thus, Norbert Gaillard, specialist and consultant ratings for the World Bank, like the arrival of players offering "different angles of analysis."

Read also: The rating agency Is China too hard on the West?

Also: Financial analysis: the troublemakers of the rating

The president of the association of German exporters (BGA) Monday urged the leaders of Germany and France to agree on the creation of common bonds in the euro area at the bilateral summit planned Tuesday in Paris.

In an interview with Reuters, the head of the BGA Anton Boerner said that without the "Eurobonds", as Berlin refused so far, there was a risk that the debt crisis in Europe leads to a global depression.

"We need to show markets that we are ready to use the right tools, that is to say Eurobonds signed by Germany," he said.

"We need Eurobonds under strict conditions," he added, mentioning the introduction of "golden rules" budget in the constitutions of all countries in the euro area.

"We need it, and we need it quickly," he said Anton Boerner, who called for the issuance of these common bonds of unlimited volume.

Citing unidentified sources, the German daily Die Welt reported this weekend that the German government began to consider the idea, but senior ministers of the government of Angela Merkel agreed that the time was not ripe for think about it.

Chancellor Angela Merkel will meet Tuesday in Paris President Nicolas Sarkozy for making "joint proposals on the reform of the governance of the euro area before the end of the summer."

Wall Street opened sharply higher Friday's session, the day after its worst session in more than two years.

The figure better than expected job creation in July in the U.S., coupled with an unemployment rate slightly down, eased the anxieties of the markets and given them new impetus.

A few minutes after the start of trading, the Dow Jones gained 1.5% to 11,554.5 points, Standard & Poor's 500 index 1.32% to 1215.91 points and the Nasdaq Composite 1.29% to 2589.38 points.

According to figures released Friday by the Labor Department, the U.S. economy created 117,000 non-farm jobs in July and the rate of unemployment has fallen from 9.2% to 9.1%.

Economists on average had forecast 85,000 new jobs.

Values, the way Procter & Gamble has reported an increase in its quarterly results, which pushed up the title of 2.14% on opening.

The oil company Royal Dutch Shell posted Thursday a sharp rise in net profit in the second quarter, driven by new projects which he hopes to increase its production over the next few years.

Its net profit to current costs jumped 77% to $ 8.0 billion (5.57 billion), supported prices of oil and asset sales more than offset lower production.

Its oil and gas production has in fact declined by 2% to 3.05 million barrels of oil equivalent per day, due to the sale of deposits and reduced gas demand caused by an exceptionally mild climate in spring.

Excluding sales, production, however, rose 2%, indicating that recent major investments by Shell are already beginning to bear fruit.

In the first half of the year, the group launched three new projects, one in two Canadian oil sands and gas plants in Qatar, which required an investment of $ 30 million.

Excluding items, the result shows an increase of 56% to 6.55 billion, just below the average forecast of eight analysts polled by Reuters (6.70 billion).

The CEO of Shell said it was concentrating on organic growth of the group and neither envisaged the acquisition of its rival BP or any buyback.

BP reported Tuesday a profit below expectations in the second quarter, while the market awaits the giant Exxon Mobil to display in the day a 50% jump in net underneath.

Around 9:30 GMT, action abandoned Shell 0.84% ​​to 2,246 pence.

More than 50,000 tax audits were conducted last year. 20% resulted in a recovery. View of the Ministry of Economy and Finance at Bercy.

Tax audits reported 16 billion euros to the state in 2010, up slightly from 2009, according to the report of the Directorate General of Public Finance (DGFIP) on Friday. Tax audits had been recovered 14.7 billion in 2009. Last year, more than 10,000 tax audits included an enforcement action – nearly 20% of total operations – to punish the more serious breaches, and nearly 1,000 complaints were filed tax evasion, the report said.

In detail, the tax recovered in 2010 nearly 5.2 billion euros through desk audits, carried out from offices, against 4.8 billion in 2009.The product of "spot checks" made directly to individuals or companies, is also on the rise: these controls in 2010 allowed the recall of 10.4 billion euros in taxes and penalties from 48,000 companies and 3,800 individuals , against 9.9 billion in 2009.

The year 2010 also saw the establishment of national brigade fighting crime tax, involving 13 officers DGFIP, says the report. This system now allows these agents vested with police to "investigate and ascertain, in a strictly defined legal framework, tax evasion complex, made through tax havens or by methods of falsification against which services control was often poor so far, "the report said.

In addition, the DGFIP developed in 2010 its system for sharing information with its counterparts in the world, is he recalled. Thus, 33 international conventions or agreements on exchange of information with a lifting of bank secrecy, according to the model of the OECD model convention, of which 26 were signed was ratified by Parliament in 2010, says the report.

Pensioners could be the first victims of a failure of public accounts in the United States, Barack Obama said Tuesday in an effort to increase its pressure on elected officials with whom he negotiates raising the ceiling of U.S. debt.

The president has received for the third time in three days the representatives of parliamentary groups in the White House to try to break the deadlock the negotiations before August 2, when the government will be insolvent, according to the Treasury .

However, no progress was made and a new Town Hall meeting was scheduled Wednesday at 16h00 (20h00 GMT).Barack Obama has promised to bring together leaders on both sides every day until they reach a solution.

The Republican Party refuses to raise the debt ceiling in the absence of agreement on the reduction of public spending.Mitch McConnell, chairman of the Senate, expressed doubts Tuesday that a "real solution" can be found as Barack Obama will be in business.

The president, who has put his remarks on account of "political competition" was meanwhile expressed concern for the beneficiaries of the retreat of Social Security, which he said could not get their check early August because of agreement to Congress.

"THE DEBT CEILING IS HIS PROBLEM"

"I can not guarantee that these checks will leave on August 3rd if we have not solved this problem.It may simply not be enough agent into the coffers to do, "he said.

John Boehner, Republican chairman of the House of Representatives held its own responsibility to find ways to raise the debt ceiling before the United States have exhausted their financial capabilities.

"The debt ceiling is his problem," he summarized.

Paralysis of public finances raises the specter of a return to recession, economic activity has slowed markedly since the first quarter.

Barack Obama has a deficit of 4.000 billion over ten years involving higher taxes to which oppose the Republican majority in the House of Representatives.This tax increase would be accompanied, according to the president, budget cuts and a reform of health insurance Medicare and Medicaid that the Democrats fear.

The latter consider that higher taxes on higher incomes should help solve the budget equation, but the Republicans do not want to hear about it.