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For better and for worse. The formula is devoted to marriages as a glove in Hong Kong. China, with its tremendous growth (10.7% last quarter 2009), certainly takes the resumption of the Special Administrative Region (SAR), politically subservient to Beijing but economically and financially independent. However, it also threatens to plunge the country into a spiral of overheating.

"The potential risk of forming bubbles is high," says Norman Chan, Executive Director of the Hong Kong Monetary Authority.

In China, prices are rising for several months now so excessive, and many experts are warning the country against the dangers of relapse.Mid-January, during the Asian Financial Forum, Dominique Strauss-Kahn, managing director of the International Monetary Fund (IMF) called for the establishment of measures of capital controls in Asia, stating: "Until is temporary, it probably only means to avoid the bubble shape. Beijing does nothing when the bank credit limit to 7.500 billion yuan (773 billion euros) in 2010, against 9590 billion yuan (966 billion) per annum penny.

"The Chinese spend freely"

The Government of Hong Kong is believed to be safe. But it was forgotten that the two powers "are linked by two-way interests perfectly understood one side or the other, as recalled Victor Visot, president of advisers of Foreign Trade of France.

The city is a work in progress."500 buildings out of earth each year, observes Edward Yau, Minister of Environment, pointing to the towers being built around his office. While height and meet new environmental standards, "says he, anxious to point out that 70% of the land remains wild.

Even 710,000 Hong Kong dollars (66 cash advance in one hour .700 Euros) per square meter for an apartment overlooking the sea, tearing programs like hotcakes. The mainland Chinese are the first customers of Hong Kong developers."All the establishement of Beijing and Shanghai, all top managers have a pied-à-terre here that they have or not a business, said Edward Leung, chief economist at the Hong Kong Trade Development Council. They are the ones who buy goods more expensive and they have that, unlike the financial crisis of 1997-1998, house prices do not collapse. "

They invest more easily than the Chinese authorities have allowed banks on the continent to settle in Hong Kong. In the luxury shops of the Central neighborhood, one recognizes immediately the Chinese in their Mandarin while everyone here speaks Cantonese. "They have money, they spend freely and today supply 60% of sales of major brands," said Victor Visot.

After declining 20% in fall 2008, housing prices soared again, observes Helen Chan, senior economist for the government.Especially in the high end, where they rose 30% in 2009, at the same time that transactions were exploding, driven by interest rates very low (0.5% base rate).

While "the risk of a bubble is not imminent," dithers Nomura specialist on site. But it is real enough that Hong Kong officials, while saying "do not control capital movements, consider taking administrative measures to curb overheating. As they did last October, raising the deposit on the most luxurious apartments.

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In the wake of Grants in Asia this morning, the CAC 40 on a downward trend during the early exchanges. It lost 0.53% to 3669 points before embarking on his decline of 1%.

Meanwhile the employment figures in the United States, which will be published in early afternoon, the French public deficit rose to a record 138 billion euros in 2009 against 56.3 billion euros last year. As the trade deficit, it was absorbed in 2009 to 43,03 billion euros against 55.14 billion euros. Other important economic indicators are expected in Europe: Industrial output for the month of December and for 2009, Germany, and producer prices in January, Great Britain.

Finally, the finance ministers and central bankers of the G7 meet in Iqaluit, Canada.

The detailed values to follow

After criticizing the organization of the nuclear industry, Henri Proglio blames the system of distribution of gas and electricity, according to the financial daily Les Echos, Henri Proglio would have felt during a trip to Mount de-Marsan January 25 last, that the current organization involving EDF and GDF Suez in the distribution of gas and electricity, through their respective subsidiaries and ERDF GrDF, figure was "nonsense".

As for unions, the direction in which this issue is not a surprise, but "the idea of separation is a major concern in the year 2010, the newspaper reported.

Already in early January Francony Michel, CEO of ERDF, had indicated that the joint service between ERDF and GrDF was "faced with the necessity of (the) provide organizations and own way of functioning, better able to respond to issues more and more different and sometimes contradictory.

Moving with the times

Force is indeed clear that the context has changed since the time when both companies have been reconciled. EDF and GDF were then public monopoly . GDF Suez is now closed and the market is competitive.

Yet about 45,000 employees, are 95% of the total workforce of ERDF and GrDF continue to work respectively for the maintenance of power lines and gas pipelines.

Henri Proglio recovery and the idea of messing up the organization.But he will face unions and local politicians who advocate mixed organizations and public service mission, and legal provisions, but "around".

The case should take its time …

Michel Francony on an ejection seat

Also according to Voices, the new boss of EDF had proposed to his colleague Michel Francony leaving office, whose mandate expires in 2012. But it should not let them. Implied, another slow and choppy affair prepare.

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U.S. markets resumed momentum. After opening the session on a slight increase (0.16%), the Dow Jones continues to grow more strongly in the morning, settling on a less hesitant in green. Around 17 hours (Paris time), the leading U.S. index is 0.71% at 10,257 points, the Nasdaq gained 0.23% to 2176 points and the S & P 500 rose 0.71% to 1097 points.

This stronger growth is explained by the strong housing figures, published an hour after opening. Thus, the promise of home sales in December rebounded in December from 1%, as expected by analysts, after falling 16.4% in November, according to figures from the National Association of Realtors American (NAR) .

Nevertheless, caution is required."The market is just in a holding pattern, waiting to see if the advance of yesterday continues, and watching the economic indicators and hearings on Capitol Hill," observed Patrick O'Hare, Site Analysis Briefing . com.

The shadow of the monthly report on employment which will be released on Friday, weighed on the market. Investors will also be attentive to the hearing of an economic adviser to the White House Paul Volcker before the Senate Banking Committee and the beginning of the hearing Treasury Secretary Tim Geithner on the draft budget 2011.

As for currencies, the euro rose further against the dollar (0.16%) to 1.3946 dollar. For raw materials, oil regain momentum he gained 2.17% to 75.21 dollars.

The bank under the microscope

The banking and financials should be monitored.Indeed, Paul Volcker, a leading economic advisers of Barack Obama should call on Tuesday, Congress to limit the scope for risk-taking by large banks. Fannie Mae (-1.46%), Freddie Mac (-2.44%) but Morgan Stanley (-0.02%), JP Morgan Chase (1.54%), Citigroup (-0.30%) and Godlman Sachs (1.19%) react façpn mixed. The latter also strongly denied rumors conveyed by the Times that the bank boss, Lloyd Blankfein, could reach $ 100 million bonus.

The title Whirlpool skyrocketing: 6.74% to 81.19 dollars. The appliance group reported a quarterly profit that more than doubled to 95 million dollars, including through measures to reduce costs fast cash without a hassle . Its turnover rose 13% to 4.9 billion in the fourth quarter.

Dow Chemical took the opposite path: -3.95% to 27.50 dollars. The chemical company has posted net earnings of $ 172 million in the fourth quarter (+11.9%). Dow believes that growth will lag behind the United States and Europe, but demand from emerging countries should maintain growth.

Manpower (3.33% to 54.93 dollars) has announced a net profit declined by 62% to $ 29.1 million, 37 cents per share, against $ 76 million, 97 cents per share, a year ago . It also provides an increase in its turnover in the first quarter.

UPS (+0.27% 58.53 dollars): the U.S. mail group saw its net income dropped 28% to 2.152 billion dollars in 2009 although it has rebounded strongly in the fourth quarter. In the fourth quarter, it rose to 757 million, nearly three times more than a year earlier to the same period.

Kraft Foods (+1.39% to 28.45 dollars): Cadbury's shareholders have until today to decide on the bid of 11.7 billion pounds (13.4 billion euros ) American group.

Bank of New York Mellon (-1.44% to 29.15 dollars) said it would buy a division of investment services to PNC Financial Services Group (-1.09% to 55.25 dollars) for 2 31 billion, including $ 1.57 billion in Action. This deal could help PNC to repay 7.6 billion dollars of public funds received by the bank. The news was not well received by investors.

DR Horton displays the finest up market: 9.40% to 13.03 dollars. The U.S. developer reported net income of $ 192 million in the fourth quarter against a net loss of $ 62.6 million a year ago.The tax credit amounts to $ 149.2 million.

Finally, the automobile industry expects sales figures of new cars in January. Ford should have recorded double digit growth over the period from January 2009. In exchange, the title is already 2.25% to 11.37 dollars.

Calling Christian Estrosi, Minister of Industry, has been heard. The management of Total committed, in a statement to guarantee employment to every employee, regardless of the decision about the future of the Dunkirk refinery.

The Minister of Industry said that Monday morning that the government "will not accept" the closure of the Total refinery at Dunkirk "until there are no guarantees necessary for the sustainability" of 800 jobs concerned, "he said Monday on radio BFM.

"Total must invest in employment" (CFDT)

The secretary general of the CFDT (French Democratic Confederation of Labor), François Chérèque must also be reassured that he claimed in the wake of Christian Estrosi, that: "Total has a lot of money, so total should invest in employment."He said Total "must go beyond" its legal obligations: "He has to justify the closure, but it must ensure that all the jobs lost are converted to another activity Total, plus subcontractors.

According to La Tribune, the continuation of the refining process would require 60 and 120 million euro investment. "This range is the budget for the full review of the refinery 'reply a spokesman for Total.

In March 2009 already, the oil company had attracted the ire of politicians, after announcing the abolition of 555 posts in France, including 249 by 2013 in the refinery. A few weeks earlier, had issued a total record profit for 2008 of 13.9 billion euros.

Total release February 11 its profits in 2009, expected around 8 billion euros. Total declined to comment on this figure.

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Electrolux is building on its capacity to innovate as with the washing machine with a function "steaming" it will launch this year payday loan lenders . Photo credits: DR

This is without state support that Ford has managed to overcome its difficulties. The U.S. manufacturer announced Thursday it had made a net profit of 2.699 billion dollars over the full year 2009. A performance to be compared with the heavy loss of 14.766 billion harvested in 2008. Over the year, turnover was down to 138.1 against 118.3 billion in 2008.

The group included supporting a very successful fourth quarter. Over this period, the second largest U.S. behind General Motors reports net earnings of $ 868 million against a loss of about 5.978 billion dollars a year earlier. The per share earnings is 25 cents, hardly less than the 26 cents analysts who had forecast. Over this period, revenues totaled $ 35.4 billion against 29 billion a year earlier, an increase of 22%.

Before the opening of Wall Street, the title jumped 2.68% to 11.86 dollars.

$ 500 million quarterly savings

To obtain this result, Ford has relied on reducing structural costs of automotive business payday loan . A total of 500 million dollars were saved in the fourth quarter. The group did not hesitate to pursue a higher price for its vehicles. His arm Ford Motor Credit has contributed to higher profits in this period with a profit before tax of $ 696 million against a loss of 372 million in 2008.

Ford is the only manufacturer of the "Big Three" of Detroit (with General Motors and Chrysler) have not gone bankrupt. It is reassuring for the future and plans to write "a profit before tax and excluding exceptional items for 2010, without specifying numbers.In addition to profitability, the group is including a U.S. car market between 11.5 and 12.5 of vehicles this year. In the year 2009 in the United States, sales at Ford fell 15.4% to 1.68 million units. Note that, after hesitating a large part of the morning, the Paris Bourse is moving more strongly in the green then qu'affluent results of U.S. companies show no surprises.

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Reportedly, police officers went to the 1st and 2nd floors of the building located at Roissy where there are particular services management and staff. CCE Air France is at the heart of a financial scandal two weeks ago. An internal audit revealed in January 12 showed in handling the accounts and invoices which nature seems far from the object of a CEC. The audit begins by the "adjustments and prior period adjustments.These operations are likely to question the principle of matching income and expenses at the right time. "

Many people must be heard this week: the auditor of the company INA, which revealed significant shortcomings in the accounts, the auditor and Jean-Yves Quinquenel, head of the CEC transition responsible for facilitating the conduct of 'audit report and free credit score .

For its part, the CFDT-Air France and François Cabrera, whose management of the EAC is in question, talking in a tract of 25 January of a "cabal of destabilization" and indicated that "none of the parties involved, management of Air France, elected CCE, expert of the INA, auditors are not aware "of the launch last Thursday when the preliminary investigation by the financial police.

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Morale is not high on the Paris Stock Exchange in recent days and it should be so again Tuesday. After closing sharply lower Monday, markets are expected in the red today.: An hour of opening, the future Cac 40 lost 1.02% to 3782 points. The slump in Asian markets this morning gave a glimpse of what lies ahead for financial markets in Paris. In Asia, investors were not convinced by the rebound on Wall Street yesterday.

Among these, caution prevails until several important macroeconomic statistics across the Atlantic. Information should be filtered on the meeting of the Monetary Policy Committee of the Fed's on this Tuesday. There will be 15 hours the index of house prices (the day the markets had suffered a blow after the publication of resales in the United States that emerged in sharp decline from 16.7% in December).At 16 hours, will be revealed indices of consumer confidence and U.S. investors.

As for American publications, markets await the annual results from Yahoo! after market. It will also Texas Instruments, Johnson & Johnson and Dupont.

The Paris markets will also keep an eye on European statistics. We know the cost of household consumption in December (8.45), the construction of housing (8.45), the German IFO index (10 hours), the current accounts of the ECB (10 hours) and GDP in the fourth quarter in the United Kingdom (10.30).

The detailed values to follow shortly …

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An embarrassed government, opposition ulcerated, and now a board of directors of Veolia tense. The case Proglio endless making waves. During the television show "13.15 on Sunday" for France 2, Christine Lagarde, Minister of Economy and Finance announces that Henry will leave Proglio Veolia. "Do not [this combination] lasts forever. He has also admitted before the commission meetings, "she said on France 2.

The Foreign Minister welcomed the abandonment of its allowances at Veolia: "Well, frankly." I hope the controversy will die because he was really cut out. I hope he will be able to devote all his energies to the service of EDF, "pleaded Christine Lagarde.The tenant Bercy has also stressed that the EDF Group is "the one in which Henri Proglio operational functions, so there is no accumulation of operational functions.

The double cap Proglio also sow confusion in Veolia. In an article published Sunday, Le Parisien revealed that heavy atmosphere prevails on the board of directors of the company, formed a few large employers past or present CAC 40 as Daniel Bouton, former chairman of Société Générale, Jean Francois Dehecq, CEO of Sanofi Aventis and Baudouin Prot, CEO of BNP Paribas.

The next Board of Directors of Veolia will be "sports"

Three main reasons. The first: the departure of Henri Proglio at EDF payday loans for bad credit . "When we announced his departure for EDF in September, the surprise was total.Nobody had been taken into confidence "surprised an administrator. Having understood that the CEO of EDF wanted to keep the steering Veolia "to better control the account information 2010 and its reconciliation projects with EDF," said a source quoted by the Journal du Dimanche – they just regret " have been presented with a fait accompli and that everything is played "out of them, between the Elysée and Henri Proglio, according to administrators quoted by Le Parisien.

Another cause of unease: the renunciation of Henri Proglio 450,000 euros for his annual visit to Veolia. Le Parisien tells us that at no time administrators have been informed of this refusal, while standing on the same day a council. "We did not appreciate the news on television tonight.This concealment is not like Henry, "laments one of them, quoted by Le Parisien.

Finally, the proposed merger between EDF and Veolia does not convince the directors who qualify, like Jean-Pierre Jouyet, chairman of the AMF, the "Baroque".

The real malaise in the board of directors told to one of its members that the next board will be "sport".

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