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While the crucial talks between government and private creditors of Greece continued the last few hours across Europe, they rose sharply in Paris. Reportedly, the French Treasury and financial institutions have agreed on the night of Friday to Saturday on a proposal that they hope to win their European partners now. Important first step, a highly anticipated meeting of the IIR (International Institute of Finance), which groups 400 banks worldwide, will be held on Monday in Rome.

It will be remembered, European governments have launched negotiations Wednesday with the holders of Greek debt. They are seeking a contribution of banks, insurers and other pension funds to the tune of 30 billion euros, backed by a new extension of Europe and the IMF to Greece.So far, the proposal on the table was simple: the voluntary, private creditors agreed to reinvest in due proportion the debts repaid by Athens over the next three years in new loans Greek to 5 years. It is the "rollover". However, private capital, especially German, had requested that these new loans are guaranteed in one way or another by Europe. But Angela Merkel, German Chancellor, refused this demand, which is to transfer the responsibility of the public an additional part of the burden.

Hence the impasse. The problem for private financiers, is to pay a state that nothing says it will be out of trouble in five years, the plan has expired. Of course, under pressure from governments, banks and insurers could be convinced.But specifically, if the process is not perceived as voluntary, rating agencies may raise the flag of the "default" and the plan falls overboard because the ECB can no longer accept sovereign debt and stigmatized in the refinancing of Greek banks cash advance no fax.The French proposal is a parade, making the "rollover" both more attractive and relevant to them and to Athens, by lengthening maturities.

New loans to 30 years

In addition to the original proposal, a working group led by BNP Paribas, in fact, imagined an alternative, opening the opportunity to reinvest only 70% of amounts received in connection with the Greek borrowing fell 50% are allocated to Greek new loans issued this time in 30 years as to 20%, they are placed on what the financial call a "zero coupon", ie a fund invested in securities of high quality self-reinforcing through then cumulation of interests: the piggy bank somehow secures new borrowing Greek, as would have government guarantees.According to the discussions, these borrowings could be long carry an interest rate equivalent to that of Greece pays vis-à-vis its "rescuers" public, with the addition of a variable interest rate likely to be linked to an economic indicator Greek, such as GDP.

In any case, this alternative would yield less per creditor only 50% returned to the Treasury Greek but is likely to attract more people. And above all, by providing funding for 30 years, she pushes the horizon in part refunds for Athens. The French solution began circulating in the corridors of the European Council on Friday. "We received an initial favorable response," says a close case.

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Pending the arrival of his eagerly awaited first smartphone with the Windows operating system Phone at the end of the year, and production "mass" in 2012, we have to wait markets and customers. That Stephen Elop, president of Nokia strived to do during the CommunicAsia exhibition in Singapore. "Our main strategy in the field of smartphones is to focus on the Windows phone," he said, for its next billion mobile.

For Nokia, it is urgent. Last month, the group issued a warning on its sales and results, giving even to make predictions, as the period is difficult.Its sales continue to decline, it would hold more than 13.1% of the smartphone market in the first quarter against 25% a year earlier.

But maintaining a strong presence of the Symbian operating system in its range and choice of Microsoft at the expense of Android leave many doubts cast. While the number of applications available on a smartphone is a paramount requirement, the Finn is not in the race. It strives for the time to catch up in smartphones, highlighting the N9 in Singapore, expected to outdo the iPhone and Android to its competitors. To do so, Nokia boasts jumble "three home pages," his "handy user interface," "better voice quality," connectivity … The N9 (under platform Meego) is also equipped with a NFC connection, which enables contactless payments.With this feature, shows that Nokia is still able to board the train for a new technology, not to watch the competition from without it.

With the launch of three new models (N8, E7, C7 and C6-01 will be sold in July) Nokia has pushed the highlight of its commitment to Symbian OS. These terminals will be equipped with the new update system Symbian Anna. Novelty of this new version, it will be downloadable for those who have already bought one of these phones. And over the next twelve months, Nokia will market up to ten new smartphones based on Symbian. From there to imagine that the Finnish and protects against possible setbacks of its U.S. partner, there is only one step.It also reaffirms its loyalty and its customers, accustomed to its operating system, and that it might lose by abandoning it completely. Hence the idea to favor a smooth transition.

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Farmers do not easily repay the aid they have been illegally paid between 1998 and 2002. "Do not pay!" They were still directed Beulin Xavier this Sunday, the president of the FNSEA, micro Europe 1. "We want to continue the discussion on the subject. The current situation also requires some restraint, "he said, referring to the dual crisis that farmers currently, due firstly to the exceptional drought they suffered, and secondly to the fall in sales of fruit and vegetables following the discovery of a bacteria killer in Germany. "So far, 2011 is probably the toughest year to live for agriculture since 1949," Xavier held Beulin.

European Commission demands since January 2009 the repayment of French subsidies paid to producers of fruits and vegetables between 1998 and 2002.Received a complaint from a French farmer who felt aggrieved, the European Commission finally ruled that these subsidies distort competition in the market. It is therefore around 600 million euros that France is committed to be reimbursed by the farmers. The Minister of Agriculture, Bruno Le Maire, confirmed this week that the first claims had been issued to operators.

A plan of assistance deemed insufficient by the operators

Farmers are even less inclined to pay as they deem insufficient aid plan deployed by the state to help them during this difficult time payday loan. While compensation from the national guarantee fund for agricultural disasters (FNGCA), with 200 million euros, should not be paid until mid-September, operators were waiting on the part of the state allocation direct subsidies.But the move by the Charente Thursday, the head of state has rightly refused to "fall into the bad habit of giving allowances that would be declared illegal in a few months." Nicolas Sarkozy has decided to offset a one-year repayment of loans to farmers in 2009 as part of an exceptional level of support, $ 1.6 billion.

"The billion euros of measures [announced by Nicolas Sarkozy], I still trying," said Xavier this Sunday Beulin Today is a little over 500 million euros. " A sum that compares to the heavy expenditure that farmers will face this year. Between the difficulty to find fodder to feed the animals because of drought, rising grain prices and lower meat prices, which could amount to "much more than a billion euros, said Chairman of the FNSEA.

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And two. Having poached in March, Laurent Joffrin of the co-chairmanship of Liberation to entrust the reins of Le Nouvel Observateur and the chief editor of news magazine, Perdriel Claude, the owner of the newspaper group, has hired Wednesday Nathalie Collin Co-Chair of the daily street ranger. Aged 46 years, the former boss of EMI France, who had joined Liberation in 2009, will assume his new duties in early August. Alongside Laurent Joffrin as co-chair of the board of the Nouvel Observateur, it will specifically support "strategy, development, partnerships and management." It will also be responsible for DG Debt Management Group, which also publishes Challenges and Sciences et Avenir. These two transfers decapitate the leadership of Liberation, in a situation remains fragile – the newspaper that has reached 200,000 euros profit in 2010.After considering an exchange of equity and industrial and commercial synergies with Le Nouvel Observateur, the newspaper is engaged since March in a plan to recapitalize nine million euros made by the group Colbert Land, of which 6 have already been paid. Edouard de Rothschild, chairman of the supervisory board and shareholder at 26% Payment at par with Colbert Land, must quickly find a successor to Nathalie Collin. In the entourage of the French businessman, is no secret that the revival of Libération is far from over. "There are still chapels, personal conflicts, with a very old organization. The newspaper still has room for improvement and optimization, "says one.

LE FIGARO. After Laurent Joffrin-Claude Perdriel, boss Le Nouvel Observateur, has poached the co-chair of Liberation, Nathalie Collin. Do you feel betrayed?

Edouard de Rothschild.The torque-Laurent Joffrin-Nathalie Collin has improved the content and quality of Liberation, but as a fellow shareholder and chairman of the supervisory board of the newspaper, I am a reproach to have left to buy social peace without reforming the business . This is an opportunity for liberation can modernize and reform the house, whether its organization, operation, management.

A few months ago, you were considering a merger with Le Nouvel Obs …

As a shareholder, I'm not political and I observe from a distance, but I find that a squabble between Le Nouvel Observateur and Liberation is sterile, unproductive, when primaries will play within the Socialist Party and where major substantive discussions will be held on the left.

Your strategy for liberation Will it change?

Le Nouvel Observateur is an aging institution.Today, a generation of readers is renewed. It is within this context that Nicolas Demorand joined Liberation as "publisher". A new "publisher" should be appointed shortly. We have some interesting candidates to succeed Nathan Collin. We will choose three to Bruno Ledoux, group Colbert Land, the daughter of Italian shareholder Carlo Caracciolo, and myself.

"The mobilization of our companies abroad is a government priority, the development of employment is directly linked in a global economy, the part played by French companies in international trade." Tuesday, moving in Nièvre, the Head of State gave foreign trade on the front of the stage. Well aware of the situation in France, which saw its market share eroded internationally for years – "We have a deficit of 51 billion euros, Germany has a surplus of 150 billion," he recalled – the head of state still refuses to "fate."

Critical mass

Visiting one of the workshops of the French Company prosecutors, now trying to sell its products abroad, Nicolas Sarkozy has stressed the need to develop the network of SMEs in exports and develop "competitiveness".In fact, contrary to our German neighbor, who has forged a strong network of companies exporting medium, capable of responding to global demand, the difficulty in France have companies whose critical size would allow them to expand into international markets . Why we must build on the best of them. This is the new mission entrusted by the government to Ubifrance, the public agency responsible mainly for support SMEs in international markets. So far, it was only quantitative targets. Now the quality will also put "Ubifrance will be more selective and take more businesses that have real potential for export," says one at Bercy.The idea is that a third of SMEs that have benefited from support actually end up doing business abroad.

During a roundtable Cosne-Cours-sur-Loire on "the mobilization and support for companies in their efforts to export," Nicolas Sarkozy has also urged the national and local actors to support the export – the state Ubifrance, chambers of commerce, regions, etc personal loans for bad credit. .- to work together to create a "team". "It must stop wars chapel!" Repeats all goes as Secretary of State for Foreign Trade, Pierre Lellouche. The latter wants to develop a single window – export houses in the region – which SMEs could use to get their guidance.And they lost more in the maze of financing offers, Ubifrance and OSEO will Coface now offers a unique catalog.

As for large groups, they will increasingly play the card of solidarity with the smallest. On May 5, several of them have signed a charter pledging to always consult the French subcontractors for their export sales, develop the port of SMEs or to develop indicators to monitor the increased participation of French SMEs to large export contracts.

Underlying this policy – even if no rule can be written in black and white, because the European Commission monitors – the government intends to encourage groups to seek more French subcontractors if they want to continue receiving certain export subsidies.And "if necessary, we shall make …" nevertheless dared Tuesday the head of state "It does still not accuse France of wanting that big French companies help small. There is … citizenship in all this, "he said.

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The very demanding certification labels for timber such as the FSC would they about to be marginalized by European legislation is less restrictive? Some pose the question today. Ardent proponents of the regulation adopted by the EU is no shortage of arguments to suggest otherwise.

FSC (Forest Stewardship Council) was established in 1993 after the Earth Summit in Rio. It offers large forest operators to comply with a specification very strict on environmental issues, social and economic return for obtaining a quality label could make a difference on the European market. It now comprises some fifteen million ha in tropical forests, including five for the Congo Basin and almost three for the Republic of Congo alone."But today, Europe is imposing a traceability system which is only legal and therefore much less stringent than the certification systems," warns Dr. Clotilde Ngomba, the coordinator of the forest fund Basin Congo.

Launched in 2003, the European program that meets the acronym FLEGT (Forest Law Enforcement, Governance and Trade process) "aims to curb the production and trade in illegal timber," says Alain Pénelon, regional adviser for COMIFAC (Commission Central African forests). With a goal involve the largest number of forest holdings. "We had reason to push the FSC large farms," ​​says Mark Benedict, director of the firm Terea, "but it is very restrictive and very expensive and small businesses can not follow him installment payday loans. FLEGT system is intended for them. "The World Bank, the loss of value due to illegal logging accounts for more than 10 billion dollars and the loss of revenue for governments, 5 billion.

Legality encouraged

The main measure of FLEGT aims at establishing a partnership between Europe and a producer. It specifies the criteria to ensure that timber imported into Europe is of legal origin. It provides traceability, verification systems … "The implementation of a FLEGT agreement may take three or four years," said Alain Pénelon. Such a delay until October, Parliament ratified a new law prohibiting the arrival on European soil or wood products from illegal logging. "This will be the operators in Europe to ensure this," said the specialist.This regulation will apply March 3, 2013.

"I do not think there is a risk of competition between the two systems," he says. "The same mechanisms are highly complementary," insists Emmanuel Heuse support of FLEGT Democratic Republic of Congo. "These two systems must grow together," he adds. Optimists hope that the first step then bring FLEGT timber operations to proceed towards certification. Over the legality will be encouraged, more forest will be protected. It is urgent: despite improvements since 2000, tropical deforestation is very high. It is 5.4 million ha per year, equivalent to the area of ​​Costa Rica.

"I walk in the countryside." Thus, Christine Lagarde, finance minister and declared candidate for the post of Director of the IMF, began his speech on Europe 1 radio on Sunday. Its stated goal: to convince all the emerging countries of the legitimacy of his candidacy. "These countries are worried. They want recognition and they feel frustration. They want a manager with universal and that is why I will introduce myself, "she said.

The minister will travel first to Brazil "because it is the first country invited me," she says. She will then visit the 'all emerging countries, notably China, India, some countries in Africa and the Middle East. Which will require it in his words to "make a lot of extra hour" because this campaign is done in conjunction with its agenda of Minister of Finance.While emphasizing the concept of universality, Christine Lagarde says she remains "deeply French and European. But in the context of these functions, you must be accountable to all of these 187 member countries. "

No fears for the record Tapie

Even if she repeats that "we should not count your chickens before they're hatched," the minister made a speech very assured, aware of the many clear support of the Europeans and Americans implied. "If I am elected, she says, I will leave the government because the two functions are incompatible." Asked about the name of his successor, the Minister nevertheless kicked into touch: "It's not for me to decide, but we have in our ranks many talents."

Christine Lagarde has also lingered long on the back Tapie, only shadow seemed to hover over his candidacy. "The file is empty," she repeated.She said the referral to the Court of Justice of the Republic by the Attorney General at the Court of Cassation, Jean-Louis Nadal, "is factually false and legally unfounded." "I chose the solution of arbitration in the case because I believed that Tapie was the least bad. A conviction was run a risk of 7 billion euros to the state. " For the future, the finance minister said to "really good confidence in the judiciary" and says she has "conscience".

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U.S. stock markets close an increased very slightly on Thursday. The Dow Jones is 0.07% to 12,402.76 points, the S & P 500 gained 0.40% to 1325.69 points and the Nasdaq rose 0.78% to 2782.92 points.

On the foreign exchange market, the euro rebounded against the dollar on Thursday, helped by speculation about a coming increase in Chinese investment in the European sovereign debt.By late evening in Paris, the European single currency was worth 1.4135 dollars against 1.4083 dollars late Wednesday.

On the macroeconomic front, the U.S. GDP grew 1.8% in the first quarter, according to the second official estimate of the growth of winter, which confirms the original figure while analysts thought it would be revised upwards (consensus expected 2% growth).

New jobless claims in the United States are divided on the rise during the third week of May, 424,000 according to figures released Thursday by the Department of Labor (cons 414,000 the previous week), while analysts expected a decline, to 400,000.

Microsoft: 1.98% to 24.67 dollars

The investment fund Greenlight Capital, a shareholder of Microsoft, wants to remove the CEO of computer giant, saying that Steve Ballmer is a man of the past.

Computer Science: -13.02% to 38.35 dollars

For his part Computer Sciences announced yesterday evening after the close of Wall Street have registered for the fourth quarter of fiscal year 2010/2011 earnings per share of $ 1.09 against $ 1.16 and $ 1.66 expected year past. Turnover was 4.2 billion, stable over one year.Over the full year, EPS fell 10.4% while turnover remained stable at 16 billion dollars.

Liberty Global: 1.51% to 44.92 dollars

Also after the close of U.S. markets, Liberty Global has received an indicative offer from Foxtel to buy back its subsidiary Austar United Communications owned 54.2% at a price of 1.52 Australian dollars per share, valuing the share of Liberty Global to nearly one billion Australian dollars.

NetApp: 6.92% to 55.31 dollars

NetApp reported for the fourth quarter earnings per share of $ 0.59 against $ 0.53 expected and $ 0.5 last year, while turnover reached 1.4 billion dollars against 1.2 billion last year.For the quarter, NetApp expects earnings per share of 0.52 to $ 0.57 and revenues of about $ 1.5 billion.

Google: -0.30% to 518.13 dollars

Also of note, Google has unveiled a contactless payment solution developed by MasterCard and Citigroup. The owners of Android phones will eventually make their phones instead of their credit card at the checkout.

A dozen people are working around the front of the Puerta del Sol. Armed with sponges, gloves and scrapers, they attack the graffiti inscribed on an iron curtain Internet Payday loans. The last letters of the word "Revolución" disappear as a result of …

The games are not made. While the International Monetary Fund is seeking a new general manager following the resignation of Dominique Strauss-Kahn, emerging countries are mobilizing for a leader from their ranks.

While for now, no Chinese is not on the list of potential candidates for the resumption of the post, the Middle Kingdom believes the new boss of the institution should be Chinese. "The time has come to put an end to Western domination on the IMF," said Shan Renping commentator, in an article published by the Chinese newspaper Global Times. He adds that "one of the main responsibilities of the IMF is to oversee the trade and provide funds to countries in need, capabilities that can provide a growing China."He cited the name of Zhu Min, the former deputy governor of the People's Bank of China, then became Special Advisor to the Director of the IMF, as a potential buyer of the post.

For its part, the Mexican Minister of Budget, Ernesto Cordero, supported the candidacy of Governor of the Bank of Mexico, Agustin Carstens. "This is the best candidate for the IMF," said the minister at the Mexican press.

Statements which echoes the words of the Brazilian Finance Minister Guido Mantega said Wednesday that the succession of DSK to head the IMF should not be "decided in a hurry" or reserved for a European.

For Lipsky, Christine Lagarde is one of the candidates "well qualified"

Since the establishment of the institution the item is traditionally given to a European Bank since management is entrusted to an American.Thus, if an emerging leader is elected this would be a first for the institution.

While the position raises all desires to the four corners of the globe, American John Lipsky, who has served as Acting, said yesterday that the Board of Trustees will meet Friday to discuss it. He believes that Christine Lagarde is one of the candidates "well qualified" to lead the institution. A view widely shared in France and Europe, where statements of support have multiplied yesterday.

However, John Lipsky has left the door open to candidates from emerging countries, stating that "there is a consensus among our members that the process of appointing the CEO should be open, transparent and must be on the basis of merit. Open means open.Open does not open only to some. "The campaign has only just begun.

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