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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.

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.

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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Small volumes of trade and wait. This could be the profile of the session on Wall Street Monday. After closing up on last Thursday (Friday was a holiday), the NYSE was heading toward an opening in the green Monday. Upstream of the opening, the futures contracts reflected an increase of 28 points on the Dow Jones at 12,462 points, 4.4 points on the S & P 500 at 1335.4 points, 6 points and the Nasdaq , at 2381.5 points.

Investors should remain cautious earlier this week, pending statements from Fed Chairman Ben Bernanke on Wednesday. Forecasts of inflation and economic outlook: new publications the U.S. central bank should be explained at the first press conference after the meeting of the Governing Council.On the other hand, the first official estimate of GDP for the first quarter will be published Thursday.

Side companies, Ameriprise Financial, Johnson Controls, Kimberly-Clark and Radioshack should publish their results before-hours trading. The distributor of electronic products RADIOSHACK posted a quarterly profit of $ 0.33, $ 0.35 cons expected by the consensus. The turnover stood at 1.06 billion dollars as the anticipated 1.07 billion consensus.

On the other hand, NIKE could see its stock price reached a new high over the next 18 months if the OEM is able to raise prices without adversely affecting sales, according to investors cited by the magazine Barron's. After the record high reached last year to 92.49 dollars, as Nike declined to $ 80, due to the rising cost of oil, cotton and labor.On the other hand, the bank Wells Fargo has raised its rating on the pharmaceutical company Johnson & Johnson "market performance" to "outperform."

Finally, the title of the Chinese search engine Baidu might be heckled. The Chinese government will punish the search engine and 13 other sites for allowing illegal music downloads, reports the official Xinhua News Agency. No details on the nature of the sanctions has been published. According to Xinhua, the sites in question have left online illegal content despite several warnings from the authorities.

The course from Advanced Micro Devices (AMD) could also be active on Monday. The computer chip manufacturer announced Thursday after-hours trading that its net income had doubled in the first quarter quasimment.SanDisk also announced on Thursday its results for the first three months of the year, slightly down from last year. PG & E for its part, announced the sudden departure of its CEO Peter Darbee.

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"The U.S. recovery is facing more uncertainties

Slipped into the 154 pages of the IMF paper, five lines attract attention, given the French context. "The risk exists that the electoral timetable in the United States, France and Japan and possibly elsewhere, may complicate the implementation of policies" to reduce deficits, says the institution of Washington. Institution led by Dominique Strauss-Kahn, a putative candidate for president in 2012 French …

"Experience shows that a divided Parliament or the impression of a weak political stability leads to poor execution plans aggressive fiscal consolidation," reads the report yet.Does this mean that the IMF is considering a change of government in France, and held that the right will make little effort to reduce the deficit before giving way to the left? Or that the Fund is betting on the absence of a clear majority? "It is especially typical example of arcane formula that emerges from the IMF, where every sentence is weighed by an army of technocrats before publication," quips a connoisseur of the institution cash advance.

Curiously, this passage of the document does not mention that Portugal has to appeal to the Fund in full political fog, with Parliament dissolved! "Behold the man who will lead the country's finances," headlined Tuesday local newspaper Correio da Manha popular with the photo on its front Poul Thomsen, head of the IMF mission to negotiate the plan of assistance Portugal, came in the wake of Lisbon.The Portuguese delegation welcomed with suspicion, as evidenced by this photo of a giant graffiti on the front page of Publico: "IMF, out!"

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"Debt: the situation in France is different from that of Portugal

At two months of the meeting of Agriculture Ministers of the G20, Paris, France is stepping up efforts to convince its partners, including emerging markets, the need to control the prices of raw materials. The fight against the volatility of agricultural prices is one of three priorities for the French presidency of the G20, with the reform of the international monetary system and taxation of financial transactions.

Bruno Le Maire has made two key visits this week to Moscow and Brasilia. The ministerial meeting in Brazil was "a success," says one in the entourage of Le Maire. The Brazilians were very reserved in respect of the French proposals now seem reassured. "Bruno The Mayor has made clear that the control would only financial manipulation in the market for agricultural products," said the Brazilian minister, Wagner Rossi."We were surprised to see Brazil, strongly supports greater regulation in the markets," said a member of the French delegation.

Transparency of financial markets is one of three priority reforms to limit price volatility, according to experts from FAO, OECD and World Bank, who wrote a report on the issue for the French presidency of the G20 .

Very sensitive because it addresses the controversial role of speculation in rising commodity prices, this subject has been left to finance ministers of the G20. It will be discussed next week in Washington.

Unilateral decision

In Moscow, the ministerial discussions focused on another sensitive issue: the unilateral restrictions on exports.August 5, Moscow's decision to freeze its wheat exports to the fires and drought caused exceptional sharp rise in prices on international markets. This reaction is not concerted, which goes against the principles of free trade the WTO has been criticized by Paris. France hopes in the G20, impose a mandatory consultation ahead of this kind of decision in order to prevent abuse, and to take measures to protect poorer countries against rising prices.

On this issue, Bruno Le Maire is sparing no effort, he will have met four times his Russian colleague, Elena Skrynnik. "Moscow agrees on the principle of cooperation in upstream, on the protection of the most vulnerable," says a close case.France, which claims to have joined Brazil and Russia to its cause, must now convince another heavyweight G20: China, world's largest producer of wheat. "Beijing is far from conducive to transparency on stocks," says Michael Porter, Director of Agritel, risk expert on agricultural markets.

In its global offensive, France has discovered another restive country to its arguments: Australia, great agricultural power. "Australia is the country most recalcitrant!" Said a negotiator. "For them, the volatility of agricultural prices is a non-issue! Bruno Le Maire there will soon travel to Sydney to achieve its purpose? Nothing is excluded …

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Despite the return of large mergers and acquisitions, the CAC 40 remains in the red, while the growing concern over Portugal after ratings agency Moody's has further worsened the country score. At mid session, it loses 0.62% to 4017.94 points.

At the Stock Exchange Frankfurt, the DAX 30 lost 0.36% to 7149.51 points, for its part, the Footsie-100 from the London Stock Exchange was down 0.32% to 5997.69 points.

With the exception of the Nikkei, which lost just over 1%, most Asian stock indices move in the green. On Monday, the Dow finished at its highest closing level since early June 2008, at 12,400.03 points.

On the macroeconomic front, growth in activity in the services sector accelerated further in March to its fastest pace since last August. The services PMI rose to 60.4 against 59.7 in February. An initial estimate had been given to 60.7 on March 24.

For the euro area, this index stood at 57.2 against 56.8 in February, its highest level since August 2007. It is superior to the flash estimate of 56.9.

Also for the euro area, retail sales came out slightly down from 0.1% in February compared to the previous month after rising 0.2% in Jan.

In the U.S., the ISM index of activity in services is expected in March to 16 hours.

On the currency markets, the euro fell slightly against the dollar at 1.4181 at midday in Paris.

Oil prices retreated Tuesday morning. In morning trading, a barrel of light sweet crude for May delivery lost 0.39% to 108.05 dollars.

EDF, the biggest drop Cac 40

The values ​​of energy (EDF, GDF Suez, Total, Air Liquide) are also tracked by investors.EDF lost 3.69% to 28.45 euros, GDF Suez fell by 3.25% to 27.35 euros and Air Liquide was down 0.25% to 95.52 euros, in contrast, loses 0 Total , 20% to 43.29 euros.

The government announced the cancellation of the rising gas prices on 1 July and the study of a new pricing formula. In contrast, electricity prices will rise by 2.9% on 1 July. Matignon has also confirmed that the oil companies will be involved to curb the soaring fuel prices one hour payday loan.

Banks battered on Tuesday after Moody's downgraded the rating of Portugal. The rating agency does not lower it again.Societe Generale loose 2.37% to 44.72 euros, BNP Paribas dropped 1.73% to 51.83 euros, Credit Agricole sells 2.73% to 11.39 euros and Natixis was down 0.96% to 4 , 01 euros.

STMicroelectronics: 2.72% to 9.02 euros

STMicroelectronics benefits of the takeover bid by Texas Instruments of National Semiconductor for $ 6.5 billion (4.6 billion euros).

Areva: 2.12% to 31.75 euros

A list of candidates shortlisted by the Supervisory Board of Areva to hold the presidency of the Executive Group was deposited on the office of Nicolas Sarkozy, according to Liberation, citing near the head of state.

L'Oreal: -1.36% to 82.77 euros

According to the daily 20 minutes, the boss of L'Oreal, Lindsay Owen-Jones would be the subject of a complaint filed by Janez Mercun, a Slovenian who had a contract with L'Oreal granting the exclusive distribution market Russia.

PSA Peugeot Citroën: 0.39% to 28.58 euros

Gefco logistics group, a subsidiary of PSA Peugeot Citroën has signed with Italian funds RP3 Venice and a contract to acquire their share of 70% stake in Gruppo Mercurio, an Italian specialist transport and distribution of vehicles .

Cap Gemini, +0.01% at 41.55 euros

Cap Gemini is expected to announce Tuesday the acquisition of two French companies, and Artesys Avantias for $ 40 million, according to Les Echos.

Havas: -1.41% to 3.85 euros

Havas announced the acquisition of the independent agency Farm Strategy, without specifying the amount of the transaction.

Technip: +0.10% to 77.10 euros

Technip awarded a contract by RWE Dea for the development of gas field Clipper South in the North Sea.

Belvedere Trading on shares was suspended on Tuesday at the request of the company after the resolution of the preservation plan of the group of wines and spirits, delivered Monday by the Tribunal de Commerce de Dijon. The stock closed Monday up 8.67% to 66.20 euros.

After a session of ups and downs, the leading index is rising again in Paris on Friday. In mid-session, he won and 0.55% to 4083.11 points. Yesterday, Wall Street has ended on a high note. For their part, the Asian financial centers are all clearly trending up. Despite rising pressure on the price of a barrel of oil, investors should follow the trend. The publication of results, generally of good quality, also maintains optimism.

Even finding on other European financial centers, the index Foostie 100 of the London Stock Exchange and the Dax in Frankfurt Stock Exchange, respectively, advancing 0.59% and 0.84% at 6040.34 points and 7286.74 points halfway through.

Oil prices resumed their upward movement on Friday morning, the market doubts that Venezuela's proposal to find a solution to the crisis in Libya could succeed, analysts said. Libyan oil production has fallen by half because of the violence sweeping the country, announced Thursday the head of the government oil company NOC (Libyan National Oil Corporation) Shukri Ghanem. In mid-session in Paris, a barrel of light sweet crude gained 0.25% to 102.16 cents dollars.That of Brent North Sea was up 2.68% to 114.88 dollars.

On the macroeconomic front, all eyes should be turned to the U.S. this afternoon are expected when two important indicators that will give an overview of health status across the Atlantic, namely the employment figures and unemployment for the month of February (1430) and industrial orders for January (1600). After some encouraging signs in recent days on job creation in the private sector and the weekly jobless claims, figures Mensula employment should be good, say most analysts.

The euro at its highest in four months

As for currencies, the euro rebounded sharply against the dollar and the yen after ECB President Jean-Claude Trichet, hinted he might raise the rate by the European institution.At its monthly monetary policy meeting, the ECB has maintained, as expected, the rate at 1%. But the President has adopted to the press a very firm tone about inflation, stating that "strong vigilance" was needed.

Last night, the euro climbed to its highest level in nearly four months to nearly $ 1.40. Around 23 pm last night, the euro bought 1.3965 dollars against 1.3867 dollars on Wednesday at the same time, after climbing to 1.3974 dollars, a level unprecedented since Nov. 9. The European currency also climbed against the yen at 115.08 yen against 113.50 yen late Wednesday, after peaking at 115.15 yen, its highest since early November.In mid-session, the euro was worth 1.3966 dollars.

Areva more confident for 2011

Legrand – 4.90%, to 28.80 euros

Wendel (+ 2.29%, to 74.18 euros) jointly yield and KKR, as part of an accelerated placement, 40 million shares, or 15% stake in specialist electrical and digital infrastructure of the building. Yesterday the share closed up KKR of 1.61% at the New York Stock Exchange, to 1.61%.

Areva: 5.65% to 35.44%

The nuclear group has accused an operating loss in 2010, mainly because of a provision for the construction of the EPR reactor in Finland, but the specialist's public nuclear aims to grow its business in 2011.The Chairman of the Executive, Anne Lauvergeon, also said that the group did not need additional funds, especially after its capital increase to finance its development.

Hermes International boosts results

Hermes International: 1.49%, to 153.6 euros

The luxury group has announced an annual net profit up sharply from 46% to 421.7 million euros while its operating margin reached 27.8% of sales, "Best recorded performance by the group since its entry into scholarship in 1993, "says the label. Operating income also flies from 44.3% to 668.2 million euros. Sales, already known since early February reached 2.4 billion euros.The group psoposera a dividend of 1.50 euros, 1.05 euros under cons of fiscal 2009.

Eurotunnel: -1.02% to 7.24 euros

The operator of the Channel Tunnel was charged last year with a net loss of EUR 57 million which he attributes largely to the lack of insurance payments related to operating losses after the fire 2008. The dividend is still maintained at 4 cents, and management stated that if the recovery appears to be confirmed, it should remain as progressive segments. Eurotunnel expects its passenger traffic increase of about 3% in 2011.

Veolia Environnement: -1.89% to 22.56 euros

The company said net income fell slightly by 0.5% for annual sales up 2.5%. It aims to increase its recurring operating income 4 to 8% in 2011 by continuing its program of cost reduction (250 million euros of savings anticipated in 2011).In addition, 1.3 billion euros of asset sales are announced for the current year.

Renault victim of manipulation?

Renault: -0.28% at 42.84 euros

The spy case that led to the dismissal of three senior executives of the group seems to deflate, the management track now evoking a "manipulation", due to lack of evidence on the existence of the bank account 'étranger.Christine Lagarde, Minister of Economy, promised "consequences" in this case that has shaken the manufacturer for several months. A demand that Patrick Pelata, the No. 2 at Renault would be willing to bend.

Ingenico: +1.85% at 27.87 euros

The Grou announced its successful bond issue of 220 million euros, could be increased to 250 million, ocean-type.

IMS: 2.67%, to 15.4 euros

The group suffered an operating loss in 2010, a year marked by heavy charges, particularly related to the reorganization of the group and disposals of non-strategic stocks following the acquisition in July of Jacquet Metals.

EADS: 1.01%, to 19.98 euros

The parent company of Airbus, is close to deciding not to challenge the award of contract to Boeing $ 30 billion for the supply of tankers to the U.S. Air Force, said Thursday folder.The sources close to the European aerospace group could announce the decision on Friday, putting an end to a battle of ten years on this contract.

Carrefour – 3.07%, to 32.7 euros

The supermarket group has seen its vice president resign on March 1, due to disagreement with the strategy, according to the Tribune. For its part, the boss of the distributor, Lars Olofsson announced it would deploy its Carrefour hypermarket concept Planet throughout Europe from April.

Societe Generale: 0.27%, to 48.92 euros

Lebanese Canadian Bank (LCB), a private Lebanese accused the U.S. of laundering money, will merge with Societe Generale said Thursday the governor of the Lebanese Central Bank, Riad Salameh.

Note that the calculation of the new composition of the CAC 40 and the reorganization of other evidence, confirmed yesterday, have left unchanged the 40 companies in the benchmark index in Paris.Moreover, the general meeting of shareholders of Euro Disney could be an opportunity to learn more about the reasons for the surge in prices in recent weeks, including rumors of a capital input of a new shareholder.

A formula that has rained, but that leaves open many files. The roundtable, chaired by Nicolas Sarkozy after his walkabout in the aisles of the Salon of Agriculture, was rather well received by participants. "He did not demagoguery and was really aware of what was happening in the farming community," said Florence Verheyden-Valade, breeder of bison in the Creuse. It was part of the panel of invited farmers, three women and four men, "representatives of all sectors and territories", according to Franck Louvrier, communications adviser at the Elysee. There was a producer from another sheep of the Puy de Dome, a pork producer from Vienna, a wine of Herault, a grain of Loiret and a breeder of Charolais in the Nièvre.

Discussion without taboos

For more than 90 minutes, the Head of State has listened in turn and answered their questions.Environment, rising raw materials, distribution, cost of labor, many topics were discussed openly and with details. Asked about the cost of labor by Patricia Rebillou, producer of strawberries in the Dordogne, Nicolas Sarkozy said: "We reduced by more than three euros hourly cost of seasonal workers, to 12.81 euros per hour to 9, 43 euros. Adding that "this reduction in social security employer had already cost the state 500 million euros" and it was not possible to go beyond. "Nicolas Sarkozy has memory and is familiar with his records," commented Michel for his part Hamel, a milk producer of the Channel.The latter was part of the 400 farm representatives who attended the roundtable held in Area 2000, a large room in the mezzanine in Hall 1 of the animals at the Porte de Versailles.

On the environment issue, widely discussed on Saturday, the audience applauded the head of state when he said the poster campaign of ecological association FNE. "It is hurtful, humiliating, totally cons productive in some ways shocking," said Nicolas Sarkozy. "You are loved by the French more than you think as evidenced by the success of the Salon of Agriculture," he said at the farmers.

Several decrees

In a goodwill gesture, the president did not come in without his wallet. A decree recognizing the activity of methane on farms is released this Saturday.

In addition to reducing the depletion of farmland in France – at a rate of one department every seven years – another decree was issued on the topic, believing that the show is moving files around the corner. It concerns the establishment of advisory boards of county farmland. A new structure must give notice before any sales of land into building land. Transactions will now be taxed. The tax proceeds will fund innovative facilities for young farmers.

"However, Nicolas Sarkozy said nothing about the case of photovoltaics, which allows farmers to reduce their cost of production," complained Jean-Pierre Fleury, Secretary General of the Federation Nationale Bovine and rancher in the Morvan. Another disappointment for farmers, lack of clarity of Nicolas Sarkozy vis-à-vis supermarkets."While the president has insisted on a better distribution of value added over the entire chain, but was not specific enough in its intentions," said Guy Vasseur, president of the APCA (Permanent Assembly of Chambers of agriculture). "We will continue to help you be more competitive and regulate the prices of agricultural commodities. I believe the future of French agriculture, growth, development and its contribution in the foreign trade of France, "said Nicolas Sarkozy. "A frank and direct dialogue," summarized the Youth President Jean-Michel Schaeffer, leaving the space 2000. "The lyrics is good, it acts better," summed up his side Beulin Xavier, president of the FNSEA.

French banks bear the brunt of the deepening of the crisis in Côte d'Ivoire. Ivorian President Laurent Gbagbo out, trying to stay ahead of the state and against the last presidential election, has announced last night on public television RTI "on decrees that the State of Côte Ivory took control by taking a full and complete participation in the capital of some banks. These include the SGBCI and Bicic, which are subsidiaries of Ivorian French banks BNP Paribas and Societe Generale.

His decision is to "preserve jobs and ensure the access of Ivorians and traders to their assets" in "as soon as possible."The two French banks did not wish to comment on the intentions of Laurent Gbagbo.

Financial asphyxiation

Following the post-election crisis, born of the struggle between Ivorian President Laurent Gbagbo and outgoing Alassane Ouattara, President-elect acknowledged by much of the international community, the Central Bank of African States (BCEAO ) has severed its ties with Abidjan in January to try to suffocate the Gbagbo regime. This isolation has closed the financial tap francs CFA president.Far from giving up, Laurent Gbagbo attempted to mount a viable banking system across Ivory Coast, the price of a "huge pressure" on the subsidiaries of large foreign banks to remain in business.

But with the lack of liquidity, technical difficulties and legal risks, and the threat of sanctions wielded by the BCEAO against banks working with the Gbagbo government, especially when faced with violence that threaten the safety of their employees, BNP Paribas and Societe Generale first, yesterday, gave the signal for withdrawal payday loans guaranteed no fax. "Other banks will close," predicted one senior industry.

Effect "cataclysmic" freezing the financial system

Already five major foreign banks have decided to suspend their activities. The interruption of their business is blocking the Ivorian banking system, plunging the country a little more into chaos.The economy had indeed already been drastically slowed by the sanctions of the EU imposing such a ban on the two ports, the country's lung. The effect of blocking bank could be "cataclysmic," according to some.

Already, Abidjan went to stop their banks to withdraw their money. "It is feared the contagion effect, so we just remove a little about our savings," says one entrepreneur. "I'd rather have my money on me, it is unclear what will happen," shouts one soldier. The political crisis appears to have already led to a banking crisis that goes straight to an economic crisis.

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