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French banks fear that the project of President Francois Hollande to reform regulated savings in France deny them a windfall of cheap liquidity, while debt crisis in the euro area again threatens the ability of banks to refinance themselves on the European markets.

The new head of state, who voted in favor of a pact to support growth of the Agreement on budgetary discipline approved by 25 of the 27 countries of the European Union, wants to mobilize savings of the French to strengthen financial leeway of the state for housing and corporate finance. 

His presidential program provided including a doubling of the ceiling of Booklet A and Booklet Sustainable Development (LDD), currently limited to 15,300 euros respectively and 6,000 euros. They are currently paid at a rate of 2.25%.

Francois Hollande hopes to encourage the creation of new social housing and transform the LDD in "savings book industry" dedicated to SME financing and business innovation.

If investors can not appreciate these reforms, credit institutions such as BNP Paribas and Societe Generale may see whole areas of savings leave their record to head the Caisse des Depots (CDC) that centralizes regulated savings in France.

According to Pascal Decque, an analyst at Cheuvreux, some 83 billion euros of savings could then migrate to the CDC. 

Such a transfer would be another blow to banks

French who have already lost 90 billion euros of deposits last year due to concerns of investors about banks' exposure to Greece and the financial crisis.

"You have liquidity pressures in all sectors for French banks," said Andrew Lim, an analyst at Espirito Santo. The program of Francois Hollande "will put pressure on the deposit market."

Societe Generale has declined to comment on the subject while at BNP Paribas messages left unanswered.

NON-DISCLOSURE OF BANKERS

This regulated savings, which comes mainly from the Booklet A, is collected by the banking networks and centralized at the CDC in exchange for a commission paid to banks. The funds raised finance housing projects, infrastructure and other public projects.

According to statistics from the CDC, the outstanding book A and the LDD reached 295.1 billion euros at end-March.

Leaders of French banks, already reluctant to the idea of ​​a banking reform that would isolate the activities according to their usefulness or not the economy, principal concern is that beyond the housing market deposits and the financing of major projects is entrusted to a public bank.

"Liquidity is our raw material, (Reform Booklet A, Ed) does not help us," said May 10 Perol President BPCE (People's Bank, Savings Bank), parent company of Natixis, radio BFM Business. "It's weird to send money to the Deposit which has no bank branch when there are French banks have 40,000 branches."

"French banks (…) have employees willing to work and to make loans to businesses that need," he added.

The CDC is well mobilized, through its infrastructure fund and Axa Private Equity and Vinci, to fund future high-speed line (HSL) between Tours and Bordeaux, an investment of more than seven billion euros.

"Is it necessary to finance SMEs by the CDC and insurers?" Plague a Parisian banker who requested anonymity. "With Francois Hollande, there is the return to France with the idea that the state does better. This is an old French fantasy. "

Reform of regulated savings" will destabilize the banks, "he says

. While many observers believe that with the new Basel III prudential banks can no longer finance long-term projects, some believe, however, that the state will not only fulfill these investments

. "The challenges of financing long-term investments can not be met if we depend only of a public actor, "says Gerard de la Martiniere, former president of the Federation of French society ; s insurance (FFSA)

.

So what exactly is a no teletrack cash advance? It is a cash advance that requires no lengthy faxing of documents and is designed to tide you over in between pay days when cash is particularly tight.

JPMorgan has been the subject of Wednesday two lawsuits from some of its shareholders, who accused the bank and its executives for taking excessive risks that led to trading losses of at least two billion announced last week.

A spokesman for JPMorgan Chase declined to comment on these two complaints that were filed in federal court in Manhattan.

Industrial production grew only by 9.3% in April against 11.6% in the first quarter. This is the lowest figure since May 2009. Retail sales, exports and investment also slow. A factory in China flat panel displays.

China announced Friday a slowdown in inflation but also the smallest increase in industrial production in almost three years, two factors that should prompt the government to further relax its monetary policy to stimulate growth.

Industrial production grew only by 9.3% in April against 11.6% in the first quarter. This is the lowest figure since May 2009 when the increase was 8.9%. "The Chinese economy is even weaker than expected, with growth of industrial production in the single digits for the first time since the global financial crisis," said Alistair Thornton, economist at IHS Global Insight, based in Beijing.

Any effect of the second world economy is also reflected in a slower increase in retail sales, gauge consumer spending, which rose in April by 14.1% year on year, against 15.2% in March and 14.8% for the entire first quarter. "The figures of consumption and production (industrial) showering even more hopes for a resumption of rapid growth in China," said Mark Williams, an analyst at Capital Economics.

Finally, investments in fixed capital, contributing to over half of the formation of the Gross Domestic Product (GDP) of China also see their rise on a year to slow to 20.2% for the first four months of the year, whereas it was 20.9% for the first quarter. These weaknesses of the economy should prompt the government to ease its monetary policy, especially since the rise in consumer prices slowed to 3.4% yoy in April, against 3.6% in March.  

The level of inflation remains well below the 4% threshold set in March by the government, which closely monitors the evolution of prices to maintain social stability in a politically sensitive period, with the coming to power a new generation of leaders scheduled for the fall. On a year, food prices remain the main contributor to the rise, with 7% growth, which disproportionately hits the poorest households because they spend a larger portion of their income on food. But about a month, food prices fell 0.9% in April.

"The priority for the Chinese economy is not inflation but rather how to maintain economic growth," he told AFP Liao Qun, an economist at China Citic Bank International in Hong Kong. The producer price, which provides an early indication of future inflation, for their part, declined year on year by 0.7% in April. They had already declined in March but only 0.3%. "The extremely low index of producer prices will be one of the main factors that will force the government to further easing" monetary policy, according to Mr. Thornton.

Monetary easing seems all the more necessary that the Chinese economy is less and less driven by export growth, which suffer from the debt crisis in Europe, and struggling to find a relay in domestic demand. In April, growth in exports over the year fell to 4.9% and imports were virtually flat with only 0.3% increase, according to figures released by Customs on Thursday. These figures are significantly below the target of foreign trade growth of about 10% by government decree in 2012.

This smaller increase in foreign trade of China has contributed to the slowdown in growth, from 9.7% in first quarter 2011 to 8.1% in the first quarter of this year. To support the activity, the central bank will soon lower the reserve requirements for banks, allowing them to lend more, analysts said. Two drops of these reserves, very high in China, have already taken place in December and February.

General Motors announced Wednesday consider selling its manufacturing plant in Strasbourg gearboxes and be looking for investors willing to maintain the site activity.

The U.S. automaker, which announced in February an alliance with PSA Peugeot Citroen, has appointed an advisory bank and committed a "strategic review" concerning both the production engineer neering and development of this plant, says in a statement.

He was willing to explore the internal and external solutions to find "viable alternatives and potential solutions to secure the future of the site".

General Motors intends to favor buyers who will continue the work site, which employs a thousand people. 

This file may be one of the first industrial sensitive topics for the new president Francois Hollande, in a context of overcapacity in the hunt for European automotive sector.

Last year, the plant produced 280,000 automatic transmissions with six speeds, mainly for GM brands and BMW, mostly for vehicles assembled outside Europe.

This is the second time that General Motors is trying to lease the site. During the 2008 financial crisis, the company charged with liquidating the assets of the American manufacturer had not found a buyer. In 2011, a year after his brief for the procedure of bankruptcy, GM had bought the plant for a symbolic euro.

At the time, employees had accepted a two-year wage freeze in exchange for guarantees on jobs.

"There are several commitments in place to continue the manufacture of transmissions for years," assured Jim Cain, spokesman for GM.

Apple announced Tuesday the results well above expectations, thanks to strong demand for its iPhone and iPad, numbers that advance the action of the American group of more than 7% in exchange for after-hours trading.

The first global stock market capitalization has reported earnings per share for the second quarter of 2011-2012 and $ 12.30 a turnover of 39.2 billion.

Financial analysts had expected, respectively 10.04 and 36.82 billion dollars, according to Thomson Reuters consensus I / B / E / S.

Apple said it sold 35.1 million iPhones in the period, an increase of 88% from a year ago. Analysts had expected about 30 million deliveries.

"The iPhone sales have exploded internationally," said Peter Oppenheimer, Apple's chief financial officer, during an interview with Reuters.

The number of elapsed iPad is 11.8 million, an increase of 151% over the second quarter of 2010-2011.

For the third quarter, said the group anticipates earnings per share of about 8.68 dollars and an annual turnover of about $ 34 billion, against expectations of 9.93 dollars and 37 respectively , 45 billion, according to Thomson Reuters consensus I / B / E / S.

Gross margin for the second quarter stood at 47.7% against 41.4% a year ago. 

"The margin is very high, which means that concerns about subsidies, price pressures were exaggerated. This shows that the group of flexibility on price, not only among consumers but also among operators, "said Shaw Wu, an analyst at Sterne Agee.

The way Apple had finished down by 1.99% to 560.28 dollars, due to movement of profit taking at work for several sessions.

The action group is more than up some 39% since the beginning of the year, against an advance of nearly 60% earlier this month.

Sony's new boss Thursday drew the outlines of a recovery strategy includes 10,000 job cuts and a focus on mobile electronics and medical equipment, in hopes of re reconcile the group to profitability despite its difficulties in televisions.

Kazuo Hirai, who succeeded last month in Howard Stringer to the general direction of Sony, has doubled the forecast annual loss of the group to a record 4.9 billion euros and is faced with the daunting task of rehabilitating the brand, trailing Apple's U.S. and South Korea's Samsung Electronics. 

"We heard the many voices calling for change of investors," said Kazuo Hirai before a crowd of journalists gathered at Sony headquarters in Tokyo, not far from the first plant group, opened 65 years ago.

"Sony will change," he promised.

Sony, like its Japanese rivals Sharp and Panasonic, has suffered in recent years a decline in demand for televisions, fierce competition and competitiveness weighed down by the strong yen.

To bounce back, the Japanese manufacturer of consumer electronics said he wanted to strengthen its business in mobile phones, digital cameras and games, while seeking strategic investments in mate ; riel medical and batteries for electric vehicles. 

The group also confirmed press reports that he would eliminate about 10,000 jobs, or 6% of its global workforce, and provisionnerait a restructuring charge of approximately 75 billion yen (705 million) on the current fiscal year, ending March 31, 2013.

Sony also intends to reduce its costs by 60% and 30% fixed operating costs in televisions in 2013-2014.

"We can not shy away from tough choices," said Kazuo Hirai.

BET ON ENDOSCOPES … AND PORTABLE

By focusing particularly on medical equipment, which is booming, Sony aims for 2014-2015 a total turnover of 8,500 billion yen (80 billion) and operating margin of more than 5%.

The inventor of the Walkman and the PlayStation was one of the frontrunners to an alliance with the Olympus medical equipment manufacturer, which owns 70% of the global market for diagnostic endoscopes but whose finances have suffered from a large accounting fraud discovered last fall.

Sony sees endoscopes, it could enrich its imaging technologies, a growing market. He also said he was looking for partners to make batteries for electric vehicles.

"Expanding its presence in the medical field and electric vehicles is a good thing because these activities have better margins and these are areas where Japan has been proven," said Michael One (Beyond Asset Management).

But Sony has also promised to put smartphones in the heart of its turnaround strategy to triple its sales in mobile telephony to 1,800 billion yen over the next three fiscal years. Some analysts see an inconsistency.

"We do not understand exactly how they will adjust their activity in the electronics, nor how they will again create value," said Tetsuro Ii, president of Commons Asset Management.

Sony Ericsson has already bought full control of their mobile phone joint venture Sony Ericsson to strengthen its position in a market dominated by Apple and Samsung. He has since launched its first smartphone, the Xperia range, under the Sony brand.

Prior to these announcements, Sony has the action ended Thursday up 0.86% to 1,528 yen in Tokyo Stock Exchange.

The Group's market capitalization has shrunk by almost 20% over the last month. Samsung is now ten times and Apple – that some Sony executives were considering buying in the early 90 – thirty times.

Greece may need extra help and we can not exclude an enhanced firepower of the European Stability Mechanism (MES), the future permanent emergency fund in the euro area , says Austrian Chancellor Werner Faymann.

"I would not trust someone who would declare that (help) to Greece is sufficient," he says in an interview with the newspaper Österreich. "For Greece, it depends on their ability to comply with the measures (reform) across several elections."

The Chancellor did not rule out building a resource of MES, holding that it "may be necessary".

French President Nicolas Sarkozy confirmed Friday that a long-awaited decision on this matter would take place probably by the end of March and it was expected by then to "initiatives ".

In late February, France and Belgium said they agreed to enhance TSS with the ways of his predecessor, the European Financial Stability Fund (EFSF). 

The proposal would combine 250 billion still available within the EFSF with EUR 500 billion planned for the SS to create a financial firewall that can better fight against a contagious the debt crisis, but Germany still seems reluctant to the idea.

Faymann also believes that the EU should continue to support not only Greece, but Portugal, Italy and Spain.

"Let us not forget that our economy is strongly linked to that of Italy," argued the Austrian Chancellor, adding that Rome was in a better position than Athens.

When the direction of the steel giant still does not guarantee the works council restarting blast furnace site, the steelworkers maintain pressure. The "blockers" ArcelorMittal has lit a big fire burning before the plant Florange.

Employees who require restarting blast furnaces Florange dormant for several months, occupying part of the site since February 20. This Friday, they were evicted by the police when he blocked a railway line, an operation of glazed jostling between the police and the steelworkers who sang the Marseillaise while shouting "Thank Sarko".

Find pictures in the fight to save the ArcelorMittal Florange

Meanwhile at the headquarters of ArcelorMittal France in Saint-Denis (Seine-Saint-Denis), the management assured the unions that the maintenance of a blast furnace Florange would start "very soon", but without mentioning an upturn in the sector hot site. In a statement, management has confirmed "the temporary suspension of part of its facilities Florange for the second quarter due to the difficult economic environment". "Two million euros will be allocated to additional maintenance work to ensure that the liquid phase can restart in the second half in anticipation of an economic recovery," she said.

This Thursday, Nicolas Sarkozy said on France Inter that the P6 "in the second half would go back" after revealing he had the day before a meeting with Lakshmi Mittal, CEO of the No. 1 global steel industry. But ArcelorMittal had conditioned this boot an economic recovery. The presidential candidate said it had obtained a number of global steel industry that invests 17 million to safeguard Florange.

Find our survey to find out what the ads are really worth of Nicolas Sarkozy?

In any case, unions are skeptical. Further reading: "The promise of Sarkozy, it's cat pee."

Iran has refused to hand over to Greece 500,000 barrels of crude oil as part of retaliatory sanctions of the European Union related to Iran's nuclear program, reports the Sunday 'unofficial news agency Fars.

"Tankers who had surrendered (to Iran) to load 500,000 barrels of Iranian crude to be delivered to a refinery Greek had to leave empty, Iran has refused to make delivery, "wrote Fars without specifying its source.

Iran has stopped selling crude to British and French companies in recent days. Its oil minister warned on February 4 that the Islamic Republic would cut its oil exports to "certain" European countries.

Officials from the euro area are studying how to delay parts of or the entire second level of aid to Greece, if possible until after the election pre views for April, it was learned Wednesday from European sources.

While the new aid package of € 130 billion is now almost ready, the finance ministers of the euro area are still not satisfied with the commitments of the Greek political leaders to implement the agreement, which realizes that Athens provides further budget cuts and introduce many unpopular reforms by 2014.

There are also doubts about the path of debt reduction Greek. It represents about 160% of Greek GDP and the "troika" consisting of the European Commission, the European Central Bank and International Monetary Fund would like to return to 120% of by 2020.

"There are proposals to delay the Greek package or cut into parts, so that immediate fault is avoided, but without commitment on the whole (package)" said one source.

"The options will be discussed (…) There is pressure from several countries to hold things until there is a concrete commitment in Greece, which could not come before the elections, "they added.

A telephone conference of finance ministers of the euro area must take place at 17:00.