All My Thoughts

Production and Japanese exports may stagnate before recording a modest recovery, said Thursday the Bank of Japan, which refers to the economic outlook made highly uncertain by the slowdown in global growth and the impact of the strong yen .

Floods in Thailand will also affect exports significantly in the last quarter, disrupting supply chains across Asia, warned the BoJ in its report of November.

"Exports and production should show more or less stable at the moment and then increase moderately, reflecting mainly an acceleration of the recovery of overseas economies," said the central bank, warning however that the economic outlook remained uncertainty.

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French deputies adopted on Wednesday by 315 votes against 198 the draft budget law for 2012 that the Senate will consider in turn on Thursday.

Groups and UMP New Centre (NC) voted this draft budget called "obsolete" by the leftist opposition, who voted against.

This draft budget, the last of the five-year and the Legislature, is built on a projected growth rate of 1.75 for 2012 but the government has revised this rate downward by reducing it to 1%.

In the second part of the expenditure, the budget contains several provisions of the savings plan submitted on November 7 as the removal in late 2012 of the device "Scellier", a tax benefit for investors in new homes for rental .

Another measure of austerity November 7: the refocusing of the interest-free loan that will be reserved for new homes and means-tested.

Or a shot of "plane" of 15% and not more than 10 of the tax loopholes.

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The European Commission will Wednesday unveil new rules for new rules to limit the power of rating agencies. The suspension of a rating and the attack to justice agencies include planned. Moody's in New York.

The "blunder" by Standard and Poor's comes almost timely for the European Commission. Brussels Wednesday will unveil a range of measures to regulate rating agencies, and the announcement erroneous degradation of France by S & P should increase the willingness of European regulatory agencies. Details of the measures to be adopted.

Suspend a rating

The Commission will decide to suspend the rating of a State in case of excessive volatility or if the country is under European aid program. The decision can be explained by the previous in Greece.

Attack to justice agencies

Any investor can now sue an agency and ask for damages when it deems necessary. Brussels wants to create "a European framework of liability in case of serious misconduct or gross negligence." A new measure that should appeal to France after the "true-false" degradation Standard and Poor's.

Impose a turnover in the agencies

Brussels wants to put some competition in the "Big Three", Moody's, Standard and Poor's and Fitch Ratings. The idea of ​​creating a European agency was dropped, now Brussels wants to impose a rotation to the actors who are noted. Clearly, companies and states will be required to change agencies every three years, to encourage competition between agencies. But the idea is not only criticized by the rating agencies but also by some of their clients.

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States in the euro zone must do more at European level and give some of their budgetary and fiscal responsibilities to the European institutions to overcome the debt crisis, said the German finance minister in interviews published Saturday.

Wolfgang Schäuble told the German weekly Focus that Italy would be able to overcome its difficulties, resulting from a crisis of confidence in the markets.

"The economic data are not real bad. You just deal with the problems (…) These can be solved by Italy herself.What Rome has to overcome is nothing compared to the mountain to be climbed Greece, "he argues.

Although Europe has a Stability and Growth supposed to intervene much earlier, it is necessary that members act more in the EU, said Schäuble.

"The pressure of the crisis has effects that would not be possible otherwise (…) greater the crisis, the greater the need for change, he says.

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Orpea was up 27.5% of quarterly sales

Orpea announced Wednesday an increase of 27.5% of its sales in the third quarter 2011 due to high occupancy of its homes and its clinics.

At 311.7 million euros, sales of the group recorded organic growth of 8.8%, Orpea said in a statement.

"The dynamics related to both France and abroad, including the continued rise of Belgium and Italy," said Yves Le Masne, CEO of Orpea, quoted in this release.

It says that the group confirmed "with serenity, its goal of a turnover of 1,230 million euros (27.5%) accompanied by sustained profitability" for the full year 2011 .

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Wall Street closed higher Monday, turning in the last trading session after a particularly volatile and largely downward trend on fears that Italy's third largest economy in the euro area, in turn carried by the crisis of debt.

The New York Stock Exchange closed up 0.71% Monday, the Dow Jones 30 Industrial winning 85.15 points to 12,068.39 points.

The S & P-500, wider, took 7.89 points, or 0.63% to 1261.12 points.

The Nasdaq Composite was up on its side of 9.10 points (0.34%) to 2695.25 points.

Values, Best Buy has lost 3.11% after announcing it would pay 838 million pounds (977 million) in the UK Carphone Warehouse to buy back its share in their joint venture in mobile phones in the U.S. .

Tekelec has jumped more than 14%. The technology provider networks agreed to be acquired by a consortium of investment funds led by Siris Capital for about $ 780 million.

General Motors has announced the retirement of Nick Reilly, current head of the European activities of the group and its replacement next year by Karl-Friedrich Stracke.

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The OECD will publish at the G20 a new list of tax havens. Switzerland and Liechtenstein can be found on the gray list for not been transparent enough. Nine other states, including Panama, the Seychelles and Botswana, are in a blacklist.

French President Nicolas Sarkozy said on Friday that the countries that continue to harbor tax havens, including a list of 11 expected to be released, would be "ostracized by the international community at the conclusion of the G20 summit in Cannes.

"We do not want to tax havens. The message is very clear, countries that tax havens will remain ostracized by the international community," he told reporters Mr Sarkozy, whose country currently chairs the G20.

According to information from Figaro OECD will publish a new list of tax havens.Switzerland and Liechtenstein can be found on the list and gray, not having done enough to be transparent. Nine other states, including Panama, the Seychelles and Botswana, are in a blacklist.

The two financial centers were committed in 2009 to challenge the secrecy and to meet the criteria of the OECD on tax information, to get out of this list. But they have failed the examination and the international body would have found that the transparency commitments were not met.

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Swiss Re on Thursday posted quarterly results significantly better than expected but declined to give an assessment of damage caused by floods in Thailand.

Net income for the Swiss reinsurer has more than doubled in the third quarter to $ 1.35 billion (988 million) against 618 million in the comparable period in the previous year.

Swiss Re said the performance by "a moderate level of natural and unique effects positive."

Premium income rose to 5.74 billion against 5.05 billion a year earlier.

The combined ratio, a key indicator of operating profitability in the sector, however, has deteriorated to 80.8% against 76.4% last year.The combined ratio was expected at 89.7%.

The world's second largest reinsurance confirmed its medium-term objectives, for an ROE of 700 basis points above the average over five years and an average annual growth of 10% of earnings per share.

"Our financial targets in 2011-2015 reported in February 2011 is our top priority and we are fully dedicated," said CEO Stefan Lippe in a statement.

The group also expects a modest turnaround in the market but general damages, liability and accidents.

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In Milan, Intesa Sanpaolo sells 15.41%

"This announcement is likely to penalize the performance of the banking sector, given the uncertainty it generates on the implementation of the Europe Agreement on Greek debt," say analysts at Natixis.

Lionel Garden, head of institutional sales at Assya Capital, believes that "the post-summit rally seems definitely over."

"Pandora's box"

"When U.S. investors will wake up, they will not like what they see. The referendum is a bad idea that falls at the wrong time. This is a big disappointment as the market hoped for unity within the euro area.

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The French left the presidency of the European Central Bank on October 31. It gives way to the Italian Mario Draghi. Record of eight years of a presidency marked by the seal of the crisis. The mandate of Jean-Claude Trichet President of the ECB ended October 31, 2011

The least we can say is that the end of term Jean-Claude Trichet has not been easy. The French left the European Central Bank (ECB), after eight years of presidency, when the euro area is experiencing a critical step – critical? – Of its crisis. For if the Europe Agreement birth Thursday morning in pain is an important step in the short term, it does not eliminate all long-term risks of contagion from the debt crisis.

We do not worship nor hate Jean-Claude Trichet, as it is more consensual than cleaving – it boasts of never having been outvoted by the Governing Council of the ECB. We respect him.For he succeeded in making the institution of Frankfurt an economic and political front. The markets were suspended in any of his words at monthly conferences of the ECB on interest rates. And since Europe is in crisis, he took part in EU summits as well as leaders and heads of government of member states of Euroland.

The route of Jean-Claude Trichet

1942: Born in Lyon

1969-1971: ENA

1978-1981: Economic Advisor, Valerie Giscard d'Estaing

1986-1987: Director of the Office of Edouard Balladur, Minister of Finance

1987-1993: Director of Treasury

1993-2003: Governor of the Banque de France

2003-2011: President of the European Central Bank

Of the review of eight years as president of the ECB, it can be fierce independence vis-à-vis the Franco-German policies.No sooner did he take the levers of the ECB in November 2003, accusing Jacques Chirac and Gerhard Schröder to gut the Stability Pact. In 2010, he opposed the will of Nicolas Sarkozy and Angela Merkel to involve private investors in the rescue of Greece. But we remember also its renewed calls for member states to implement a real economic governance of the euro area. Not to mention his extraordinary responsiveness during the financial crisis in August 2007 first, then in October 2008, noting that the interbank market is frozen, the ECB is the first to lend banks as much liquidity as they wish.

The strong euro, the result of the fight against inflation

Two of his actions, however, are highly controversial.

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