Jerome Kerviel a strange SMS…

Jerome Kerviel a strange SMS…


The day before the revelation by the General Society of billions lost in the stock market, the trader Jerome Kerviel reportedly received a mysterious SMS ordering it to "save green." Defense and prosecution disagree on the meaning of the message that would have been sent by the medical officer of the bank…

"Attention, information will be released. Protect yourself. Put yourself on the green."
It is the contents of an SMS that Jerome Kerviel received a call on her mobile phone on January 23 last, on the eve of the announcement of the fraud that has cost the General Society nearly five billion euros. According to Le Parisien / Aujourd 'hui en France who made this revelation this morning, the medical officer of the bank which would have sent the text to the trader, who was accused of being behind these losses abyssal.

This message "equivocal," writes the daily, would have been aimed at getting Kerviel for a runaway and thus enhance his guilt in the eyes of justice and public opinion. Faced with this thesis developed by the Defence trader, the bank argues that it was correct to preserve Kerviel of "media pressure" which would not fail to explode upon the announcement of the bank's CEO, Daniel Bouton. Judges should not fail to promptly convene the doctor.
Details of Matthew Aron, Service 'Investigations' France Info (1'07 ")
First confrontation

Yesterday, the trader was confronted with his supervisor in the office of the judges. It was the first confrontation between Kerviel Jerome, in custody for a month just, and the deputy head of desk Delta One. " Under his responsibility that worked Kerviel and seven other traders.

For six hours, magistrates have questioned the conditions under which Kerviel Jerome was able to make its operations between 2005 and early 2008, without his superiors not respond to numerous warnings issued by the control of the bank.

In an internal report, the Inspector General of the General Society has made several assumptions: "efficiency and the variety of techniques of concealment used by the fraudster, the fact that operators do not systematically checking" and finally " by the absence of certain controls. "

The judges also asked how Kerviel was able, alone commit 50 billion euros, while risk-taking was authorized 125 million for all eight traders' desk. "

On February 8, Jerome Kerviel was placed under investigation for "forgery and use of forgeries, in the introduction of computer data systems" and "breach of trust". He was immediately remanded in custody, detention against whom his lawyers have filled in cassation. No hearing date has yet been set. The appellate court, however examine on March 14 an initial request for release of the former trader.

Higher costs of trips to the province

Because of the competition of the TGV, Air France has decided to remove the connecting flights at Orly Rennes, Lyon and Avignon since March 31. Other destinations could be lost in 2015-2016, as Bordeaux and Strasbourg.



In France will remove flights from Orly, and the province as part of a redeployment programme starting in late March. This is provided an internal report to the company quoted by the newspaper Les Echos. The trip to Lyon, Avignon and Rennes are covered. Two daily frequencies between airport in Paris and Marseille also disappear at the end of August. The reason for competition of a high speed train getting faster, resulting in a decline in passengers to trains. A one-way ticket between Paris-Lyon and Avignon can now be conducted in two hours and forty. To travel to Rennes, it is now two hours.

Strasbourg and Bordeaux concerned in the medium term
The document also calls for the removal of Orly flights between Strasbourg and Bordeaux to the year 2015-2016. Until then, travel time TGV to these two cities will be further shortened. Air France would continue to lose customers in this case and would prefer to close the lines. The routes would also be less regularly to Provence, with an anticipated decrease of at least 20% within the next six or seven years the number of flights to Marseille, Toulon and Montpellier. Towards Toulouse, the number of shuttles could be halved, with activity down 30% at the start of Orly.

Higher costs of trips to the province
The issue of employment is obviously posed. The redeployment lines to the province is expected to result in the elimination of 1000 jobs by 2016. But according to the airline departures should avoid redundancies. The main organizations staff stopovers CGT and FO, denounced the strategy of Air France which they said would be tantamount to "surrender the tarmac to competition."

Air France justifies its strategy by the modest increase in activity stops in the province (+6%) compared to the increase in their average unit costs. They have climbed 67%, primarily as a result of an increase in staffing by 35%. The soaring costs were partially offset by higher prices.

The mayor of a small northern town held hostage by a gunman

The mayor of a small northern town held hostage by a gunman


The mayor of a small town in the North was held hostage on Friday afternoon by a man armed with a rifle who, it seems, had a dispute with the elected linked to a labour dispute, " we learned from the prefecture in the north. The GIGN has started negotiations with the disturbed man.

"This person is armed with a sawn barrel gun in the direction he wished the mayor" Steenbecque, Claude Rahou, 76 years old, said Reeve delegate to the Security and Defence Alain Perret. The hostage-taking began around 11:30. "The GIGN is in a phase of negotiation. End, it will decide conditions for more active actions if necessary," said Perret.

Operating income from recurring Veolia Clean amounted to 803.5

Operating income from recurring Veolia Clean amounted to 803.5 million euros in 2007 (+26.4% at constant exchange rates) thanks to the integration of Cleanaway UK and the activities Sulo, Germany .

Operating income from recurring Veolia Water has reached 1.265,7 million euros (+9.3% at constant exchange rates), productivity efforts, the development of new services and tidiness activities work helped offset, France, the decline in volumes supplied linked "to the unfavourable climatic conditions of the summer."

Veolia has also confirmed its medium-term objectives of growth of activity between 8 and 10% per annum on average and maintain a ROCE after tax of 10% (excluding potential effect related to timing of acquisitions), with a distribution rate of dividend between 50% and 60% of recurring net profit.

"Our objectives are reinforced 2008, despite a general climate of uncertainty," said CEO Henri Proglio during the presentation of the results. "It looks to the future with great optimism. This group has before him a beautiful period of development and growth."

Referring to the overall investment of 15 to 20 billion over the period 2007-2009, the Chief Executive Jerome Contamine has also said in a telephone conference that Veolia should invest "at least around 5 billion euros" in 2008, of which "a little over 4 billion in organic growth.

In 2007, Veolia has invested 6.9 billion euros, of which nearly $ 4 billion in new projects and acquisitions.

"The economic and financial might rather create opportunities for a group like ours," said Jerome Contamine.

Henri Proglio, for its part indicated that Veolia sought acquisitions in its core business. "There will be opportunities but we are not crazy fighter (...). If there is a very great opportunities, we do not miss," he said.

Net financial debt stood at 15.1 billion euros at December 31, 2007 compared with 14.7 billion euros at December 31, 2006, with a ratio of debt to EBITDA of 3.3 compared with a target ratio of between 3.5 and 4 in the medium term.

Veolia reiterated that a decision on his part to mount even with a capital of Dalkia depended on the choice of EDF.

The group is not intended to become a shareholder of Suez Environment, the environmental division of Suez, which should be placed on the stock exchange in connection with the merger of the group with Gaz de France, also said Henri Proglio.

"Suez Environnement, a French which we can not access for obvious reasons of competition. Therefore, we have not intended to become a shareholder of the financial group."

The results of 2007 Veolia disappoint, the title fall

The results of 2007 Veolia disappoint, the title fall

Henri Proglio, Chairman and CEO of Veolia Environnement. The results of the 2007 group of environmental services have seen a sharp rise, benefiting from acquisitions in the cleanliness and the new contracts in the water but have nonetheless proved lower than market expectations. / Photo taken on March 7 2008/REUTERS/Jean-Paul Pélissier

Veolia Environnement publishes 2007 results in sharp increases - driven by acquisitions in the cleanliness and new contracts in the water - but below market expectations, which led to a fall in the title on the Exchange.

In a statement, the group of services to the environment was further stated target for the current year to grow "at least 10%" of its turnover, its cash and its outcome net despite "a difficult economic context".

Around 13:00, the title Veolia fall of 7.10% to 51.06 euros while the CAC lost 1.11%. At the same time, the European Index sector folds of 1.26%.

The group registered in 2007 a group net income of 927.9 million euros (+22.3%), an operating profit of 2.496,2 million (+17.1%), recurring operating income of 2,469 2 million (11.1%) and turnover (published February 5) from 32.628 million (+14%). The recurring net profit for its part has reached 933.2 million euros (+22.5%).

According to the Reuters Estimates consensus dated March 6, analysts on average were expecting a net profit of 968 million euros and an operating profit of 2,536 million recurring.

The group will propose for 2007 a dividend of 1.21 euros per share, an increase of 15.2%.

Oddo Securities, which remains at "buy" with a target of 72 euros, said in a note published results below expectations at the low growth in operating income from the energy division due to the mercy of the weather in 1st half 2007 and the costs of holding apparently higher than anticipated.

The broker stressed, however, that Veolia, as usual, remains cautious in its outlook for 2008. Citigroup also evokes forecasts "which have nothing impressive" and notes that the 2007 results of Veolia may lead to profit taking.

monetary policy, the Central Bank

Despite the historic flight of the euro, attributed in part to the rigor of European monetary policy, the Central Bank (ECB) held the course and is even more severe.

Thursday, March 6, the council of the ECB has decided unanimously to maintain the level of interest rates in the euro zone to 4%, giving the highest priority to the fight against inflation. At the risk of a handicap already sluggish growth and encourage the outbreak of the single currency. The euro reached $ 1.5431, Friday, March 7, the equivalent of 4.25 francs to $ 1, a level unprecedented since the 1980s.

The strong euro melted income from the monetary authority

The European Central Bank (ECB) is also affected by the strength of the euro. For the year 2007, the ECB showed a surplus of 286 million euros, compared to 1379 billion euros in 2006. This decrease of 80% is attributable mainly to the appreciation of the euro vis-à-vis the dollar, "says the monetary authority. "A provision of an equivalent amount has been established to exchange rate risks, interest rate and change in the price of gold, reducing reported net profit to exactly zero." The bulk of the ECB's income comes from the investment of its currency reserves, comprised mainly of securities denominated in dollars, and to a lesser extent yen. In 2007, the ECB has recorded unrealised losses on the order of 2.5 billion euros in the euro value of asset portfolios in these two currencies.
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"The latest information we have confirmed the existence of strong inflationary pressures in the short term," said Jean-Claude Trichet, chairman of the monetary authority. By maintaining this level the cost of money on a daily basis, the ECB hopes to curb rising prices.

The ECB fears that the soaring price of oil and food, directly affecting the consumer, leads the proliferation of wage demands as is already the case in Germany. If this spiral price / stairs are wages, inflation could get out of hand. The ECB provides a price increase of 2.9% in 2008 when the objective is to maintain it at a level equal to or less than 2%. "The ECB is what it was asked to do," explains Nordine Naam at Natixis.

While analysts expect the status quo on rates, they were surprised by the harsh speech given by Mr. Trichet. During his previous statement early February, he had stressed the threats to European growth affected by the crisis subprimes. Economists had argued that the ECB could, in a few months, lowering interest rates to relieve the economy. Thursday, Mr. Trichet himself to evoke a strong but moderate growth, estimated at between 1.3% and 2.1% in 2008. Above all, this topic was quickly swept by the President of the ECB, which has focused on inflation.

Experts are therefore less likely to consider a rate cut by the end of the first half. The contrast with the attitude of the American Federal Reserve (Fed) is clear. Across the Atlantic, the Fed concerned about the risk of recession in the United States has clearly hinted that a fall in interest rates was imminent. The market expects to see the cost of money increased from 3% to 2.25% before the end of March.

SHE "ACTED BUT APPROPRIATE"

The discrepancy between the monetary policies on both sides of the Atlantic contributes to the rise of the euro against the greenback. Following the speech by the ECB, the single currency has climbed to over $ 1.54 Friday morning. For analysts, the bride is dropped. "You can go up to 1.55, or 1.57 dollar in a few weeks, few days perhaps," predicted Mr. Naam.

The ECB is it insensitive to the outbreak of the single currency? By acquiring a portion of the increase in import prices denominated in dollars, such as oil, the strong euro has the advantage of reducing inflation, which is probably not to displease him. In addition, the ECB believes that the rise of the euro is also a consequence of the depreciation of the dollar and flexibility of the Fed policy, over which it has no control. Mr. Trichet reminds have "noted with the utmost attention to the statements of the authorities on the other side of the Atlantic, including the president, that a strong dollar is in the interests of the United States". The ECB expects a concrete gesture such statements.

For the time being, the ECB is supported in its work. Massod Ahmed, a spokesman for the International Monetary Fund (IMF), said Thursday that it had "acted appropriately". Even in France, where the orthodoxy of the ECB has often been challenged, some comments remain moderate. "The fact that there is unanimous, it is already at least a sign that nobody rising demand," noted Thursday the minister of economy, Christine Lagarde, on the airwaves BFM.

But the acceptable limit is no longer very far. The IMF estimates that the euro has reached its "high side" and that the ECB must "stand ready to respond flexibly" to impact on growth. If the euro area economy is resisting, as has been attested to the latest statistics, most economists expect in fact that the situation will deteriorate in the coming months.

As for France, maintaining interest rates at 4% had become increasingly "chimeric" the goal set by the state to achieve a growth of 2% to 2.5% this year, according to Alexander Law economist at Xerfi. "There will be no miracle," says the latter, which relies on an increase of 1.4% peak in 2008.

Sarkozy evokes the Mediterranean Union with Barroso

Sarkozy evokes the Mediterranean Union with Barroso


Nicolas Sarkozy, and Jose Manuel Barroso Friday spoke of the economic situation, the priorities of the French Presidency of the European Union and the proposed Union for the Mediterranean during a lunch in a restaurant in Paris, according to the Elysée Palace.

The two men "will continue to work together on the priorities of the French Presidency of the European Union: the organization of the energy market, the environment, climate package, the European immigration policy and the future of European agriculture ", said the spokesman for the Elysée David Martinon.

Nicolas Sarkozy briefed the President of the European Commission's compromise on the Union for the Mediterranean found Monday in Hanover with Angela Merkel, to be presented at the end of next week at the European Council.

The project, announced as a central file of the French presidency of the EU in the second semester, has been the cause of a sudden cold french between the president and the German chancellor, which feared that he will challenge the EU. She wanted to involve the whole Union, which Nicolas Sarkozy finally agreed.

The Union for the Mediterranean will be co-chaired by a chairman of the north shore and on the southern shore, but only to preside over "those countries bordering the Mediterranean," said the french president in an interview published Thursday by "Le Figaro".

"A management structure, light and operational, will give substance to this partnership" and the heads of state and government will meet every two years. "Decisions will be made whole and all members of the EU" may participate in the process, "Nicolas Sarkozy. The first EU-Mediterranean countries will be held in Paris on July 13.

Both men finally made "an assessment of economic and financial policy", including soaring oil prices and the euro.

While Nicolas Sarkozy regularly denounces the strong euro, Jose Manuel Barroso was felt Thursday night in front of the press that the French economic level of the European currency was "not caused major problems" for the exports of countries of the Union. The euro has reached a new record at $ 1.5433 Friday