According to a Financial Times ranking, the current Minister of Economy holds the 15th place among the most influential ministers in the European Union. Before leaving Bercy for the IMF, Christine Lagarde had held the top spot on this list. The new Executive Director of the IMF, Christine Lagarde, said goodbye to the National Assembly Wednesday, June 29 It is replaced as Minister of Economy and Finance by Baroin

Baroin do not forget Christine Lagarde, French Minister of Finance holds an unenviable 15th position in the ranking of European central bankers prepared annually by the Financial Times, while his predecessor was the star. Mr.

The Libyan leader was ousted in Sirte on Thursday killed according to the National Transitional Council (CNT). The dictator Muamar Gaddafi of Libya

Libyan leader Muammar Gaddafi ousted captured in Sirte died Thursday, according to a commander of the new regime in this town east of Tripoli and Libyan television. "We announce to the world that Gaddafi has died at the hands of the revolutionaries," he told the press the official spokesman of the National Transitional Council (CNT) to Benghazi (east), Abdel Hafez Ghoga.

"This is a historic moment, it's the end of tyranny and dictatorship. Kadhafi met his fate," he said. He said the information of his death "was confirmed by our commanders on the ground in Sirte, the very people who captured Gaddafi when he was wounded during the battle in Sirte". "We also have information on a convoy that was bombed by NATO while fleeing Sirte.There are reports of the presence of Gaddafi's son in this convoy, we are to check, "he added.

Libyan television "Libya Free" in Tripoli had previously stated that a son of Muammar Gaddafi "Mouatassim Daou and Mansour (the head of internal security services), and Abdallah Senussi," the head of Libyan intelligence, had been captured in Sirte.

Another witness quoted by Reuters said that Gaddafi reportedly shouted "Do not shoot, do not shoot", when it was found.

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The economic downturn continues in the major economies, especially Germany, Italy and Brazil, leading indicators show the OECD published Monday.

Declined for the fifth consecutive month, these leading indicators are now below the 100-which distinguishes the increase in lower activity – in most countries of the Organisation for Economic Cooperation and Development.

Japan, the United States, Germany and Russia are the only countries for which the leading indicators remain above this threshold.

The CLI for the OECD area as a whole declined to 100.8 from 101.4 in July.

The G7 countries fell back to 101.1 from 101.7.

For the U.S., the indicator decreased to 101.5 from 102.1.

The indicator fell back by 0.9 points to 99.1 for France and 1.3 points to 100.5 for Germany.

Among the large emerging economies, the indicator for China was down 0.3 points to 99.8 while that of Brazil gives up 1.2 points to 94.8.

Asked about taking a stake in Qatar's capital, a spokesman for BNP Paribas reiterated Thursday the line of the bank, repeating that the group would reach the prudential ratios Basel III without injection of capital.

"About Qatar, BNP Paribas said that he will be able to meet in January 2013, ie six years before the end of 2019, the core Tier One ratio of 9% within the Basel rules III without capital increase, "she told Reuters.

"BNP Paribas leads naturally as road shows each year to present the company and promote its work with investors around the world," she said.

These statements occur when a source based in the emirate said on Wednesday told Reuters that Qatar is in talks with BNP Paribas and other French banks about possible equity participation.

Fraud within UBS is eerily similar to a tarnished Societe Generale in 2008. The similarities of the two cases in seven points.

Two traders on the same table market

Jerome Kerviel and Kweku Adoboli worked on the same type of position, the Delta One desk. A table where one does not exchange single stocks or bonds but derivatives. The operations are relatively simple and often reserved for novice traders. They also specialize in ETFs (exchange traded funds), financial products that mimic the performance of an index, upward or downward. Easy to use, they can diversify their portfolio by buying such contracts backed by a stock index or industry (eg commodities). The ETF market is booming, the stock reached 300 billion euros in Europe, according to Aurel BGC.Moreover, the two traders were very familiar control procedures. They made a passage through the back office, the administrative body of the bank that controls the regularity of operations, before moving to trading.

Adoboli / Kerviel: profiles of "good friends"

Friends, neighbors, co-workers paint a Kweku Adoboli, 31, "very nice, very polite." Like most young traders of his age, he earned a very good living (300,000 pounds per year) and took the opportunity to do great celebrations in her apartment. Jerome Kerviel was considered "quite normal, no gambler," by his former colleague Valérie Rolland, as shown by his remarks during the trial of former trader. He lived comfortably but did not have an extravagant lifestyle. The financial police who investigated him about a man with "no extravagance of any kind."He earned 48,000 euros per year in 2007, a year before the outbreak of the scandal.

The concealment of large-scale risky operations

For Kerviel, 50 billion euros of positions (or 25,000 times the average risk that a trader takes …), Adoboli for "only" $ 10 billion (7.2 billion euros), "in various futures indices – S & P 500, DAX and EuroStoxx – over the last three months, "the statement said UBS. The principle of hiding two traders was the same. The internal control system did not see anything because the positions were "in our systems offset by fictitious positions on ETF cash settlement futures, allegedly executed by the broker," according to UBS.Clearly, the screens showed the supervisors of the total amount of exposure much lower than was the actual exposure of the two "rogue traders".

Moreover – as Kerviel – the "unauthorized trading" of Kweku Adoboli does date back a long way. The trader UBS would have made some operations since October 2008. In 2005 and 2006, Kerviel had "led" by taking 100 to 150 million euros in positions on the action Solarworld listed in Germany, according to the report of the Inspector General of Societe Generale.

The unwinding told in a hurry to star trader

Upon discovery of the scandal UBS warned regulators in Switzerland and Britain, and launched in parallel to his cell house, "the bronze project" designed to perform the operations of unwinding.This difficult task was assigned to one of the best traders of the bank's derivative, Jason Barron. At Societe Generale, the unwinding took place January 21, 2008 after the discovery of the fraud, by Maxime Kahn, 39, an experienced trader in the bank. Management has told the Financial Markets Authority and the Governor of the Bank of France, but she preferred to keep out of the palace secret. In the recent book "Sarko kill me," Daniel Bouton said he did not call the Elysee Bercy or because "the ability of a cabinet to hold confidential information is very limited in all cases long. It's structural. And if I notify the department, I'll have to deal with the Minister (Christine Lagarde) while I have other things to do. " The Ministry of Finance was informed two days after the first operations of unwinding.A secret which has not failed to Nicolas Sarkozy in a rage before claiming the head of the CEO …

A boss in the hot seat?

The CEO of Societe Generale, Daniel Bouton, was forced to leave office in April 2009, under pressure from President Sarkozy, despite the support of major shareholders and employees. "The goal was to physically pay button" recently said the former CEO in "Sarko kill me." At UBS, the boss seems so far spared even though it is very weak. In an interview with Swiss newspaper Der Sonntag Gruebele Oswald said he was "responsible but not guilty." He even said that when someone decides to act criminal, "you can not do anything." The boss of UBS feels may be spared a major shareholder of the bank.The Swiss weekly NZZ am Sonntag quoted a member of the Board of Directors of UBS who says Oswald Gruebele still has the support of the Singapore investment fund GIC.

A scandal comes at a very wrong time

UBS has revised this weekend losses from fraud of $ 2.3 billion, against 2 billion originally announced. The profit of about one billion Swiss francs which the bank expected the third quarter could turn into a loss of 500 million francs. And while the group hoped to finally settle its costly setbacks resulting from the subprime crisis and conflict on the banking secrecy with the United States. He had announced in August a new savings plan that provides 3,500 job cuts and savings of 2 billion Swiss francs (1.8 billion euros). And he was preparing, according to the Swiss press, cutting heavily in its investment bank.

A Société Générale scandal happened in the subprime crisis, while the bank was about to announce 2.6 billion loss because of its exposure. The bank then red and black then launched a capital increase of EUR 5.5 billion, and managed to save many takeover rumors that hovered above his head.

Banks that do not listen to warnings

The many similarities between the two cases raise questions about banks' ability to truly control their traders. Yet they have spared no efforts in security after the Kerviel affair. "For the Societe Generale, one can even the number in the hundreds of millions of euros," said the Liboux and Tangi, an analyst at Aurel BGC. This did not prevent the inspection bodies to point out the dangers of risky products.The Serious Fraud Office (SFO) British recalled at the outbreak of the UBS case, have warned against the dangers inherent in the ETF. According to the Office of fight against financial crime in the UK, the risk of major accidents was high mainly because of their lack of transparency. But this is not a systemic problem as Manoj Ladwa, an analyst at ETX Capital in London. Those responsible for risk control at UBS "did not realize quite quickly that this trader had taken huge positions in a very short period." The problem, according to Frederic Boulier, an expert on financial fraud in Nice Actimize is that banks are primarily focused on the safety of other financial products."It is true that as these traders are working on relatively simple products, some banks have chosen to focus their efforts on control tables are traded market where more complex products." From there to imagine that a fraud on banks ETF splash soon again? "It is impossible to say today that a similar accident could not happen again one day," said Liboux The Tangi, an analyst at Aurel BGC.

The avenue has returned to Paris in 2011 the European city where commercial rents are the highest in the Old World. It is the fifth largest in the world.

The rental value of the Champs Elysees was up 5.3% over the last twelve months 7364 euros per square meter per year, according to the study of real estate advisory firm Cushman & Wakefield on Thursday. It precedes and New Bond Street, who had dethroned in 2010, but the increase was smaller this year, from 4.3% to 6,901 euros per square meter per year, and retrograde in the fourth to sixth .

"In contrast to the decrease of 9.5% recorded last year," the increase in rental value of the Champs-Elysées "sign a comeback of the most beautiful avenue in the world, recently hosted several openings and significant transactions "said the annual study, citing in particular came programmed Marks and Spencer and Banana Republic.

The avenue also welcomed recent months many textile retailers such as Abercrombie and Fitch, Tommy Hilfiger and H & M, to the regret of the City of Paris, fearing that the movement would jeopardize the cinemas and restaurants on Avenue. "Other projects could materialize in the coming months and push even the rental value" of the best locations on the Champs-Elysees on the rise, the study provides.

"The economic recovery, even fragile, the development of tourism in the capital and reducing the number of opportunities available whet the appetite for major international brands already present in Paris or wishing to establish themselves," says Christian Dubois CEO of Cushman & Wakefield France. In addition to the Champs-Elysees, other districts of Paris are "very attractive to retailers (Opera / Madeleine Le Marais, Boulevard Saint-Germain, etc.)." Notes the study.

The Paris appeal is not limited to mass education, the study adds. "Boosted by the launch of new luxury hotels, the luxury market, through various openings, such as Chloe Rue St. Honore, or the pursuit of upscale department stores, appears as one of the big winners of the crisis, "says Dubois.

Changes in world ranking

Globally, the top three remains unchanged: the 5th Avenue in New York is still the most expensive shopping street, for the tenth consecutive year, to 16,704 euros (+21.6%), followed by Causeway Bay in Hong Kong to 14,426 euros (+16.7%) and Ginza in Tokyo at 7,750 euros (+8.7%).

Pitt Street Mall in Sydney, however, was hoisted from ninth to fourth place with 7,384 euros, with a jump of 33.3% of its rental value. Overall, the main arteries of global trade have been aggressive. "Despite the fragility of the economic climate and consumer sentiment in many countries", 81% of 278 analyzed sites in 63 countries "have experienced an increase or stability of their rental value against 66% in 2010," said M . Dubois.But "a significant further increase in rents and widespread" seems "less certain now" in the context of debt crisis and economic slowdown.

President Barack Obama announced Monday it had decided to appoint the labor market specialist Alan Krueger at the head of the Economic Council of the White House, while it should detail a plan next week to support employment.

Alan Krueger, an economist at Princeton University, will succeed Austan Goolsbee, whose resignation was announced in early June.

The appointment comes as President Barack Obama has detailed a plan to support employment after September 5, the day of the celebration in the U.S. Labor Day, which traditionally marks the end of the summer.

Austan Goolsbee, adviser to longtime Barack Obama, decided to leave his post as head of the Economic Council to get back to teach at the University of Chicago.His departure was a blow to the White House.

With an unemployment rate of 9.1% and fears of more serious view of the U.S. economy plunge into recession, the American presidency in fact trying to show that it does everything it can to support growth.

In the Garden of the White House alongside Alan Krueger, Barack Obama said he would build on the "raw recommendations" of the latter to stimulate the U.S. economy.

"Alan understands the difficult challenges facing our country and I am confident he will help us meet them," said Barack Obama.

PLAN FOR EMPLOYMENT

The U.S. president said he would detail next week a plan to support purchasing power and employment.

"Next week I will be releasing a series of steps that Congress can take immediately to put more money into the pockets of working families and those of the middle class, to facilitate employment for small businesses, to put teams construction work and rebuild roads, railways and airports in our nation, "he said.

Barack Obama hoped that this plan harvest support large, beyond the partisan disagreements.The Republicans have so far shown reluctance to stimulus involving additional costs.

Against the backdrop of fears around the gloomy figures for growth and employment, the popularity of Barack Obama has dropped to about 43%, close to its lowest level since the beginning of his presidency and as it prepares to appear for a second term in 2012.

The appointment of Alan Krueger must obtain the consent of the Senate.

Match.com, the American subsidiary of IAC / InterActiveCorp, has successfully concluded its public offer on the dating site Meetic, said Thursday the Financial Markets Authority (AMF) in a statement.

The world's leading dating sites were announced in late May it had launched a bid of 15 euros per share on all the shares of French society, which had resumed in June 2009 the European activities of Match.com.The latter held since 27% of Meetic.

At the end of the offer, which expired Aug. 16, holds 51.05% of the Match.com capital and 40.18% of the voting rights of Meetic, the AMF said in a statement.

Its parent company IAC / InterActiveCorp, and now controls a total of 77.55% of the capital and at least 73.71% of the rights of the dating site, the AMF said.

Marc Simoncini, Meetic CEO and founder, agreed to sell to IAC approximately 3.7 million shares, or approximately 16% of the capital, maintaining an approximately 7%.

He expressed his intention to stay on the board of Meetic.

Gold continues to surge Tuesday morning in a movement of flight to quality due to concerns about the macroeconomic outlook after the deterioration of the U.S. debt rating by Standard & Poor's on Friday.

The August contract on gold gained 3.4% to 1772 dollars to 9:40 GMT in the session after reaching a record 1782.5 million.

A few hours before the deadline of August 2, the U.S. Senate, Republican majority, dismissed the Democratic plan to raise the debt ceiling. In less than 48 hours, the U.S. could default. View of the Capitol, seat of Congress. At 15 days of the deadline of August 2, elected Democrats and Republicans do not agree on conditions for raising the U.S. debt ceiling.

The U.S. Senate Republican majority, today rejected a Democratic proposal to raise the debt ceiling, which was rejected by the Republican minority yesterday. In a procedural vote of 50 votes against 49, elected officials have dismissed the text prepared by the Democratic majority leader of the Senate, Harry Reid.

The leader hoped to wrest the Democratic 60 votes out of 100 needed for a plan review, which was then followed by a final vote.But it has a majority of 53 senators and 43 of the 47 Republican senators had written him and told him they would not support his plan.

The House of Representatives, dominated by Republicans, rejected Saturday the plan of Mr. Reid by 246 votes against 173. In an attempt to attract the votes right, Mr. Reid was released on Friday a new version of its plan with measures "suggested" by the Republicans. Mr Reid's plan would have allowed an increase in the maximum debt of 2,400 billion, accompanied by 2,400 billion in cuts over 10 years.

Sunday's vote comes amid a new draft agreement is currently under discussion between Republicans, Democrats and the White House to raise the debt ceiling, currently at 14.294 billion dollars, before Tuesday, August 2 at midnight (4:00 GMT Wednesday), and avoid the United States end up in default of payment.

The outline of the plan under discussion include raising the debt ceiling of about 3,000 billion. Shortly before the vote, Mr Reid said he was "cautiously optimistic" about reaching an agreement, saying that some issues remained to be finalized. For its part, the Republican minority leader Mitch McConnell said Sunday on CNN: "We are very close to an agreement."