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Deutsche Bank moves ahead of the competition. While the formalization of the adoption of new standards of solvency, known as "Basel III" is expected in the evening, the first German bank will increase its capital by at least 9.8 billion euros. Objective? Redeem the 70% stake in Deutsche Postbank lacks. In a statement, Deutsche Bank announced it will offer between 24 and 25 euros per share.

The German bank will reduce its dependence on investment banking activity, as recommended by the Basel Committee III. For this, Deutsche Bank plans to issue 308.6 million common shares at a price of 31.8 euros.The stock closed Friday at 47.70 euros, after losing about 5%, after the information from this capital increase was filtered.

The largest capital increase, Deutsche Bank

To consolidate this year Postbank, Deutsche Bank says it will reassess its current shareholding of 29.95%, which will incur a charge of 2.4 billion euros in the third quarter. The bank also will conduct a repurchase of 3.1 million shares at the September 13 to September 16.

This capital increase is the largest that ever operated Deutsche Bank, and perhaps the biggest made in Germany since the 11 billion euros from Deutsche Telekom in 1999, according to Thomson Reuters data.

Last Monday, the German bank had revealed that the ten largest German banks, including Deutsche Bank, will raise 105 billion euros to meet the requirements of the new measures of solvency.

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Brussels and Paris will return the buck. Given the controversy aroused by the likely increase in VAT on all internet offers triple play in France, the European Commission was keen to re-specify his position on Friday. "The Commission has asked France not to increase VAT on the triple play," assured a spokesman for the Commission.

The latter explained that VAT at 5.5% can be maintained for one third of the bill for a triple play offering, which corresponds to part television. Internet telephony should instead be taxed at 19.6%.

Currently, 50% of the bill triple play French customers will benefit from this reduced rate.It is this departure from the European legislation which was pushed last March the European Commissioner for Taxation, Algirdas Semeta to send a warning to the French authorities asking them to comply with European no faxing payday loan.

This statement weakens the argument of Bercy, which highlights a pressure from Brussels to justify an increase in VAT to 19.6% over the three offerings, Internet telephony and television. "The problem we have, and the operators know very well is that we are under the threat of sanctions from the European Union," said Secretary of State for the Digital Economy, Nathalie Kosciusko-Morizet. The Budget Minister Francois Baroin, had also explained that it was an injunction from the European Commission.

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The U.S. stock market rebound attempt. After sitting down sharply Tuesday, the index found some strength on Wednesday. In the first trade, the Dow Jones gains 0.36% at 10,386 points, the Standard & Poor's 500 is also 0.36% to 1036 points while the Nasdaq 100 climbed 0.63% to 2223 points.

Markets were reassured by the success of the dual emission of Portugal announced today. The country has raised 1.039 billion euros in government bonds at 3 and 11 years, but at higher rates than in previous similar operations. "It is a success insofar as the state has succeeded in placing the debt and that there was demand, "said Filipe Silva told AFP bond strategist at Banco Carregosa. This comforts the markets closed on the health of European banks.

They are however cautious before the release tonight at 8:00 p.m. Beige Book Fed instant report on the U.S. economy is the main rendezvous of the day, across the Atlantic. Although unemployment figures better than expected, released last Friday, the U.S. central bank should continue to keep interest rates low.

On the foreign exchange market, the euro penalized yesterday by concerns over the European banking sector recovered himself.Having lost 1.46% Tuesday, the euro climbed to 1.2720 dollars around 15.30.

Also note in the current macroeconomic, China has again rejected any foreign pressure on Tuesday the exchange rate of its currency, the yuan, while reaffirming the need to maintain good relations with the United States to During the visit to Beijing two senior White House officials.

ZymoGenetics gains more than 80%

On the side of values, while Sanofi-Aventis continues to woo Genzyme (-0.32% to 70.78 dollars), the laboratory Bristol-Myers Squibb (0.60% at 26.77 dollars) has agreed to buy another American biotech, ZymoGenetics (83.68% to 9.74 dollars) for 885 million dollars.

After its disappointing second quarter, including Its Defence, Boeing (1.39% to 64.30 dollars) has announced the reorganization of its military aviation activities.The number of divisions from six to four, with a consequent 10% reduction in the number of posts.

Today on Wall Street banking is likely to remain under pressure. The feeling of increased bank risk has also been fueled by the meeting yesterday, the Basel Committee, responsible for setting new solvency rules for banks. However, after this meeting, the committee has maintained the suspense in not distributing a press release. It will do that Sunday. In the morning, a Wall Street Journal had rekindled doubts doubt on the reliability stress tests on European banks, whose results were published at the end of July. Battered yesterday, the bank found the way to increase the image of JP Morgan (0.78%), Bank of America (0.65%) or Goldman Sachs (1.13%).

Gamble, ensure unions. The processions against the pension reform have gathered 2.5 million people in France on Tuesday, according to a final estimate of the CFDT. The CGT advance a figure of 2,735,000. Solidarity (trade union SUD) has recorded its "more than three million demonstrators. Figures from the Ministry of the Interior, are 1.1 million people who marched in the 220 congregations that comptabilisés.Quels figures are considered, they attest to the mobilization of greater than 24 June: between 800,000 and 2 million people took to the street estimated the respective department and unions.

Bernard Thibault, secretary general of the CGT, said the message sent to the government

Change in the indices of the Paris Bourse. The Franco-Belgian bank Dexia and media group Lagardere will leave the CAC 40 September 20. They will be replaced by the bank Natixis, a subsidiary of BPCE, and the communication group Publicis. They wait patiently until two values within the index "Next 20", will welcome their places Dexia and Lagardère.

Edenred, company resulting from the division of Accor, the chemist and Rhodia will join at the same time that antechamber of the CAC 40, to replace the services company Atos Origin and Land Regions savings account payday advance.

These decisions were taken Friday night by the Scientific Council of the indices of the Paris Bourse. It meets at least four times a year to update the content index.To determine the entry or exit to a value of the CAC 40 are taken into account many factors: the respective weight values, number of transactions, volumes of shares traded and turnover.

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As is often the end of a court battle, both sides say they are victorious. And Friday, the ruling by the Court of Appeal of Paris on the case between eBay and LVMH was no exception to the rule.

Yohan Ruso, the president of the French subsidiary of eBay, has said that it was a victory for his company. "Reason has prevailed," he said. LVMH going to have to pay more than 33 million euros as demand for damages has been significantly reduced. "It is true that June 20, 2008, the Commercial Court of Paris had not gone mortmain. Sued for breach of the regulations on the selective distribution and sale of counterfeit goods on online auction site was fined 38 million euros to pay LVMH damages.In addition, the site e-commerce was prohibited from selling its French site perfume and cosmetic brands Kenzo, Guerlain, Givenchy and Dior pain of having to pay 1000 euros per infraction.

Friday, the appeals court lowered the amount of damages had been calculated in the first instance, on a global scale. Reduces the size of the hexagon, it finally reaches 5.7 million euros.

However, on the merits, the judges of the Court of Appeal ruled in favor of their non-lawyers of the Commercial Court of Paris. The "injunction" not to disclose in perfumes and cosmetics of the four brands of LVMH website eBay is maintained under the penalty of 10,000 euros per day of delay.

Broker and host

This prohibition underlines that the site of e-commerce can not stick to the status of simple hosting ads.But eBay has just built its argument on the fact that not keeping the products listed on the site, his responsibility was diminished when copies were detected. The decision of the Court of Appeal defined the giant online sales as a "broker host" fully responsible.

For both parties, this case is not a "money story". Sales of perfumes and cosmetics on the French site remain modest for the giant e-commerce. Like millions of euros to be paid back to eBay for LVMH. At bottom, both believe they are within their rights. EBay selling in the world all the products that consumers demand.The luxury giant in determining its selective distribution principles to control its image and its trade policy.

Leaders from eBay also ensure they have invested heavily in the fight against counterfeiting: 10 million euros spent per year and 2000 people dedicated to this task. "We also have a cooperation program with 31,000 marks called Vero recalls Yohan Ruso. And brands of LVMH unfortunately does not want to participate. "Luxury goods group believes that there is no need to participate in a program called an" ineffective ". Postures difficult to reconcile.

Since the opening of energy markets on 1 July 2007, consumers can subscribe to market offerings from alternative suppliers or electricity, or keep the regulated tariffs of the incumbent.

According to the Regulation Commission (CRE), 40,000 households have left the regulated tariffs in the second quarter against 121,000 during the first three months of the year. In late June, 1.545 million consumer customers were one of these suppliers on 29.9 million individual customers French, or about 5%. As regards companies, the number of customers has increased in market for electricity actually fell 0.7% in the second quarter.

The issue of nuclear

'The electricity markets are still dominated by regulated rates: 30 June 2010 to 94% of sites across all categories, 84% of consumption are regulated electricity tariffs, details of the CRE in a statement. The alternative suppliers such as GDF Suez Poweo or Direct Energy currently have no access at a cost close to the price of production, nuclear power produced in France by EDF's 58 reactors.

The law on the reorganization of the electricity market (Nome), adopted in mid-June by the National Assembly plans to remedy this situation, EDF gives up one quarter of its electricity from nuclear its competitors from January 2011.

The bill will be discussed at first reading in the Senate from 27 September.

On the gas market, nearly 1.2 million residential households – a total of 10.7 million – had given up at regulated rates to 30 June 2010.

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Between volatile equity markets – and hopelessly neglected as evidenced by daily trading volumes – and bonds offering lower yields, investors are seeking alternative points of attack to earn money. Starting with the currency market, known in financial language, Forex (for FOReign EXchange).

In its triennial report * published recently, the Bank for International Settlements (BIS) reported trade on the forex market reaching $ 4 trillion (or 4,000,000,000,000) dollars per day in April 2010. The BIS, which takes a "snapshot" of the market every three years, noted in its previous survey in April 2007 that the Forex activity was 3.3 trillliards dollars.In 2004, the volume of currency traded amounted to less than 2 trillion dollars, and in 2001, a little over a trillion.

While the month of April 2010 has been the scene of a sovereign European unprecedented crisis, with the scenario, the fall of the euro. But despite the heightened activity on the Forex on this period, the popularity of this market is real. Especially since the news since last spring has not faltered on the front of currencies: the Swiss franc reached record after record against the euro, despite massive efforts of the National Bank, the yen has never been stronger against the euro and the dollar over the last fifteen years, China has granted a reappraisal – symbolic – of the yuan, etc..

The dollar remains the most traded currency

In April 2010, the dollar maintained its supremacy on the currency market, accounting for 84.9% of daily transactions during the month under review.The euro also confirms its position as number two, with an increase of 2.1 percentage points to 39.1%. The yen, it has slightly gained ground with a 1.8 percentage point to 19% of daily trading in April.

The "central bank of central banks' reveals however a decline of traditional currencies like the British pound, which fell 2 points to 12.9% and the Swiss franc, whose share has yielded 0.4 to 6.4% .

More surprisingly, the market share of 23 emerging markets currencies rose 1.7 point to 14% since the last census in 2007.The Turkish lira, the Korean won, Brazilian real and the Singapore dollar have particularly increased.

The Canadian dollar and Australian dollar are also now specifically targeted Guaranteed no fax payday loans.

Note that as exchange transactions always involve two currencies, the total transactions recorded in the study of the BIS reaches 200%, instead of 100%.

The United Kingdom, the fiefdom of Forex

The financial markets that welcome traditionally exchange transactions have also confirmed their supremacy in this sector, London retains its position as number one worldwide in exchange with a market share of 36.7%, followed by USA (17.9% ) and Japan (6.2%). In contrast, Switzerland (5.2%) lost its number four at the expense of Singapore (5.3%).Hong Kong accounts for 4.7% of the market, against 4.2% three years ago.

The France meets 3% of world trade, to $ 151.6 billion. A part that has not changed since 2007. If this contribution was 2.6% in 2004 and 2.9% in 2001, it amounted to 3.7% in 1998 and 3.8% in 1995.

In Germany, the rate is 2.1%.

UNDERSTANDING FOREX

Who trades Forex?

Essentially hedge funds, insurance companies, central banks and other nonbank financial institutions.

The BIS survey shows that the transactions due to interbank traders, once dominant, have been exceeded for the first time by non-bank investors such as hedge funds and central banks.

What type of transaction is the surgery?

The transaction called spots.That is to say, the immediate transactions in real time and over indicated by the trading platform. These operations have boomed by 48% in three years and $ 1.5 trillion worth of trade per day, or 37% of the total activity of the foreign exchange market.

The growth in the spot market partly reflects the explosion of algorithmic trading (or flash trading ") that allows processing thousands of orders per minute.

Transactions using derivatives (swaps, options on currencies …) rose 7% to 2.500 billion.

* The study of the BIS was conducted with 53 central banks and operators in 1300

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