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More than 100 Romanians have been a refuge in a church hall in the days after fleeing their home in Belfast because of racist attacks.

Approximately 20 families were helped by police to evacuate their homes in the Lisburn Road area of south Belfast and to seek safety in the evening.

Police and condemned the racist leader in the field, which culminated in an attack at a meeting in support of Eastern European immigrants on Monday night.

Young people threw bottles and Nazi salutes to those who participate in anti-racism.

Men, women and children, including a baby girl for five days before he sought refuge in a house where they believed that it would be safe.

But there have been many attempts to cram in is not suitable, and a local church has offered them the use of the church hall until needed.

Pastor Malcolm Morgan claimed the church had been happy to help, saying: ‘It is a sad indictment of our society, but hopefully we can show another side to Northern Ireland and one for care instead of Northern Ireland .

He said he heard a “small group of racist thugs” were behind the attacks.

“When (Romanians) arrived last night were very upset and confused,” he added. “We have a child of five days between the group and a lot of small children.

“They are migrant workers and I do not think that this is something to do with any religion.”

Police patrols have been stepped up in an attempt to stop the racist attacks that have continued for four days of festering for months.

A Northern Ireland police spokesman said: “Police in south Belfast area assisted various organizations temporary transfer of some families, after consultation with the representatives.

Harare: Zimbabwe has secured 950 million dollars (672.3 million) in credit lines from China, the Prime Minister, Morgan Tsvangirai told a media briefing on Monday.

“While I was away, the government through the budget Secretary Tendai and must also be delivered by the China credit lines totaling 950 million dollars, “said Tsvangirai, who has returned to Harare at the weekend from a trip of three weeks in Europe and America.

BRASILIA - Brazil said Wednesday for the first time, they lend $ 10 billion International Monetary Fund, an effort to strengthen the organization of the reserve.

The loan - which is in the form of purchases of bonds - a reversal of the flow of credit to Brazil over decades, however, that the IMF has sought to promote economic reform in the country.

Finance Minister Guido Mantega said Brazil buys $ 10 billion in bonds that allow the IMF in Washington on the basis of assisting countries affected by the financial crisis.

“It is true that Brazil is the application by its reserves and the International Monetary Fund is a financial capacity to be able to assist emerging and developing countries credit because of the difficulty of the financial crisis” he says.

“Most of our reservations are linked to the U.S. Treasury, which, it must be said, there is very little,” he said.

Mantega said it was the first time, Brazil has made a loan to the IMF.

IMF chief Dominique Strauss-Kahn welcomed the development, saying: “Brazil reiterates once again its leadership emerging market economies”.

He added, in a statement: “The Brazilian authorities have shown great dedication and leadership throughout the process of reforming the International Monetary Fund and the expansion of our funding and we are happy that Brazil is clearly clearly support the international economic and financial system. “

Niraj room he had taken loans from several banks had been constantly harassed by the visit of a recovery agent. Despite saying he had long been transferred to the recovery agent has refused to keep his word and said he was one of the default and to claim that this was not the case. You can imagine the exasperation Niraj heard. Well, it is a very simple form of harassment during the most horrible stories heard from other customers. Recovery agents of the ring doorbells embarrassment bank customers who have defaulted payments before family members, colleagues and friends, and sometimes threatened with violence.

This is because banks outsource the loan recovery jobs for collection agencies. Although there are collection agencies that the stress of being a professional equipment, the screen of their staff and to recover loans without recourse to what is not allowed by law, most of them belong to an area where non-union staff screening is happening and not strict rules or training programs are being implemented for staff.

For some of you May be facing these problems, here are some tips for your trip:

Do not leave a notice from the bank, go unnoticed. The banks do not block the use of a credit card if the consumer defaults and many to believe that this is the last action of the bank.

What happens is that, until the amount and interest earned on it continues to grow until it becomes quite tidy sum, the agent recovery for what is in the scene for the collection of taxes.

When such a scenario prepared for the settlement of disputes occur immediately file a complaint with the bank and receive the approval of the complaint.

A call to customer service does not help, at this stage, unless you care to obtain a reference number that you must keep on hand when you file a complaint for future reference.

Make a complaint with the Bank’s website, which is planned for this.

When there is no response from the bank in a week or two, the next step would be to make a complaint to the banking ombudsman appointed by RBI. You can do so http://www.bankingombudsman.rbi.org.in.

This often solves the problem and measures for immediate relief.

In a situation where you really have the default be taken to remedy the situation. Make loan payments and security and to provide more interaction with the bank for them to renegotiate payments. Do not have a situation where the bank credit reporting default desktop. You will find very difficult to obtain a loan in the future.

When you take the above measures, the recovery agent can not carry out any form of intimidation tactics.

It keeps in mind certain rules of the IBA has set up in these circumstances:

1. The customer must be contacted usually the place of his choice or his home or place of work and employment are between 7 and 7 hours.
2nd Bank representatives are inadequate to prevent events such as bereavement in the family, while calls / visits to collect the shares.
3rd The bank must ensure that all written and oral communications of its debtors in simple language and is expected to adopt civil procedures for interaction with borrowers.
4th The written communications, telephone or visits reminder by banks, representatives (including agents from) the borrower or place of residence May be used as credit monitoring. The bank will be a written communication on any legal or other remedies, including recovery of security.
5th The bank must be prepared to consider transferring ownership to the borrower at any time before and after his recovery at the transaction of sale of goods, provided that bank charges are paid in full.

If the recovery agents do not work within the guidelines set out above, the consumer can take the following steps:

1. If you receive abusive / threatening calls, record the call, make sure the applicant provides details, as the bank s / he represents.
2nd Complaint to the bank with a full transcript of the call. If recovery agents harass physically, and then describe each incident in great detail in writing. The witnesses, with the exception of the family, may also be mentioned in the complaint.
3rd If the bank does not take action within one month from the date on which the record of the complaint, or dismiss the complaint, or if you are not satisfied with the decision taken by the bank file a complaint with the Ombudsman or banking online at http://www.bankingombudsman.rbi.org.in.
4th You must also file a complaint with the police filed a complaint with the Ombudsman.

Subprime mortgages have recently toured to smoke breaks and tea time conversations. Everyone seems to have his own perception of what is mortgage loans. Let us deal through this article.

What exactly is subprime loan?
It is basically money lent by a bank or lender to a person who must pay installments of the loan has failed to another bank. Such a person with a bad credit history known as the sub-prime borrower obtains a truce through the services of these banks or lenders who see a huge market for subprime mortgages.

A look at the U.S. mortgage history
When the housing boom between 2001 and 2005, occurred in the United States because of the low interest rates, among other factors, house prices have seen a phenomenal journey. Consequently, many of the lowest default rates of borrowers ecomically he had seen a dramatic increase in the value of their property.

Banks and lenders targeted this section of the market study on the potential market for this increase in property value. They lent money to these people to pay their loans. The picture was brighter for the donors to the bursting of the bubble and the housing market crashed. Many of these subprime mortgage lenders have declared bankruptcy.

U. S. Vs. India subprime scenario
The borrower on the market in India is not the first subprime. Lent money lenders in the unorganized sector and small local banks in the corners and angles to satisfy the large number of economically weaker sections who have a long relationship with them.

To give greater clarity to consider the case of local merchant who borrows the morning and pay in the evening. It is more comfortable with the loan agreement, a day. The seller can borrow local 90Rs. in the morning and repay 100R. Even if you paid with a return of interest on loans of 4.000 percent per year, works better from a practical point of view, to take a loan from a bank which charges an interest rate of 40 — 50% on a long-term loan. The first agreement best serves its purpose.

Because banks can not penetrate the non-prime market?
The market for syndicated loans, which gives people an emergency in May charge exorbitant time based on interest rates relatively low percentage of the money borrowed. Borrowers can pay the money back at the first opportunity to ensure the continuity of cash flow and reduce interest. On the other hand, lenders may use muscle power to get money.

Banks like ICICI are difficult to enter the non-prime market and the number of default are rising and forcing the bank to remove the options of loans for this sector. Recovery can only push so borrowers agents something more criticisim and May for the bank’s reputation.

In India, a borrower, once considered one ever found defaulter. Banks are generally skeptical to lend to borrowers with poor credit history and security in May still be difficult. So continuous and indiscriminate use of loan default seems remote possibility of India, which alone can lead to mortgage crisis

Market Prospects: business continue
The equity markets have recorded remarkable performances, supported by the rebound of the market and the reversal of investor sentiment, passed within a month of depression to euphoria. Easter is sometimes a good time to find an unexpected redemption after vacuums. To some extent, this new “bear market rally” seems familiar in several respects. The magnitude of the bounce action is similar to what has been observed in some “bear market rallies” during previous periods of recession. The current rebound is supported by both defensive values and beta values. However, the improvement of certain basic elements, as well as the famous second derivative, could make a difference in this case. An inflection point would have been achieved?

The markets have now fully embraced the theme of the second derivative over the past few weeks and there is a legitimate optimism about some recent interventions of public authorities. The unity displayed by the G20 countries, additional financial resources allocated to the IMF ($ 250 billion to 1000 billion dollars), the relaxation of the rules of recovery according to the value recorded on the market and the rebound of PMI manufacturing index in China in more than 50 points reflationnistes fueling the hopes and the sense pro-cyclical. It seems, in general, that the first quarter of 2009 will mark the stabilization of the real economy. The economic environment is “less bad” than three months ago. The global PMI has thus recovered, from 37.4 in February to 40.1 in March. Although it is no longer in free fall, the real economy remains in the pattern of recession in which it was prior to the collapse of Lehman Brothers. Indeed, the economic indicators that are more damaging to a annual rate of 50-70% is one thing, but that the economy is in recovery phase is another. We’re not there yet.

The present situation on the markets in our view is similar to a period of normalization and transition to a recovery after a phase of contraction, albeit violent, but untenable. The scenario of the Great Depression did not really confident and we’re quite interested in the theme of the second derivative and (mainly) to the profile of the recovery.

Since the beginning of the year, our central scenario anticipated a stable and robust in 2009. Determine the lower border of this vast area of transactions was the only unknown. We are now firmly convinced that this area has been clearly defined. The response of public authorities has helped to curb the fall.

He is now aware of watching out for warning signs of recovery, which may be misleading. Although we are aware of the signs of improved economic conditions, we are far from convinced that they foreshadow a new round economic development. It is in our eyes is a temporary phenomenon because it is unlikely that 16 months are sufficient to correct two decades of secular growth of credit (at a particularly strong between 2002 and 2007). The emergence of new engines of growth will be necessary because of fiscal measures alone will not suffice to bring the economy back on the path of sustainable growth.

The effectiveness of fiscal and quantitative easing remains the essential element of the debate and one that will determine the developments in the second half of the year. In our view, their effectiveness remains inadequate as more progress had been made in the restart of the securitization markets and the rehabilitation of the financial system. This progress will take time.

The severe recession we have now will not lead to a resumption V, like what we have sometimes observed in the past. Often indeed, periods of severe recession followed by a recovery in V because they put a brake on spending, causing an accumulation of pent-up demand. This time, the credit market could impede the pent-up demand. The risk of a double dip recession in 2010 is real if private demand does not recover once the impact of reviving public will be gone.

We reported last month that the climax of the “Great Recession” was being achieved and that some form of stabilizing the economy seemed possible in the second half of the year. The revival of trade should continue to dominate in international financial markets until the end of the year. The transition to cyclical recovery is a fragile process and not a journey to rest. Although this process involves risks and uncertainties, at least have the merit of opening up new opportunities for investors rigorous.

At the end of a prolonged period of excessive pessimism, we are firmly convinced that standardization was imminent. During the season of publication of results of first quarter 2009, several companies have indeed reported a normalization of conditions in March. The end of the world is not for now but it is not the beginnings of a sustainable rebound in markets that requires the emergence of an engine of growth SELF and a rise in profits companies. Two months ago, there were many who believed the free fall of markets opened up possibilities for no consideration. Two months ago too, the estimates for the evolution of the S & P 500 were unanimous. When the sense of market is definitely bullish or bearish, the opposite is usually the result and the process may take some time and be extremely violent. That is why a sudden movement was predictable. The old stock market adage “sell in May and leave the market” is true for several years. The situation would be different today, while the profile of risk / reward more balanced, easy money that has been bagged and that some essential questions remain unanswered?

A transition to a cyclical recovery?
More than ever, the key question is whether the “Great Recession” is going to be stopped or whether the slowdown in the economy has worsened to the point of lead to a downward spiral? We are inclined to think that the chances of a slower contraction of the economy are now higher than those of acceleration. The signs of a stabilization of the economy are not lacking, as evidenced for example graphics below.

The Paris market has returned to the increase this week by registering a weekly rise of 1.86%. However, recent days have not scored real trend fault volumes. As for values, one of Air France-KLM after the publication of its annual loss. Above all, we observe for the next few days the development of the euro, which has retaken the helm of $ 1.40.

Exchange and PalaisBrongniart
After a standstill last week, the Paris market resumed its rally started since two months. La Bourse de Paris and finished on a gain of 1.86% in five days at 3227 points. The Paris market has signed three sessions increase (2.41% Monday 0.91% 0.87% Tuesday and Wednesday) before correction Thursday with a drop of 2.6%. The week has ended well with an increase of 0.33% Friday.

However, if the optimism of investors is de rigueur-the consensus is established on the fact that the crisis has hit its lowest - the rebound is seen relative to the volume of trade remains low. The most lively meeting this week has recorded only 3.5 billion traded Wednesday. The Ascension Day holiday has also resulted in the departure weekend traders. Suddenly, the last two sessions Thursday and Friday were very quiet (around 2 billion euros in business volumes).

Similarly, the news has been weak in the markets. So is the trend on Wall Street who took the lead all week at the Paris market. On the macroeconomic front, it will nevertheless bad figures for the U.S. housing: building permits and housing starts hit new historic low in April. In addition, the U.S. Federal Reserve has lowered its growth forecast for 2009. The Fed still believes that the recovery will be in the second half.

In the euro zone composite PMI index of purchasing managers show that the contraction of private sector activity tends to decline. The Zew index on the business climate in Germany is also up in May.

Air France-KLM in the red, rumors Thomson
Business side, the season results on the CAC 40 ended with Air France-KLM. As expected, the company has published accounts in the red for fiscal year 2008-2009 for the first time since the merger between Air France and KLM in 2003. Nevertheless, the market has reacted very well Wednesday with 11.44% under. Investors have welcomed an operating loss of EUR 129 million less than expected (the company had previously announced -200 million). On the week, the progress of 11.3%.

Havas, for its part been punished heavily all week after the publication of a quarterly sales disappointing. The stock plunged including 15.22% on Monday and has restated that Friday (+1.6%). At the end of this week, won the title of 20.11%.

ArcelorMittal has lived for its part a rough weeks. The title was popular the first three days (4.24% Monday 6.45% 5.64% Tuesday and Wednesday) before correcting sharply Thursday (-8.42%). Credit rating agencies Fitch and Moody’s both lowered their long-term notes on the group, fearing the impact of falling demand for steel on the financial soundness of the world’s number one steel. Of the last five days, the title was up 8.35%.

Thomson has suffered much turmoil and also sign a weeks sawtooth. Wednesday, the stock plunged including 15.82% after rumors about a possible bankruptcy. The group quickly responded by providing always be in negotiations “constructive” with its creditors to restructure its debt. An agreement must be reached before June 16 Nevertheless, investors remain worried about: the title has a weekly decline of 9.53%.

Meanwhile, the automotive sector has been surrounded this week, boosted by hopes of resumption of the market. In industry news, tenders return Opel have been filed. The Italian Fiat, Canada’s Magna and the holding company RHJ have shown their interest. In Paris, Renault finished on a weekly gain of 9.53%, 14.54% of Peugeot and Michelin of 6.08%.

The week has been prosperous for Atos Origin. The service company has benefited from several positive recommendations from brokers. After four sessions increase (+10.9% in particular Wednesday), the action has fixed Friday (-6.67%) but still finished on a weekly gain of 14.66%.

The euro back bar $ 1.40, oil at over $ 60
The news has been especially important in the markets for currencies and oil. Prices of oil have dropped this week the 60 dollars to culminate Wednesday evening with more than 62 dollars a barrel in New York. Friday, prices have stabilized around 61 dollars. Values for oil, Total has not really taken advantage of this rebound, the sale of securities by Areva may have influenced its evolution. The title sells 1.94% in the last five meetings. For its part, the tube manufacturer Vallourec earns only 0.06%.

The European currency has also increased continuously throughout the week to return Friday to above $ 1.40, a level it had not met since early January. Friday evening against the euro was 1.4030. The traders are concerned in particular the weight of American debt. Thursday, the rating agency Standard and Poor’s lowered its outlook on the note of debt of the United Kingdom. Analysts fear that the same thing happens to the notes of the United States. The agency Moody’s has assured Friday that it was maintaining its note for at least 18 months. But she acknowledged the pressures in the long term.

The World Health Organization (WHO) Thursday triggered a level 6 high alert to face swine influenza A (H1N1), now considered a global pandemic, the first of the twenty-first century

Two Australian nurses of a health center in Melbourne on 12 June 2009 with a poster does not come without a mask. Two Australian nurses of a health center in Melbourne on 12 June 2009 with a poster “does not come without mask.

The World Health Organization (WHO) Thursday triggered a level 6 high alert to face swine influenza A (H1N1), now considered a global pandemic, the first of the twenty-first century

The World Health Organization (WHO) Thursday triggered a level 6 high alert to face swine influenza A (H1N1), now considered a global pandemic, the first of the twenty-first century

“We have evidence that we are in the early days of a global pandemic of the H1N1 virus,” she stressed once again asking countries not to close their borders to the movement of persons and property.
AFP - Liu Jin

Several countries have declared Friday to face and called on people not to panic after the outbreak by the World Health Organization (WHO) level 6 high alert to face swine influenza A (H1N1) now considered a global pandemic, the first of the twenty-first century. lire_le_dossier

The french government has decided to maintain its level of alert for the outbreak of swine flu at 5 A, after the announcement Thursday by the World Health Organization level of global pandemic 6.

“We have assembled a group of experts who unanimously confirmed that the situation did not move at 5 or 6 B,” said Health Minister Roselyne Bachelot at a press briefing Friday at the Following the meeting of the interministerial crisis cell in the Ministry of Interior.

The virus can not be stopped, “said the WHO director Margaret Chan.” I decided to lift the pandemic alert to Phase 5 to Phase 6, “she explained at a conference Press the organization’s headquarters in Geneva.

The influenza A (H1N1) of the swine flu has infected 28,774 people in 74 countries and 144 deaths in seven countries, according to the results released Thursday by the WHO. The organization warned the worst-affected countries that they should prepare for “a second wave of infection.”

“We have evidence that we are in the early days of a global pandemic of the H1N1 virus,” she stressed once again asking countries not to close their borders.

The virus, totally new, is transmitted between humans, she says, stressing however that the pandemic was “moderate.” Previously, Ms. Chan had personally informed the ambassadors of member states of the organization. The Director General of WHO has called for vigilance was necessary but also reassuring.

voir_le_zoom: Interactive graph on swine influenza (FLASH GRAPHIC) Graph interactive swine influenza (FLASH GRAPHIC)

AFP iactiv –
“(…) The important message is that we are different countries with different situations. There is no single prescription” for dealing with the pandemic, “said a diplomat in Egypt.

The International Red Cross immediately called his national companies to mobilize and asked donors to respond to his appeal for funds.

The virus of swine influenza “will circulate around the world for one to two years and infect people in a pandemic,” warned the number two in the WHO, Dr. Keiji Fukuda.

The situation in Australia is, it seems, led to the decision to switch the alarm 6. Fifth most affected country in the world with 1307 cases, Australia said Thursday that four patients had been admitted to intensive care.

Chile has seen its patients more than triple in two days, has now reached 1694 people.

Other countries where the largest number of cases have been diagnosed are the United States (13,217 cases, 27 deaths), Mexico (6,241 cases, 108 deaths), Canada (2,446 cases, 4 deaths), the United Kingdom (822 cases), Japan (518) and Spain (357).

WHO maintained since April 29, the Alert Level 5 means that the pandemic was “imminent” but for ten days actively preparing the ground for the announcement of the pandemic.

Wednesday, the WHO has invited the health ministers of the eight most affected countries in a teleconference to “see if they (had) the evidence of local transmission.

For the experts, such evidence existed for a while, but the WHO has decided, under pressure from its members, to take his time to avoid unnecessary panic.

Indeed, the mortality of the virus has so far proved almost equivalent to that of seasonal influenza (0.1%), outside of Mexico (0.4%), while that of avian flu is 60%.

But the virus can “book of surprises,” he warned Ms. Chan. It could mutate and combine with a more virulent strain, paving the way for much more pessimistic scenarios, WHO fears.

That is why Mrs Chan has asked pharmaceutical companies to “quickly address” to the production of vaccine against influenza A (H1N1) of the swine flu, “as soon as they finish the production of vaccine against seasonal influenza” .

The head of the UN Ban Ki-moon urged the international community to show poise and solidarity. Raising the alert level 6 is a formal declaration on the geographical expansion of the disease “and is not in itself a cause for alarm” even though “we must be on our guard”, at he said at a press conference.

“Our best response is a strong demonstration of solidarity,” said the secretary-general, promising to work with governments and WHO that “the response is also coordinated and efficient as possible.”

The White House said its decision that the WHO should not change much with the “energetic” taken by the United States. “The president treats this as a very serious matter since the beginning,” said a spokesperson.

Paris yesterday began a consolidation of 2.60% after five sessions of aligned consecutive increase and a cumulative gain of 6.5%. The index is the big gap between 3 115 and 3 points 320 points in just over 48 hours in the fairly unique circumstances that have been described on Tuesday morning.

It was difficult to find in the flow of news earlier this week to show a material such euphoria. However, the CAC 40 has risen to over 3 300 points Wednesday closing for the second time since last May 7.

The sharp rise in the Parisian market was packed - as elsewhere in Europe - but the volumes below. He did in fact traded on average 2.9 billion over the 40 stars of the ACC since last Thursday. But why the clues they fly in a vacuum while the bad news raining again?

** The recession at an annual rate of 4% in Japan and Spain, the Russian GDP unscrews from 7% in the first quarter, the collapse of Mexico by 8.2% - and fall at least 5.5 % in 2009 from the Central Bank of Mexico - and Taiwan reached the technical threshold of depression with 10.2% (official).

We can add the deterioration yesterday morning of the note of the sovereign debt of the United Kingdom by Standard & Poors (with a negative outlook), what makes the British pound plunge of 1.25% against the dollar and 1.15% against the euro.

As so aptly President Franklin Roosevelt: “from a certain degree of financial or political issues, nothing happens by chance.”

** Disturbing coincidence, when the trend turned downward in Wednesday night on Wall Street, Kenneth Lewis, CEO of Bank of America stated that his firm had successfully finalize its capital increase of 13.5 giant billion. This should enable it to repay before the end of 2009 all or a portion of the $ 45 billion borrowed from the TARP, following the chaotic financial takeover of Merrill Lynch.

It is quite amusing to note that whenever fusent markets go up, ads fundraising by banks and heavily indebted industrial fuse in the press.

Put on the table hundreds of millions of dollars on Wall Street to quickly put tens of billions in the form of loans or bond issues, this should make sense, do not you think?

Well, economists say banks’ leaders “tell us that without batting an eyelid if the stock market because the confidence is coming back. It is therefore not surprising to see investors would also welcome corporate emissions of companies seeking liquidity.

To them, therefore we are witnessing an increase 100% natural, no coloring (pink) or perfume (scandal) artificial and no added sugar. If the indices inopportunely relapse when the salvage operations are completed - and this should not delay - the policy we will observe that the increase was also guaranteed without preservatives.

** A recent survey, conducted last Friday by the U.S. financial press, revealed that over two thirds of investors surveyed said that the current increase is largely artificial and does not correspond to a bear market rebound.

Those who fall into the camp of the optimists recite as one man well rehearsed speech bankers mentioned in the previous two paragraphs.

Operators who have several years of experience believe that as long as there is a majority opinion in a negative phase of recovery, it has a high probability to continue.

When the bulk of the troops going on in the camp rising, the markets are ripe for consolidation. You’ve read it dozens of times, and it actually worked like this dozens of times.

This was certainly true in the days when Wall Street does not climbed off with grants from U.S. Treasury securities by the taxpayer’s money.

This was also true at the time when those who sold time could rely on economic upturn after the fall of some dead wood. But what will happen in a context of “L” in Japanese, with a financial system populated by zombies banks - such as names economist Nouriel Roubini - who will have to continue to improve their balance by reducing the size of their loan portfolio for a decade?

** After the collapse of the bubble in bank debt, here’s the start of the credit cards. The White House wants to end unfair practices of which the addicted spolient of plastic money without their knowledge and acculent to bankruptcy.

This perspective has been dismal for the major issuing banks that are most often - you guessed it - Anglo-Saxon.

This could explain why Wall Street and London are much more irregular than other places in the Old World for a week with alternating increases and consolidations, while Paris and Frankfurt were on a course without fault. The Dow Jones had a score of -1.54% last night. The actions could bring a second week of consolidation of what to do to turn the downward trend by the end of May

** The intraday reversal of U.S. indices on Wednesday evening - with differences exceeding -2.5% in absolute value on the S & P 500 and Nasdaq between the extremes of the meeting - has also reversed the belle of the mechanical bull ‘Eurotop 100, when the index reached dizzying levels of over-shopping.

The consolidation has engaged in reading the minutes from the Fed (monetary policy meeting on 28 and 29 April) which gave some signs of economic improvement mentioned in a previous report but which are accompanied by a reduction in forecast growth in 2009.

The Fed is willing to strengthen its program to buy back treasury bonds and other debt securities to accelerate an exit from recession. Tiens, tiens … This could mean that a good bumper magic will be needed to restore tone to growth.

But let us not forget that the magic potion - or any other miracle cure - does not give conclusive results on human beings … Alive!

Germany went yesterday a sigh of relief on learning that ‘Opel is saved, but many analysts were cautious about the prospects offered by the investors, the Canadian supplier Magna backing of Russian state capital. “This appears to be based on fragile foundations. Say that 60 to 70% chance that it does not “sharply yesterday one of the world of banking.

Threatened by a failure pure and simple, the German automaker was saved at the end of a marathon negotiation between Friday night and Saturday. Opel could be drawn into the tumble of its former owner, the American group General Motors. GM, which spent seventy-seven years the world of the automobile, should file for bankruptcy tomorrow (1).

Political goals

After several days of tense discussions with the U.S. Treasury and GM, the German government announced on the night from Friday to Saturday an agreement for the sale of Opel in the Canadian supplier Magna, backed by the Russian automaker GAZ and the bank Russian Sberbank. Berlin has promised 1.5 billion euros of public funding of emergency.

GM Europe employs 55 000 people, nearly half in Germany but also in the United Kingdom, Belgium, Spain and Poland, including its Swedish subsidiary Saab, already in bankruptcy and GM seeks to sell.

By committing to save Opel, Russia offers an opportunity to revive its own automobile industry, but placing it in the big case that will test its reliability in the eyes of Westerners. Efforts to expand in Europe of large Russian companies have been seen of a bad luck in recent years, the Kremlin is suspected of pursuing political goals.

The experts also questioned the role of GAZ, controlled by oligarch Oleg Deripaska and heavily indebted. In 2006, GAZ has bought the British company LDV but announced early 2009 that he would sell it to a Malaysian company.

GAS has also started production of a new car based on the old platform acquired Chrysler in 2006. “I do not understand what to do with plants in Germany,” said one analyst.

According to him, GAS would be better to buy technology and solve its own problems before you come to the rescue of Opel.

10% of the workforce and less

However, the agreement provides an opportunity for Russians to revive their auto industry to lower costs. “They come to buy one of European most advanced technologically,” says a connoisseur.

As for Magna, he realized his dream of becoming a fully fledged manufacturer. His idea: to conquer emerging markets, most notably Russia.

It remains to determine the number of jobs threatened by the operation. Magna has already warned that he intended to remove 10% of Germans, or 2 500 people, plant closure. Across Europe, about 11 000 jobs would be threatened.

At four months of the German elections, Chancellor Angela Merkel is breathing. The note could have been much harsher.

(1) Chrysler, another American group in big trouble, should soon be sold to a consortium led by Fiat.