US & World News

Japanese stocks ended up Thursday, the figures for economic growth in January-March quarter have offset the worries about Greece and its banks.

The Nikkei gained 0.9% or 75.42 points to 8876.59 points, while the Topix broader took 1.12% or 8.28 points to 747.16 points.

Japanese gross domestic product increased by 1% from January to March compared with the previous quarter, helped by a rebound increase in consumption. In this context, investors have taken advantage of the recent decline of 12% of the Nikkei to do some shopping on the cheap.

Values, Credit Saison ended with a gain of 3.88% to 1,658 yen. Society of consumer credit has posted an annual net profit above market expectations.

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Volvo reported Wednesday a 4% drop in shipments from trucks in April from a year earlier, sluggish demand in Europe and South America have overshadowed ; a strong recovery in North America.

The second largest global industry saw its shipments fall by 22% in Europe, its biggest market, while increasing by 39% in North America.

The industry is facing hard times in Europe, with widespread debt crisis, but also in Brazil, the first South American market, where demand is suffering from new rules on emissions.

Deliveries from Volvo in South America fell 30% while they increased by 9% in Asia. 

The Volvo share fell by 1.9% to 82.40 Swedish kronor (9.02 euros) to 8:35 GMT, while the benchmark index of the Stockholm Stock Exchange yielded 0.84%.

Volvo, which manufactures trucks under the brand name but also under names Eicher, Mack, Renault Trucks and UD, had raised its annual targets for Europe in late April, saying anticipate an increase in production over the coming months.

The band, which rivals the industry leader Daimler, said Wednesday that its production would increase slightly in his division in the second quarter and Renault for its Volvo brand in the third.

Volvo expects a contraction of the European market for heavy trucks to 230,000 vehicles this year, against 242,400 in 2011.

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While European countries are being hit hard by the economic crisis, Poland, EU member since 2004, is the only one to succeed at the game's GDP grew by 1.6% in 2009 and three , 8% in 2010 (source: OECD).

The country has many strengths that explain this singular economic health. Since the end of communist rule in the 1990s, Poland has embarked on major structural reforms to transform a collectivist economy in a market economy. To do so, the country receives substantial support from the European Union to finance large infrastructure projects, including the equipment needed to hold this year's UEFA European Nations Football. Subsidies granted by the EU for the period 2007/2013 reached 95 billion euros (source: Embassy of Poland).  

Poland, which enjoys a stable political system, attracts foreign investors, sensitive to the importance of a rich market of 38.5 million consumers.

She finally has a strategic geographical location between Eastern Europe and Western Europe, making it an economic and commercial hub.

The study HSBC Global Connections: Trade Forecast Poland (February 2012), the Polish trade growth should be higher than world trade, reaching 5.7% from 2012 to 2016 and between 6.8% 2017 and 2021. These figures show the speed with which the Polish economy is integrated into global supply chains, especially in the automotive and electronics. Thus, Poland imports from China of spare parts it assembles radios to export the finished apparatus to Hungary or Germany.  

In automobiles, it produces and exports of both vehicles and replacement parts. Forecasts of vehicle exports to France and the UK are soaring (respectively 8.3 and +8.75% per annum by 2016), despite weak demand in Europe, which shows the emergence new trade corridors in this area.

If, in the longer term, growth levels observed in Poland tend to be reduced, as the country has caught up with its neighbors to the EU, Poland should maintain, for the next five years, its number 10 in the global ranking of the major emerging countries.

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Banks in the world are preparing in peace to work with a new Greek currency.

Some financial institutions have never cleared the drachma of their computer systems after the adoption of the euro by Greece in 2001. They would be ready in a flash if the problem of debt forced the country to return to the good old banknotes and coins denominated in drachmas.

In any case, banks are accustomed to change: they have managed the transition of financial markets to the euro in 1999 and the emergence of currency as the Estonian kroon (up ; its replacement by the euro in 2011) and the Kazakh tenge with the breakup of the Soviet Union.

Moreover, it stirs behind the scenes since 2009, when the onset of the debt crisis in Greece, says Hartmut Grossman, American society ICS Risk Advisors works with banks Wall Street.

"Many companies, particularly in Europe and also here, studying it for a long time," said Hartmut Grossman. "All financial institutions are prepared for this eventuality. The departure of Greece in the euro area is not a new idea."

The European Union says it wants to keep the euro in Greece. Polls show that the Greeks want to keep the single currency. But they also voted last Sunday for parties opposed to the bailout of the EU and the International Monetary Fund, which has again raised doubts about the maintenance of the country within the Ten- Sept.

EXCHANGE CONTROL

If Greece leaving the euro, it certainly would impose exchange controls, say bankers, which would not prevent dealings in the new currency.

"The rooms specializing in foreign exchange markets can be ready fast enough. It depends on exactly how to pass out of the euro area, "said Lewis O'Donald, chief risk officer of London-based investment bank Nomura Japan

.. The currency ……. not freely tradable, as the Chinese yuan, followed in markets other than through the use of derivatives such as contracts term for example

. If Greece chooses a fixed exchange rate, everything will depend on the exchange ratio used. If the government chooses a euro for a new drachma, such parity would not be sustainable for very long and would involve major losses for banks Banks

. é ; tudié opportunities to protect themselves but few have taken concrete steps

. "Banks are very, trè s reluctant to start shouting fire. They know what's going on (would) and what would a panic, "said a London lawyer to advise financial institutions

. Most people just check the law applicable to their contracts, are covered against defects and examine all the legal problems that an outflow of Greece to the euro could raise … Simulations

…… have been made. But we do not really know how to operate an output

…. ….. "For transactions denominated in euro, what will their status in case of change in the nature of this currency?" asks Miles Kennedy, a partner at PricewaterhouseCoopers

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America Movil, the phone giant owned by Mexican billionaire Carlos Slim, said Thursday it will buy the California-Simple Mobile to expand its market presence ; American.

This is the second external expansion of the group within days.

Simple Mobile is a mobile virtual network operator, with more than one million subscribers. In March, the number of subscribers of Tracfone, the U.S. subsidiary of America Movil, reached just over 20 million.

America Movil, the leading provider of mobile services in Latin America, announced Tuesday its intention to increase its stake in Dutch KPN to 28%, thus taking hold in Europe as part of a transaction of more than 2.5 billion euros.

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Bertelsmann announced Wednesday for the first quarter of 2012 up 13% of operating profit and 5% of its turnover, confirming its annual target of moderate growth CA

The first media group in Europe – which has among others the broadcasting group RTL and publisher Random House – said that its operating profit (EBIT) reached 280 million euros against 248 million a year ago.

"For the full year, we are confident to achieve our goal of moderate growth in sales, EBIT stable at a high , and an increase in profit after minority interests, "said Thomas Rabe said in a statement, chief executive of Bertelsmann. 

RTL Group also announced Wednesday an increase in sales during the first quarter. Growth on French and German advertising markets offset a continued decline in Southern Europe and East.

Bertelsmann, which focuses on digital and abroad to spur growth, announced in late March a change in legal structure, which might suggest that the group is more strongly opposed to an introduction scholarship.

Euro Disney announced on Monday a net loss deepened and reduced its EBITDA margin in the first half 2011-2012 as a result of costs for its 20th anniversary festivities.

The operating company of Disneyland Paris has improved one percent of its revenue from tourism activities for the period of increased spending by visitors to its parks, despite a decline in attendance.

The group reported in a statement to a net loss of 120.9 million euros in the first half 2011-2012 (October-March) against a loss of 99.5 million, with EBITDA margin reduced to 0.3% against 4.5%. 

Its total sales down 0.9% to 552.4 million euros within the scope of the reduction in its property development activities and lower revenues from its hotels which the occupancy rate fell by 3.6 points to 79.8%.

Rolls-Royce said Friday it was on track to post strong growth this year, continuing to capitalize on the need for airlines to have had less intensive ké ; Rosene.

The British group, second largest manufacturer of aircraft engines behind General Electric, said the year had started well for him and confirmed its objective of significant growth of beneficial fice in the civil aviation and space.

"For the full year, the group still expects good growth in turnover and profit, excluding exceptional circumstances and with a cash flow to roughly ; s at equilibrium, as we continue to invest in future growth, "says Rolls-Royce said in a statement. 

Airlines around the world to equip aircraft models lighter to cope with soaring fuel costs, which, combined with European debt crisis weighs heavily on the sector.

They will acquire for about 2.7 billion euros of airplanes over the next 20 years to meet demand for flights to and from emerging countries, particularly in Asia, say aerospace giants Boeing and Airbus.

These forecasts highlight the growing demand for single-aisle aircraft like the Boeing 737 and Airbus A320. Some analysts 20,000 narrowbody aircraft of this type will be produced over the next two decades.

Rolls-Royce, which recorded an increase of 21% of its profits in 2011, has more than 5,000 engines on order, worth a total of 52 billion pounds (64 billion euros).

A new joint venture between Rolls-Royce and U.S. rival Pratt & Whitney to be officially established this year. It must develop the next generation of engines for medium-range single-aisle.

At 10:45 GMT, action Rolls-Royce lost 0.29% to 856.50 pence, but it earns about 16% since the beginning of the year.

The British group is expected to announce a pretax profit of 638 million pounds (786 million) in the first half of 2012, and 1.44 billion pounds (1.72 billion euros) on entire year, according to analysts polled by Thomson Reuters.

France has awarded Thursday 7.43 billion euros of long-term debt at better terms than in previous auctions, three days before the second round of presidential elections .

The Agence France Trésor (AFT) has issued an amount corresponding to the top of the announced range (6.5 to 7.5 billion euros).

Three of the four lines of Treasury bonds (OATs) offered the 4.25% in October 2017, the 3.25% in October 2021, the 3.0% in April 2022 (refer to the OAT ence to 10 years), interest rates have declined from previous auctions.

The weighted average rate of the OAT 6.0% in October 2025 stood at 3.31%. The AFT, which manages the state debt, does not provide a comparison, the bond not been available for many months.

The rate of OAT reference (benchmark) 10-year stood at 2.96% against 2.98% in April. After the auction, the rate fell further in the secondary market at 2.93%, the yield spread with the German Bund at 10 years, the euro area benchmark, contracting six basis points to 133.

Auctions of France and that of Spain, now the focus of investor concerns, helped ease the situation in the market for government bonds in the euro area.

The Spanish Treasury has placed 2.5 billion euros of bonds in three to five years – the maximum referred – but unlike AFT, he had to concede a higher risk premium than in previous auctions.

Overall demand for OAT reached 18.64 billion euros, providing a comfortable coverage ratio. 

"It seems that the relative uncertainty of the presidential election has not weighed heavily. They managed to raise the maximum referred to lower rates and with a coverage ratio decent, "said John Davies, rates strategist at WestLB.

"Holland has softened his speech on the new fiscal pact (…) and said he just wanted to add stimulus to growth," he says, adding that the positions of President of the European Central Bank Mario Draghi and Chancellor Angela Merkel have also evolved.

"We realize that the pure austerity can not walk. The conflict that the market feared when Holland came to power might not be as insurmountable as we thought at first sight, "said John Davies

…. ….. "Solid as usual, decent rates. Where is the political risk? "Said Peter Chatwell, rates strategist at Credit Agricole CIB in London, about the French auction

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The new futures contract on OAT, due in June, hit a high (126.75) since its launch on April 16 on Eurex, the market for die riveted to the Frankfurt Stock Exchange

Around 12:30, he was earning 57 cents to 126.69 in a volume of more than 11,000 contracts. Open positions reached 43,223 against 58,000 batches on Italian BTP future, launched in 2009 by Eurex.

The Bund future, benchmark futures contracts in the euro zone fell by 14 cents to 141.59 in a volume of more than 202,000 contracts. Positions on maturity in June exceeded the 13 million lots.

The priority given by the European Union to austerity should not be questioned even if the means of stimulating growth are in the focus of next week, has Monday said the German finance minister, Wolfgang Schäuble.

"Fiscal consolidation is not only necessary but is necessary for a specific purpose: to generate sustainable growth, which is the best way to generate employment" , he said during a joint press conference with the Spanish Minister of Economy, Luis de Guindos.

"The economic and fiscal consolidation is the first condition. If we now speak of growth, we must not understand this as a change of course. It would be wrong. Priority (for austerity) must remain, "he added, before holding that Spain was on track

… Referring …… French presidential election, he felt that his result would not call into question the European fiscal pact

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