US & World News

The French household consumption of goods, a new indicator, fell 1.8% in April after -1.0% in March, the share of manufactures falling by -1.6% after -1.1%, show Statistics released Tuesday by the INSEE.

The decline in consumer goods – which includes products manufactured food and energy – due to a sharp decline in purchases of durable goods, particularly cars and lower energy costs, says Insee.

In one year, consumption of household goods fell by 0.1% in April, the consumption of manufactured goods increased by 1.2%.

"All the ingredients were there for a further drop in consumption, but the shock is still tough," said Alexander Law, an economist at analyst firm Xerfi.

"What is striking is that almost all segments are displayed on the decline, he adds. Economic growth in the first quarter was very flattering and the second quarter was well launched on wrong basis.A sharp correction is to wait. "

Spending on durable goods fell 6.3% in April after -1.2% in March, this decline can be explained largely by the sharp drop in car sales (-10.2% after -2 1% in March) related to the end of the scrapping.

Purchases of equipment housing fell 1.5% after -0.6% in March and those of textile and leather 0.5% after -4.2% in March.

Energy consumption decreased by -3.2% in April after -0.7% in March, spending on petroleum products (gas, fuel and oil) fell 3.4% after -1.2% in March.

According to Insee, the decline in consumption of energy products due to the rather mild weather conditions that limited the use of heating fuels.

Consumer food she has gained 0.8% after -0.7% in March.

The Franco-Belgian group Dexia will not pay dividend for 2011 due to the cost of asset sales announced Friday, said its chairman Jean-Luc Dehaene, Belgian daily L'Echo.

The bank announced Friday the acceleration of its asset sales to release securities of States and improve its profitability, which will result in costs of 3.6 billion euros in the second quarter.

"Our results will be negative, but not to the tune of 3.6 billion, because our various businesses are doing well.It also means that there will be no dividend in 2012 under 2011, "the president said the newspaper published Saturday.

"But in 2012, prospects are much better, with sustainable results, which I hope will also normal dividends, provided that the plan be realized, which is the management challenge," he added.

Alassane Ouattara has quantified the amount of its program to ensure the democratic transition and economic development of his country: 15 to 20 billion euros over five years. Alassane Ouattara has unveiled details of its turnaround plan and reconciliation on Friday.

"Côte d'Ivoire needs 15 to 20 billion euros for the next five years," said Friday on Europe 1 Ivorian president Alassane Ouattara, before going to the G8 summit in Deauville.

"It is the assessment of my program," said the Ivorian president, invested on May 21 after six months of a bloody post-election crisis.

"I hope that is a confirmation of the appreciation of democracy in Côte d'Ivoire, reduce poverty, we need to leave Côte d'Ivoire this long period of economic agony and reconcile Ivorians," he added.

"There is a price to pay and I expect the G8 to do so within the framework of a partnership," said the former deputy managing director of IMF. "President Nicolas Sarkozy planned a debt reduction of 2 billion euros, of course I want a little more to Obama," said Alassane Ouattara on the antenna of Europe 1.

Alassane Ouattara calls on France to keep up on the Licorne force, which is under UN mandate, but also to "reactivate" the other troops to fight terrorism and drug trafficking. "It will take over the defense agreement, military cooperation with France.There will be no secret clause, "he said.

A process of reconciliation

He would move the party to Laurent Gbagbo to sit in the government to be formed after parliamentary elections and set up a reconciliation process, without abandoning the prosecution of violent crimes, "he added.

"Côte d'Ivoire must break the impunity," he said. He promised that if some of the soldiers who fought for him had committed crimes, as is suspected, "the investigation will be made, they will be before the judge if it is proved".

It was inevitable incarceration of Laurent Gbagbo, currently under house arrest, he wishes to be pursued internationally as well as in Côte d'Ivoire for financial crimes.

"The judge decides, but a priori, there are so many damning facts, I think it will be hard to escape the prison," he said.According to his calculations, his predecessor bought illegally for one billion euros in arms over the past five years. Alassane Ouattara estimated diversions "hundreds of billions."

The Economy Minister has officially announced it was seeking IMF management. The French Economy Minister Christine Lagarde, the G20 finance here in Washington, April 15, 2011.

DSK's resignation from his post as IMF managing director, Christine Lagarde was regarded as a favorite candidate in the European camp to head the institution. She has officially announced its willingness to stand in the race. If investigations in the case Tapie, the minister said she will "maintain" his candidacy for the IMF. Christine Lagarde was "committed" on Wednesday to "respect" the tenure of Directors General of the IMF if she was elected head of this institution, five years.

Last Thursday, the New York Times had done from the outset the "favorite" of this estate. The influential U.S. daily quoted Kenneth S.Rogoff, former IMF chief economist and professor at Harvard, explaining that Christine Lagarde was received "almost like a rock star, worldwide.

The European Commission President Jose Manuel Barroso has already said he "fully supports" the candidacy of the IMF Lagarde

More information to come …

The government spokesman on Tuesday defended the minister of the interior Claude Gueant saying that France did not need to bring in builders from abroad. Baroin, on the plateau of the Grand Journal, September 22, 2010.

The government spokesman, Baroin said Tuesday on Europe 1 radio that the desire to reduce immigration work displayed by the Interior Minister Claude Gueant, reported to a "statement of common sense."

"This is obviously a finding of common sense on the part of Claude Gueant," saidBaroin, arguing that France was "country in Europe which has one of the strongest demographics, dynamics.

The interior minister had said Sunday that France had "no need for masons' immigrants because it had the" necessary resources ", remarks which were widely criticized on the left.

The government had already announced in April its intention to reduce the list of "occupations under pressure" which authorizes the use of foreign labor because of a shortage of candidates, showing the objective to train in France jobseekers to these positions.It had sparked an outcry from trade unions and employers reserve, who had pleaded for a country "open".

"Before even addressing the issue of unemployment, we have 100,000 people working to absorb under the economy" and "naturally, we do not need an economy and hence import of economic migration on these subjects-there, "Mr Baroin considered.

According to him, "just get out there, just ask building professionals to realize it." "Do you know how many vacancies in the sectors of construction, catering and others who are not satisfied: it is a ratio of one to four," he added.

A recent survey of employment center, 37.6% of projected hires by employers in 2011 abut on recruitment difficulties, affecting mostly poorly paid jobs (cooks, waiters, housekeepers, domestic work), Occupational that do not match open to immigrants.

Labour immigration is about 20,000 people annually, according to official data. A year before the presidential election, the government is widening the gap cut to reduce legal immigration from 200,000 to 180,000 per year residence at the risk of attracting further criticism of competition with the National Front on the migration issue .

Several French officials, including the Socialist Martine Aubry, who voted Sunday in favor of a candidate by Christine Lagarde in the Directorate General of International Monetary Fund.

Others, like the president of the Modem and the spokesman Benoit Hamon PS, were more reluctant.

London and Berlin have already given their support to the French Minister of Economy and Finance to take the post left vacant by Dominique Strauss-Kahn, who was accused of sexual assault in the United States.

Applications may be lodged from Monday.

The first secretary of the PS, Martine Aubry, Christine Lagarde has hailed "a respectable woman" while a member of a government whose economic policy it disapproved.

"It would be nice if it is France that has this position and I think that Ms. Lagarde, beyond the differences that can be (…), is a respectable woman," she said on France 2 .

"If Europe can have this job and if a French person can get, I think it would be a very good thing for our country and for Europe," she added.

Benoît Hamon, spokesman of the Socialist Party, was more reticent.

"I'm not a big fan of Ms. Lagarde's convictions," he said on BFM-TV."I think it could give guidance to the IMF, since it is very liberal, is not exactly what I want."

CASE TAPIE

For the Socialist mayor of Paris, Bertrand Delanoe, the policy of the IMF is the most important.

"I have great respect for Christine Lagarde (but) the policy that the IMF will be more interested than the personality that will implement it," he said on Canal +.

Chairman of the modem, François Bayrou, meanwhile ruled "suspicious" membership to Christine Lagarde, particularly because of its role in the case Tapie.

"Ms. Lagarde was the main actor of the case Tapie.It was she who took the helm during this critical period, "said Francois Bayrou in the Grand Jury RTL-Le Figaro-LCI.

"All this deserves to have questions, reservations and doubts, and that's where I stand," he added."This support from, including the opposition, is suspicious, weird."

The allocation of 285 million euros of public money to Bernard Tapie, a businessman and former socialist minister became close to Nicolas Sarkozy, in compensation for alleged lost profits on the resale of Adidas, authorized by Christine Lagarde, following arbitration, is disputed.

Three judges must make their response in mid-June.

The Interior Minister and former secretary general of the Elysee, Claude Gueant, has meanwhile provided strong support to the Minister of Economy.

"Christine Lagarde, obviously, all the qualities to be an excellent Director of the IMF and I note that many countries support it publicly," he told the Grand Rendez-Vous The 1-Europe Parisien / Today in France.

Neither the Elysee, neither the Ministry of Economy have so far commented on a possible candidacy of Christine Lagarde to head the IMF.

The German Finance Minister Wolfgang Schäuble said on Friday that the EU would decide quickly on a single candidate for the post of Director General of the International Monetary Fund (IMF) to succeed Dominique Strauss-Kahn.

"We need a single European candidate and we seek that which would be the most qualified and who have the best chance of being chosen," he told reporters."A decision will be taken soon."

But he added that Germany does not "present its own candidate," even if Berlin ruled Thursday in favor of a single European candidate.

A source close to Angela Merkel on Thursday evoked believes Chancellor in respect of the French Economy Minister Christine Lagarde, whose name circulates to succeed Dominique Strauss-Kahn, while stressing that no decision n 'was taken.

Spanish Prime Minister Jose Luis Rodriguez Zapatero also said Friday on radio station La Ser wish that the next IMF Managing Director be a European.

Christine Lagarde is considered a favorite to head the IMF in the eyes of economists showed on Thursday a Reuters poll

Of 56 experts polled, 32 thought that Christine Lagarde will become CEO of the fund.

The complainant refused to give his opinion on the matter, saying only the press that "any application, whatever it is, must come from the Europeans who come together, all together."

Sodexo announced Thursday it had bought the stake that holds the Strategic Investment Fund (ISF) for its capital to 108.5 million euros.

The world number two catering, behind Britain's Compass, said in a statement it had acquired the approximately 1.3% of the ISP at a price of 52.97 euros per share.

"The repurchased shares will be allocated to cover stock option plans established by Sodexo to the benefit of its staff," said the French group, which also emphasizes that the ownership structure will not change.

At the Paris Bourse, the Sodexo shares gained 0.79% to 53.39 euros at 10:16.

Registrations of new cars in the European Union fell 2.7% annual rate over the months from January to April, according to figures released Tuesday by the European Automobile Manufacturers Association (Acea).

In total, 4,674,457 new vehicles were registered in this period in the 27 EU countries.

On April alone, 1,089,118 new registrations were recorded, representing a decline of 4.1% over one year.

According to Acea, sales declined in most countries, the figures were dragged down by poor performance in the United Kingdom (-7.4% yoy in April), France (-11.1 %), Spain (-23.3%) and Italy (-2.2%).

Registrations have instead increased by 2.6% over one year in Germany from April 2010.

In April, sales of French PSA Peugeot Citroen have contracted by 18.3% year on year while those of Renault posted a decline of 13.1%.

The number one European car, the German Volkswagen reported a 3.5% growth in registrations. Conversely, Italy's Fiat has seen its sales dip by 7.5% over one year.

Maple Group, consisting of four of the largest banks and directors of the largest pension fund in the country, on Sunday confirmed the details of an offer of 3.6 billion Canadian dollars (3.7 billion U.S. dollars) on TMX Group, operator of Toronto Stock Exchange.

The offer in cash and shares of Maple, which represents 48 Canadian dollars per share is higher by about one third the friendly takeover of three billion U.S. dollars launched by the London Stock Exchange on TMX.

"After completion of the transaction, current shareholders will own 40% of TMX shares of Maple, investors in pension funds about 35% and banks 25%," said Maple in a statement.

The proposed merger between TMX and LSE is criticized by some members of the political class in Canada and several major banks, who think it will diminish the influence of the country in the world.