US & World News

Values ​​to follow Thursday at the Paris Bourse.

* EADS confirmed its target of delivering 30 A380s in 2012, despite a slowdown in the rate of production of this unit.

* Pernod Ricard has reported strong sales growth in nine months, despite a slowdown in the third quarter related to inventory reductions expected in France, and confirmed its annual financial targets.

According to its chief financial officer, Gilles Gobaert, April sales did not mark a change in the underlying trend in the first 9 months. He said that Pernod remained open to small acquisitions "tactics".

Pernod Ricard has signed a multi-currency revolving credit facility of EUR 2.5 billion with a pool of 25 banks, which will enable it to refinance debt related to the acquisition of Sweden's Vin & ; Sprit in 2008.

* Alcatel-Lucent has reported a deterioration in its margin in the first quarter, hurt by weak investment of telecom operators in Europe and the United States.

* Technip has published results up to the first quarter, again driven by strong investment of its customers, and reported a record backlog. 

* SAFRAN announced strong growth in quarterly revenue, supported by its commercial engine business, and reaffirmed its 2012 objectives and confidence for years to come given the trends observed ;'re in the market.

* DASSAULT SYSTEMS has been a little more optimistic for its annual outlook after quarterly revenue driven by growth in sales of new licenses and assumptions with more favorable exchange.

* Renault has announced a decrease of 8.6% of its turnover in the first quarter because of the European car market, but confirmed its forecast for the year given the growth registered abroad. 

* PPR has reported a net sales growth in the first quarter, driven by a brilliant performance of its luxury brands Bottega Veneta and Yves Saint Laurent, while FNAC showed a relative re ; resistance.

* Wednesday denied VIVENDI consider dismantling the group's activities after media reports suggesting the possibility of such a scenario.

Citing people familiar with the matter, the Bloomberg news agency reported earlier in the day that the conglomerate present in the telecom, media and Entertainment was considering an overhaul of its structure which could lead to a dismantling of the group. 

* Eramet, whose sales fell 10% in the first quarter, said its operating profit in the first half should be lower than in the first half of 2012 Due to the falling price of nickel and manganese.

* Gemalto announced it had registered a turnover of "record" in the first quarter 2012 with an increase of 9%, a performance that allows the specialist smart card to reaffirm its financial targets in 2012 and 2013 .

* Technicolor announced a turnover down 1.5%, a performance nonetheless considered "solid", saying the group can achieve its financial targets in 2012 despite restructuring charges e lifted. 

* KLÉPIERRE confirmed its 2012 targets after posting growth of 3.1% of its rents in the first quarter supported by the activity of shopping centers.

* MERSEN announced a turnover back to the first quarter of 2012, slowed by its solar division, which suffers from a market still at half mast.

* IPSOS confirmed its objectives for this year, following growth of 46% of its turnover in the first quarter, mainly resulting from the integration of Synovate acquired in July 2011.

The public deficit of Greece for 2011 amounted to 19.6 billion euros, or 9.1% of GDP. The public debt reached 355.6 billion euros, to 165.3% of GDP. The Standard & Poor's downgraded the long-term CC and C short term rating of Greece to SD (Selective Default). (REUTERS / Pascal Rossignol)

The public deficit of Greece for 2011 "is estimated at 9.1% of GDP, to 19.6 billion euros", said Monday the Greek Statistical Authority (Elstat) in a statement. "The Greek government debt for 2011 reached 355.6 billion euros, to 165.3% of GDP", according to this text. These figures are very close to the forecast contained in the budget of the country voted in December, which foresaw a deficit of 9% of GDP, against 10.6% in 2010 and a debt of 161.7% of GDP, against 144, 9% in 2010.  

"Greece has managed to reduce by two years the general government deficit of 6.5 points (…), which we will soon have primary surpluses," said Finance Minister Philippos Sahinidis, quoted in a statement. Mr. Sahinidis predicted in March that the deficit would amount to around 9.2% of GDP. First country affected by the debt crisis, Greece is subject to a strict austerity program to consolidate its public finances. This program, dictated by its creditors EU and IMF, was agreed in exchange for international loans and a debt restructuring that enabled the country in March, erasing about 105 billion euros.

"The need for continued effort to restore fiscal and financial recovery is the goal of next year (…), which will also benefit the Greeks" to justify "their sacrifices," said Mr. Sahinidis. According to budget estimates, the country targets a deficit of 7% in 2012 and a reduction of its debt to 145.5% of GDP after the restructuring. The Minister visited during the weekend in Washington, where he met with the Executive Director of the IMF, Christine Lagarde, on the sidelines of the meeting of the General Assembly of the organization and a ministers' meeting G20 finance.

"The discussion with Ms. Lagarde was held in a positive atmosphere. We have addressed the issue of recapitalization of banks in Greece after the successful restructuring of debt of the country and the progress made in implementing the sanitation program of the economy, "said Mr. Sahinidis, quoted by the Greek news agency, Ana (semi-official). "Today there is greater optimism about the country's exit from the crisis," added the Minister.

China Petrochemical (Sinopec) is in talks with the Spanish oil group Repsol to buy its Argentine subsidiary YPF, so that its potential nationalization, reported Tuesday a Chinese site for financial information.

According Caixin.com, citing a source close to Sinopec, the Asian oil company has found a non-binding agreement to take control of YPF for more than 15 billion dollars (11.4 billion euros).

A Sinopec spokesman declined to comment on "market rumors".

For its part, the president of Repsol Antonio Brufau said at a press conference that the tanker had received many expressions of interest from international groups to take a stake in YPF but did not comment on the information on Sinopec. 

Also according to the site Caixin.com, Sinopec estimated oil reserves of YPF in Argentina have a potential for development. The group ensures to meet the requirements of the Argentine government to accelerate the development and production.

The Argentine President Cristina Fernandez announced Monday it would ask Congress for the expropriation of 51% of YPF's energy group, immediately attracting the warnings of important trading partners and in particular a strong reaction from Spain.

Industrial production in France rose 0.3% in February, thanks to the consumption of gas and electricity induced by the cold wave.

Industrial production in France rose slightly by 0.3% in February, thanks to the consumption of gas and electricity induced by the cold wave, is now on the same rate as in January (0.2%, revised), announced Tuesday the National Institute of Statistics (INSEE). In the manufacturing industry alone, which excludes mining and construction, production was down sharply by 1.2% over one month, after a slight increase of 0.2% in January, said INSEE in a statement.

Over the last three months, production was down 1.1% in manufacturing and 0.5% in the entire industry. Over this period, production was down in the "other industrial products" (-1.2%), in the agricultural and food industries (-0.8%) and transport equipment (-0.7%) . The refining business suffers from maintenance outages, with a decline of 7.2%. Manufacturing production for the last three months has significantly decline (-1.6%) compared to the same three months last year. Over the same period, production has fallen sharply in the "other industries" (-2.0%), transport equipment (-2.7%), as well as in electrical, electronic, computer and machinery ( -0.4%).

She also declined sharply in the refining (-13.1%), mainly because of the shutdown of the refinery in Little Crown, according to INSEE. For February alone, refining is down 5.1% after a 12.0% drop in January. The production also decreases in the rubber, plastic and non-metallic minerals because of the cold wave (-6.7%), metallurgy and metal products (-1.7%), chemicals (-1.7%) textiles, clothing, leather and footwear (-1.5%). However it increases by 2.1% in "other manufacturing". It was down in electrical equipment (-4.3%), computer products, electronic and optical products (-2.3%) and remained stable in machinery and equipment not elsewhere classified (0.0%). It remains stable in the other transport equipment (-0.1%) and automotive (0.1%).

The Tokyo Stock Exchange ended down on Tuesday, causing the yen to profit taking on the values ​​that were well mounted exporting since January.

The Nikkei ended down 0.59% or 59.48 points, to 10,050.39 points while the Topix retreated in the same proportions (-5.03 points) to 851.02 Points .

The dollar is trading around 81.89 yen after three weeks of low points touched 81.55 yen on trading platform EBS in early trading.

Toyota, which has won over 37% since the beginning of the year, has limited its decline to 0.28%, while Sony has lost 0.58%. Its gain since the beginning of the year exceeds 20%.

The main European stock markets opened in fall Tuesday in the wake of Wall Street and Asian markets, fears of an economic slowdown in China and Europe prompting investors to reduce their exposure to risk.

In Paris, at 9:30 am, the CAC 40 lost 0.83% (29 points) to 3458 points. London yields 0.56% and Frankfurt was down 1.01%. The pan-European Euro Stoxx 50 index was down 0.96% after gaining over 9% since the beginning of the year, supported especially by abundant liquidity injected by the Bank Central Bank (ECB).

The values ​​of the automobile are among the largest declines. The European sector index losing 2.2%, weighed down primarily by PSA Peugeot Citroen.

PSA lost more than 5% in the Paris Stock Exchange after the announcement of the terms of the capital increase of a billion launched after its alliance with General Motors. The French group also announced it would not pay a dividend this year.

The German Merck was down 1.3% after reporting fourth quarter results below expectations, within the scope of a claim to half mast for the crystal used in the tee ; léviseurs flat screen.

The earnings season in Europe has been relatively poor. According to Thomson Reuters data Starmine, only 49% of STOXX 600 companies have published the results meet or exceed expectations, against 68% of companies S & P 500 on Wall Street.

"The macroeconomic data from the euro area, while the main liquidity operations of the ECB are completed, have aroused fears of a recession and de ; ceived markets. To make matters worse, China has lowered its forecast for growth ", says Koen De Leus for KBC Securities in Brussels.

Markets have also coldly received the message sent Monday by Athens, which it was prepared to force private creditors to take losses on Greek debt. Private investors have until Thursday to say whether they intend to or not participate in the exchange of debt that should allow Greece to erase more than 100 billion euros of its debt, as part of its second bailout of 130 billion euros.

Christophe de Margerie, Total's CEO, believes that the quality of petrol must be paid in response to criticism of the super oil group, said Friday that more than 12 billion euros bé ; néfices.

These results raised a barrage of criticism, officials blaming Total left to accumulate this money on the backs of the French who see gasoline prices soar.

The former industry minister and UMP Estrosi regretted his part that the group in France that pays 2.5% tax on companies .

"We are conducting a policy of quality and hence prices rather expensive (…) But I'm still surprised that we are being pressured prices. If everyone was the same price, there would be more competition, "replied Christophe de Margerie Saturday in Le Parisien

……. .. It also emphasizes that the company's profits come not from the fuel distribution but "90% of oil production."

On France

FYI, the CEO said that Total has only 20% of the market in France. "This is not Total all by himself that can bring down prices at the pump," he said.

For Chistophe de Margerie "is the wrong debate" and "we must look at the problem of people who have problems short of living standards and treat it as such".

About the weakness of the tax in France, in Le Parisien it ensures that Total has always paid "substantial taxes" in France, although in recent years the group has not paid the corporation tax "because there was total loss."

"This year I have good news, we will pay 300 million corporate taxes with a further 800 million in other taxes," he says.

He added on France Info that the imposition of the group is low because there is "zero percent result in France". 

"Our business in France is mainly refining and refining loses money (…) We can not pay taxes on results that do not exist," he said.

"Annoyed" by the image of his group, Christophe de Margerie would like to correct: "Total is a myth, we must break it," he said before concluding: "To earn money, not born ; NEGATIVE, especially in times of crisis. This is an opportunity for our country ".

Total said Friday it would continue its efforts for investment to grow its production.

The third European oil company by market capitalization for 2012 foresees investments excluding acquisitions of approximately $ 24 billion (18 billion euros) against 20.6 billion in in 2011.

Economic growth should be zero in France in the first quarter of 2012, said Wednesday the Bank of France on the basis of its monthly business survey.

In January, the BoF confirmed predict zero growth in the fourth quarter of 2011.

If these assumptions prove, France would be off, just months before presidential and parliamentary elections, a recession (a term used when the product inside Gross contracts two consecutive quarters) feared by some economists.

The business climate indicator in industry published by the BoF was stable at 96 in January.

For services, the indicator fell by one point to 93. 

In industry, "forecasts indicate a continuation of the activity for the coming weeks," reads the statement said.

For services, "the forecast is a stability-oriented activity in the short term."

The rate of capacity utilization in manufacturing industry is almost stable, below its average level of long period.

Order books were close to the normal level, linked to a slight increase in new orders. Stocks of finished goods are kept close to the desired level and finished goods prices continued to increase slightly.

In services, the division recorded a slowdown in growth, due to a decline in temporary work and computer activities. The numbers have stabilized overall and prices have paused in their advance.

According to the Minister of Economy, the European Commission proposal to increase the capital adequacy ratio of banks to 9% "can absorb a shock." Budget Minister Baroin regrets the refusal of PS on the constitutional question of the balance of finances

The proposal of the European Commission and its President Jose Manuel Barroso to recapitalize banks is "acceptable", said Friday the French Minister of Finance Baroin. "The position of the Commission Barroso and two days ago is acceptable. A level of 9% of equity" to be achieved by European banks "by the end of the first half of next year, it ' is, "he said on Europe 1 radio.

According to him, "9% in 2012, it can absorb shock." He reiterated that this concerned primarily banks that failed the stress tests at the beginning of summer and those who have passed narrowly.Banks should try to recapitalize "on the basis of their results" by distributing less dividends and less bonus, "warned Baroin, like the European Commission." They should not do so at the expense of economic activity, credit to individuals and business credit, "he said.

"If they can not, they will do in the markets, if markets are not enough they will find partners, and ultimately there will be a limited possibility of a European coordination" for public assistance, the minister added . He again suggested that the European Financial Stability Fund (EFSF) provides that state aid to schools that need it, as its new statutes in force since Thursday so authorize.Germany believes he can do that for banks in countries which already have an international aid program (Greece, Portugal, Ireland).

Baroin But he reiterated that French banks do not find themselves in the position of having to seek government assistance. On Greece, the Minister confirmed the new position of France, which was resolved Thursday to recognize that the creditor banks would have to erase the country a majority of government debt. The discount provided to date to the private creditors of Athens, in the agreement of July 21, is 21%. "For three months the markets have evolved, they have deteriorated (…) We left at 21% July 21, it will be, it is almost certain," he said. "How high? Is being discussed."

He also felt that the figures circulating going "well beyond 50%" were "fanciful"."Three quarters of the Greek debt is held by private (…) We will not cut the whole," he said. "If it requires a private discount that is not tenable, then that will invest in Greece?" Asked Baroin.

He then said that the Heads of State and Government of the euro zone announce their decision on this issue at the summit in Brussels on 23 October, without specifying whether they would disclose the amount of the new haircut or just the principle. { P}

For the first time since 2008, the price and the number of transactions in the old housing declined in France in 2011. Only Paris continues to grow. http://www.flickr.com/photos/gcattiaux/

For the first time since late 2008, the start of the economic crisis, the number of transactions and house prices falling in France, a trend likely to continue in 2012, according to a survey by the AFP with leading real estate networks. "Sales of existing homes fell 11% in France between the 3rd quarters of 2010 and 2011, while prices fell by 2.7% between the first half and third quarter of 2011," said Laurent Vimont, Chair Century 21, a leading network of estate agents.

Paris alone, due to demand still much stronger than supply, see the prices continue to increase, reaching a new record in Q3 8556 eurs/m2, says Vimont.After a price hike of 22.5% in the second quarter, the highest one-year for 20 years, house prices in the capital will soon level off or even declined slightly, had said in early September notaries in Paris. In the provinces, seven provinces reported, according to Century 21, a fall in prices in Q3: Burgundy (-9.7%), Central (-5.5%), Lorraine (-4.4%), Provence-Alpes Côte d'Azur (-3.7%), Basse-Normandie (-3%), Nord-Pas-de-Calais-Picardie (-3.4%), Champagne-Ardenne (-1.3%).

For Mr. Vimont, the main explanation lies in the fact that "over the solvency of first-time buyers who can not afford to buy, is broken." This decrease since mid-2011 transactions and prices is confirmed by the Real Estate Guy Hiccups."Higher mortgage rates and the presidential election should result in lower overall market in 2012," said its managing director Cédric Monssu. For Nicolas Jacquet, Executive Chairman of Urbania, the next increase in the tax on capital gains on sales of rental and second homes on 1 February 2012, resulted in "significant increase in the number of terms in Sales agencies ".

But in 2012, one can "expect for 2 or 3 years down the number of transactions as a number of people who have not reached withdraw their homes from the sale," he adds . "This announcement will have a devastating effect especially that the liquidity problems of banks should lead to a restriction in the distribution of mortgages," said Bernard Cadeau, president of the Orpi network.But this rush to sell for some households that had exceeded the limit of 15 years for tax exemption on capital gains has unintended consequences. "We remind sellers that we are bound by an obligation of means, not results, and we urge our customers to agree to sign a form stating that we are not liable for administrative delays," said Gilles Ricour Bourges, President for Ile-de-France of Fnaim (National Federation of the estate).

However, one sector is rubbing his hands at the moment: the luxury real estate. "We record a 20% increase in the number of terms because it is necessary that the promise of sale are signed before November 15 to make sure that the final acts to be registered with the notaries before February 1", told AFP Charles-Marie Jottras, Chairman Daniel Féau real estate."Non-standard goods have been no slowdown in demand, on the contrary. The category of quality goods, worth over EUR 1 million, did not suffer either in the capital and stations, sea or mountain fashion, "says Barnes network in a statement.