US & World News

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.

Societe Generale has crossed the threshold of 5% stake in Vivendi, becoming with a participation of 7.86% the largest shareholder in the group of media and communications confronted with rumors, dice ; menties, decommissioning.

This rise of the French bank, announced Friday by an opinion of the Financial Markets Authority (AMF), comes as the businessman Vincent Bollore could rise, according a source familiar with the matter, up 5% stake in Vivendi against 1% currently.

According to the AMF, Societe Generale said to have crossed over on April 20 the threshold of 5% of share capital and voting rights of Vivendi and Vivendi hold 98,045,823 or 7.86% of share capital and voting rights. 

This total includes a participation of 5.25% effective in custody and the balance by assimilation.

The bank was not immediately available for comment on whether share purchases had been made for herself or on behalf of a client.

Bollore announced in September 2011 a proposed sale to Vivendi of free TV channels Direct 8 Direct and Star in exchange for remuneration in Vivendi shares up of 22.4 million shares.

The source familiar with the matter, Bolloré could reach 5% stake in Vivendi by the combined effect of the implementation of this agreement and new purchases of securities on the market. 

Citing people familiar with the matter, the Bloomberg news agency reported Wednesday that the conglomerate was considering an overhaul of its structure that could lead to a dismantling of the group, which was denied by Vivendi.

The OECD recommends that developed countries cut their debt to GDP ratio to 50% in the coming decades to cope with possible shocks, in a study published Thursday.

Most of these countries have much higher ratios, significantly aggravated by the recent crisis, the OECD average in excess of 100% and 200% Japan.

For comparison, the French public debt amounted to 1.717 billion euros at end 2011, nearly 86% of GDP.

"Cleaning up public finances to cope with the consequences of the crisis, the underlying weaknesses as well as future pressures on public spending is a major challenge for many countries", e described the Organization for Economic Cooperation and Development. 

"It appears there could be an important and lasting fiscal tightening in almost all countries to reduce debt to prudent levels," she says, adding: "Given the weak economy World, commissioning Å? work of a broad program of fiscal restraint could be particularly costly. "

The decision of E. ON to forego building new nuclear plants in Britain does not mean that the company turns its back on the entire value chain, said Friday the meadow , chairman of the Executive Group utilities.

"This is not a rejection of nuclear energy, just a decision on how we are investing," said Johannes Teyssen in an interview published Friday by the German newspaper Handelsblatt.

RWE and E.ON announced on Thursday to abandon their plan of 18 billion euros to build new nuclear plants in the UK, which could undermine the objective of London for renewal of the reactor pool. 

Both groups have justified this decision by the choice of Germany to break with nuclear energy, high operating costs of their joint venture and the dice Horizon ; lais required by the construction of new nuclear plants.

E.ON also said Thursday it would continue its project to build a nuclear reactor in Finland through the consortium Fennovoima, in which the German group owns 34% through its Finnish subsidiary.

Air Liquide, whose growth has slowed sharply in the fourth quarter, however, table of new growth in its net profit in 2012 barring any major degradation of the situation after one year 2011 range by emerging and resistance in Europe.

The world's largest industrial gases account on a portfolio of opportunities 12 months – that is to say that projects the group is likely to win – a record level of 4.2 billion euros at end 2011, against 3.9 billion euros at end 2010.

Air Liquide announced Friday sales up 7.2% to 14.457 million euros in 2011, down 6.8% on a comparable basis, and net income of 1.535 million, up 9.4%, with an operating margin stable at 16.7%. 

Analysts polled by Reuters on average expected a turnover of 14.479 million euros and net profit of 1.533 million.

The cluster gas and service, which provides the bulk of group sales, was up 7.5% of its sales on a comparable basis, driven by a 20% increase in sales in countries é ; mergents thanks to strong growth in demand and start-ups and ramp-up units. Emerging, high growth, now represent 21% of sales against 15% in 2008.

The growth of this division has slowed to 1.9% in the fourth quarter on a comparable basis, its lowest level since late 2009, reflecting an unfavorable comparative and global caution client group, particularly in the steel and electronics.

The group, whose competitors Linde German and American Praxair and Air Products intends to pay an increased dividend to 2.50 euros from 2.35 euros for 2011 against 2010.

"The signing of new contracts and continuous innovation to expand its businesses allow the group (…) to be confident in its medium term development program in the 2015 Alma" , said in a statement the CEO Benoît Potier. 

This strategic plan, presented in December 2010, is an average annual growth of 8% to 10% of sales and sustained growth in net income by 2015.

Decisions of industrial and financial investments, totaled 2.0 billion euros in 2011 against 2.2 billion in 2010, with the group's entry in Mexico, Ukraine and Turkey.

The three-party coalition government in Greece have agreed on a set of new austerity measures to implement in return for a second international aid plan ; Athens.

This agreement was confirmed by Mario Draghi, the chairman of the European Central Bank (ECB), itself informed by the Prime Minister of Greece Lucas Papademos.

"A few minutes ago, I received a call from the Greek Prime Minister said that agreement had been concluded and approved by the major parties," said Mario Draghi in Frankfurt.

These austerity measures are required by the ECB, the European Commission and the International Monetary Fund (IMF) to release a second with at least 130 billion euros to avoid bankruptcy in Greece. 

The negotiations between the socialist PASOK, New Democracy conservatives and the far-right LAOS have been difficult because of the hostility displayed by much of the population, already subjected to a rigorous treatment drastically since 2010.

Standard & Poor's on Tuesday cut score of 15 large banking groups, mainly in Europe and the United States as a result of a major review of its rating criteria.

In total, the U.S. agency has reviewed the status of 37 major global banks. In particular, it confirmed the notes of BNP Paribas and Societe Generale."The lowering of S & P both on European and U.S. banks has undermined confidence in the markets," said Terry Pratt, IG Markets.

"This decision has overshadowed the progress made in Brussels on the issue of scaling the EFSF."

Another analyst, Guy Lebas of Janney Montgomery Scott, said that these banks will see their funding costs rise.

This month, officials from S & P indicated that they would gradually announce the ratings updated for more than 750 banking companies in the world, starting with the principal. New announcements are expected in the coming weeks.

For large banks, the rating adjustments are larger than S & P has provided for the entire industry.

France announced Thursday it had called for an investigation to the European financial markets and the AMF after transmission error by Standard & Poor's a message on its sovereign rating.

The Minister of Finance, Baroin said he asked regulators to investigate the causes and possible consequences of the mistake, which he described as "quite shocking rumor of information that do not match any foundation".

"We will not leave any negative message through. It was a strategy, we have an appointment in terms of deficits that is fixed.It will not change one iota, "he said in Lyon on the sidelines of a conference of the economy.

Standard & Poor's has sent a message to some clients who might suggest that the rating of France had been changed.

The rating agency said in a statement that following a technical error, a message was automatically sent to some subscribers suggesting that the credit rating of France had been changed.

"This is not the case notes of the French Republic are AAA/A-1 + with a stable outlook, and this incident is not related to any monitoring activity notes," she said. "We are investigating to determine the cause of this error."

The French left the presidency of the European Central Bank on October 31. It gives way to the Italian Mario Draghi. Record of eight years of a presidency marked by the seal of the crisis. The mandate of Jean-Claude Trichet President of the ECB ended October 31, 2011

The least we can say is that the end of term Jean-Claude Trichet has not been easy. The French left the European Central Bank (ECB), after eight years of presidency, when the euro area is experiencing a critical step – critical? – Of its crisis. For if the Europe Agreement birth Thursday morning in pain is an important step in the short term, it does not eliminate all long-term risks of contagion from the debt crisis.

We do not worship nor hate Jean-Claude Trichet, as it is more consensual than cleaving – it boasts of never having been outvoted by the Governing Council of the ECB. We respect him.For he succeeded in making the institution of Frankfurt an economic and political front. The markets were suspended in any of his words at monthly conferences of the ECB on interest rates. And since Europe is in crisis, he took part in EU summits as well as leaders and heads of government of member states of Euroland.

The route of Jean-Claude Trichet

1942: Born in Lyon

1969-1971: ENA

1978-1981: Economic Advisor, Valerie Giscard d'Estaing

1986-1987: Director of the Office of Edouard Balladur, Minister of Finance

1987-1993: Director of Treasury

1993-2003: Governor of the Banque de France

2003-2011: President of the European Central Bank

Of the review of eight years as president of the ECB, it can be fierce independence vis-à-vis the Franco-German policies.No sooner did he take the levers of the ECB in November 2003, accusing Jacques Chirac and Gerhard Schröder to gut the Stability Pact. In 2010, he opposed the will of Nicolas Sarkozy and Angela Merkel to involve private investors in the rescue of Greece. But we remember also its renewed calls for member states to implement a real economic governance of the euro area. Not to mention his extraordinary responsiveness during the financial crisis in August 2007 first, then in October 2008, noting that the interbank market is frozen, the ECB is the first to lend banks as much liquidity as they wish.

The strong euro, the result of the fight against inflation

Two of his actions, however, are highly controversial.

Nicolas Sarkozy left Paris Wednesday to Frankfurt where he is involved with the German Chancellor to work meeting for the summit of the euro area expected Sunday. President Nicolas Sarkozy meets with German Chancellor Angela Merkel Tuesday, August 16 at the Elysee Palace (both here in Berlin July 20, 2011)

Nicolas Sarkozy left Paris Wednesday to Frankfurt where he is involved with German Chancellor Angela Merkel at a meeting to advance the conclusion of an agreement on the future of the euro area before the EU summit scheduled for Sunday, announced the Elysee.The President of the European Central Bank (ECB) Jean-Claude Trichet, his successor Mario Draghi, the Presidents Council and the Commission of the European Union (EU), Herman Van Rompuy and José Manuel Barroso, the Executive Director of the IMF Christine Lagarde, the finance ministers and French and German, Baroin and Wolfgang Schäuble, also participate in this "informal meeting" added the source.

All these personalities gathered in Frankfurt for a ceremony in honor of Mr. Trichet, who must leave office at the head of the ECB at the end of October. "No statement is expected at the end of this working meeting," also said the French presidency.At a luncheon at the Elysee Palace with the centrist deputies, the president announced he was ready to move quickly in Germany in order to hasten the conclusion of an agreement in anticipation of EU summits and the euro area scheduled Sunday.

France hopes that the EFSF can be turned into a real bank, such that it can refinance directly with the ECB. The ECB and Germany are opposed to such provisions, which require amendment of the European treaties.Germany stands in contrast the idea of ​​a mechanism to ensure EFSF some of the bonds of troubled countries, to multiply by "leverage" its lending capacity, currently $ 440 billion euros, without the states have to increase their contributions.

First limited to Greece, the debt crisis is now spreading to other countries in the euro area and its banks. Spain has suffered a further reduction of its sovereign rating for the third time in less than two weeks, while Greece was paralyzed by a general strike. At a meeting with Merkel in Berlin on October 9, Sarkozy had promised "sustainable solutions, comprehensive and fast" to resolve the serious crisis in the euro area, in any case before the G20 summit scheduled in Cannes on November 3 and 4.