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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%).

American values ​​have increased their decline Wednesday in the second closing in the red as investors begin to consider the prospect of a world stock market would no longer be supported by programs Recovery of central banks.

The Dow Jones has sold 0.95% or 124.80 points to 13,074.75 points. The Standard & Poor's, wider, yielded 1.02% (14.42 points) to 1,398.96 points while the Nasdaq composite fell back to 1.46% (45.48 points) at point

3068.09

This decline comes despite better than expected figures for employment in the private sector. According to ADP monthly survey, the private sector created 209,000 jobs in March in the U.S., against 200,000 expected.

But what continues to attract the attention of investors is that, in the last monetary policy meeting of the Federal Reserve of the United States, only two members its monetary policy committee felt that other measures could be necessary if the economy weakened or if inflation remained at a low level during a pe ; prolonged period. 

Support measures implemented by the U.S. central bank was the main catalyst for a jump of 30% recorded by the S & P 500 since October, although improving conditions in the United States, as reflected by the indicators, also played.

A REASON TO LOWER

"The biggest support for the economy and financial markets for the past two years has been the (financial) support and without it, you always wonder if the economy can stand by themselves, "said Bruce Bittles, head of investment policy at Robert W. Baird & Co.

Some investors, such as Cummins Catherwood, in Boenning & Scattergood, however, believe that we should not over-interpret the decline. He stressed that the market needs a reason to consolidate after its sharp rise and the bottom panel, even if not very exciting, is at least solid.

Values, General Electric, Heavyweight Dow Jones fell 1.1% to 19.74 dollars. Moody's downgraded the rating of Aa2 to Aa3 conglomerate. The note of its financial subsidiary, GE Capital, has also been lowered a notch.

Sandisk has fallen by over 11% to 44.51 dollars. The manufacturer of flash memory has reduced its forecast for sales in the first quarter, citing lower demand than expected from the manufacturers of mobile handsets and pricing conditions unfavorable.

McDonald's ended down 1.9% to 97.48 dollars. Goldman Sachs has released the value of its conviction buy list and lowered its price target to $ 110.

Side increases, AIG ended with a gain of 5.3% to 32.52 dollars. According to CNBC, AIG could launch in the second quarter IPO of the subsidiary ILFC aircraft leasing Holdings.

The government deficit in France was equivalent to 5.2% of gross domestic product (GDP) in 2011, writes Les Echos Thursday on their website.

The first estimate of the deficit is to be published by INSEE Friday morning.

The objective of the Finance Act was 5.7% and the government indicated it could be 5.3%.

Asked by Reuters, the Budget Ministry did not wish to comment.

The government and the two main candidates in the presidential election, the socialist Francois Hollande and Past President Nicolas Sarkozy pledged to reduce the deficit (which includes State, local and social security) to 4.5% of GDP at end 2012 and 3% in late 2013.

According to the Chinese premier, the yuan has appreciated 30% since 2005. It is now close to its equilibrium value. Beijing could stabilize once more its currency to the chagrin of Western countries. A 100-yuan face a $ 100 bill.

The military budget and export quotas of rare earths are not the only subjects of friction between China and Western countries. There's one in particular which is recurrent and that may well not be resolved anytime soon: the yuan. And despite official statements sometimes included ambiguous way too optimistic by some Western obervateurs.

Early on the course of the Chinese currency, deemed too low, the subject of criticism. In the U.S., the yuan is accused of trade deficit and destroy jobs. Following the Forum summit of Asia-Pacific Economic Cooperation (APEC), last February, U.S. President Barack Obama, once again called for an appreciation of Chinese currency. His hopes are to go up in smoke.

According to Chinese Premier Wen Jiabao, speaking at its annual press conference, the last of its mandate, the yuan is now approaching an equilibrium value. It is indeed appreciated 30% since 2005 and has changed little since the beginning of the year. In other words, you must not rely on an appreciation of Chinese currency in the coming months. "We will accelerate reform of the exchange rate", has certainly also said Wen. But it was soon clear "by giving more scope to fluctuations in both directions." In other words, the yuan revaluation claimed to body and cries by the major developed countries, is absolutely not announced.

The braking worrying the Chinese economy is no stranger to these statements. The Chinese export growth has moderated from 21% in the third quarter to 14% in the fourth quarter. In February, China has even recorded a record trade deficit.

China undergoes economic cooling in other countries, experts note of BNP Paribas. The decline in exports is explained clearly by the decline in sales to European countries (22% of total exports in 2011) and to a lesser extent, the United States. Another measure of trade intensity, the current account surplus of China has reached 2.8% of GDP in 2011. "It is below the international norm of 3% of GDP", says Chinese Premier.

Under these conditions Beijing, which needs growth to ensure social peace, has every interest in stabilizing its currency. This lever has been used during the crisis: the 2008-2010 period, Beijing was chosen to secure the dollar before losing a little ground in 2011. In fact, since mid-2008, the yuan has only appreciated that about 5% against the greenback, causing the exasperation of the United States.

In 2012, BNP Paribas' experts provide at best a 3% appreciation of the Chinese currency. But its "internationalization," however, is expected to continue at a rapid pace. Eventually, indeed, China dreams of being less dependent or concurrent, of the dollar. Since 2008, it is redoubling its efforts to force the yuan internationally. Since 2009, Chinese companies can charge in yuan business transactions with foreign countries. Since 2010, foreign companies can borrow yuan, via Hong Kong on an offshore market. Air Liquide has issued bonds last September in yuan to 185 million euros. For two or three years, the yuan also sees its role reinforced by the swap agreements (that is to say, temporary exchanges of cash) made between the central bank of China and its neighboring countries (Korea, Malaysia, Singapore).

Recently, the Austrian Central Bank has signed an agreement with the Chinese central bank, becoming the first Asian central bank not be able to make investments in yuan! Finally, China allowed Japan to buy the first time in its history of Chinese government bonds. The Middle Kingdom does not stop there. Zhou Xiaochuan, governor of China's central bank, requires the input of the yuan in the composition of the SDR, the IMF's currency. But it will be hard to convince world leaders, as are many disputes between China and the West.

Fitch Ratings downgraded Wednesday the long-term rating of Greece from CCC to C, a decision widely expected after the announcement by the Greek government that could force private creditors to bear their losses if they were not involved voluntarily agree to exchange debt.

The note of Greece at Fitch is no longer only a notch above default.

The rating agency said that this decision follows the announcement Tuesday by the Eurogroup agreement on a second bailout program and those of Greece on how to the debt swap involving voluntary participation of the private sector. 

She believes that the exchange, if completed, will constitute a debt exchange and forced the decommissioning and spoke "indicates that a default is likely in the short term. Ratings securities affected by this exchange were also lowered to 'CCC' to 'C' ".

When the exchange is completed, the rating of Greece will be lowered to "restricted default" and after being re-evaluated, with the emission new obligations, "to a level consistent with the evaluation of the agency's structure and its credit profile post-default".

At the brink, the euro area has again died Tuesday morning at the fire that threatened to bring Greece but the road is still long and bumpy before the country only emerges from two years of an unprecedented crisis.

Under the terms of the agreement reached shortly before 4:00 Tuesday and after thirteen hours of negotiations, the Greek debt will be reduced to 120.5% of GDP by 2020 through a new public loan program of 130 billion euros and a restructuring of debt held by private creditors.

They have finally agreed to a 53.5% discount on their obligations through a share swap that will erase more than 100 billion Greek debt. 

The European Central Bank and national central banks in the euro area also participate in the plan by giving up some profits on Greek bonds they hold.

"We have reached an agreement on a new scale for Greece and a private sector that will lead to a significant reduction of the Greek debt (…) to ensure the future of Greece in the euro area, "said President of the Eurogroup, Jean-Claude Juncker, after the meeting.

The euro jumped by about half a cent against the dollar after the announcement of this agreement by Reuters. 

ATHENS UNDER SURVEILLANCE

The restructuring of the Greek debt held by private creditors will commit this week, said Greek finance minister, Evangelos Venizelos.

It is expected to close in early March, when the Greek authorities should also have implemented a list of priority measures in the program if they want to get the first disbursement.

These public funds are needed to Athens could repay 14.5 billion euros of bonds maturing on March 20.

Troika EU-IMF-ECB, which oversees the implementation of reforms and conducts quarterly reports will be further strengthened and its resources increased. 

Under the second bailout, the European Commission will soon send dozens of permanent inspectors in Athens to ensure the smooth running of the technical program and monitor the implementation .

This presence on Greek soil will be accompanied by the creation of a special account to process a priority debt repayments Greek, whose principle is enshrined in the constitution within two months.

NO MIRACLE CURE

This agreement multistage was made necessary by the state of Greek public finances as they appeared in a confidential report prepared by the EU, the Central Europe ; enemies and the International Monetary Fund and obtained by Reuters. 

The document also shows that in case of slippage in reforms introduced in Athens or in terms of economy, Greece's debt could reach 160% in 2020, about his current level.

The new aid package will not be a miracle cure. The Greek economy shrank by 7% annual rate in the last quarter of 2011, more than expected, and the new austerity measures would further exacerbate the situation.

Diplomats and economists do not expect this new bailout plan that solves all economic problems overnight, Greek and many believe it will take at least ten years or more for fulfill this task.

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.

Relieved by the adoption of the new austerity plan by the Greek parliament in Athens, financial markets have not provided plunged into euphoria, the stock markets Europé ; Ennes reducing their gains in late afternoon while the euro erased some of its progression.

In Paris the CAC 40 index displays a close up 0.34% to 3384.55 points, after peaking at 3413.43 in early trading and a passage in the red in the middle of the afternoon. Elsewhere in Europe, Frankfurt gained 0.68% and 0.91%, while London Athens ended with a gain of 4.65%. The pan-European FTSEurofirst 300 index ended with a gain of 0.71% to 1,071.63 points after rising in early morning to over 1,074.

The European partners of Greece have called to make new pledges its commitment to reform: before the Eurogroup meeting scheduled for Wednesday, the Government Lucas Papademos has yet to find 325 million euros in savings and get a written commitment of political parties to enforce the terms of the agreement.

"See riots and austerity measures to a 'newspaper, it's not good for confidence in the economy. This discourages people from spending in the real economy and it erodes consumer confidence, "said Joe Rundle, head of trading for ETX Capital

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Stoxx financials finished up 0.53%. But several French banks have finished in the red after the decision of French and Belgian market authorities to lift the ban on short selling on banks and companies insurance in force since August: BNP Paribas has sold 2.07% 3.64% Credit Agricole and Societe Generale 2.19%.

Other values ​​for this session generally calm, Cable & Wireless Worldwide jumped 44.51% after Vodafone's statements on his interest in a possible takeover.

Sign that investors are still far from fully reassured that the Greek case, the futures contracts on German government bonds, safe haven par excellence in Europe, are starting to rebound in the afternoon. 

Previously, the vote was nevertheless benefited the Greek borrowing of the States "peripheral" euro zone, such as Italy or Spain. The Italian Treasury shall conduct an auction Tuesday for at least six billion euros of bonds, on Monday after raising 12 billion of short-term paper with yields down.

After approaching the threshold of 1.33 dollar, the euro has given up its gains in the afternoon, passing into the red in fed low volumes, traders noting that Greek parliament's vote is far from appeasing all voltages.

"We believe that Greece will eventually receive the money by March 20 but we still think that the euro will fall," says David Watt, currency strategist at RBC Capital Markets. 

The price of oil continue to rise to the highest in six months hit last week, benefiting from renewed risk appetite encouraged by the vote of the Greek Parliament.

But the persistence of many uncertainties about the debt crisis has, again, limited the increase, especially since the beginning of a thaw in Europe after the cold spell of two weeks elapsed 're promotes profit-taking on Brent.

An American from Wisconsin was charged Thursday for selling fake Facebook actions by taking advantage of impatience about the upcoming IPO of the first global network community.

According to the complaint filed Thursday, Marianne Oleson would have claimed one million dollars in Facebook stock and have convinced several people to become the purchaser.

She was accused of 31 charges, including theft, forgery and misrepresentation.

Facebook announced Wednesday, almost eight years to the day after it was created by Mark Zuckerberg, its proposed IPO with the intention to raise $ 5 billion.

Marianne Oleson, according to the complaint, explaining that her daughter was linked to Mark Zuckerberg and had had access to titles Facebook. 

She would have paid in false actions including a contractor who performed for nearly 14,000 dollars of work on his house. The man would have also paid 10,000 dollars to buy other securities fictitious.

Another of his alleged victims, a sexagenarian, he would have four checks totaling about $ 40,000.

The IPO of Facebook, expected in May, should be the operation of this type the most anticipated of the year, and set a passing record for a spin start-up Internet.

At its IPO in 2004, Google had sold nearly two billion dollars of securities.

Ahold announced Monday a series of measures to accelerate growth, new cost cuts and a boost to the dividend, the Dutch retailer hoping to convince investors of the strength of his model.

While the group has performed better than its commercial rivals in recent quarters, as Ahold trades at a discount to many other names in the industry, because of the feeling that the company is too exposed to low growth markets.

Ahold, owner of the first supermarket chain in the Netherlands Albert Heijn, produces some 60% of its sales in the U.S., with retailers Stop & Shop, Giant-Landover and Giant-Carlisle.

The company last week released the results better than expected in the third quarter with a 5% increase in earnings, rising food prices and market share gains have boosted sales despite difficult market conditions .

Among the measures included in a presentation to investors, including the group intends to triple its online sales, to 1.5 billion euros, and open at least 150 stores over the next five years.

Specifically, Ahold wants to open at least 50 supermarkets in Belgium after the results of two test stores already established in the country.