International News

In Greece, the good news is rare lately. The most indebted country in Europe would be out of recession in the first quarter of 2011, thanks to a rebound in activity of 0.8%, according to Eurostat and the Greek Authority statistics. A surprise, after a dip of 2.8% over the last three months of 2010, a figure significantly revised downward from earlier estimates of -1.6%.

"The resumption of growth in Greece is surprising: we expected the continuation of the recession," says Thibault Mercier, economist at BNP Paribas. "But that blip, probably driven by external trade, does not fundamentally change the situation: the austerity program has a strong impact on household consumption.Businesses can not borrow at very high rates and banks, whose health depends on the state of public finances, have limited access to liquidity. "Clearly, they can very easily give credit to their customers.

"The recession is it defeated?" Asks BNP Paribas. "Not really: the figures published so far do not provide details on the components of growth and numbers are often revised significantly after the first publication." These factors explain the downward revision by the European Commission's forecast Greek economy to the same Friday. It now expects a fall of 3.5% of the activity, against a fall of 3% previously envisaged. Accordingly, the government deficit is forecast at 9.5% of GDP, against 7.4% previously estimated.

The recovery is strengthening in the euro zone

Moreover, growth in the euro zone has more than doubled in the first quarter at +0.8% against +0.3% end of 2010, according to a first figure published by Eurostat.

It is true that several countries are still experiencing difficulties. Portugal has thus fallen into recession, with a contraction of 0.7% of GDP and the Italian economy has stagnated (+0.1%). Spain has recorded its share to a timid growth of 0.3%.

The average growth in the euro area was driven by the dynamism of its largest economies: France reported a surprise increase of its activity by 1%. Growth of 1.5% was even made by Germany!

François Lenglet, managing editor of business daily.

Sony continued its demining operation. Sunday morning, leaders of the electronics group broke the calm of a week full of holidays in Japan to hold an emergency press conference after hacking data of 78 million customers of the platform game online PlayStation Qriocity and a new music download service. On this occasion, the head of consumer business group, Kazuo Hirai, presented his "sincere apologies" and announced a series of measures to "restore confidence" of players.

The situation is serious. Between April 17 and 19, the network information Sony has suffered a virus attack that allowed hackers to capture data from users of the PlayStation Network (PSN), including their name, date of birth, email address and password.Above all, Sony has "not ruled out the possibility" that the bank details have been stolen. Even if the information was encrypted, some 10 million bank details can be found potentially in nature.

Measures of common sense

Faced with this threat, Sony executives have started to deliver the recommendations make sense. They advise gamers to "look at their records and monitor the history of their purchases by credit cards, and change their username and password on other online services if they were identical to those entered on the network PlayStation. This change of password will be imposed when the PlayStation Network and Qriocity service, suspended since April 20, will return to service in the coming days.Players receive one month's premium subscription service for the PlayStation, as compensation paydayloans.

But Sony has also enabled internally to prevent such mishaps from happening again. The electronics giant has announced "measures to improve the security of its network, with the establishment of a" monitoring software automatically to defend against new attacks, improved data encryption , more sophisticated means of detecting intrusions on the network and adding new firewalls. A "Mr. Computer Security "will also be appointed.

A survey in France

On the investigation front, Sony has relied on the expertise of two companies specializing in computer security, while cooperating with authorities in several countries, including the FBI in the United States which are grouped as many users.Official inquiries have been launched or are about to be committed by Great Britain, France, Australia and Hong Kong. For now, no information was provided on the likely perpetrator of this piracy and their motivations.

According to Kazuo Hirai, it is too early to evaluate the accounting consequences of piracy. The cyber attack occurs however at a delicate time for Sony, faced with the consequences of the terrible earthquake and tsunami of March 11 in Japan that led to the temporary shutdown of some of its plants. It also touches the heart of its development strategy in video games, which relies more on online play with each new generation of consoles, and thus the players' confidence in buying from a distance.

After two difficult years, the market for used cars has finally erased the impact of economic recession and scrapping. With over 510,000 registered vehicles in March, he returned to a level he had not met since April 2008. This is twice the new home market, as 257,000 new cars were registered in the period.

The recovery appears sustainable. 38% of members of the National Occupational automobile (CNPA), which includes dealers and professionals the opportunity to anticipate an increase in their turnover in their activity during the second quarter of 2011. There were only 14% to be optimistic about a year ago. These professionals do indeed represent only 40% of the market, 60% being made between individuals, but they give a good idea of ​​its evolution.

It was the next level to reach for gold. The 1500 dollars, a level ever recorded for the yellow metal, have been hit on Wednesday in Asian trading. At the Stock Exchange of Hong Kong specifically, an ounce of gold reached 1,500.70 dollars in the afternoon. This performance was predictable when reached 1,499.32 dollars an ounce the previous day in London. The pace of growth is dazzling but in less than a month, gold has made close to $ 53. March 24, the yellow metal was trading at 1447.82 dollars yet.

This acceleration reflects a broad movement of deferral of investors in risky assets to what they see as the ultimate safe haven. Gold is indeed a physical asset with intrinsic value is backed by any issuer. He is considered an effective barrier to escape threats currently facing inflationary in most economies.China announced last Friday that inflation rose to 5.4% in March. In Europe, inflation rises to 2.4% while in the U.S., it reached 0.5%.

Alert on debt

The surge in gold can also be explained by rising concerns over the sovereign debt of countries in the euro area. Rumors of the restructuring of debt of Greece sow confusion in the markets. In parallel, operators wonder if Portugal, which will launch an austerity measures, will overcome its difficulties. The degradation of the sovereign rating of Ireland only complicated the situation. Very worried investors finding more than in Finland, nationalists opposed to helping fragile countries, became the third force in the country.

More ominously, investors realize that even the world's largest economy is not immune.For the first time in its history, S & P has downgraded the debt of the United States. Monday, the day the ad crashing, gold has gained almost 10 dollars to 1496.50 dollars. The purchases were supported by a bout of dollar weakness which makes it even more attractive purchases of commodities, including gold.

For the rest, the next goal is the threshold of $ 1600. According to experts from research firm specializing in the GFMS gold, it will be reached and even exceeded by the end of the year.

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A supervisory board was held Friday night at Areva, with the menu preparation of the general assembly of the nuclear group, on 27 April. While some members of the supervisory board mandate coming to the end, these included establishing the list of those whose names will be submitted to shareholder vote.

Unsurprisingly, Jean-Cyril Spinetta is part of the list. The current president will be renewed during Supervisory Board provided at the end of the GA. However, Rene Ricol, author of an audit on behalf of the government leaves office, as he wished. Anne Lauvergeon, Chairman of the Board whose term ends June 30, reappointment of Jean-Cyril Spinetta is a good thing: he wants his support.

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The false Renault spy case comes to an end for Matthew Tenenbaum. The youngest of three executives dismissed earlier this year accepted its reintegration into the group, according to the agreement reached with management on Monday. "I can confirm that it is reinstated. It remains to determine what functions, it is being discussed these days, "said Thibault de Montbrial, his lawyer. The other two concerned Balthazard Michel Rochette and Bertrand, they have decided not to return.

The other part is returned Philippe Clogenson. The latter had been dismissed for corruption in 2009, also on the basis of anonymous accusations that proved unfounded. Renault reinstate it next month as director of "business development" Renault Consulting, the consulting division of the group.

Back to the wall

The return of Matthew Tenenbaum Renault may have a bitter taste.A new audio document, published by L'Express on Tuesday, makes indeed account for the severity of the direction towards him during the meeting on 3 January with Christian Husson, legal director of the company. That day, part learned with amazement accusations of industrial espionage and the dismissal proceedings against him.

Confident Christian Husson Matthieu Tenenbaum launches: "We know that you have committed serious acts, unethical at Renault, and constitute criminal offenses. You'll leave here earlier with a layoff conservatory. The latter seems stunned: "I do not see at all what you mean." Then follows a real game of ping-pong between the two men Proceedings:

– "I think you know very well," said Christian Husson.

– "No! "Replies Matthew Tenenbaum.

– "Yes, yes Matthew …"

– "We know each other!"

– "Of course we know each other. But here, we know "

– "But you know what?"

– "We know."

– "But you kidding! It's not going head! "

– "It's going very well," said Christian Husson, which states in part that his "cronies" are examined in the offices nearby no fax payday loans.

Confession or resignation discrete

Despite the pressure and lack of explanations, Matthieu Tenenbaum continues to blanket denial: "To be escorted by hounds and finish it tells me that I have two choices, either confess or I am made walk for eight days, excuse me fall out of the closet like that, but what you speak? "

Tired, legal director offered him a "deal": "Either you cheek me, Commissioner Mills and the suspect who denies any ', or you end up in more discrimination (…) If you deny everything, that's what will happen .It will trigger a cumbersome procedure, criminal, and certainly with the key to serious consequences for you (…) Let you have more discernment, and it leads to resignation (…) that is to say that you hand your resignation with some details on what information you passed to the Chinese. And it stops there. "

Christian Husson Tenebaum then invites Matthew to "think carefully" to the maintenance of 11 January with Jean-Yves Coudriou, the chief executives. "Stop saying that you did nothing. We know, "he says.

"My hands are clean"

At this stage, the choice of frame is yet done: "If the only way to restore the truth is the hard way, I will take the hard way. But I do not see anything else I can do, "says Matthew Tenenbaum. "You can check all my accounts, my emails, my stuff, digging my home search …but never in my life I would have given any thing outside of the company! "he protested. "I have clean hands so you can do anything you want. I never turned a penny of this company. "

Despite the determination displayed frame, Christian Husson does not bend. "You'll go to your office seeking your business quietly without wishing the wishes to your colleagues. Hello Matthew! "Says he at the end of the interview.

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After Ireland and Portugal, Iceland could be the third country to experience a major diplomatic or political crisis, directly resulting from the economic and financial crisis of 2007 and 2008. On Saturday, some 230,000 Icelanders go to the polls have indeed voted in a referendum against the agreement Icesave, the name of the online banking subsidiary of Landsbanski, the second Icelandic bank nationalized in 2008 after going bankrupt.

Since March 6, 2010, the date of an initial consultation, the question arose on the repayment to Great Britain and the Netherlands of compensation paid at the time of their nationals Icesave victims (about 340,000 savers). Totaling over $ 3.9 billion. A financial burden that Icelanders have refused to take in view of the first results of the referendum held Saturday, April 9.

"No problem to solve our debts"

According to figures almost final, non prevail widely, with 57.7% of the vote, against 42.3% of voters in favor of yes. Certainly, the rejection is much less massive than a year ago, Icelanders have been 92% to vote against the assumption by the State for damages caused by international private banks. However, the consequences seem equally or even more complicated for the government in place since 2008. Iceland had indeed engaged in December last year to repay the Netherlands and Great Britain, all amounts advanced to their injured citizens.To plan would run from 2016 to 2046.

Already, even before the final election results, the Dutch Minister of Finance Kees Jan De Jager said he was "very disappointed" by the decision of the Icelandic people do not accept the agreement between the three countries to try to resolve a situation that has become almost inextricable. For British and Dutch side, no question that the matter ends there, whereas the two countries now that the litigation must be brought to justice.

In London and The Hague, the respective Ministers of Finance are studying the possibility of litigation to settle the case before the EFTA (European Free Trade Association). A first procedure had already been initiated by the Netherlands to that authority, then stopped to allow the three countries directly negotiate terms of an agreement.With the refusal of the Icelandic people Saturday "the negotiation stage is over" said Niels Redeker, spokesman for the Dutch Ministry of Finance. He thus echoes the English Treasury number two, Danny Alexander, who considers "disappointing" that the negotiated settlement with Iceland is either resulted in a release.

"No problem to solve our debts"

Therefore, the EFTA will resume in the coming weeks the record in hand. And Iceland may be worried because the authority was already acknowledged in 2010 that the amounts claimed by the Netherlands to Iceland and they were well due. The arrival of the United Kingdom in the proceedings, which examined the possibilities Sunday "to join it" could further complicate the task of the Icelandic government.Because if it believes it has "no problem to pay its debts" in the words of Steingrimur Sigfusson, his Finance Minister, is it always that the Icelanders are still refusing to pay the slate of private banks. More for foreign citizens. Therefore politically difficult to Reykjavik to meet its promises after two resounding rejection of his countrymen.

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Intermarché reacts. With its three-year plan in 2011 revelation, presented on Monday morning and backed by a media campaign from 15 March, the group implicitly admits his weaknesses … he intends to treat. The turnover of the group of Musketeers has certainly increased by 4% last year to nearly 35 billion euros, but this increase is largely due to locations abroad and the meager cache up 1.6 % of intermarket French (excluding fuel, at constant perimeter). The network has lost 0.1 points of market share, according to Kantar Worldpanel where U etLeclerc System have won.

Intermarché would imitate its competitors on another point, profitability, the group that developed the Musketeers had somewhat lost sight of in recent years marked by the expansion."Our goal is to win 15% of turnover per square meter in three years," says Gilles Briand, member based in Foix and in charge of marketing at Intermarché.

Led by a new president, Jean-Pierre Meunier, in recent weeks, Intermarché to reverse the trend. Network segmentation, with next to hypermarkets and supermarkets, and of intermarket Contact Express comes to an end: one third of the stores has yet to change sign before the end of the year. This new visual identity will help the group to support its new slogan: "Intermarket, teaches the freshest market." This slogan refers to our strong point, fresh produce. But it also refers to our commitment to innovation, both in terms of products, services sales channels, "says Gilles Briand.Stores "Drive," where consumers can withdraw their orders after their shopping online, are growing strongly (8 outlets to date, 80 expected end 2011). A VIP category was also created for holders of the loyalty card (with a revised promotion system).

The most visible brands

The overhaul of the range of retail brands Intermarché is the most visible innovation for the customer. This range includes 4500 references in 2000 on food and non-food accounts for half of sales volume. It should streamline the offer divided into 90 brands."To make more understandable the range, we'll rationalize it around our thirty most iconic brands, such as Paquito (fruit-based products), Pastures (dairy products) and Labelle (body care)." However, brands Heart Mountain Terrier Clos Chevrel Bergelou or disappear from the shelves.

Moreover, Intermarché will launch a new brand, Route des Saveurs, bringing together of products are "ethnic and regional cuisine, as varied as Chinese spring rolls or cassoulet.

Revelation 2011 is also an overall cost savings. "It should allow us to regain our leadership," says Gilles Briand. The group members have bread on the board, but they are comforted by the good results of the reorganization of the subsidiary Netto discount stores.Its sales jumped by 9.7% in 2010, won the group with 0.1 points of market share, while this segment has been rather neglected last year.

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Asian markets are mostly in positive territory on Monday. As the United States and Europe, Asian markets seem to have temporarily turned the page file from Libya to the advantage of a lull in the oil markets.

In Japan, the Ministry of Economy, Trade and Industry (METI) has reported a 2.4% increase in January industrial production in the archipelago through improved production Auto. By comparison, the increase was 3.3% in December and 1% month on month in November, after a steady decline from June to October. In contrast, retail sales in Japan were flat in January (+0.1% yoy).

The Nikkei has rebounded, however, the slope after starting down 0.72%. The benchmark index of the Tokyo Stock Exchange ended the day with a rise of 0.92% to 10,624.09 points.The broader Topix index of his side finished the session with a gain of 0.99% to 951.27 points.

The growth of China and India under the microscope

In China, markets have also started in the red. The Shanghai Stock Exchange and Hong Kong lost 0.23% and respectively 0.36% in early trade. The operators were cooled by ads, this weekend, Prime Minister Wen Jiabao. The latter was thus delivered to a lower estimate than that usually given by the Chinese leadership by explaining that "in the five-year plan (2011-2015), we agreed to meet a growth target of 7%. However, the two stock markets managed to close in the green end of the session. Around 7 am, the Hang Seng is 0.79% and the Shanghai Composite gained 0.56%.

In India, the government has given an estimate of growth below expectations.The country registered a GDP growth of 8.2% from October to December in the year. In the previous quarter, July to September, posted a growth rate year on year by 8.9%, better than expected by analysts. The Sensex jumped by 1.43% despite everything.

Furthermore, only a few financial centers are declining. This is the case of South Korea's Kospi, which lost 0.95% or the S & P Australian loose 0.12%.

Oil rises slightly

Crude oil prices were to share the upside Monday in electronic trading in Asia against the growing instability in the Middle East, analysts said.

In morning trading, a barrel of light sweet crude for April delivery gained $ 1.66 to 99.54 dollars. That of Brent North Sea crude for April delivery took $ 1.28 to 113.42 dollars.