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!

In the light of an early meeting smashing, with the Dow Jones up more than 1%, the NYSE closed modestly in the green Friday. The Dow Jone gained 0.43% to 12,638.81 points. The Nasdaq index of technology stocks has taken its share 0.46%, to 2827.56 points.

The mood on Wall Street's opening, driven by the release of employment figures better than expected, has been tarnished by rumors from the euro area. Greece had indeed threatened to leave the eurozone, according to the German magazine Der Spiegel, citing sources close to the German government. A ifnormation quickly rejected by the major European capitals and in Greece itself.

U.S. stocks have opened sharply into the green on Friday, strongly supported by the publication at 14.30 good employment figures for the month of April.The Dow Jones advanced 1.10%, to 12,723.12 points and the Nasdaq by 1.09% to 2845.48 points.

Thursday for the third straight session, Wall Street had ended in retreat, investors are unpleasantly surprised by the rise in weekly jobless claims. The fall in commodity prices had also weighed on Wall Street and on most stock exchanges. Asian markets were down this morning.

Oil, for his part ended in the red, a barrel of light sweet crude for June delivery touching down to 97.18 dollars. In one week, falling 15%. This is the largest decline in weekly percentage terms since the week 19 December 2008 when prices fell by 26.8%.

The commodity index had plunged by 5% Friday, its heaviest correction since the 2008 financial crisis and one of the largest in its history.This violent decline in oil and metals weighs heavily on many sectors like oil and steel or producers.

On the foreign exchange market, the acceleration surprise hiring in the U.S. and the turmoil associated mainly in the euro zone have precipitated the rise of the dollar. After passing during the session under $ 1.45, a first for 10 days, the euro traded at 1.4341 shortly before 22.30, down 1.37%.

Kraft Foods profit down

Values ​​to follow

Kraft Foods 2.91% to 34.36 dollars

No. 2 worldwide agribusiness has announced a profit of 799 million dollars in the first quarter, down from $ 1.8 billion last year. The benefit was then boosted by asset sales. Turnover was up 11% to $ 12.6 billion. Organic growth was 4.5%.For 2011, the Group expects organic growth of 4%, against 5% previously announced, and a total growth between 11 and 13%.

Sara Lee: +0.99% to 19.47 dollars

In the same sector, Sara Lee announced a quarterly profit of $ 153 million, against a loss of 336 million last year due to exceptional items. Turnover was up 6.8% to $ 2.22 billion below the $ 2.23 billion expected. Gross margin was down to 33.2% against 37.6%. The group has raised its selling price by 3% on average and anticipates further increases over the next 6 months.

Visa: 0.58%, to 79.16 dollars

Visa has announced his side a 23% increase in profits in the first quarter to 881 million.Net banking income of 2.2 billion, up 15%, driven by higher payments to international and a positive currency effect of 2%. The main uncertainty for the group focuses on the reform sought by the Fed on the fees charged on payments. The new law could reduce the turnover of the group between 11% and 15% and earnings per share of 20%. In addition, the group announced a new share repurchase program of $ 1 billion.

AIG: 1.36%, to 31.21 dollars

The insurance group has achieved for its first quarter 2011 net income of 269 million dollars against 1.8 billion a year earlier.However, the insurer posted a loss of $ 0.35 per share against earnings per share of $ 2.66 last year following the redemption of shares held by the U.S. Treasury for $ 385 million and the additional cost of 427 million related to the redemption of preference shares.

CF Industries: 5.28% to 136.07 dollars

CF Industries announced for first quarter 2011 net income of $ 282 million after a deficit of 4.4 million last year.

Fluor Corporation: 7.27%, to 70.49 dollars

Fluor Corporation completed the first quarter 2011 net income of $ 140 million against 137 million last year.

Microchip Technology: 1.04%, to 40.96 dollars

Microchip Technology has reported for the fourth quarter of 2010/2011 with a consolidated turnover of 380 million up 37% year on year and net income from continuing operations of $ 131 million, up 72% over the year.

Priceline.com: -1.02% to 528.59 dollars

Priceline.com posted a net profit in the first quarter of $ 137 million, up 57% over one year, earnings per share $ 2.66 $ 2.44 against the dollar and 1.7 expected last year .The turnover amounted to 809 million, an increase of 38.5% over one year.

Public Storage: 0.61%, to 24.80 dollars

Public Storage has announced a net profit in the first quarter of $ 148 million against $ 35 million a year earlier.

Sunoco: 3.44%, to 41.44 dollars

Sunoco recorded a deficit of 101 million dollars in the first quarter against a deficit of 63 million last year. The board of directors also declared a quarterly dividend of $ 0.15 per share.

The team goes into overdrive in the race to develop digital. In January, Marie-Odile Amaury, CEO of the eponymous media group, reiterated his desire to develop the sports daily on digital media, web, mobile tablets, after clearing up advertising revenue in 2010. "The Team Leader Sports Information on digital. Our website attracts over 5 million unique visitors per month, consuming more than 700 million page views, which places him among the top three websites in France, across all categories. Our mobile traffic has surpassed 100 million monthly page views. All our media are also available on shelf ", says the CEO of L'Équipe, which is also considering" creating a product designed exclusively for Team shelves that prepares for early 2012. "

In 2011, one of the group's priorities is to approximate the print and Web newsrooms, which total more than 350 journalists and must "work more consistently. These essays have lived ten years in parallel with strong stories, "says Francis Morinière, who named Fabrice Jouhaud head of editorial at the end of last year. The latter has seen his responsibilities extended to the Web, in addition to newspaper and magazine. "This is one of the most brilliant journalists of his generation, I think this project will lead with intelligence."

A free channel available on an HD channel

Another variation of the group, the Team TV channel on cable (numeric), satellite (CanalSat) and ADSL (SFR), carries an audience share of 0.2%, according to Mediametrie. What is the future of TV? "The thematic development of pay channels is complicated to run.That's why, if the CSA confirmed its intentions, The Team will be a candidate for the award of a frequency HD digital free sports information, "says Francis Morinière, echoing the call for APF applications "should be announced for late 2011. Until now available on carriers paying Team TV would become a free channel, directly accessible on a HD channel. "This is a major project for the Amaury group. That's why this decision was taken in full agreement with Philippe Carli, CEO of the group. Two years ago, the president had said during the Estates General of the press that "The State should ensure that the press has the conditions for its development." Our development on television follows this logic.The future of media groups through their ability to project itself into a multimedia based on strong brands and recognized, "said Francois Morinière.

If he gets the green light from the CSA, the proposed free HD channel on DTT would require an investment of "more than 30 million euros cash advance now. Many people are concerned about upsetting the economic balance of the PAF. But it will not be challenged because we are targeting around 1% market share of advertising revenues in television [estimated at 3.4 million net in 2010, according Irep]. When comparing the profitability of media groups and media groups, there is no danger in delay. For us, it can be very beneficial to the contrary ", says the CEO of the group.What would the editorial content of this new channel for free? "The sport is missing from the landscape of free channels, then it is a focal point for 25 million French. The public expectation is high, and the legitimacy of the team is obvious. Our project is ambitious and is a part of Team DNA. It was Charles Bietry, editorial director of TV crew and one of the inventors of the sport on television, which designs the project. "

8.4 million consumers

If he was born, this project would compete with that of Alain Weill, RMC Sport, which would also aim to invest TNT HD. "We'll see. Team TV has been around almost 13 years, but the draft RMC. Our editorial guidelines are different, our projects will be too.RMC is very focused on football and relies on consultants vedettes.Notre project will discuss all sports in all their meanings, and based on an essay of 350 journalists sport experts, present on all land sports the world. Sport is essential in the TNT. The team of 70 can speak the French sports, "argues Francis Morinière.

In 2010, France paid for the dissemination of L'Équipe, almost stable at -0.3%, amounted to 302,158 copies, according to OJD. Sporting events of 2011 do they offer such good prospects? "We are pleased with these figures. This is the first time that the daily broadcast is stabilized since 2006, knowing that France was now in the final of the FIFA World Cup, "said Francois Morinière.In addition, Team consolidates its leading position in national newspaper with 2,347,000 readers daily on average, up 1.6%, according to the latest audience research EPIQ. A hearing "up 6% on assets and AB +, as the Group Chief Executive. Finally, the mark "Team" is the first media brand in France with 8.4 million consumers weekly, daily between the Web and magazine. Nevertheless, 2011 will inevitably a little quieter for us. Sporting events are less promising and have the disadvantage of being in negative time difference, "he concedes.

Returned to profit, the group Team weighs "250 million" in sales in 2010. "Just over 50% of its revenues" are generated by the newspaper, whose 'relative share is fairly stable, "said its director general.

The government takes action to defuse the controversy over rising energy prices. And Francois Fillon has "taken a series of measures to limit the impact of energy prices on the purchasing power", Matignon said Tuesday in a statement.

The Government has expressed particular the cancellation of the rising gas prices initially expected July 1. In addition, departments will review the tariff applied to gas prices. Gas prices rose 5.2% Tuesday, bringing to more than 20% price increases year over year. With the calculation in force today, it might also increase again by 7.5% on 1 July.But while the subject of rising prices are especially sensitive to thirteen months of the presidential election, Eric Besson, Minister of Industry, Energy and the Digital Economy, had already indicated that decisions were expected at the end arbitrations and the Elysee Matignon "in the days to come."

The government also plans to review the public service contract that binds GDF Suez to the state, "to make it more favorable to the ultimate consumer when the market prices are persistently lower than the price of long-term contracts." Since early 2010, GDF Suez, owned 35% by the state, which offers fares. The CRE then verifies that they conform to the formula.This was pronounced in recent days to a new formula.

"Special contribution" of oil

Another measure expected: the oil companies will now be drawn upon to finance the oil import bill. They will finance the upgrading to 4.6% "of the flat rate mileage apply for tax revenue in 2010 compared to the level used in 2009." This tax deduction will allow those who use their cars very much to offset soaring fuel prices bad credit payday loans. Matignon stresses with the oil companies define the form that this "special contribution". The idea of ​​a fuel voucher donated to the poorest households had been discussed but time does not appear to have been selected by the state.The establishment of a solidarity fund, financed by oil tankers, would be the preferred path to creating a new tax.

But this idea goes wrong with the oil companies. The president of the French Union of Petroleum Industries (Ufip) Jean-Louis Schilansky pointed out that the "flexibility" was "extremely small".

Focus on energy savings

Moreover, the Prime Minister indicate that electricity prices for households will increase by 2.9% on 1 July 2011, then remains unchanged until 1 July. An increase of more than 5% until 2015 had been raised so far, an increase of nearly 30% by 2015.

Finally, the State affirms its commitment to achieving energy savings."The Grenelle environment in 2020 will continue the energy reduction through the support of renewable energy, energy efficiency and reducing CO2 emissions." The government will thus to 1.35 billion euros the program "Living better" which assists households in a precarious situation. EDF, GDF Suez and Total will participate in 250 million euros in the program.

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Renault CEO Carlos Ghosn, Patrick Pelata, the general manager, on Monday presented their "apologies and deep regrets, personally and on behalf of Renault executives dismissed the three early January and accused of" wrongly "espionage . The automaker promises to "repair" and agrees "that reparations be paid to three executives involved and that their honor is restored to everyone, taking into account the serious human harm they and their families have suffered."

A few minutes earlier, the Paris prosecutor Jean-Claude Marin told a press conference that the prosecution gave up the hypothesis of espionage within the group, investigations into banks in Switzerland and Liechtenstein have shown that "the bank accounts of executives charged with Renault not exist," said the prosecutor.

The floor is moving towards the assumption of a "possible fraud intelligence" to the detriment of the group, following the indictment of Gevrey Dominique, head of Renault's safety, for "organized fraud". The trail of espionage is not completely ruled out, as "the scenario of destabilization, however, tempered Jean-Claude Marin bad credit personal loan lenders.

Renault has already paid 310,000 euros

In early January, the automaker has laid off three of its executives, accusing them of having coined confidential information on its program of electric vehicles. But since then, doubt has set in and Renault considered the argument of a "manipulation". The group acknowledged having paid its informant, referring to a sum close to 250,000 euros.The prosecutor for his part said that Renault had already settled 310,000 euros for information and he still had to pay 390,000 euros.

In an interview with Le Figaro, the chief delegate of the group, Patrick Pelata, hinted he might resign if the allegations proved unfounded: "When the investigation is complete, we will draw all the consequences to the level more top company, that is to say to me, "he said.

Renault has convened an extraordinary board of directors on Monday to 16 hours.

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Late SNCF again culprit. According to a survey conducted by the CFDT, only one train in three on average arrive on time. To achieve this, hundreds of union activists have noted the arrival of 1964 trains between January 24 and February 17 last. Conclusion: if one third of the trains are punctual, 35% have a delay of between one and five minutes, and 24% between six and fifteen minutes. Users being the most unlucky people who use the train to travel from Paris to Caen: a second train arrived there only at the scheduled time. According to the study of the CFDT, Transilien and TGV would be a little more punctual (respectively 33% and 31% are) as ESTs (25%). The only consolation for the SNCF in this study: the delay is due in approximately 70% of cases to an external cause on which the railway group can do nothing.Remaining 30% of situations where it is fully accountable, according to the CFDT, the inaccuracy of its trains.

Strikes user

A lack of punctuality that starts to annoy users. At the point that last January, some subscribers of the line Angers-Le Mans-Paris went on strike, refusing to submit their subscription in protest against "a sharp deterioration of service for which we pay dearly, with Repeated delays professionally very damaging. " During the winter especially, the SNCF has multiplied because sometimes quacks of strikes, sometimes the weather marked by heavy snowfall. According to internal data SNCF published in late January, all train types in 2010 experienced a deterioration in their regularity.Even if the group retains rail figures are more favorable than the CFDT: they are 90.7% of trains arrived on time in 2010 according to SNCF, against 91.4% in 2009.

Engagement letter

Users do not make a mistake: in January, according to a survey * conducted Ifop for Ouest France, three quarters of those surveyed felt by Ifop train schedules less respected in recent months. Nicolas Sarkozy made the same observation, and direct the Director of the SNCF, Guillaume Pepy, to remedy this. In the new letter of assignment entrusted by the chief executive officer of the State Railway Group, he stressed that the effort on the quality of service "must be a strong value of the company, as well as technical performance or safety. "Especially in addition to angering legitimate users, delays in the station could end up costing him dear: justice is in effect for the first time last September sentenced the railway company to pay damages and interest to a user's penalized by delays. "A decision that opens the door certainly other complaints," said the spokesman, so a user association.

* Directed the 20 and 21 January last with 968.

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Bank of America now seeks to turn the page of the toxic legacy of its acquisition of Countrywide Financial in 2008. The first commercial bank in the United States has agreed to buy nearly $ 3 billion in rotten mortgage loans that Countrywide was sold to Fannie Mae and Freddie Mac. These two institutions under the supervision of the federal government since September 2008, a mission to buy mortgages from banks and turning them into bonds that they guarantee and then sell to investors.

Now Fannie and Freddie continued Bank of America for months. They argued that Countrywide had sold their loans whose risks were deliberately hidden since they relied on false information.Countrywide, a specialist in subprime, were high on the euphoria of the years 2006-2008 unhealthy inflated property values which served to guarantee its loans. The institution, cartoon institutions negligent in their analysis of real estate risk, had also overstated borrowers' incomes so as to give the illusion that they could afford the monthly payments.

Bank of America, the de facto head of aberrations of Countrywide since the institution was incorporated in California in his empire, has contributed $ 1.28 billion to Freddie Mac and Fannie Mae to $ 1 cash advance flexible payments.52 billion. These figures are rather lower than expected. The shareholders of Bank of America were relieved by the news yesterday.Bank of America's action ends the session on Monday up 6.30% to 14.18 dollars on a market up 0.81%.

Huge losses

The Bank of Charlotte (North Carolina) anticipates the passage in lost $ 2 billion in the fourth quarter and the establishment of an accounting provision of nearly $ 3 billion. The transaction should not affect its capital ratios. Other institutions such as insurer Allstate Corp., Attacked Countrywide for the same reasons that Fannie Mae and Freddie Mac. It is therefore possible that the agreement with the two mortgage giants set a precedent.

The housing market downturn since 2007 has resulted in huge losses for Fannie and Freddie over 145 billion dollars. They certainly tend to decrease in recent quarters.However, they continue to be regularly covered by the U.S. Treasury.

JP Morgan Chase, Wells Fargo and Citigroup are also among institutions as Fannie Mae and Freddie Mac want to force them to buy tens of billions of toxic loans.

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The granting of environmental bonus, established in 2007 under the Environment Round Table, will be smaller in 2011, as had been announced. The Government has just published in the Official Gazette the decree tightening its eligibility criteria. The aid of EUR 2 000 paid for the purchase of an LPG vehicle is removed. Those allocated for the purchase of hybrid vehicles will also be more restrictive.

In addition, the bonus of 100 euros for the purchase of cars emitting between 116 and 125 g / km CO2 will be removed. Now, to receive a bonus of 400 euros, bought the vehicle must emit 91 to 110 g. A premium of 800 euros will be paid for cars emitting 61 to 90 g.As for hybrids, they must emit less than 111 g to give the payment of 2000 euros.

However, the government does not affect the premium of 5,000 euros allocated for the purchase of vehicles emitting less than 60 g / km of CO2, which should support electric cars.

"Activia Payable" will be sold plain or vanilla in a Tetra Pak one liter credit report.

Is the price to pay for the balance of power. In the EU new formula, Parliament carries the same weight as the twenty-seven states for the adoption of the EU budget. Regarding fiscal 2011, a penny saved is a penny more than ever. And the first shock, the result produced two legitimate dreaded deadlock and recrimination. Since Thursday, the twenty-seven governments and tenors of the 754 MEPs in Brussels have launched reconciliation of the last chance. "The European Assembly plays" Hold me back or I do something I "…" a diplomat analysis. "The Capitals have still not grasped: it will not agree without Parliament," says Joseph Daul, EPP boss of the majority group.

Both sides seemed slim hope of avoiding a deadlock over the European Treaty of Lisbon embossed business card.The year 2011 would start without a budget, sending the current expenditure on a monthly basis in the manner of the Fourth Republic. In terms of image, the European Parliament which has the most to lose by appearing as a blocking force expensive, despite the legitimacy of universal suffrage and the additional powers granted by the Treaty of Lisbon. But over time, what are the capitals that would have to pick up the pieces: the EU budget represents nearly 80% of agricultural subsidies and regional funds that states can no longer do without. Besides the prestige projects (such as the External Action Service) and the heavy investments that can not fly without extension in 2011."Next year, governments in hand we eat," suggests a senior MP.

Discrete leeway

If Parliament has the last word on spending, he has no voice on revenue, exclusive competence of Member States. This is where the shoe pinches. National treasuries, taken by the throat by their deficits, want at all costs curb the rise of their checks to Europe. "2.91% more in 2011, the number we want to put in stone," said one British official. On this point, Britain's David Cameron has the full support of Nicolas Sarkozy, Angela Merkel and nine other European leaders."It will be 2.91%, period," insists a French source.

Seen from the side of the assembly, this figure would be rather a starting point for negotiations, even go to the cricket when the rest of Europe tightens its belt color business card . In early fall, parties who dominate the Assembly have sealed their unity around a budget increase of 6.18%. Unofficially, their experts are ready to bring the cursor at midpoint: 4.5%. It is doubtful that the Assembly gets faced with a very British Treasury reassembled. The postponement to 2011 of unused envelopes or the difference between appropriation and disbursement of discrete scenes offer leeway.

Ultimately, Parliament could still lose on the numbers.But to get the pill, several countries including France are ready to offer a little honey political opening a debate with the Parliament on the EU's own resources. Provided they do not speak of a European tax, of course …