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!

The Paris Bourse took a breather on Thursday morning at the open after sharp declines seen the day before (the CAC 40 fell 1.31% and fell below 4050 points). At 9:00, the index lost 0.10% to 4039.10 points. Otpimiste trend a bit more in Europe where the FTSE London hotel departed from 0.19% to 5995.27 points while the Dax wins 0.46% to 7408.17 points. Both indices had suffered the heaviest losses the Cac yesterday.

In Japan, markets are still closed, but in the rest of the region, the trend has been generally plombéepar investors disappointed by the economic numbers have fallen the day before the United States, which have been faltering and Wall Street. The U.S. ISM services has indeed disappointed while the ADP employment figures in April came out worse than expected.Furthermore, oil inventories surged against all odds, which gave the lead in using oil, which fell below $ 110 in New York yesterday, and changing CNoR down in Asian trade this morning .

On the foreign exchange market, the euro is also strong: it is trading at 1.4878 dollars (+0.32%) to 9 hours after once again exceeded $ 1.49 during the meeting Wednesday.

In anticipation of the ECB

Statistical side to follow on Thursday in Germany, at noon, destatis provide figures on German industrial orders in March. On Thursday, the ECB meets in Helsinki to decide on interest rates that will apply. Jean-Claude Trichet said Thursday it is the price of silver in early June or summer. In England, the BoE also decide on interest rates.

United States, expected productivity in the first quarter (first estimation) to 14.30.Same time, it will be the traditional unemployment claims. The employment figures that will fall tomorrow, Friday, are eagerly awaited. Yesterday, investors learned that ADP figures have reported a creation 179,000 jobs in April, less than expected.

Societe Generale falling, Carrefour sentence

Side values, a publication of rain fell again on Thursday quarterly earnings including Societe Generale, disappointing driving down the stock price by nearly 3% at the opening, drape the CAC.

After the excellent figures given yesterday by BNP Paribas, leading bank in Europe, SocGen announced a net profit of 916 million euros in the first quarter, a decrease of 13.8% over the same period of 2010 attributed to effect accounting related to the revaluation of its own debt.

Gadin the other day, the retail group Carrefour (-2.37% to 30.86 euros), which announced Thursday the departure of its Executive Director James McCann France and the postponement of a controversial quotation of its real estate subsidiary, but maintained its draft rate 100% subsidiary of Dia and its financial targets for 2011.

Lafarge (-1.43% to 45.02) reveals a net loss of 29 million euros in the first three months of the year for a turnover up 9% to 3.55 billion euros .

Legrand (-0.95% to 30.17 euros) in the first quarter increased 13.7% in sales and 41.2% of its net profit, thanks to emerging markets and new market segments which the group has made a priority, which has confirmed its annual targets.

Bureau Veritas (-0.74% to 57.88 euros) confirmed anticipate strong growth in its turnover and adjusted operating profit this year after an increase of 23.2% of its activity in the first quarter .

AXA (-0.37% to 14.94 euros) expressed confidence in improving its profitability despite a drop of 2% of its turnover in the first quarter to 27.92 billion euros.

Maurel & Prom, Arkema and Capgemini climb

The independent oil company Maurel & Prom announced Thursday want to split and rate of its independent subsidiary in Nigeria, whose shares will be distributed to the shareholders in proportion to their participation in the group cash advance to savings account. The action takes off from 4.87% to 14.74 euros this morning.

Arkema (4.34% to 4.24 euros). The net profit quadrupled to 151 million euros and EBITDA (EBITDA) reached 17% of sales through an increase much higher than the market. This puts us among the best chemists.

The French group consultancy Capgemini and Computer Services (2.07% to 41.35 euros) saw sales increase by 14.5% in first quarter 2011 to 2.3 billion euros and confirmed its objectives of achieving a growth in turnover of between 9 and 10% for the year.

The producer of wines and spirits, Pernod Ricard (1.93% to 68.27 euros) Thursday announced an increase in its turnover in the third quarter and confirmed its targets for its entire fiscal year (July 2010 – June 2011).

Air Liquide (+0.48% at 97.41 euros) wants equity for the premium

Its CEO said he was open to the principle of paying a bonus to employees in case of dividend increase, provided to maintain the equity in a group with more than three-quarters of the members are outside France.

Alstom: 0.16% to 42.69 euros Moody's raised its outlook on the Baa1 rating on the group stable, negative cons.

Total: 0.56% to 42 euros, GDF Suez: 0.37% to 26.78 euros a parliamentary commission on Wednesday passed a bill to ban UMP in France in the exploration and exploitation of hydrocarbons not conventional gas and oil shale.

Michelin (+0.35% at 66.74 euros) announced an increase in the price of its truck tires, civil engineering, public works, agricultural and handling in Europe to meet the continually rising cost of raw materials.

TF1 (+0.12% at 12.68 euros), which has suffered several setbacks during the hearing last month, decided to appoint a new program director, Jean-François Lancelier, which takes the place of Laurent Storch .

The French chemicals group Rhodia (+0.14% to 31.52 euros) on Thursday posted net unbénéfice 151 million euros in the first quarter more than doubled over one year and raised its profitability target for 2011 to become a recurring gross operating profit of "more than 1 billion euros."

Veolia Environnement (+0.54% at 22.27 euros) on Thursday posted a turnover up 11.3% in the first quarter thanks in particular to the resumption of its activities in the waste.

Mr DIY (+0.64% at 14.14 euros) confirmed its targets for 2011 after publishing a stable turnover in the first quarter to 135.2 million euros.

Gifi (+2.15% at 75.99 euros) registered a growth of 5.2% of its turnover for the first half of its fiscal year 2010-2011, to 351.3 million euros.The turnover of the group's second fiscal quarter ended March 31 rose 7.5% to 139.1 million euros.

Cegedim (0.94% to 43.05 euros) has reported a sales increase of 2.9% as reported to 211.5 million euros, but down 1.4% comparable data available, and maintained its target of 4% growth in turnover for 2011.

The food group Bonduelle (0.57% to 68.50 euros), specializing in vegetables, posted a rise in its turnover for the third quarter from 14.6% to 421.6 million euros thanks to an improvement in consumption, particularly in eastern Europe, according to a statement.

Tonight will be the turn of Vale, Wendel, Eiffage French Cement and NextRadioTV publish.

It is not just in France that soaring fuel worries. Whether in Beijing or Washington, the great powers anxiously watching the prices soar. United States, the phenomenon begins the popularity of President Obama. In China, leaders tried Saturday to end a protest by truckers of the Port of Shanghai. These last Friday blocked access to the terminal docks Baoshan.

After closed-door negotiations with the local road, the authorities announced on Saturday a "lower standard fees and the abolition of taxes outstanding." The decision was announced by making an effort to reduce "the pressure on carriers 'costs' and mitigate the effects" of rising inflation, is it explained in a statement. No mention of the strike.

Not sure the extent sufficient to satisfy the carriers.According to testimonies collected on the spot Saturday by news agency Reuters, the drivers intended to continue the movement until you see the concrete effects of tax cuts. "It's not that I strike, but what's the point of working if I lose money?" Said one trucker.

Beijing is trying to stifle any rebound media movement. No public statement had been made to this press Saturday and it was broadcast in English. It was only taken up by the official Xinhua News Agency, also in English. Chinese leaders fear that the waltz prices facing the country could trigger a vast movement of popular protest. Despite efforts to cool an overheating economy, inflation has been above expectations in March fast cash now. It reached 5.4% on a year to a growth rate of 9.7%, also higher goals of Beijing.

Obama disapproved

Across the Pacific, even dissatisfaction at the pump. In the U.S., the price of fuel has surpassed the symbolic $ 4 a gallon (unit equivalent to about 3.8 liters). The popularity of President Obama suffers. According to a survey New York Times / CBS released this weekend, 57% of Americans disapprove of the economic policy of the host of the White House. They are also 80% believed that the economic situation stagnates or deteriorates.

After a week to defend his choices for the federal budget, Barack Obama was forced to admit Saturday that rising fuel prices for Americans is "a burden when the situation is already difficult." But it does not mean advanced solution in the short term.Changes in gasoline prices more than justifies any investment in green energy, he was merely hammering during his weekly radio address this Saturday: "In the long term, the response. This is the solution to help people who are full and reduce our dependence on oil from abroad. "

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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 European debts go back under the yoke of rating agencies. Moody's has announced this Thursday morning having degraded by one notch the debt rating of Spain, who is now at "Aa2." The note could be further downgraded in the future, since the rating agency maintains a negative outlook on Spain. Moody's explained its decision by his doubts about the ability of Madrid to redress public finances, given the weak growth outlook for the country. Furthermore, measures to clean up the Spanish banking sector would cost more than expected and would increase the country's debt, according to the rating agency.

The Spanish economy minister has expressed his "differences" with the Moody's analysis on the cost of restructuring the banking sector.But Elena Salgado's statements should not prevent a new outbreak of foot on interest rates from Spain to climb again on Thursday, after reaching new levels yesterday, while those in Italy beyond the 5 %, the first since November and that the Portuguese rate stood at a level considered critical by analysts. On Wednesday, the interest rates paid by Lisbon ten years has exceeded 7.5%. And two-year bond were issued at an interest rate of nearly 6%, where the country was paying 4.09% in September, for the same maturity. Economists estimate that the refinancing conditions become difficult to bear for the country free instant credit score. Yet Portugal should emit at least 20 billion debt this year to finance its expenditures.Experts estimate that the country would be about to seek aid from Europe to solve its budget problems, despite repeated denials by the authorities.

A highly anticipated Eurogroup

"Portugal is in the financial and economic emergency," said last night the Portuguese President Anibal Cavaco Silva, in his inaugural speech. "The state funding continues to be abnormally high, which affects the functioning of the Portuguese financial system and our economy."

The Heads of State and Government of the eurozone, which meets tomorrow, should examine the situation in Portugal, says Reuters. The summit of the Eurogroup will focus on "economic policy measures that Portugal is to address its financial difficulties," said the Elysee.

The seventeen heads of state and government should also "discuss strengthening the coordination of national economic policies in the euro area." But many doubt that the summit came to an agreement.

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This is a first in the middle of the car. Citroen has launched this week the first site of services for organizing trips run by a manufacturer. Citroen named Multicity, this site allows you to organize the weekend and stay long term, buy a ticket or train and book a hotel. Not to mention renting a vehicle anywhere in France for a period ranging from several hours to several days.

The site has nothing to envy to the travel-sncf.com or Expedia.fr. The manufacturer has indeed relied on industry experts as GoVoyages and lastminute.com to set up his project. Result: the services provided are as complete as those of operators."Whether it's a journey of everyday life, a professional meeting or organize your holiday in France or abroad, with Citroen Multicity build your route from door to door and book immediately" Can we read in the section of the site presentation.

Competitive Rates

From bus to subway, boat to the aircraft via the bike, Citroën offers a search engine to find the best route "custom tailored to your budget and your schedule." The manufacturer also promises very competitive rates for car rental (from 22 € per day and for only 14 euros, our valet pound down to you "). Train tickets are those of the SNCF, Eurostar or Thalys trains and flights covering 1000 destinations. For hotels, the offer is very wide, with 60,000 establishments proposed worldwide.

The brand customers enjoy perks such as buying online mapping to update their GPS or download a map of speed cameras.

Operation Diversification

With this remote reservation terminal, Citroën is clearly the turn of diversification. This strategy had already materialized with the launch of a site rental vehicles in September. But a few months of summer vacation, the manufacturer has chosen to go further: "Today, travel is not always easy and it requires a good knowledge of the various means of transport possible to achieve these trips, "says the manufacturer in the columns of Le Parisien on Saturday.

Citroen still promises to expand its range "in time" to "promote mobility. Objective: to become profitable within two years to come. "

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.

More than 2010 figures, Danone was expected especially on the outlook for this year. The group chaired by Franck Riboud said he was confident for 2011 although it anticipates for the fiscal year increased 6% to 9% of total costs for raw materials. Danone expects to effect growth of 6% to 8% of its sales in 2011 and an increase of 0.20% operating margin.

Another topic where the dairy group was expected: the continuation of its share buyback. Danone plans to perform again this type of operation in the first semester for a maximum of 500 million euros, plus 423 million bought between last October easy payday loans.

Dividend increase

For 2010, the food group reported an increase in net current 1.669 million (+14.2%) against 1.670 million expected.Its turnover grew by 6.9% in comparable to 17,010 million euros, against a consensus of 16.845 million. On the year, the operating margin of Danone rose three basis points to 15.16%.

For 2010, the group proposed a dividend of 1.30 euros against 1.20 euros per share a year earlier.

Finally, Danone has also announced the appointment of Isabelle Sellier and Jean-Michel Severino on the board.

Relaxed, listening, taking time to look at him and try to farm products, the president visited for three quarters of an hour on a farm in Lower Rhine Mittelhausen located at 23 km northwest of Strasbourg. "I know I'm late," he said on leaving Goehry Matthew, a young 31 year old farmer, whose farm was chosen for the presidential visit. A modern operating from 75 dairy cows, production of hops and sugar beets. Here you are looking to the future and modernity, "said the head of state before going vows to rural France not far away in the ballroom Truchtersheim arch-height, 15 km west of the capital of Alsace. He was barely 13 hours and the head of state, who apologized to his audience, more than 1,500 people, had almost an hour behind the official program."I will continue in 2011, structural measures to upgrade the income of our farmers and ensure they can live decent price. This calls for strengthening the competitiveness of agro-food by better economic organization at national level, "he said in the introduction.

Do not fall under the yoke of commercial diktats

To achieve this goal, he wants to pursue three axes. The first is contracting, which will apply in the chain of fruit and vegetables from March 1 and in the dairy industry one month later. This also applies to meat producers. "I do not accept that their average annual income ceiling to 12,400 euros. We must fight the fight against the volatility of the cost of feed is now dangerous for farmers.Is it normal that 40% of grain produced on our territory are sold to farmers without any price guarantee, where countries such as Mexico with a guaranteed purchase price for several months, imports of corn? "Asked Nicolas Sarkozy . A contractual relationship which also allows the world farmer to assert his independence. "Agriculture has not lost its old masters, two centuries ago, that globalization gives him new ones. The French peasantry did not burn a thousand years of feudal rights to fall under the yoke of commercial diktats, "he denounced.

The CAP must support food production

Second axis for the growth of farmers' income, that of sustainable development."A new tariff will be implemented in the coming weeks to purchase gas and electricity produced by anaerobic digestion to ensure better utilization of waste from farms and rural communities," said President of the Republic. While also indicating that the decree authorizing the transport up to 44 tonnes was released Tuesday morning. An old demand of the agricultural world which will carry at least 10% of expenses and be more in harmony with European neighbors.

Finally, the third axis passes through the maintenance of the CAP budget, and some 10 billion aid to French farmers. "The budget of the CAP must be maintained at that of 2013. We are opposed to a re-nationalization of the CAP. I want the CAP support food production, "insisted the tenant of the Elysee.Not to mention his role in the G20 where he wants to support the regulation of agricultural markets to reduce price volatility. He also asked Bruno Le Maire, at her side and that has not stopped making special praise for his speeches, "meet in the first half of the agriculture ministers of the G20 to improve transparency in agricultural markets. " What solicit even more a Minister of Agriculture to become the head of the UMP presidential draft 2012 and which also tackle the challenges of rural life! What a program to regain popularity with farmers who in 2010 turned their backs on the presidential party at the regional. We'll see at the cantonal next March if the presidential greetings were well received!

The CAC 40, the gates of the 3900 points, should evolve little changed on Friday morning, while continuing on Friday the meeting of leaders of the European Union.

Thursday night, they confirmed the creation of a "European mechanism of stability" (MES), European version of the International Monetary Fund (IMF) in charge of rescue packages euro countries, like Greece and of Ireland this year. He will replace interim funds installed last spring.

But the debate on Eurobonds continues, under pressure from the markets who fear debt restructurings souveraines.La ECB on Thursday urged a doubling of its capital. There would be increased from 5 billion to 10.76 billion euros. The guardian of the euro said it has to cope with volatility "in exchange rates, interest rates and credit risks."

Early this morning, Asian stock markets were changing the overall balance.Atony which checks for four days while the year-end holidays are approaching.

The economic figures to follow

• France:

– 8:45: monthly business survey in industry, construction, trade in December and indicators of business climate and economic downturn personal loans for people with bad credit.

• Germany:

10 am: barometer Ifo business climate

• European Union:

– 11: foreign trade in October

• United States:

– 16h: composite indicator of economic activity in November

The AMF extends tender offer for Seloger.com

The Autorité des marchés financiers (AMF) announced Thursday that the offer of Axel Springer on the website of ads was extended until further notice.

The Paris stock exchange on Friday welcomed Toreador Resources.

ADP announced Thursday a 3.5% increase in passenger traffic in November.

GDF Suez The acquisition of Britain's International Power was approved Thursday by its shareholders. The transaction creates a powerful energy company in America and the Middle East.

EDF is today an investor day in London.

Vilmorin held its Annual General Meeting