Top Economics News

Arnaud Lagardère, the General Partner of Lagardère, was sold for eight million shares of the group founded by his father Jean-Luc Lagardère.

According to advice published by the Financial Markets Authority (AMF), the shares were sold in five lots between 12 and 16 March. Arnaud Lagardère has sold 346,653 shares, representing 0.26% stake in media group.

Prior to these assignments, Arnaud Lagardere held directly and indirectly 9.62% of Lagardère, or 12,610,893 shares, as the group's annual report in late 2010.

These sales of securities came as the sovereign wealth fund Qatar Holding is mounted to the capital of Lagardère in its interest to 12.8% against 10% previously. The Qatari fund since December is the largest shareholder group.

"The sale of shares made these days on behalf of Mr. Lagardère held as part of the unwinding of a financing package set up by BNP Paribas in 2004 to opportunity of settling the estate of his father and under the relevant contract ", simply commented Lagardère in an email to the press.

"Mr. Lagardère has signed, as such, a term of disposals programmed, September 30, 2011 and including the AMF was informed," says the company. "The declarations of leadership assignments are made directly to the MFA by the operator."

Lagardère, which owns a 7.5% share in EADS, has suffered a heavy loss in 2011, 707 million euros due to massive writedowns past ; are about sports.

This diversification, considered strategic by Arnaud Lagardère, ended last year with an operating loss of six million euros, after sales performance below expectations, loss of several contracts and litigation.

The rating agency Standard and Poor's downgraded Monday the credit rating of Greece to "SD", a level corresponding to "selective default. Anti-austerity protesters in Parliament in Athens on 7 February 2012.

. The rating agency Standard and Poor's downgraded Monday the credit rating of Greece to "SD", a level corresponding to "selective default", to reflect the restructuring of government debt launched Friday. S & P said in a statement it plans to raise the rating of the country to CCC rating assigned to issuers of poor quality with a real risk of default, when this operation has been fully carried out, probably around mid- in March.

The decision of the U.S. Agency was expected since it had indicated in the past it would raise the note by Greece SD begin as soon as the implementation of the Agreement on Cessation of Athens claims made by private financial institutions. However, "if a sufficient number of bondholders (public) Greek did not accept the exchange offer," wrote S & P said in a statement, "we believe that Greece would present an imminent risk of default characterized payment "to the extent that the release of the rest of the assistance promised to the country by the euro area and the International Monetary Fund is subject to the successful debt restructuring of Athens.

A default is characterized reflected in the note "D" in the notation of S & P. "I take note of the decision" S & P, said the leader of Finance Ministers of the euro zone Jean-Claude Juncker, in a statement released in Luxembourg, adding that he expected a "strong participation "of private creditors in the operation launched Friday.

This exchange transaction should allow Greece to obtain a cancellation of debt of 107 billion euros. Greece aims to give private creditors participating in the operation of shares worth 53.5% less than those they currently hold. A quarter of those titles that creditors will receive bonds from the European Stability (EFSF), presumably with a maximum maturity of two years. The rest will consist of new Greek bonds with maturities ranging from 11 to 30 years, a period much greater than those they replace.

The goal is to push the repayment schedule of Greece on the amounts it still accepts honor, for giving him time to recover. If successful, "we should consider that the incident of the partial failure of Greece belongs to the past," wrote S & P, for which the possible increase of the rating to CCC would then account "the economic growth outlook uncertain of the country "and its" public debt remains strong ", even after restructuring.

Key values ​​to follow Friday on Wall Street.

* GAP has disappointed expectations Thursday, saying wait for fiscal 2012 earnings per share 1.75 to $ 1.80, while analysts polled by Thomson Reuters I / B / E / S on average had expected $ 1.79.

Gap posted a fourth quarter profit of $ 218 million, or 44 cents a share, against 365 million (60 cents) a year earlier.

In pre-market value fell by 2% to 23.10 dollars.

* AMERICAN INTERNATIONAL GROUP. The insurer reported a profit of $ 19.8 billion in the fourth quarter of 2011, due to an accounting change that allowed him to display a huge windfall.

This change, which raises the price of AIG from 6.5% to 29.81 dollars in pre-market means that the group will not pay tax on billions of dollars in profits in the coming years.

* Interpublic. The advertising agency has published a quarterly profit above expectations, thanks to emerging markets in a context of recovery of the sector.

EPS for the fourth quarter is 50 cents per share while the market was expecting 39 cents per share. Revenues for the quarter amounted to $ 2.07 billion, or less stable over one year. The turnover abroad rose by 6%.

In 2012, Interpublic expects organic growth of 3%.

In pre-market value gains 4.2% after finishing at 10.91 dollars Thursday.

* CITIGROUP. The bank has raised $ 1.95 billion sale of its stake in Indian company Housing Development Finance Corp, said on Friday, sources familiar with the matter.

In pre-market value gains 1% to 32.95 dollars.

Greece does not return to growth until 2014, after four years of recession that have reduced the gross domestic product (GDP) by 17%, estimated Tuesday officials the European Union.

They added that Greece should cut another 150,000 jobs and reduce labor costs by 15% within three years.

"We believe that Greece will return to growth in 2014," said one of them to the press. "We expect a contraction of 4.5% this year and stagnate in 2013. This corresponds to a contraction of more than 17% over four years."

According to these officials, the Greek minimum wage is still higher than in Spain or Portugal. Labor costs increased by over 30% in Greece over the last decade, an unparalleled growth in the euro area, according to statistics from the European Union .

To reduce debt to 120% of GDP by 2020-in accordance with the agreement reached within the Eurogroup on the night of Monday to Tuesday, against 160% currently, Athens must raise 19 billion with 35 planned privatization from 2012 to 2014.

This amount is well below the anticipated 50 billion euros in the first bailout of 73 billion euros but it is included in the second. 

The year 2014 would be if Greece would record a primary budget surplus of 4.5% of GDP and where she could return to capital markets, officials said officials.

Unemployment will start to decline until 2014 and also its rate will be the order of 17% and 15% in 2015.

The EDF Group, through its subsidiary EDF Energies Nouvelles Spread (EDF ENR), today announced it filed Friday an offer for the resumption of Photowatt, the only French manufacturer of solar cells ; silicon.

Nicolas Sarkozy announced Thursday that he will present next week a bailout of Photowatt, the leading French photovoltaic, involving EDF.

The company employs 441 employees at Bourgoin (Isère), was placed in receivership after filing for bankruptcy last November. 

The Head of State, speaking during a visit to the Fessenheim nuclear power plant, said he would travel next week Photowatt "because thanks to EDF, we pre ; senterons employees Photowatt a formula of industrial recovery. "

In a statement, EDF said that Photowatt owns 40% of PV Alliance, the leading research and development in the field of photovoltaic technology, in which EDF ENR has already a 40% stake alongside the CEA (20%).

"The offer of EDF ENR will be conditioned to include the recovery of 100% of PV Alliance and to obtain an exclusive worldwide license on heterojunction technology, called to replace the current technology in the years to come, "the group wrote. 

"Given its presence in Photowatt through PV Alliance, EDF ENR appears as the natural candidate for the resumption of Photowatt," said Jean-Louis Mathias, Chief Executive ; EXECUTIVE group in charge of renewable energy.

The new car registrations fell 20.7% in January. The slump was even more dramatic for PSA Peugeot Citroen and Renault. The new Renault parked Flins-sur-Seine, near Paris The French car market plunged in January, a victim of weak controls and an unfavorable comparison with the beginning of the year 2011 where he had been supported by the premium to casse.Les registrations fell 20.7% in raw data to 147,143 units, according to the Committee of French Automobile Manufacturers (CCFA). A comparable number of working days, the decline is even greater at 24.3%. The meltdown is spectacular for the two French carmakers. Registrations of PSA Peugeot Citroën have collapsed by 27.4% (30% for Peugeot and Citroen 25%) and those of the Renault group 32.7% (-37% for the Renault brand and -10.5 % for the low cost brand Dacia). unfavorable base effect "It is like the month of January 2011 which was the highest for ten years" with over 185,000 new cars sold, moderates a spokesman for the CCFA. The scrappage scheme, set up by the government to support sales during the crisis, had been reduced gradually and disappeared completely at 31 December 2010. But it was on cars purchased and delivered to date through March 2011.Pour However, the aftermath of his death is not sufficient alone to explain the plunge last month. "We know that the orders (new car, note) were low in December, resulting in registrations," said the spokesman for the CCFA, which warns that the first quarter should be in part difficile.Chômage PSAConcernant orders in January, "they were stable compared to last year" for Renault, said France's commercial director Bernard Cambier. Peugeot, however, rose by 20%, according to the director of Peugeot France, Olivier Veyrier. To face these headwinds, PSA has already planned a week of partial unemployment in February or March for more than 20,000 of its employees to reduce the major German manufacturers stocks.Les gagnantsLes German manufacturers, champions of high-end, n have not this problem. Their registrations rose in January, 18% for the Volkswagen group, 16% for BMW. Only the group runs out of steam Mercedes (+0.8%), due to the underperformance of its brand Smart (-26%). Sales of Nissan Japan also increased, while those of the American Ford, General Motors, the Toyota Japanese, Italian Fiat and Hyundai have décru.La Korean War price until when? To boost sales, the groups are likely to continue the price war in which they are engaged for several months. But "manufacturers can not continue to have sustainable margins deteriorate," warned the president of the National Professional automotive (CNPA) Patrick Bailly. In this context, "the launches of new models of French manufacturers, PSA for the 208 and the new Clio Renault, will have considerable importance," warns Flavien Neuvy, head of the observatory Cetelem.La Peugeot 208 will go on sale this spring. The Clio IV will appear in dealerships this fall. Renault is also counting on the future Dacia SUV, the Lodgy. "This is the heart of their range and sales," said Mr. Neuvy still, for whom the French could enable cars to boost sales to individuals who continue to decline, unlike those companies. Registrations of light commercial vehicles, specialty French manufacturers, have better kept, with a decline of 2.5% in raw data to 32,707 units.

After the Senate Friday, the Italian Chamber of Deputies adopted late Saturday afternoon the law of financial stability, a step that paves the way for Berlusconi's resignation and the formation of a new government.

Berlusconi, who was unable to obtain an absolute majority Tuesday, promised to resign after the Italian parliament have endorsed the law of financial stability, requested by the European partners of Rome to restore market confidence in public finances Peninsula.

Silvio Berlusconi is expected to recover in the next few hours his resignation to President Giorgio Napolitano. It is the former European Commissioner for Competition Mario Monti should succeed him.

U.S. inventories of crude oil fell against all expectations last week, said Thursday the U.S. Agency for Energy Information (EIA).

Crude inventories fell 1.37 million barrels to 338.09 million. Economists on average had expected a rise of 400,000 barrels.

Gasoline inventories fell 2.11 million barrels (consensus: 300,000), to 204.17 million.

The reserves of distillates, which include heating oil, fell by 6.02 million barrels (consensus: -2.0 million) to 135.87 million.

The rate of capacity utilization of refineries dropped 2.7 points to 82.6%.

Around 3:50 p.m. GMT, U.S. crude reduced its losses, yielding 1.3% to 95.80 dollars a barrel.

Exchanges in the euro area have closed down sharply Friday, with the G20 summit concluded its work without any major decision, and especially without a concrete solution to the debt crisis in the eurozone.

In Paris the CAC-40 lost 2.25% to 3123.55 points. For the week, it yields 6.72%. The other major European markets also ended down: London and Frankfurt lost 0.33% 2.72%. Of the European indices, Eurofirst 300 finally lost 1.02%.

The Wall Street players show the same skepticism, resulting in losses of more than 1% for the three major Dow Jones, S & P 500 and Nasdaq Composite, despite the employment statistics rather positive.

"The G20 has not entered into by major decisions. It was a big problem with Italy," says one vendor."There is no visibility," he said, adding that the new EU stability "is not forthcoming."

Alexandre Le Drogoff, technical analyst at Aurel BGC, said the "bear market" comes back and that "the current decline in prices should lead to lower annual test" (2693 for the CAC 40, 1935 for the Eurostoxx 50).

The euro transplanted nose against the dollar and appears on course to acknowledge its biggest weekly loss since mid-September, traders in the largest remaining uncertainty about the bailout of Greece in preparation for the vote of confidence.

The Bund future was up, taking advantage of the lack of commitment of the G20 countries on strengthening the participation EFSF, especially after the statements of German Chancellor Angela Merkel.

All eyes are on Berlin where German parliamentarians must vote on a proposed reform of the European Financial Stability Fund (EFSF) earlier this afternoon after a speech by Angela Merkel.The Chancellor will then travel to Brussels for EU summits and the euro area, which should provide practical solutions to the debt crisis.

At 9:30, the CAC 40 lost 0.35% to 3163 points while the Eurofirst 300 was almost stable.

European markets are down, investors holding their breath awaiting the outcome of the day announced as crucial for the future of the euro area.

"It is expected that the Bundestag decides on reinforcements EFSF and the role of the ECB in managing the crisis," said a trader based in Paris.

Values, PSA fell sharply under the influence of lowering its forecast for 2011 after a third quarter marked by lower volumes and increased competition on prices in Europe.The group is likely to reduce its workforce by 10% in Europe.

Ingenico, in contrast, was part up 5% in early trade Wednesday of the Paris Bourse, the manufacturer of payment terminals has published the day before its sales for the third quarter.

The euro remains firm and resolutely clings to a level above $ 1.39, while the German Bunds are hesitant, waiting for a clearer trend in equity markets.

Spot gold rose 1% touching a high of more than a month, reflecting investor fears that the crisis drags on still.