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Industrial production grew only by 9.3% in April against 11.6% in the first quarter. This is the lowest figure since May 2009. Retail sales, exports and investment also slow. A factory in China flat panel displays.

China announced Friday a slowdown in inflation but also the smallest increase in industrial production in almost three years, two factors that should prompt the government to further relax its monetary policy to stimulate growth.

Industrial production grew only by 9.3% in April against 11.6% in the first quarter. This is the lowest figure since May 2009 when the increase was 8.9%. "The Chinese economy is even weaker than expected, with growth of industrial production in the single digits for the first time since the global financial crisis," said Alistair Thornton, economist at IHS Global Insight, based in Beijing.

Any effect of the second world economy is also reflected in a slower increase in retail sales, gauge consumer spending, which rose in April by 14.1% year on year, against 15.2% in March and 14.8% for the entire first quarter. "The figures of consumption and production (industrial) showering even more hopes for a resumption of rapid growth in China," said Mark Williams, an analyst at Capital Economics.

Finally, investments in fixed capital, contributing to over half of the formation of the Gross Domestic Product (GDP) of China also see their rise on a year to slow to 20.2% for the first four months of the year, whereas it was 20.9% for the first quarter. These weaknesses of the economy should prompt the government to ease its monetary policy, especially since the rise in consumer prices slowed to 3.4% yoy in April, against 3.6% in March.  

The level of inflation remains well below the 4% threshold set in March by the government, which closely monitors the evolution of prices to maintain social stability in a politically sensitive period, with the coming to power a new generation of leaders scheduled for the fall. On a year, food prices remain the main contributor to the rise, with 7% growth, which disproportionately hits the poorest households because they spend a larger portion of their income on food. But about a month, food prices fell 0.9% in April.

"The priority for the Chinese economy is not inflation but rather how to maintain economic growth," he told AFP Liao Qun, an economist at China Citic Bank International in Hong Kong. The producer price, which provides an early indication of future inflation, for their part, declined year on year by 0.7% in April. They had already declined in March but only 0.3%. "The extremely low index of producer prices will be one of the main factors that will force the government to further easing" monetary policy, according to Mr. Thornton.

Monetary easing seems all the more necessary that the Chinese economy is less and less driven by export growth, which suffer from the debt crisis in Europe, and struggling to find a relay in domestic demand. In April, growth in exports over the year fell to 4.9% and imports were virtually flat with only 0.3% increase, according to figures released by Customs on Thursday. These figures are significantly below the target of foreign trade growth of about 10% by government decree in 2012.

This smaller increase in foreign trade of China has contributed to the slowdown in growth, from 9.7% in first quarter 2011 to 8.1% in the first quarter of this year. To support the activity, the central bank will soon lower the reserve requirements for banks, allowing them to lend more, analysts said. Two drops of these reserves, very high in China, have already taken place in December and February.

Since same day cash advance is a high risk loan for the lender, the interest rates charged are high. The lender has no security and does not even conduct a credit check.

Tesco said Wednesday it would spend a billion pounds (1.2 billion) to overhaul its operations in Britain, where he seeks to regain market share, to re ESTABLISHING sales growth and to calm shareholders became nervous.

The emphasis on revitalizing sales implies that investments will be reduced to 3.3 billion pounds in the coming year against 3.8 billion last year.

The third global retailer also said its U.S. subsidiary successfully stalled later than expected.

Tesco dominates the segment of food retailing in Britain with a market share of 30% but in January it launched its first profit warning in 20 years. 

British retailer also announced a profit before tax of the group and exceptional up 1.6% to 3.9 billion pounds on the financial year ended February 25.

The consensus of analysts conducted by Tesco itself gave 3.88 billion, compared to 3.81 billion pounds for the year 2010/2011.

Operating earnings in Britain, where Tesco makes more than 70% of the balance, decreased 1% last quarter, while sales on a comparable basis fell 1.6%.

The CEO of Qatar Airways has expressed interest in studying the case of aircraft developed by countries such as China, given frequent delays at Airbus and Boeing.

Akbar Al Baker, who regularly criticizes two giants of the aerospace industry not to take their time, said Monday that delays of up to three years had thwarted growth plans of carriers in the Gulf region, which now constitute much of the Western demand for appliances.

Qatar Airways has ordered the Boeing 787 Dreamliner, the Airbus A380 superjumbo and the A350, three devices that did not meet delivery dates announced. 

The airline has also ordered smaller devices to 150 seats, as the A320neo. She ordered 50 during Dubai Airshow in November.

Asked if he would consider buying Chinese equipment, Akbar Al Baker said: "Why not? If it is safe, effective, advanced and that it meets the requirements."

The Chinese Comac develops a 150-seat aircraft.

Industry leaders argue, however, it will take at least ten years before China can compete with Boeing and Airbus on larger aircraft.

Values ​​to follow Tuesday at the Paris Bourse.

* GDF SUEZ announced he would propose to its shareholders to receive shares in a portion of the dividends for 2011 and 2012 to complete the refinancing of its tender offer to minority shareholders of Britain's International Power.

* PSA Peugeot Citroën has signed with a subsidiary of Ivanhoe Cambridge real estate arm of the Caisse de depot et placement du Quebec, a sales agreement for the sale of its headquarters Avenue de la Grande Armee in Paris.

* BOLLORÉ. The mutual insurer Groupama said Monday it has sold all its shares, or 3.10% stake in the diversified group.

* AIR FRANCE has placed its short and medium haul business in the center of its turnaround plan and said that the maintenance of this activity depend on a "radical restructuring" and reduced "drastically costs ".

Arnaud Lagardère, General Partner of Lagardère, has made further sales of shares of media group for a little over 1.7 million, after have recently sold for eight million shares.

According to advice published by the Financial Markets Authority (AMF), new assignments were made on 19 and 20 March for a total of 74,247 titles.

Arnaud Lagardère had already sold 346,653 shares between March 16 and 12, or 0.26% of the capital.

The group had indicated that these transactions were within the framework of the "unwinding of a financing package set up by BNP Paribas in 2004 to mark the settlement of the estate of his father and under the relevant contract. "

Barcelona and Madrid are struggling to accommodate "Eurovegas", a project that could generate 164,000 direct jobs and 97,000 indirect jobs. An employment agency in Malaga. Spain has an unemployment rate above 20%

Under the slogan "No Eurovegas", a platform to mobilize citizens to Spain to fight against the project a huge casino complex, inspired by Las Vegas and expected to provide over 260,000 jobs in a country affected by unemployment record.

"It's the return of the economic model of the building to a fault, it's not a sustainable source of employment," denounced one of his representatives, Ana Sanz, during the presentation of the platform form in Madrid on Wednesday. "This project is going back to a model that failed with the crisis," added another member of the group, Carlos Ruiz.  

"This project" is a huge complex centered around the game, which are fighting for the two largest Spanish cities, Barcelona and Madrid. "Eurovegas" as he was nicknamed, involves the construction of six casinos, 12 hotels offering 36,000 rooms, nine theaters and three golf courses, according to Spanish media. It will generate an investment of 15 to 18.8 billion euros and the creation of 164,000 direct jobs and 97,000 indirect jobs.

Its promoter: the gaming giant Las Vegas Sands, owned by American billionaire Sheldon Adelson, who is expected to announce in early summer if the giant complex will be the day or not, and if so, which of the two cities is drawn . But official data are not easily accessible and opponents denounced Wednesday "opacity" surrounding the project.

The numbers of jobs "that we are selling are not real," says Ana Sanz also. Mired in crisis, Spain in late 2011 showed a record unemployment rate of 22.85% and almost a quarter of its workforce (24.3%) should be unemployed by the end of the years, according to government forecasts. In this grim context, perspective, even fuzzy, a project expected to generate 261,000 jobs enthusiasm the political and economic leaders.

"More than half of Madrid unemployed could find work", was launched in February the President of the Madrid region, Esperanza Aguirre, saying negotiate with billionaire since 2006. "We will change all the rules need to be changed, so long as is consistent with our principles", she also promised. For its part, the president of Catalonia, Artur Mas, has said the project would drain a "quality tourism".  

In addition to a return to the worst excesses of the housing boom that fueled the Spanish economy until the bubble burst in 2008, critics of "Eurovegas" denounce them preferential treatment, and legal tax proponents have claimed. "It will be a free zone where laws will be imposed by the investor," worries Carlos Ruiz. He said Las Vegas Sands would have required such that "any request for funding, the Spanish state shall guarantee" that "the project companies do not pay VAT," a moratorium "on ten years of taxes on the game "and further that" it changes the law on money laundering ".

Smoking would be allowed in the complex, while smoking is prohibited in bars and restaurants in Spain since January 2011. "There is a risk of opening the mafia of prostitution," added another representative of the platform, Cristina Fernandez. According to the spokesman for Las Vegas Sands, Ronald Reese, "negotiations with all levels of government are very advanced." "I assure you that these are not agreements that will change the structure (legal) Madrid, Barcelona or Spain," he added last week on public television. However, without reaching to reassure his critics.

The debt-swap plan (ISP) must be completed Thursday night. Lack of agreement with private creditors, Greece risks bankruptcy. The agency Standard

Greece is entering a critical period. Its private creditors have until 2000 GMT Thursday to say whether or not they participate in the swap of debt (the famous PSI).

Why the looping of the PSI is it important?

The success of this operation is vital: through it, the slate of Greece (EUR 350 billion today) should be lowered by more than 100 billion euros. Specifically, private creditors must agree to waive 53.5% of the face value of Greek bonds they hold. They must also agree on a new Greek bonds, a longer maturity and bearing a lower interest rate. The PSI is also the condition for the EU and the IMF in the wake unlock a second credit line of € 130 billion to Greece, private market access. European aid plan that provides more than 60 billion euros in aid to banks, which at least 30 institutions only Greek. This massive support to banks, which aims to try to avoid the repetition of the 1929 crisis, however, is hotly disputed, both in the protests in Greece, as the former Argentine Finance Minister Roberto Lavagna, the main architect of his country's recovery after its bankruptcy a decade ago. All denounce the drastic sacrifices imposed on the Greek population in exchange for aid purely financial.

An agreement will he find?

Not sure, and that is what worries the markets. The Greek government is between 75 and 90% acceptance rate for private creditors. But the financial sacrifice is asked of them is important. Their participation in the exchange is likely to be lower than expected. Below 75%, the government has already announced that the project would be abandoned. Greece would be at risk of a default on March 20, when the country must repay a maturity of 14.4 billion euros. The Eurosceptics, like the British think tank Openeurope, opposed the entire plan of aid to Greece, for their part provide a default inevitable future of the country on the rest of its debt will weigh on the shoulders of taxpayers Europe. In the immediate future, the Institute of International Finance (IIF), which led the negotiations with banks on the side of the Greek government, drew a scenario Apocalypse if the PSI was not adopted at least 75%, in a confidential report was leaked to the press. The IIF has amounted to over EUR 1,000 billion cost for the international economy of uncontrolled bankruptcy of Greece in case of failure of the PSI. The report also refers to the ECB in difficulty, and the rapid contagion in Portugal, Italy, Spain.

Is there already private creditors in favor of PSI?

Yes. The heavyweights of European finance announced on Monday night agreed to participate in the deal: three German Allianz, Commerzbank, Deutsche Bank, the French Axa, BNP Paribas, CNP Assurances, the Dutch ING Bank, Italy's Intesa San Paolo The three Greek banks Alpha Bank, EFG Eurobank and National Bank of Greece (NBG) and the U.S. fund Greylock Capital Management. According to Bloomberg, the private creditors in favor of PSI represented 20% of total Greek debt by mid-day. We must now reach 50% in the shortest possible time. Indeed, from this threshold, special provisions allow the imposition, under certain conditions – restructuring to all creditors. In this case, the turnout would be at least 86% calculate the BNP Paribas' experts. Meanwhile Thursday, the Greek government shows its serenity betting on involvement "and substantial enough" to PSI, and repeating the recalcitrant creditors that there will be no better offer.

Moody's downgraded the outlook of the Aaa rating of France to negative from stable, reflecting the agency said uncertainty surrounding the economy of the euro area and the ambitions of Paris in terms of re production deficits.

The U.S. rating agency also adjusted notes and perspectives of eight other EU countries including the United Kingdom and Italy.

The call to order by Moody's comes a month to the day after the decision by Standard & Poor's reduced the rating by one notch from France, from AAA to AA +, in D action to the deepening debt crisis. 

Moody's maintained its Aaa rating of France, the best possible, but warned that it could be a reduction if the government failed to implement its economic reforms and budget.

The euro and British pound fell against the dollar after advertising.

In a statement released Monday night, the agency notes that the uncertainties related to institutional reforms envisaged in the euro area, coupled with anemic growth prospects in the region, continue to affect the confidence of financial markets.

Moody's also believes that the figures of the French debt continue to deteriorate and that France is among the countries rated Aaa "weaker" in this field. 

The agency also highlighted "significant risks" which the French government will face in achieving its objectives of reducing public deficits.

BAROIN NOTES

"These could be further complicated by the need to help other European countries or its own banking system," reads the document.

The economy minister said Tuesday Baroin "take note" of the decision by Moody's.

"The government is determined to continue its action for growth, competitiveness, including the reform of financing of social protection, employment and reducing die ; ficits public, "the ministry said in a statement. Bercy added that government policy "is part of a framework and methodology of long-term".

The Elysée and Matignon did not react immediately.

The Socialist candidate for president, Francois Hollande, did not want to throw fuel on the fire and has insisted that France was not in the same situation that Greece, in the throes of a violent protest after degradation and austerity plans repeatedly.

"We are not in this situation and those who make this comparison do to scare the French," he said on RMC and BFM-TV. 

Arnaud Montebourg, "third man" of the Socialist primary, responded by criticizing the role of rating agencies: "The rating agencies, everyone understands that they play a toxic role and Moreover perverse ", he said on France Inter. "For me and for many (…) they are charlatans."

For Labour Minister, Xavier Bertrand, zero can not ignore the verdict.

"It also shows very clearly that no candidate will escape the rules of good management in the months and years ahead and it shows very clearly that with the program (…) economic and social Francois Hollande, the account is not (…) and that there would necessarily be a further degradation, "he said on France Inter.

The government has this week at the National Assembly a bill supplementary budget with the key measure, an increase in VAT to finance social protection, is highly contested by the opposition and trade unions. 

ON BOTTOM OF GREEK CRISIS

Beyond French borders, the sovereign debt crisis in the euro area is growing.

The Greek government was asked Monday by its European partners to submit further proof of its commitment to reform despite the adoption, on the eve of an austerity plan rity by a parliament besieged by thousands of protesters.

These provisions are required by the "troika" (International Monetary Fund, European Union and European Central Bank) in exchange for an aid package of € 130 billion found essential before March 20, when an important deadline for the country's debt (14.5 billion euros to repay). 

Moody's had warned Jan. 16 that it was considering the prospect of the note of France and it would update the country scores of the European Union in the first quarter.

Standard & Poor's and Moody's had worried about the drift of French public finances while warning against the risk that the government's economic reforms are undermining growth, pillar which is based precisely on Paris to try to achieve its objectives of consolidation.

In fact, the government postponed last week of 2013 to 2014 the decline in its ratio of debt to gross domestic product due to the participation of France in the European Stability Mechanism (MES ), which must support States in the euro zone in trouble, and growth forecasts reduced from 1 to 0.5% this year. 

Commitments to reduce the public deficit is confirmed, however, to 4.5% of GDP in late 2012 and 3% in 2013.

But the Court of Auditors, which certifies the accounts of the State, estimated that only 10% of the total effort that must be capable of reducing to zero the structural deficit in France – in 2016 from Bercy – had been achieved last year.

German exports in December accused their most marked decline in almost three years, the first sign that the euro area economy has suffered heavily in the last quarter of re percussion of the debt crisis.

But the figures of the Federal Bureau of Statistics also show that exports have reached record levels in all of 2011, and, according to the latest predictors, the German economy is back on track after a brief contraction.

"Earlier this year, the outlook for the German economy is better, while the global economy gathers momentum and the uncertainty surrounding the debt crisis eases ", Ulrike Rondorf analysis, economist at Commerzbank. 

The euro stood Wednesday peaks several weeks against the dollar and the yen, investors hoping to make Greece the austerity measures demanded in return for a second bailout.

On a seasonally adjusted, German exports fell 4.3% in December, their most marked decline since January 2009. Economists polled by Reuters on average expected a decline of only 1.0%.

The trade surplus has settled to 13.9 billion euros after 14.9 billion (revised figure) in the previous month and 14.0 billion expected.

THINNING FOR

The German economy, export-oriented, quickly recovered from the 2008-2009 financial crisis but the budgetary problems of the euro area and the global economic downturn have clouded his growth prospects.

The first official estimate reported a contraction of 0.25% of gross domestic product (GDP) in the fourth quarter and German economic indicators in December were more still bad as feared. 

Industrial production in December suffered its biggest decline since early 2009, heavily disappointing expectations.

Economists were betting on domestic demand to support the economy and anticipated imports up 0.6% in December, but they fell 3.9%.

The trade surplus of Germany, however, reached 158.1 billion euros in 2011, after 154.9 billion in 2010.

This contrasts sharply with the trade deficit of France, which last year reached a record 69.6 billion euros.

The economic forecast surveys also suggest that the slump in the German economy will be short lived. 

The business climate has improved in January for the third consecutive month, while consumer confidence in the horizon of February rose against all odds at its highest level in ten months.

Over the full year 2011, German exports exceed 1,000 billion euros. And the trend is rising: industrial goods orders rose 1.7% in December, despite the erosion of demand from the euro area on the bottom of the debt crisis.

"With the 2008 financial crisis, the importance of different export markets of Germany has changed somewhat, declining slightly in Europe and the rest of gaining importance worldwide, "said Anton Börner, director of industrial consolidation BGA.

Over the past twelve months, the transactions made by Greeks reached some 250 million pounds. They seek to place their assets ç outside the country and the euro area. The London property market is relatively stable and offers a return on investment

They lag far behind Gulf investors or Russia, but the Greeks buy more properties in London, considering the British capital as a sanctuary for their fortunes away from the turmoil of the crisis that undermines their pays.Alors the Athens can abandon the single currency has been openly discussed by European leaders, some Greek citizens believe evidence that leaving their assets to their homes is far too risky, and struggle to get them out of the euro area.

London, where the real estate market is relatively stable and offers a return on investment, seems like a good alternative, according to industry experts. "The Greeks have long been on the market in central London, but after eighteen months, the number is increasing," says Liam Bailey of Knight Frank real estate agency specializing in luxury homes.

The Greeks represent 1.5% of the market

This interest was further increased in recent weeks with the deepening of the Greek crisis, confirms Richard Barber, who works at the WA Ellis agency, which specializes in upscale neighborhoods of Chelsea and Knightsbridge. "They prefer to put their money into real estate rather than first class in Greek bonds. The property market in London has a reputation as a sanctuary." The phenomenon is still embryonic.