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.

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.

Inflation rebounded 0.4% last month after falling in January. Blame the price of energy, those of fresh products and services.

The consumer prices fell by 0.4% in January in France, they bounce from 0.4% in February. This gives an inflation rate of 2.3% a year, said Tuesday the National Institute of Statistics and Economic Studies (INSEE). The indicator of underlying inflation, that is to say non-price (volatile petroleum products, fresh produce …) and administered prices (electricity, gas, tobacco …), however, has shown steady to 1.4% yoy.

In fact, the origin of the rebound in February lies partly in these volatile products. The pursuit of higher energy prices has thus resulted in an increase of 1% last month (7.8% yoy), in the wake of rising crude oil prices. This rise has affected the price of fuel (1.3% in February and 8.5% year on year) and those of liquid fuels (4.1%, 16.1%).

Fresh products also recorded a rise unevenly high (3.0% against 1.3% in February 2011; 0.2% yoy). These increases were particularly concerned vegetables (+8.7%). The particularly low temperatures have indeed affected the production and delivery of products.

Excluding fresh food, the food prices are increasing is only slightly (0.2%, 4.4% yoy). The price of spirits has continued to grow (1.9%, 5.8% yoy) and taxation of soft drinks has affected the prices of soft drinks, juices and syrups (0.9%, 8.5% on a year). Ultimately, food prices rose in February by 0.6% and 3.8% year on year.

Service prices are also victims of seasonal increases. Totaling an increase of 0.5% last month (1.6% yoy). With winter school holidays, accommodation holiday surged by 30.8% (5% yoy), while package holidays are appreciated by 9.8% (0.8%). Automobile insurance also rose by 2.6% (2.8% yoy), tolls and parking of 1.8% (2.5%), the Clean Water 0.8% ( 5.8%), distribution of 0.4% (2.8% yoy) and nursing homes by 0.3% (2.7%).

Prices of manufactured goods remained virtually unchanged, however (0.1%, 0.7% yoy). Excluding tobacco index of consumer prices rose in the same way from 0.4% in February (+2.2% yoy) and, seasonally adjusted, it rose 0.1% ( 2.3% yoy).

This decline

Conversely, price decreases were observed on the "other networks" (-2.9% -2.5% yoy) and telecom prices (-1.3% -7.6 % year on year).  

Among manufactured goods, clothing and shoes were flat (+1.7% yoy). Bedding rose 3.1% (7.7% yoy), perfume and beauty products by 0.6% (2.0%) and watches, jewelery, gold 1.7% (12.1%).

Promotions were the cause of the decline in new car prices (-1.4% +0.8% yoy). As for the price of pharmaceuticals, they fell again (-0.7% -1.7%) as those of Photographic and cinematographic equipment (-1.1% -13.9% yoy) and audio-visual (-0.5% -13.1% yoy).

Over 80% of private creditors of Athens agreed to participate in the restructuring of the country's debt will be reduced by 107 billion euros. The agreement paves the way for the release of a new international loan which will prevent the default. Three of the four ministers of the Greek far-right party Laos opposing the new austerity measures demanded by the creditors of the countries presented their resignations Friday, February 10

Greece can heave a sigh of relief. The plan to restructure its huge debt raised almost 84% acceptance of all its private creditors, including only 85.8% of bondholders under Greek law.

Result: some 107 billion euros over the 206 billion euros of Greek debt held by banks, insurers, investment funds and pension funds will simply be deleted. A very short term, the agreement removes the risk of default since the country had to repay € 14.4 billion on March 20. It also unlocks additional European assistance than 130 billion euros that will enable it to meet its medium-term future échéanches.

If Greece has avoided a default unchecked, this rate is still insufficient compared to the 90% target that was set by the government, explaining that he had to recommend the activation of collective action clauses attached to the bonds to be exchanged.

They are forcing carriers reluctant to accept the terms of trade and should be ultimately the acceptance rate at 95.7% said the Finance Ministry statement. "The holders of approximately 172 billion euros of bonds by Greek law" have accepted the proposal made by the Hellenic Republic on February 24 to exchange their debt securities against other securities whose face value was reduced 50% said the statement.

"I wish to express my gratitude to all our creditors who supported our ambitious program of reform and adjustment and shared sacrifices of the people in its historic effort" praised the Greek Finance Minister Evangelos Venizelos said in a statement. The exchange of specific securities to be held Monday, March 12 for bonds by Greek law, but an extension until March 23 was granted to holders of non-Greek right to present their response to the proposal. This delay does not allow those who have already joined to the bid to reverse their decision.

The partners of Greece indeed want the private sector do its part in the rescue effort of the country, with a contribution sufficient to provide debt reduction to 120.5% of GDP in 2020, a ratio expected to guarantee the country's return to solvency.

Successful restructuring opens the door to the contrary release 130 billion of loans provided by the euro area in late October. These two components, debt and bailouts, make up the second bailout of the country developed its international partners, after an initial infusion of 110 billion granted in 2010.

The luxury group PPR has formalized the appointment Wednesday of Hedi Slimane as creative director of fashion house Yves Saint Laurent, Stefano Pilati where it will replace, standing ovation Monday when presenting his latest collection of scratched e YSL.

Hedi Slimane and found the house in which he led the men's fashion from 1997 to 2000, before knowing the glory at Dior.

The designer will now assume responsibility for the overall artistic YSL brand and all its collections, PPR said in a statement.

Along with these new features, Hedi Slimane continues his photographic career.

Stefano Pilati was artistic director of Yves Saint Laurent since 2004.

Like all luxury brands, YSL has signed a particularly brilliant year 2011. Its sales have taken off from 31% to 353.7 million euros and operating profit quadrupled to 41 million euros.

As with many other brands, profitability was driven by the success of its leather goods, more profitable than the loan-to-wear.

When the direction of the steel giant still does not guarantee the works council restarting blast furnace site, the steelworkers maintain pressure. The "blockers" ArcelorMittal has lit a big fire burning before the plant Florange.

Employees who require restarting blast furnaces Florange dormant for several months, occupying part of the site since February 20. This Friday, they were evicted by the police when he blocked a railway line, an operation of glazed jostling between the police and the steelworkers who sang the Marseillaise while shouting "Thank Sarko".

Find pictures in the fight to save the ArcelorMittal Florange

Meanwhile at the headquarters of ArcelorMittal France in Saint-Denis (Seine-Saint-Denis), the management assured the unions that the maintenance of a blast furnace Florange would start "very soon", but without mentioning an upturn in the sector hot site. In a statement, management has confirmed "the temporary suspension of part of its facilities Florange for the second quarter due to the difficult economic environment". "Two million euros will be allocated to additional maintenance work to ensure that the liquid phase can restart in the second half in anticipation of an economic recovery," she said.

This Thursday, Nicolas Sarkozy said on France Inter that the P6 "in the second half would go back" after revealing he had the day before a meeting with Lakshmi Mittal, CEO of the No. 1 global steel industry. But ArcelorMittal had conditioned this boot an economic recovery. The presidential candidate said it had obtained a number of global steel industry that invests 17 million to safeguard Florange.

Find our survey to find out what the ads are really worth of Nicolas Sarkozy?

In any case, unions are skeptical. Further reading: "The promise of Sarkozy, it's cat pee."

Wall Street ended down about 0.5% Wednesday, interrupting a series of four consecutive sessions of gains, after investors have concluded about the Reserve Chairman fe ; Re public that there will be no immediate further monetary easing.

The Dow Jones Industrial 30 yielded 0.41%, or 53.05 points, to 12,952.07. The S & P-500, wider, lost 6.50 points, or 0.47%, to 1365.68. The Nasdaq Composite fell 19.87 points to his side (-0.67%) to 2,966.89.

At his hearing before the Committee on Financial Services of the House of Representatives, Ben Bernanke noted that there had been improvements in the labor market, although it also said he had to accelerate growth in the United States that will reduce an unemployment rate considered unacceptable.

Recognition of a better employment has, ultimately, been interpreted as not going in the direction of an imminent new bond buyback program, possibility Ben Bernanke himself had not ruled out during the press conference which followed the last monetary policy meeting of the Fed's late January. 

"Market participants felt that Ben Bernanke was slightly less accommodating than before – and I stress the word 'slightly'," said Michael Marrale, managing director at RBC Capital Markets.

The statements of Fed chairman supported the dollar and weighed on commodity-related values, with a sector index down by 1.74%.

The decline of Wall Street has been limited by the publication of an index of purchasing managers in the Chicago area much better than expected in February, its highest since April 2011 . 

The publication of the Fed's Beige Book, which says that the U.S. economy grew at a moderate pace in January and mid February, was also ; a factor of support.

The decline Wednesday is also linked to profit taking after the series of increases in recent days. And, throughout the month, the Dow Jones gained 2.5%, the S & P 500 4.1% and Nasdaq 5.4%.

Analysts also note that the volumes were less expanded in comparison to the average of February.

Iran has refused to hand over to Greece 500,000 barrels of crude oil as part of retaliatory sanctions of the European Union related to Iran's nuclear program, reports the Sunday 'unofficial news agency Fars.

"Tankers who had surrendered (to Iran) to load 500,000 barrels of Iranian crude to be delivered to a refinery Greek had to leave empty, Iran has refused to make delivery, "wrote Fars without specifying its source.

Iran has stopped selling crude to British and French companies in recent days. Its oil minister warned on February 4 that the Islamic Republic would cut its oil exports to "certain" European countries.

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.

Repair cracks appeared on the wings of the Airbus A380 jumbo could cost up to 100 million euros in the aircraft manufacturer, writes Der Spiegel Sunday.

The identification and repair of cracks on the 69 aircraft already in service would cost in themselves within 70 million, thirty million then being attributable to a change production procedures, continues the weekly said, citing experts and people of Airbus.

Der Spiegel also quoted a spokesman for Airbus, an EADS subsidiary, which states that a long-term technical solution will be found by the summer, without comment on the cost. 

European authorities are preparing to extend the inspection process to all Airbus A380 fleet after the discovery of cracks on the wings of some copies of trè s jumbo jet, said on Wednesday sources close to the matter.

Moreover, in an interview published Monday in WirtschaftsWoche, Louis Welsh, CEO of EADS, said he wanted make 350 million euros in savings this year by unifying procedures for various business functions.

He added that in view of recent successes in the U.S., EADS should seriously consider building a plant there.

Welsh also said that the A320neo should be profitable in its first delivery in October 2015. "Development costs are limited and therefore we will have depreciated even before the start of production" No he said.