Top Economics News

Honda Motor said Friday it planned for the year that has just begun operating profit increased almost three in favor of an expected surge in car sales Asia and the continued recovery of the U.S. market.

The third Japanese car maker turns the page on a 2011-2012 fiscal year marked by natural disasters-earthquake and tsunami in Japan, floods in Thailand-and the strong yen.

For the 2012-2013 fiscal year, Honda expects an operating profit of 620 billion yen (5.8 billion) against 231.36 billion for the one that just ended. 

This forecast is below analysts' expectations, who see a figure of 645 billion yen, but remained optimistic for a reputable company to the prudence of these projections of results.

"The North American market is gradually picking up and we enter into new segments in Asia. We believe that we will grow faster than the market, "said Tetsuo Iwamura, executive vice president of Honda

…… The latter told … see a car market of 14.3 million vehicles in the U.S. this year, against 13.5 million in 2011

… He added that …… Honda, whose sales of the new version of "crossover" CR-V increased by over 25% in the U.S. since the beginning of the year , wanted to join as soon as possible a share of over 10% of the U.S.

. The group plans to jump from 2012 to 2013 38.4% of its global sales of cars, to 4.3 million units and a 10.2% increase in shipments of two-wheelers, to 16.6 million copies. 

For the last quarter of 2011-2012, Honda has reported a jump of 142.3% of operating profit, the production of Japanese automaker is back to normal Aftern ; s the consequences of the earthquake and tsunami that hit Japan March 11, 2011.

Over the three months to March, operating income stood at 111.98 billion yen (1.05 billion euros), a figure lower than the 123.2 billion average expected by analysts according to Thomson Reuters consensus I / B / E / S.

Net income, which includes the results released in China rose 60.7% to 71.59 billion yen.

Honda is a Japanese manufacturer that has suffered most from natural disasters in Asia in 2011. 

The group has restarted its Thai factory in March after a period of six months.

The Eramet Group, whose sales fell 10% in the first quarter, said Thursday that operating profit in the first half should be lower than the first half 2012 due to the falling price of nickel and manganese.

The turnover of the mining group totaled 877 million euros in Q1 2012 against 973 million a year earlier (-7% at constant perimeter.)

The decline is 20% in the activity of manganese and nickel in 13% compared to first quarter 2011, while world production of stainless steel fell by around 3%. 

"As previously announced, average prices of nickel and manganese are the beginning of the year at levels below the current average of 2011 ", said in a statement the group, who still expects an increase of its turnover in the second quarter compared to first quarter 2012.

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%.

Sony's new boss Thursday drew the outlines of a recovery strategy includes 10,000 job cuts and a focus on mobile electronics and medical equipment, in hopes of re reconcile the group to profitability despite its difficulties in televisions.

Kazuo Hirai, who succeeded last month in Howard Stringer to the general direction of Sony, has doubled the forecast annual loss of the group to a record 4.9 billion euros and is faced with the daunting task of rehabilitating the brand, trailing Apple's U.S. and South Korea's Samsung Electronics. 

"We heard the many voices calling for change of investors," said Kazuo Hirai before a crowd of journalists gathered at Sony headquarters in Tokyo, not far from the first plant group, opened 65 years ago.

"Sony will change," he promised.

Sony, like its Japanese rivals Sharp and Panasonic, has suffered in recent years a decline in demand for televisions, fierce competition and competitiveness weighed down by the strong yen.

To bounce back, the Japanese manufacturer of consumer electronics said he wanted to strengthen its business in mobile phones, digital cameras and games, while seeking strategic investments in mate ; riel medical and batteries for electric vehicles. 

The group also confirmed press reports that he would eliminate about 10,000 jobs, or 6% of its global workforce, and provisionnerait a restructuring charge of approximately 75 billion yen (705 million) on the current fiscal year, ending March 31, 2013.

Sony also intends to reduce its costs by 60% and 30% fixed operating costs in televisions in 2013-2014.

"We can not shy away from tough choices," said Kazuo Hirai.

BET ON ENDOSCOPES … AND PORTABLE

By focusing particularly on medical equipment, which is booming, Sony aims for 2014-2015 a total turnover of 8,500 billion yen (80 billion) and operating margin of more than 5%.

The inventor of the Walkman and the PlayStation was one of the frontrunners to an alliance with the Olympus medical equipment manufacturer, which owns 70% of the global market for diagnostic endoscopes but whose finances have suffered from a large accounting fraud discovered last fall.

Sony sees endoscopes, it could enrich its imaging technologies, a growing market. He also said he was looking for partners to make batteries for electric vehicles.

"Expanding its presence in the medical field and electric vehicles is a good thing because these activities have better margins and these are areas where Japan has been proven," said Michael One (Beyond Asset Management).

But Sony has also promised to put smartphones in the heart of its turnaround strategy to triple its sales in mobile telephony to 1,800 billion yen over the next three fiscal years. Some analysts see an inconsistency.

"We do not understand exactly how they will adjust their activity in the electronics, nor how they will again create value," said Tetsuro Ii, president of Commons Asset Management.

Sony Ericsson has already bought full control of their mobile phone joint venture Sony Ericsson to strengthen its position in a market dominated by Apple and Samsung. He has since launched its first smartphone, the Xperia range, under the Sony brand.

Prior to these announcements, Sony has the action ended Thursday up 0.86% to 1,528 yen in Tokyo Stock Exchange.

The Group's market capitalization has shrunk by almost 20% over the last month. Samsung is now ten times and Apple – that some Sony executives were considering buying in the early 90 – thirty times.

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 ".

Interviewed by three regional newspapers, Nicolas Sarkozy accused of "permanent CFDT" having "betrayed the trust of employees" in Florange. It was already taken last month at the SGC. President and candidate for reelection Nicolas Sarkozy (here Aytre February 21, 2012)

The bridges are cut between Nicolas Sarkozy and some unions. In an interview with three regional dailies – Eastern Republican, Rep. Lorraine and Vosges Matin, the presidential candidate accused of "permanent CFDT" of having "betrayed the trust of employees Florange", an attack that responds to criticism against the SGC in March, accused of trying to "play a political role". In fact, the CFDT and the CGT do not hide their anti-Sarkozyism.

Read also: Why the unions have lost their neutrality in 2012

When asked by the newspapers to "anger rising in Florange," Mr. Sarkozy responded: "Let's not confuse the workers, and worried that I got for 17 million euros investment and staff of the CGT or CFDT, two million of work done on the liquid phase immediately-this-works started, 7 for coke, 8,000,000 to the manufacturing plant of automotive products. " "This investment is for Florange! It is decided. If this work had not been committed, it was certain that the blast did not return," added the incumbent.

"As for the permanent of the CFDT," he added, "they betray the trust of employees. They came to insult me ​​and try to break my campaign headquarters. Do not confuse the employees of Arcelor-Mittal, which I will not let go, and trade unionists who cheat their members by making policy instead of defending the interests of employees ". Mid-March, about 200 steelworkers steelworks Florange had come to Paris with the intention to go before the campaign headquarters of Nicolas Sarkozy as a large police had been deployed. Brief scuffles had broken out then with law enforcement.

Health spending should not increase by more than 2.9% last year. The target was held and even beyond. But if the city manages to medicine to save money, it's more difficult for the hospital. But the effort required for 2012 has been strengthened.

Good news. The national target of expenditure (ONDAM), indicator of the health expenditure control, was observed in 2011, for the second consecutive year. Savings have been achieved even, mainly due to the general practice.

"Under 2011, spending will be well below 330 million euros to the goal voted by Parliament. Specifically, spending on care city will be less than 300 million," said a joint statement ministries Budget , Health and Solidarity.

The hospital sector is more difficult to roll back its spending. "For their part, hospital expenditures do not exceed, after setting aside prudential funds, the authority of Parliament," the statement said, meaning that the ONDAM hospital has been held that using a gel certain appropriations provided by the state, primarily for public hospitals, for most of 2011.

The deficit of public and private non-profit improves slightly (0.8%) in 2011: 504 million euros against 508 million in 2010. For teaching hospitals (CHU), the largest public hospitals, the overall deficit improved by 15 to 329.4 million. Nicolas Sarkozy had hoped in 2007 a return to balanced operating accounts in public hospitals for 2012.

For the three departments 'performance' of 2011 "bodes well for the respect of ONDAM in 2012, for the third consecutive year." The goal for this year was, however hardened, precision required, and will be more difficult to hold, with a projected increase of 2.5% against 2.9% in 2010 and 2011.

The CSMF reacted to the government announcement stressed again that the bulk of the savings was realized by the general practice. "Beyond compliance ONDAM general ONDAM care is respected city for four consecutive years" and in 2011, savings totaled 612 million, "62 million more than expected," says union in a statement. He took the opportunity to claim back a "rebalancing" budget for the care of town. For 2012, the rising cost of ambulatory care was limited to 2.1% against 2.6% for hospital costs.

Qatar has raised its stake to 12.8% stake in Lagardere and intends to seek a position on the supervisory board of the media group, we read in a notice published Monday by the Authority ; financial markets.

Qatar Holding said hold 12.83% stake in Lagardere. society, which belongs to the sovereign wealth fund Qatar Investment Autority, said it had also surpassed the 10% voting rights, 10.05%.

She added that it reserves the possibility to further increase its stake in the company but said not wanting to take control.

However, it indicates it intends to seek a position on the supervisory board and "talk to all interested actors, as appropriate, in light of strategic partnerships to create value in ; long-term shareholder, with the stipulation that there is currently no specific plans in this regard ".

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.

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.