Top Economics News

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.

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.

Objective: six to eight billion euros in additional savings.The French government Monday unveiled new measures to contain its deficit and preserve its sovereign rating as part of a budget among "the most severe since 1945."

Prime Minister Francois Fillon, who will present the plan in mid-day after the cabinet meeting, prepared the minds saying Saturday that there was no alternative to the reduction of public spending.

The executive, who proceeded to the final Sunday arbitration, fails to speak always of "rigor" or "austerity" but "the moment of truth" announced by the prime minister sounds like this six months of the presidential election.

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.

Banks must be better capitalized to avoid an escalation of the crisis that would be caused by a financial collapse, said Sunday the German Finance Minister Wolfgang Schäuble on the ZDF television, adding that banks no longer trust the to each other.

"We need better regulation and better capitalization of banks," he said.

"Everyone will not like this, but it is the best way there is no escalation of the crisis caused by a collapse of the banking system."

"The cause of this crisis is too much debt, but we must fight the danger of contagion. We must simply recognize that banks currently have more trust towards each other, so the market Banking is not working as it should.The best way to combat this is a better recapitalization. "

Belgium, Luxembourg and France came Thursday to the heart of the negotiations on their respective participation in the rescue of a new Franco-Belgian bank Dexia, expected to lead discussions in a few days to a dismantling of the group ordered.

The Belgian government has warned Paris that Belgium did not intend to bear alone the financial burden of the rescue of the old world leader in financing local authorities, the first victim of the banking crisis of sovereign debt in the eurozone.

"It is clear that a very sensitive and crucial element in the negotiations, it is fair burden sharing," said Yves Leterme, Belgian Prime Minister in charge of current affairs, radio RTL.

If he declined to go into details of the negotiations, he recalled the nature "systemic" Dexia for the banking system.

His finance minister Didier Reynders also stressed the need for a balanced sharing of effort."Yes, we do not want to be alone with the whole group on our hands," he told reporters before a meeting of a small cabinet in Brussels.

"Do not forget that not only support the Belgian bank but it must continue to fund all the past, and we will not do it alone," said Didier Reynders, stating that it would begin negotiations with France after obtaining a government mandate.

In France, neither the Ministry of Finance or the Treasury or the Bank of France was immediately available to comment on the progress of negotiations on Dexia, whose board of directors to be held Saturday .

REDEMPTION FOR DEXIA BIL

Luxembourg has for its part that it was negotiating the acquisition of the Luxembourg subsidiary of Dexia, Dexia Banque Internationale à Luxembourg, with the help of an international investor.

The Minister of Finance of the Grand Duchy, Luc Frieden, said that negotiations on the resumption of Dexia BIL were in an advanced stage and could be finalized before the end of October, without specifying the identity of the investor.

With the statements of the Luxembourg authorities, the Dexia has suddenly turned down.

At 13:00, the action gave up 0.90% to 11.66 euros after

open up like other European banking shares.The European banking index progressed by 3.2%.

"This should generate a capital gain, which is positive.However, Dexia BIL is certainly rich in deposits, the sale of the blow will not ease the problems of financing the group, "said one trader in Paris.

The rescue plan could weigh on public finances of France and Belgium, already undermined by the crisis, and trigger negative reactions in public opinion.

The scenario being considered involves a backing of the main activities of Dexia in France at the Caisse des Depots (CDC) and the Postal Bank.

In Belgium, the plan could be realized by a partial nationalization of the retail or split it into a separately listed entity.

For the rest of the group, a "bad bank" would be set up to manage a large bond portfolio and an asset disposal program would be launched.

France and Belgium must commit to provide guarantees for the financing of the bond portfolio.

Steve Jobs, Apple's iconic chief, resigned from his position as general manager, said Wednesday night the Apple brand.

On sick leave since January, Steve Jobs has been appointed Chairman of the Board of Directors of Apple and Tim Cook replaces the position of CEO.

"I always said if I ever came to not being able to perform my duties and obligations as CEO of Apple, I'd be the first to let you know. Unfortunately, that day has come" he wrote in his letter of resignation.

For many analysts, the resignation of Steve Jobs, predictable long-standing, should not prevent the group from Cupertino to continue on the path he laid out, marked by timed out.A new iPhone could also be marketed in September and the third version of the iPad tablet in 2012.

"I would say to investors not to panic and stay calm. Is the right thing to do. Steve Cook is president and CEO," responded Colin Gillis, an analyst at BGC Financial.

At 56, Steve Jobs has survived pancreatic cancer and was on sick leave since Jan. 17.

He was briefly interrupted in March when, emaciated, he came to present the new version of the tablet from Apple, the iPad.Steve Jobs was then photographed at a meal with President Barack Obama.

Since sick leave, Tim Cook held the position of CEO on an interim basis.

Steve Jobs spent all day Wednesday at the headquarters of his company in Silicon Valley, officials said a source close to Apple.

He met with the board and his closest collaborators and intends to play an active role in his new role, they added.

"Investors are very comfortable with Tim Cook, even if Jobs was the engine of innovation.Tim has shown that Apple could totally outperform when he was CEO of Apple, "said Shannon Cross, analyst at Cross Research.

Trading in Apple stock was suspended in electronic transactions. By 2300 GMT, it was indicated down 7%.

Preferred placement of French, has seen its Livret A collection rise sharply in July before raising his salary and in a context of concern related to the debt crisis, show figures released Tuesday by the Deposit and Consignment Office.

The collection of this tax-free booklet, identified more than 60 million copies by the end of 2010 the Bank of France, reached 2.07 billion euros last month, the highest figure for 11 months.

Its total assets has reached 207.5 billion euros.

The Handbook of Sustainable Development (LDD, former Codevi) has meanwhile seen its cash flows turn positive again, to 0.28 billion, after two months of outflows.

The pay rate of the Livret A is passed on 1 August from 2.0% to 2.25% under the rules in force since 1986 which provide an adjustment for changes in money market rates and inflation .

The previous increase, already a quarter of a point on February 1, had boosted the collection in January and February.

With these increases in pay, which keep it above the level of inflation, combined with the trend, observed since the 2008 crisis, friendly and non-risk liquid investments, including at the expense life insurance.

The Livret A have increased by 12.14 billion euros since the beginning of this year, an increase that exceeds already seven months, that of the whole of 2010 (10.1 billion). The collection of life insurance has decreased by 11% along the first half, to 69.3 billion euros, according to statistics from the French Federation of Insurance Companies (FFSA).

Eurobonds are not the answer to the debt crisis in the euro area, said German Chancellor Angela Merkel.

"The Eurobonds are quite the wrong answer to the crisis of the moment," she said in an interview with the ZDF channel that is being broadcast on Sunday."They would lead us to a union of debt and not a union of stability."

The issuance of Eurobonds ("Eurobonds") would cost billions of euros in Germany each year, according to calculations by the German Ministry of Finance quoted by the weekly Der Spiegel.

"The first year it would mean 2.5 billion euros of interest in addition to the budget (Finance Minister) Wolfgang Schäuble and the second year costs would be twice as high," wrote Der Spiegel in extracts of its survey sent to the press.

After ten years the total cost would be 20 to 25 billion euros, according to the calculations of the Ministry of Finance.

Schäuble said for his part personally prepared to transfer sovereignty to Brussels to ensure the stability of the euro area over the long term but added that the euro area itself was not prepared for this eventuality.

"As a person, Wolfgang Schäuble would be ready (to delegate sovereignty to Brussels).The idea of ​​a European finance minister I have no problem, "he said in an interview published Sunday by the Welt am Sonntag.

"But as finance minister I say that it is our duty to solve problems here and now, and that as soon as possible based on existing contracts."

This idea of ​​a European finance minister is particularly recommended by the chief executive of Commerzbank Martin Blessing, in an interview with Welt am Sonntag.

"With the introduction of a fiscal union, Brussels must have the right to return of budgetary powers to countries that do not respect the rules, and to levy its own taxes and create a joint body to issue bonds," he said.

France and Germany are adamantly opposed to the idea of ​​issuing bonds on behalf of the entire euro area, as advocated many market professionals to put an end to the crisis of European sovereign debt .

"Most member states are not quite ready to accept the necessary limitations on national sovereignty, but believe me, it's a problem we can solve," he told the minister.

Schäuble will meet Finance Minister Baroin Tuesday at 8:00 GMT to discuss including the harmonization of corporate tax and the introduction of a tax on financial transactions.

He said Saturday that the countries of the euro area could issue Eurobonds scaffold as if they had a prior fiscal policy and common taxation or they could create inflation and destabilize the region.

Volkswagen sales have increased strongly in July, the group said that its growth prospects remain in line with its forecasts.

The economic downturn does not seem to have a material impact on the activities of the German, European leader in the automobile.

"The Volkswagen Group maintained its growth trajectory due to its strong lineup," said the sales manager Christian Klingler in a statement.

Retail sales in July rose 16.3%, marking an acceleration from the pace through the first seven months of the year (14.4%).

China, Volkswagen's largest market by volume, has increased sales by 16.4% between January and July.Over the same period, sales in Central and Eastern Europe grew by 28.7%, and the United States of 21.4%.

But with a limited increase in German GDP to 0.1% in the second quarter, but the group could soon be in trouble in its home market, where one in three cars sold is a brand owned.