News – Business & Economi

The Yahoo CEO Scott Thompson resigned Sunday because of a controversy over a fake university degree in computer science listed on his resume.

This is the third time in as many years as the head changes its internet portal.

Yahoo also gave three director seats at a hedge fund run by Daniel Loeb, who should be well positioned to influence the group's strategy.

Scott Thompson was replaced on an interim basis by Ross Levinson, current director of worldwide media division, Yahoo said in a statement.

It's Third Point hedge fund of Daniel Loeb, who discovered the falsification of the CV of Scott Thompson. This company owns 5.8% stake in Yahoo.

The departure of the CEO only four months after taking office should re-questioning the future of Yahoo, which is struggling to revive its growth face stiff competition from groups like Google or Facebook.

On April 10, Yahoo announced its reorganization into three divisions – "consumer", "regions" and "technology", which was one of the first strong measures by Scott Thompson , arrived at the beginning of the year at the helm of the company.

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Greece is no longer bound by its commitments to the European Union and the International Monetary Fund after the rejection by voters of parties supporting the bailout, said Tuesday the leader of the Coalition of the Radical Left, Alexis Tsipras.

The head of Syriza, which will attempt to form a coalition government after the Conservatives came top of Sunday's parliamentary had renounced, advocated putting banks under the controlled the desired state and an international commission investigating the legality of government debt. 

"The bailout was clearly canceled by the popular verdict," said Tsipras, whose formation was propelled the rand against the odds of the second political force .

Already facing a bleak economic environment, banks must now confront a French real estate market in full contraction, marked by a sharp slowdown in mortgage lending in France during the first quarter.

According to data from the Observatory CSA-Credit Housing, real estate loan production fell by 26.1% during the first quarter, with a dip of 35% on the month of January 2012 . Between early January and late March, the fall is larger, down 30.8%.

"The improvement observed in autumn 2011, aftermath of demand expectations of late 2011, was not enough to reverse the recessive market and weighed heavily on the month of January 2012, "note the analysts of the Observatory in its quarterly survey released Thursday.

"The market downturn has become a true reality," they continue.

The quarterly results of French banks, released Thursday and Friday, continues the trend. In recent years, rising real estate loans had helped to swell the volume of lending to the economy, especially during the financial crisis after the collapse of Lehman Brothers in 2008.

"During the crisis period in 2009, 2010 and 2011, the housing credit has been a growth engine for retail banking in France," said Christophe Nijdam, an analyst at AlphaValue . "It was the engine and it was welcome, because of other activities such as retail banking abroad, were very, trè s disappointing. "

"But this year, instead of having a GNP (net banking, Ed) with growth rates of 3% to 5%, we could have a no-growth or GNP is decreasing "he says.

IMPACT ON THE MARGINS

Societe Generale said Thursday that net profit down 20% in the first quarter, has reported a decline of 26.2% of production mortgages in France between January and March.

Crédit Agricole d'Ile de France, which also released its results, the housing loans fell by 16.6% during the first quarter. 

For its part, BNP Paribas speaks of "a continued deceleration of home loans", without giving precise figures for the production of home loans in France.

The rating agency Standard & Poor's expects a contraction of about 20% to 30% of the flow of new loans in France this year. It also anticipates a decline of 15% of property prices in 2012 and 2013.

"French banks should not be significantly affected by the decline in house prices that we anticipate in our economic forecasts," said S & P.

The agency said the contraction of the flow of new credit this year "could weigh on banks' interest margin, although this negative volume effect would be partly offset by increased levels of these new credits. "

Consumer spending by French households fell 2.9% in March after a similar rise in February. Throughout the first quarter, they increased by 0.2%. Consumer spending by French households fell 2.9% in March 2012 due to lower energy costs.

French consumer spending fell sharply in March, largely due to lower energy bills, losing 2.9% compared to February, said Friday the National Institute of Statistics and Economic Studies ( INSEE). Consumption expenditure of households had jumped 2.9% in February as a result of the cold wave. Throughout the first quarter, they increased by 0.2%, after rising 0.3% in the fourth quarter of 2011, INSEE said in a statement.  

"The decline in spending in March was largely due to lower energy costs and, to a lesser extent, that of food expenditures," said the institute. Thus, food consumption was down 2.3% after two consecutive months of increases. As for energy, INSEE found a "return to normal + + after the cold snap in February."

Spending on durable goods rose in March (+1.5% after -0.9% in February). Throughout the quarter, they were down 3.3% after rising 2.7% in the fourth quarter of 2011. Despite a recovery in March (+2.3% after -0.5% in February), spending on cars down the entire first quarter (-5.6% after +4.4%). Similarly, those in home equipment increased slightly in March (+0.2% after -0.6% in February) but receding in the quarter (-0.9% after +1.3%).

The Spanish government announced Monday that he wanted to save ten billion euros in the areas of health and education.

"We need to cut unnecessary costs, streamline the sectors that do not work well, because if we do not, we can not guarantee the viability of the system," said Minister of Economy, Luis de Guindos, invited the SER radio.

The government of Mariano Rajoy last week presented a draft budget for 2012 includes € 27 billion reduction in public spending as part of a reorganization plan intended to bring the public deficit to 5.3% of GDP against 8.5% last year.

Expected savings on health and education in addition to this effort. 

The Spanish health system, shared between central government and executives of the 17 autonomous regions, is a debt of 15 billion euros.

According to Luis de Guindos, one of the lines of inquiry could focus on free public health services offered to the Spaniards, whatever their income.

"We need to open the debate, both within the central government in the regions, on whether health should be free for someone earning 100,000 euros (per year)", said the minister. 

In terms of education, Spanish media report that the government would consider a lower number of teachers, that would offset an increase in the number of students per class , and higher tuition fees in universities.

The Popular Party (PP) Mariano Rajoy, who has an absolute majority in Parliament, also controls eleven of the 17 autonomous regions.

The Prosecutor General of the Supreme Court has definitively cancel the condemnation of Total over 12 years near the wreck of the tanker Erika off the Brittany coast in 1999, which caused ; a major ecological disaster.

This 24-year-old ship broke in two on 12 December 1999 in a storm and sank, spilling 20,000 tonnes of fuel on 400 km of the Breton coast, killing dozens thousands of birds and ravaging the seabed.

The prosecution based its opinion on the fact that the disaster has not occurred in French waters but "exclusive economic zone" (EEZ), and that the ship flew the Maltese flag, which would remove any possibility of prosecution in criminal justice. 

The Court of Cassation, the highest French court, which will meet May 24 and will make the final decision after a deliberate, however, is not bound to follow the opinion of floor, reading was revealed by Liberation and Ouest-France.

The public prosecutor asked the permanent cancellation without retrial, the conviction for "marine pollution" of the first French company announced after two die decisions at first instance and on appeal in 2008 in 2010.

In addition to the Total group, sentenced to a fine of 375,000 euros, Rina, the Italian maritime regulatory body which gave its airworthiness certificate to the ship (175.000 euro fine), Giuseppe Savarese, a former Italian owner of the ship, and Antonio Pollara, Italian former manager of the Erika (75,000 euro fine each) were convicted in appeal.

The lower courts have so far retained the right of other interpretations. The plaintiffs believe that the French territory was hit by the effects of the offense is sufficient to render the French competent judges.

THE ENVIRONMENTAL DAMAGE IN DANGER

The floor of the Court of Cassation also recommends abandoning the notion of "environmental damage" introduced in 2008 by the trial judgment that can demand compensation for environmental damage , as well as for moral harm, economic or property.

After a review of the complex thicket of international conventions governing shipping, the prosecutor's office believes it is impossible to legalize this notion. 

Corinne Lepage, one of the lawyers of the plaintiffs and former environment minister, said that it was here that a notice and hoped that the Court would not follow him.

"It would be a double disaster legal, not for the common (…) but in terms of law in general because it means that charterers could continue to take as Total boat was rotten like the Erika for reasons of pure greed and polluting the coast without nothing happens, "she said on RTL. 

NO EFFECT ON PAYMENTS

The folder is marked from the beginning by a very complex debate, shipping is governed by a series of international conventions and national laws very bushy, with idé e general far as the charterer of a tanker is in principle not liable criminally or civilly.

The Court of Appeal had also, on this point, not fully completed the first judgment, concluding that Total was guilty but not criminally responsible civilly.

This point has not had an immediate effect because Total has already paid in 2009 without possible cancellation of 170 192 500 000 compensation ordered in the first instance in 2008, 153 for the state. Rina has paid the surplus, and an "extension" decided on appeal where the total bill rose to 200.6 million euros.

Total said it would ask for a refund, whatever the final decision to the Supreme Court, where lawyers of some 80 civil parties, municipalities, regions, departments and advocacy groups the environment will plead.

French society has always said he was the victim of a "hidden defect" of the boat, never a thesis accepted by the court. 

Given another 200 million euros paid by the company in 1999, including the cleaning of beaches and pumping oil from the wreck, the total bill to stu ve for it to nearly 400 million euros, an amount limited compared with the annual profit of nearly $ 12 billion company.

The Bank of England (BoE) kept no surprise Thursday its key rate to 0.5%, its level since March 2009, and left unchanged the amount of its program of asset purchases, while the multiply signs heralding a return to growth of the UK economy.

All economists polled by Reuters had expected the central bank does not increase its program of "quantitative easing" (QE) beyond the 325 billion pounds (394 billion euros ) previously announced.

Recent indicators, including the latest PMI figures released this week, seemed to reflect a rebound in activity after the contraction of the last quarter of 2011. 

But British manufacturing output posted its biggest drop in nearly a year in February (-1.0%), taking forecasters against the foot.

Industrial production, wider, however, remained on an upward trend, which should be sufficient to ensure an increase in gross domestic product in the first quarter after the contraction experienced in late 2011.

Economists now monitor the evolution of inflation, still above the 2% target of the central bank and that it could announce an extension of buyback program securities.

The Parisian house prices are falling for the first time since 2009. This trend can it last? The responses of Sébastien de Lafond, President of MeilleursAgents.com. Paris Real Estate, Second District, Point Trigano.

After the delirium, appeasement. The Paris property prices are going down, all professionals are unanimous, including notaries. The period October 2011 to January 2012, the price per m2 of housing in Paris and has declined slightly, to 8340 euros/m2, instead of 8370 euros previously. This represents a 0.3% decrease. The capital rappoche so the trend throughout the Paris region (-0.6% over the same period). Certainly, the decline is limited, but it denotes with previous years of sharp increase. The notice of Sébastien de Lafond is President of MeilleursAgents.com.

What do we see on the Paris market?

The Paris market has long been an exception to the French property market. If you look at the figures for previous years, between the third quarter 2009 and third quarter 2010, prices rose by 13.8% in Paris. And in 2011, the increase was 15% for old apartments. Result, the price per m2 in Paris reached 8,344 euros. The left bank has skyrocketed. First explanation: the exploding demand, strong excess relative to supply, fueled by several factors: historically low interest rates, a preference for stone instead of the stock market, investors have never been as many ( 26% of buyers, against 16% in all of France). All in a context of shortage of housing. In Ile-de-France, we need 70,000 homes a year to meet demand, then we do not built for that half hour. Another factor increase: foreign demand, which influences prices in many districts, the first in the eighth arrondissement, the 16th-but also and especially on certain types of property high-end or central ashore. This is a customer with high purchasing power, thus likely to distort the market structure high-end. Still, foreigners account for barely 5% of buyers.

The price on the Paris market have they peaked?

Today, no doubt, this market is cooling and has been since last July. The last six months, prices in Paris intra muros lost 3.5%, even lower in the inner suburbs and it is around 5% in the outer suburbs. Similarly, the transaction time is 50 days in Paris twice a year ago and 40 to 80 days in the Ile-de-France. In nine out of 10 districts, prices declined in the fourth quarter of 2011 versus the third quarter of that year. The volume of property transactions fell 15% in Paris and 20% in small and large crown.

How can we explain this decline?

On the one hand, we lost 30% of buyers from last year. First reason: the prices in Paris and the Ile de France have reached very high levels. For proof, from June 2009 to June 2011, they increased by 29%. Given this rise, many buyers say "stop". Another reason to be bullish: the banks are much more restrictive in terms of access to mortgages since the Greek crisis. Now, exit the small arrangements if you are on probation or if you have a low intake. Have a permanent and present a contribution of 5 to 10% is the rule in any bank. Moreover, the monthly credit shall not exceed 1/3 of disposable income of the borrower. Finally, we lost about 10% of buyers due to the suppression of PTZ + in the former, which was included last year in 40% of real estate transactions in the former.

On the other hand, the decline was due to the 20% of sellers and less. The sale is generally followed by a purchase. But in an economic context is not conducive to going into debt over twenty years, coupled with a fear of the future and an uncertain economy, people are more cautious. Finally, the election deadline pushes the real estate project.

The decline in the market Ile can it continue?

We announce a drop of about 5% to 10% of Paris and the Ile-de-France at least until June But this drop will not be sustainable if rates continue to decline as is currently the case in most banks. Because if interest rates fall, prices rise. However, if they increase, prices are revised downwards. This hypothesis is highly possible with the economic crisis in Spain today. The rate of OAT, (the rate at which borrows France over 10 years) may increase. However, if lending rates rise by 1%, prices could fall by 15%.

Beyond these predictions, the basic problem remains, we have a deficit of housing particularly marked in the Paris region market. Given migration, birth rates, etc.., Demand for the stone is too large to attend a substantial fall in prices in Paris, in small and large crown. The new housing shortage keeps prices. It is for this reason that the drop is, and will only be on if the new housing construction remains at this level. Buyers should not expect a substantial fall in prices. Today the market is experiencing a slight decline. This is a good time to buy in Ile-de-France.

But who can still buy in Paris?

In the capital, buyers under 30 have almost disappeared but the secondo-time buyers drive the market. Those buy for resale and are immunized against rising prices. We defined three categories of buyers. High-income couples, 30 to 40 years, may in turn seek apartments from 60 to 100 m2 through debt of 20 to 25 years. The secondly-time buyers who bought there over five years and can make a nice capital gain are now the most dynamic part of the application. But they are experiencing shortages of goods. Finally come the investors with a medium-to long term.

ArcelorMittal said Tuesday it was extending indefinitely the closure of the voltaic arc furnace from its site of Schifflange Luxembourg, which has 282 employees.

The world's number one steel explained his decision by the depressed construction market in Western Europe, which are for products Schifflange, and said he could see no sign of significant improvement since the crisis that hit the area at the end of 2008.

Schifflange site specializes in the production of long carbon steel.

French President Nicolas Sarkozy announced earlier this month that ArcelorMittal would restart a blast furnace of its French site Florange (Moselle). But the group had then stated that it would be restarted in case of economic recovery.

Union representatives of PSA Peugeot Citroen and Opel / Vauxhall, the two European brands of General Motors, will meet in April to discuss the social implications of the alliance between the two automakers , said Friday FO.

A central works council (EAC) on the alliance is scheduled for April 5, said his side the CFDT. It will follow a meeting of the European group committee of PSA scheduled for 23 March.

"Union representatives French, German and English PSA / OPEL / VAUXHALL exchanged Thursday, March 15 during a conference call coordinated by the EMF (European Federation of Metallurgy). They decided the establishment of a European cooperation and a meeting in Brussels liaison committees of the two groups, under the auspices of the GEF, in April " , said in a statement

. FO PSA and General Motors have announced a strategic alliance in February through the pooling of their purchases and preparing a common platform by 2016

. Both ensure that the alliance has no impact on the issue of overcapacity of the European two groups, that they should be treated separately. But unions are questioning the social and industrial benefits of the project as PSA and Opel ranges were very similar cars.

Together, they produce cars and light trucks in 20 plants in Europe, including 16 in Western Europe: France, Spain, Portugal and Italy next PSA, and Great Britain, Spain and Germany Opel side.

GM and the German trade union IG Metall to have an agreement excluding any job cuts on German soil until 2014.

The European group committee of PSA was originally scheduled for this Friday, but the meeting between unions and management has been postponed due to the absence of the Chief Executive Philippe Varin. 

Representatives of the management of PSA are currently "road show" to provide investors the capital increase of one billion euros to finance planned investments as part of alliance, after which GM will become the second largest shareholder with PSA 7% stake behind the Peugeot family. The capital increase, opened on March 8, runs until next Wednesday.