News – Business & Economi

Right in the debate on greater involvement of the European Central Bank (ECB) in the rescue of the euro, the institution claimed to have bought nearly 8 billion euros of bonds fragile last week against four, 5 billion the previous week. ECB

The European Central Bank (ECB) announced Monday that it bought nearly 8 billion euros of government bonds on the secondary market over a week against nearly 4.5 billion euros over the previous seven days. The total purchases of the ECB as part of this program, which began in May 2010 when the emergence of the Greek debt crisis, this is close to the threshold of 200 billion euros (194.5 billion euros).

The ECB never gives details of its operations, to know which country and how much it bought the debt.

The Italian Prime Minister Silvio Berlusconi confirmed Saturday that his ministers would visit in the evening at the Quirinal Palace to tender his resignation to President Giorgio Napolitano, we learn by a government press release.

"Il Cavaliere" thanked his "co-government" and sent a special thanks to the Under Secretary (Chair of the Council) Gianni Letta "during a meeting lasting 35 minutes.

Silvio Berlusconi is expected to 8:30 p.m. at the Quirinal, according to political sources.

The President of the European Central Bank (ECB), Jean-Claude Trichet, said that the crisis of sovereign debt in Europe is not over and it is too early to estimate the lights returned to green.

In an interview with German newspaper Bild am Sonntag-, Trichet said, however, confident in the ability of governments in the euro area to restore financial stability.

According to him, this requires that the Stability Pact is comprehensive and is implemented in a manner vigorous.

For the head of the ECB, the agreement reached this week by leaders of the European Union to enter into practice in a very precise and fast."

"The decisions taken at the summit (this week) must be applied with precise and coordinated fashion. The leaders of governments in the euro area have a program. Now the hard work is waiting for governments and the European Commission," insists he said.

"A rapid and full implementation of decisions is now absolutely crucial," said he. "A rapid and complete promulgation of these decisions is now absolutely crucial," he insists.

The world's second largest home appliances Electrolux said Friday he would seek to further reduce its costs, adding an expected decline in demand in its key markets after announcing a drop in quarterly profit.

The group, which owns the brands Electrolux, AEG and Frigidaire, anticipating the year a decline in demand for appliances in Europe of around 1%, not a 1% increase as expected before.

It also expects that the demand in North America fell by 4-5%, against an increase of 3% previously expected.

The group reported a third quarter adjusted operating income of 1.10 billion kronor (122 million) against 1.98 billion a year earlier.

The Reuters gave 1.06 billion crowns.

"Demand has fallen in several major markets (…) southern Europe and the United States, when the cost of raw materials has increased," said its chief executive Keith McLoughlin.

"The third quarter results were affected by the continuing difficult market conditions."

Electrolux said in a statement it would continue to seek to optimize the use of production capacity in North America and Western Europe and also reduce overhead costs.

Philips Electronics said Monday it would cut 4,500 jobs after posting a net profit fall 85% in the third quarter due to higher raw material costs and restructuring charges.

The job cuts form part of a cost reduction of 800 million euros.

The world of lighting has also said it was considering various options for its television subsidiary, adding that negotiations with TVP to cede much of this activity was intense and constructive, but lasted longer than expected.

"In the event that a final agreement is not reached, Philips will consider alternatives," says CEO Frans van Houten said in a statement Monday.

Net income for the third quarter was 76 million euros against 524 million a year earlier. Turnover amounted to 5.394 billion euros against 5.46 billion.

The consensus of analysts polled by Reuters gave a net profit of 53.8 million and a turnover of 5.341 billion.

Germany's GDP should grow by just 0.8% in 2012 as planned. The first euro zone economy could contract in the same season. Germany

The growth of Gross Domestic Product (GDP) will significantly slow the German next year, have predicted Thursday the major economic research institutes of Europe's largest economy, while the country will be affected by a financial crisis that is stain of oil. GDP is expected to increase by only 0.8% in 2012 from 2.9% expected this year, well below the previous forecast of these institutions (2%) and the official government forecast (1.8 %).

In a degraded environment, the government deficit in Germany, however, should continue to melt, reaching 0.9% this year and 0.6% next year, conservation efforts and strong revenue from this years bearing fruit.But Germany, whose economy is heavily export recovered strongly after the 2009 recession, can not escape the effects of the crisis of European public finances, about to lead to a banking crisis, economists predict .

Risk of credit crunch

"Because of the difficult situation of important partners, foreign trade should no longer participate in the growth," they write. The debt crisis raging, and the discussions that accompany it, also lead to "a crisis of confidence" that would restrain domestic demand. The problems of banks, which appear more and more fragile, will lead to difficult financing conditions that will hamper investment.

These difficulties are expected to peak in the fourth quarter of this year, with a decline in GDP (-0.2%).The institutes expect positive growth in every quarter of next year, but very modest. Any assessment is pessimistic economists, Germany should avoid a recession (two consecutive quarters of GDP contraction).

And good news, the labor market should continue to do relatively well, with a further decline in unemployment, due to 6.7% next year on average. German unemployment is at its lowest for 20 years. The bi-annual forecasts of the institutes are the basis for official government estimates, which will release its forecast adjusted Thursday.

Arnaud Montebourg is the arbiter of the final duel between Martine Aubry and Francois Hollande in the Socialist primary. It requires commitment of both candidates on his favorite themes: the de-globalization, the moralization of finance and the renovation of political institutions. Decryption. Arnaud Montebourg received 17.2% of the votes in the first round of the Socialist primary, Sunday, October 9.

He is the man most courted of the week. With over 17.2% of votes in the first round of the Socialist primary, Arnaud Montebourg can tip the vote of the electorate to the left in the second round, Sunday, Oct. 16, in favor of either Francois Hollande (39, 2% of the vote) or Martine Aubry (30.7%). The deputy of Saone-et-Loire is also raising the stakes: the champion of de-globalization conditioned its support for consideration by the two contenders of his campaign themes.He waits, before deciding to know the positions of mayor of Lille and the member for Corrèze on four themes: "industrial protectionism, financial control, the Fifth Republic and the fight against corruption," Does detailed it in an interview with Liberation. The ideas of Arnaud Montebourg can they find their place in the curricula of Martine Aubry and Francois Hollande? In part, yes.

The fight against corruption

Behind the term corruption, Arnaud Montebourg is of course the dirty business of French politics – the case Karachi, suitcases and of course Ziad Takieddine Guerin splashing the PS of the Bouches-du-Rhone, but also tax havens. The deputy of Saone-et-Loire wants to dismantle tax havens. To do this, he advocates a ban on transactions originating in or destined for the territories.He wants to force French companies have subsidiaries in tax havens to be closed and will repatriate "hidden money" in these territories. It also promises to "severely punish" evasion.

If they have not been a major theme of their campaign, Francois Hollande and Martine Aubry are widely separated positions Montebourg in this area. The two finalists in the primary would also like to strengthen the fight against tax havens. The project also calls for the PS to prohibit banking secrecy within the European Union.

Financial control

Throughout his campaign, Arnaud Montebourg has been the voice of the struggle against "financial chaos". He argues for "dirigiste measures and prohibition." He wants to dismantle such rating agencies and offers in return for establishing a European public rating agency.He also advocated the establishment of an authority markets at European level and the merger of European stock exchanges to avoid unnecessary competition. Montebourg also argues for a 0.1% tax on financial transactions European … being adopted in Europe For banks, the deputy of Saone-et-Loire wants to "put under trusteeship." This would, he said, with an entry "authoritarian" state to the board of financial institutions, with a veto. The first act of the state would force them to separate their banking and retail banking.

Martine Aubry and Francois Hollande agree to force banks to split their activities. However, they are less enthusiastic about the proposal to enter without consideration to their governing body. This can be done, according to two candidates, if the State recapitalize banks.The tax on financial transactions in Europe and the creation of a European public rating agency proposals are included in the proposed PS. No word, however, on a possible merger of the exchanges.

Industrial protectionism

It's his hobby: the "de-globalization" – even if it does not use that word in the letter he sent to Martine Aubry and Francois Hollande. Arnaud Montebourg advocates the introduction of a carbon tax outside the borders of the EU imported products reflect "fair carbon cost, health and social", coupled with a carbon tax "within the Union European "encourage" companies to change their ways of producing. "The deputy of Saone-et-Loire advocates also provide France with an anti-dumping: a mechanism for unilateral ban certain products to market (non-EU) "in case of aggression by trade unfairly low prices."

On this subject, Martine Aubry and Francois Hollande are more cautious. The mayor of Lille prefers to speak of "fair trade" and "globalization safer." Specifically, it supports the creation of a tax "social and environmental planning at the entrance" of the products manufactured outside the EU. François Hollande speaks for his "new rules" of world trade, negotiated with other European partners, with "taxation" or "entry ban" of certain products, particularly from China. But according to the member of Corrèze, protectionism and autarky are not adequate responses.He believes that restoring the competitiveness of lights and the establishment of a genuine industrial policy are the best weapons against the adverse effects of globalization.

The Sixth Republic

For ten years, Arnaud Montebourg defends a change of constitution. The Sixth Republic is calling for that allocate roles between "a president who will, a government with the fullness of his powers and a Parliament with enhanced supervisory powers including the opposition." It would be a strong focus on popular initiative referendum, would end the impunity of the head of the state and would prohibit multiple directorships.

Martine Aubry and Francois Hollande do not return to their account the change of Republic but are in favor of a "modernization of political life." The mayor of Lille is to prohibit multiple directorships.She wants to introduce more proportionate in the national and local elections. Francois Hollande said that he will "put the institutions on their feet" "with a president who presides over a government that governs, a parliament that legislates." PS The project also plans to set up popular referendums.

Finally, proposals for Arnaud Montebourg are certainly more radical but not so far removed from those of Martine Aubry and Francois Hollande. "Do not overestimate the differences between Arnaud Montebourg and the other candidates. Arnaud used a more aggressive tone, but it is not necessarily become global justice. The measures that are advocated in the socialist family," concludes Olivier Ferrand, president of Terra Nova, the think tank of the PS.

In Berlin, the worlds of energy and finance very seriously discuss the creation of a foundation that would take over the management of German nuclear power plants to improve the investment capacity of major operators in the renewable. A nuclear power plant in Bavaria.

The revelation of the existence of a project to create a "bad bank" to manage public the twilight of the 17 German nuclear power plants causes a controversy surrounding the funding of the output of nuclear power. In its edition of Friday, October 7, the business daily Handelsblatt confirmed that it held the plans for such a project. Developed by the investment bank Lazard, it is currently under discussion between government and big energy companies.According to the newspaper, the Bad Bank would take the form of a foundation to which we would transfer the management of power plants owned by EON, RWE, Vattenfall and EnBW, the four major German operators of nuclear power. The ultimate goal would be to delegate the responsibility of dismantling the foundation to restore financial credibility of their owners and thus increase their ability to invest in renewable energy.

The dismantling will cost 28 billion

The plan, which is still called "secret", poses the problem of financing the abandonment of nuclear energy in Germany. This abandonment, which requires to increase the share of renewables in the energy mix currently 20% German and 35 in 10 years, should cost around 250 billion euros, according to estimates by the state bank KfW.In ten years, Germany will therefore have to adapt its grid to the mode of decentralized production of renewable energy. Expensive sites such as strengthening the north-south but also the construction of many regional lines to low voltage are on the program, as well as the construction of new gas power plants and cogeneration and the erection of multiple wind farms and PV. Meanwhile, companies but also individuals should invest more in equipment and housing less voracious.Moreover, the cost of phasing out nuclear power plants was assessed at least 18 billion euros, which will add at least 10 billion for reprocessing and storage of radioactive fuel not included.

The development bank KfW has provided 100 billion euros over the next 5 years to meet the needs of corporate finance. But they and their shareholders, will also participate to a large extent these investments. However, the financial position of the four major energy producers in Germany has not improved since Angela Merkel urged the country to the output of nuclear power. The cessation of all nuclear power plants by 2022 will deprive them of lucrative profits. They also will have to invest heavily in non-polluting power plants and the production of renewable energy.

A very controversial Bed Bank

The predicted fall in profitability is not made to attract investors. Already, rating agencies have downgraded to EON and RWE, which in future will have to pay more for the money. Hence the idea of ​​the foundation. In the scenario described, operators freely transfer their plants in the foundation. It would become responsible for their management and their dismantling and storage of fuel. In return, the Foundation would benefit from the income generated by the plant operating until 2022. Nearly 15 billion euros. Or 13 billion euros less than the cost of decommissioning.The difference would be borne by the state in exchange for a recognition of debts that can not be deleted if these companies are investing in renewable much higher.

This is only for the moment that the outline of an unofficial plan but some find difficult to avoid. Michael Vassiliadis, president of the powerful union IG BCE Energy, believes it will be difficult to meet the challenge of phasing out nuclear power by passing capacity of large energy companies. But Ms. Bärbel Höhn, vice president of the Bundestag parliamentary group environmentalist, does not share this view: "I have rarely seen a plan as naive and transparent.This project led to the foundation of the risks that outsourcing will return to offer a lot of money to EON and RWE, "she said by stating that the plant operators had long been provisioned as are needed to decommissioning. As for Hermann Albers, President of Federation of the main companies in the wind (Bundesverband Windenergie), it considers that these plans are outrageous because again, "they are negotiated in secret" and "it is the consumer who will costs ":" The turning point energy can do without monopolistic structures. Its interest lies in the fact that it will promote a decentralized supply and promote competition, "he said.

Financial markets, the continent of Europe to Asia, are still affected by lingering fears about the U.S. economy, and risks of contagion from the euro area. Depression continues. Dasn early trade on Wednesday, Frankfurt yielded 0.81%. European stock markets decline

European financial markets were down again Wednesday morning, before the accumulation of bad news on both sides of the Atlantic. Investors are concerned about the health of the U.S. economy and the renewed tension on the fragile economies of the area in early trade euro.Dans 9:45 (7:45 GMT), Paris and Frankfurt lost 0.81% 0.81% . While Milan fell by 1.44% and 0.22% of Madrid. The London Stock Exchange is also down sharply on Wednesday morning.By 0830 GMT, the FTSE-100 index of the core values ​​has given 53.47 points in the first exchanges, or 0.94% over the closing Tuesday at 5664.92 points.

The U.S. concern. "For now, the American compromise avoids the worst, but provides only partial answers, which will cause an end was difficult," said Francois Duhen of CM-CIC Securities in a note . Now that Congress passed the plan Tuesday to raise the U.S. debt ceiling, the concerns of investors should refer again to the strength of the U.S. recovery. In the wake of the agreement, the rating agency Moody's has matched the note of the United States of a "negative outlook", which means that the country could lose its triple A medium-term, best possible rating, which allows the country to borrow at very low rates.Investors are also very wary especially as the very important U.S. indicators will be published in the afternoon across the Atlantic, including the ADP employment figures in the private sector and the ISM index of activity in services in July. Friday, figures for U.S. growth in the first half, very disappointing, have been a chilling effect on investors that some even fear a recession in the world's largest economy in the second half.

Side the euro area, the fears persist. In the eurozone, are increasing fears of contagion.Italy and Spain are again under pressure from the markets and their governments are mobilizing to stem the panic even if Brussels has ruled out any discussion of a bailout for those countries.

Asian stock markets down

Asian financial markets have again unscrewed Wednesday, worried about the prospects for the global economy, despite the adoption of a text to the United States to avoid a default. The Tokyo Stock Exchange closed sharply down, Nikkei 225 yielding 2.11%. Instead of Seoul also fell sharply, the benchmark index dropping 2.59%. That of Sydney has lost 2.27%. Around 7:20 GMT, Hong Kong, for its part gave up 2.21%, 1.18% Bombay and Shanghai remained almost stable.

EADS confirmed Friday its objectives, driven by the commercial success of its subsidiary Airbus which he now expected more than 1,000 gross orders this year.

The European Group on Aerospace and Defense, Airbus' parent company, reiterated a target for 2011 growth in turnover and operating profit (EBIT) before special items compared to the stable level of 1.3 billion euros 2010, again on the basis of one euro to 1.35 dollar.

In the second quarter, EADS generated adjusted EBIT of 371 million euros in the second quarter, net profit of 121 million and a turnover of 12.082 million.

Analysts on average expected for the second quarter an adjusted EBIT of 317 million euros, a net profit of 160 million and a turnover of 11.598 million, according to the Thomson Reuters consensus I / B / E / S.

Airbus reached an adjusted EBIT of 87 million euros and a turnover of 8.299 million, respectively, against 144 million and 7.986 million expected.