News – Business & Economi

The Tokyo Stock Exchange closed up 1.1% Monday, posting a higher closing three months, driven by good performance of the U.S. labor market.

The Nikkei gained 97.27 points to 8,929.20 points and the Topix broader took 9.16 points (1.2%) to 769.85 points.

"It's pretty good for exporters," said Nicholas Smith, a specialist at CLSA Japan, commenting on the monthly report on employment in the United States that showed Friday that unemployment had fallen ; to its lowest level in nearly three years.

Panasonic has taken the title of the session 6.34% after touching a low of more than 30 years Friday, in response to a forecast of record annual loss amounting to ; eight billion euros.

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American investigative journalist Edward Epstein published a survey in which it reveals new details about the case of the Sofitel. He was convinced that Dominique Strauss-Kahn was the victim of a conspiracy. The case was carried from Paris. Former IMF chief Dominique Strauss-Kahn (by leaving the financial police in Paris September 29, 2011)

The case of the Sofitel New York, which marked the end of the presidential ambitions of Dominique Strauss-Kahn, had a new twist Saturday, reviving questions about the possibility of a trap, already mentioned by close to Former IMF chief.In this investigation, the AFP was able to consult, the American journalist argues that the BlackBerry DSK could have been hacked.

Edward Epstein expressed confidence that "tried to derail" the candidacy of Dominique Strauss-Kahn, but declined to talk about "political conspiracy" created from scratch, in an interview with AFP on Saturday. In an interview on Europe 1 audio, it reaffirms that it is a conspiracy: "It is much like a political issue, but I do not have certainty," said he. "If it's a political issue, it's a matter of French politics. I think it came from Paris. It may come from the UMP, it can come from the secret services, that can even come from someone who s 'interested in the activities of the IMF. "

The UMP denies any involvement

On May 14, Dominique Strauss-Kahn called his wife Anne Sinclair told him that "something bad happened."

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 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.

The European Commission gave on Thursday, with the revision of the Markets in Financial Instruments Directive (MiFID) and market abuse (MAD), launched a very heavy fall in the regulation of the finance sector .

Other texts to be published in the coming weeks include the third draft of the regulation of rating agencies, a European framework for the management of bank failures or closer supervision of the audit activity, not to mention ongoing negotiations on derivatives and the transposition of European agreements known as Basel III on bank capital.

The new rules on markets in financial instruments cover both the activities of banks in terms of brokerage, consulting, trading, portfolio management and underwriting services.

They also regulate the operation of traditional exchanges and other trading platforms – also called "multilateral trading facilities."

The rules on market abuse for their prey to cases of insider trading and market manipulation.

Eager to get tough practices, the Commission proposes a non-binding framework calling on member states to integrate criminal sanctions in their national legislation for people found guilty of such abuses.

In a statement, the Commissioner for the Internal Market, Michel Barnier, has insisted that the legislation met the market developments in recent years.

"The financial markets have to work to the real economy and not the other way (…) The crisis has shown that certain activities and financial products reached a degree of complexity and opacity changes as have become indispensable" , he said.

MARKET DEVELOPMENTS

Here is a list of the main proposals contained in these texts:

* Outside the MTFs and regulated markets, "organized systems of negotiation," in which particular exchange traded derivatives contracts will now be covered by European regulations.

* Algorithmic trading and the high frequency will be better framed to take into account the systemic risk they represent.

* The text on markets in financial instruments will also seek to increase the transparency of trading on equity markets, including the "dark pools".Bond markets and derivatives too should meet the rules of transparency.

* Supervision and oversight of derivatives markets on commodities will be increased. In coordination with the new supervisor European markets, national supervisors may prohibit certain products when they undermine investor protection, financial stability or proper functioning of markets.Operators have an obligation to report their positions and position limits will be introduced in case of market disruption.

* The rules for portfolio management, investment advice and offers of complex financial products are also strengthened.

* In terms of market abuse, the new regulation also seeks to adapt itself to the recent market now covering instruments traded on alternative platforms and OTC.

* Regulators will have increased access to information needed to detect and punish market abuse.The latter will be able to require disclosure of data from the telcos and access to buildings or private documents when a suspected market abuse.

* Finally, the range of sanctions is itself also revised upwards. Fines will not be less than the benefit obtained from the market abuse and may be up to twice that amount. The Commission also proposes to harmonize the national sanctions in this matter by criminalizing the countries where they are not considered as such.

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.

According to a "government source" quoted by AFP, the French government is considering "tough decisions" on aid to Greece and banks … but after the passage of the bailout by Germany. An encrypted connection that will boost the rumors.

There is something to speculate. While the French government Monday strongly denied any plan to bail out banks hexagonal, a government source quoted by AFP said Tuesday that the executive intends to take "tough decisions" for banks and assistance to Greece. Remains to be seen what these "tough decisions" and what the banks concerned.

"We must make tough decisions on Greece and the banks but we can not do it before that Germany has adopted Thursday the rescue plan," sources said the same source.The German parliament is to decide Thursday on expanding the envelope and skills of EFSF, the support fund for the euro area set up last year. German lawmakers should give the green light. Remains to be seen what would those "tough decisions" that can not be formally discussed before the decisive vote.

The vote of Germany, Europe's largest economy and biggest contributor to the fund with 200 billion euros of guarantees, should give a decisive impetus. While the implementation of this mechanism requires the approval of the rescue 17 members of the euro area and that some countries, like Slovakia, are still praying.

Financial markets of the Old World still hesitant on Tuesday morning. They fall one after the other, after all, however, opened up. European stock markets lost between 2.44 and 0.21%, to 10.15.

European stock markets remain extremely volatile on Tuesday morning. After starting up, they dive back one after the other. Paris gives 2.44% to 10.15, Frankfurt 0.21% 0.30% Milan, London and Madrid 0.71% 0.35%. While few minutes after the opening, Frankfurt gained 1.6%, London and Paris 0.78% 0.66% and 2% took Milan and Madrid 1.24%.

The announcement of a possible intervention of China on the European debt market appeared to calm the fears of some investors. Italy is in fact in talks with Chinese sovereign wealth fund CIC about the buyback, according to press reports.

But the Greek case and fears about U.S. growth continues to angst investors and banks to shake the very battered in recent sessions, due to their exposure to sovereign debt. The idea of ​​a default Helvetic returned in force in the financial markets. It has even been suggested directly by the German Minister of Economy Philipp Rösler, in an interview with Die Welt newspaper.

"Avoid default uncontrolled"

Tuesday, German Chancellor Angela Merkel, however, felt the need to "avoid any uncontrolled process in the euro area", referring to a bankruptcy of Greece as it is discussed with emphasis in Germany these days."The first priority is to avoid a default unchecked, because it would affect not only Greece, and because the risk that affects us all, or at least many other countries, is very high," Detailed Chancellor in a radio interview Inforadio.

The NYSE has to when she rebounded late in the session Monday. The Dow Jones finally won 0.63% and the Nasdaq 1.10%. In Asia, Tokyo ended Tuesday's session up 0.95% due to bargain hunting, after the Nikkei closing at its lowest for two and a half years yesterday. Monday, major European stock markets had yielded between 1.60 and 4%, and recorded two consecutive sessions of decline.

The British advertising group Aegis is confident about its future after announcing strong organic growth in the first half and confirmed an annual perspective is now reserved.

The group, which in July sold its market research arm Synovate to French Ipsos for 525 million pounds (595 million), recorded organic growth of its turnover by 7.3% driven by strong performances, particularly in North America.

The major advertising groups showed solid performance in 2010 and 2011, as companies, providing most of the time their advertising budgets on an annual basis, continued to invest despite the turbulence in financial markets to protect their market share .

However, WPP and Publicis competitors have both warned that the year 2012 could prove more elusive.

Aegis has maintained an organic growth target for 2011 at least equivalent to 5.8% observed in 2010 and also provides for improved operating margins.

The sale of Synovate, which should ultimately bring 505 million pounds according to analysts, will also be fastened to the end of September, said the group, which plans to donate 200 million pounds to shareholders.

"In the medium term visibility is still relatively limited because the macroeconomic uncertainty remains," said general manager Jerry Buhlmann group."However, we remain positive for the future of Aegis, to be more concentrated (on its core business), especially with regard to the strength of our activities over the past 18 months."

The title gained 2.14% to 0830 GMT, valuing the company at about 1.8 billion pounds.

European banks fell Friday to their lowest level stock since April 2009, 29 months ago when the financial crisis was still felt nothing from curb investors' concerns about their short-term financing.

The European banking index lost 9.26% on the week, its fourth consecutive weekly decline, and abandons 21.85% since the beginning of the month.

In the context of economic slowdown and debt crisis, analysts and managers question the ability to rebound in the short term European bank stocks despite the collapse of their course. So much so that the value of the index that measures the 32 largest banks in the euro area currently flirting with the level of the single market capitalization of Apple.

"We do not know exactly what is a bank.We do not know the extent of the default rate that they should take in their accounts according to the scale of the crisis, according to the magnitude of the risk of peripheral countries, "said Philippe Delienne, president of Asset Management Beliefs.

Among banking stocks, Italian banks Unicredit and Intesa Sanpaolo fell Friday by more than 5%.

The British Royal Bank of Scotland and Lloyds dropped respectively 5.38% and 4.78%.

In Paris, BNP Paribas fell 4.27%, 3.38% Societe Generale and Credit Agricole 1.7%.In contrast, Dexia, which fell by nearly 14% yesterday, ended on a slight rise of 0.13%.

"Markets are concerned because of liquidity problems," said Sebastien Barthelemy, credit analyst at Louis Capital Markets, which is "a lot of elements concomitant raise the specter of inter-bank crisis in 2008."

"The U.S. money market funds are under pressure in the two major asset classes, the T-Bill (U.S. Treasury bond, Ed) and banks in the euro area, they have chosen to reduce (…) their positions in the European paper and particularly French banks, "said Christophe Nijdam for his part, an analyst at AlphaValue.

The appeal Wednesday to ease dollar of the European Central Bank, for the first time since February, had also contributed to frighten the market Thursday, causing the diving banking stocks as Barclays, Dexia or Societe Generale.

"THE CRISIS IS POLITICAL"

In a note, Deutsche Bank believes, however, that concerns about the level of liquidity are exaggerated, but stressed that the risks to bank profits had increased.

Rates on the interbank market also seem to suggest that the financial system does not flu as the main governing Euribor lending between banks fell slightly Friday.

The dollar Libor three-month reference measurement unsecured interbank lending in the euro area, is 0.29%, still far from the 4.8% level it reached after the bankruptcy of Lehman Brothers in 2008 when banks no longer willing to lend to each other.

"As the European crisis is political and that the policies do not go to the rhythm of the markets, there is concern that this crisis lasts several months," said Philippe Delienne, beliefs AM.

"The banks are 'casual victims' (victims of natural, Ed) of all this fear macroeconomic and political uncertainties," said one London-based analyst, who declined to be named.