News – Business & Economi

If U.S. growth may be the envy of Europe, it resulted in an increase in imports and therefore the trade deficit reached $ 558 billion in 2011. Its highest level since 2008.

A moderate recovery is confirmed in the U.S. … and the trade deficit is widening. In December, imports reached their highest level since July 2008, said Friday the Commerce Department. Is a hole of 48.8 billion dollars against 47.1 billion (revised figure) in the previous month. This is more than the expectations of the analysts.

Over the full year 2011, the U.S. has a trade deficit of $ 558 billion, the highest since 2008. This represents 3.7% of gross domestic product. The trade deficit with China represents more than half of that total. At 295.5 billion dollars, it has largely beaten the record set in 2011.  

The overall trade deficit in December was partly explained by a phenomenon that seems to have widened in 2012: while the U.S. economy has maintained a respectable growth rate and thus increased its imports, the economies of the eurozone declined . This has particularly led to the largest monthly deficit ever recorded with Germany ($ 4.8 billion in December).

U.S. imports have generally increased by 1.3% this month, with among other record imports of capital goods. The trade deficit in petroleum products (24.4 billion) still weighed heavily. The average price per barrel of imported crude oil has exceeded $ 104, increasing by 5% within two months.

Legrand said Thursday that 2012 promised to be a lost year in terms of organic growth but would continue its acquisition policy to ensure its development.

The group's operating margin, which reached 20.2% in 2011, also expected to suffer during the year and down 19%.

"In 2012, faced with uncertain macroeconomic expectations, Legrand holds a target organic growth of its turnover close to zero," the group said in a statement.

In 2011 Legrand has posted organic growth rose 6.4%, slightly more than 5% contained in its annual targets.

If noted the current difficult environment in 2012, the infrastructure specialist electrical and digital nevertheless reaffirmed its medium-term objectives. 

Out major economic slowdown and taking into account acquisitions, Legrand targets an average annual growth of 10% of its turnover and adjusted operating margin averaged 20%.

In 2011, net income of Legrand rose 14.4% to 478.6 million and adjusted operating profit of 7.5% to 856.7 million (+7.5 %).

Legrand has also said he would propose a dividend in 2011 of 0.93 euro per share, up 6%.

European stock markets have reduced their losses Tuesday after the session to finish close to balance, investors hoping for a swift agreement on Greece's second bailout of the country .

In Paris the CAC 40 index managed to stay above the threshold of 3,400 points, taking 0.14% to 3,409,90 points after spending much of the session negative territory. In Frankfurt the Dax gave 0.16%, while the FTSE in London lost 0.03% Pan-European and Euro Stoxx 50 index has been 0.25%.

A Greek government official reported that Athens was finalizing a document that outlines the reforms demanded by its lenders in exchange for the payment of the second plan bailout of 130 billion euros.

On currency markets, this information has boosted the euro, which reached its highest since mid-December.

The Stoxx Europe 600 bank of erased its losses to finish up 0.47%, with gains between 1.2% and 2.1% for BNP Paribas, Societe Generale and Credit Agricole.

Conversely, UBS fell 1.44% in volume fed. The Swiss bank fears a difficult start after reporting lackluster figures for its fourth quarter 2011.

Swatch has lost nearly 4% after announcing an operating profit of 1.61 billion Swiss francs in 2011, slightly below expectations.

On Wall Street, the Dow, the S & P and the Nasdaq composite earn around 0.2% to 1630 GMT.

Bunds have erased their gains on the information of progress towards a political agreement with Greece on the financial rescue of the country.

The Euribor fell to new lows of 11 months in prospect of another massive injection of liquidity into the banking system by the European Central Bank, at its next auction paper to three years scheduled for late February. 

The euro has climbed more than 1% to 1.32708 to the dollar on the electronic platform EBS, its highest level since mid-December.

"The information from Greece to Athens remove an obstacle to alleviate short-term and massive credit risk, which is positive for the euro," noted Boris Schlossberg director of currency research at GFT.

Brent crude rose around 116 dollars a barrel, still carried by the cold wave in Europe, tensions on Iran's nuclear program and turmoil in Syria.

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."

Tokyo has purchased 10% of 3 billion euros of bonds that the European Financial Stability Fund (EFSF) lifted Monday. This is two times less than in the previous issue. The yen is now at its highest level in 15 years against the dollar

Japan purchased 10% of 3 billion euros of bonds to ten years raised Monday by the Relief Fund of the euro area (EFSF), a smaller proportion than the 20% invested in the previous issues, officials said Tuesday at the Ministry of Finance. "We took into account the state of our liquidity in euros, the conditions of issue and the market environment" for deciding the level of Japanese investment, set at 300 million euros this time, said a ministry official.This surge in the yen higher costs of products made in Japan and reduced the value of income from abroad by Japanese exporters group, which ultimately weigh on the recovery of the country recovering from earthquake, tsunami and accident nuclear March 11. The third largest economy is in recession since late 2010 and in particular on exports out of the rut, but the rising yen, combined with slowing global growth could stall restart.

The proceeds of the issue of Monday, the fourth conducted by the EFSF, must be used to finance a portion of the aid to Ireland, which has, like Greece and Portugal, an international aid program. The request was only slightly greater than the amount of three billion euros and the rate stood at 104 basis points above the risk free rate of the same maturity, or 3.59%.

Unilever issued a sales increase of 7.8% in the third quarter and expects margins stable or declining for the year 2011, experienced strong sales growth in emerging markets.

The manufacturer of soaps and mayonnaise has raised its prices by nearly 6%, while sales in countries such as India, Indonesia and Brazil have helped to offset difficult markets in Europe and the United States .

However, the group warned that its operating margin at constant perimeter and constant exchange rates would be stable or slightly declining over the year 2011 due to higher commodity prices.

On this basis, the Group reported a turnover up 7.8%, a performance better than the consensus of society, which provided an increase of 6.3%, following growth of 4.3% in the first quarter and 7.1% in the second.

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.

Over 100,000 taxpayers have disclosed their assets in OECD countries for two years. It reported one billion euros in France. The headquarters of the Cayman National Bank in George Town. The Cayman Islands are in the core of tax havens.

Almost 14 billion euros in tax revenues were collected in the last two years in twenty countries through international agreements concluded in the fight against tax evasion, the OECD said on Tuesday. "There's much more in the pipeline", but assured the Organization for Economic Cooperation and Development (OECD) at the opening of its fourth Global Forum on transparency and exchange of information for tax purposes .

These are, says the OECD, will provide "a substantial contribution to fiscal consolidation without increasing tax rates" in many countries forced to increase the tax burden to deal with the crisis."It is important that everyone contribute their fair share," notes the organization. The OECD states that the measures against tax evasion reported more than one billion euros in France, Germany 1.8 billion to 1.4 billion U.S., 150 million at the Australia and 260 million in Spain and the UK.

Over 100,000 taxpayers have disclosed their assets (including 30,000 in the United States, 1350 in the UK, 4,700 in France and 25,000 in Germany), she says. The Global Forum on transparency and exchange of information for tax purposes, housed at the OECD brings together 105 countries and territories. This Tuesday and Wednesday to finalize a report on "progress towards fiscal transparency" for the G20 summit to be held in Cannes on November 3 and 4. Other reports are expected on a number of tax havens after the meeting.

Halfway to a series of meetings decisive for the future of the euro, Europeans always struggled Sunday to set a major response to the crisis of debt, after Greece, Ireland and Portugal , now threatens to bring Italy and Spain.

Saturday, more than ten hours of meetings were needed to reach an agreement on a recapitalization of the banking sector to the tune of 100 billion euros, which was yet largely gained at the technical level this week.

The work, however, little or no progress on the form that is chosen to leverage the fund to support the euro and to reduce the Greek mountain of debt, even if a discount up to 60% of the shares held by investors Private is under discussion.

These discussions are held with their eyes on the economic situation in Italy which puts the Europeans against the wall because the current instruments to support the single currency are not powerful enough to rescue a country of this size .

As a prelude to the European Council, Nicolas Sarkozy and Angela Merkel met with Italian Prime Minister Silvio Berlusconi for half an hour Sunday morning.

Diplomats said the meeting was organized to increase the pressure on it so that it implements a more resolute reforms announced in September and reassures markets on its ability to maintain control in the Italian debt, which exceeds 120% of GDP.

A German government source said the head of the French state and the German chancellor had stressed "the urgent need for concrete and credible actions in the countries of the euro area", otherwise the decisions taken in the coming days n ' will have no effect.

Angela Merkel had insisted on Saturday that Italy would reduce its debt so as not to jeopardize the support mechanisms for the euro, "regardless of the height of these walls of protection."

BANKS

On his arrival in Brussels, the Chancellor warned that one should not expect final decisions at the EU summit and the euro area held Sunday.

It must now rely on the consent of the German parliamentarians to any reform of the fund to support the euro, making it difficult European negotiations.

Following an agreement reached Saturday, about sixty of the largest European banks need to recapitalize by 30 June 2012 at 100 billion euros to hold at least 9% of equity "hard" core tier one .

Some 38% of this amount, which may not be officially published, should return to the three countries already under the aid program: Greece, Portugal and Ireland.

Banks will also mark their sovereign debt to market value and the institutions that will not comply with this set of rules will be banned from paying dividends to their shareholders and bonuses to their executives.

The bloc have also talked Saturday reactivation of the guarantees offered to banks in the fall of 2008 at the height of the crisis, enabling them to find financing in the medium and long term, said on the same source.

According to this, three models are being studied, with varying degrees of coordination between European security mechanisms.

GREECE

Ministers are also extensively revenues Saturday on the back Greek and how to make Greek debt sustainable in the long term.

According to a report that will serve as the basis for decisions of the leaders of the euro area, private creditors of Athens may have to accept a loss of up to 60% on their sovereign debt.

The EU finance ministers, however, remain divided on the voluntariness or otherwise of the private sector to the new rescue plan for Greece.

Fearing to trigger a credit event with unforeseeable consequences, France and several other countries are reluctant to go beyond the envelope of 50 billion euros negotiated last July 21 with the banks, as called for Berlin if necessary by forcing them to go the extra mile.

Friday night, Athens received a shot in the arm with the provisional go-ahead European payment by mid-November of the next tranche of international assistance by 8 billion euros, without which Greece would default on its sovereign debt in the coming weeks.

The IMF still has to validate itself as such payment, subject to his ambitious decisions of Heads of State and Government of the euro area to reduce the mountain of debt indefinitely.

EFSF

The last part of the discussions – the multiplication of the European Financial Stability Fund (EFSF) – has so far been barely touched by the ministers, that would leave it to decide this question and leaders.

Friday night, Minister of Economy, Baroin, confirmed that France continued to believe that change the cash in bank was the best solution even if Paris does not make a red line.

According to several sources, Nicolas Sarkozy hopes to build on a broad international support to try to convince Angela Merkel, less than two weeks of the G20 summit in Cannes where international partners in Europe hold them accountable.

Granted a banking license in EFSF would allow access to funding from the European Central Bank to increase its capacity for action by a factor of up to five.

But Berlin rejects this possibility, which would be to accept that the institution of Frankfurt finance the countries of the euro area, one of the dogmas explicitly excluded by the European treaties since the creation of the euro.

The other members of the euro area are also divided, Belgium and Spain having voted for a reconciliation BCE-EFSF while Slovakia and Austria have indicated that this solution was not studied.

European leaders are under intense pressure by their international partners to take decisive action against the crisis.

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.