News – Business & Economi

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 .

German Chancellor Angela Merkel is opposed to programs to support economic activity in Europe but it is ready to discuss a strengthening of the European Investment Bank Investment Bank (EIB), she says in an interview published Wednesday in the daily Hamburger Abendblatt.

She explains that in his view, the growth can not depend solely on stimulus costly for public budgets.

"It is important that we distance ourselves vis-à-vis the idea that you should always spend money to get economic growth," she said, according to excerpts from the interview released before its publication. 

"Sustainable growth is based more on education and research and innovation capacities of SMEs."

Germany, who had fought the 2008-2009 recession with a stimulus package of 81 billion euros, took the lead of states shifting the focus to fiscal austerity measures against ; the sovereign debt crisis.

But an increasingly hostile public opinion and certain officers to austerity in several countries in the euro area has reopened the debate on the advisability of measures to support growth . 

In France, the favorite for the second round of presidential elections, the socialist Francois Hollande, wants to engage if elected Sunday a renegotiation of the European fiscal pact meant facilitate the reduction of deficits. It also advocates that the European Central Bank (ECB) do more to support economic activity.

Angela Merkel warned against any relaxation of the fiscal pact, it is preferable to consider measures mobilizing "political courage and creativity more than billions."

She argues for including the removal of barriers to youth employment and the strengthening of vocational training systems, to further open the labor market. 

Repeating remarks already held the last weekend in another interview to the press, she told the Hamburger Abendblatt that Germany was in favor of strengthening resources EIB, the financing arm of the European Union in the field of investments, as well as a more flexible use of EU structural funds.

Luxembourg Prime Minister Jean-Claude Juncker, who chairs the Eurogroup of finance ministers ruled Monday as possible an increase of 10 billion euros from the EIB's capital.

European shares closed Wednesday up sharply, the results found solid companies' published eclipsing concerns about the debt crisis in the eurozone.

The CAC 40 index, which had ended with a gain of 2.29% Tuesday, ended up 2.02% to 3233.46 points.

The Frankfurt Stock Exchange rose 1.73%, that of Madrid by 1.7% while the London market (0.16%) suffered from the recession back to the UK economy .

In this context, cyclicals and financials were particularly popular, pan-European Stoxx index of bank earning 1.86% in the provisional closure and the auto 3 , 05%, fastest growing sector in Europe.

European shares were down mid-session after the award by Germany of 4.2 billion euros Schatz two years accompanied by a return to a record low 0.14% highlighting investors' appetite for stocks considered less risky and persistent concerns about certain sovereign debt in the euro area.

In Paris the CAC 40 was down 1.41% (-47.86 points) to 3,244.65 points at 10:50 GMT. In Frankfurt, the DAX yields 0.78% and London, the FTSE drops 0.35%. The pan-European index Stoxx 50 was down 1.19%.

The index futures point to a New York opening of Wall Street down.

In Europe, the sector suffers utilities Iberdrola clearances especially after the sale of a stake of 3.69% by ACS. The mining sector benefited from the publication by BHP Billiton of a quarterly activity report showing a drop in production of iron ore lower than feared by analysts. The sector index Stoxx Europe 600 commodity earns 0.87%.

Values, the British retailer Tesco, which has announced plans to spend one billion pounds (1.2 billion) to overhaul its operations in Britain to regain market share and reconnect with sales growth, gaining 0.4%.

The world number two home appliances Electrolux sells more than 4% in after announcing a 16.7% decline in shipments to the North-im Rican for its six major product categories.

ASML is the title back in the same proportions as the world leader in machinery engravings of semiconductors declined to disclose its prospects of orders on the occasion of the publication of its quarterly results .

U.S. stocks closed up again Thursday due to signs of improvement in the situation in Europe and China and the first quarterly results of companies, considered encouraging .

The Dow Jones gained 1.41% or 181.19 points, to 12,986.58 points. The Standard & Poor's, wider, has advanced 1.38% or 18.86 points to 1387.57 points while the Nasdaq composite took 1.3% or 39.09 points to 3055.55 points.

The S & P 500 benchmark fund managers, rose above its 50-day moving average, as if traders felt the recent decline of nearly 5% as an opportunity to catch up with the performance of the index.

The S & P gained more than 10% since the beginning of the year.

The market did not consider the surprise hike in jobless claims last week to 380,000. Economists anticipated 355,000 claims. Some economists said the statistic is not very significant given the Easter weekend.

Bond yields in Italy and Spain fell after a strong demand during an operation launched this week by Italy.

"The decline in bond yields is a signal for investors, here, that things are not as bad as this in Europe," said Brian Gendreau, market specialists at Cetera Financial Group.

Traders also cited expectations of a pleasant surprise on the side of the figures of gross domestic product (GDP) of China, to be released Friday morning. Some are skeptical about this rumor.

"Chinese history is being misinterpreted. The Chinese government researcher who is supposed to have commented on China's GDP has talked about 9% GDP growth for all of 2012 and said he anticipated that 8.4 to 8%, 5% for the first quarter, which is in line with expectations, "said Peter Boockvar, equity specialist at Miller Tabak in New York

. The first results of companies have also published a good effect. Analysts say expectations may have been lowered too much and that the shares may now seem cheap and after the 5% decline that has just recorded the S & P. ​​

Alcoa has continued to benefit from the positive effect generated ; by its results. The value rose 2.7% after surging 6.34% on Wednesday.

Values ​​of raw materials have been sought. U.S. Steel gained 7.5% to 29.36 dollars.

Values, Hewlett-Packard jumped 7.17% to 25.09 dollars. According to Gartner, PC shipments rose in the first quarter thanks to a recovery in demand in Europe.

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 Bundesbank (Buba) German has used much of its profits in 2011 to strengthen its protective mattress and its president warned Tuesday the European Central Bank (ECB) against a decision excessive risk in its rules for granting loans to banks.

The German central bank considered it prudent to increase reserves while increasing concerns about the bill that the issuing institutions in the euro zone will have to pay under rescue the European banking system.

The ECB has helped to avoid a credit crunch by injecting in the space of two months 1,000 billion euros in the area banks, through loans and rates 3 years reduced, and by relaxing its criteria for acceptance of collateral. 

The chairman of the Buba Jens Weidmann said he was concerned about the risks to the balance sheet of the ECB and national central banks of the Eurosystem, arguing that risk-taking should be lowered e, for instance by raising the quality of the collateral required for banks wishing to finance with the ECB.

But even if the Bundesbank's balance sheet reflects this concern, Jens Weidmann did not call for an immediate withdrawal of bank support.

"But that does not mean that all measures of crises must be lifted immediately, rather, it means that we, as a central bank, thinking against their abil re to organize the withdrawal of these measures."

One who is also a member of the Governing Council of the ECB played down his differences with the president of the institution in Frankfurt Mario Draghi in monetary policy. He stressed that he did not feel isolated within the council and had a good working relationship with the Italian

. "I do not feel isolated in the Governing Council of the ECB because I see that the arguments that I or others put forward are discussed "said Jens Weidmann at a press conference on the occasion of the presentation of annual results of the Buba

…. ….. He added that there was no predefined camps at voting time on the board. Last week, Mario Draghi also said that the Bundesbank was not isolated within the ECB.

The benefit of the Buba fell to 643 million euros in 2011, against 2.2 billion euros in 2010, due to an increase of 4.1 billion euros of provisions related to credit risk, foreign exchange, gold and other prices, against an increase of 1.6 billion euros the previous year.

"The main reason for the decrease in earnings is higher provisions for risk," said its president.

"The counterparty risk in repurchase program bonds and refinancing operations rose perceptibly due to higher volumes and the high degree of risk," added ; Jens Weidmann.

The crude oil prices have come down Tuesday on fears related to Greece and world economic growth.

On the Nymex, crude for April delivery ended at 104.70 dollars a barrel, down 2.02 dollars or 1.89%.

In London, ICE Brent for delivery in April ended at 121.98 dollars a barrel, down $ 1.82 or 1.47%.

After the close of markets, prices continued to decline according to figures from the American Petroleum Institute (API) showing an increase of 4.6 million in crude inventories last week in the U.S. States, while the market was expecting an increase of 800,000 barrels only.

The official government figures (EIA) will be published Wednesday. 

Investors have also noted a breakthrough in the Iranian nuclear issue, which has somewhat eased fears of supply disruptions.

Iran will allow experts from the International Atomic Energy Agency (IAEA) to visit the Parchin military site, reported Tuesday the news agency ISNA. The spokesman of the foreign policy of the European Union, Catherine Ashton, for his part announced that the major powers were willing to resume talks with Tehran .

Altran Thursday confirmed a large increase in operating margin for 2011 following growth of 7.2% of its turnover for the year, and said he was "reasonably confident" in 2012 despite ; economic uncertainties.

Sales of specialist technology consulting totaled 1,419.5 million euros last year, growing "economy" of 8.1% (on a comparable basis excluding the impact of exchange and changes in working days).

This publication dope title to the Paris Bourse, where the action is gaining 4.18% to 3.96 euros, shoulder to shoulder with Plastic Omnium top of the largest increases in the SBF 120 (+ 0.35%). 

"We are convinced and seduced by the strategy and decisions implemented by the new management group," says a note in CM-CIC Securities, the purchase value.

"Certainly, the current should not favor the rapid improvement of the fundamentals of Altran, but we believe that the work done by the new CEO of the group should begin to bear fruit in 2013, both in terms of operating performance and cash as corporate culture, "said the intermediary.

The fourth quarter alone, sales of Altran amounted to 370.6 million euros, increasing by 6% and an "economic growth" of 8, 6%. 

"Despite an uncertain macroeconomic environment, the Group is reasonably confident for 2012," he said in a statement its CEO, Philippe Salle.

Philippe Salle had told Reuters in October Altran, a deficit in 2010 would remain negative in 2011 but would profit in 2012.