The European Commission (EC) and European Central Bank (ECB) working on a contingency plan in case Greece should leave the eurozone, said EU Trade Commissioner Karel De Gucht, in an interview published Friday.
This is the first statement by a senior European official confirming the existence of such plans.
Speculation about the development and content of such projects are fed from the Greek elections of May 6, but their existence had not previously confirmed e.
"There is one and a half, the risk of domino effect could have existed," said Karel De Gucht Belgian Flemish daily De Standaard.
"But today there are, both within the European Central Bank and European Commission services working in emergency scenarios where the Gre it can not. "
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China cut Saturday the amounts that banks must hold in reserve, thereby increasing their lending capacity of 400 billion yuan (48 billion euros), a measure taken to e avoid the risk of a sharp slowdown in the second largest economy.
People's Bank of China reduced the reserve ratio by 50 basis points, bringing it to 20.0%. This new amount will be effective next Friday May 18
This is the third decline in six months of the required reserve ratio, a decision just one day after the publication of macroeconomic data for the month of April have concerned investors, including the numbers of industrial production.
Economists had indeed thought that the growth rate of gross domestic product (GDP) of 8.1% over one year was a record low and that the activity would be departing in the second quarter. Considering the recent statistics, this scenario does not seem to confirm.
"The central bank should cut its reserve requirement ratio after the first quarter. She missed the best possible time, "said Dong Xian'an, chief economist at Peking First Advisory
." A drop TODAY 'Today will have a lesser impact. The Chinese economy will therefore be more vulnerable to weak global economic conditions and a slowing Chinese economy will in turn have a negative impact on the global recovery. "..
…… "The uncertainties surrounding the global and Chinese economies increase," said Dong Xian'an
… …… Economists estimate that China's growth should be 8% per year to absorb the annual flow of new entrants to the labor market and rural land left to find work in the factory
. The central bank announced its first drop in the ratio of bank reserves for three years on November 30, lowering the rate of 50 basis points.
According to a Reuters poll conducted in January, economists estimate that the central bank will reduce the reserve ratio of 200 basis points in total in 2012, bringing it to 19%.
Moreover, despite the inflationary risks, some believe that lower interest rates is not excluded.
"The problem is that loan demand from companies is very low, therefore the lower reserve requirement ratio is not as effective as lower rates of intere ; t, because a decrease in the ratio of reserves does not change the cost of loans, "said Liu Junyu (China Merchants Bank).
"If the economy continues to be hesitant, it is likely that the government will opt for a lower interest rate."
Francois Hollande wants to suspend the enforcement Nome establishing the conditions for resale by EDF of part of its electricity to its competitors, because it increases speculation in the market for electricity, announced Thursday for Energy with the Socialist candidate for president.
Francois Brottes believes that the Competition Authority "issued an indictment against the policy of opening the French electricity market" in favor of the review of a decree implementing this law.
The system "will strengthen the speculative nature of the electricity market in France and will further increase prices, since it will impact the electric bill of consumers to the tune of '200 to 500 million Euros per year, according to the Authority, "he says in a statement.
"A few days before an election critical to the future of France, it is urgent to suspend enforcement of the law Nome. Let the French can choose between two conceptions of e Energy: speculative, or public good, "he adds.
New organization of the French electricity market (Nome) allows alternative suppliers to buy electricity from EDF Nuclear, within an overall limit of 25% of the production capacity. Since 1 January, the resale price is set at 42 euros a megawatt hour.
The resumption of international trade should take place sooner than expected.
It's time for optimism for international trade. This is the conclusion of the study HSBC Global Connections: Trade Forecast (February 2012), which provides a faster growth of international trade from 2014, one year earlier than expected, according to previous analyzes. Between 2014 and 2026, world trade is expected to grow by 86%. Its annual growth is estimated at 3.8% until 2017, then mark a sharper acceleration beyond, with an annual growth of 6.2% from 2017 to 2021.
The biggest concern now trade oil, gas, petrochemical, automotive and electronic goods and equipment. But things are changing. With the threat of global warming and the demand for competitiveness, companies must now be closer to markets where they want to trade. This new situation allows to identify new growth areas. Here are the main:
– Electric power: all regions of the world are now seeking to develop non-fossil energy: nuclear, hydroelectric, solar, wind …
– Containers & Packaging: crates, boxes, and all objects to package and transport goods. This highly competitive industry is expected to grow particularly strong in America (nearly 10% annually over the next five years in Latin America and 8.9% in North America).
– Metallurgy: prepared binders for foundry. The annual growth forecast for this sector should be 8.8% in the next five years.
– Coal: coal and pellets. Demand is high worldwide, and especially in China which produces half the world's coal, but who is also the first consumer.
– Processed food: demand for more sophisticated food is high everywhere in the world.
– Electrical Control Systems: the development of new electrical power sources to the emergence of demand control systems and automatic control, especially in Asia, Europe and North America.
– Infrastructure: The sector is large, since the production of metal bars to the research services and consulting. This sector, vital for global economic growth, is expected to grow 110% in the next 15 years.
Google reported Thursday a net profit of 2.89 billion dollars or 8.75 dollars per share (GAAP) in the first quarter and announced a division of its shares on a two for a.
The net sales for the first quarter, which excludes fees paid to partner sites, totaled $ 8.14 billion.
The total turnover of the quarter is 10.65 billion.
The amount borrowed by the Portuguese banks to the European Central Bank increased by 18% in March compared to February to reach a record $ 56.3 billion, said Monday Lusitanian central bank.
This amount far exceeds the previous record of 49.1 billion borrowed in a month reached in August 2010, before Lisbon accepts a plan to help the IMF and the European Uni ; enemies.
According to Teresa Gil Pinheiro, chief economist at Banco BPI, the increase recorded in March was partly explained by the strong participation of Portuguese banks for refinancing proposed by the European Central Bank.
In December and February, she put on the market a total of over 1,000 billion euros.
This strong growth also reflects the reluctance of banks in the euro area, who are reluctant to lend to each other.
May 24, the Supreme Court could follow the requisitions of its Advocate General and reverse the conviction of Total to damages for environmental harm. Analysis of a possible "disaster for the ecology" with the lawyer in environmental law, Arnaud Gossement. Erika
Years of justice for nothing? Maybe so. More than 12 years after the fact, the General Counsel of the Supreme Court seeking annulment of the sentence in Total Erika shipwreck flag. Moreover, he believes that we should not refer the case on appeal. His analysis? French justice is not responsible for the sinking of a ship flying the Maltese flag outside French territorial waters. The notice of Gossement Arnaud, a lawyer specializing in environmental law.
What do you think the requisitions of the General Counsel?
Master Gossement Arnaud: This is surprising. Both courts and not the least, the First District Court of Paris (TGI) in 2008 and the Court of Appeal of Paris ruled in 2010 in the same direction. They have ruled on the application of French law and compensation for environmental damage. It was a first. Second thing, until 2008, an investigation has led to a removal order. In short, much work has been done around this case. It is therefore a surprise to make possible today a possible departure from precedent. And surprise is shared by all lawyers.
Can you reconstruct his reasoning?
We must above all be cautious. And for good reason, we do not know all of the conclusions of Advocate General, only a few arguments. According to the senior judge of the Supreme Court, there would be an issue of pure law, ie the Court of Appeal would not have applied the correct legal text. She should have, according to the magistrate, apply international law because of the location of the Erika. It was not located in French territorial waters. Then, the Advocate General points to the notion of environmental damage. In 2008 the Paris Court of First Instance is to be used with great clarity to the concept of "damages for injury to the environment." But the judge would question the possibility of convicting a person on grounds of environmental damage. Total for lawyers, this recent concept does not exist in positive law, in the texts of laws. Whether the General Counsel relies on this ground for reconsideration of the ecological damage, I do not know.
One thing is certain, the magistrate did not say that Total was irresponsible, but there is a problem of law. Over the total condemnation of the judge shows the inadequacy of the legal framework that applies to legal activities at sea It is a law vague and complex, composed of a mosaic of texts. Historically, there has been interest in the land. We just forgot that human activities would also develop at sea, whether oil activities or renewable energy production. This is since the 70s, including the trial of Montedison (the Italian company had dumped thousands of tons of toxic waste in a marine trench off Cape Corse, in Italian waters), we took awareness of the fragility of the sea We discover that the sea is not a trash can and must be protected. Erika was a turning point. There was a strong awareness.
Requisitions prosecutors are they followed by the Supreme Court?
This is what is said in general. But this is a complex matter for which miles are possible options. The Supreme Court can completely cancel the decision of the Court of Appeal, as it can do so partially. On the issue of compensation paid by Total at the time of use, the oil group said he would not call into question the compensation paid, but one can imagine the reverse. If unfortunately, the Supreme Court completely cancels the decision of the Court of Appeal, the procedure can start again. It would be a disaster not only for the plaintiffs, but also for the ecology. And for good reason, return on an affair that has lasted for 1999 is a bad signal to polluters. This is a step backwards. This is very disturbing. They may think that it does not matter because any way the court proceedings will take years to achieve. It is a discouraging message for associations and however encouraging for polluters. It should be certainty in the application of sanctions.
The investment fund of 50 million proposed by Qatar to finance entrepreneurs wait suburbs. The emirate has decided to let the elections.
Widely criticized for its many investments in France, Qatar has decided to postpone until after the elections in France to launch a controversial investment fund of 50 million euros to help commuters, it was elected officials learned of Diversity, confirming a report in figaro.fr.
The National Association of Elected Local Diversity (Aneld), who obtained this commitment after a mission to Qatar where she was received by the Emir Sheikh Hamad bin Khalifa Al Thani, "hoped that this initiative is not exploited by political parties, "said its president Kamal Hamza, alderman (UMP) in Courneuve (Seine-Saint-Denis). "We want this to happen in the healing and not in controversy," he told AFP while the Qatari initiative has been criticized, including by Marine Le Pen.
"There is a very strong influence of foreign countries wishing development of Muslim fundamentalism and I wonder very strongly the bonds of friendship between Nicolas Sarkozy (French President) and the Emir of Qatar that has been allowed to invest 50 million euros in the French suburbs, "said the president of the National Front. Saturday, a few hundred young activists identity of "Apache Project" showed Place de l'Opera in Paris against "the acquisition of France by Qatar." For its part, the interior minister, Claude Gueant, found the initative as "salutary effort since there is no particular requirement of any kind".
The emirate's ambassador in Paris, Mohamed Al-Kuwari Jahan, announced in December the fund of 50 million euros to finance economic projects by residents of the suburbs of France, explaining that s 'was not "charity" but of establishing partnerships in projects "serious" and "solid". A commission of experts should be established to evaluate the projects.
More generally, the tiny emirate is a privileged economic and financial partner of France. He just bought 1% of LVMH, and 2% of Total has increased to 12.8% its stake in Lagardere.
Ingenico is looking for growth opportunities in services and emerging markets after the forced abandonment of its proposed acquisition in the U.S., which would enable it to face the giant VeriFone.
The CEO of specialist payment terminals, Philippe Lazare, told Reuters detect "significant room for improvement" in Southeast Asia, where it is to affû ; t acquisitions.
"The past year has confirmed that emerging markets are really the primary drivers of growth and the business model with an increasing share of our service activities and transactions (compared to) our terminal activities is a strategy that works, "he argued in an interview.
Ingenico had to rethink its strategy last year after renouncing buy U.S. assets of Hypercom as a result of a decision of the department improve Rican Justice to initiate an antitrust action.
In the U.S., where the group's clients include distribution groups Wal-Mart and Home Depot, Ingenico expects much of the ongoing transition of the United States to smart cards, lead to a prompt Renewal of the terminal stores.
Ingenico, which counts among its competitors Gemalto, First Data and Heartland Payment Systems, is also betting on the transaction management services and maintenance of payment terminals, for not having to rely on its core business , manufacture and sale of terminals.
This service activity should represent 40% of turnover next year as against 32% today, said Philippe Lazare.
Ingenico announced last month reaching for the first time in 2011 the symbolic threshold of one billion euros in revenue, driven by the dynamism of emerging countries.
For 2012, the group said it expected growth of over 8% on a comparable basis of its revenues and an EBITDA margin of greater than or equal to 18.3% .
The action, which exceeded 85 euros at the height of the dotcom bubble, touched a low of 4.6 euros in 2003. The title has turned the corner since 2009 and was up 28% since the beginning of the year at nearly 36 euros.
Ingenico, whose biggest shareholder is the supplier of defense and security Safran, in 2010 had rejected an offer to 28 euros per share of U.S. conglomerate Danaher, but Philippe Lazare said his group left for sale. At the right price.
"Clearly, society has been widely appreciated since this offer," he said. "We will continue to strengthen our balance sheet and strategy and make acquisitions to grow our relevant value. After, if someone wants to buy us one day, he will be welcome provided that it will put the price ".
United Parcel Services (UPS) agreed to pay nearly 5.2 billion euros to buy Dutch rival TNT Express, announced Monday the two groups, an operation that will allow the gen ; American ant-mail and logistics to gain strength in Europe.
TNT said its management board and supervisory board would support unanimously the offer of 9.50 euros per share, higher than 0.50 euro to the initial offer submitted in February.
The largest shareholder group, PostNL, which holds 29.8% stake, has also expressed support for the operation, which will create a global leader displaying 45 billion euros turnover.
The joint statement from both groups noted that the offer represents a premium of 53.7% over the closing price on February 16, the day before the announcement of the opening of discussions between the two groups.
UPS, already world number one, had long been interested in TNT in order to develop in Europe, including Britain, France and Germany.
The tender offer ends years of speculation about the future of the Dutch group, divided by PostNL, the Dutch post and the year listed separately last.
Faced with declining profits and the unfavorable business outlook for 2012, management of TNT was subjected to pressure from shareholders "activists" such as investment funds Jana Partners and Alberta Investment Management.
Friday, UPS had said further discussions "constructive" with TNT, four weeks after the latter's rejection of its initial offer to 9.00 euros per share.
The U.S. group said Monday that the purchase of TNT will have a positive impact on its financial results for the first year and is sure to get all the official permits for the conduct out.
