Values to follow Tuesday at the Paris Bourse. </ P> * VALUE FINANCIAL – EU leaders could seal a final agreement on the second level of support Greece in the coming days, Monday and tried to calm an early debate on a proposed loan to Berlin to Greece Trust budget. </ p> The Prime Minister of Greece Lucas Papademos met after the summit in Brussels with EU officials and European Central Bank to discuss the details of the restructuring plan of Greek debt under negotiation with private creditors.</ P> * INSURANCE – Moody's Investors Service said Tuesday it had raised to stable from negative its outlook for the industry and damage to the French insurers maintained its negative outlook on the sector of 'life insurance. </ p> * CROSSROADS announced Monday the departure of its Executive Director responsible for growth markets, Pierre Bouchut, in which analysts had seen a candidate ; rieux to succeed Lars Olofsson. It Georges Plassat was chosen to succeed the CEO of the distribution group. </ P> * Renault, which owns 25% stake in Russian manufacturer AvtoVAZ, could take control via its alliance with Nissan in the first half of this year, said Monday the news agency RIA Novosti, citing About Sergei Chemezov, the chairman of the holding company Russian Technologies. </ p> * RENAULT and PSA PEUGEOT CITROEN – According to the Tribune, quoting unofficial sources, registrations of new cars have plummeted in January as planned in France, as a result of the context economic and very unfavorable comparison of early 2011, when the effect scrappage was still playing full. </ p> According to La Tribune, Renault fell by 45 %, 37% of Peugeot, Citroen Dacia by 31% and 18%. The two French manufacturers have refused to comment on the figures to be published Wednesday. </ P> * EADS – UBS moves from neutral to buy on the title with a target price raised 22 to 31 euros. </ p> * ACCOR – Nomura resumes coverage value with a recommendation to "reduce" and a target price of 19.50 euros. </ p> < p> * Veolia Environment – Morgan Stanley going to underweight-weight line on the title. </ p> * SOITEC, who had said it expected an operating loss "significant" in 2011-2012, has announced that it would be between 40 and 45 million euros. </ p> * EIFFAGE – JP Morgan goes underweight to neutral on the title.</ P> * NORBERT DENTRESSANGLE reported Monday night of "signs of slowing at the end of the year" in the business of its customers, in a macroeconomic context "showing progressive signs of slowing. "</ p> The group achieved in 2011 a consolidated turnover of 3.576 million euros, up 5.6% at constant exchange rates and like basis. The fourth quarter alone, the change in net sales was 4.2%. </ P> * ALTEN judge earlier this year "reassuring, if not encouraging," despite the depressed economic environment that characterized the end of 2011. "The activity in January remained satisfactory, comparable to last year," said Alten. Of 2011, consolidated sales increased by 14.5% at constant currency and constant perimeter, to 1065.7 million. The fourth quarter alone, growth stood at 12.5%. </ P> * DRY ENVIRONMENT, which in 2011 posted an organic growth of 6% of its sales of Business 424.2 million euros reported in 2012 on a build up its business in line with the last six months "in an uncertain macroeconomic environment." </ p> <p > Regarding the issue of participation in the Saur, including the assumption of an output, the chief financial officer Jean Geissler declined to comment, simply stating that mediation was ongoing. </ p> * ARTPRICE.COM expects a jump in sales this year with the launch of its online auction service, said Monday its CEO Thierry Ehrmann, in an interview with Reuters. </ p>
The rapid increase of the debt crisis in the euro area threatens the credit ratings of all European states, warned Sunday the U.S. rating agency Moody's. Moody's in New York.
In a "special comment" on European countries published Sunday, Moody's says it still considers that the euro area will maintain its unity without any fault as that of Greece, but notes that even this' scenario 'positive' carries consequences very negative for the notes "of European countries. The U.S. rating agency, recently warned that France could lose its "triple A" allowing it to borrow at favorable rates in the markets, and clearly indicates that no country, even among those considered most solids, such as the Netherlands, Austria, Finland or Germany, is immune to a lowering of note.
Given the events of recent weeks, Moody's said have to consider "the likelihood of a scenario even more negative." She said "the probability of multiple failures (…) States in the euro area is no longer negligible" and continues to grow in the absence of solution to the crisis. If this probability were to materialize, it would increase the likelihood that one or more countries leave the euro area, the agency said, for whom this scenario of a "fragmentation of the euro" would have "negative repercussions for all countries the euro area and EU. " For Moody's, the situation is constantly evolving, and new "shocks" (new rescue or rising interest rates which states borrow) while policy makers define new measures are "likely to lead to changes of note in case by case "for some countries.
The President of the European Central Bank (ECB) Mario Draghi said that the primary purpose of the institution is price stability. He refuses to do more to assist States in the euro area, noting that the "credibility" of the ECB is at stake The Governor of the Bank of Italy, Mario Draghi, should succeed Jean-Claude Trichet as President of the European Central Bank.
The President of the European Central Bank (ECB) Mario Draghi Friday defended the independence of the institution subject to strong pressure to intervene financially better deal with the debt crisis, stressing that it was his "credibility" was at stake . "Our credibility implies the success of our monetary policy (consisting of) anchor the inflation outlook in the medium and long term (…) to sustain growth, job creation and financial stability.
Suzuki Motor reported Monday a 6.2% increase in quarterly operating profit despite the impact on its sales of social movements in India, the first Japanese car market, which has maintained its forecast for the entire the 2011-2012 fiscal year.
The group's operating income for the period July-September second quarter of this year stood at 39.2 billion yen (365 million euros), while analysts had on average expected 25.6 billion yen.
Net income for Suzuki, owned 19.9% by Volkswagen as part of a partnership that turned sour, fell 13% to 13.3 billion yen while revenue declined by 6 , 6% to 618.8 billion.
Unemployment in Spain jumped to 21.5% in the third quarter, against 20.9% for the period April to June, show figures released Friday by the National Institute of Statistics.
Economists polled by Reuters had expected that the unemployment rate in the fourth largest economy in the euro area, the highest in the European Union, remains unchanged from the second quarter.
The rating agency Moody's scratched on the first "triple A" French, by giving three months to assess its stable outlook, on a background of slower growth, crisis in the euro area and calls for a recapitalization of banks.
A nearly six months of the presidential election, the French authorities have once again assured Tuesday that they would do anything to keep the maximum score, which allows the country to finance at low cost, and promised new measures if needed.
But their room for maneuver seems limited because growth such as trust are affected globally in a context of anxiety in financial markets.
Bank stocks have fallen to the Paris Stock Exchange after the announcement of Moody's, while the yield on the French debt and insurance against the risk of default (CDS) rose, the yield spread between French and German debt (spread ) reaching a high for 16 years.
Moody's does not mention specifically the possibility of a perspective "negative" on the Aaa French, but if it were to lower the perspective, a downgrade could occur over the next two years.
"The 'triple A' is not in danger because we will answer these and we will be even ahead of the goals of deficit reduction," said French Finance Minister, Baroin, on France 2."If necessary, we will take steps for the appointment."
"We will make every effort not to be degraded," he added, noting that "we still have enough tax loopholes, if necessary, we will remove them."
GROWTH flu
The rating agency said in a statement: "In the next three months, Moody's will review and assess the stable outlook against the government's progress in the implementation of these measures (fiscal consolidation-Ed), taking into account all economic and market potential negative. "
Moody's also refers to the likely increase in the French contribution to the rescue of Greece and the prospect of a recapitalization of banks in the country, to which the State may need to participate.
"The deterioration in the debt figures and the possible emergence of new financial commitments put pressure on the stable outlook of the Aaa rating of the state" French, says the agency.
Engine of French public deficit, the country's growth next year should be much lower than the 1.75% forecast by the government, which may influence the path that should lead France to a deficit of 4 , 5% of GDP in 2012 and 3% in 2013, after 5.7% this year.
According to the survey conducted by Reuters with a score of economists, and they expect an average growth of 1.0% next year.
Baroin has for the first time said Tuesday that the objective of 1.75% was "probably too high."
Economists polled by Reuters Tuesday, believe that the economic downturn is the first threat to France and its sovereign rating, a threat reinforced by the possibility of further government intervention to resolve the crisis in the eurozone and strengthen the banks.
"The Triple A French is a little on the hot seat, especially if the French economy was facing a shock much deeper than what we anticipated," said Jean-Christophe Caffet, an economist at Natixis.
For Gilles Moec, an economist at Deutsche Bank, "the issue of growth is most important because it constitutes the core of the macroeconomic strategy of France.""The engine stalled, forcing more likely to act on the structural deficit."
Philippe Waechter, director of economic research at Natixis Asset Management, for its part said that "if growth is not expected robustness, the objective of reducing the budget deficit will not."
Jean-Louis Mourier, economist at Aurel Leven, said meanwhile that "bank recapitalization would impact the debt but the real problem is the trajectory of public finances and therefore growth."
PUZZLE AND EUROPEAN PRESIDENTIAL
Moody's notes that the level of debt of France is among the highest Aaa rated countries, while remaining content with a relatively low weight of the interests of debt to government revenue.
But the ability to fund high levels of debt "is based on investor confidence in the government's ability and willingness to cope with unexpected challenges," the agency said.
A situation even more critical that the chronic current account of France requires it to obtain financing from foreign investors.
François Fillon on Tuesday urged members to refrain from bidding on the draft budget for 2012, including the examination begins on Tuesday, with specific reference to the warning from Moody's.
"In this context, the budget debate must be exemplary," said the head of government before the UMP group, reported a number of members present at the meeting.
A weakening of the "triple A" French further complicate the resolution of the crisis in the eurozone, France, with Germany being the main contributor to the European Financial Stability Fund (EFSF), the European support fund, whose rating depends part of those of its contributors.
Beyond the EFSF, the European dynamic could be profoundly affected if the second largest economy in the euro area clinched the best student, Germany.
The threat of a possible negative watch placement of Aaa, should also limit a little more room for maneuver of the candidates in the presidential election of April-May
The Socialist candidate Francois Hollande and his family have announced that their action, if they win the presidency, will be dictated by the need to preserve the confidence of creditors of France.
Belgium, France and Luxembourg have Monday morning launched the plan to dismantle the Franco-Belgian bank Dexia, the first European victim size of the debt crisis in the euro zone, after a day and a night of marathon negotiations.
At the end of a board of about noon, the directors of the former world number one funding of local authorities have approved the nationalization of Belgium Belgian activities of Dexia, Dexia Bank Belgium (DBB) specializing in retail banking.
Belgium will pay to do this four billion euros.
"This sale will be finalized shortly," advised the bank."It will enable Dexia to reduce its need for short-term financing of over 14 billion euros, will improve the solvency of the group of more than 200 basis points and reduce its portfolio of non-strategic assets of 18 billion euros. "
Matignon has in turn made in a statement that France would lean financing activities of French local authorities of Dexia Municipal Agency (DexMA), French securitization structure owned by Dexia Credit Local, the Caisse des Depots (CDC).
A consortium of funding for French local authorities will also be created and established by the CDC and the Postal Bank, also indicate the services of the French Prime Minister Francois Fillon.
As part of the new rescue plan for Dexia, already saved from bankruptcy in 2008 with a public bailout of more than six billion euros, Belgium, France and Luxembourg have signed to provide 90 billion euros government guarantees to ensure the financing needs of Dexia.
NOT FOREVER IN DBB
"States have agreed to divide this guarantee in proportions similar to those of 2008, 60.5% for Belgium, 36.5% for France and 3% for Luxembourg," reported Matignon.
Belgian Prime Minister Yves Leterme said at a news conference that Dexia would immediately pay a premium of 50 basis points in return for these guarantees.
The Belgian Finance Minister Didier Reynders said in that same press conference that the Belgian state, however, did not intend to stay forever in the capital of DBB.
Sunday morning before the meeting of a special board of Dexia, the French Prime Minister Francois Fillon met with his Belgian counterpart in Brussels and the Luxembourg Finance Minister, Luc Frieden, to find a agreement on modalities and participation of all three states.
"The three governments agreed to submit a proposal to the board that fits perfectly with the objectives of the Belgian Government, which involves taking control of Dexia Bank Belgium, secure and make it a bank very safe," he Yves Leterme said Sunday on Belgian television.?
The challenge for the three states participating in the plan was to ensure that aid does not come to Dexia worsen the situation of public finances.
The rating agency Moody's had also increased pressure on the Belgian camp Friday night: it has placed the sovereign rating of Aa1 kingdom under surveillance by explaining, among other things, will assess the costs and liabilities that the state could take Dexia in supporting.(See)
Didier Reynders has reported on this during the press conference that the debt / gross domestic product (GDP) of Belgium would remain below 100% despite the agreement of Dexia and said that the European authorities of the competition had been informed of the plan.
Dexia, the rating action has been suspended since Thursday, is at 9 am press conference to present the plan to dismantle the bank as it was approved by the directors.
Newly appointed head of the IMF, Christine Lagarde Nicolas Sarkozy will meet Saturday to prepare for the G20 summit in Cannes. Christine Lagarde REUTERS / Benoit Tessier (FRANCE – Tags: POLITICS)
Nicolas Sarkozy Saturday at noon will receive the Executive Director of the IMF Christine Lagarde to talk about it with "the preparation of the Cannes summit of the G20 and the situation in the euro area," the Elysee Palace said Friday.
The head of the French state will fly the next day to Berlin for talks with German Chancellor Angela Merkel poour attempt to speed up the rescue plan of the single currency.
Leaders from the eurozone continue intensive negotiations for a recapitalization of banks in the EU to address the risks of contagion from the debt crisis.
Germany has given the green light last week in the expansion of the European Financial Stability Fund (EFSF), which is waiting for the ratification of Slovakia.
Starts of new homes in France in late August were up 17.4% year on year to 389,449 units, but only 7.4% over the last three months, to 83,153, show statistics released Tuesday by the Ministry of Ecology, Sustainable Development, Transportation and Housing.
The number of building permits issued for housing shows a parallel increase of 10.5% over the last 12 months to 490,620 and an increase of 10.6% over June to August, to 133,169.
"Over the past twelve months, new construction, representing over 87% of homes, rose 9.8% over the previous twelve months," the ministry said in a statement.
In the non-residential housing starts were up 7.3% over the past year to 25.35 million square meters, and 26.2% for the three months to 6.18 million m2.
Building permits granted for industrial or commercial premises are up 7.2% over the last 12 months to 36.22 million m2, and 2.8% over three months to 8.95 million m2.
Exxon and Rosneft have signed an agreement Tuesday to exploit reserves of oil and gas in the Russian Arctic.
The agreement, signed in the presence of Russian Prime Minister Vladimir Putin, includes assets that BP expected use and thus reduces to nothing the hopes of British oil to boost its own agreement with Rosneft, which was blocked in May by its partners in a Russian joint venture.
Exxon and Rosneft will invest $ 3.2 billion in the development of Prinovozemelski blocks is 1, 2 and 3, located in the Kara Sea and the Black Sea Tuapse block.
Rosneft will be offered in exchange for participation in various exploration projects Exxon in North America and elsewhere.
