Axa has confirmed the end of September to have committed "a strategic review" for the national champion of private equity but talks with potential buyers seem to have since stalled. (And see)

"A priori the outcome and the results of this strategic review, it is hoped that this will be completed before the end of the year," said Chief Financial Officer Gerald Harlin at a conference call to discuss the indicators of activity of the group for the first three months of the year.

The fate of this subsidiary represents some economic issue for France, say some observers.

Axa Private Equity is indeed a major investor in the territory and its French base becomes even more desirable for new financial rules could scarce investment capital in companies. 

The essential part of its business, the French insurance giant announced a turnover up 0.8% to 28.056 billion euros for the first quarter.

The growth in business damage (3.3% to 9.973 billion euros) offset the virtual stagnation of the life segment and Savings (-0.2% to 15.956 billion of euros) and a lower turnover in the management of assets (-9.6% to 827 million euros).

Gérald Harlin said these results were in line with the strategic plan for 2015 presented by Axa last year.

This plan would redeploy some capital to the group of high-growth markets and, more generally, to focus on margins and volumes. 

The CFO also said that the situation in Greece and the euro area was creating a climate of "volatility" in financial markets but in Axa took full account.

"It positions itself especially on segments that are least sensitive (…). This is why we are fast growing activity on the protection, welfare," at he said.

He nevertheless admitted that the life insurance segment continued to suffer from macroeconomic conditions in Europe.

"We're in a world of low interest rates and are done with," he concluded.

Judge Shira Scheindlin in Manhattan federal However limited the scope of these two complaints, finding that the offenses of incitement to fraud, negligence and breach of fiduciary duty were not founded ; es.

Stay the proceedings for deformation of agency activities relating to investment products in question, known as Cheyne and Rhinebridge.

The plaintiffs, including the Commercial Bank of Abu Dhabi, blame Moody's Investors Service and Standard & Poor's losses related to bankruptcy Product Cheyne in August 2007. Investment product Rhinebridge him collapsed a year later, in August 2008.

In both cases, the plaintiffs accused the rating agencies to have worked with banks for financial products that have a triple A, the highest credit supposed to guarantee a free investment risk, whereas these derivative investments were backed in part on credit "subprime" high risk.

The Fitch is also concerned by the complaint Rhinebridge.

The decision of Judge Scheindlin was taken Friday but was released on Monday.

Tony Mirenda, a spokesman for Moody's, said the complaints were unfounded, and that still recent allegations would be considered inadmissible in turn. 

Standard & Poor's, John Piecuch, spokesman, said similarly that the latest complaints were inconsistent with previous court decisions.

The Markit / CIPS purchasing managers (PMI) thus fell to 50.5 last month against 51.9 (revised) in March. This figure, the lowest since December, is below the expectations of economists who had expected 51.5.

It remains above the 50 mark that separates growth and contraction, in contrast to similar data in the euro area.

Official statistics released last week showed that the British economy had plunged into recession in first quarter, which could further increase the difficulties of coalition government David Cameron.

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 IMF seeks to double its war chest through raising $ 600 billion of new resources to help countries struggling with the fallout from the debt crisis in the euro area.

But most G20 countries have said that before they do inject money into the IMF, the euro area was first put more money to solve the crisis of sovereign debt.

This was done on Friday finance ministers of 17 countries in the euro area in agreeing to carry 500 to 700 billion combined capacity of two rescue fund. 

"It is important to ensure that the IMF has sufficient resources to fulfill its systemic role in the global economy and yesterday's agreement within the Eurogroup (…) is very important in this regard, "he told reporters the Danish Minister of Economy Vestager Margrethe, whose country holds the rotating presidency of the European Union.

Finance ministers and central bank governors of the G20 countries must discuss an increase in IMF resources on April 22 in Washington.

"It's time to increase IMF resources. It is in the interest of all countries, the focus is on Europe, but it is very important to recognize that there are also vulnerabilities in other parts of the globe, "added Minister

." I think and hope – and this is to How we work – we will reach an agreement in April, "she said

." We Europeans, we can get to re ; unions spring the Washington sense of accomplishment ", for his part said Jörg Asmussen, Executive Board Member of the European Central Bank

… Five …… major emerging countries, said the BRICS (Brazil, Russia, India, China and South Africa), however, have said they would support an increase if they were accorded a more important within the IMF. 

The euro area has already said it would contribute € 150 billion more resources to the IMF. The Czech Republic will contribute 1.5 billion euros, 5.3 billion of Denmark, Poland and Sweden 6.3 billion to 6.9 billion euros.

"The EU calls on other G20 countries and financially strong IMF members to contribute to this effort," we read in a paper for the Washington meeting.

This initiative can in theory lead to penalties amounting to billions of dollars imposed on EU products.

"We refuse to remain inactive while companies and American workers are disadvantaged," said Ron Kirk in a statement. 

The text clarifies the intent of the United States to ask the WTO to say whether the EU has complied with a previous decision of the organization de ; favorable state aid to Airbus.

Over the whole of 2011, the bank shows a loss of 9.2 billion euros, a result of massive writedowns in the third quarter, primarily goodwill.

Italy's largest bank by assets had already passed the annual dividend.

Earnings in the fourth quarter, beating consensus giving 30 million, compares with a profit of 321 million euros a year earlier. 

The ratio of Tier 1 capital was hard to 9.97% on a proforma basis, taking into account a difficult capital increase of EUR 7.5 billion performed in January 2012.

The Nikkei gained 0.07% or 6.77 points, to 10,018.24. In contrast, the Topix broader, yielded 0.71 points (-0.08%) to 851.82.

This evolution of the Nikkei, helped by the decline of the yen against the dollar, was recorded in a few exchanges expanded.

"Even if the Nikkei falls below 10,000 points, Japanese institutional investors are not going to take profits because they have more net sellers in the rally (in recent months)," said Kenichi Hirano , a director at Tachibana Securities.

Technical analysts believe that the decline of last week could lead investors who missed the bull cycle in action since the beginning of the year to enter the market.

The Tokyo Stock Exchange was down 1.1% Friday, accusing its largest percentage decline in two months. But it is still up over 18% since the beginning of the year.

Echoing the European Commission, the Organisation for Economic Cooperation and Development also takes note of "controversial measures taken by the Hungarian government (which) have made exacerbate the uncertainty on the confidence of businesses, households and markets. " 

"Overall, the economy should be in recession in early 2012 before a modest recovery in the second half of this year because of a slight upturn in confidence and improved financial and economic conditions worldwide, "the OECD wrote in a report released Tuesday.

The OECD expects GDP to contract by 0.6% Hungarian, and this year a growth of 1.1% in 2013. Budapest projected growth of 0.5% in 2012.

The Hungarian authorities have two main challenges, says OECD: stabilizing the economy and restore growth in the long term structural reforms.

"An agreement with multilateral organizations to help restore confidence and facilitate the necessary reorganization of public finances," says the OECD. "It also would ease the burden of debt in foreign currencies by stabilizing the exchange rate."

To stabilize the forint, which fell over 20% since mid-2008, to 292 per euro on Tuesday, the Orban government wants to conclude a funding agreement with the European Union and the International Monetary Fund by the end of the second quarter. But he objects to certain conditions set by the European Commission to open discussions.

EU officials believe that the deficit in Hungary could reach 3.6% of GDP in 2013 if Budapest is not taking new provisions, a view espoused by the OECD.

"Despite a relatively favorable fiscal position, the recent deterioration of the underlying balance requires additional efforts, beyond the measures planned for 2012," says the OECD.

The Organization also recommends that "in 2013 replacing the windfall tax on banks by taxing less distorting."

Changes to the law governing the central bank, including certain appointment procedures "derogate clearly best practice", also says the OECD. 

The central bank independence must be guaranteed in accordance with international obligations of Hungary, said she.

Switzerland was launched three years ago the tender for the renewal of its fleet, now consisting of F-5E / F Tiger built by the American Northrop, whose older copies have been flying since 1976.

She originally planned to order up to 33 devices.