Faurecia announced Friday the successful refinancing for a $ 1.5 billion, the group has launched Monday.
These operations include a bond due in December 2016, for $ 350 million with a coupon of 9.375%, said the automotive supplier in a statement.
The refinancing of Faurecia also involves a new syndicated loan of 1,150 million, consisting of two bands A (690 million euros) and B (460 million), respectively of maturity in November 2014 and November 2016.
These two operations will allow us to prepay a loan of 250 million euros made by Peugeot in conjunction with the refinancing of the existing syndicated bank also said Faurecia.
Heineken, the world's third largest brewer, reported Wednesday a surprise increase in the volume of beer sold and its sales in the third quarter, supported by the strength of African markets and a rebound in sales in Russia.
Revenues rose 0.6% to 4.65 billion euros against 4.51 billion euros expected on average by eight brokers polled by Reuters.
In August, the brewer warned that weak consumer confidence, combined with a sluggish summer, would affect earnings growth this year.He also maintained its forecast for net profit before exceptional items for 2011, saying it would be roughly consistent with the previous year.
In the third quarter, net income amounted to 525 million euros, an amount virtually unchanged from last year.
The title gained 1.24% to 0800 GMT, having reached in early trade a high of two months with an increase of 4.1%.
The euro was steady against the dollar Thursday morning before a possible decline in interest rates that could decide the European Central Bank during the last monetary policy meeting by its President Jean-Claude Trichet.
The euro, which rated approximately 1.3350 dollars, is notably supported after the commitment by Germany Wednesday to help its banks if necessary.
Be announced by the ECB at 24:45 GMT at the end of the meeting of its board of governors for the last time led by Jean-Claude Trichet? The issue is discussed.
The market economists expect a simple majority in monetary status quo – the main rate by the ECB would remain at 1.5%.But the voices of a growing number were heard to ask for a lower cost of money while the signs are increasing of a faltering economic recovery and as the financial crisis – bonds and bank – escalates .
However, inflation continued to rise in September in the euro area. It reached 3.0% annual rate, its highest level in nearly three years, against 2.5% in August, is already well above the objective of the ECB. However, the essential mission of the Central Bank of 17 countries in the euro area is to maintain prices at a level slightly below 2%.
If the ECB does not reduce the cost of credit, it could announce other support measures.Among the measures expected by the market, increased liquidity, recovery of tenders 12 months used for the last time in late 2009, handed to the current tastes of the program to purchase bonds (covered bonds).
According to a Reuters poll conducted last week, 56 of 75 economists said to anticipate a continuation of interest rates, but 13 anticipate a decline of 25 basis points in September and even predict a reduction of 50 points.
For example, JP Morgan Chase is expected to drop 50 points in the cost of money.
The single currency has lost about 10% against the greenback since its peak of 1.4550 dollars in late August, but is above the low point of his nine-month dollar hit 1.3145 this week.
Carmignac Gestion WANTS THE RATES TO ZERO
After raising rates twice this year in April and July, the ECB changed its stance at its September meeting and opened the door to future cuts.
She said that the risks to inflation were no longer on the upside but were "broadly balanced".
Since then, inflation was announced at 3%, but the signs of a slowdown have been confirmed.The U.S. investment bank Goldman Sachs and others now provide even a "mild recession" for the eurozone in the fourth quarter.
Economist Oxford Economic Forecasting (OEF) Tom Rogers believes that the ECB will reduce its rate to less than 1% if the economy falls into recession.
In a full page advertisement in the Financial Times on Wednesday, the French manager Carmignac Gestion, with assets under management amounted to 55 billion euros, asked Jean-Claude Trichet to go further and to reduce rates to zero.
"Goodbye, we do not regret it!" We read in the box presented in the form of a letter to the President of the ECB."This is your last chance to leave on a positive note."
According to many economists, it would be the next President of the ECB, Italian, Mario Draghi, Jean-Claude Trichet decides to lower the house money before taking office.
They feel that if Mario Draghi had to take such action in its first monetary policy meeting in November, it might then be portrayed as a supporter of lower rates.
This would imply, however, that Jean-Claude Trichet left as the last measure of his eight-year term rate cuts in a context of high inflation: such a decision contrary to fundamental principles of the ECB, would be enough to ruffle the supporters of the 'budgetary orthodoxy.
Some as Carmignac criticized the ECB for not doing enough to fight against debt crisis in the euro area, but others, like the Bundesbank, the ECB's view that has already gone beyond its limits and it puts independence at risk.
The euro area may therefore have to await further signs of a slowdown, or a decline in inflation, to get a breath of fresh air in the form of lower rates.
Difficult decisions must be taken to avoid non-payment of debt interest and keep Greece in the euro area, said Sunday the Greek finance minister, Evangelos Venizelos, after a cabinet meeting.
"We must fully meet the fiscal targets for 2011 and 2012," he told reporters.
Government members have spent their device review on the eve of a conference call with the inspectors of the European Union and the International Monetary Fund (IMF) and will meet again then he said without disclosing further measures austerity.
Wall Street opened up Friday, contrary to what foreshadowed the future, which indicated a first down and then open with little variation.
Some thought that profit-taking would arise from the opening given the gains accumulated in four sessions. If the opening movement continues, the S & P 500 is on track louse save his best week since early July.
For now, he earns 0.5% to 1215.33. The Dow Jones ahead by 0.5% to 11,488.73. The Nasdaq Composite Index is 0.3% to 2615.08.
Fellows prepare for the publication of the index of consumer confidence published by the University of Michigan. It is intended to 56.5 against 55.7 in August.
Boeing gained 1% to 64.98 dollars.Air France-KLM announced plan to order 110 aircraft divided equally between Airbus and the American manufacturer.
Yahoo takes 1.5% to 15.11 dollars. According to the media, the private equity fund Silver Lake is considering an offer.
The French government on Wednesday announced 12 billion euros in savings and additional revenue for 2011 and 2012 to reflect its goal of reducing the public deficit despite slower economic growth.
Prime Minister Francois Fillon has announced the lowering of government growth forecasts to 1.75% for 2011 and 2012, instead of 2% and 2.25%, forecasts that had become higher than many economists.
"The realism leads us to adjust the growth assumptions," he said at a news conference. "For 2012, caution is even more essential."
The new measures are required to report one billion euros in 2011 and 11 billion in 2012.Cancellation credit of 500 million euros in 2011 was also announced to offset extraordinary expenses already incurred.
The Prime Minister has hardened the public deficit target for the end of 2012 to 4.5% of GDP instead of 4.6% previously and confirmed the deficit of 5.7% in 2011.France has pledged to then reduce the deficit to 3% in 2013 and 2% in 2014.
Among the measures announced, a contribution "exceptional" 3% on higher income (income tax of 500,000 euros and up), which will be in effect until the deficit is reduced to 3% of gross domestic product, or end of 2013 according to the French commitments.
Its product is estimated at 200 million euros in 2012.
François Fillon announced a new step to reduce tax loopholes in 2012, higher taxes on tobacco, alcohol and sodas and the inclusion of overtime in the calculation of general relief of charges.
For the year 2011, limiting the deferral of losses on their corporate tax must report 500 million euros and a 1.2% increase in payroll taxes on capital income 200 million.
Removing a reduction Exemption real estate gains must report 200 million this year and the removal of a tax exemption on insurance agreements 100 million euros.
The 6% increase in tobacco prices should bring it 100 million this year.
Ségolène Royal on Saturday TF1 regretted that some of his socialist rivals promise "blood, tears, rigor" to the French. Segolene Royal, Socialist candidate for the primary (here at a press conference in Paris June 29, 2011).
"When I hear some Socialist leaders promise blood, tears, discipline … there is not the rigor to promise, there is good management to implement," said Segolene Royal on Saturday night on the set of 20H TF1. The primary candidate for the PS was reacting to remarks by Manuel Valls, considering it necessary "a recovery effort as important as the one France experienced in the aftermath of World War II."
"I'm not in favor of tax increases," added the president of the Poitou-Charentes, questioned the tax reform bill of another candidate, the favorite in the polls, François Hollande.In the Nouvel Observateur of August 18, Mr. Holland proposes a "broad base for all charges", where the PS project envisages widening of tax base for some samples.
"I think the priority is the recovery of economic activity and ensure that everyone who wants to start their own business (…) can find ways to do so, and certainly not slowing further growth "said Ms. Royal. A unison of socialist leaders, she declined to support the "golden rule" government back to a balanced budget, as the Prime Minister asked the PS to do in the name of "national interest".
Ségolène Royal has held that this "golden rule" was not "effective" or "honest".In return, she suggested to François Fillon "to prevent speculation in the States" and asked again "to make public the names of banks and financial institutions that speculated against the United States and against the people."
The United States and China have shown a reassuring tone Friday by mentioning the issue of U.S. debt, on the occasion of the visit to China by Vice President Joe Biden.
It said Beijing had "nothing to fear" regarding the safety of its investments in the massive U.S. sovereign debt, while Premier Wen Jiabao praised the resilience of the U.S. economy.
Joe Biden is visiting China as it seeks to blur the differences between the two largest economies in the world and connect with the current and future leaders of the country.
Wen Jiabao said he was optimistic about the chances of the U.S. economy to get back on track, echoing comments made earlier by Vice President Xi Jinping, who should theoretically succeed Hu Jintao as President of countries.
"It is particularly important that you have sent to the Chinese people a very clear message that the United States will hold their word and meet their responsibilities for external debt.It will preserve the safety, liquidity and value of U.S. government bonds, "said Wen Jiabao to Joe Biden.
This is the first time a top Chinese leader expressed directly and publicly about the crisis in the U.S. debt since Standard & Poor's downgraded the sovereign rating of the United States.
Joe Biden said that Washington appreciated and rejoiced Chinese investment in U.S. Treasury bonds."Quite honestly, I want to assure you that you have no reason to worry," he said.
"Nobody ever won money by betting against the U.S.," he said earlier during a meeting with his counterpart Xi Jinping, according to a transcript of the interview.
Xi Jinping was in turn reported that the caller had informed him Thursday "the efforts undertaken by the U.S. government to boost growth and employment, reduce the budget deficit, properly manage debt and maintain the confidence of global investors."
"The U.S. economy is highly resistant and has a large capacity self-perpetuating.We believe that the U.S. economy will expand to even better in dealing with its challenges, "said Xi Jinping.
He reiterated the need for cooperation between Washington and Beijing to restore confidence in markets, and stressed that "confidence is more precious than gold."
After his visit to China, Joe Biden is scheduled to visit Mongolia and Japan.
S & P has taken a decision resounding Friday: leave the first world power of the inner circle of the most reliable borrowers. Now the United States are nothing more than "AA +". To reduce the deficit, U.S. President Barack Obama largely agrees to cut public spending, including social, but demand for part-against higher taxes for the wealthy.
The rating agency Standard and Poor's lowered the rating Friday on the public debt of the United States, deprived of their "AAA" for the first time in history, citing the "political risks" facing the challenges of the deficit budget. S & P said in a statement it had lowered the rating a notch, the best possible, to bring it to "AA +".It also downgraded the outlook to "negative", which means that Standard and Poor's believes that the next time the note will change, it is to be lowered again.
It justified its decision with "political risks" to see the country taking insufficient measures against its budget deficit. For her, the political debate on these issues is not up to the problems caused by a debt of more than 14,500 billion. "The plan for balancing the budget on which Congress and the Executive have recently agreed is insufficient compared to what, in our view, would be needed to stabilize the dynamics in the medium term public debt" , said the agency, citing the law known as "control the budget" passed Tuesday.
The United States were rated "AAA" by Standard and Poor's since the creation of this agency in 1941.They remain in the other two major agencies, Moody's Dean (since 1917) and Fitch Ratings. The U.S. government has accused S & P based its decision on serious errors in calculations. "An appraisal contains an error of 2.000 billion dollars speaks for itself," he told a press spokesman for the Treasury Department. U.S. media said the government had severely challenged the projections of analysts of the agency after reviewing the findings of S & P. In vain.
The pitch was not easy to be taken to a U.S. agency."They have downgraded a bunch of European countries, and Europeans were bent on rating agencies: why you lower your bill and not the U.S.?" Fell on the Bloomberg TV channel economist Nouriel Roubini, who became famous for his dark predictions.
The loss of this seal of excellence is expected brutal impact on the financial markets, difficult to imagine right now. The U.S. Treasury is an undisputed reference: a standard cost of money, usually an instrument of "collateral" (guarantee) in a variety of transactions, and a refuge for investors in troubled times. "Uncertainty about the impact on the market is high," said recently the investment bank Goldman Sachs, exploring the potential consequences.The lowering of this note should indeed force investors to reassess risk widespread.
Standard and Poor's warned in April that it was considering lowering, given the persistently high budget deficit and rising public debt. The unfolding conflict of budget debates in the coming months, which culminated Tuesday in extremis on raising the legal limit of public debt, had only compare this perspective. John Chambers, President of the Evaluation Committee of S & P, said Friday on CNN that Washington could have prevented the lowering of the notes within the ceiling earlier. He said the responsibilities were shared by the Administration and Obama, but also to "the previous administration."
The first political reaction in Washington have shown just block pointed to by S & P.Mitt Romney, candidate for the Republican primary, has called the downgrade of American "latest victim of the failure of Obama's economic" and the Republican chairman of the House of Representatives as "a consequence of control spending in Washington in recent decades. " The Senate Democratic leader, Harry Reid, has instead called for "a balanced approach to deficit reduction," with spending cuts but also increases targeted taxes, it rejected the Republicans, under pressure ultra-conservative "tea party", in the recent discussions on the dates.
The S & P announcement came as the markets had closed for the weekend, but initial reactions are mixed from Asia.The Japan, the second holder of U.S. debt world, assured that his confidence in the U.S. Treasury and its strategy of purchasing these bonds were unchanged. France "with complete confidence in the strength of the U.S. economy," said Saturday told AFP the Minister of Economy Baroin. But China, by far the largest creditor of the world the United States, found that it was "now all rights to require the United States they are addressing their structural problem of debt."
The United States had their public finances sealed by the harsh recession that crossed their economy from late 2007 to mid-2009. Since then, economic growth has returned, but they are not able to restore the health of their public finances.According to estimates by the International Monetary Fund, they should acknowledge this year, with about 9% of GDP, the highest budget deficit of the G20 countries, except Japan. It is sixteen countries rated "AAA" by Standard and Poor's, four of the G7: Germany, Canada, France and Great Britain.
No discussion of an aid package to Italy took place, said Wednesday the European Commission while the return of the Italian Treasury debt continues to rise because of investor concerns that the crisis spread .
The EU executive said he was confident that all commitments made by the leaders of the euro area summit on 21 July will be implemented.
"We are confident that the commitments of the agreement by European states, including Spanish and Italian will be adopted," said the spokesperson of the Commission at a press conference.
The Italian Minister of Economy Giulio Tremonti met Wednesday morning with the President of the Eurogroup, Jean-Claude Juncker and the European Commissioner for Economic and Monetary Affairs, Olli Rehn.
"Commissioner Rehn reiterated that he remained convinced that the Minister Tremonti and the Italian authorities take steps to put the country back on track for sustainable growth and ensure greater fiscal consolidation," said the Commission in a statement .
Speaking to the press, following a meeting which lasted two hours with Giulio Tremonti, Jean-Claude Juncker said simply: "We had a long discussion about the challenges facing the euro area. We will continue thinking together. "
"I agree with what Mr Juncker said.We had a long and fruitful discussion, "added the Italian Minister.
Council President Silvio Berlusconi has to speak before the Italian Parliament from 1530 GMT on the economic situation of the country.
In Spain, the President of the Government Jose Luis Rodriguez Zapatero was to chair a crisis meeting in the afternoon.
The yield spread between ten-year bonds Spanish and Italian from the German paper of the same maturity, part of the European bond market, continued to grow Wednesday, within the scope of fears of contagion from the debt crisis of the euro area.
The yield spread between Italian and German paper was 386 basis points (bp 12) and ten-year bonds between Spanish and German from 402 basis points (13 bps).
The performance of Italian securities decade was up 8 basis points to 6.225% and the Spanish equivalent obligations was 6.371% (6 bp).
