The German automaker Volkswagen said Thursday an operating profit increased in the first quarter to 3.2 billion euros against 2.9 billion euros a year earlier , thanks to record sales of vehicles.
This is an above analysts' forecasts, who on average expected a profit decline to 2.7 billion euros.
Around 8:10 GMT, action Volkswagen earned 4% to 131.25 euros, while the European sector index gained the automotive 1.6%.
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.
In February, China recorded its largest trade deficit over the past decade. A sign of the deteriorating economic conditions of countries, some analysts say. China recorded in February its largest trade deficit in over a decade.
This is a record. China recorded in February its largest trade deficit in over a decade, from 31.48 billion dollars, due to a surge in imports, particularly oil, according to figures reported Saturday by China Customs.
Imports jumped 39.6% year on year to 145.96 billion dollars, while exports rose 18.4% to 114.47 billion USD, have detailed the Customs on their website.
Imports grew far beyond the expectations of economists polled by Dow Jones agency, who on average expected 26% increase, while exports are well below their forecasts, which were 28.8% increase.
The expected deficit by these economists was 8.5 billion only. This is the largest trade deficit ever recorded in a single month by China since at least 2000, according to Dow Jones agency.
Slowdown
For the first two months of the year, China has a trade deficit of 4.25 billion. In January, it had a surplus, but the volume of China's foreign trade had shrunk because of the impact of Chinese New Year celebrations. The high level of imports is mainly due to oil imports, which hit last month to a record volume of 23.64 million tons, amounting to 19.47 billion dollars.
China recorded a trade deficit frequently earlier this year, but in 2011 it had only reached $ 890 million for the first two months of the year.
The deficit in February in addition to other economic indicators released reflecting a slowdown in the second world economy.
"Overall, we see an acceleration of deteriorating economic conditions," responded Zhang Zhiwei, an economist at Nomura Securities agency quoted Dow Jones. "The slowdown occurs more rapidly than expected in the government," he said.
The record trade deficit could prompt Beijing to further relax its monetary policy to support economic activity, while Chinese exporters are suffering from the impact of the debt crisis in Europe and weak economic growth in the U.S. .
Since the beginning of the year, the U.S. equity markets have confounded the pessimists, and employment figures of February in the U.S., expected in late week, could well justify a continued rise.
The 'rally' stock in recent months has been built on a series of economic indicators improving, which suggest that growth in U.S. corporate earnings remain intact, analysts said.
But some strategists warn against a downward trend, while the main New York indexes have reached key thresholds and that the publication of results for the fourth quarter draws to a close.
The Standard & Poor's 500 rose in eight of nine weeks past. During the past week, the Dow finished above 13,000 points for the first time since May 2008, and the S & P 500 closed twice over resistance threshold of 1,370 points.
The Nasdaq composite crossed the threshold of its side of the 3,000 points and is trading around its highest level since 2000.
Some believe that Wall Street could continue to rise thanks to new macroeconomic indicators considered solid.
"The question is: 'Are we witnessing a sustained improvement in the economy?' I think the answer is yes, and that the rally will continue somewhat, "says Bryant Evans, portfolio manager and advisor for Cozad Asset Management, Illinois.
Detailed figures for February employment in the United States must be published Friday. Economists polled by Reuters expect 210,000 new jobs outside agriculture, against 243,000 the previous month.
This would mark the third consecutive month of job creation. The unemployment rate is meanwhile expected unchanged at 8.3%, its lowest level in three years. To investors, such figures would bring additional proof of a recovery in the U.S. economy.
Growth of gross domestic product (GDP) U.S. has already been revised up to 3.0% annualized in the fourth quarter of 2011, its highest rate , since the second quarter 2010, according to the second estimate published Wednesday by the Commerce Department.
TAKING PROFITS tempting
Now that the second bailout of Greece seems on track and that the earnings season draws to a close, investors are more focused on macroeconomic data.
Rising oil prices, bolstered by the tensions around Iran, however, could darken the horizon. Brent crude is trading above $ 120, an ominous trend when Europe seems to be sliding into recession.
Also in Europe, the first funds of the new aid package to Greece could be paid immediately after the debt swap between Athens and its private creditors s, to be concluded by 9 March.
In any event, investors had gains high enough since the beginning of the year to consider taking profits.
The S & P 500, who finished almost unchanged in 2011, increased by 9% since the beginning of the year.
U.S. ECONOMY, THE ENGINE RALLY
Health of the U.S. economy now looks up the engine for stock markets, investors wanting to believe that a recovering economy will spur creation of jobs and profits up.
Regarding the fourth quarter, the share of companies exceeding expectations is declining.
A 9.4% quarterly earnings growth is also lower than in previous quarters, but analysts want to believe that the recovery of the U.S. economy will help to avoid settling too brutal.
"From our perspective, as the employment situation continues to improve, we are on track," said Thomas Villalta, portfolio manager at Austin.
Monday, the ISM services will provide an overview of the activity of tertiary service last month.
The ADP survey on job creation in the private sector in the United States, released Wednesday, will precede the official statistics on Friday.
The Federal Reserve estimates that the U.S. economy grew at a moderate pace from January to mid February, the hiring is being légé ; LY accelerated in many parts of the United States.
In the beige book of the U.S. central bank, released Wednesday, the Fed also notes some improvements in the property sector although, overall, the tone is as careful as in the pre ; cédente edition of this document.
"The conditions in the housing market have improved somewhat in most districts," we read in the paper.
Manufacturing is one who is doing best, with most of the 12 Fed districts with a rise in new orders.
The committee of independent directors to investigate the controversial takeover of UraMin by Areva is expected to conclude Tuesday with a "weak governance", says the Sunday newspaper, citing a "source close "group.
Rene Ricol, charged in 2010 by Nicolas Sarkozy to audit the accounts of French nuclear giant, looking for the same argument, although it acknowledges not Lauvergeon, the former President of the Executive.
The latter said he had no knowledge of mining reports dated from 2008 and 2009 from the geology department of Areva, according to Rene Ricol who put labels on mine reserves and opportunities for exploitation.
"If Anne Lauvergeon has not been informed, the least we can say is that this is a concern in terms of governance," he said, adding that he has had not itself access to these documents during the audit.
"This lack of transparency is unacceptable," he adds.
The purchase of Uramin in 2007 to 1.7 billion euros has forced the giant French nuclear to include in its accounts in 2010 and 2011 provisions totaling close to 1, 9 billion euros to reflect the depreciation of its assets following a drop in uranium prices.
The Industry Minister, Eric Besson, said Sunday he expected the committee's report Tuesday to decide.
"I think we should let those whose work is now shed light on this apparent overvaluation, almost coarse, this mine," he said in the e The Great Mission Visit Europe 1 / i> TELE / Le Parisien.
"This is precisely what the committee of independent directors must say and enlighten. Is it simply a gross error of assessment or do it more? It is for this committee on the one hand and justice, as it has received various complaints now, to say it. "
.. …… "unacceptable practices"
Rene Ricol also condemned the investigations by the husband of pharmacies Anne Lauvergeon
. "These practices are completely unacceptable," he said, calling however "paranoid" reaction of the former president of nuclear group
. He called the protagonists of the record-Anne Lauvergeon, the current leader of the group and Luc Oursel Director of Mining activity Sebastian Montessus to keep their cool. "If they do not subside, it will all end badly."
Lauvergeon Wednesday asked the court to appoint an expert to examine the conditions under which the group commissioned a survey in 2010 related to the acquisition of Uramin.
The Tribunal de Grande Instance of Paris (TGI) announced that it would make its decision on February 29.
Lauvergeon and his lawyers believe that the recipients of the report, ordered society Apic, did not respect the internal rules of Areva.
They say that they include not having alerted the supervisory bodies of the group while the report concluded Apic a possible "fraud" in connection with the redemption.
Lawyers for Anne Lauvergeon protest against an investigation that would have resulted in an alleged espionage husband of the former president of Areva, Olivier Fric, to determine if the had illegally benefited from the acquisition of Uramin.
The former president and CEO of Areva has defended the purchase of Uramin and considered normal for this type of operation can lead to impairment.
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 Swiss government said Wednesday it has chosen to renew its fighter fleet with 22 copies of the Saab Gripen of Sweden, preferred to Dassault Aviation's Rafale and the Eurofighter consortium which includes the European EADS.
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.
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.
The Tokyo Stock Exchange ended slightly higher Friday, recovering from the fall of the day in favor of positions suggesting investors anticipate the possibility of a rebound despite the persistence of the debt crisis in Europe
The Nikkei gained 0.16% or 13.67 points to 8,514.47 while the Topix, larger yielded 1.17 points (-0.16%) to 729.13.
On the whole a week marked by a deepening debt crisis with the record level by the Italian sovereign bond yield, the two indices lost 3.3% and 3%.
Title Olympus finished down 4.96% to 460 yen after a volatile session.
