Financial News Headlines

The President of Finmeccanica Pier Francesco Guarguaglini resigned, while the Italian advocacy group is the center of a corruption scandal, said on Thursday a source familiar with the matter.

The information was confirmed by the group a few minutes later.

The Board has appointed the current Chief Executive Officer Giuseppe Orsi Group to replace him, the source added which states that it will combine the two functions.

The group is weakened by an investigation into suspicions of corruption that affects some of its most senior officials.

The Italian government is a shareholder of the group of aerospace and defense to the tune of 32% and this scandal is the first figure of political test for the new government led by Mario Monti.

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The French Building Federation says the crisis and the austerity measures will be expensive jobs. Last year, the sector had created 9000, after losing 20,000 in 2010. Volume, the activity is expected to fall 1.9% in 2012, after increasing 1.2% in 2011 and fell 3.8% in 2010.

The construction sector is expected to lose 35,000 jobs in 2012 due to financial crisis and austerity, who "broke" the upturn in the sector in 2011, said Tuesday the French Federation of the building FFB. In 2011, the sector had the opposite created 9,000 jobs, after losing 20,000 in 2010, including acting."The crisis of public debt in euro area and fiscal adjustment policies have shattered the movement of bringing economic recovery and still bears a few months, the quantitative improvement of our markets," said the president of the FFB, Didier Ridoret at a press conference.

Volume, the activity is expected to fall 1.9% in 2012, after increasing 1.2% in 2011 and fell 3.8% in 2010, said Didier Ridoret. It is expected to decline in all areas, with a 2.8% decline in new housing, 1% in the nine non-residential housing, and 1.7% improvement in maintenance. While in 2008 and 2009 the use of the building had been "preserved", "dyke will drop" in 2012 with a script "close to that of year 1990, which will permanently affect the production system," warned the FFB.

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The European Commission said it wanted to preserve the stability of the euro area as a whole and said to disagree with the rumors point to a stability pact between the States the strongest. The President of the European Commission Jose Manuel Barroso (here at a press conference in Brussels April 13, 2011)

The European Commission on Monday rejected categorically any option that would lead to "break" the euro area into several groups, while news reports indicate possible projects in this direction in Germany and France. "The goal is to preserve the unity of the euro area," said a spokesperson for the Economic and Monetary Affairs, Amadeu Altafaj, during a press conference."If the ultimate goal is to safeguard the stability of the euro area, it is clear that fragmentation does not serve this purpose, any proposal must be based on preserving the unity of the euro area," Has he added.

The German press reported over the weekend of a proposed stability pact reinforced for only a few countries of the monetary union and an option to create Eurobonds limited to only those countries benefiting from the best rating (Triple A). The latter project was denied Monday by the German government. The spokesman also assured the Commission preferred the "Community method", which places the center of decision-making institutions representing the European Union as a whole, as the Commission or Parliament, not a group of States .

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Suzuki Motors calls for international arbitration to settle its dispute with Volkswagen, the latter refused to surrender its stake by nearly 20% stake in Japanese automaker.

Suzuki, a specialist in small cars for emerging markets, announced Thursday it had seized the International Court of Arbitration of the International Chamber of Commerce, an organization based in London.

"We see no major financial impact based on the share price, given that VW has already established a reserve of 263 million euros in the third quarter of 2011 to reflect the reclassification of its stake in Suzuki in its balance sheet , "writes Michael Punzet, an analyst at DZ Bank in a note.

Suzuki accuses VW of not having provided a hybrid technology that would have promised to share.If the current leadership of Suzuki does not work with us, then maybe the next generation will, "he said.

A spokesman for the German automaker has confirmed that the company would not yield to the demands of Suzuki.

Action Suzuki closed up 0.92% to 1,533 yen in Tokyo Stock Exchange, while Volkswagen took up 2.90% to 115 euros at 9:35 GMT on the Frankfurt Stock Exchange.

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The German group E. ON community service expects to eliminate nearly 11,000 jobs, or about 14% of its workforce, to reduce its costs after the Berlin decision to phase out nuclear by 2022.

This figure is at the top of the range between 9000-11000 items discussed by the group last August, when the announcement of a restructuring of its operations.

"In the present state of our preliminary assessments, the number of jobs to be eliminated will be in the top of the announced range from 9,000 to 11,000," said the world number one industry by turnover.

The German group had 79,457 employees at the end of September.

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The British group Centrica Energy Thursday issued a warning on its profits in 2011, with a loss of customers and a decrease in electricity consumption due to the sluggish economy and mild weather.

The operator, whose subsidiary British Gas is the first energy supplier to UK households, lost customers after raising its rates and now provides an annual output "slightly below" market expectations.

An hour after the opening of the London Stock Exchange, the title Centrica lost 1.36%, while the European sector index Utilities 0.5% abandoned.

"Order intake for the third quarter of 2011 remained strong in an uncertain economic environment."

TF1, a subsidiary of Bouygues to 43%, but was lowered Thursday its forecast revenue for 2011 after the sharp deterioration in advertising revenue of its flagship channel in the third quarter, amid difficult market conditions.

"It's a bit early to talk about 2012, we are not advanced enough in the end of the year," he said during a teleconference Philippe Marien, Chief Financial Officer of Bouygues.

In particular, Allianz gained 5.6% after posting a quarterly operating results better than expected and have claimed to be able to face difficult market conditions.

Earlier this afternoon, the Italian Senate approved the law of financial stability, a set of austerity measures demanded by the European Union to help the country cope with the debt crisis. Council President Silvio Berlusconi has promised to resign and make way for an emergency government once the text approved by the lower house of parliament, which is scheduled Saturday.

"The Italian rates were down significantly today.

The main European stock markets have returned to equilibrium in mid-session, while Milan and Athens rose more sharply and a rally promises to Wall Street, in the hope that Italy and Greece are quickly new governments and implement the necessary reforms.

The CAC 40 index yielded 0.08% at 3072.60 points around 24:15, after having started losing more than 2%, while the Euro Stoxx 50 took 0.19% and Milan fell by 0.48%.

As part of its Treasury bill auction, Italy has sold five billion euros in vouchers to 12 months, with a yield of 6.09%, its highest level since September 1997, against 3.57% in its previous auction which took place October 11.

Toyota reported Tuesday a 32% drop in its quarterly earnings and abandoned its forecast for annual profit, the impact of floods in Thailand completing disrupt a production line that is not yet fully recovered from the earthquake March 11.

The Japanese automaker also suffers from the strong yen, beating down the profitability of some 1.5 million vehicles exported each year and makes it less competitive with neighboring South Korea's Hyundai Motor.

Despite the unfavorable foreign exchange, Toyota said it did not intend to reduce its cut production, saying instead that he wanted to increase the share of domestic sales in total sales to offset the effect of force the yen.

The builder was particularly affected by flooding in Thailand disaster that claimed more than 500 dead, like Honda, which also dropped its earnings forecasts.

The three assembly plants of Toyota in the country are at a standstill since October 10 and will remain so until at least November 12.