Financial News Headlines

OpinionWay poll for Le Figaro and LCI, 57% of French people say they are against an increase in VAT. Other measures announced by Nicolas Sarkozy are they rather welcome. The standard VAT rate will increase on 1 October from 19.6% to 21.2% to compensate for 13 billion euros of lower employer contributions, announced Sunday, January 29 Nicolas Sarkozy a majority of French (57%) are against an increase in VAT in return for lower social security contributions, but approves other measures announced Sunday night by President Nicolas Sarkozy, according to a survey OpinionWay-Fiducial for Le Figaro and LCI released Tuesday soir.28% of respondents are "totally opposed" to "lower burdens on wages and, in turn, the increase in VAT by 1.6" and 29% are "somewhat opposed" .42% in however, support this measure (15% "quite" 27% "fairly positive"). 1% is silent pas.La proposal of the Head of State VAT increase is accompanied by a decrease in payroll taxes. The requirement for companies with more than 250 employees have at least 5% of young people in training is approved at 90%, creating a tax on financial transactions to 77%. 65% approve of "the possibility for social partners to negotiate agreements within each enterprise to define, for example working time of employees," 53% "higher than 30% of construction rights on any ground." For Moreover, Nicolas Sarkozy is preferred to Francois Hollande for "lead France" (39% against 32%, 28% said "neither"), "reduce the debt of France" (35% against 27%, "no of the two "37%)," reform France "(34% against 30%," neither "to 35%)," to get France out of the crisis "(31% against 26%," neither "42%). The socialist candidate prevails over the incumbent president when it comes to" bring the French "(38% against 18%" neither "to 43%). Study conducted on 30 and 31 January with a sample of 1097 people representative of the French population aged 18 and older, interviewed online and constituted under the quota method.

Cash advance is meant to provide short term relief to borrowers. Since these loans charge high interest rates, rolling over the loan may not be very easy.

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.

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.

The NYSE has closed lower Tuesday due to disappointing company results and tried not bode well for the health of the U.S. economy, while the uncertainty surrounding the euro zone has amplified the trend.

The Dow Jones finished down 1.74% or 207.00 points to 11,706.62, while the S & P 500 ended on a down 2.0%, or 25.14 points, to 1229.05.

The Nasdaq composite, for his part yielded 2.26% (61.02 points) to 2,638.42.

The meeting of finance ministers from the euro area scheduled for Wednesday was canceled, but the leaders of the European Union still plan to meet the same day summit, as expected.

"Everyone thought that with the meeting and the summit, the European problem was more or less settled, but the announcement of the cancellation has created a very negative feeling about the chances of a resolution in the short term," commented Steven Neimeth of SunAmerica Asset Management.

On the corporate side, the diverse group was disappointed by 3M reported results below expectations in the third quarter and lowering its forecast throughout the year.

The title sold 6.25% to 77.04 dollars.

The UPS Logistics Group has meanwhile declined by 2.14% to 69.35 dollars after the Director General indicated that predict the U.S. economy continue to grow slowly.UPS, however, reported an increase in profits.

Netflix suffered a spectacular fall from 34.9% to 77.37 dollars after announcing a loss of subscribers higher than expected.

The Spanish government said Thursday the postponement of the privatization of two major airports of the country, candidates clashing with the acquisition financing difficulties, a decision that deprives the state of several billion euros in revenues in the crisis debt.

The Department of Public Works said that the operation was postponed for three months, after the parliamentary elections of 20 November, which could, according to polls, give power to the Popular Party (PP) today in the opposition.

But the PP is opposed to the sale of the airport and accused the Socialist government of Jose Luis Rodriguez Zapatero to have rushed into a hasty operation by selling the assets of choice at bargain prices in a financial context lackluster.

Last month, the government had already put a stop to the proposed IPO of the National Lottery on the grounds of market conditions.

Banking sources have said that private investors were reluctant to engage in these privatizations few weeks of the election.

Seven groups of investors had expressed interest in the operation, the government hoped to five billion euros.They included, alone or combined funds, the German airport operator Fraport and Spanish groups Ferrovial and Acciona Infrastructure.

TOO EXPENSIVE, THE WRONG TIME

The government demanded too high a price for the Madrid Barajas airport and El Prat in Barcelona, ​​said sources close to the discussions.

"The schedule would not allow privatization to complete just before the elections.But there was also a big difference in price compared to what the government called for the two airports, including Barajas, "said a senior bank in Madrid.

"For example, two funds that had joined the Spanish group Ferrovial Infrastructure sought a return on investment of 12-15%, while Barajas did not offer more than 10%," he added.

An American manager explained his part that "banks may have had the last word on this issue because it is they who will finance the transaction."

Most candidates have financed the operation with 20 to 30% of equity from the balance of the loan, he added.

"Given the pressure on Spanish banks by higher funding costs and rising ratios of their loans / deposits, they increasingly tend to cut back on corporate financing right now," continued the manager .

Veolia Environnement has recently sold Eolfi Asset Management, his investment company specializing in the management of funds investing in solar and wind power, reported Monday the newspaper La Tribune.

Eolfi AM was purchased by its president and founder Alain Delsupexhe, which confirmed the operation but refused for now to communicate about the subject, the paper said.

Without specifying the amount of the transaction, a spokesman for Veolia told The Tribune qu'Eolfi, a subsidiary of Services Group had sold property investment company, which manages 113 million euros of assets, seeking Eolfi focus on its core business, the development of wind and solar projects.

No one was immediately available for comment at Veolia.

Oil prices have rebounded sharply Wednesday, closing up more than 5% in New York in favor of a sharp drop in crude reserves in the United States and the feeling that the European authorities are acting to strengthen the banking sector the region.

On the Nymex, the November contract on U.S. crude (WTI) finished with a gain of 4.01 dollars, or 5.3%, to 79.68 dollars a barrel.Meanwhile, Brent advanced 2.81% or 2.8 dollar to 102.59 dollars.

Black gold and breaks downward a series of three sessions, benefiting too, as European stock markets, movement of purchases with it.

The European finance ministers gathered in Luxembourg reached an agreement Tuesday aimed at protecting the banks in the region, while calls for a recapitalization of European banks have increased the margins of the meeting.

U.S. inventories of crude oil fell last week, said Wednesday the U.S. Agency for Energy Information (EIA). Crude oil inventories fell 4.68 million barrels to 336.28 million.Economists on average had expected a rise of 1.9 million barrels.

The Tokyo Stock Exchange closed sharply down Monday, affected again by fears about the debt situation in the euro area and the slowing global economy.

This context prompted investors to shun riskier assets, like stocks, and turned to the bond market as such.

A good Tankan quarterly report of the Bank of Japan, published before the opening and showing a positive turnaround in the business sense, was not a very large effect.

"The October-December quarter begins today and it is hoped, therefore, purchases of domestic funds but for now, the market is primarily concerned with problems of Greece and wondered how the Europeans will face the situation.They also expect U.S. data this week, "said Fujio Ando (Chibagin Asset Management).

Greece missed the deficit targets that were assigned by its international donors for this year and next, according to figures released Sunday by the Greek Ministry of Finance after approval by the Government of the draft budget 2012.

The Nikkei 225 index lost 154.81 points (1.78%) to 8,545.48 while the Topix yielded 14.06 points (1.85%) to 747.11.

Values, Sony has touched its lowest level meeting since June 1987, a victim of clearances by foreign funds, and eventually a loss of 4.51% to 1439 yen.

European shares have gradually reduced their gains Monday afternoon due to lack of more precise statements confirming the speculation of interest rate cuts from the European Central Bank (ECB) and new measures to support the banking sector.

The announcement 16h to a decline in home sales in the United States in August has increased the movement.

At 4:37 p.m., the CAC 40 index gained no more than 0.4% to 2821.25 points, while he earned more than 3% at mid-session. The London Stock Exchange lost 0.51%, Frankfurt earns more than 1.1% and 1% EuroStoxx 50E.

"The increase in this morning was purely related to rumors. In the absence of confirmation, the markets are reducing their earnings for several hours," said one speaker. "What the market expects, it is clear statements and figures."

PSA Peugeot Citroën could remove up to 10% of its workforce in France against the expected slowdown of the European car market, write Friday Les Echos and La Tribune, citing union sources.

Initially, 115 jobs will be lost on a voluntary basis and 300 temporary contracts not renewed in Aulnay-sous-Bois (Seine-Saint-Denis), an assembly plant in the Citroen C3, whose future after 2014 and threatened, and 180 positions will disappear in Melun-Sénart (Seine-et-Marne), according to Les Echos.

In the longer term, nearly 10,000 temporary positions, or nearly 10% of the workforce in France, would be threatened by the first French car manufacturer, said La Tribune.

"It's far too early to tell," said a spokesman for PSA that number of temporary positions.

At the end of the Central Committee (IAC) held Thursday, the agreement on the management of jobs and skills signed in April 2010 with the unions, which ended September 30, 2011, been extended to December 31, 2012.

The group's management has identified 980 jobs to disappear, said the spokesman, adding that the downsizing of the site of Aulnay came within this framework and that the site of Melun had not been discussed at the CEC Thursday.

Last week, at the motor show in Frankfurt, the CEO of PSA, Philippe Varin, announced an acceleration of cost savings through workforce adjustments among temporary workers and contractors to address the context economic uncertainty in Europe.

Eric Besson, Minister of Industry said that we should not rush to draw conclusions on possible job cuts coming at PSA.

"Do not cry wolf when there is no wolf," he said on Canal +.

"Let them wonder about the consequences of the crisis on their future and take steps to remain competitive, surprising and shocking."