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.

"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.

A report by the Court of Auditors highlights communication costs without justification and without competition, often to the benefit of society Giacometti-Péron. Prime Minister Francois Fillon held a press conference at Matignon on a new austerity plan August 24, 2011

The Court of Auditors report a pin in communication costs the government (surveys, coaching), engaged in conditions "questionable" on topics far removed from some public action, and often to the benefit of society Giacometti-Péron. Pierre Giacometti, adviser to President Nicolas Sarkozy, is one of the leaders of this consultancy and strategy.Funding "survey on personal image of Ministers or distant subjects of government action is debatable," she adds.

As in 2008, with the study commissioned from the Institute Médiascopie on the "level of support generated by the remarks made by the Department of Defense" (Hervé Morin at the time), but also that "others "during the show" Make up your mind "of September 11, 2008. Or studies requested by the Department of Justice "about how media coverage of Rachida Dati," the Chancellery from 2007 to 2009, or on the image of the former Minister of Ecology Jean-Louis Borloo.

Expenditures "questionable"

"In general, the relationships between government and external service providers are not always consistent with the rules of public procurement," say the judges.

Russia is the country whose companies are most likely to pay bribes, followed closely by China, according to the annual ranking of Transparency International. Considered a good student, but the limit of the first third of the most virtuous, France is the 11th of the 28 countries studied. As for the sectors most likely to payments of bribes, kickbacks are building and public works and utilities. To establish his record of corruption exporting countries, the NGO has asked 3,000 business leaders worldwide to note how often the companies with which they do business engaged in corrupt practices, from 0 to 10 always, for ever. In images, the largest outbreaks of corruption.

1 / 10

Previous Previous PauseSuivant Russia: 6.1 / 10 Next

2 / 10

Previous Previous PauseSuivant China: 6.5 / 10 Next

3 / 10

Previous Previous PauseSuivant Mexico: 7 / 10 Next

4 / 10

Previous Previous PauseSuivant Indonesia: 7.

Values ​​to follow on Monday in the Paris Bourse, where the index was down 2% to 12.45, a victim of profit taking while waiting for details of the Europe Agreement concluded last week before the G20 in Cannes Thursday and Friday:

* GDF SUEZ losing 3.3%. Belgian political parties, who are negotiating the formation of a new government, have agreed to close Sunday on condition the two nuclear power plants still operating in the country. AREVA also lost 3.8%.

EDF indirectly affected by the decision of the holdings of rights "draw" directly on 8% of the capacity of central Belgium, and indirectly through its Belgian subsidiary SPE rights over 7%, loses 1.7% .The title had sold more than 5% Friday.

* Bank stocks weigh on the coast, especially hurt by profit taking in a climate of uncertainty about the implementation of the plan to resolve the crisis of sovereign debt in the euro area, as shown in the voltage levels Italian government bonds.

BNP Paribas lost 6.7%, 6.5% Societe Generale, Credit Agricole and Natixis 6.4% 5%. The European index yields 3.3%, one of the biggest declines sector with commodities (-3.4%).

* The CYCLIC are also victims of profit-taking, exacerbated by concerns over growth. ALSTOM lost 3.6% and 3.2% MICHELIN 53.930 euros, while Goldman Sachs cut its price target from 78 to 70 euros, while remaining "neutral" on value.

Icade published Monday sales up 11% in the first nine months of 2011, thanks in particular to the full-year effect of the acquisition of Compagnie la Lucette.

The real estate company, a subsidiary of Caisse des Depots, recorded sales of 1,065.8 million at September 30, also boosted by lettings made in 2010 of its commercial property division and for the development division, by the progress of projects of operations signed last year.

Also for its development division, the group notes that "in an uncertain market environment and reduction of tax incentives", bookings were down 11% in value compared to the first 9 months of 2010.

Icade, whose action on Friday completed a course of 65.00 euros, provides no indication of its prospects.

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."

Christine Lagarde calls on Europe and the United States to take measures to raise economic growth, where possible, to address the crisis of confidence affecting the global economy.

"If the U.S. launches a credible medium-term adjustment, there is probably room for abandoning the austerity measures in the short term and introduce measures to support growth," said Executive Director of the Fund International Monetary Spiegel in an interview.

"For Europe, we recommend to countries to adjust their austerity programs in light of a changed situation and to consider measures to fuel growth."

Former French Minister of Economy has created an uproar the last weekend by asking politicians to force European banks to strengthen their capital base, a call she reiterates in the interview given to Spiegel.

Regarding Germany, the largest European economy, Christine Lagarde believes that public finances are recovering well.

"Everything depends on the circumstances, of course. If exports, upon which the German economy collapsed, the government could contrebraquer."

"If Germany stimulate domestic demand, it's good for the German economy and for neighboring countries," she says in response to a question in this regard.

Wall Street finished the Monday session in a very small increase after four weeks of losses, closing a session with no real trend in a very fragile economic environment.

The New York Stock Exchange finished up 0.34% Monday, the Dow Jones Industrial 30 win 37 points to 10,854.65 points.

The S & P-500, wider took 0.29 point or 0.03% to 1123.82 points.The index has lost 12.7% since early August.

The Nasdaq Composite was up on its side of 3.54 points (0.15%) to 2345.38 points.

About 8.46 billion shares were exchanged during the session, is almost as much as the daily average last year to 8.47 billion.

After four weeks in a row in the red, Wall Street has had a turbulent session, alternating folds and rebounds.

The shares have been particularly cheap buyouts, some stakeholders holding that the market had become oversold and the market turned upward late in the session in a climate of extreme volatility as fears of another recession in the United States and those of a destabilization of the European financial system remain.

In this context, investors will watch carefully for signs of possible new measures to support the Federal Reserve the U.S. economy, when its central bankers will meet Friday in Jackson Hole, Wyoming.

Values, the title took Lowe's Companies 1.139% after announcing it would spend five billion dollars to buy back shares over a period of two to three years.

Boeing took the title also 1.45%. Leaders of Delta Air Lines (0.13%) should vote this week an order for 100 Boeing 737 planes worth 8.58 billion dollars (six billion euros), Bloomberg announced News, citing two sources familiar with the matter.(See)

Technology stocks like IBM (0.91%), Google (1.48%) or Hewlett-Packard (3.6%), are among the best performances of the day while financial still losing ground . The title of Bank of America fell 7.89%.

Goldman Sachs said it had revised down its forecast for U.S. growth for the second quarter, now expects GDP growth of between 1 and 1.5%.

"In light of declining growth data, we lower again our growth forecasts for the second quarter," said Goldman Sachs in a research note.

The U.S. investment bank now expects GDP growth of 1% for the third quarter and 1.5% in the fourth, against a previous forecast of 2%.

"It seems that the U.S. economy, whose growth is already low, is still in decline," said Goldman.