Business & Financial News

The U.S. crude futures ended at a 27-month peak on Monday, traders fear that unrest in Egypt from spreading to other countries in the Middle East and will disrupt supplies.

The Brent crude futures ended them at their highest level in 28 months for the same reason.

On the Nymex, crude due March ended at 92.19 dollars a barrel, up $ 2.85, or 3.19%. This is its highest since the $ 93.88 October 3, 2008.

It reached a peak of 92.84 dollars in session, the highest since the 93.02 dollars of October 7, 2008.

Brent finished at the same maturity 101.01 dollars a barrel, the highest for a contract closest to expiration since September 26, 2008 (103.54 dollars).

The unemployment rate in Spain is back above the 20% mark in the fourth quarter of 2010, its highest level since mid-1997, and seems disinclined to improve in the near future.

According to data from the National Statistics Institute (INE) released Friday, the unemployment rate was 20.3%, a record in the European Union.

Economists estimate that it should remain around this level in 2011 due to low growth prospects of the country, particularly in terms of consumption.

Economists expected a rate of 19.9% over the period October to December, slightly up from 19.8% in the previous quarter when the unemployment rate had declined for the first time in three years.He moved beyond the 20% mark in the first half of 2010.

"The problem now is that the disposable income of households collapses and corporate accounts do not display a brilliant health either," Justice David Owen, an economist at Jefferies.

"In this environment, we can expect that the unemployment rate remains high, even increasing it. The problems of Spain are not really fly around."

NO JOBS NET BEFORE THE 2ND HALF OF 2011

The number of unemployed climbed to 4.7 million, with job destruction concentrated mainly in the sectors of construction and services.But the data also show that this increase is more related to an increase in the labor force and an increase in layoffs.

"Looking at the figures more closely, the picture is not as disturbing as all could suggest. The rising unemployment rate is largely explained by a stabilization of the workforce, more than not a spike in the number of unemployed, "said Tullia Bucco, Unicredit.

She added that the strong pace of job losses seen before seemed to have ended.

The government does not expect the economy to be able to create jobs by mid 2011.Official statistics report an average unemployment rate to 19.3% in 2011.

A further deterioration would push to lower growth forecasts for the year, and thus an increase of the estimated budget deficit, said David Owen on his side.

Madrid could find himself under pressure from markets and struggling to finance itself, like Greece and Ireland last year.

The Spanish Council of Ministers had to approve Friday the pension reform is 65 to 67 years the legal age of retirement, a measure intended to allow the country to regain investor confidence.

The banks plan to impose rules slightly tighter credit at all levels in the first half against the continued rise in demand for loans, said Thursday the European Central Bank.

The latest quarterly survey of the ECB bank lending indicates that banks have maintained their credit standards for businesses and individuals in the fourth quarter compared with the previous three months.

Real estate investors have been penalized by contrast, 11% of banks in net terms, have tightened their rules.

"Overall, standards of credit for nonfinancial corporations as for personal loans were unchanged in the last quarter of 2010, while those for households to purchase a home have tended to further strengthen, "said the ECB survey.

Borrowers of any kind in the euro area are expected to face tougher credit rules in the coming months, the survey shows.

"Beyond the banks of the euro area provide a further tightening very light, in net terms, credit standards for all categories of loans in the first quarter of 2011," it said.

The ECB has been reassured by the latest round of credit data, some regulators felt that the low point in market conditions may finally be exceeded.

The banks see an acceleration of demand for loans in the first quarter, the share of firms, which portends difficulties in obtaining some of them if the standards become more stringent provision.

Anticipated demand for home loans could also be a source of concern.Only 1% of banks in net terms, are seeing a rise in buyer demand, a significant decrease from 27% last quarter and 10% actually recorded.

"Beyond that, for the first quarter of 2011, banks in the euro area anticipate a continued positive trend in net demand for all types of credit," added the ECB.

This survey was conducted among a sample of 120 banks in the euro area between December 6, 2010 and January 10, 2011.

Unemployment has rebounded sharply in December, affecting about 80,000 additional people in France throughout the 2010 Class A

According to figures released Wednesday by the Ministry of Labour and Employment Sector, the number of people in this category was 2,725,200 in late December in France, or 27,100 more than in November, up 1.0% over one month and 3.0% over one year.

In November, the increase was 0.1% (3100 persons).

In addition, job seekers engaged in a Pool (Class B and C), the increase was 0.8% in December, 32,600 more people.

Their number was well established in France 4,051,700, or approximately 222,000 people over the whole of 2010 (+5.3%).

By adding the overseas departments, 4,309,500 people were registered in categories A, B or C in late December.

"This poor result will add a negative pressure on consumer confidence and the fact that consumers should pay more attention to their purchasing power will not help in the short term," said Dominique Barbet, an economist at BNP Paribas.

"This reinforces our concern that private consumption will slow in the first quarter of 2011," he adds.

Several economists have expressed such fears after the release Tuesday of a continued strong consumer spending in December by the scrapping car removed in late 2010.

"While the president proudly announced that unemployment would fall in 2010, the publication of figures on the number of jobseekers in December 2010 allows to take stock of a year which sadly is catastrophic for employment in France, "said Alain Vidal, secretary of the Socialist Party of Labor and Employment.

DECLINE IN NUMBER OF VACANCIES

The number of jobs collected by Cluster Employment fell 2.9% in December but has increased slightly over one year (+0.6%) in France.

The number of jobseekers in Class A was 0.9% for men in December in France (+1.4% yoy) and 1.2% for women (+4.9% on one year).

The number of people under 25 years in Class A was up 1.1% in December, but fell by 5.2% over one year.

The 50 years and over increased by 1.6% over one month and surged 16.3% year on year.

The number of long-term unemployed – registered at job center for a year or more – rose 1.4% in categories A, B, C and increased by 19.8% year on year in France.

The entries in job center in categories A, B, C decreased by 5.2% in December and 3.6% year on year in France.

Entries for the end of fixed term contracts and are down (-2.7%), like those for the end of temporary assignment (-1.0%), more layoffs (-4.7%), Quits (-5.4%), raw inputs (-9.0%), and other cases (-8.4%).

Entries for redundancies are stable, and for those times of increased activity (+1.0%).

The outputs of categories A, B, C also decreased by 5.2% (-6.1% YoY).

The outputs of the declared repeatedly fell in December (-2.2%), like those for terminations for default registration discount (-11.0%), radiation Administration (-2.6%) and other cases (-6.0%).

The outputs to inputs in training have instead increased by 12.5% and stops looking for 3.1%.

The number of jobseekers registered in category A and having a fee payable to the Revenue de Solidarité Active (RSA) was 471,800 in late December in France. This figure was 592,000 for categories A, B and C.

According to the International Labour Organisation, unemployment is likely remained high this year. 205 million people remained unemployed in 2010 despite the rebound in global growth. Spanish unemployed are queuing in front of a labor office in Madrid in November 2010.

Global unemployment remains at record levels in 2010 with 205 million people affected worldwide and is expected to remain very high this year, particularly in wealthy economies, said Monday the International Labour Office.In its annual report on World Employment 2011, the ILO notes that the unemployment rate stood at 6.2% in 2010 (against 6.3% in 2009) despite a strong rebound in global growth.

The current year should not see significant improvement on the employment front, he continues, especially as the world's gross domestic product will slow to 4.2%, according to forecasts from the International Monetary Fund, because "high levels of public debt and the continued vulnerability of the financial sector and private households."2011 will most likely be the third consecutive year with a higher global unemployment to 200 million people," a record, explained Executive Director Employment Sector ILO, José Manuel Salazar-Xirinachs, in the course of a press conference.

According to estimates by the organization, the number of people unemployed is forecast at 203.3 million, a rate of 6.1% in 2011. The industrialized countries should bear the heaviest burden, having already contributed more than half the increase in global unemployment between 2007 and 2010 when they accounted for only 15% of the workforce on the planet.Only some developing countries have already recovered their pre-crisis level, such as Brazil, that the world should not be for at least three years, according to the ILO.

Uncertainties on youth unemployment

The oganisation, headquartered in Geneva, warns against several indicators that may influence not only recovery but also on the social climate to come. The number one problem, she says, is youth unemployment, already the cause of riots this year in Greece and more recently in Tunisia. The number of unemployed among the 15 to 24 years has certainly declined from 79.6 million in 2009 to 77,700,000 in 2010, a rate of 12.6%, recognizes the ILO, stressing, however, still well above the 73.5 million recorded in 2007, before the crisis.

In addition, an increasing number of them are discouraged and stop searching, disappearing statistics.In 56 countries for which data exist, the organization has found a deficit of 1, 7 million young people into the labor market in a year. "Youth unemployment is a global priority," said Secretary General of the ILO, Juan Somavia, said in a statement. "The weak recovery in labor lasting only reinforces the continued failure of the global economy to ensure a future for these young people. It undermines the social and family cohesion and the credibility of policies implemented," said he warned.

The ILO also alarmed by a declining quality of jobs available, with a strong increase in part-time work, precarious, or "working poor".According to the study, half of workers in the world (1.53 billion) were in precarious employment in 2009 while only 1, 2 billion of them living below the poverty line ($ 2 per day ). On the eve of World Economic Forum in Davos (Switzerland), the ILO called on economies, especially developed to go beyond the narrow politics of deficit reduction by raising the "challenge" of a job-rich growth.

Lawyers for one of three executives targeted by the suspected call Renault CEO Carlos Ghosn group to provide evidence of accusations that founded the lawsuit from the manufacturer.

"Xavier Touvenin and I call out the president of Renault for this evening, 20 hours, it provides evidence," said Pierre-Olivier Sur, defender Michel Balthazar, told Reuters.

Carlos Ghosn to speak Sunday to log 20 hours of TF1.

In the Sunday newspaper, the CEO of Renault claims to have followed the "usual process" by maintaining secrecy for several months on the internal investigation that led him to dismiss three of its officers suspected of espionage in its program electric cars.

ACS said it had increased to 31.6% its stake in Hochtief, increasing its grip on the German construction group.

ACS, led by Real Madrid president Florentino Perez, is a debt of more than nine billion euros and wishes to acquire 50% stake in Hochtief to be able to consolidate the accounts of Hochtief and thus reduce its debt.

The group also wants to reduce its exposure to the Spanish market, weakened by the housing crisis and fiscal austerity, and grow internationally.

He had crossed the threshold in early January of 30% in Hochtief, which allows him, according to German law, to purchase additional shares on the market without having to submit a new formal offer.

A study of Coe-Rexecode, which will be presented Thursday at Eric Besson, the peak "increase in labor costs" as the main cause of this loss of competitiveness. It comes as the debate on working time has been raging since early January.

The more rapid rise in labor costs in France and Germany is one of the main causes of loss of competitiveness of France relative to its neighbor since the early 2000s, according to a report of the institute Coe- Rexecode which AFP has obtained a copy.

"The essential point" is that "the average cost per hour of work in the industry grew faster in France than in Germany about 10% in the first part of 2000," according to the report, which must be presented Thursday to the Minister of Industry, Eric Besson. "Ten years ago, French exports accounted for 55% of German exports.They now account for 40%, "notes Coe-Rexecode, which also stresses that" the average price of French exports rose between 2003 and 2008 by about 8% more than the price of German exports.

But France "has not always been" a loss of competitiveness relative to Germany "in recent decades," advance the institute. According to the institute, the main causes of the recent drop is the more rapid increase in labor costs in France and the loss in recent years of "only comparative advantage" French, the lower prices.

After German reunification, "a competitive strategy has been implemented systematically and collectively over many years: control of public deficits, investment in research, reforms of the labor market, wage moderation sustainable," notes Coe-Rexecode."Conversely, and at about the same time, France has imposed a strong and uniform reduction of working hours by law," advance the institute, referring to "a policy adverse to competitiveness."

To remedy this gap in competitiveness, the Institute suggests several avenues, including caller to "take into account the imperative of competitiveness in any tax reform", to "improve our ability to work together" or to "focus more clearly the training effort and research on the coupling between research and industry and industrial processes.

Edenred, the former branch of prepaid services group Accor announced a 7% growth in annual sales, supported by Latin America and confirmed its 2010 earnings will range between 310 and 330 million euros .

The operating revenue in 2010 grew by 6.3% at constant scope and exchange rate constant at 965 million euros, and 7.1% in the fourth quarter alone.

At the same time, the volume of issuance of securities prepaid, one of the key indicators of the sector has achieved organic growth of 10% to 13,875 million for the year. In Latin America the growth was 19.6%, against 4.2% in Europe excluding France, and 16.5% for the rest of the world.The issue size of France fell 0.2%.

In a statement, Edenred emphasizes that growth in the volume of issuance is in line with its medium-term annual target of between 6% and 14%.

Edenred, which compares to the European level groups catering Sodexo and Compass Group, as well as Mastercard and Visa offers prepaid meal vouchers as well as prepaid cards and insurance company for employees.

In 2010, operating revenue amounted to 885 million euros, up 6.3% on a comparable year (+4.2% in the first half and 8.2% on the second half).

In the fourth quarter, the increase in reported operating revenues of 13.4% against 8.1% in the first nine months of 2010,

The action Edenred, introduced last July 2, closed Tuesday at 18.65 euros (-0.82%)

France has not done enough structural reforms, said Sunday the president of the European Central Bank, Jean-Claude Trichet.

He added that the country could raise its growth potential, which is in his eyes if all countries in the euro area.

"Of course, France has not done enough structural reforms. It has a growth potential that could be much higher than is the case elsewhere in our analysis of all countries in the euro area," Has he told the Grand Jury RTL-LCI-Le Figaro.