Business & Financial News

The group Total SA said Tuesday opt-out of the Consolidated Global Profit (BMC), which does not provide any tax benefit.

Only a few French multinationals are using this system, which integrates in taxable income results in France (and therefore the potential deficit) of foreign subsidiaries under their control. This "niche" tax is regularly called into question because it would allow them to pay less tax.

In an interview published on the site of Les Echos, the financial director of the oil company argued that this system has no benefit for the group since its only loss-making French operations are today.

"The BMC can be charged in France for losses incurred abroad.But insofar as we record losses in France, we do not pay corporate taxes in France, "observes Patrick of Chevardière.

"The refining business has been in deficit since 2008, amounting to almost 600 million euros last year.The last time the regime of worldwide profits had a positive impact on our taxes, it was in 2001, "he says.

The ability to waive this system had already been mentioned the last weekend by the CEO of Total, Christophe de Margerie.

The group has repeatedly reminded, however, he brought some 800 million euros in tax revenues to France, notably through the withholding tax on dividends, business tax, property taxes.

Renault has revised down slightly its growth forecast Monday the global automotive market in 2011 because of fallout from the disaster that hit Japan in March, but raised its estimate for France.

The manufacturer announced plan for the whole market up 3% to 4% this year, whereas in January there was a growth of over 4%.Meanwhile, he said, the Japanese auto industry has been shaken by the tsunami and the nuclear disaster that struck the archipelago, resulting in significant supply disruptions in the global electronics industry.

"The global market has continued to increase over the first six months of 2011 to 5.4% in early 2011 we were even at a rate of 8%, but this level should however not be achieved due to the impacts of the tsunami on our industry, "said Jerome Stoll, the group commercial director, during a press conference.

Renault saw its global sales rise by 1.9% to 1.374 million cars and light trucks in the first half, a record level for the group, thanks to the international.

In Europe, sales of the brands Renault, Dacia and Renault Samsung Motors decreased by 7.4% while the rest of the world, they were up 20.4%.The group has achieved over the period 40% of its sales outside Europe, against 34% in the same period of 2010.

The global market share of the manufacturer was still packed to 3.7% in the first six months of the year, against 3.8% a year earlier, reflecting the fierce competition that prevails in the area.

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Renault maintained between zero and 2% its forecast for the European market and noted that for France to -4% / -6%, against -8/-10% expected in January in the wake of the cessation of premiums case.

Around 11:00, the title gave Renault 1.84% at the Paris Stock Exchange, to 38.48 euros in a market down by 1.2%, while the European sector index also lost 1.8%.

Jerome Stoll acknowledged that the group had underestimated the demand on the French market and had waited too long to adjust its capabilities. For several months, suppliers are struggling to provide components for Renault in its small diesel engines and registration of the mark in diamond and Dacia in France and Europe are felt.

"It is true that in a time of crisis, have a market (French) is the highest in the last decade, it has surprised a number of people, from the surprise we probably reacted less the other, "said the commercial director of Renault.

"We lacked volume, we ran out of cars, we did not fail to customers," he added.He cites as evidence the record order book of the group in late June, up 18% year on year in France and 11% increase in all of Europe.

Jerome Stoll said he was confident of seeing these difficulties, foreign to Japan, to reverse in July. No supply problems, sales of Dacia, the Renault brand of low cost, have increased by about 5% when they were down 3% in the first half.

If the normal time to take delivery of a car is fixed between six weeks and two months, it can now reach four months for the Duster, the Dacia 4×4 in diesel.

Total proposed replacing the U.S. Chevron as a partner of Russian Rosneft in the operation of an oil site in the Black Sea, announced Friday the executive director of Rosneft.

"Total has made an offer and we will make a decision about our partners by the end of the year," said Edward Khoudaïnatov the sidelines of a forum at the oil refinery Kirichi, near St. Petersburg.

Chevron and Rosnef had joined last summer in a partnership of oil exploration in the Black Sea estimated at $ 32 billion, but the American has since withdrawn the project.

Edward Khoudaïnatov invoked "valuation differences" between the site geologists in both groups.

But according to oil industry analysts, there were other disputes between Rosneft and Chevron, including the location of the future joint venture or the choice of a court of arbitration of disputes.

In January, Rosneft has signed another agreement of about one billion dollars with the giant ExxonMobil to develop a nearby site on the Black Sea.

An increase was expected after the ECB increases the warnings on inflation in Europe. Jean-Claude Trichet, President of the ECB

The European Central Bank (ECB) raised its key rate from 1.25% to 1.50%, said Thursday one of its spokesmen. This increase was expected because the ECB had stepped up warnings on inflation since the previous meeting of the Governing Council in early June, where she had left interest rates unchanged after the first increase took place in April for nearly three years.

Moreover, the marginal lending rate of the ECB has increased from 2% to 2.25% and the rate of return on deposits was increased from 0.50% to 0.75%. Inflation in the eurozone reached 2.7% in June as in May after 2.8% in April. Is well beyond the target set by the ECB to keep below 2% over the medium term.

However, these are the statements of Mr.Trichet on the Greek crisis that will be the most anticipated at the press conference should follow the decision on rates from 1230 GMT. The ECB has meant so far that it would accept no solution that seems like a "credit event, a failure or partial failure", such as a result of rescheduling the debt of Greece as requested by Germany.

The overall activity was down in France in June to its lowest level in eight months, according to Markit PMI cabinet.

The growth in activity in France has slowed sharply in June, partly due to a sharp decline in the number of new cases, according to the final estimate of the PMI index released Tuesday by the firm Markit.

The final composite index of overall activity in France and withdraws to its lowest level in eight months to 54.9 points against 60.3 in May. The decline was recorded in both industry and services.

These findings "raise concerns about the resilience of French growth in the second half," said Jack Kennedy, economist at Markit, while providing a solid performance in the second quarter because of high rates recorded in April and MayAccording to him, "the slowdown in employment growth in June once again emphasizes the fragility of the labor market, a trend that certainly encourage French consumers to limit their spending in the coming months."

Throughout the French private sector, the rate of expansion of new business volume declined to a low of 22 months, says Mark. The service sector still sees the volume of pending cases increased for the 21st consecutive month, but the increase in backlog is the lowest since November 2010 with a rate below its historical average.

As a result, service providers n'augmentent their numbers only slightly, and if they remain confident about their business outlook at 12 months, however, they display the lowest level of optimism since July 2009.

The PMI, compiled from a survey of 750 companies operating in France, is a leading indicator of economic conditions, considered reliable by analysts.

In exchange for aid, Greece must agree to supervise foreigners see the next wave of privatization, said this weekend the President of the Eurogroup Jean-Claude Juncker. To oversee the new wave of privatizations in the country, Jean-Claude Juncker imagine a system similar to that which coordinated the East German companies.

The Greeks must be prepared to intervene in foreign see how they will deal with privatization that will enable them to pay their debt, said Luxembourg Prime Minister Jean-Claude Juncker in an interview Sunday."The sovereignty of Greece will be greatly restricted," he told the magazine Focus.

"For example, to meet the next wave of privatization, they will adopt a system based on the model of the German Treuhand", an organization created in 1990 to oversee the privatization of East Germany after the collapse of in East Germany, said the President of the Eurogroup. "Do not offend the Greeks. But we must help them. They expressed themselves willing to accept the help of experts in the euro area" to help them carry out economic reforms, he added.

Greece is now under pressure to quickly set up a program for budget savings of 28.4 billion euros from privatization amounted to 50 billion program that was approved last week by Parliament in spite of violent clashes in the streets of Athens."The measures taken by Athens should be promptly implemented. Privatizations should start immediately, for example," said for its part, the German finance minister, Wolfgang Schauble Saturday.

Jean-Claude Juncker said he believed that the measures taken to help Greece "solve the Greek question." He also recalled that between "1999 and 2010 wages had increased by 106.6%" even though the economy had not grown at the same rate and wage policy had been "totally out of control" and had not taken account of productivity. "

Values ​​to follow Friday at the Paris Bourse, where the CAC 40 index was virtually unchanged at 3987.04 points (0.12%) around 12:30 pm, the benchmark index of the Paris pausing after four consecutive sessions increase.

* Financial stocks continue to benefit from the growing optimism about the financial situation of Greece in Athens after the votes on the austerity plan.

SOCIETE GENERALE (2.08%) is ahead of increases in the CAC 40 in front of NATIXIS (+1.7%) and BNP Paribas (1.58%).For the week, gaining 10.6% Societe Generale, Natixis and BNP Paribas% 8 7.7%.

* Conversely, RENAULT (-0.84%) shows the largest decrease in the CAC 40 lost 0.79% and Peugeot, the decline of 12.6% in June sales of new cars in France supplying taken profits on the titles of the two automakers, which still show gains of 9.7% and 5.6% over the last two weeks.

* SOITEC (4%) leads increases the SBF 120, still supported by the reassuring words of its CEO on its partnership with AMD's biggest customer.Many market participants also mention redemptions with it, especially from the Strategic Investment Fund.

TF1 * (2.19%) reported to be negotiating to become the sole shareholder of Metro France, the eponymous owner of the free newspaper which claims 2.4 million daily readers.

* AREVA (1.85%) believes that the strategy developed since the creation of the group of nuclear power by Anne Lauvergeon was a "success" and that his replacement does not involve a change of course.

* VALEO rose 0.95%, supported by Morgan Stanley, which considers the OEM as its preferred value in the sector.

* TELEPERFORMANCE (0.86%) would be an ideal target for a fund specializing in buyout leverage, analysts say, while the global call center is not in debt and its capital is controlled.

* However, BÉNÉTEAU lost 1.68%, largest drop in the SBF 120, after winning more than 12% since mid-June.The world's leading sailing reported that sales for the first nine months of 2010-2011 and the level of its order book allow it to confirm its target of annual turnover of 920 million euros.

* CGG VERITAS drops 1.46%, impacted by the decision by Goldman Sachs to remove the value of its Pan-Europe Buy List (list of preferred pan-European equities with the purchase) and to lower its recommendation to neutral.

* SAFT (1.77%), which organized Thursday's investor day, is open to negotiations with Johnson Controls to end amicably with their joint venture in batteries for automotive, Les Echos reported citing John Searle, CEO of the French manufacturer.

* Atos Origin was down 0.18% while that takes place this Friday's extraordinary general meeting on the acquisition of

SIS.

* BIOALLIANCE lost 3.77%, penalized by a lack of detail on certain terms of its capital increase from 16.6 million euros.