Business & Financial News

The Belgian economy has resumed growth in the first quarter and was not in recession in the second half of 2011 contrary to what was originally advertised, showed particular are released Wednesday.

The Gross Domestic Product (GDP) grew 0.3% over the first three months of the year compared to last quarter. In annual terms, sales rose 0.5%, announced the Belgian central bank.

In the fourth quarter of 2011, the Belgian economy shrank by 0.1%.

However, the central bank has revised its figures for the third quarter GDP, from -0.1% initially announced, to no growth (0.0%).

This means that Belgium did not ultimately experienced a recession, defined as "technical" recession establishes that at least two consecutive quarters of GDP contraction.

In 2011, Belgium recorded an annual growth of 2%, against an initial estimate of 1.9%.

GDP figures for the euro area for the first quarter will be published May 15, along with those of Germany, France, Italy and the Netherlands. 

In the fourth quarter of 2011, the GDP of the eurozone declined by 0.3%.

In most cases, fast cash loans are credited to the borrower's account within 24 hours. Sometimes the time taken may be even less, depending on the amount of loan as well as the company which processes your application.

Wall Street opened slightly lower Monday, threatening to end a streak of four consecutive sessions of gains in a context of renewed tensions in Europe and mixed U.S. data es.

In early trade, the Dow dropped 0.07% to 13,218.93 points. The Standard & Poor's, wider, yielding 0.27% to 1,399.59 points points while the Nasdaq composite lost 0.22% to 3062.58 points.

The announcement on Monday's return to recession in Spain has revived fears about the sovereign debt crisis in the eurozone.

"The market took a break while a busy week looms in statistics," said Andre Bakhos at Lek Securities.

The U.S. household spending rose less than expected 0.3% in March while their incomes have emerged up 0.4%, according to statistics released by the De ; Department of Commerce.

Investors will also monitor the publication in the afternoon of the index of purchasing managers in manufacturing PMI in the Chicago area. 

Last week, the S & P has aligned four sessions in a row in the green due to good earnings reports of companies, who brought the index close to balance in April. He declined, however, still 0.4% on the month, poised to sign a fifth consecutive month of decline.

Values, Apple fell by 1.3% and Google was down slightly from 0.06%. Both groups could include the Dow Jones Industrial Average in the context of a revision of the index, joining the elite 30 companies at the expense of more traditional companies like Alcoa Inc. (-0.7%), Barron's said Sunday.

The title of Barnes & Noble jumped over 11% in early trade after Microsoft announced it would invest $ 300 million in university activities and digital chain libraries.

Labor costs in Germany rose at the slowest rate of any European Union over the past decade, said Tuesday the Federal Office of Statistics , emphasizing the positive effect of wage moderation.

The cost of one hour of work in the private sector rose 19.4% between 2001 and 2011 in Germany, which is half that in France, where the cost jumped 39.2 % over the same period, well above the European average of 36.1%.

The moderate wage growth, which started from a high base, helped Germany to remain among the top exporting economies in the world and to remain competitive . 

"The moderate wage growth in recent years has made possible a positive development (…). Many new jobs were created and existing jobs are been protected, supporting consumption, "said the director of the Chamber of Commerce, Martin Wansleben.

In 2011, German employers paid an average of 30.10 euros for each full hour of work in the private sector, well above the average for the EU to 22.80 euros.

Belgium shows labor costs the highest in the region at 39.30 euros per hour while Bulgaria has the lowest, to 3.50 euros.

Bad news on the economic front: the activity in the services sector began to turn to contract and morale deteriorates entrepreneur. The recovery will be anemic. French executives come to the business district of La Defense

The significant recovery announced by Nicolas Sarkozy is struggling to emerge. Instead, the slump continues, whether in industry or in services. The private sector activity has indeed registered the largest decline since 6 months, according to a first estimate of the PMI index released Monday by the firm Markit. The index "flash" composite of overall activity in France has contracted from 48.7 points in March to 46.8 points in April, below the 50 points that mark a contraction in activity. This decline reflects a sharp deterioration in performance of the services sector, whose activity fell for the first time in five months.  

The French industrial morale has degraded him in April compared with the previous month, according to the business survey released Monday by the National Institute of Statistics and Economic Studies (INSEE). The composite indicator of business climate in the industry fell 95 points, against 98 in March and remains below its long-term average set at 100 points.

"Here we have throughout the disappointing figures, downright disappointing side of the PMI surveys," summed Baudchon Helena, economist at BNP Paribas of France. Details of the survey by INSEE in March, which marked a rebound of industrial morale, "let hope for a continued recovery," said she. "I expected better than this: the confirmation of a rebound in confidence of business leaders," adds his colleague Societe Generale, Michael Martinez.  

The overall indicator of business climate in France, INSEE calculated from the responses of CEOs of major industries, is itself almost unchanged in April, to 95 points, with a decline in the building, an increase in retail trade and a stable indicator in services.

An anemic recovery

"In total, still manages to defend the idea that the French economy is now rebounding from a low point that has been the fourth quarter and first quarter. But the strength of this rebound is very very low, "says Mr. Martinez, who expects a decline of 0.1% of GDP in the first quarter, followed by an increase of 0.1% in the second.  

According to Jack Kennedy, the firm Markit economist, "the second quarter of 2012 will be difficult for the French economy, the service activity in April showing a decline in concern while a decline in manufacturing persists." He perceives a "wait and widespread household as businesses at the approach of the presidential election".

An argument that refutes Ms. Baudchon, for whom "the external economic and financial environment always difficult is a good explanation of the new shift in the PMI surveys in France and Germany".

Sector by sector in the industry, the survey by INSEE mask disparities and it appears that the decline is mainly due to the vehicle with the past activity "would have contracted sharply" and metallurgy.  

A table overshadowed by the automobile?

The overall order books and foreign French carmakers are down sharply while that "given the personal perspectives of production, the activity could fall further in coming months," said INSEE.

"Outside the car, which suffers from the end of certain tax provisions and the European context with overproduction on a European scale, we nevertheless confirmed that production recovered slightly and the personal perspectives of production are well oriented ", says Mr. Martinez.

The Defense Ministry said Tuesday it has given to the supplier Thales the first tranche, amounting to 263 million euros, an equipment contract of the French army in next-generation tactical radios from 2018.

The radios of the "Contact" will allow simultaneous transmission and highly secure voice and data for the infantry and armor, the ministry said in a statement.

In a second step, these positions also equip combat aircraft, intelligence and transportation and vessels.

The first installment, devoted to development work, will be notified at Thales Communications in the coming days, the ministry added. 

The contract, which is part of Scorpio French military modernization, especially equip future multi-role armored vehicles (VMBR) called to replace the current armored vehicles ahead (VAB).

According to Le Figaro, the contract of three to four billion euros in total over a period of 22 years had been approved by the Ministry of Defence, but that's the Economy ' objected to the notification of an important contract in its presidential campaign, prompting Prime Minister Francois Fillon to rule in favor of the project.

The Defense Ministry was not immediately available to comment on this point.

Audi, the premium brand of Volkswagen sold 143,500 vehicles in March, a record, or 14.1% from a year earlier, thanks to solid demand from the States U.S. and China.

Over the quarter, the manufacturer sold 346,100 vehicles, representing an increase of 10.8%.

"We started the year 2012 successfully and we anticipate continued growth in the coming months," said in a statement Peter Schwarzenbauer, responsible for sales of Audi.

European shares move in a disorganized mid-session after opening up while Wall Street is expected to have eased slightly.

In Paris the CAC 40 was down 0.15% (-4.99 points) to 3,418.82 points. In Frankfurt, the DAX rose 0.29% and London, the FTSE is virtually unchanged. The pan-European index Stoxx 50 was down 0.40%.

The index futures point to a New York opening spreads from Wall Street while the purchasing managers' index for manufacturing (ISM) will be published at 1400 GMT.

In Paris, Total continues to rebound and earn 1.27% after the announcement that British authorities will receive Monday representatives of the company to consider a proposal to send a team of experts on its platform of Elgin in the North Sea which had to be evacuated due to gas leak. The revelation of the leak on March 26 led to a drop of nearly 7% of Total's share price, the last week, despite a rebound of a , 06% Friday after the announcement of the termination of a flare which casts a risk of explosion of the installation.

PSA Peugeot Citroen fell by 3.77% after announcing a fall of 33.2% over twelve months of its new car registrations in France in March, while Renault sells 1 76% after a decline of 29.8% over the same period against -23.5% for the whole French market.

Cimpor jumped nearly 9% in mid-session after the announcement Friday by the second group of Brazilian Camargo Correa construction of its intention to launch a bid for 68.1% capital of the Portuguese cement that does not already own. 

Originally worn by an official index of purchasing managers in China better than expected and reassuring thought on the growth of the first Asian economy, some European equity markets are ironed in led by the red squares of the peripheral countries of the south.

Information from press reports that the Bundesbank planned to take over the paper in several countries, including Portugal, have weighed heavily on the places of southern Europe, before being denied by the Institute of German issue.

The acceleration of the contraction of manufacturing in the euro area in March, reinforcing fears of a recession within the bloc while the slowdown has spread to Germany and France, has also affected the trend.

India has formally followed the lead of China Thursday asking its airlines to refuse to participate in the program of the European Union to tax carbon emissions in the air transport, confirming what was said a senior Indian official told Reuters.

"While the European Union ordered the Indian carriers to submit the details of their aircraft emissions by 31 March, no company due to the fact the government's position" , said Ajit Singh, Minister of Civil Aviation.

"Therefore, the imposition of a carbon tax is not an issue," he said in a letter.

The European Commission was not immediately available for comment information. 

The opposition of India in the exchange system of emission quotas for greenhouse gas (ETS) could jeopardize the chances of New Delhi to reach an agreement, being born in ; negotiation, free trade with Brussels.

China first allowed its air transport sector to participate in this program.

Since 1 January, all airlines flying from airports in the EU are subject to a trading system of emission quotas for greenhouse gas (ETS).

A company failing to observe these rules is liable to a tax of 100 euros per tonne of carbon emitted quota allowed. The EU ban of up to serve European airports.

China has suspended the purchase of Airbus representing $ 14 billion because of the dispute with Brussels over the carbon tax. India is also a major customer of Airbus.

Airbus officials, airlines and European engine wrote last week in the Old Continent's political leaders urging them to resolve the dispute caused by the introduction of this carbon tax.

Boeing has supported Airbus in this matter, despite the bitter legal battle being waged for years the two aircraft manufacturers about the legality of state aid received to develop their planes. 

"It is no Airbus and Boeing, this is what is most beneficial to our customers and how the industry as a whole can reduce its carbon footprint," said ; Reuters Jim Albaugh, CEO of the Civil Aviation Division of the U.S. group.

"In my opinion, the European ETS is not the right approach. It must be suspended and we must work with the ICAO (aviation agency of the United Nations) to establish regu international rules that everyone can see. "

The number of referrals to the Ombudsman of energy increased 14% in 2011. At issue: payment difficulties. The Ombudsman proposes to introduce a general truce breaks from November 1 to March 15.

The cases of fuel poverty rose sharply last year in France, as a result of the crisis and rising energy bills and gas, says National Energy Ombudsman in his 2011 report published Tuesday. The Ombudsman, an independent administrative authority which began operations in 2008, saw its number of referrals increase by 14% last year, in 8044, it said in its annual report, up a bit weaker than the explosion recorded in previous exercises.

But of that total, the number of cases related to payment difficulties has increased by 80% compared to 2010, and represented over 15% of all referrals, calculated the Ombudsman. "The economic crisis and rising energy prices have compounded the problem of fuel poverty", that is to say, struggling to pay their electric bills or gas, and pushed more and more income households to seek mediation, the institution said. The Ombudsman recalls in passing that the regulated gas prices rose 25% in two years, and those of electricity by 8%.

The Ombudsman also proposes measures to better fight against the rise of fuel poverty, considering the schemes (such as social tariffs for electricity and gas, whose allocation has been made automatic for all eligible households ) insufficient, even if they are "in the right direction." It proposes the establishment of a general truce breaks from November 1 to March 15 for all consumers, on the model of the winter break of evictions (a truce energy cuts already applied but only for some consumers), and the establishment of an "energy check", which may be substituted for social tariffs.

General Motors announced Monday it will pay 320 million euros to take 7% of French carmaker PSA Peugeot Citroen.

The manufacturer also says that the partnership plans to build at least four common models by 2016.

In a regulatory document sent to the Securities and Exchange Commission, Constable of the American Stock Exchange, General Motors said that the alliance is expected to last 10 years and will be renewed ; unless either party has an objection to this extension. 

Peugeot unveiled last week its strategic alliance with General Motors through which it hopes to save on purchase costs and development , with an entry of U.S. giant in its capital up to 7%.

The alliance will go off if a competitor of GM captured 10% or more of Peugeot, directly or indirectly, the U.S. group says in a statement.

Meanwhile, the partnership may be terminated if the share held by the Peugeot family falls below 15% and a competitor amounts to 5% or more in the French manufacturer.

A clause further provides for an end to the partnership if another automaker acquires 3% of PSA following an agreement with PSA Peugeot or with family.