Business & Financial News

The euro fell to its lowest level in four months, tormented by the crisis in Greece and its possible output of the common currency. View from the seat of the ECB in Frankfurt

The euro fell below 1.27 dollars Wednesday, displayed at its lowest level in four months, following the failure of the formation of a coalition government in Greece, which worries the markets.

Wednesday at 7:00, the euro bought 1.2693 dollars, its lowest value since January 16 when he was traded again to 1.2728 dollars on Tuesday to 9:00 p.m.. The single European currency also fell against the yen, quoting 102.00 yen, its lowest level since mid-February vis-à-vis the Japanese currency. It was still worth 102.12 yen Tuesday at 2100.

Investors were worried about political instability in Greece, where new elections will take place by end June, no coalition government could not be formed at the end of negotiations following the elections on May 6

This election saw the Greeks punish the two pillars of the country's political system, the New Democracy (right) and PASOK (Socialist), because of their support for the austerity measures imposed by creditors in exchange Athens international loans needed to avoid bankruptcy the country. The party of the radical left Syriza, who focused his campaign on the rejection of rigor, came in second place on May 6 and seems to have the wind in their sails.

The political impasse has revived fears of a possible exit from the country of the euro area, the consequences seem difficult to predict. At their first joint press conference Tuesday evening, German Chancellor Angela Merkel and new French president Francois Hollande were willing "to consider additional measures for growth in Greece," if it requested. They also stated their desire that the country "remains in the euro area".

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General Motors announced Wednesday consider selling its manufacturing plant in Strasbourg gearboxes and be looking for potential investors.

The U.S. automaker, which has taken an investment bank, said in a statement it had committed a "strategic review" concerning both the production as engineering and development of this plant.

He was willing to explore the internal and external solutions to find "viable alternatives and potential solutions to secure the future of the site".

GM intends to favor buyers who will continue the work site with the current force is about 1,000 people.

Last year, the plant produced 280,000 six-speed automatics, mainly for customers outside of Europe. 

GM announced in February an alliance with French carmaker PSA Peugeot Citroen.

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.

This derivative launched by a subsidiary of Deutsche Börse, the heart of a lively political debate in France before the presidential election, opened in fall lst. The trading floor in Frankfurt

The new futures contract on the French debt, in the heart of a lively political debate in France before the presidential election, yielded 0.17% on Monday but was not exchanged at the edge of its first trading day on the market German Eurex. The futures contract maturing in June on the obligations of France stood at 125.80 euros a little before 9:00 (0700 GMT) for a first course to 126.02 euros. Only seven contracts were traded, making it insignificant at this stage of fluctuations. Meanwhile, the 10-year rate of France in the bond market was a slight increase of 2.960% against 2.943% at Friday's close.  

The futures contract was launched by Eurex derivatives specialist and subsidiary of the German stock exchange Deutsche Börse. But several political parties including the Left Front, Europe Ecology-Greens and the National Front, see it as a tool to encourage speculation against the French debt on the eve of presidential elections. Francois Hollande wanted last week that the German authorities "cancel" the introduction of the futures contract, a proposal derided the president candidate Nicolas Sarkozy. For his part, Jean-Pierre Jouyet, President of the Financial Markets Authority (AMF), held that the launch of this product was not a good signal, just days before the first round of French presidential election.

The current account deficit of France widened in February to 5.0 billion euros from 4.4 billion in January, show figures released Thursday by the Bank of France .

The trade deficit in goods rose to 6.6 billion euros against 5.8 billion a month earlier.

Trade in services have in turn generated a positive balance of 1.3 billion euros after 0.7 billion in January.

The balance, positive income decreases to 2.6 billion euros from 3.1 billion in January.

The deficit in current transfers remained stable at 2.3 billion euros.

The financial account was positive at EUR 15.8 billion in February from -2.8 billion in January. 

French direct investment abroad stand at 1.5 billion euros from 4.1 billion a month earlier, while direct investment by non-residents in France rose to 2.6 billion after $ 0.9 billion in January.

Portfolio investments are the source of capital inflows to 18.5 billion euros "mainly due to purchases by non-residents of securities (public and bank) issued France ", according to the Bank of France, after trips to 23.4 billion in January.

The residents have reduced their holdings of 0.3 billion euros (-21.3 billion in January after), while non-residents have made purchases , height of 18.8 billion (-2.1 billion in January after). 

Other investment outflows display of 6.3 billion euros from 26.7 billion of inflows in January.

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.

The first tripartite round table on the future of the plant PSA Aulnay-sous-Bois has resulted in no concrete progress on Friday and the prefect of Seine-Saint-Denis set the next appointment in late June, after the presidential election.

The interview between the State, represented by the prefect, the direction of the automaker and the unions and local politicians, claimed for nine months by them, was stormy said Jean-Pierre Mercier, representative of the CGT, and five trade unions on these seven left the room before the end.

"The unions have called for PSA agrees in writing (…) To maintain all jobs at least until the end of 2016, officially ended production of the C3, and assign a new vehicle to replace the C3. But management does not want to commit to anything, "he said

." The next date falls after the presidential and the law, it is exactly the speech Peugeot: do not use that either in the middle of election campaigns, "he said

… In an attempt to …… get rid of this calendar, the CGT called for a rally next Thursday before the campaign headquarters of Nicolas Sarkozy in Paris

.

The Department of Industry, has said his side "fully alert and mobilized to the site's future automotive Aulnay-sous-Bois" and stressed in a statement, the group confirmed that it "does not consider the proposed closure of site in France." 

But at the roundtable, PSA Peugeot Citroëna again refused to discuss the C3 after repeating, as it has for several months, will still produce cars qu'Aulnay until 2014, unspecified beyond.

The builder also mentioned, the statement of the Ministry, the arrival on the surfaces of Aulnay-sous-Bois unused today, "new economic activities complementary ments ".

PSA declined to comment on the roundtable, but a spokesman said that about 40,000 square meters on the site now unused, 23,000 were de ja and 17,000 rental available for rental for industrial and real estate. 

The factory in Aulnay-sous-Bois, which produces the small Citroen sedan, employs 3,500 people and seems the most threatened European sites of PSA while the group was given two years to re ; Gler the issue of persistent overcapacity in Europe.

The fate of the Madrid plant also raises questions as no model has been announced to take forward over the last Peugeot 207 assembled therein.

Airbus officials, airlines and engine manufacturers in Europe have written to the Old Continent's political leaders urging them to resolve the dispute caused by the introduction into the European Union a tax on carbon emissions.

The signatories believe that retaliation from China and other countries opposed to the European level of taxation of carbon emissions (ETS) have serious consequences for the sector, of bitter ; s a statement released Monday by Airbus, a subsidiary of aerospace consortium EADS.

The aircraft manufacturer, China has already suspended $ 12 billion (9.14 billion) of orders, which could lead, according to him, the destruction of over 1,000 jobs in-house and at least 1,000 in additional subcontractors. 

The nine general managers signed the letter addressed to Prime Ministers English, French, Spanish and German Chancellor expect that the list of cancellations of orders continues to s' thicken.

They ask the urgent opening of negotiations at the European Council and with third states opposed the carbon tax, while the situation becomes, they say, "intolerable for the sector of the Aviation ".

"The aim must be to find a compromise solution and to stop these punitive measures before it is too late," say company executives quoted in the press release.

"We always thought that only a global solution would be adequate to solve the problem of aviation emissions."

The tax on carbon emissions is an added cost of about two euros per passenger for a path between the Europe and China

. Airbus addition, the letter is signed by the heads of British Airways and Iberia, the two components of International Airlines Group, Air Berlin, Air France, Lufthansa, Virgin Atlantic, Safran and MTU Aero

. pre Entrepreneurs ; advocates of the opening of negotiations with the states concerned in the Aviation Organisation (ICAO), a UN entity

… A GLOBAL SOLUTION …… STILL EXPECTED

In a separate letter sent to the President of the European Commission, José Manuel Barroso, Airbus CEO Tom Enders deplored the "serious situation" caused by the threat of retaliation from China and other states. 

"It seems that these threats are now becoming very real and translate into concrete actions, which begins to have serious consequences on the European sector of the aviation, "he says in this letter, which Reuters had access.

Friday, the Environment Ministers of 27 EU countries have reaffirmed their support for the carbon tax.

The European Commission has called for its forced to act unilaterally, unless a viable proposal and applicable globally from ICAO.

"Nobody would be happier than the European Union" if ICAO could provide a solution that is at least as good as that of the EU assured Connie Hedegaard, European Commissioner for Action climate. 

"We are fighting for this since 1997," she told Reuters last week. "We work very hard internally with ICAO."

China, where the aviation market is experiencing its strongest growth, is a major customer of Airbus and Boeing.

Beijing seeks to control aircraft in large quantities, through a central purchasing, before allocating the units to different airlines. Its final green light is necessary for the delivery of the aircraft.

The construction of the Flamanville EPR will not be delayed despite the defects found on parts used to fix a bridge maintenance of the reactor, EDF said Friday.

"This part is stopped but the rest of the site continues," said a spokesman for the French electricity.

EDF said that additional checks are being conducted on these metal pieces, called "console", to assess the nature and their defects back into compliance.

Originally scheduled for 2012, the commissioning of the 1,650 megawatt reactor, has been delayed twice. It is now scheduled for 2016.

"The activities of the EPR site continue normally and the schedule calls for production of the first kilowatt hours in 2016," EDF said in a note.

EDF, the manufacturer of this third generation reactor designed by Areva, estimated at 6 billion euros the total project cost.

In Finland, where the first EPR is being built at Olkiluoto site accuses five years overdue and should be completed in 2014.

Universal Music, a subsidiary of Vivendi, has requested a green light from European authorities to buy back the recorded music division of the British label EMI, said Monday the European Commission on its website.

The operation of some € 1.4 billion would allow the first record company to add to its global catalog Coldplay and Katy Perry for example. But it may be a long and careful consideration of the competition authorities.

In November, Universal said hold 26.5% of global recorded music. By merging its operations with those of EMI, the group would control, in some European countries, over 50% of the market.

The European Commission, guardian of competition in the Union, was given until March 23 whether to grant the green light for the operation.