Business & Financial News

The amount of mortgage loans fell by nearly 26% over a year and nearly 50% compared to December. A real "blow". http://www.flickr.com/photos/gcattiaux/

The amount of loans granted by banks recorded a very sharp decline in January, falling 25.7% over the corresponding month of 2011, according to a study by the Housing Credit / CSA published Monday. "The year 2012 did not start very well. In a sluggish economy, the backlash movement anticipation of the end of 2011 is significant," notes the study.

On a monthly basis, the collapse is indeed brutal: -49.4% between December 2011 and January 2012 (after already falling by 34.1% between December 2010 and January 2011). "It's a blow. The fall is comparable to 2009, when the subprime crisis + + U.S., "said Michel Mouillart for AFP, professor of economics at the University of Paris West and industry expert

. For Mr.

Mouillart two decisions specific to the sector in addition to "concerns about rising unemployment, purchasing power and the unfavorable economic outlook". "First of all the strong decrease in the rate (from 22% to 13%) of the tax benefit for investors buying a new home and, in addition, the removal of zero-interest loan (PTZ) for buyers of older homes, "said M . Mouillart

. For the full year 2012, loans granted banks should amount to only 130 billion euros, a drop of almost 20% compared to 2011 (160 billion), far from the high of 2007 (170.2 billion), said Mr. Mouillart. The reversal came after an explosion of these funds since the beginning of the century who had contributed to buoyant property market in France: 70.8 billion in 2001, 87.3 in 2003, 143.7 in 2005 and 170, 2 in 2007.

Interest rates on mortgages continued to rise in January 2012 and have averaged 3.97% against 3.94% in December 2011 and 3.86% in November, a jump of more than 70 points base compared to the lowest level since 1945 (3.25% on average) reached in November 2010, according to Credit Housing.

Cash advance is meant to provide short term relief to borrowers. Since these loans charge high interest rates, rolling over the loan may not be very easy.

The Chinese government will send next year a delegation of Chinese investors in Europe to acquire companies. Nicolas Sarkozy and Hu Jintao in Beijing, April 28, 2010. French President visited China for the inauguration of the Expo.

The Chinese government will send next year a delegation of Chinese investors in Europe to "buy European companies," said Chinese Commerce Minister Chen Deming, quoted Tuesday by the newspaper Global Times. "China wants to invest its large trade surplus and will not hold billions of dollars that depreciate," said Chen Deming Monday at a conference in Beijing."We are prepared to further open our market, for example the financial sector, but other savings should in turn be more open to our place," he said, always cited by the Global Times.

The paper does not specify the countries that the Chinese delegation will visit, or the composition of the delegation, or the amount or nature of such acquisitions. China holds huge reserves, which exceeded the end of September 3200 billion. She had invested the same date of $ 1.148 billion in U.S. Treasury bills while according to experts, it holds more than 550 billion sovereign debt of European countries.

France and Germany have given themselves until the end of January to reach a fiscal union strengthened the euro area, a project that could go through the quarantine of several countries and has generated negative reactions Monday from members of the single currency.

According to sources familiar with the exchanges between Paris and Berlin, the two countries are considering a revision to bypass formal European Treaty – a process that would last 18 months as a minimum – by working on a mini-treaty outside the Community more flexible and quicker to implement.

The Polish Minister for Finance said that the ECB should act as lender of last resort to fragile countries "to ensure stability in the euro area, its mandate". A position that faces the reluctance of the institution and Germany. ECB

The Polish Minister of Finance ruled Monday that the Europeans had a choice between "a massive intervention of the ECB" to save the euro area, "the catastrophe" of a "historic economic disaster," in an interview with the Frankfurter Allgemeine Zeitung. "The dangers of contamination are now greater than ever, and the money we need to stop them have grown because we have not acted quickly enough," said Jacek Rostowski everyday German. The implementation of the stabilization fund financial EFSF long overdue for its role as a firewall and the ECB must act now, "to ensure stability in the euro area, its mandate".

"We are faced with a choice horrible. In order of horrors, the alternative is: either a massive intervention by the ECB or the catastrophe," he said. The minister, who in September had raised the risk of armed conflict in Europe if the euro crisis would lead to the collapse of the EU, in a speech to dramatic accents to the European Parliament in Strasbourg, s' Monday is called "less reassured" after two months. "The risk is that of a historic economic disaster like the Great Depression of the 1930s, lead to the final of Europe in war," he added.

The European Central Bank (ECB) refuses to act as lender of last resort of the European states by buying an unlimited sovereign bonds, as it acquires dropper and on the secondary market.

Vilmorin confirmed on Tuesday its full-year after a first quarter marked by an increase of 5.9% on a comparable turnover, particularly due to the field seeds.

The fourth seed said the world from July to September quarter, the first of the year the group has traditionally been the smallest of the year as it weighs just under 15% of total revenue.Over the period, sales reached 178.8 million euros.

"In an uncertain economic and financial environment and despite the supply of maize seeds below the targets initial production plans, Vilmorin confirms its outlook for revenue growth and operating margin for the year 2011-2012 , as announced last October, "the group said in a statement.

Vilmorin is always a growth of over 7% of its consolidated revenues on a comparable basis and an operating margin of 11% research effort included.

Finance ministers and central bank governors of the G20 agreed Saturday to impose a surcharge mandatory capital up to 2.5% of their capital for systemically important banks, to be set up gradually from 2016.

According to the statement issued after a two-day meeting in Paris, they endorsed the device in the sense proposed by the Financial Stability Board (FSB), ignoring calls from financial wishing a review of it these or additional time for implement.

Overload, which can be between 1% and 2.5%, will apply to all institutions, by their size, would be of overall risk to the financial system in case of failure.

Would be affected banks like Goldman Sachs, HSBC, Deutsche Bank, JPMorgan Chase but also the largest French banks: BNP Paribas, Societe Generale and Credit Agricole.

"Now that we have agreed on the framework for these institutions, we urge the FSC to define how to extend this system without delay to all systemically important financial institutions," we read in the statement.

The aim is that these banks have enough capital to get through the turbulence of markets so that states are not forced to wear to their rescue when the next crisis.

This overload should be finally adopted at the next G20 summit on 3 and 4 November in Cannes, at which the names of the banks concerned will be announced.

It is one of a set of provisions on the financial sector ministers and central bank governors have adopted Saturday.

AGREEMENT "TEST BANKS"

Among these include the use by supervisory authorities in the sector of "common tools" to liquidate banks in trouble, writing "wills" by major banks to facilitate their dismantling in case of difficulties or strengthening the monitoring of such institutions.

The CSF, which coordinates the work on financial regulation for the G20, has already defined the criteria implemented in a systemic overload.He identified 28 banks that could be subject, but a source close to the G20, it was reported that the number will be between 29 and 50.

The CEO of JPMorgan Chase, Jamie Dimon, the device has already denounced as "anti-American", while the banks concerned will apply in addition to the new prudential framework called Basel III will require them to hold capital "hard" to at least 7% of their commitments.

The CSB has received other support from the G20 for his work on the definition of "shadow banking system" to a regulation of it, with a view to prevent risk activities will migrate banks to other parts of the financial sector such as money market funds or special entities.

Regarding the regulation of commodity markets, one of the priorities of the Presidency of the G20, Paris could not succeed in setting limits on positions that investors can hold.

The statement calls for implementation by the end of 2012 recommendations of IOSCO, the umbrella organization for national supervisors of markets, derivative markets of raw materials that do not provide for such limits.

The Greek finance minister ruled out Saturday the event of imminent bankruptcy of public accounts.

"The commentary and analysis about an imminent default or bankruptcy of Greece are not only ridiculous but irresponsible," said Evangelos Venizelos said in a statement.

"All weekend, Greece (…) is the subject of organized attacks by speculators on international markets," he lamented, ensuring also that the cancellation of the visit of Prime Minister George Papandreou United States did not meet any economic emergency.

The head of government, which was scheduled to visit the headquarters of the United Nations and the International Monetary Fund, made a stopover in London when he decided to turn back after a meeting with his finance minister.

"The prime minister felt he should not miss. He wanted to ensure that all commitments would be required of Greece," said Reuters spokesman for the government.

Moody's Investors Service downgraded Wednesday Societe Generale and Credit Agricole up a notch, and extended monitoring of BNP Paribas, adding that any downgrading of the rating on BNP would probably also limited to one notch.

The rating agency had placed the banks under review with negative implications on June 15, citing their exposure to Greece.

Experts had said that the notes were ripe for a downgrade due to higher borrowing costs in the context of sovereign debt crisis of several of the euro area.

In a context of deterioration of refinancing, Moody's said its concerns about the structural difficulties of the profiles of liquidity and financing banks had intensified.

For Credit Agricole, Moody's reduced the rating of the long-term debt and deposits to Aa2 from Aa1, a one notch downgrade and downgraded the Bank Financial Strength Rating (BFSR) to the next level too, C + to C.

Regarding Societe Generale, Moody's Aa2 to Aa3 reduced from the note of the long-term debt and deposits, with a negative outlook.The agency estimates that the impact of monitoring the Bank Financial Strength Rating (BFSR) will be limited to a one notch downgrade.

Moody's believes, however, that Societe Generale has a level of capital sufficient to absorb potential losses it is likely to record its holdings on Greek government bonds.

It added that Societe Generale will remain capitalized at a level consistent with its BFSR, even if the quality of the signature of the Ireland and Portugal were to deteriorate further.

Societe Generale issued a statement following the announcement by Moody's.The bank says it has demonstrated its ability to effectively manage the current situation in the debt crisis in Greece and has taken appropriate measures to strengthen its profile of refinancing.

Societe Generale said Monday it would conduct asset sales and cost reductions designed to release four billion euros in additional capital by 2013.

FRENCH BANKS "KEEP NOTES OF VERY GOOD"

For BNP Paribas, Moody's believes that the first French bank has a level of profitability and capital sufficient to absorb potential losses it may suffer over time due to its exposure to Greece, Portugal and the Ireland.

Moody's continues its review with negative implications for long-term rating and deposits – currently Aa2 – BNP Paribas, but considered unlikely that this under surveillance results in a downgrade of more than one notch.

BNP Paribas said Wednesday it would reduce the size of its balance sheet of about 10% by the end of 2012 and expects to achieve a capital adequacy ratio of 9% under the new banking regulations of Basel III on 1 January 2013.

Following the announcements by Moody's, the French government has reaffirmed the "strong" French banks.

"French banks have withstood stress tests that were very demanding few weeks ago," said Valerie Pécresse, budget minister and spokesman of the government after the cabinet meeting.

"There is no funding problem, or issue credit or liquidity problem for French banks," she said.

French banks are "very strong and keep very good notes," she said.

Radio Europe 1, President of the Financial Markets Authority (AMF) Jean-Pierre Jouyet noted that the cuts of note occurred already anticipated by the market.

On RTL, the governor of the Banque de France Christian Noyer, for its part felt that the situation of French banks was unlikely to deteriorate further after the decision by Moody's.

At the Paris stock exchange, securities of the three banks have opened down sharply after the announcements by Moody's, but have rapidly reduced or erased their losses, with the overall market, thanks to remarks by the President of the European Commission suggesting a forthcoming proposal for the introduction of euro bonds.

French banks are the institutions most exposed to Greece, according to the Bank for International Settlements (BIS).

Earlier this afternoon, the action Societe Generale lost 2.8% and 1.6% gave the BNP.But Crédit Agricole clinching 2%.

Citigroup cut its price targets on French banks.

Fifteen years after an initial gain of almost 19 million francs, a Lotto player has done it again. He comes to pocket three million euros. The Lottery is gambling favorite of the French.

Same player plays again and … wins again! At fifteen years apart, he has twice pocketed three million euros in the lottery. This rare winner, who plays the game since its inception in 1976, this time it will "ensure a legacy for her two children."

"I have a lucky star," admitted on Wednesday the winner after receiving an anonymous check for 373.50 euros in 3001 the French Games (FDJ). He was the only one to check the six correct numbers of the Lotto draw on July 27. A very lucky winner even if the JDF identifies some cases identical. Each player Lotto (2 bet euros minimum) in fact has a chance in 19 million to find the right six numbers to win the pot.But the JDF has calculated that the same player now has a chance in 363 billion (000 billion or 363) to find twice the six correct numbers.

On a quiet, head of the Hérault has provided "very happy" but he welcomes the new gain "with much calm and serenity", "makes him less of an effect than the first." The fifties "in the industry," said he had invested his first win in April 1996 (18 818 305 francs, the equivalent of 2.86 million euros, according to its own calculations) in "business". He intends to use this new gain of slightly more than 3 million "to ensure a legacy to her two children."

He told playing a thousand euros each month with "multiple grids on several different grids."

Not the first case of double blow

This double gain in several years apart remember other cases identified by the FDJ.So Christian and his family have shared 1.5 million euros in 2005, received 28 years after 137,000 euros. Jean (2 million in both 1994 and 1997), took the opportunity to travel a lot and spoil his entourage. In 1992, Roland took home 675,000 euros and seven years later than 7 million. Luck had smiled for the first time five years ago to Martine. A subtle joy because the young woman was not the only one who found the six correct numbers and then she had touched "as 120,000 euros." In 2009, this time, she was the only one who checked the six correct numbers, an increase of 3 million euros.

Finally, 20 years ago, Andrew won a first time Loto Sportif two million francs (300,000 euros). On November 7, 2010, he is about playing with horse racing earned 10 euros to the Euro Millions.The terminal of gaming ARPU is down, it falls back to a Flash (the machine chooses the numbers in place of the player) and the lottery went on a cruise with friends. At the airport, he bought the Progress of Lyon but opens several days after the boat to discover that he has won nine million euros.

Gambling favorite of the French, the Lottery in May 2011 became the first game of the JDF to Rapido and Euro Million. In 2010, the Lottery had achieved a turnover of 1.5 billion euros on 10.5 billion euros in turnover in the JDF.

Oil prices have closed up Monday, while Brent has however declined, while the progress of the rebels Libyan suggests a possible resumption of oil exports of the country.

On the Nymex, the contract to September U.S. crude (WTI), which expired at the end of the session, ended with a gain of $ 1.86, or 2.26% to 84.12 dollars a barrel.Brent has in turn sold 26 cents, or 0.24% to 108.36 dollars.

Italy's Eni, which was the main foreign producer of oil in Libya, is back in the country, while the entry of rebels in Tripoli Libyan suggests a possible resumption of exports of oil.

Tanks and snipers in the Libyan Army struggled Monday morning to withstand the assaults of the rebels in the capital, where thousands of opponents of Gaddafi celebrated the imminent end of a free reign began in 1969.

Before the outbreak of the uprising in Libya, the country, a member of OPEC produced about 1.6 million barrels per day (bpd), nearly 2% of world production.

The titles of French Total, OMV of Austria and Eni have closed up 2.25%, 5.14% and 6.33%, the market hoping for a return to the situation prior to the insurgency.

The Stoxx Europe 600 index of oil and gas sector was up 1.28% on his side.