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An alliance between General Motors and PSA, again become the world's number one automotive manufacturer would give the French a boost out of Europe and could be the beginning of a solution to the crisis that the two groups across the Old Continent.

Whatever the form, such a comparison would allow PSA, the first French manufacturer and the second European to catch up in Latin America and India, where his difficulties financially res of 2011 forced him to postpone investments and where GM is well established, and would open the doors to a full recovery in the U.S. market.

It would also allow synergies and economies of scale in development and procurement of components. 

"GM would offer in addition to PSA an interesting position in Asia, where it remains the market leader and of course the United States. PSA would give him back his competence on small gasoline engines and on frame (small cars), "summarizes CMC-CIC Securities in a note.

"But there are still several uncertainties (…) This alliance, if it occurs, must proceed rapidly to large reductions in overcapacity in Europe," added the intermediary.

A reconciliation between the two manufacturers, more competitive than complementary in Europe, would in effect add to the 12 assembly plants that PSA currently has on the continent to the eight that account Opel, unless opportunities rationalization arise.

Overcapacity in the European market is estimated around 20%. Applying this arithmetic to 20 plants of PSA and Opel, should close four sites.

FEARS ON THE USE OF LUTON IN MADRID

PSA has been facing for the summer to a fall in sales in Europe, including the city car segment, where the price war is raging. This has led its automotive division into the red last year, the difficulties that echo those of Opel, the European brand of General Motors.

"Opel and PSA are both in trouble because they have excess capacity in small cars in Europe, it is unlikely to us that a reconciliation helps to reduce these pressures, "said Kristina Church, auto analyst at Barclays Capital.

On the sidelines of the launch of production of the new Peugeot 208, Opel Corsa's rival, Philippe Varin, chief executive of SAP, announced in late January it was seeking a partner in commercial vehicles to replace Fiat has not renewed his association with the plant Sevelnord. 

Opel would be an ideal candidate, especially since he will find himself very lonely after the transfer, by his current partner Renault, the production of future truck traffic of their joint plant to that of British Sandouville.

PSA and Opel could also pool their platforms very small city, where the battle on costs is the hardest. Opel Agila produced in Hungary, and PSA Citroen C1 and Peugeot 107 in a Czech factory whose production will be reduced by 18% from May due to degradation of the application.

On the other segments, whose production is more established in France and Germany for PSA for Opel, the subject will be more delicate. Side of the French manufacturer, sites whose future seems most uncertain are those of Aulnay-sous-Bois, which produces C3, and Madrid (C3 and 207).

Opel has meanwhile already closed its plant in Antwerp (Belgium), one of only three car plants that have disappeared or will disappear since the 2008 crisis, with the Sicilian site of Fiat and Mitsubishi plant in the Netherlands.

"Europe remains the key, and any form of alliance with GM, Opel also has its own capacity problems in Europe), PSA will not help," said Kristina Church. "PSA should focus on its own problems in this area (…) even if it probably will not be easy in an election year in France."

The government has already warned that it would be vigilant about the benefits of an alliance in employment, ten days after the controversy surrounding the inauguration a new Renault plant in Morocco.

L'Oreal, the world of cosmetics, said Monday the end of the term of a director of Liliane Bettencourt, replaced the board by one of his grand-son, John Victor Meyers.

The latter, aged 25, is a member of the supervisory board of the family holding company Tethys since January 2011.

Liliane Bettencourt, heiress to the group, is 89 years old. The candidacy of his grand-son will be submitted to L'Oréal shareholders at the next general meeting on 17 April.

The billionaire is the target of a tax adjustment record says Tuesday Médiapart site. The IRS would make him pay including the concealment of twelve bank accounts abroad and the acquisition of the island secret watering. Liliane Bettencourt at the fashion week in Paris, January 26, 2011.

Nearly 78 million euros. This is the tidy sum claimed by the IRS to Liliane Bettencourt said Tuesday the site Médiapart, who had access to the report of the National Directorate of tax audits (DNVSF). "These are the amounts charged (including penalties and fines) under the wealth tax for the years 2004 to 2010 and, under the income tax for the years 2006 to 2009. The Negotiations are underway on this issue, counsel for the heir seeking a reduction in the total amount of this addition, "the site.

A year ago the head of state has big plans for the G20 in Cannes, hoping to legitimize its position as world leader and presidential candidate. But on the eve of the summit, Nicolas Sarkozy saw his hopes dashed. The European Council President Herman Van Rompuy, Nicolas Sarkozy and Angela Merkel in Brussels.

It must have been a great moment for France. And especially to Nicolas Sarkozy. Arriving to obtain the presidency of the G20 and G8 in 2011, with the help of his friend Gordon Brown, the head of state hoped to do two things at once: to become the great president of the International that he has always dreamed of being, and credibility for election in 2012. "In a way, it is served by the crisis," he said in November 2010, so do not hide its ambitions.At the time the French president harbored grandiose plans for the world economy: reforming the international monetary system (set the dual problem of the dollar and the yuan), limit the volatility of commodity prices, agricultural, or modernize the governance world. It will not happen, or not much. Already because of Nicolas Sarkozy's ambitions were too ambitious … But also because since November 2010, things have changed for France and its President.

Europe is no longer inspires confidence

It seems a long time since Germany and France landed at the G20 with the design, a bit peremptory, to moralize the financial world. At the time – at the G20 London in particular – the plight of the markets appeared to be the cause of all evil in the world economy.Today, on the verge of drowning, Europe assumed the costume of the responsibility for the crisis, wasting less time than it takes to say its capital credibility.

And it is likely that the G20 is a great opportunity for other states to remind him. All actors have to say good conscious "support and rebalance the global economy face significant risk of deterioration," for most, nothing can be done before that Europe treats his own evils. It is for this reason that the Europeans, Nicolas Sarkozy in the lead, have both hastened to find a solution for Greece. Alas, the great promises of the European Union will not be at the rendezvous.

Tuesday, to everyone's surprise, the Greek Prime Minister George Papandreou decided to submit the European Agreement on Greece in the popular referendum and drawing a large question mark over the future of the euro area.

Wall Street opened the session sharply down Monday after four consecutive weeks of gains, including a fold related to the decline in commodity prices, hurt by the strong dollar.

In early trade, the Dow Jones lost 1.05% to 12.10,05 points.

EDF shares fell more than 5% Friday afternoon in Paris Stock Exchange, market participants have cited an article in Le Monde that the Socialist Party and environmentalists are about to sign an agreement providing for election closures nuclear power plants.

Interviewed by Reuters, the two sides, however, said no such thing had been decided yet and that negotiations for the presidential and legislative elections of 2012 in France continued.

The electrician public asked the Financial Markets Authority (AMF) to investigate the collapse of the course.

"Discussions are at this stage, more general," he told Reuters Michel Sapin, former economy minister, Francois Hollande close and involved in these negotiations.

As for Yannick Jadot, spokesman Eva Joly, candidate of Europe Ecologie-Greens, he felt that the article in Le Monde shows a vision "a little fictionalized" reality.

"Should there be an agreement between the two, Fessenheim shut fairly quickly.(…) We are still at an output of nuclear power including actual closing fast enough for the older plants, "he said.

He hoped that negotiations with the Socialist Party end up in the next 15 days.

François Hollande, Socialist candidate for president, wants a drop from 75% to 50% of the share of nuclear in electricity generation.

The central Fessenheim is the oldest in France and has two reactors of 900 megawatts each.

Last summer, the Nuclear Safety Authority (ASN) found that the No. 1 reactor of the plant was capable of being operated ten years older.

Morgan Stanley said Wednesday it posted a profit in the third quarter, supported by an accounting effect that stems from a new valuation of its debt.

The second U.S. investment bank posted a profit of $ 2.15 billion (1.55 billion), $ 1.15 per share against a loss of 7 cents a year earlier.

Net banking income rose 46% to 9.89 dollars.

Excluding a gain of $ 3.4 billion attributed to an adjustment of the value of its debt, Morgan Stanley gained 2 cents a share.This is related to an accounting rule known as an "adjustment to the valuation of debt" (debt valuation adjustements or DVA).

Clearly, the fact of integrating into account the increased risk associated with a reduced commitment required of the holder, thus generating accounting profits.

Before Morgan Stanley, JPMorgan and Goldman Sachs have also used the accounting process.

Forward Exchange, the title of Morgan Stanley advanced 18 cents to 16.81 dollars.

Income from its trading activities more than doubled from the third quarter of 2010 and an increase of 24% over the period April-JuneThis sharp increase reflects the gains attributable to the DVA.

Its asset management segment has meanwhile reached a revenue of 3.26 billion dollars, 5% more than last year at this time, but less than the second quarter.

GNP derived from asset management is in turn stood at $ 215 million, 73% from the third quarter of last year and 67% less than in April-June 2011.

This decline is attributed to losses on investments in its banking business and its activities in real estate.

The stock markets in the euro area settle in the green Thursday at midday, driven by financial stocks boosted by a voting majority in the margin of the German Parliament the reform of financial stability in Europe.

However, progress is limited. If the ratification of strengthening the powers of EFSF (European Financial Stability Fund) is acquired in Germany, this vote does not dispel the differences that oppose European leaders on how to deal effectively with the debt crisis in the euro area, report professionals.

Around 12:20, the CAC 40 index, which made the yo-yo in early trading, rises above 3000 points.The index gained 0.84% ​​to 3020.70 points and 3033.38 and 2974.98 changes between.

The euro also benefits the vote in the Bundestag and is trading around 1.3642 dollars against 1.3536 late Wednesday.

In Paris, BNP Paribas (6.27%), Societe Generale (4.67%) and Credit Agricole (3.75%) are leading the CAC 40 increases as the Stoxx Banks (+ 1.92%) is the leading sector gains in Europe.

L'Oreal (-1.48%) shows the largest drop in the Paris index, weighed down by the statements of Reuters Clarins boss who said he is worried about the economy in Europe this year and next year .

"These comments (Clarins) are negative for L'Oreal, which makes 40% of its sales in Europe," said one trader.

Exchanges of Frankfurt and Milan won respectively 0.57% and 1.28%.EuroStoxx 50 index of the core values ​​of the euro area is 0.96%. Outside the eurozone, London yields 0.31%

"We continue to believe that the news of recent days are not particularly encouraging. We are seeing some convergence between the political leaders of the EMU (Economic and Monetary Union)," say the strategists rate of Societe Generale in their daily note .

The performance of the German government bond (Bund) is relaxed to 10 years by 1.0 basis points to 1.97%.

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.

Ipsen, whose sales rose 5.3% in the first half, said Tuesday it had raised its sales forecast for 2011 in favor of a less pronounced decline than expected sales in general practice.

The pharmaceutical company said in a statement that it now expects a decline in sales in general practice between 3% and 5%, against an initial forecast of down 8% to 10%.

Ipsen said target and a recurring operating income adjusted from 190 to 200 million euros for the year.

For the first six months of the year, its recurring operating income stood at 143.9 million euros, up 27.1%, while its consolidated profit rose by 21.4% over the period to 91 , 7 million.

Ipsen also announced it has appointed Susheel Surpal Columbia, a former CFO of Sodexo, the position of executive vice president of pharmaceutical company, in charge of finance and administrative affairs.

In their research note, analysts office analysis Potzamparc have described the interim results of "publication quality that could give color to the title."

"However, there are still key issues to be addressed before proceeding further on the sale of general medicine in France and the future of the production site of Evreux," they said.

Earlier in the morning, Ipsen and Inspiration Biopharmaceuticals announced in a separate statement to have strengthened their partnership in the treatment of hemophilia with the creation of a commercial structure.

"Ipsen and Inspiration will establish and train a sales team highly specialized to become the exclusive network for the marketing of drugs Inspiration brand in Europe," indicate the two groups.

"The sales organization will take the form of a Business Unit Hemophilia backed by the trade organization's current Ipsen," they continue.