Chemistry weigh on profits of Bayer in Q4

The benefits of Bayer, the first German manufacturer of drugs, emerged below expectations in the fourth quarter 2011 due to disappointing sales in its chemicals division, and the group has demonstrated caution for this year.

MaterialScience division, the world of polymer foams and polycarbonate for automotive glazing, has seen its quarterly results adjusted to fall by 64%, price increases were not sufficient to offset the higher commodity prices.

Bayer said it expected a significant rebound performance at MaterialScience in the first quarter of this year over last in 2011 but they reach their previous level. 

For 2012, Bayer expects a slight increase in its adjusted EBITDA, with an increase of about 3% of sales excluding currency effects and acquisitions, taking advantage of a rebound expected in the second half thanks to emerging markets.

The group sees the other hand, a real growth in 2013, both for its sales to its adjusted EBITDA.

His four most promising molecules, foremost among them the anticoagulant Xarelto, have a potential combined turnover of around EUR 5 billion, he said. But this potential, however, should not be felt this year.

In the fourth quarter 2011, EBITDA (EBITDA) adjusted fell 8.8% to 1.54 billion euros, while analysts polled by Reuters had forecast average 1.62 billion.

Quarterly net income stood at 397 million euros, while the consensus was 479 million, and revenue was 9.19 billion euros, against 9.114 billion expected.

These ads Bayer contrast with those of its competitor BASF, which surprised investors last week by his decidedly optimistic tone for 2012.

In exchange, the action Bayer yielded 0.8% to 55.45 euros at 1130 GMT, underperforming the European sector index to chemicals (0.1%). BASF took title to 0.6% 66.23 euros.

COR-G20 hopes to increase IMF resources in April

The G20 finance ministers pledge to do in April the stock of progress in strengthening the resources of the International Monetary Fund, have we learned from officials G20.

At their next meeting in April, the G20 agreed to agree on a financial firewall around 2,000 billion dollars (1.487 billion euros) to prevent European debt crisis from spreading and threatening the global recovery.

This would be the most ambitious effort since the financial crisis of 2009, when the G20 has reached 1,000 billion dollars to save the global economy. 

In an unexpected turn, Germany announced that it would decide in March on strengthening the European bailout fund, an initiative it excluded so far and that many G20 countries consider essential before any increase IMF resources.

For many partners in the euro area, it is indeed the first European leaders to implement the necessary means to control the risks of contagion from the debt crisis, for example by combining lending capacity of its two mechanisms of financial stability, the European Financial Stability Fund (EFSF) and the European Financial Stability Mechanism (MES ).

This would bring their firepower combined with some 750 billion euros. 

G20 countries would then be more inclined to answer the call of the IMF, who wants more than double its capacity to respond by raising $ 600 billion of additional resources.

Added together, all these measures would create a global financial firewalls of about 1,950 billion.

The question of strengthening the bailout funds in the euro area is on the agenda of the European Council of March 1 and 2.

Japan and Britain have reiterated over the weekend that they would refuse to increase their contributions to the IMF as countries in the eurozone will not self-reinforced ; their own firewall facing the debt crisis. 

"I expect that the debate on strengthening the capacity of the IMF loan is progressing as long as the problem of European debt crisis is resolved by the G20 meeting in Washington in April, "said Japanese Finance Minister Jun Azumi.

Consumer confidence unchanged in February

The index of consumer confidence in France is almost stable in February compared with the previous month, announced Friday INSEE.

The composite indicator is 82 against 81 in January.

In February, consumer confidence about their personal financial situation went down 2 points, INSEE said.

That their future personal finances rose 2 points, while remaining below its long-term average. Households are also more numerous than in January to consider it advisable to make major purchases (5 points).

Commerzbank increased its capital, earnings down sharply

Penalized by a $ 700 million spent on Greek sovereign debt, Commerzbank, the second German bank, said Thursday a sharp decline in profit while by announcing a capital increase to strengthen its balance sheet.

This capital increase, which will help meet the requirements of regulators, will be through the conversion of hybrid instruments and subordinated debt.

The bank said it was missing at the end of December 1.8 billion euros, the lack of capital to bridge having been reduced by improving the management structure of capital and the sale of risky assets.

It nevertheless recognizes that the crisis in the euro area is a potential threat to its results. 

"The high degree of uncertainty associated with the crisis of European sovereign debt will remain, however, a challenge for us," said the CEO of the bank Martin Blessing.

Commerzbank also said to be exposed to the tune of 12.3 billion euro sovereign debt Portuguese, Italian, Irish, Greek and Spanish.

The second German bank said it had depreciated its claims on Greece to 74% in late 2011.

In the last quarter of fiscal 2011, the bank generated an operating profit of 163 million euros after a loss of 855 million in the third quarter. In the fourth quarter 2010, operating profit was stood at 256 million euros.

For 2012, the group said it anticipates an improvement in balance and adds that it will concentrate on the German and Polish markets.

Latécoère confident for 2012 after increasing in 2011

Latécoère announced Tuesday that he anticipated a continued growth of its activities in 2012, after publishing 2011 results carried by the upward cycle of aeronautics .

In a statement, the aerospace supplier said that its revenue, excluding special items, reached last year 520.6 million euros (+12.1%) complied ; lying to its objectives. Current operating income rose 62.5% to 44.7 million, reaching 7.8% of sales.

Latécoère said to rely on an order book representing more than four years of sales, to 2.2 billion euros based on a euro / dollar of 1.35.

The latest delivery rates announced by the manufacturers allow the group to build on for 2012 growth in sales of around 10% and an operating margin in the continuity of in 2011.

Net debt is expected to decline by almost 50 million euros in 2012.

The action ended Latécoère to 12.20 euros (-0.33%) Tuesday at the Paris Bourse before these ads.

Adocia starts on NYSE Euronext under the current IPO

The biotechnology company Adocia began Monday his first day of trading on the NYSE Euronext market a little below its introductory course of 15.88 euros.

Around 9:35, it was trading at 15.62 euros showing a market capitalization of 94.5 million euros.

For Arnaud Guerin, an analyst at brokerage firm Portzamparc, this course may reflect questions on business development and strategy company that specializes in Lyon formulation of therapeutic proteins for the treatment of diabetes and chronic wounds.

He also stresses that it is positioned in a highly competitive market where the laboratory Danish Novo Nordisk, a world leader in diabetes care, has taken a big lead. 

Created seven years ago, is the first introduction Adocia market of 2012. Chaired by Gérard Soula surrounded by his two son, Olivier and Rémi, Adocia recently signed a license agreement and collaboration with the U.S. pharmaceutical group Eli Lilly for the reformulation of its insulin Humalog.

This option for the improvement of existing technology Adocia enrolled in a logic quite different from other biotech companies that offer a technological breakthrough.

Lafarge has mastered its debt in 2011, new sales in 2012

Lafarge announced Friday a 14% reduction in its net debt in 2011, thanks to its output activity plaster, and its intention to continue its asset sales in 2012 in the As part of its debt reduction plan.

The title of the world's leading cement and displays the largest increase in the CAC 40 and affects its highest level in seven months, the market welcoming the results better than expected progress in terms deleveraging as investors feared that the group is forced to undertake a capital increase.

Around 10:25, the title, which lost more than 42% in 2011, accounts 6.13% to 33.780 euros, with nearly two million shares, representing already 140% of average daily volume the past three months. The European sector index ahead of his side of 1.7%.

Since the beginning of the year, took the title over 25%, after falling about 42% throughout 2011.

"The internal levers (limitation of dividend, cost reduction) and exogenous (relative relaxation of the funding offer and gradual reversal of trend in the U.S.) reduce the risk of increased capital, "said CM-CIC Securities, which also notes that the results fell less than expected.

Lafarge, which announced earlier this month 460 job cuts as part of an operational reorganization by business to simplify its structure, reduced last year its net debt to 11.97 billion euros, a decrease of approximately two billion over the year as expected. 

"The group's net debt will continue to decline in 2012 through the implementation of actions to maximize our operational cash flow," said Bruno Lafont, CEO of Lafarge, said in a statement ;.

When asked during a teleconference on a target to reduce debt, Bruno Lafont said simply: What can be said is that the debt will be significantly reduced in 2012. "

1 UP TO 4% OF THE MARKET IN 2012

……. . The group's debt, inherited largely from the acquisition of Orascom in 2008, earned him to be downgraded in the "junk" by rating agencies Standard & Poor's and Moody's last year. 

As part of its debt, the group seeks one billion euros in new divestitures in 2012, after 2.2 billion in 2011. It also has limited this year to 800 million euros investment, against 1.2 billion in 2011, achieving in 2012 the bulk – 400 million – 500 million euros of e ; economies already announced and halving the dividend to 0.50 euro per share.

Lafarge also announced in 2011 the closure of its plant Frangey (Yonne), the smallest cement group in France which he pledged to reclassify 75 employees, and the closure of a cement plant in Kansas (USA).

In 2011, the group's turnover increased by 3% to 15.28 billion euros, while net income, group share, fell 28% to 593 million euros, hit by an exceptional charge for impairment of 285 million euros related to the situation in Greece. 

Lafarge plans in 2012 a growth of 1 to 4% of the markets where it operates, especially now the cement (65% of sales) and concrete and aggregates ( 34%).

The output in Europe and Asia-Pacific – including Australia – activity has also strengthened plaster mathematically the group's presence in emerging markets, where growth should still be higher than in mature markets.

The U.S. market should indeed be stable this year and that of Western Europe down 5 to 8%, Spain and Greece in mind.

New economies now account for 57% of turnover, against 52% in 2010 and 32% in 2005.

European shares open down, the file weighs Greek

European shares start down sharply Thursday and the euro is at its lowest levels of the past three weeks, European leaders considering to postpone the bailout of Greece, to me then ; me that Athens has agreed to meet the requirements of its funders.

"It seems that the market has entered into reflective mode after strong increases in risk assets, investors re-evaluating the risk / return and revising their strategies," said Chris Weston, institutional trader at IG Markets in Melbourne.

The lowering by Moody's outlook on the credit ratings of 17 major global banks and financial institutions in Europe weighs 114 financial stocks. 

A flurry of quarterly results, particularly in France, leads the market.

The Paris Bourse lost 0.92% to 3,359.32 points in early trade, while the pan-European index Stoxx 50 was down 1.38%.

The German DAX index yields 1.47% and the FTSE drops 1% in London.

The financial and commodities again lead the correction. The banking index lost 2.1%, biggest drop sector in Europe, with auto index, which fell by 1.6%.

In Paris, Societe Generale lost 3.3% after reporting a net profit fall 88% in fourth quarter 2011, due to greater losses than expected in investment banking and financing.

Axa also down, by 3%, after publishing 2011 results slightly below analysts' expectations.

PPR also gives 3%, after announcing a sharp increase in its annual results, driven by the brilliant performances of its luxury brands.

Technip wins 1.9% after announcing a record net profit in 2011, up 21.5%, albeit with a slowdown expected margins in 2012. 

Capgemini (4%) reported a turnover of 9.69 billion euros in 2011 and an operating margin of 7.4% in 2011. The group plans for 2012 organic growth limited to its turnover and operating margin up.

Renault takes 2.2% more confident after having shown that Peugeot (-2.8%), despite a still competitive in Europe.

Investors also expect the auctions of sovereign debt to France and Spain, and a series of U.S. data in the afternoon with weekly jobless claims, housing starts and the producer price.

Rome does not want to organize the Olympic Games 2020

Due to the economic crisis, the Italian capital has decided not to host the Olympics in 2020. Mario Monti, President of the Council, estimated that a candidate is not "responsible".

Rome will not host the Olympics in 2020. Council President Mario Monti said on Tuesday the withdrawal of the candidature of the Italian capital for the organization of the summer Olympics in 2020 stating that it would not be "responsible". Tokyo, Madrid, Istanbul, Doha, Baku remain in contention. The host city will be unveiled Sept. 7, 2013 by the International Olympic Committee (IOC).

Mario Monti announced the renunciation of Rome on the eve of the deadline for submitting applications, explaining it by the current economic crisis and the considerable investment necessary to host the Games. "We came to the unanimous conclusion that the government thinks it would not be responsible, under the present conditions in Italy, to assume these guarantees," he said at a news conference.

The U.S. rating agency Moody's announced late Monday lowered the credit rating of Italy by one notch to "A3", together with that of Portugal also one notch to "Ba3", and that of Spain by two notches to "A3".

"We do not feel able to make a financial commitment that could burden the Italian finances for years. At another point in our history we would have taken the risk, but not now," he said Italian Prime.

The City of Rome, who organized the Summer Games for the last time in 1960, needed a letter of commitment from the government to send its official bid to the IOC. "We lost a great opportunity, but we can only accept the government's decision," responded the president of the Promotion Committee for Rome in 2020, Mario Pescante. "The government's decision was well thought out, and due solely to economic reasons," he admitted, admitting, however, "a lot of bitterness". "Our plan for 2020 Rome was very serious, but the government has been steadfast on the accounts," he added.

Greek parliament vote austerity in a climate of violence

The Greek parliament approved on the night of Sunday to Monday for new austerity measures in an atmosphere of considerable tension in Athens, where buildings were burned in clashes between rioters and security forces, while violence were reported in several other cities.

This law, which provides 3.3 billion of budget savings through drastic new cuts in wages and pensions and a new wave of job cuts in the public service, is required e by the donors of Greece – European Union (EU), European Central Bank (ECB) and International Monetary Fund (IMF) – in exchange for a new aid of 130 billion euros considered essential to avoid bankruptcy at home. 

While MPs were debating Sunday in the walls of parliament, tens of thousands of Greeks had gathered outside, on the Constitution Square (Syntagma) , to denounce this new course of rigor, two years after the beginning of this policy of austerity.

In the late afternoon, violence erupted, the worst in Greece since the weeks of riots in 2008 which succeeded the death of a teenager 15 years killed by police.

Cinemas, cafes, shops and bank branches were burned in the center of the capital while the masked demonstrators battled riot police near the Parliament . According to police, a total of 34 buildings caught fire and 150 shops were also looted.

State television reported violence in the resort island of Corfu, Crete, Thessaloniki, northern Greece, and in cities across the center of the country , Volos and Agrinio.

LESSER EVIL

Technocrat appointed in November at the head of a government backed by the country's two main, Lucas Papademos has denounced the violence. "The vandalism, violence and destruction have no place in a democratic country and will not be tolerated," he told parliament.

Shortly before the vote, he warned MPs they would commit a grave mistake if they did not approve of this new package of savings which represents for him a lesser evil compared to the possible consequences of bankruptcy.

"We have before us a comprehensive and credible economic program to overcome the economic and fiscal crisis. This is a program that preserves more than anything else, the country's place within the euro area, "said Lucas Papademos, while recognizing the level of effort demanded to his fellow citizens, especially facing a 22% decrease in the minimum wage

. "The implementation of full, effective and timely in this program will not be easy. We are fully aware that this economic program involves short-term sacrifices for the Greek population. "

Finally, 199 members of 300 approved the text but 43 ¨ elected PASOK (Socialist) and New Democracy (conservative) did not comply with the watchword of their party and were excluded on the scope of their training

. Outside the parliament, the air in Syntagma Square was wrapped with tear gas and Police charged the young men throwing stones elusive and Molotov cocktails. In heaven stood wide columns of smoke from buildings on fire

.

"We are facing destruction. Our country, our house is about to burn. The center of Athens is in flames. We can not let populism reduce our country to ashes, "exclaimed the elected Conservative Costis Hatzidakis

. At the inside the parliament, we could hear the explosions of grenades used by police

. Frightened, the residents and tourists took shelter in hotel lobbies to escape the violence and irritating gases

. "ENOUGH, C IS ENOUGH "

Among the buildings burned included Attikon Cinema, a building of neoclassical style built in 1870, and a building housing the cinema Asty, a room in the basement converted into a torture chamber by the Gestapo during World War II

… …… For many Greeks, the new austerity measures that do delve a little deeper into poverty. 

"Enough is enough!" Exclaimed Manolis Glezos, 89-year historical figure of the Greek left, at the rally in Syntagma Square.

"They have no idea what it means to an uprising of the Greek people. And the Greek people, ideas all political persuasions, is beginning to lift, "said the hero of the resistance during World War II, who had managed to remove a Nazi flag from the Acropolis in 1941

. The Greek political leaders are under intense pressure from the EU and IMF, who accuse them of not to implement the promised reforms since 2010 and thus threatening the whole euro area

. Germany, first saving Europe, has launched a new call to order Sunday as Greece needs of international funds by March 20 to pay on that date of € 14.5 billion of debt coming to e ; personshall lose. 

Asked about Greece by the Welt am Sonntag, the German finance minister, Wolfgang Schäuble, said: "It is important to say that it can be a bottomless pit . This is why the Greeks will finally have to clog the well. Then we can put something. (…)

"The Gre it must do its homework to become competitive, it requires a new rescue plan or some other way that we do not want to (…) ", he added, referring to an output of the euro area

.