The Facebook-COR Action begins with a bang

Facebook The action began about 13% above its IPO price on the Nasdaq Friday, completing one of the largest IPOs in the history of the United States.

The transaction enabled the world's first social network to raise $ 16 billion (12.6 billion euros).

Banks consulting group had set Thursday at $ 38 IPO price of the securities at the highest range of introductory, valuing the company at $ 104 billion (82 billion euros).

The action was trading at 42.05 dollars in the first few exchanges. At 3:33 p.m. GMT, three minutes after the first listing, the stock was trading at 40.64 dollars.

Building on the success of the operation, the company had increased by 25% the number of securities being sold to raise it to 421 million.

Friday, some 82 million shares changed hands during the first 30 seconds of official exchanges.

The group's founder and CEO, Mark Zuckerberg, 27, rang the bell to mark the symbolic start of trading on the Nasdaq, since the California headquarters of Facebook.

Become in eight years a major U.S. fortunes, Mark Zuckerberg retains control of the company after the introduction.

ArcelorMittal confident after a first quarter better than expected

ArcelorMittal, the world's biggest steelmaker, said Thursday anticipate earnings up in the second quarter after posting better than expected results for the three months of the Year e.

The Luxembourg-based group says that demand has increased in North America in the automotive, construction and appliance.

"Europe remains our main challenge and, in the first quarter, we announced the extended shutdown of several factories in the line of our strategy is to re ; lay on demand from our site competitive, "said Group Chief Executive Lakshmi Mittal said in a statement. 

"Despite the impact of seasonal factors in the first quarter, our mining remains a key growth area and we have set ourselves the objective of further increasing production in 2012."

ArcelorMittal said its steel shipments expected to remain at a similar level to the first quarter but that all segments are expected to improve their profitability. It does not say whether these gains will come from rising prices, costs down, or both.

The group reaffirmed its target of a gross operating profit (EBITDA) rose in the first six months of the year compared to the second half of 2011, when he was 4 , 1 billion dollars (3.17 billion euros).

In the first quarter, EBITDA totaled $ 1.97 billion, well above the Reuters consensus among 11 banks and brokers, who gave it to 1.71 billion. This result was up by 15% over the previous quarter and 24% annual rate.

The net profit amounted to 11 million, instead of the 78 million expected.

ArcelorMittal has also reported that it had signed an agreement to sell its 23.48% in Enovos International SA, for the benefit of a fund managed by AXA Private Equity Group, for a purchase price of EUR 330 million.

Berlin warns Athens: there will be no aid without reform

German politicians of left and right have warned Tuesday that Greece would no longer receive financial assistance if it did not meet all conditions of the bailout agreement with the EU and the IMF .

Sunday's parliamentary elections have left Greece in a political deadlock in the absence of a parliamentary majority for the only two parties represented that support the bailout, the Conservatives New Democracy (ND) and the Socialist Party (PASOK).

The leader of the Radical Left (Syriza), now the second largest party in parliament behind Greek ND, said Tuesday that the obligations of Greece towards the EU and the IMF in the part of the bailout were null and void. 

Alexis Tsipras, whose training has greatly benefited from the unpopularity of austerity measures required by the plan, has three days to form a government after the cessation of leader ND, Antonis Samaras last night.

Germany, Europe's largest economy, has made the most of financial guarantees under the rescue plan, which requires Greece to achieve specific goals in terms budget savings.

"The terms of the agreement must be respected. I do not think we can, or that we had to negotiate again, "said Martin Schulz, President of the European Parliament and member of the Social Democratic Party (SPD) …

…… "It can only be paid if the conditions are met," said Gerda on his side Hasselfedt, member of the Christian Social Union (CSU), Bavarian partner of the conservative Christian Democratic Union (CDU) Chancellor Angela Merkel

A

. payment of a portion of 11.5 billion euros, without which Greece will go bankrupt, is packaged in a new series of budget cuts to be voted by the Hellenic Parliament by the end June This period may however be challenged by the political vacuum created in the vote on Sunday.

MARGIN OF FRANCE IS THIN

Results in Greece and the victory of socialist Francois Hollande in the second round of French presidential illustrated Sunday the growing rejection of European voters face the austerity measures ; defended by Germany out of the eurozone's debt crisis.

The promises of Francois Hollande curb line austerity defended in Berlin, however, may be tempered after the release, scheduled for late June, an audit of the state of public finances, asked the Court of Auditors by the future president. 

In Berlin, Peter Altmaier, elected leader of Christian Democrats (CDU) to be close to the German Chancellor, said that the next French government would have that a very limited room for maneuver in fiscal policy due to "insecurity" of the Economy and Finance of France.

"The economy of France and the country's finances remain in a precarious state," he told reporters, admitting disappointed by the election of Socialist the French Presidency.

"Any country that tries to pursue a policy stimulus by increasing its deficits would quickly back to the markets and interest rates would increase," he added. "There is no flexibility."

Angela Merkel and Francois Hollande will meet next week, after handing over power at the top of the French state.

May 1: Unions do not digest the "real work" of Sarkozy

This May 1, 2012 has a full-bodied taste Policy. The union ledaders divide between neutrality and call to vote against Nicolas Sarkozy. In the street, this tension is just as palpable. Report in the procession in Paris. The leader of the CFDT leader Francois Chereque and the GCT Bernard Thibault opened the first parade in Paris in May 2012 in Paris, place Denfert-Rochereau

The May 1 succeed but not alike. In 2002, May 1, had turned into a huge rally anti-FN. All political organizations were associated with unions to make the day of the traditional feast day of a trade union demonstration against the presence of Jean-Marie Le Pen in the second round of presidential elections. More recently, in 2010, May 1 was marked by the struggle against the pension reform.  

May 1, 2012 falls, as every five years, in an electoral context clear: it takes place between the two rounds of presidential elections, which saw the face incumbent President Nicolas Sarkozy and Socialist Francois Hollande. But he has a special feature to dredge the electorate FN, the UMP candidate called for a rally for the "real work", Place du Trocadero in Paris. A strategy to cut the rug out from under the National Front, which organizes the annual May 1 parade in honor of Jeanne d'Arc, but also to stigmatize the unions, these intermediate bodies against which the outgoing president n ' has repeatedly hit since his campaign.

"Ask the red flag"

Nicolas Sarkozy unions

At five days of the second round of presidential elections on 1 May 2012 has thus turned into a showdown between unions and Nicolas Sarkozy. In a square packed with people Trocadero, the incumbent president has urged unions to "raise the red flag" and to "leave aside the parties". "Your role is not to defend an ideology," he said. "In the Republic it is not the unions who govern, it is the government," he said to applause outgoing president. A scratch at union leaders who called for a vote against him.

This is particularly the case of Bernard Thibault. The secretary general of the CGT, who had called to "beat" the outgoing president Nicolas Sarkozy announced clearly on Europe 1 this morning he would vote for Francois Hollande in the second round of presidential elections. This position has caused unease in the ranks of the CFDT, who refuses to be recovered politically. So no calls to vote on the side of management. That did not stop François Chérèque, to blame Nicolas Sarkozy. "From the moment you wanted to divide the French, among those who had the 'false labor", that is to say "the welfare, civil servants, and on the other side those who had the' true work ', inevitably it was a provocation vis-à-vis employees, "said the leader of the CFDT.

The gathering for the "real work" experienced as a provocation

This tension between supporters and non supporters ended up in the trade union demonstration in Paris, at the call of the Inter-CGT-CFDT, UNSA, FSU Partners, which is part of the Place Denfert-Rochereau to Bastille join. In processions, political banners were rare, less numerous in any case that the union banners. But nobody is fooled: the May 1 labor has a taste very pronounced anti-Sarko.  

"I think that a union did not call for a vote for individual candidates, but personally, I am here to denounce Sarkozy's attempt to divide the workers," says Marie-Ange, CFDT activist. "I do not want the union leaders give voting instructions, unions must maintain their political independence," added Francis, UNSA activist. "Me that does not bother me to call to vote against Sarkozy, after all the harm he has done for five years," Basil gets angry, militant South rails. "A May 1, which takes place between the two rounds of presidential elections, it is inevitably a little politics, says Cedric, South Solidarity activist, even if it is above all a day to defend trade union rights of employees els" .  

"If we are here is to turn the other con"

Gilbert, activist Left Front

The side of activists of the Left Front, present in large numbers in the procession in Paris, the mobilization against Nicolas Sarkozy is clearly assumed. "The line between political and trade union is artificial," says Eric. "If we are here today is to turn the other con", ignites Gilbert. "The real work is provocative," says Eddy. Indeed, the challenge from Nicolas Sarkozy to the unions, organizing a demonstration against-the "real work", resulted in a greater mobilization expected. "We will never show on May 1, but that there was provocation, we are flush and tired of Sarkozy," Christine and Stéphane entrusted, along with their three children.

Who won this showdown? Some 200,000 UMP met Trocadero today, according to the UMP. Police currently does not count but made a police source disclosed that the place could hold 30,000 people. The unions in turn counted 750,000 demonstrators across France this May 1, 2012 including 250,000 in Paris while police counted only 48,000 demonstrators in the capital.

Santander publishes a quarterly net profit down 24%

Santander said Thursday net profit down 24% in the first quarter as a result of provisions made in part to cover an increase in defaults in Spain.

Spanish banks increase their capital to cover a funding gap of tens of billions of euros, this resulting in a situation where they had taken to going to an all- booming real estate sector until 2008 but has since become damaged.

Some investors fear that the deficit increased to the extent that more and more households and businesses are in default in a country in recession. In which case, a bailout would prove international may need, they think.

The largest bank in the euro area has reported a profit of 1.6 billion euros, above the consensus, after setting aside 3.1 billion euros provisions. The percentage of bad and doubtful debts to total loans increased to 3.98% in late March.

Around 7:50 GMT, action Santander fell by 1.22% at the Madrid Stock Exchange, while the European banking sector index was virtually unchanged at the same time.

The bank, which has strong income in Latin America, should constitute the bulk of its provisions on real estate assets in the second half doubtful, as its rival BBVA.

The decrease in profits in Spain and Portugal, where defects are up, but they also contracted in Latin America.

The gasoline prices recede

This is the first time since the beginning of the pump price move downward. But they remain at a high level. Per liter of diesel appears to 1.4295 euro.

The price of unleaded petrol and diesel at the pump fell last week, moving downward for the first time since January even if they remain at high levels, according to weekly surveys released Monday by the Ministry of sustainable development.

Per liter of diesel, the most fuel sold in France (over 80% of sales) fell to 1.4295 euro against 1.4362 a week earlier, away even further from its historic high (1.4584 euro) established in mid-March. Side of gasoline, a liter of unleaded 95 (approximately 15% of fuel sales) declined to 1.6507 euro against 1.6664 euro to a record last week, unleaded and 98 (about 5% the national fuel consumption) fell to 1.7001 euro, 1.7095 against euro a week earlier (and after peaking at 1.7121 euro at the beginning).

These sales prices at the pump are national averages calculated by the Directorate General for Energy and Climate (DGEC) from data provided by service stations and are greatly exceeded in some service stations. This is the first time since late January that the three fuel categories appear all down, according to statements DGEC.  

Proposal competition for candidates at the Elysee Palace

Since late 2011, fuel prices have been drawn into a spiral upward, due to geopolitical tensions (Iran, Sudan, Nigeria …) that keep crude oil prices at very high levels, and weakening of the euro against the dollar adds to the cost of black gold once its converted value in the European currency.

Unleaded gasoline and had hit a new record last week for the sixth consecutive week, while 98 unleaded climbed from summit to summit without interruption from February until early April, and the oil had chained the Records from February until mid-March. The surge in fuel prices, which hit motorists portfolio, triggered a competition for proposals and cons-proposals from the candidates in the presidential election. The Socialist Francois Hollande, who arrived Sunday ahead of the first turn, pledged if elected to block the fuel prices for three months, a measure deemed absurd and demagogic by outgoing President Nicolas Sarkozy, who will play at the second round scheduled on May 6

The former trader Jerome Kerviel SocGen complaint against

The former trader Jerome Kerviel has filed a complaint against Societe Generale judgment for fraud, said Friday his lawyer, David Koubbi, in an interview on Europe 1.

"We filed a complaint against Societe Generale today the judgment for fraud," he advised me Koubbi.

"What interests us is that our complaint is welcomed," he added.

Kerviel was sentenced in 2010 to five years in prison and three farms to repay 4.9 billion euros, an amount corresponding to the loss suffered by the SocGen trading in January in 2008.

His appeal to be held from 4 to 28 June 2012.

In Italy, wine is combined with fashion to export

The largest wine producers in Italy are joining forces with the world of fashion to boost their sales in the U.S. and emerging markets, hoping to offset lower consumption in the pe Peninsula.

Italian wine sales were flat last year to 12 billion euros, and as Italy plunges into recession, dragged down by its austerity measures ;, the future of its wine industry depends increasingly on exports.

Italy is already the world's largest exporter of wine by volume and second only to France in turnover. Italian wine exports jumped 13% last year to 4.4 billion euros and represent, with 2.4 billion liters, about 55% of its total sales.

But as competition intensifies in France and relatively new entrants from Australia, South America and South Africa, the main Italian producers have chosen to partner with claws fashion and design to better stand out.

Members of the Federation of luxury Altagamma thus agreed to accompany their parades and events of their Italian wines, saying pleased to promote diversity and quality of products manufactured ; s in Italy.

"It is clear that fashion attracts more attention, it is better known around the world. Everywhere we go, we take our Italian wines and make known, "said Santo Versace, brother of designer Donatella Versace and president of Altagamma, on the occasion of inauguration of Vinitaly, a renowned wine fair which is held in northern Italy from March 25 to 28

. MARKETS WHO

THIRST While export volumes exceed those of its domestic consumption since 2010, the Italian wine is turning increasingly to its carriers in foreign markets like USA, Russia and China, following in the footsteps of other manufacturing sectors of the peninsula, from fashion to metal production ..

……. "The future belongs to export," explains Lucio Mastroberardino, president of the federation Unione Italiana Vini Italian wine (IVU). 

"The United States, North America will remain a long time the largest market for Italian wine. Exports to China, India showing strong percentage growth but volumes are still trè s low. People out there just find the wine, "he notes.

Italy is the first player in the American wine market, with a market share of around 30%. About a third of Italian wine exports are destined for the United States, world's largest market. According to the producer, Italian wine sales have increased 16% in 2011, a sign that the market has recovered significantly since the 2008-2009 crisis.

"Throughout the crisis, the volume (sales) wine continued to increase, but the price range has shifted. Some of the more upscale wines have suffered, some wines have benefited more accessible, "notes Thomas Matthews, editor of Wine Spectator magazine …….

.. This year, the increase in exports of Italian wine in the world should be similar to or better than last year, pre ; said Lamberto Vallarino Gancia, president of the federation wine Federvini

. "What distinguishes us is that What the big wines like Barolo and Brunello, which are the main drivers of our exports, we have a wide variety of quality wines in all price segments, "said he.

The sharp rise in long rates going to continue?

The ideal image of markets, all asset classes, risky and non risky, even walking a step towards improvement, began to scramble this week sharp rise in U.S. long rates and, to a lesser extent, German.

Rising oil prices, a U.S. economy that accumulates the signs of recovery, the massive debt of states and an abundant supply of sovereign paper were enough to propel the rate of U.S. Treasuries 10 years at 2.32% Friday against 2.04% earlier this week, the Bund and the 10-year benchmark euro zone, to 2.06% against 1.77% on Monday – or about 30 basis points more in four days. 

This movement will he continue? Professionals agree that it may take several weeks but long rates end up ultimately a lower level.

"Central banks accommodative, an abundance of cash in banks (through the generosity of central banks) and investors' portfolios, the memory of missed occasions (2009 and 2011), were all factors that contributed to the unusual resistance of Treasuries, "said Vincent Chaigneau, head of rates strategy at Societe Generale.

"But the acceleration of the rally in equities and the analysis slightly less bearish on the economy the Fed cause the correction," he wrote in his weekly note . 

However, it remains cautious about the extent of economic recovery.

"In Europe, LTRO (refinancing long-term European Central Bank, ed) brought a breath of fresh air but they have increased inbreeding between banks and sovereigns and certainly have not solved the fiscal problems and competitiveness (the heart of the crisis in the euro area, ed), "he says.

"It is too early to become fundamentally bearish on bonds but right now this is not the time to buy," he said. 

GREAT HANDLING MONEY

Benjamin Melman, director of the division Absolute performance at Edmond de Rothschild investment managers (EdRIM), remains cautious in the short term because of signs of recovery but rejects the hypothesis of a prolonged tension on long rates.

At a press briefing, he said today, the big problem was to reduce state debt without huge strangle the economy.

"In this context it remains a single parameter: the interest rate," he said. "Monetary policy will play a major role in organizing the sustainability of public debts".

"We need this great currency manipulation," he said citing the actions of massive injection of liquidity into the banking systems decided by the Federal Reserve The ECB, the Bank of England and Bank of Japan.

He explained that through these various unconventional measures, the ECB and the Fed are working primarily to keep rates low.

"We do not see the Fed hold the rise in long rates," he adds, noting that the policy of the Reserve has managed to obtain nominal long rates below the nominal growth.

Benjamin Melman sees a repositioning of the 10-year Treasuries when their rate will reach 2.5%. 

In the eurozone, according to him, deleveraging is far from complete, with banks, unlike the U.S., just started the process.

"Despite the success of LTRO, there is a risk of a credit crunch. There is a tightening of credit policy of banks that need to lighten their balance sheets, particularly in France," he said ;.

Pending a clear vision of the direction of future long rates in the market for private debt (credit coporate) has flourished for three months.

According to a survey by Thomson Reuters, the amount of corporate debt issued in euros since the beginning of the year is up 68% over the same pe ; period in 2011 and the coupons have fallen to record low since the entry into force of the euro in 1999. The average coupon stood at this point to 4.53%, a record low.

Many operations were performed at a rate of 3% or less against an average rate of 3.2% for sovereign issuers.

The reforms must be pursued in the euro area, said Draghi

The euro area is beginning to stabilize but his future will depend on the integrity of structural reforms undertaken by Member States, said Tuesday the president of the European Central Bank, Mario Draghi.

The leader, in office since last November, said the inflation risk did not materialize currently within the euro area since the output gap remained, while expressing "determined" to continue the work of his predecessor Jean-Claude Trichet in terms of price stability.

"We are constantly vigilant about inflation risk but this risk does not materialize at the moment," he said during a speech in Paris on competitiveness ;. 

The ECB continues to see signs of stabilization in the euro area which would benefit the member countries to pursue economic reforms, he said.

"We continue to see signs of stabilization although they are shy," said the central banker, before asserting that rates low in the short term together with measures to the sector would support financial growth.

The ECB has held since December two large lending operations to three years (LTRO) for banks for a total turn around of a thousand billion.

Mario Draghi said that banks should do the same to strengthen their balance sheets by retaining earnings and by reducing dividends and bonuses. 

"The strength of bank balance sheets will be a key factor in facilitating their lending activity, their primary mission," he said.

The President of the ECB has however expressed concern about the differences in competitiveness, increasing according to him, among the member countries of the euro area.

According to the ECB, labor costs rose two and a half times faster in countries with balance of payments deficit in countries that accumulate surpluses.

"Member countries must reduce their competitiveness and enhance their own prosperity and stability of the monetary union," he said. 

"If we do not reform all together, and this has been said many times early in the life of the euro, it will be difficult to maintain the integrity of the area ".