Up 22% of the profit of Intesa Q1

Net income of Intesa Sanpaolo, the first retail bank in Italy, grew 22% to 805 million euros in the first quarter, supported by gains on its trading own obligations.

The bank had to spend in provisions for doubtful debts of 970 million euros in the quarter, up 43% over the same period last year, to account degradation of credit quality in the country, hit by a deep economic recession.

Fears of a deteriorating economic situation in Italy, where Intesa makes 80% of its activity, is one of the elements cited by Moody's to justify lowering the massive credit rating of Italian banks Monday. 

Moody's lowered the rating of Intesa Monday to A3, the same level as the Italian sovereign debt.

Intesa announced that its ratio of "core Tier 1", financial strength, was 10.5% at end-March, against 10.1% at the end of last year – one of the highest in Italy.

The bank expects a stable overall operating profit in 2012, excluding special items.

Like other Italian financial institutions, Intesa ended the year 2011 in the red, with a loss of 10.1 billion euros over the years, having moved from significant impairment of goodwill to its balance sheet clean, hard hit by the crisis of the euro.

The title was down nearly 2% in the Milan Stock Exchange.

The AC M6 better than expected, rising as high

The television group M6 said Thursday sales better than expected first quarter thanks to stronger than expected advertising revenue for the M6, which propels the title among the highest increases in the SBF 120 index.

M6 Group has produced a quarterly revenue up 3.6% to 355.1 million euros, against 345 million euros expected by the Thomson Reuters consensus I / B / E / S , driven by non-advertising revenues as media rights or distance selling.

At 10:10, the title earns 7.5% to 12.40 euros, the second largest increase in the SBF 120 (1.23%) behind Technicolor (10.26%).

"All the poles were better than expected," said Gilbert Dupont in a note, confirming its board to buy the title with a target price of 18.5 euros. 

"Despite this publication better than expected, we maintain our forecast at this stage, given the lack of visibility on the advertising environment," said the interim, however.

The only channel M6 does not record it, a 1.5% growth in advertising revenues in January-March, limited by the combination of sluggish economic conditions and an unfavorable base effect.

In a note, Goldman Sachs said it anticipated a 0.5% increase in advertising revenue from the M6, citing a consensus even reporting a decrease of 0, 6%.

Digital channels (such as W9) whose advertising revenue increase of 16.0% helped the group garner advertising revenues of 202.5 million, a record first quarter according to M6.

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.

Pierre & Vacances suffers suffers electoral calendar

Pierre & Vacances said Thursday that its summer bookings were marked by a phenomenon linked to a wait for Uncertain but also schedule e lectoral French. 

The group specializes in the operation of leisure residences said they adapted accordingly its communication strategy by focusing on short-term and shifting from May to June most its shares trade on summer vacation

To this day, "activity is slightly above last year during the months of April and May, with last minute bookings significant," reads said in a statement

For the second quarter of fiscal year 2011-2012, Pierre & Vacances has published a turnover up 4% on a comparable supported by its activity in property development. 

Over this period, they stand at 304.3 million euros, of which 250.9 million euros in tourism (-0.7%) and 53.4 million (+34%) in the de real estate development

For the full year 2011-2012, the company expects a turnover level of real estate "around 300 million euros".

The action Pierre & Vacances closed Thursday at 21.66 euros (-1.46%) it transferred 15.46% since the beginning of the year after a fall of 57.57% last year.

The advertising Maurice Levy defends his bonus

Maurice Levy, chief executive of Publicis Groupe, Saturday defended the bonus of more than 16 million that has been granted and which had been criticized by Many political.

"This is a deferred compensation that is to say, it has been accumulated over the years," he said on RTL.

"It's nine years during which there was a requirement (…) which was to outperform (…) If I had my match bonuses each year, person never would have spoken, "he added, acknowledging that this was" big money "and understand that this saying may be shocking.

Maurice Levy said he regretted a form of political recovery of the amount of his bonus in full campaign period. 

Without naming them, he estimated that some politicians had decided to be seized "or because they were out of the program, either because they were out of political jurisdiction or simply because they wanted to flatter the base instincts of what is known as the populism ".

"We're saying success is prohibited when it is accompanied by an economic success," he said.

The advertising we found would have "done better" to ask him what he would do this bonus, but without any answer to this question.

Publicis revealed in its 2011 reference document that Maurice Levy would receive approximately 16.2 million euros in accumulated deferred variable compensation ; art since 2003. 

The PS candidate Francois Hollande felt it was "not acceptable" that people receive such a sum in times of crisis "where everyone has to make efforts." The government spokesman Valérie Pécresse also found "disproportionate" as a bonus.

As for Nicolas Sarkozy, who promised, if elected, to introduce stricter control of very high salaries, he expanded his conviction of the person Elisabeth Badinter, the daughter of the founder and main shareholder of the group Publicis. Stressing that it has "left heart", the president criticized the socialist candidate to condemn the bonus Maurice Levy without associate.

For Sarkozy, we are "in phase of economic recovery"

In an interview with the newspaper Ouest France, the incumbent stated: "we came out of the financial crisis" and "we are in the process of economic recovery." Incumbent President Nicolas Sarkozy (here in Lyon March 17, 2012)

Nicolas Sarkozy, a presidential candidate, says that "we came out of the financial crisis" and that "we are in the process of economic recovery," in an interview with Ouest-France, to be published Tuesday. "I think we came out of the financial crisis, that confidence is restored and we are in the process of economic recovery," said the president candidate, who makes a visit on Tuesday the Guerande peninsula, followed the end of afternoon by a meeting in Nantes.

"What did they say Does peaks between Ms. (Angela) Merkel (German Chancellor) and me! Through these summits, Europe has an economic government overcame the Greek crisis", has he argued. To "reinforce" this situation, Mr. Sarkozy reiterated his proposals: political governance of the Schengen zone to protect its borders, failing which France will suspend its participation in Schengen, creating a Buy European Act for reserving public contracts to companies that produce in Europe, setting up a Small Business Act, reserving 20% ​​of public procurement to SMEs.

Failing agreement, France will only implement these provisions. Western journalists from France who told him that it smelled "the ultimatum", Mr Sarkozy replied: "it does not smell at all the ultimatum, it smells voluntarism (…) The Minister of the Interior German recently told that I had absolutely right and he was asking the same thing. The truth is that if Europe falls back into his through before, it will explode. " "I kept the same values: hard work, effort, merit, responsibility, authority, solidarity", he also said.

"To the great difference in Mr (Francis) Holland (PS presidential candidate), I consider that one can not isolate France and to promise that exempt the efforts that others are doing and ask," he also said. "My plan is to tell the French: you need to be protected. And to be protected, your country must be strong, paying his debts. This is why I will respect the objective from 0% deficit in 2016, "he added.

Nissan and Dongfeng trucks come out of their joint venture

Nissan Motor and Dongfeng Motor Group will split the truck business of their Chinese joint venture for the transfer to the parent of Dongfeng public, paving the way for local production of Renault and Infiniti cars and a possible rapprochement between Dongfeng and Volvo trucks, reported Monday the website sina.com.

The activity of Nissan cars in the joint venture will remain intact, as its agreement with Dongfeng Automobile in small utilities, sina.com said, citing unidentified sources.

The hypothesis of an alliance between Dongfeng and Volvo Trucks is regularly mentioned for years but neither industry has recently reported on the subject. 

To get the green light from Nissan, Dongfeng could allow the Japanese manufacturer to produce its premium brand Infiniti and Renault models as part of their joint venture.

No spokesman for Dongfeng could not be immediately available for comment. A representative of Nissan said the group did not have information about an agreement.

As part of such an agreement, Dongfeng Motor will resume activity heavyweights as of July 1, said article of sina.com. He gives no details on the timing of an agreement Dongfeng-Volvo, nor on that of the production Infiniti and Renault.

Volvo has broken several years ago an alliance with China National Heavy-Duty Truck due to weak sales thereof.

BP stock market jumped after agreement on the oil spill

The action was sharply higher BP in London Stock Exchange Monday, boosted by the settlement of a dispute related to the oil spill in the Gulf of Mexico in 2010.

Around 9:05 GMT, BP gained 2.12% to 507.0 pence. The European oil and gas index lost 0.25%.

BP has entered into an amicable settlement with the plaintiffs' lawyers who had seized American justice. Still pursued by the government and its industrial partners, the British company said it had proposed $ 7.8 billion, of which 2.3 billion to offset losses for fishermen. She stressed that the agreement did not value recognition of its responsibility.

Some analysts argue that the slate is less than expected for the heavy oil.

Jason Kenney, oil analyst at Santander, for its part, BP sees "progress to a margin of 530 to 550 pence in the short term (or more), and perhaps even grow over subsequent quently ".

In all cases, the agreement next week increases the exchange of a negotiated settlement with the U.S. government, in the opinion of analysts.

"This agreement, if implemented, encourages even more the direction of BP to try to reach an amicable agreement (with the U.S. Department of Justice)," said Iain Armstrong ( Brewin Dolphin).

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.

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.