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.

Mitsubishi will build more in Western Europe

Mitsubishi Motors announced Monday it would cease later this year to build cars in its sole plant in Western Europe, the Netherlands, a move that was expected after the fall of sales on the continent.

Cars Nederland site, or NedCar, built the Colt and Outlander 4×4 but less than 5% of the total production of Mitsubishi, or 1.1 million vehicles for the year ended 31 March last.

NedCar production, jobs that 1,500 persons, fell to 50,000 vehicles per year, while it has a maximum capacity of 200,000.

Sales of Mitsubishi Motors in Europe accounted for 340,000 vehicles in fiscal 2007/2008 but had fallen to 218,000 in 2010/2011. 

Mitsubishi Motors is building a new factory in Thailand and plans to increase production in Brazil and China.

NedCar, based in Born, was born in 1991 as a joint venture between Mitsubishi Motors, Volvo and the Dutch state. Mitsubishi became the sole owner in 2001 having bought out his partners.

Plastic Omnium wins a contract with Audi, the title jumped

Plastic Omnium said Thursday it had won, through its subsidiary, Inergy Automotive Systems, a contract to supply from 2015 to Audi system to reduce emissions of nitrogen oxides for engines diesel (SCR).

This order represents an annual volume of 500,000 SCR systems for a estimated turnover of 500 million euros over the life of the vehicle, said the e quipementier car in a statement.

Around 11, the title won 3.63% to 21.13 euros, and signing one of the highest increases in the SBF 120 (0.07%). Stoxx index of auto sector was down 0.58% on his side.

"While this is great news n'impactera the group accounts as from 2015, it nevertheless proves that its focus on reducing emissions and 'relief of the vehicle makes sense, "said in a note CM-CIC Securities.

"We believe that the group has the necessary weapons to continue to grow revenue while maintaining its good fundamentals (…)", added through the purchase of the title.

The value also has a remedial purpose, Plastic Omnium has fallen by nearly 16% between late July and February 1, against a decline of 10% of Stoxx index automotive sector.

Carrefour Friday categorically denied press reports suggesting a possible change at the head of the group.

Le Figaro wrote that the main shareholders of the supermarket group, funds Colony Capital and Groupe Arnault, have courted Plassat George, the patron of the group distribution of shoes and clothing Vivarte to replace the current CEO Lars Olofsson.

"Faced with rumors successive change of any officer of Carrefour, the Board of Directors of the Company expressly disclaims any information on this release," the group said in a statement.

No one was immediately available from Colony Capital and Groupe Arnault to comment.

Source familiar with the matter, it tells Reuters that George Plassat has been approached by the shareholders of Carrefour to take the CEO of the group but he refused the proposal this month.

"It has been proposed and he said 'no'. It was during November," said the source.

"There is still no candidate to succeed Lars Olofsson," she added.

According to Le Figaro on Friday, the board gave Lars Olofsson to the end of the year to prove itself, especially in terms of achievement of financial targets for 2011.

"(Georges Plassat) is courted for months by the main shareholders of Carrefour.

Renault said Wednesday it intends to develop in India a new car less expensive than compact Pulse, its latest launch date in the Indian market, but at a price significantly higher than the ultra low cost segment.

In its edition of Wednesday, the Tribune reported that Detourbet Gerard, head of the range low-cost Dacia Renault will take the leadership in January of a joint team to the alliance with Nissan in charge of developing a new vehicle in India for emerging countries.

A spokeswoman for Renault confirmed this information, while stressing that the price of the vehicle would be "significantly higher" in 2500 euros raised by the business daily.With its partner Nissan, the group is now seeking to attract the middle class first in the country by launching products in the mid-range and higher, before proposing then vehicles more attractive prices.

Before the Pulse, scheduled for 2012, Renault has launched this year in India Fluence sedan and 4×4 Koleos.

The proposed ultra low cost car, announced in 2008 by the CEO of Renault-Nissan at a price of 2,500 dollars (1,900 euros), for its part has still not been completed when he initially was to be launched early this year , raising doubts about its viability.

Today, the alliance gives more timing and waits for Bajaj Auto, in charge of development of the car, he presented his platform before deciding whether to give it a more industrial.

BNP Paribas will eliminate 1,396 jobs in its banking activities and investment (BFI), or about 6.5% of the pole, told Reuters on Wednesday representatives of the CFDT union SNB and banking, to Following a meeting with management.

Downsizing of the BFI, which will be built through internal redeployment and voluntary redundancies, 1023 for positions abroad and 373 positions in France, said the two unions.The CIB division of BNP employed approximately 21,400 employees worldwide at the end of September, according to information available on the website of the bank.

The job cuts at BNP Paribas occur the day after a similar announcement of Societe Generale, which plans to reduce its workforce by bank and investment of several hundred jobs.

"BNP Paribas has announced a plan for job cuts is, in the world and only for bank financing and investment, 1396 jobs," said Joel Debeausse, deputy national delegate of the union SNB.

"It's 1023 posts for the world, there is no breakdown by country, and 373 for France," he added.

The number of jobs created was below expectations in the United States in October but the unemployment rate fell to 9.0%, a low of six months, and the upward revision to job creation August and September suggests that the labor market found strength.

The number of jobs created was 80,000 last month, while economists predicted 95,000. But the months of September and August, that number was revised up and give 102,000 more jobs than previously announced.

The unemployment rate fell to 9.0% against 9.1% in September.

The private sector added 104,000 jobs in October, while the public sector lost 24,000.

More than 68,000 passengers affected by the strike at Qantas

Australian Prime Minister Julia Gillard has asked Qantas unions to end their claim as the strike of the airline has reached over 68,000 passengers.

Julia Gillard, criticized for not having intervened earlier in this dispute, asked the court ruling in Melbourne this type of case to end as soon as possible to the strike.

"We have taken this action (going to court) because we are worried about the impact on the economy," said the head of the Australian Government.

The strike comes at a worse time for the Australian Government, the Commonwealth summit being held in Perth.Seventeen officers were invited to travel on Qantas aircraft Sunday.

Saturday, the airline has grounded more than one hundred aircraft and canceled 447 flights. The strike comes during a weekend of the busiest of the year in Australia in terms of air transport, in part because of a very popular horse race, the Melbourne Cup horse, which takes place Tuesday and attracts tens of thousands of people.

The unions are demanding salary increases and improved working conditions, and challenge the strategy of the company to focus its international activities in the Asia-Pacific region. The company management wants it removed through a thousand jobs.

Death is expensive in France

Bury or cremate their dead costs on average 3,000 euros, according to a survey of the UFC-Que Choisir. The difference between the cheapest quote (1300 euros) and the most expensive (6100 euros) shows that competition is not enough. Cemetery of Pantin, near Paris

Bury or cremate their dead is a complex and costly journey to the consumer who must deal with often exorbitant prices and specifications are difficult to obtain or abuse in an industry where competition is not. The cost of the passage from life to death can be multiplied by five, depending on the selected services and burial.A survey of UFC, released Tuesday, provides a range of 1300-6101 euros between the cheapest quotes and the highest, at an average cost of 3098 euros, almost equivalent to a burial or cremation.

These differences show that the competition is not enough, and especially since customers weakened by grief often accepts the estimate prepared by the provider first met. "Play competition, even in the case of death, it's not butt, although some operators do not hesitate to make this argument vicious" to corner the families to pay a high price, told the AFP Alain Bazot, president of the association.The "first condition" of healthy competition, he says, is a quote "transparent and legible for comparing and sorting" between mandatory services and plenty of optional services (flowers, toiletries, conservation , dressing, porters etc. ..) always available.

The price of the coffin varies from 950 to 1300 euros, care to the deceased from 90 to 150, the burial chamber from 250 to 400, and administrative procedures handled by the operator 110 to 263 euros. However, the benefits required by law, can be summarized in a coffin 22 mm – 18 mm for a cremation – a mechanical seal, four handles, an identification plate, and a vehicle authorized to transport the deceased.

Reinvigorate competition

A ministerial order intended to force since August 2010 funeral operators to establish transparent and legible quote, did not provide a satisfactory answer, according to Mr.Bazot: 97% of estimates collected by UFC does not conform to the regulatory model, 39% only partially meet the criteria, and 18% of 997 shops visited refused burial to establish a personalized quote. The constraint can not be effective if accompanied by sanctions, and this, according to Bazot, the Directorate General for Competition (DGCCRF) must become a "deterrent" in imposing penalties financial.

DGCCRF objected that "this is the field establishing PV" including crimes (in case of deception on benefits). Paid for justice to follow. DGCCRF also conducts investigations "to identify more discrete agreements between operators or abuse of dominant position". For in this local market, franchisees and independents, too often only locally, abuse of that exclusivity.

"There are ways to enhance certain operators and avoid the ill will of others," says Bazot proposing to inform consumers through brochures available in hospitals, nursing homes, and town halls. "It's not revolutionary, he says, but it can revitalize the competition."