Berlin to a growth pact, but its conditions

The German Minister for Foreign Affairs presented a Friday "Growth Pact" European six-point, while reiterating that Greece should comply with its commitments to fiscal reforms TARY if she would qualify for financial assistance from the euro area and not be excluded from it.

"In Europe, we also want to focus more on growth," said Guido Westerwelle before the German deputies in the Bundestag.

The minister was however opposed to increased spending, saying the pact for growth, particularly desired by the new French president Francois Hollande, was not to imply that " better use of resources "from the EU. 

Guido Westerwelle city "trips financed by Europe in the romantic hotel spas" as an example of waste in Europe.

The minister said the EU should invest 80 billion euros of unused structural funds in projects aimed at stimulating growth and competitiveness.

He also wanted to push the European Central Bank (ECB) to provide better access to credit for small and medium enterprises.

The former head of the liberal FDP, which form a coalition with the Christian Democrats (CDU / CSU) Chancellor Angela Merkel, European growth was linked to a liberal ralisation of domestic and foreign markets. 

Francois Hollande Angela Merkel will meet Tuesday, hours after his inauguration, to discuss the crisis in the euro area and the measures needed to stimulate growth in Europe presqu'entiè ; LY dive into recession – with the notable exception of Germany.

This will be their first face to face interview, while Angela Merkel has avoided meeting Francois Hollande during the presidential campaign, where she supported his opponent Nicolas Sarkozy.

Peter Bofinger, one of five "wise men" who advise the German government on the economy, has also decided Friday to allow more room for countries suffering from the debt crisis. 

"The problem countries kill themselves to save," he told an Austrian newspaper. "We must stop this, even if deficits rise in the short term."

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.

Recovery within 3 months of buyback of shares to the ECB

The European Central Bank (ECB) will resume its share buyback program of sovereign debt of countries in the euro area in the course of the next three months because of high yields on securities of different countries and relapse into recession in the block, show the results of a Reuters poll of economists from.

Three quarters of survey participants believe the central bank will resume its work on sovereign debt to lower yields and a large majority of them expect it to intervene in the three coming months. 

"The renewed tensions on the bond markets can provide an alarm loud enough to wake the share buyback program," said Philip Shaw, chief economist at Investec, in reference to the purchase program of sovereign debt in the euro area the ECB has shelved for six weeks.

"There is nothing imminent, but we feel that this should not be too far off," continued Philip Shaw.

The ECB had reactivated its share buyback program in August after four months of interruption while the sovereign debt of Italy and Spain were attacked. 

The lull caused by the announcement and the implementation of two unlimited refinancing operations to three years in December and February, which resulted in the injection of more of 1,000 billion euros liquiditésa led to a muting of the program.

The representatives of the ECB, and its chairman Mario Draghi himself Wednesday, had clearly said that the ball was now in the court of governments regarding new measures to support the activity.

Yields on sovereign debt in Spain ten years, however, have recently crossed the threshold of 6.0%, considered difficult to sustain over time. 

The ECB has already acquired the equivalent of 200 billion sovereign debt while sterilizing its interventions by a withdrawal of an equivalent amount of liquidity to the banking system avoid monetization of public debt that its statutes forbid it.

The first results of the survey from Markit purchasing managers (PMI) for the euro area in April released Monday showed an increased contraction of activity in the private sector.

According to a previous Reuters poll of economists from the euro area is expected to moderate recession until the third quarter of this year. 

The ECB lowered its main rate at a record low of 1.0% in December, should not change it in one way or another before 2014, according to the forecast EM diane of economists surveyed this week.

Only one economist told to expect the ECB to lower its main rate by a quarter point at the next meeting of its Board of Governors, May 3

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.

LIVE. Xavier Bertrand debate-Francoise Gri on youth employment

The Minister of Labour is currently a guest on Expansion and Business Institute for a discussion with Francoise Gri, Manpower France's patron. Follow the live chat with Dailymotion.

In anticipation of upcoming elections, the Institute of Business and Expansion Tuesday, April 10 to receive 8h30Xavier Bertrand, UMP Minister of Labour, and Francoise Gri, President of ManpowerGroup France. They discuss the theme: "Youth employment: how to meet (finally) the challenge?".

The debate is moderated by Beatrice Mathieu, a journalist at L'Expansion. It is broadcast live on Dailymotion. You can also comment on twitter and ask your questions or comments via or via the # debateco. Three questions will be selected and asked Xavier Bertrand on video.

The global air traffic up 9.3% yoy in February

The air passenger traffic grew 9.3% yoy in February but rising fuel prices and the deterioration of the overall business climate are factors of uncertainty for the future, announced Tuesday the International Air Transport Association (Iata).

The numbers at the end of February have benefited the Chinese New Year, Carnival in Rio and a favorable base effect due to the impact of traffic on the Arab spring last year ; re the same period.

"The outlook is fragile. Improving the business climate weakened in February. This will limit the potential for customer growth in business class and implies an acceleration of the freight is not imminent, "said Tony Tyler, CEO of Iata said in a statement

. growth in international cargo was 5.1% on-year slide in February …… Passenger traffic

… grew faster than the available capacity that growth came to 7.3% year on year, which resulted in a better load factor of the devices. The trend was reversed for freight, which has resulted in a rate of capacity utilization of only 50%, IATA said … ……

Total will drill two relief wells "as soon as possible" in Elgin

Total said Friday it would launch "as soon as possible" the drilling of two relief wells in the facilities from which Sunday since the flight of his platform of Elgin, in the North Sea.

The French oil group further found that surveillance operations and interventions on the well in question, whose operation was stopped in 2011 after abnormalities, were made in compliance with procedures.

"We will start drilling as soon as possible," he said during a meeting with the press Hourcard Michel, director of branch development and exploration and production of Total spokesman technical the incident of Elgin. 

Asked about the duration of the operation, he said it was "reasonable" period of six months previously discussed by Total.

Michel Hourcard also said the group planned to inject parallel mud into the well from which the gas leak.

Philippe Guys, managing director of Total Exploration and Production UK, had earlier told a news conference in Aberdeen, Scotland, the relief well drilling could start by 7 to 10 days.

Hourcard Michel for his part reiterated that the operation of the pit Elgin from which the leak had been stopped for "a little over a year" after the finding of an "anomaly in the conditions of production". 

"There was at the beginning of February (2012) a second anomaly that occurred in the pressure recordings (…), which led us to say that It happened probably something that brought us to intervene, "he added.

SITUATION "STABLE"

Total was then started an "abandonment" of the well, which is to be injected with mud, a process that was underway when the leak was found on March 25.

"The operations of 'monitoring' and action plan on this well have been done well, there was no non-compliance with procedures. From the moment that there were anomalies, it was moved to safety, "said Michel Hourcard

. A union source however said that Total employees on the platform of Elgin had warned the group against the risk of leaks before it occurs but had been told that the incident "could not happen" Total

. also exploring various solutions that would extinguish the flare its platform, where he says the situation remains "stable"

. It comes to mind watering the flare of the platform -either by helicopter or by fire-ship or to proceed with a nitrogen purge to deprive it of oxygen. 

The flare, which reduces pressure on the platform was removed, can not be turned off remotely and with a higher risk of inflammation of the plumes of gas escaping into the air from the leak, a hundred meters away.

Total and British authorities have called a "minimum" potential risks to the environment of the cloud of gas and a thin oil slick which has spread on the water surface. Experts on environmental issues, however, considered only a short distance the "cocktail" of gas would be flammable or toxic.

According to the British, the flare is a risk factor as long as it stays on even when the wind blows the cloud of gas in the opposite direction and that this weather should continue in the foreseeable future.

"Total has assured the government that the platform is designed so that the flare is located in an area where the prevailing winds away from the gas," said ; the UK Department of Energy. 

The leak appears to come from a rock formation located in the upper well and thus added Total volume of gas from this close formation, which is not a re ; tank production in the Elgin field, is difficult to assess.

International experts who advise Total have not yet made a final recommendation to proceed to sealing and repairs, the ministry said.

The gas leak, which broke out Sunday, forced Total to evacuate 238 people who worked on the platform of Elgin, about 240 kilometers off the coast of Aberdeen .

Havas buys 12% stake for 253 million euros

Havas Friday presented a proposed acquisition of 12% of its capital to reduce the discount on the stock exchange and optimize its financial structure.

Number six global advertising announcement in a statement launching a tender offer for 51,729,602 shares (Opra), for a price of 4.90 euros per share, giving a total of 253 million.

Vincent Bolloré, which controls 32.84% of Havas which he is president, is committed to the AMF not to exceed the threshold of 37.32% of share capital and voting rights and not to influence the decisions of the Extraordinary General Meeting of May 10 

Havas said its decision by the lag between changes in its net income, which more than doubled between late 2006 and late 2011 to 120 million euros, and that of his action grew only 2.3% over the same period, resulting in discounted valuation multiples compared to peers.

The action Havas has closed up 0.92% to 4.053 euros Friday, giving a market capitalization of 1.75 billion. She won 27% since the beginning of the year, after falling 18% in 2011.

Havas announced in early March organic growth greater than its European rivals WPP and Publicis in 2011, without providing a forecast for 2012.

Casino will be the sole controlling shareholder of Brazilian GPA

Casino announced that it would exercise its right to become the sole controlling shareholder of Grupo Pao de Acucar, a decision that could undermine the influence of the president's first distributor in Brazil .

The influence of the French retailer Grupo Pao de Acucar has intensified since President and member of the founding family Diniz attempted to mount last year a merger with Carrefour. 

"To prepare for the reorganization of the control of Companhia Brasileira de Distribuicao (GPA) on 22 June, as provided in the shareholders of the company ; Wilkes (which controls GPA), Casino Guichard-(Casino) informed his partner that day Mr. Diniz it intended to exercise its contractual right to appoint the Chairman of the Board of Directors Wilkes, "said Casino in a statement released Wednesday evening.

"The decision to exercise this power Casino contract allowed him to obtain exclusive control of GPA, pursuant to the shareholders of the company Wilkes," says Casino, who said so confirm its "long-term commitment in Brazil." 

In the opinion of analysts, litigation with Casino qu'Abilio Diniz involves risks losing its control over a company founded by his father in 1948.

A spokesman representing the interests of the family Diniz said the right to control Casino was established in a shareholders' agreement and added that 'Diniz remain president Henrique.

But some analysts say it will not only be a minority shareholder of a corporation over which he exercised control once.

Its proposed alliance with Carrefour had received a time downstream of the Brazilian government, which subsequently withdrew its support. 

But Casino, who paid a premium to exercise its right to control when he came to the rescue of the distributor in 1999, had strongly opposed this and appealed to the courts.

The local press also wrote qu'Abilio Diniz wanted to propose a split of the subsidiary appliances, leaving the Casino supermarket division, which represents roughly half of turnover of the group.

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 ".