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 Tokyo Stock Exchange finished up 0.23%

The Tokyo Stock Exchange ended slightly higher Monday, China's decision to lower the reserve requirement ratio imposed on banks, a measure appropriate to support credit and economic activity, having taken over the persistence of concerns generated by the political stalemate in Greece.

The Nikkei gained 0.23% or 20.53 points, to 8,973.84. In contrast, the Topix broader, yielded 1.70 points (-0.22%) to 756.68.

China cut Saturday the amounts that banks must hold in reserve, thereby increasing their lending capacity of 400 billion yuan (48 billion euros), a measure taken to e avoid the risk of a sharp slowdown in the second largest economy.

In Greece, the leader of the radical left, Alexis Tsipras, Monday refused to participate in negotiations of the last chance to form a national unity government, paving the way for the organization likely new legislative elections in June. 

Action Nissan sold 1.99%, investors apparently not been impressed with the predictions of the manufacturer, which saw operating profit grow by 28 , 2% this year.

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.

Greece: austerity censored, neo-Nazis to Parliament

Both sides pro-austerity Greek PASOK and New Democracy, who ruled together in a coalition since November 2011 collapsed in parliamentary elections this Sunday. The country is on the brink of ungovernability. Winner of the poll, the small party of the extreme radical left, Syriza, led by Alexis Tspiras, becomes the second largest party in Greece.

The austerity policy conducted in Greece for two years under pressure from international donors in the country was heavily censored Sunday by voters who sprayed the positions of both parties proponents of strict neo-Nazis and sent to parliament.

New Democracy (right), one of two parties with the PASOK socialist who signed with the European Union a commitment to continue the policy of austerity and reform, has become, as expected, the first party of Greece. But his score historically low, between 17 and 20% of the vote, should make the creation of a stable government impossible, according to preliminary comments.

The austerity censored

PASOK (Socialist), whose former boss George Papandreou had sought a loan from the European Union and the International Monetary Fund in May 2010, rolled out of the poll, with a score between 14 and 17% against 43.9% in 2009, punished for having accepted the terms of drastic austerity attached to aid.

In total, the two parties that formed the pillars of the Greek party system since the fall of the colonels' dictatorship in 1974, do not even reach the 37% needed for a majority of parliamentary seats (151), which bodes ill for opportunity to continue the current policy. "It is a political earthquake that strikes the government parties," said the chain Mega, Panos Panagiotopoulos, a tenor of the New Democracy, the conservative party claiming the top spot. The leader of PASOK, Evangelos Venizelos, who negotiated over the past months the agreement to erase debt and the second international aid plan in the country, acknowledged Sunday night that the formation of a national unity government pro-European, he has expressed its wish to take the country out of the impasse would be "difficult".

The radical left party Syriza, winner of the elections

Winner of the poll, the small party of the extreme radical left, Syriza, led by Alexis Tspiras, becomes the second largest party in Greece, with a score between 15.5 and 17.5% instead of 4.6% in in 2009.  

First surprised by the ras-tidal, activists gathered at party headquarters have not posted too noisy joy, puzzlement and questions about the future of the country appears to the fore the concerns of activists, according to a photographer at the scene. The party requesting the suspension of debt service, deletion of part of the public debt, adding a clause pro-growth in the memorandum.

Officially it does not demand the release of the euro in Greece, PASOK but during the campaign has often been accused of being the party of the output of the euro. In terms of seats, the conservative New Democracy would win 108 seats, PASOK and 38, face two disparate blocks left and right of rejecting austerity. The party of the radical left Syriza get 47 seats. The campaign was dominated by the challenge to the austerity policies conducted under the leadership of donor countries.

9.8 million voters

Approximately 9.8 million Greek voters voted Sunday to renew Parliament in an election dominated by the implosion of the old two-party political system and, at the risk of challenging the recovery efforts of countries within the euro area . Under the Constitution, the mandate to find an alliance government is first given to the leading party, before moving on failure to include two, within a period of ten days.

Illustrating the exceptional climate that prevailed throughout the campaign, thirty neo-Nazis broke into Athenian six polling stations during the day, where they have engaged in intimidation against leftist activists, along the minor party far left Antarsya. Police confirmed two incidents, attributed to the small group Chryssi Avghi (Golden Dawn), which entered parliament for the first time in modern history of the country, having obtained between 6 and 8% of the vote according to exit poll .

This neo-Nazi party, long semi-clandestine and known for its attacks against migrants, denounced the MoU signed by Greece with its creditors, and refused repayment of public debt. Entered parliament as a shock in a country that has suffered severely the yoke of Nazi occupation and a military dictatorship from 1967 to 1974.

Aer Lingus plays cautiously by paying its first dividend

The Irish carrier Aer Lingus announced Friday it would pay the first dividend in its history as a listed company, but its amount has not been enthusiastically received by investors who expected much more.

Entered the stock market in 2006, the airline announced in July the payment of an ordinary dividend of 3 pence per share in the wake of the release by the group improved its re results.

In total, the group will restore a total of 15.9 million euros.

However, he ruled out any possibility of paying a special dividend, as it did before its competitors Ryanair and EasyJet. 

The financial director of Ryanair, Aer Lingus' biggest shareholder, has welcomed the announcement of a payment, while calling it "pathetic", arguing that a combination of 50 million euros have been ; more appropriate to the billion euros in cash for which the carrier is sitting.

"If we were at Christmas, I would call stingy," said Howard Millar.

Some analysts said that shareholders might be disappointed, but justify the cautious attitude of Aer Lingus in the context of uncertainty that surrounds it.

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.

Household consumption fell by 2.9% in March

French consumer spending on goods fell 2.9% in March, erasing the equivalent rebound registered the previous month (3.0% in the first estimate) , according to data released Friday by INSEE.

Throughout the first quarter, growth in household spending on consumer goods rose 0.2% after rising 0.3% in the fourth quarter of 2011. Over one year, from March 2011 to March 2012, however, they contract by 2.0%.

The decline in consumption of goods recorded in March was due to falling energy costs (-11.3% compared to February) and to a lesser extent to decline in food expenditures (-2.3%).

The 17 economists polled by Reuters on average expected a 1.9% decline in consumer spending on goods in March.

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.

Map of Bordeaux vineyards passed under the Chinese flag

Château de Viaud in Patache, through the Grand Mouëys, discover new properties fell into the hands of the Middle Kingdom. Since 2011, redemptions accelerated.

The wave of takeovers of Chinese vineyards in the Bordeaux region has increased since 2011. At least a dozen properties were acquired by the Chinese last year. And since the beginning of the year, four transactions were concluded. Among them, the sale of Grand Mouëys in mid-February to Jinshan Zhang, the founder of a major Chinese producer of alcohol goji berries.

And the trend could increase its intensity. This is the month that predicted Jean-Luc Coupet, creator of Wine Bankers, a reference to the wine market transactions. For him, "in this wave of buying, the biggest deals yet to come." The Chinese market is already the leading destination for exports of Bordeaux wines, with about 436,000 hectoliters shipped representing 334 million euros. Besides the 100,000 hectoliters sold in Hong Kong, for 348 million euros. China would it be the future of Bordeaux?

Here are our full investigation "Harvest in the Bordelais Chinese"

The recent Chinese acquisitions in the Bordeaux Appellation Names Purchase Date Buyer Village 1. High Brisson St. Emilion Peter Kwok, Taiwan 1997 Vignonet 2. Latour-Laguens Entre-deux-mers Haiyan Cheng (Longhai Group) 2008 St-Martin-du-Puy 3. Richelieu Fronsac A & A, Hong Kong 2009 Fronsac 4. Old Cy Zhejiang Brondeau Libourne Saint-Earth 2009 5. Chenu Lafitte Cotes de Bourg village Group Haichang 2010-sur-Gironde 6. Viaud Lalande de Pomerol-Cofco 2011 Lalande de Pomerol 7. Laulan Ducos Medoc Richard Shen (Tesiro) 2011 Jau-Dignac-and-Loirac 8. Lagarosse Cotes de Bordeaux Carlico, Hong Kong 2011 Tabanac 9. La Salle Cotes de Blaye 2011 Zhongai Saint-Genes-de-Blaye 10. Monlot Saint-Emilion Zhao Wei and Huang You Long 2011 11 St. Hippolyte. Lafon Listrac Marvelake Listrac-Médoc 2011 Wine 12. Barateau High Medoc Wine Marvelake 2011 Saint-Laurent-Médoc 13. The Bourguette Sainte-Foy-Bordeaux Beverly Koo, Hong Kong nc Saint-Philippe-du-Seignal 14. Lezongars Between the two world seas Dashang 2011 Villenave de Rions 15. La Roche Pressac Cotes de Castillon Skyvast Properties, Hong Kong 2011 Saint Magne de Castillon 16. The Patache Pomerol Peter Kwok, Taiwan 17 2011 Saint-Emilion. Grand Branet Entre-deux-mers 2011 Capian Cheng Qu 18. Branda Puisseguin-Cheng Qu Saint-Emilion 2011 Puisseguin 19. Laurette St. Croix-Mount Cheng Qu 2011 Sainte-Croix-du-Mont 20. Thébot Sainte-Foy-Bordeaux Cheng Qu 2011 Saint-André-and-Appelles 21. Tour-Saint-Christophe Saint-Emilion Peter Kwok, Taiwan 2011 St. Christophe-des-Bardes 22. Bertranon St. Croix-du-Mont Meng Gao Loupiac 2012 23. Between Cugat-deux-mers 2012 n.c. Blasimon 24. Grand Mouëys Entre-deux-mers Jinshan Zhang (Ningxiahong) 2012 Capian