The CDC meets on Wednesday resumed Dexma

The final pattern of the recovery of Dexma, a subsidiary of French bank Dexia being dismantled, should be arrested by the end of the week while Caisse des Depots (CDC) meets on Wednesday its supervisory board on the subject, Reuters reported Tuesday sources familiar with the matter.

Agreement on the resumption of Dexma (Dexia MA), specializing in refinancing loans to local authorities, is crucial in today dewatering of loans to community ; s French local. 

Caisse des Depots, who had already participated in the rescue of Dexia in 2008, and the Post Bank should take over from the Franco-Belgian bank in this market with the launch, expected to ; mid-2012, a new public bank dedicated to local governments.

"The supervisory board of the Fund is meeting tomorrow (Wednesday, Ed)," Reuters said a source familiar with the matter.

"There will be a point on Dexma," said a second source confirming the meeting of the supervisory committee of the CDC.

Two other sources familiar with the talks added that an agreement on Dexma was now imminent.

"This is about one to two days. It will be before the end of the week, "said one of these sources

. The Fund deposits declined e to comment while no one was immediately available to respond at Dexia

. Under the dismantling of the former world leader in financing local government, the French state could eventually take a stake of around 25% to 33% in Dexma to defeat the re ticences of the Deposit to resume this structure whose loan portfolio, valued at approximately EUR 80 billion, could be toxic ……. FOUND AN INVOICE

.. TOO HEAVY FOR THE CDC

The Post Bank would in turn take a minority stake of 5% in the initial plan provided last fall. News reports have mentioned these days a stake of up to 7%.

In recent weeks, several members of the parliamentary committee to monitor the CDC has expressed concern over the increase in numbers of the Deposit in favor of businesses hit by the crisis, as was the case with the bailout of insurer Groupama.

Fearing that the CDC can not alone bear the brunt of the resumption of Dexma, some of them felt that direct intervention of the state was desirable to reduce the invoice. 

A final agreement on Dexma will also submit to the creation of new public bank for local communities, some of them likely have to abandon or postpone investment projects due to lack of credit banking.

According to forecasts by Dexia Credit Local, some 10 billion euros in 2012 could fail to secure the financing that French local authorities have required banks deserting the market because of the crisis and new prudential rules.

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.

Asia continues to draw clear of global economic growth, but may be affected by a worsening crisis in the euro area because of its trade and investment links with Europe, said Saturday the director of the International Monetary Fund, Christine Lagarde.

The latter was speaking at a press conference after his meeting with Japanese Minister of Finance, Jun Azumi.

Former French Minister of Economy has called for strengthening international cooperation and a determined political action in order to ensure a strong, sustainable and balanced.

"(…) We discussed the consequences of the crisis in the euro area, and that it would have for the rest of the world, especially Asia, if it gets worse again."

"In current circumstances, no country can be immune, regardless of its development, its level of emergence or advancement," she warned.

Before arriving in Tokyo, Christine Lagarde visited Moscow and Beijing, hoping to convince Russia and China to invest part of their huge foreign exchange reserves in the bailout funds in the euro area .

The large emerging group of BRICS (Brazil, Russia, India, China, South Africa) are reluctant to invest directly in the European Financial Stability Fund (EFSF), and prefer to help Europe through contributions to the IMF.

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.

Trichet sees risks to financial stability

Risks to financial stability have increased dramatically, said Friday the president of the European Central Bank Jean-Claude Trichet, asking the authorities to act decisively to stem the current problems.

"The risks to financial stability in the EU have increased significantly," said the chairman of the central bank in the euro area in a speech to the Bretton Woods Committee.

"In recent months, the stress of increased sovereign smaller economies to larger economies of the EU," he said.

Jean-Claude Trichet also said:

Resolute action is required from all authorities, we need a rapid implementation of decisions taken on July 21

authorities should take advantage of the option EFSF lending to governments to recapitalize banks

should modify the treaty to allow EU decision-making power in the event of threats to the eurozone

The ECB stands ready to provide unlimited liquidity, currently, provides up to three months.

CASA provides a deal to freeze the money market

Credit Agricole, which accounts for the second quarter suffered a heavy burden to Greece, said Thursday that it could compensate for a freeze on cash from U.S. money market, essential for the refinancing of European banks.

The group, which is the latest French bank to publish its second quarter, also ruled out any increase in capital stock exchange after the fall of his title since late June, just like all European banking shares.

"The refinancing home residual dollar money-market funds (funds U.S. Money, Ed) is now reduced (…

Faced with the debt crisis in the euro area and degradation in early August after the United States note by Standard & Poor's, banks try to reassure investors who have shown past two months, concerns about the refinancing of European banks.

These concerns have led to a fall in European banking shares. The European banking index has lost more than 26% since late June.

In this context, the titles of the French banks were particularly hard hit, including a plunge of 48% for Societe Generale and Credit Agricole 40%.

NO CAPITAL INCREASE PLANNED

"The month of July took place normally.August was a bit more complicated given the financial movements and disturbances that have existed.This is what we can say about the game BFI (banking and investment, Ed), "said Jean-Paul Chifflet, the executive director of Credit Agricole, asked about the activities of the bank over the last two months.

"We do not plan a capital increase," he added.

In the second quarter, the bank, which launched in late July a warning on its results, posted a net profit of 339 million euros, down 10.6%, after a charge of 653 million euros related the Greek crisis.

According to the consensus reached by the editor of Reuters, analysts on average expected a net profit of 193 million euros.

The load on Greece proves ultimately less important than initially announced.

Net income for the Crédit Agricole group as a whole for its spring to 881 million euros for the second quarter. For comparison, BNP Paribas and Societe Generale respectively reported a net profit of 2.12 billion euros and 747 million euros.and

Given the deterioration of the crisis in Greece, Crédit Agricole was forced to abandon its goal of returning profits to its Greek subsidiary Emporiki in 2012, without setting a new schedule.

However, the bank maintains its financial targets for 2014, ie a net profit of six to seven billion euros in 2014 and revenue over 25 billion.

Parisot opposes higher taxes for businesses

Asked about the fiscal tightening to come, the president of MEDEF opposes a heavier tax burden on businesses, which increased their production costs. It calls for a concentrated effort on reducing expenses. For the leader of the MEDEF, "Small and medium enterprises are the cleat of what they may experience as a tax burden."

The president of MEDEF, Laurence Parisot, ruled Monday that the government should be careful "not to penalize" companies not to stop growth, while it must present a Wednesday fiscal tightening to meet its commitments deficit."If we win tenths of a percentage point of growth, it is important not to penalize companies, it is important not to exacerbate their production costs," warned Ms. Parisot on France 2, but stressed that "efforts should collective being, "but to focus on reducing expenses.

The government must announce Wednesday a fiscal tightening needed to meet its commitments deficit in turmoil on financial markets. Asked about the available margins, the president of MEDEF, which is scheduled to meet Prime Minister Francois Fillon in the day, said that "small and medium enterprises are the cleat of what they may experience as a tax burden."

She, however, conceded that "there may be some room for maneuver in very large companies," without giving further details."They must also remain competitive globally," warned Laurence Parisot. The leader of the employers' association also estimated that there were other avenues to consider, such as public service delegations from the state to the private sector. "This would allow the state to spend less and companies to develop new on those sectors," she said.

2% growth, a target "hard to reach"

Laurence Parisot considered "very difficult" to achieve the government target of 2% growth in 2011, a figure considered unrealistic by many economists. "This is something that seems very difficult to achieve," said Ms. Parisot on France Televisions, while the French gross domestic product stagnated in the second quarter, indicating a sharp slowdown in economic activity.

The government's growth target is 2% in 2011, but many economists and analysts say the figure is unattainable, which complicates the preparation of budget 2012 and the commitments for deficit reductions public. The government Wednesday to unveil tracks withheld in an attempt to find additional funds to meet these targets. "If we do not show discouragement, we can continue to get these points of growth," however, felt Ms. Parisot.

The United States lose their AAA, states pressed to act

The rating agency Standard & Poor's downgraded the sovereign rating on Friday the United States, culminating a week of panic in financial markets alarmed by the scale of public debts and a slowing global economy .

This decision could further increase the turbulence in financial markets reopen Monday.Sign of the concern of world leaders, finance ministers and central bankers of the G7 countries will meet by phone over the weekend, officials said European diplomatic source.

Export themselves to the other side of the Atlantic, the debt crisis thus far confined to several members of the euro area has taken an international dimension and requires global coordination, said the senior official.

The European Central Bank also plans to hold a conference call Sunday afternoon, says a source close to the institution.

The debate is open to the institution the opportunity to buy government bonds in Italy to calm speculation, as Silvio Berlusconi promised on Friday to return to a balanced budget in 2013, one year of ahead of schedule.

Markets are less and less confidence in Spain and Italy to honor their debts and the scenario of a domino effect in the euro area continues to unfold. The fear of tipping the U.S. into recession has also fueled the drop in global financial markets, who lost 2500 billion in one week.

THE "GOOD OLD TIME IS OVER"

After the close of Wall Street, the United States for the first time lost their precious AAA.Sovereign debt is now rated AA + by rating agency Standard & Poor's, which raises the specter of a further deterioration in a year.

This decision, rather expected, sanctions in the eyes of S & P without a viable political compromise on the reduction of U.S. debts. The White House responded by calling on lawmakers to cooperate more.

Lowering the American note could have implications on the status of reserve currency the U.S. dollar.China asks in a comment to Xinhua news agency that the international community to reflect a new reserve currency, "stable and secure."

Beijing, the first creditor of the United States, attacks in this dispatch to the U.S. government, demanding that it "faces the problem of structural debt.""The good old days when he only had to borrow to get out of trouble he had himself created is over," said agency official.

Russia, the third holder of the world's gold and foreign exchange, behind China and Japan, was much more measured, considering the example of France that the U.S. debt will remain a benchmark bond.

DIVISIONS WITHIN THE ECB

This new development in the debt crisis increases the pressure on governments.In its analysis, S & P said the deterioration by the lack of fiscal consolidation plan adopted by Congress in exchange for raising the debt ceiling U.S. and the incapacity of the leading Democrats and Republicans to govern together.

European markets also expect a rapid and effective government too indebted to their liking.

After Greece, Ireland and Portugal, investors fear that it is the turn of Italy and Spain, third and fourth economies in the euro area, have to seek a rescue.

Silvio Berlusconi bowed to international pressure by promising to accelerate the implementation of austerity measures and social reforms.He, however, again rejected the hypothesis of an early election while the opposition demanded a government "technical" to restore financial credibility of the country.

Thursday, investors did not appreciate that the ECB does not buy Spanish and Italian bonds, limited to the sovereign Irish and Portuguese, while the yield of securities issued by Rome and Madrid exceeded 6%.

Two days later, it seems that it was a maneuver to push Silvio Berlusconi to act.

"In principle, we can say that the ECB could start to buy bonds if Spain and Italy (both countries) made an extra effort in terms of fiscal and structural reforms," ​​said a senior official told Reuters the euro area.

But divisions remain within the ECB the opportunity to buy the Italian debt.