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.

Wall Street ended up 1.23%, boosted by employment

Wall Street closed sharply higher Friday, boosted by the employment statistics, which in particular led the Nasdaq Composite to register a peak of 11.

The Dow Jones for his part tu a high of four years, while a large number of stocks from the peaks have registered a year.

The Dow Jones took 156.82 points (1.23%) to 12,862.23 points. The S & P 500 gained 19.36 points (1.46%) to 1,344.90 points. The Nasdaq Composite Index gained 45.98 points (1.61%) to 2,905.66 points. On the whole week, the Dow gained 1.6%, the S & P 500 2.2% and Nasdaq 3.2%.

The S & P 600 small caps for his part closed Friday's session at a record high of 463.56 points, representing a gain of 2.14%.

The upturn in the U.S. employment continued in January, with the highest rate of job creation observed in nine months, and the unemployment rate fell to , its lowest level in nearly three years, reflecting the impact of growth in the fourth quarter of 2011 at the beginning of new year.

Other statistics published in the day, the industrial orders and the ISM services. Orders to U.S. industry rose for the second consecutive month in December, driven by increased business investment.

The growth rate of services sector in the United States has clearly accelerated in January, while economists had estimated that it would evolve in the same tempo as December , according to figures released Friday by the Institute of Supply Management (ISM).

"This is confirmation of a slow but significant statistics US", says Stephen Wood (Russell Investments), noting that risks remain, however, as the debt crisis in Europe.

The financial sector gained 2.68% and 1.71% of industrial

Values, and therefore against the trend, Estee Lauder loses 2.33%. The American cosmetics group, citing adverse currency effects and increased its advertising spending, announced quarterly forecasts well below expectations.

More than halfway through the "season" results, 60% of the S & P 500 have reported results above consensus, according to Thomson Reuters I / B / E / S.

Cameron mocks Sarkozy's Tobin Tax

With this measure unilaterally decided by France, the UK will host "several French banks," mocked the British prime minister Monday. Meeting between David Cameron and Nicolas Sarkozy at the Elysee December 2, 2011. <p> British Prime Minister David Cameron mocked Monday Nicolas Sarkozy's decision to unilaterally introduce a tax on financial transactions, believing that by this measure, the UK would host "several French banks." " / p> "I find it incredible that we can do this," said Mr. Cameron about Mr Sarkozy's decision to introduce this tax without waiting for its European partners. "As we fight for jobs and growth, do something that cost so many jobs seems extraordinary," he said during a press briefing on the sidelines of a summit of 27 countries of the European Union in Brussels. </ p> "And in a healthy sense of competition with France, if France a tax on financial transactions, our door is open and we can welcome UK banks and many more French companies, and our economy will grow, "Mr Cameron joked. </ p>" I am full of admiration for Nicolas "<p> While noting that they were disagree on certain issues, he described the French president as "remarkable man" and recalled their collaboration during the war in Libya. "I wish the best to my friend Nicolas," he added, in response to a question whether, as German Chancellor Angela Merkel, he would campaign for re-election of Mr. Sarkozy. </ P> "I am full of admiration for Nicolas. From time to time he said something with which I do not agree, as when he said that Britain has no industry, as we have an industry larger than France, "he said. </ p> M. Cameron was referring to comments made Sunday night by Mr Sarkozy during his interview broadcast by French television channels. "We can talk in the UK with pleasure, the UK, they have more industry", launched the French President. </ P> Relations between the two men are strained these recent months. The EU summit in late October had already been the subject of a frank explanation of them, M. Sarkozy irritated during a meeting that Mr. Cameron gave lessons to the euro area over the course of action. </ P>

Like the European stock markets, Wall Street soared Monday, gaining more than 4% in response to the coordinated action announced by the major central banks to maintain liquidity in markets shaken by the debt crisis, a measure that removes the specter of a global recession.

The Dow Jones industrials gained 30 4.24% or 490.05 points at 12,045.68. The S & P-500, wider, took 51.77 points, or 4.33% to 1246.96.

People's Bank of China (PBC) also supported the rating, reducing the reserve requirement ratio for the first time in nearly three years to ease tensions in the credit market and to give back up to an economy that knows its lowest growth rate maintained since 2009.

Investors were also reassured by the larger than expected number of jobs created in the U.S. private sector – 206 000 130 000 in November against expected – and one PMI purchasing managers in the Chicago area well above expectations.

COR-No decisions but work in Brussels

No decision will be announced following the summit of the euro area held late Sunday afternoon in Brussels, even if the work is progressing well, said Nicolas Sarkozy and Angela Merkel.

French President and German Chancellor, speaking at a joint press conference after a summit in the first twenty-seven on Sunday morning and noon, said the work "techniques" were still to be completed by the next level of the EU and the euro area on Wednesday.

"Work is progressing well on the banks of the fund and the potential use of this fund are tightening the assumptions and broad agreement is taking shape.On the issue of Greece things are progressing.

The transformation of the European Financial Stability Fund (EFSF) in the bank, which insisted on France, no longer part of the options considered by the finance ministers of the euro, has also said Angela Merkel.

Without commenting on this issue, Nicolas Sarkozy said that France was just as attached as Germany the independence of the institution in Frankfurt, which is itself hostile to the possibility of granting a banking license and Unlimited funding EFSF.

"No solution is viable if it does not have the support of all European institutions," said Nicolas Sarkozy.

The two leaders also said they urged the Italian Prime Minister Silvio Berlusconi, with whom they met ahead of the summit, for it to decisively implement a program of growth and debt reduction Alps.

"I hope that decisions will be taken (…) Italy is a major economic force but Italy has a very high public debt should be reduced in a credible way in the coming years," said Angela Merkel.

Nicolas Sarkozy has outbid by saying that Paris and Berlin were "confident sense of responsibility of all the Italian authorities' political, financial and economic," said Nicolas Sarkozy.

Dexia launches finalizing its dismantling

The Board has mandated Dexia CEO Pierre Mariani to complete the dismantling of the group through the sale of the majority of its subsidiaries, said Thursday the Franco-Belgian bank in a statement.

The administrator of the banking group have also confirmed the sale of Dexia Bank Belgium to the Belgian State and the sale of Dexia Municipal Agency for Deposit and La Banque Postale.

Dexia held Wednesday evening for a board to implement the new rescue plan for the Franco-Belgian bank, bank first victim of great importance to the crisis of sovereign debt in the euro area.

Dexia has officially launched the sale of the Turkish subsidiary DenizBank, Dexia Asset Management and RBC Dexia.

The de-globalization is "reactionary" according to Michel Barnier

European Commissioner Michel Barnier to financial services has denounced the speech "against" the interests "of peasants and workers", held by Arnaud Montebourg. The EU Internal Market Commissioner Michel Barnier (here at a press conference in Brussels on 21 February 2011)

European Commissioner Michel Barnier to financial services Friday sharply criticized the "reactionary discourse" of the de-globalization held in France, saying it was "contrary" to the interests of peasants and workers. "I hear that speech that I found in France (to be) a reactionary discourse on the de-globalization", denounced Mr. Barnier, former French Minister of Agriculture and member of the majority party UMP on LCI television.

"What is it? Is protectionism? The home each and every man for himself? This is contrary to the interests of the workers is contrary to the interests of farmers who need to produce goods and export "he criticized. For the Commissioner, Europe needs a sectoral industrial policy to be "a force of production" and "not just a force of consumption." In France, the PS deputy of Saone-et-Loire, to the surprise came third in the primary Socialist, Arnaud Montebourg, notably because of the "de-globalization" a major focus of the debate politique.d

Gecina will sell other assets to reduce debt

The real estate group Gecina said Thursday it planned to sell 500 million euros of additional residential assets to accelerate debt reduction.

Citing the economic and financial climate, the land says it wants to focus more on sales than on new acquisitions in the office sector.

"By making an additional amount of sales of 500 million euros of residential assets, Gecina will quickly reach a target of 1.5 billion euros in sales," we read in the press release.

The title Gecina closed Thursday at 67 euros (5.15%). He was accused Wednesday the largest decrease of the SBF 120 in response to the departure of its CEO, Christophe Clamageran, because of differences over strategy.

DSK calls for a debt relief Greek

For the former director of the IMF, governments and banks must accept the losses incurred by it. He said Greece can not get by without a massive reduction of its debt. The former director of the International Monetary Fund Dominique Strauss-Kahn was the guest of JT 20H TF1 Sunday, September 18.

The former director of the International Monetary Fund (IMF) Dominique Strauss-Kahn called on Sunday for the outright deletion of the debt of Greece, accusing the Europeans not to "take the measure of the magnitude" of the crisis that shakes the whole euro area. Asked on TF1 on whether to wipe out debt Greek DSK said: "It's a little idea." "The debt, it is clear that it is massive and it must be reduced at all costs, except at the cost of stagnation and recession," he said.

"The road is narrow peak and European governments are struggling to follow him because they do not want to take the measure of the magnitude of the problem," he said. He criticized the hollow of the euro zone leaders to "push the problem to" by matching their lending requirements in Athens in draconian austerity. "The snowball grows and makes the difficulty in growing and growth is less there," he said.

For the former boss of the IMF, "we must agree to recognize the need to take the loss." "Everyone should take it, states and banks," he said, calling also for greater solidarity and a "fiscal convergence" in the euro area.Dominique Strauss-Kahn also criticized the slow pace of Europeans in the implementation of their decisions, after the agreement of July 21 on a new bailout of Greece close to 160 billion, noting that "the time of economy is faster than the time of the policy. "

"I do not believe that the euro is in trouble, but I think the situation is very serious. If we do not act quickly, in 25 years, Europe will be a land of desolation with high unemployment rates and protection systems to drift, "he warned. "To avoid this, we must act quickly (…) The problem is that Europeans are often too little, too late, is often too little and too late," he added.

Dominique Strauss-Kahn was speaking in his first television interview since his resignation in May of the IMF, after questioning the United States for sexual assault.Criminal proceedings have since been abandoned.

Greece miss its budget target in 2011

Greece will miss its fiscal target for 2011 of at least one percentage point and its privatization plan, the second return required by international creditors in exchange for financial assistance, is also undermined, revealed a source close Thursday of the inspection mission IMF / EU.

According to figures not final, the budget deficit of Greece in 2011 will be at least 8.6% of gross domestic product (GDP) against a target of 7.6% of GDP, said the source.

Exceeding the deficit target is due to the recession, tax revenues lower than expected, but also "to delay implementation of the medium-term fiscal plan," according to inspectors from the European Union (EU ) and the International Monetary Fund (IMF) mission inspection since Monday in Greece.

They have also serious doubts about the ability of countries to achieve the objectives set by its privatization plan.Athens has in fact committed to raise 1.7 billion euros by the end of September and five billion euros by the end of the year through privatizations.

However, it is still too early to say whether the portion of financial assistance to eight billion euros promised to Greece if the mission considers that the compensatory requirements are met, may not be paid.

The Greek government for its part felt that the budget deficit would reach 8.1% to 8.2% of GDP, told Reuters a highly placed source.She said the government allocates the excess of the goal to "recession than expected."

The Government expects a contraction of more than 4.5% of the Greek economy this year, even more than 5%, against a previous estimate of 3.9%.

According to government sources, the troika (IMF, EU and ECB) "has asked the government to accelerate privatization."

"They also call for a faster implementation of reforms in the labor market and pensions."