Japan's GDP fell less than expected in Q2

The Japanese economy contracted at a slower pace than expected in the second quarter, a period of gradual recovery in exports and production after the devastating earthquake and tsunami of 11 March, government statistics showed Monday.

Economists are betting on a rebound in the third quarter, as companies have restored more quickly than expected supply chains affected by the disaster.

Japanese growth remains dependent on an uncertain environment, marked by fears of a further appreciation of the yen, detrimental to exporting companies, or a crisis related to debt problems in Europe.

Gross domestic product fell 0.3% between April and June, after 0.9% from January to March. Economists on average had expected 0.7% contraction.

In one year, the economy fell by 1.3%.

Consumer spending, which accounts for 60% of the economy, fell 0.1% from April to June

External demand – net exports – has reduced the GDP by 0.8 percentage point, the disaster of March 11 that prevented some manufacturers deliver their products outside the archipelago.

Decline of Barclays earnings in H1

Barclays said on Tuesday a drop in profits for third in the first half, largely due to a drop in its bond trading activities in its investment banking business and a charge passed to compensate customers who have concluded contracts inadequate .

This decline masks the improvement of the line of impairment charges fell from 41% to 1.828 billion pounds.

From January to June, the group posted a pretax profit of 2.64 billion pounds, which is still above the consensus of 2.4 billion set by the bank itself.

The benefit of the Barclays Capital division fell 9% and income in the BFI emerged down 11% to 6.26 billion pounds.

The bank also announced a charge of having spent a billion pounds to cover, as the group had already reported the compensation to customers for contract unsuitable in Britain.

Total would consider the interests of the Consolidated Global Profit

Total reflects the value of using or not the worldwide profits, a tax system often criticized it enjoys, said Saturday its CEO, Christophe de Margerie.

"You will be surprised on the derogation," he told reporters at the Economic Forum of Aix-en-Provence (Bouches-du-Rhone).

"Certainly, we will have to reflect on the interest or not there is to keep this regime," he added.

Only a few French multinationals use this system. This "niche" tax is regularly called into question because it would allow them to pay less tax.

The euro zone should strengthen its response to the crisis, says IMF

The International Monetary Fund (IMF) on Friday called the euro area to urgently adopt a more comprehensive range of measures to resolve the debt crisis, mobilizing more money to keep afloat the States concerned.

Maintaining liquidity measures of the European Central Bank (ECB) is also crucial for countries whose banking sector is in trouble, "said Ajai Chopra, head of the IMF mission in Ireland.

"A key element of a European solution is a structure for crisis management at the highest level of the area.The priority is to quickly implement an enhanced FESF (European financial stability) that can more flexibly manage the crisis we face, "he said at a news conference.

About these frontally opposed to those made Friday by Jens Weidmann, the new President of the German Bundesbank, who said that it was "first in Greece itself to take further measures necessary."

He also reiterated the ECB's opposition to a restructuring "soft" Greek debt.

Disagreement on the response to the debt crisis could exacerbate the anxiety of the market while the credit rating agency Fitch downgraded the sovereign rating of Athens to "B +", citing in particular the threat of deferred payment of funds under the aid plan of 110 billion euros developed by the IMF and the European Union.

"Disproportionate burden"

For Ajai Chopra, "States can not help themselves, and place a disproportionate burden on the country (…) could not be economically or politically feasible."

"The scope and terms of financing must help convince private creditors that the debt burden is sustainable even in adverse scenarios, and therefore there is no question of restructuring the debt," he added during a teleconference about the progress of budget Ireland, which has been a support plan of 67.5 billion euros from the EU and IMF.

"On policy issues that are under their control, the Irish authorities have shown themselves determined and do their best to get out of difficulties," held responsible.

"But we must recognize that this might not be sufficient (…) This is why we have emphasized the support provided by a European plan more complete and consistent."

He also said the IMF disapproved of the French demand to see the noted Irish tax on companies deemed too favorable Paris.

Ajai Chopra added that all countries in the euro area should accelerate "recovery and reform" of their financial sectors.

"Stress tests should lead, where necessary, recapitalizations and in some cases, banks may need to be restructured or closed," he said.

Holcim sealed by rising energy costs

The Holcim on Wednesday unveiled the figures below market expectations in the first quarter of 2011, burdened by rising costs for energy and raw materials as well as the strong Swiss franc.

By late morning, the action yielded 4.34%, to 71.70 francs, under-performance index values ​​of European construction and materials fell by 0.5%.

In the first three months of the year, the turnover of world number two cement totaled 4.66 billion francs, showing a decline of 1.8%.

Sales on a comparable basis and excluding certificate of CO2 have increased by 6.8% following a rise in volume of cement sold in all segments, particularly in Europe.

The operating EBITDA rose to 753 million francs, representing a decrease of 17%, reflecting rising energy costs and distribution costs.

Net income totaled 122 million francs, advancing 85%, while net profit after minority interests reached CHF 10 million after a loss of 68 million, first quarter results the previous year was distorted by an exceptional tax burden.

The consensus of analysts polled by Reuters on average expected a turnover of 4.738 billion francs and net income of 127 million francs.

Holcim has reaffirmed its view that the construction sector would see a recovery in mature markets, while growth in emerging markets would continue.The group did not provide targets.

The analyst attributed the figures below expectations in part to the absence of carbon credit sales but also to a weaker operating performance, particularly in Latin America, where margins have been eroded by rising energy costs. "

Over the period, regional performance has been relatively mixed.

In Europe, cement sales volume grew 19.9% ​​due to better weather and a rebound in demand in the private sector.

In France, the Swiss group has particularly benefited from the acquisition of the aggregates and concrete in Alsace, Lafarge bought last December.

Last week, Cemex, the competitor Mexican Holcim and Lafarge, said sales volumes of gray cement had increased by 25% in Europe during the first quarter after a sharp rebound in Germany.

Asia-Oceania, which in 2010 became the largest region in terms of contribution to turnover, saw cement volumes increased by 6.3%, despite delivery delays as a result of floods in Australia and the earthquake in New Zealand.

Official correction – PPR launches a friendly takeover Volcom

PPR announced Monday the launch of a friendly takeover of the American Volcom enhancing the company's ready-to-wear to 516 million.

The luxury group and distribution, pursuing a strategy of focusing on luxury and "lifestyle", thus achieved its first acquisition to strengthen the sport and fashion division general public that it intends to be around Puma, the OEM German sports under its control to 73%.

Priced at $ 24.50 per share, the transaction offers a premium of 37% compared to the average of the Volcom over the last three months.

The board of directors of American society has rendered a positive opinion "unanimous" on the draft PPR and recommended that shareholders tender their shares to the offer and several officers, who together hold 14.4% of the capital, have agreed to make all their shares.

"Volcom is certainly one of the finest brands in the world of" action sports "and has a strong identity that has its origins in both skateboarding, surfing and snowboarding," said Francois-Henri Pinault CEO of PPR, in a statement.

"Volcom and Puma are highly complementary and have many synergies," he adds.

The transaction is expected to close in the third quarter of 2011.

Around 9:25, the PPR advanced 0.9% on the Paris Bourse, in a market up 0.6%.

The program electric Renault unaffected by the imbroglio

The tangle of false espionage Renault did not affect the group's projects for electric vehicles, announced Thursday the program director.

"That has not changed the program," said Thierry Koskas sidelines of the launch of the scale experiment one hundred electric vehicles in the Paris region.

"From what we heard today and what we said six months ago, it has not changed our marketing plan for a single day. The VE program is carried out exactly as we had planned a year ago, "he added.

Renault is to launch Fluence sedan and minivan Kangoo electric version in the second half, followed by the city and Zoe quadricycle Twizzy in 2012.

Lehman suit against Citibank to recover $ 1.3 billion

The institution overseeing the liquidation of the brokerage business of Lehman Brothers has filed suit against Citibank to recover more than $ 1.3 billion in cash and other assets.

The action shall include a deposit of one billion dollars required by Citigroup to continue to provide services related to positions on the foreign exchange market at Lehman Brothers Inc. (LBI) after its parent company went bankrupt the end of summer 2008.

Citibank, part of Citigroup, also has more than 300 million other deposits, as the complainant.

Citigroup has estimated that claims of the trustee involved in the liquidation of Lehman were "unwarranted and baseless."

Daimler and Rolls Royce considering the purchase of Tognum

The German carmaker Daimler and British manufacturer of Rolls-Royce considering a joint bid for the repurchase of Tognum, an operation that sources said could be worth some three billion euros.

Tognum, formerly owned by Daimler, which manufactures diesel engines for heavy vehicles, gained more than 20% to 22.825 euros by 1:23 p.m. GMT, after climbing nearly 29% during the session.

"Daimler confirms that, with Rolls Royce, he discusses the possibility of acquiring a majority of Tognum equally," said Daimler and Rolls Royce.

"Currently, constructive discussions are underway with the Supervisory Board and the Executive Board of Tognum," they added, noting that no final decision had been taken.

Tognum, which Daimler already owns 28.4% of the capital, also confirmed discussions with two potential buyers and said he would consider any offer he receives.

24 EUROS PER SHARE

Sources familiar with the matter reported that Daimler wanted to propose a price of 24 euros per share, a premium of 30% over Friday's closing price to 18.50 euros.Tognum to ask for more.

"The management and employees hold about 10% and to convince them, an extra 30% should be enough," said a source close to Tognum.

The index of average values of the German Stock Exchange advanced 0.73% and Daimler gained 0.88% and 0.41% yielded Rolls Royce.

As part of this operation, Rolls Royce bring its marine activities represent approximately 20% of the turnover of Tognum.

Daimler sees a way to protect its investments and its supply chain, "said the source, explaining that competitors like Caterpillar Tognum were equally concerned by the target.

Tognum products include engines for yachts and locomotives.

Ross Cowley, an analyst at Credit Suisse said that Rolls Royce is trying to achieve critical mass in energy production and expand its presence in marine activities.

"Given the kind of capability that has Tognum and the fact that Rolls Royce has a lot of cash on its balance sheet, it appears that this transaction would make sense," said he.

Manager Magazin, a German publication, had previously relayed information reporting that Daimler and Rolls Royce in recent weeks negotiating the terms of a joint bid.According to the magazine, the CEO of Tognum Volker Heuer was willing to support a possible offer.

"You can expect this to be true," he told Reuters in an industry source.

Tognum Daimler had sold in December 2005 to Swedish investment fund EQT and then buy 20% of its former subsidiary in April 2008, one year after the entry thereof in exchange.

The Paris Bourse to its highest level since October 2008