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.

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.

The advertising Maurice Levy defends his bonus

Maurice Levy, chief executive of Publicis Groupe, Saturday defended the bonus of more than 16 million that has been granted and which had been criticized by Many political.

"This is a deferred compensation that is to say, it has been accumulated over the years," he said on RTL.

"It's nine years during which there was a requirement (…) which was to outperform (…) If I had my match bonuses each year, person never would have spoken, "he added, acknowledging that this was" big money "and understand that this saying may be shocking.

Maurice Levy said he regretted a form of political recovery of the amount of his bonus in full campaign period. 

Without naming them, he estimated that some politicians had decided to be seized "or because they were out of the program, either because they were out of political jurisdiction or simply because they wanted to flatter the base instincts of what is known as the populism ".

"We're saying success is prohibited when it is accompanied by an economic success," he said.

The advertising we found would have "done better" to ask him what he would do this bonus, but without any answer to this question.

Publicis revealed in its 2011 reference document that Maurice Levy would receive approximately 16.2 million euros in accumulated deferred variable compensation ; art since 2003. 

The PS candidate Francois Hollande felt it was "not acceptable" that people receive such a sum in times of crisis "where everyone has to make efforts." The government spokesman Valérie Pécresse also found "disproportionate" as a bonus.

As for Nicolas Sarkozy, who promised, if elected, to introduce stricter control of very high salaries, he expanded his conviction of the person Elisabeth Badinter, the daughter of the founder and main shareholder of the group Publicis. Stressing that it has "left heart", the president criticized the socialist candidate to condemn the bonus Maurice Levy without associate.

That hides the yoyo market

Financial markets seem to have entered a new phase of instability. This correction is benign or she announces she a new crisis. The responses of Grandrille Xavier, President of Amplegest. Paris Bourse

For three months, financial markets and the States have experienced a real honeymoon. German and Japanese shares rose nearly 20%, spreads have narrowed significantly, from 200 basis points for Italy and Portugal, 170 points for Ireland, 30 points for France. But for two days, it is the fever which prevails. In Spain and Italy, rates on government bonds are strained. And scholarships to play yoyo throughout the Old continent. Analysis of Gandrille Xavier, President of Amplegest

Correction in financial markets is normal?

Only in part. Since late 2011, the CAC 40 was much increased. About 16% until mid March. This increase was driven by two factors. The first is the disappearance of systemic risk through intervention by the ECB provides liquidity to banks. The second is the improved outlook for growth. Last summer, it seemed that Europe would not live through the winter. And then the activity – even if it remains depressed – has grown faster than expected. After a period of rising markets, it is normal to see a correction. We lost 10% of the CAC. It's not a disaster. The problem is knowing what will make markets in the coming months. Will you stay in the same waters or on the contrary, enter a negative cycle?

Exactly. What is your scenario for the future?

The answer is not obvious. But unlike the consensus which considers the correction of the past two days as normal, I'm pretty uncomfortable. The euro area remains a system that does not work. And injections of liquidity by the ECB do not change. We are in a situation where the debt repayment hampers growth. But until there is no improvement economic contagion – that is to say, a generalized rise in long rates – is possible.

Can we implement growth policies to loosen the grip of markets?

It's complicated. Future investments are expensive. We can implement liberalization policies as in the Scandinavian countries. But this type of policy takes time to produce its effect on the economy, in contrast to fiscal austerity. Europe is thus reduced to buying time to let the markets do not become impatient. This is what happened, for example, with its new firewall. But I remain pessimistic for the future. I'm afraid the consensus is do a little too many illusions about the ability of Europe to come out of the rut by itself. It will probably still other attacks markets, other crises to advance.

For Sarkozy, we are "in phase of economic recovery"

In an interview with the newspaper Ouest France, the incumbent stated: "we came out of the financial crisis" and "we are in the process of economic recovery." Incumbent President Nicolas Sarkozy (here in Lyon March 17, 2012)

Nicolas Sarkozy, a presidential candidate, says that "we came out of the financial crisis" and that "we are in the process of economic recovery," in an interview with Ouest-France, to be published Tuesday. "I think we came out of the financial crisis, that confidence is restored and we are in the process of economic recovery," said the president candidate, who makes a visit on Tuesday the Guerande peninsula, followed the end of afternoon by a meeting in Nantes.

"What did they say Does peaks between Ms. (Angela) Merkel (German Chancellor) and me! Through these summits, Europe has an economic government overcame the Greek crisis", has he argued. To "reinforce" this situation, Mr. Sarkozy reiterated his proposals: political governance of the Schengen zone to protect its borders, failing which France will suspend its participation in Schengen, creating a Buy European Act for reserving public contracts to companies that produce in Europe, setting up a Small Business Act, reserving 20% ​​of public procurement to SMEs.

Failing agreement, France will only implement these provisions. Western journalists from France who told him that it smelled "the ultimatum", Mr Sarkozy replied: "it does not smell at all the ultimatum, it smells voluntarism (…) The Minister of the Interior German recently told that I had absolutely right and he was asking the same thing. The truth is that if Europe falls back into his through before, it will explode. " "I kept the same values: hard work, effort, merit, responsibility, authority, solidarity", he also said.

"To the great difference in Mr (Francis) Holland (PS presidential candidate), I consider that one can not isolate France and to promise that exempt the efforts that others are doing and ask," he also said. "My plan is to tell the French: you need to be protected. And to be protected, your country must be strong, paying his debts. This is why I will respect the objective from 0% deficit in 2016, "he added.

Casino has sued the Galeries Lafayette on Monoprix

Casino confirmed Tuesday it had sued the Galeries Lafayette and their representatives on the board of Monoprix, a joint venture at the center of a conflict between the two groups.

This new episode of the standoff between the legal and financial concerns the two distributors one-year extension, from 1 April, the mandate of the President of Monoprix Philippe Houze, then he should initially return to Jean-Charles Naouri, CEO of Casino.

"Casino confirms having issued a subpoena last week to the Commercial Court of Paris Galeries Lafayette, Philippe Houze, Ginette Moulin (Chairman of the Supervisory Board of Galeries Lafayette and whose family controls the group-ed) and Philippe Lemoine (Monoprix administrator) ", says one in Casino. 

"The objective is to obtain compliance with the agreements between Galeries Lafayette and Casino Casino which provide that holds the Presidency of Monoprix from 31 March 2012."

Casino and Galeries Lafayette, each holding half the capital of Monoprix, put in the public last month their disagreement on the valuation of the sign.

Under a memorandum of agreement between them, the Galeries Lafayette can exercise since January 1 of an option to purchase their shares. But the two sides differ on the value thereof and the Galeries Lafayette assigned Casino courts on this part of the file.

In late February, Jean-Charles Naouri ruled that the climate was "not conducive" to discussions between the parties and said he was ready to assert the rights of his group.

Casino estimates the value of the participation of Galeries Lafayette to 700 million euros while the department stores the value to 1.95 billion.

Adocia starts on NYSE Euronext under the current IPO

The biotechnology company Adocia began Monday his first day of trading on the NYSE Euronext market a little below its introductory course of 15.88 euros.

Around 9:35, it was trading at 15.62 euros showing a market capitalization of 94.5 million euros.

For Arnaud Guerin, an analyst at brokerage firm Portzamparc, this course may reflect questions on business development and strategy company that specializes in Lyon formulation of therapeutic proteins for the treatment of diabetes and chronic wounds.

He also stresses that it is positioned in a highly competitive market where the laboratory Danish Novo Nordisk, a world leader in diabetes care, has taken a big lead. 

Created seven years ago, is the first introduction Adocia market of 2012. Chaired by Gérard Soula surrounded by his two son, Olivier and Rémi, Adocia recently signed a license agreement and collaboration with the U.S. pharmaceutical group Eli Lilly for the reformulation of its insulin Humalog.

This option for the improvement of existing technology Adocia enrolled in a logic quite different from other biotech companies that offer a technological breakthrough.

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.