Recovery within 3 months of buyback of shares to the ECB

The European Central Bank (ECB) will resume its share buyback program of sovereign debt of countries in the euro area in the course of the next three months because of high yields on securities of different countries and relapse into recession in the block, show the results of a Reuters poll of economists from.

Three quarters of survey participants believe the central bank will resume its work on sovereign debt to lower yields and a large majority of them expect it to intervene in the three coming months. 

"The renewed tensions on the bond markets can provide an alarm loud enough to wake the share buyback program," said Philip Shaw, chief economist at Investec, in reference to the purchase program of sovereign debt in the euro area the ECB has shelved for six weeks.

"There is nothing imminent, but we feel that this should not be too far off," continued Philip Shaw.

The ECB had reactivated its share buyback program in August after four months of interruption while the sovereign debt of Italy and Spain were attacked. 

The lull caused by the announcement and the implementation of two unlimited refinancing operations to three years in December and February, which resulted in the injection of more of 1,000 billion euros liquiditésa led to a muting of the program.

The representatives of the ECB, and its chairman Mario Draghi himself Wednesday, had clearly said that the ball was now in the court of governments regarding new measures to support the activity.

Yields on sovereign debt in Spain ten years, however, have recently crossed the threshold of 6.0%, considered difficult to sustain over time. 

The ECB has already acquired the equivalent of 200 billion sovereign debt while sterilizing its interventions by a withdrawal of an equivalent amount of liquidity to the banking system avoid monetization of public debt that its statutes forbid it.

The first results of the survey from Markit purchasing managers (PMI) for the euro area in April released Monday showed an increased contraction of activity in the private sector.

According to a previous Reuters poll of economists from the euro area is expected to moderate recession until the third quarter of this year. 

The ECB lowered its main rate at a record low of 1.0% in December, should not change it in one way or another before 2014, according to the forecast EM diane of economists surveyed this week.

Only one economist told to expect the ECB to lower its main rate by a quarter point at the next meeting of its Board of Governors, May 3

LIVE. Xavier Bertrand debate-Francoise Gri on youth employment

The Minister of Labour is currently a guest on Expansion and Business Institute for a discussion with Francoise Gri, Manpower France's patron. Follow the live chat with Dailymotion.

In anticipation of upcoming elections, the Institute of Business and Expansion Tuesday, April 10 to receive 8h30Xavier Bertrand, UMP Minister of Labour, and Francoise Gri, President of ManpowerGroup France. They discuss the theme: "Youth employment: how to meet (finally) the challenge?".

The debate is moderated by Beatrice Mathieu, a journalist at L'Expansion. It is broadcast live on Dailymotion. You can also comment on twitter and ask your questions or comments via or via the # debateco. Three questions will be selected and asked Xavier Bertrand on video.

Strike in the air: delays and closed aéoroports

The eprturbations are limited to Orly and Roissy. Delays are however consistent in the provinces. Footballers of the OM, which must envoller to Munich, are paying the price. AIRPORT Roissy Charles de Gaulle, PARIS, FRANCE, March 2011

Domestic air traffic was reduced and sometimes significant delays Monday the first day of a strike against the air traffic control reform of navigation, which led to the closure of several airports. The CGT, CFDT and UNSA called the personal air navigation, including air traffic controllers, to protest on Monday and Tuesday against the abolition of positions and the major restructuring of the service in the provinces.

Delays of several hours were recorded in the morning in the region, while dozens of flights were canceled at the weekend in anticipation of the strike, the Directorate General of Civil Aviation (DGCA) has asked Friday to particular companies air to remove 20% of their flights on Mondays and Tuesdays departing or arriving at Orly. Easyjet has canceled 16 flights for Monday to arrive at or depart from this airport, where the situation was calm Monday morning, without delay or queue, according to an airport source, who observed that the strike had been "widely anticipated "and civil aviation companies. From Roissy, Air France plans to maintain its entire program. "Some delays are still possible, however," admitted the company.

However, delays were substantial in the provinces, as in the far west (Rennes and Nantes) or Metz-Nancy, where the routes to Toulouse and Marseille were advertised with two to three hours late, and those to Lyon and Nice canceled in both directions. At the airport of Marseille-Provence, where large queues began to form in the late morning, 10% of flights (28 flights of 286) were canceled by the airlines, according to a spokesman for the direction. Passengers were advised to contact their airline before traveling to the airport. The players of Olympique de Marseille have also borne the brunt of the disruption: they had to take off at 1:00 p.m. for Germany instead of 10:00.  

In Nice, over a third of the 90 Air France flights were canceled at this stage and five easyJet flights. Moreover, cancellations accumulated: 15 to Bordeaux-Merignac, 36 at Lyon Saint-Exupery, 28 in Toulouse. The conflict has also led to the closure of airports of Pau, in the absence of the head of the control tower, Beziers (Hérault), Rouen, Avignon, Le Bourget (Seine-Saint-Denis) where services controls air are closed, told AFP a spokesman for the DGAC, which does not yet have the strike rate at the national level.

Unions estimate that half of the 30 approach control services are threatened, or a direct risk to "dozens of jobs in the inspection, maintenance, technical and administrative", according to the CGT. Approaches are one of three levels of air traffic control, with control towers in France (over 80), and five regional centers of control in flight in the metropolis. For its part, the DGAC speaks of "redeployment" "and" optimization "and justifies its willingness to restructure its services, including the changing needs, increased European coordination and modernization of technology. In case of strike , air traffic controllers have a minimum service obligation, and requisitions are possible. The minimum service is applicable in 17 airports including Toulouse, Mulhouse, Ajaccio, Bordeaux, Orly and Roissy, according to DGAC …… …

Latécoère confident for 2012 after increasing in 2011

Latécoère announced Tuesday that he anticipated a continued growth of its activities in 2012, after publishing 2011 results carried by the upward cycle of aeronautics .

In a statement, the aerospace supplier said that its revenue, excluding special items, reached last year 520.6 million euros (+12.1%) complied ; lying to its objectives. Current operating income rose 62.5% to 44.7 million, reaching 7.8% of sales.

Latécoère said to rely on an order book representing more than four years of sales, to 2.2 billion euros based on a euro / dollar of 1.35.

The latest delivery rates announced by the manufacturers allow the group to build on for 2012 growth in sales of around 10% and an operating margin in the continuity of in 2011.

Net debt is expected to decline by almost 50 million euros in 2012.

The action ended Latécoère to 12.20 euros (-0.33%) Tuesday at the Paris Bourse before these ads.

Lafarge has mastered its debt in 2011, new sales in 2012

Lafarge announced Friday a 14% reduction in its net debt in 2011, thanks to its output activity plaster, and its intention to continue its asset sales in 2012 in the As part of its debt reduction plan.

The title of the world's leading cement and displays the largest increase in the CAC 40 and affects its highest level in seven months, the market welcoming the results better than expected progress in terms deleveraging as investors feared that the group is forced to undertake a capital increase.

Around 10:25, the title, which lost more than 42% in 2011, accounts 6.13% to 33.780 euros, with nearly two million shares, representing already 140% of average daily volume the past three months. The European sector index ahead of his side of 1.7%.

Since the beginning of the year, took the title over 25%, after falling about 42% throughout 2011.

"The internal levers (limitation of dividend, cost reduction) and exogenous (relative relaxation of the funding offer and gradual reversal of trend in the U.S.) reduce the risk of increased capital, "said CM-CIC Securities, which also notes that the results fell less than expected.

Lafarge, which announced earlier this month 460 job cuts as part of an operational reorganization by business to simplify its structure, reduced last year its net debt to 11.97 billion euros, a decrease of approximately two billion over the year as expected. 

"The group's net debt will continue to decline in 2012 through the implementation of actions to maximize our operational cash flow," said Bruno Lafont, CEO of Lafarge, said in a statement ;.

When asked during a teleconference on a target to reduce debt, Bruno Lafont said simply: What can be said is that the debt will be significantly reduced in 2012. "

1 UP TO 4% OF THE MARKET IN 2012

……. . The group's debt, inherited largely from the acquisition of Orascom in 2008, earned him to be downgraded in the "junk" by rating agencies Standard & Poor's and Moody's last year. 

As part of its debt, the group seeks one billion euros in new divestitures in 2012, after 2.2 billion in 2011. It also has limited this year to 800 million euros investment, against 1.2 billion in 2011, achieving in 2012 the bulk – 400 million – 500 million euros of e ; economies already announced and halving the dividend to 0.50 euro per share.

Lafarge also announced in 2011 the closure of its plant Frangey (Yonne), the smallest cement group in France which he pledged to reclassify 75 employees, and the closure of a cement plant in Kansas (USA).

In 2011, the group's turnover increased by 3% to 15.28 billion euros, while net income, group share, fell 28% to 593 million euros, hit by an exceptional charge for impairment of 285 million euros related to the situation in Greece. 

Lafarge plans in 2012 a growth of 1 to 4% of the markets where it operates, especially now the cement (65% of sales) and concrete and aggregates ( 34%).

The output in Europe and Asia-Pacific – including Australia – activity has also strengthened plaster mathematically the group's presence in emerging markets, where growth should still be higher than in mature markets.

The U.S. market should indeed be stable this year and that of Western Europe down 5 to 8%, Spain and Greece in mind.

New economies now account for 57% of turnover, against 52% in 2010 and 32% in 2005.

Greek parliament vote austerity in a climate of violence

The Greek parliament approved on the night of Sunday to Monday for new austerity measures in an atmosphere of considerable tension in Athens, where buildings were burned in clashes between rioters and security forces, while violence were reported in several other cities.

This law, which provides 3.3 billion of budget savings through drastic new cuts in wages and pensions and a new wave of job cuts in the public service, is required e by the donors of Greece – European Union (EU), European Central Bank (ECB) and International Monetary Fund (IMF) – in exchange for a new aid of 130 billion euros considered essential to avoid bankruptcy at home. 

While MPs were debating Sunday in the walls of parliament, tens of thousands of Greeks had gathered outside, on the Constitution Square (Syntagma) , to denounce this new course of rigor, two years after the beginning of this policy of austerity.

In the late afternoon, violence erupted, the worst in Greece since the weeks of riots in 2008 which succeeded the death of a teenager 15 years killed by police.

Cinemas, cafes, shops and bank branches were burned in the center of the capital while the masked demonstrators battled riot police near the Parliament . According to police, a total of 34 buildings caught fire and 150 shops were also looted.

State television reported violence in the resort island of Corfu, Crete, Thessaloniki, northern Greece, and in cities across the center of the country , Volos and Agrinio.

LESSER EVIL

Technocrat appointed in November at the head of a government backed by the country's two main, Lucas Papademos has denounced the violence. "The vandalism, violence and destruction have no place in a democratic country and will not be tolerated," he told parliament.

Shortly before the vote, he warned MPs they would commit a grave mistake if they did not approve of this new package of savings which represents for him a lesser evil compared to the possible consequences of bankruptcy.

"We have before us a comprehensive and credible economic program to overcome the economic and fiscal crisis. This is a program that preserves more than anything else, the country's place within the euro area, "said Lucas Papademos, while recognizing the level of effort demanded to his fellow citizens, especially facing a 22% decrease in the minimum wage

. "The implementation of full, effective and timely in this program will not be easy. We are fully aware that this economic program involves short-term sacrifices for the Greek population. "

Finally, 199 members of 300 approved the text but 43 ¨ elected PASOK (Socialist) and New Democracy (conservative) did not comply with the watchword of their party and were excluded on the scope of their training

. Outside the parliament, the air in Syntagma Square was wrapped with tear gas and Police charged the young men throwing stones elusive and Molotov cocktails. In heaven stood wide columns of smoke from buildings on fire

.

"We are facing destruction. Our country, our house is about to burn. The center of Athens is in flames. We can not let populism reduce our country to ashes, "exclaimed the elected Conservative Costis Hatzidakis

. At the inside the parliament, we could hear the explosions of grenades used by police

. Frightened, the residents and tourists took shelter in hotel lobbies to escape the violence and irritating gases

. "ENOUGH, C IS ENOUGH "

Among the buildings burned included Attikon Cinema, a building of neoclassical style built in 1870, and a building housing the cinema Asty, a room in the basement converted into a torture chamber by the Gestapo during World War II

… …… For many Greeks, the new austerity measures that do delve a little deeper into poverty. 

"Enough is enough!" Exclaimed Manolis Glezos, 89-year historical figure of the Greek left, at the rally in Syntagma Square.

"They have no idea what it means to an uprising of the Greek people. And the Greek people, ideas all political persuasions, is beginning to lift, "said the hero of the resistance during World War II, who had managed to remove a Nazi flag from the Acropolis in 1941

. The Greek political leaders are under intense pressure from the EU and IMF, who accuse them of not to implement the promised reforms since 2010 and thus threatening the whole euro area

. Germany, first saving Europe, has launched a new call to order Sunday as Greece needs of international funds by March 20 to pay on that date of € 14.5 billion of debt coming to e ; personshall lose. 

Asked about Greece by the Welt am Sonntag, the German finance minister, Wolfgang Schäuble, said: "It is important to say that it can be a bottomless pit . This is why the Greeks will finally have to clog the well. Then we can put something. (…)

"The Gre it must do its homework to become competitive, it requires a new rescue plan or some other way that we do not want to (…) ", he added, referring to an output of the euro area

.

Athens approved a bill on the EU / IMF

The Greek government on Friday approved a bill involving the country in the reforms demanded by the European Union and the International Monetary Fund for the implementation of a second rescue plan € 130 billion, officials said government.

"This has been approved," said a minister attending the cabinet meeting.

The bill should be voted by parliament Sunday, which should bring Greece a financial solution while it is important to honor debt obligations at March 20.

The European Union urges the Greek government to provide details of further cuts in public spending of $ 325 million. 

It also requires a clear commitment of party leaders of the coalition government to implement reforms.

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.

France and Germany step up their thoughts on a radical redefinition of the euro zone to force an economic, fiscal and tax in the short term and without necessarily the case of a slow and tedious review of the European treaties.

Paris and Berlin have agreed this week to propose by December 9 – when the next European summit – an ambitious reform of the Lisbon Treaty, but behind the scenes, preparations are being made around the tool more flexible and easily activated, as an intergovernmental treaty outside the community or a bilateral Franco-German if members of the euro area do not follow.

The second is to adopt a purely bilateral approach by including in the ongoing revision of the Franco-German Elysée in 1963 a high degree of harmonization in fiscal and social law.

The advantage of this approach is twofold for France and Germany. First, it allows to circumvent the unanimity required for a revision in formal treaties.

On the other hand, it places the responsibility to recalcitrant countries. This is particularly true of Great Britain who wanted to use the exercise to repatriate a number of powers to London.

CRISIS PLAN

Officially, the goal of Berlin is to obtain a limited revision of Article 126 of the Treaty of Lisbon on the Stability and Growth Pact.

Cigarette prices increased by 6%

Cigarette packs will cost on average 30 cents more starting Monday. This should bring 600 million euros to the state in one year.

Cigarette packs will cost on average 30 cents more starting Monday in France, a 6% increase sought by the government should have little effect on consumption, but that will bring 600 million euros a year in State to Safely smokers will find it in a package less than 5.70 euros in their tobacconist. For the first time, the Marlboro (the best-selling package with nearly 25% market share) will pass the bar 6 euros to 6.20 euros.The government has allowed manufacturers to revise their prices, anticipating an increase in minimums of perception which must be passed by Parliament in the law on financing of Social Security.

This increase was announced by Prime Minister Francois Fillon, in late August, when presenting the plan anti-government deficit. It should bring 90 million euros this year and 600 million in a full year.

Taxes are 80% of the price of a pack of cigarettes. Most (over 10 billion euros in 2010) goes into the coffers of the social security system. Fillon also announced a further increase of 6% in 2012, without specifying the date. This is the third consecutive year that the cigarettes in the fall recorded such an increase (30 cents per pack), well above inflation.However, sales have never declined so far in the same proportions.

54.8 billion cigarettes sold in 2010

Thus, it has sold 54.79 billion cigarettes in 2010 against 54.98 in 2009, a mere drop of 0.3%. At the same time, the amount of rolling tobacco rose from 7257 to 7598 tonnes (+4.7%). In total, sales of tobacco (including cigars) increased by 0.14% by volume, according to figures from the observatory of drugs (OFDT). Again this year, cigarette sales in late July had declined by only 0.6% in volume compared to 2010.

Value, because of previous price increases, the market is increasing by about 5%. Growth shared by the state (almost 13 billion euros in 2010, including 2.5 under the VAT), tobacconists (8.2%) and manufacturers and distributors (11.8%). The anti-smoking groups believe that any increase less than 10% has no effect on consumption.The Office of Tobacco Prevention (OFT) ironically on Monday up seeing an "application" of the state "to the tobacco industry for agreeing to increase by more than 100 million profit."

Tobacconists and manufacturers recall their part that a sharp increase has an effect on sales in tobacco shops, without lowering consumption, since it encourages smokers to buy abroad or from resellers on the sly. A study of Customs estimates that 20% of cigarettes smoked in France are not purchased in the network of tobacconists, but fraud (5%) or legally (15%) in the neighboring European countries (Belgium and Spain) where the package is sell up to 30% cheaper.

These purchases, which exploded after the sharp increases in tobacco prices in 2003/2004, affecting particularly border trade, result in financial compensation from the state to tobacconists.A parliamentary report issued in early October to the Minister of Budget, recommends "a convergence of prices of tobacco in France and in neighboring states," but also "to reflect on the taxation of rolling tobacco" for "contrecarrrer the substitution effect for each increase in the price of cigarettes. "