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European shares increase their losses by early afternoon Thursday, still sealed by the crisis in the eurozone, where Spain has fallen into recession.

The Spanish Treasury has managed to issue 2.5 billion euros of debt in three to four years but at interest rates much higher than in April .

Around 1:45 p.m., Paris lost 1.3% to 3,008.93, London 1.68%, 1.06% Frankfurt, Milan and Madrid 2.45% 2.37%. The Euro Stoxx 50 index of large values ​​of the euro area loose 1.63%.

The German government bond (Bund) and 10 years take an aversion to risky assets and its yield fell to a new record low as 1.43%.

The euro fell below $ 1.27 and is trading around 1.2668.

Barrel of Brent North Sea gives up 71 cents to 109.05 dollars.

Banks and insurance companies French are able to cope with a possible exit of Greece in the euro area, said Monday the Prudential Control Authority (ACP).

While the markets are worried that the Hellenic Republic is forced to leave the eurozone because of the political impasse in which it is located since the legislative elections, Christian Noyer, the pre President of the ACP group explained that no French financial difficulties would set if this scenario were to occur.

Asked whether French banks and insurers could resist such a scenario, Christian Noyer, who is also governor of the Banque de France and member of the Board of Governors of the European Central Bank ( ECB), said: "My answer is yes."

" I know of no group that would be put in difficulties by an extreme scenario of Greece, "he said at a press conference to present the 2011 CPA report

. He also recalled that French banks, which are among the foreign banks most exposed to Greece, had provisioned the Greek sovereign debt they hold in their account up 75%

. The European Commission said Monday hoped that Greece remains within the euro area, while requesting new exhibitions ; ties to honor its commitments

. Everywhere on the planet, however, banks are preparing to work with a new currency in greece. 

In France, Credit Agricole, is particularly vulnerable to Greece because of its local subsidiary Emporiki, has also said on Friday prepared for all eventualities.

"The risk is virtually no longer supported by the private sector which has already funded a large part of Greek debt," said Franklin Pichard, director of Barclays Exchange. "The Greek debt is essentially supported by the European states."

"Meaningless"

The CPA also pointed at his press conference that French had since the crisis strengthened their financial strength and they now showed capital ratios "hard "(so-called 'core tier one') above 9%, above the requirements of the European Banking Authority (EBA).

Asked about the risks of contagion from the debt crisis in the euro area and on the budgetary situation of Spain, Christian Noyer said that no other European country was in "a situation comparable to Greece."

"Assimilating Spain to Greece is meaningless," he insisted. 

The ACP also said that the government sought a "permanent solution" to the Credit Immobilier de France (CIF) including the ability to refinance on the markets would be put to the e ; evidence in case of deterioration of its rating by Moody's.

Finding that the mortgage specialist had a solvency situation "very satisfactory", Christian Noyer has nevertheless recognized that the model of organization and activities of the CIF-oriented refinancing markets, had become "difficult to manage" because of the financial crisis in the euro area. 

According to Les Echos, the British bank HSBC was mandated to find a buyer at the ITC which several bond saw their listing be suspended early last week.

Spanish conservative government on Friday adopted a plan savings of 10 billion euros per year. Retirees will now pay for their medications and the cost of university tuition will rise by 50%. Student protest in Barcelona against the Spanish government cuts in education nationally, February 29, 2012

The Spanish Conservative government, in a race to deficit reduction, adopted Friday a plan to save the very sensitive areas of health and education, hoping thereby generating 10 billion euros in savings per year. Measurement flagship health reform, which aims to save $ 7 billion and probably promised the greatest unpopularity: retirees will now pay for their medications. An ad against the tide of the election campaign of the government leader Mariano Rajoy, who promised this fall despite the crisis to maintain the purchasing power of retirees. But "this is an effort to seek" the people, "because there is no money to pay utilities," acknowledged Mr. Rajoy Thursday. And "Spain is the second largest consumer of drugs," explained the Minister of Health Ana Mato.

Last year, 3,700 tons of medicines, expired or unused, have been destroyed. Traditionally, Spaniards do not pay to go to the doctor and pay out a portion of the cost of drugs, except for retirees who do not pay them anything. Now the latter, which represent three quarters of the national pharmaceutical spending (11 billion euros, 1.1% of GDP), will pay 10% of the invoice in pharmacies, to a maximum of 8 to 18 euro months depending on their income. Assets, which previously paid 40% of drugs, settle up to 60%, depending on their financial situation.

Unpopular reforms

In education, the government hopes to recover 3 billion euros: it will allow regions to drive up the cost of university tuition by 50%, increasing from 1000 to 1500 euros on average, and increase 20% the number of students per class. The 17 Spanish autonomous communities are in fact the first concerned by this savings plan: they engulf 50% of public spending in Spain. Three-quarters of their budgets spent on health, education and aid to dependent persons. In recent months, many of them have struggled to pay their suppliers, causing discontent among pharmacists and cuts heating and electricity in schools and colleges.  

But in touching on sensitive sectors, the government has come under fire, including the Socialist Party, which has expressed its "rejection front" of this new austerity plan. In health this represents "a paradigm shift in the national system, to gradually deteriorate and seek to dismantle the public health system," said Trinidad Jimenez, responsible for health PSOE. "The government sets the stage for a healthy wealthy and another for the poor," added the consumer association Facua. As for measures for education, "no country has ever overcome an economic crisis by reducing the equal opportunities of his youth" in this area, responded the secretary general of the PSOE, Alfredo Perez Rubalcaba.

Both reforms are intended to enable regions to save 10 billion euros per year from 2013. According to a government source, "it also helps to share costs between the state and political areas." For the latter, which have already launched austerity measures in recent months, have all faced large popular demonstrations. Scrutinized by the government, they must submit by May remediation plans to reduce their budget deficit of 2.94% of GDP in 2011 to 1.5% in 2012. Those who do not comply will have their path set budget handled by the central state. The country as a whole twelve months to reduce by more than three points the deficit of 8.51% to 5.3% of GDP, and has already announced a budget, the most austere in its history, to recover 27.3 billion.

China posted a trade surplus of $ 5.3 billion in March. Its trade with the United States, Russia and Southeast Asia accelerated. A factory in China flat panel displays.

Difficult to see clearly in the statistics of China's foreign trade. After recording a record trade deficit in February, the Middle Kingdom has a surplus of 5.3 billion in March.

Even if Chinese firms continue to suffer from the debt crisis in Europe and a hesitant recovery in the U.S., exports of the second world economy grew by 8.9% yoy. Not so bad. In March, sales abroad of China totaled 165.66 billion dollars. For their part, imports reached 160.31 billion dollars, up 5.3% year on year.  

"The surplus in March is quite low so that the deterioration occurred in foreign markets since last year has continued to affect Chinese exports," he told AFP Liao Qun, China economist for Citi Bank International. This return to a surplus as a surprise to fifteen analysts polled by Dow Jones agency, who on average expected a deficit of $ 3.2 billion. Indeed, the latter provided stronger imports. But they have slowed in March, mechanically inflating the trade balance.

"Domestic demand continues to slow," said Qu Hongbin, chief China economist for HSBC. However, outside of this effect that disrupts the development of the trade balance, China remains competitive. In 2012, the projected growth in foreign trade of the world's leading exporter is about 10%. This remains higher than expected growth in world trade (6%).

While trade with the EU skate, China has many other growth. In the first quarter, its trade with the United States and Southeast Asia grew by 9.3%. Bilateral trade with Russia, meanwhile, has jumped 33% year on year.

Finally, the slower growth of foreign trade does not affect all regions of China in the same way, while some inland provinces are beginning to catch up on the coastal provinces, which until now focused exporting companies . While exports of Guangdong (south), which ranks first provinces to trade with abroad, rose only 5.4% in the first quarter, those of Chongqing (Southwest) and Henan (center) have respectively increased by 150% and 140%, according to Customs.

The strength of exports is vital for China must maintain a solid growth to contain unemployment and social discontent. Friday the country should publish the number of growth for the first quarter. Analysts polled by the business daily Diyi Caijing Ribao (China Business News), GDP growth should be limited to 8.4%, against 8.9% for the fourth quarter 2011 and 9.2% for all last year.

The price per m2 of existing homes totaled at the end of January 8340 euros on average, 30 euros less than in October 2011. Prices in the Ile-de-France, for the same period were down 0.6%. This trend is not sustainable. Paris real estate. St. Pierre Semard, in the ninth.

Prices of existing homes fell slightly in Paris, in 8340 euros/m2 average for the period between November 2011 and January 2012 instead of 8370 euros/m2 previously announced Thursday night the Chamber of Notaries of Paris-Ile de France. There had been increasing since the second quarter 2009 (6020 euros/m2). The downward trend in prices began in late last year, is confirmed, indicate notaries in a statement.  

Moreover, the promise of sale entered recently, which presage the final price trends, highlight the value of apartments in the capital between 8100 and 8200 averaged euros/m2 end of May, confirming a trend slightly downward (-2 to -3.2%), after a sharp surge in prices which had led to an annual increase of 21.3% in late August 2011.

For the entire Ile-de-France, house prices in Ile-de-France, for the same period were down 0.6%. The largest decrease is observed in Seine-Saint-Denis (1.4%), while a decline of 0.3% in Paris proper.

The decrease in the number of transactions recorded for several months, was temporarily halted because of the reform leading to higher taxation of capital gains on property that, with effect from 1 February 2012, caused an influx of sales. Thus, from November 2011 to January 2012, 43,000 existing homes were sold, an increase of 6% over the same period 12 months earlier, and even 32% in central Paris.

After the records set last year, the Paris notaries had anticipated the end of February the prospect of a market downturn of the former in 2012 on the entire region, suggesting a decrease of 5 to 10% less a "new rebound of the financial crisis". But this break "will be sustainable only if new construction is accelerating sustainable in Ile-de-France for several years," had they warned. In the provinces, prices are expected to experience the same slope, according to forecasts by the INSEE.

Veolia Environment announced Friday departures of three members of its management team the day after proposing not to renew the appointments of two members of its board of directors deemed close former CEO Proglio.

This series of ads comes as more directors of Veolia, which Proglio, currently head of EDF, has, according to sources familiar with the matter, considered asking for the resignation of the current CEO Antoine Frérot at a council held in late February.

In a statement, Veolia announced that Denis Gasquet, Olivier Orsini and Jean-Pierre Frémont leave with immediate effect the group's executive committee and at the same time abandoning their duties within the group. 

Denis Gasquet held the position of Executive Managing Director and COO, Olivier Orsini as managing director and deputy general secretary and Jean-Pierre Frémont e ; was Director General in charge of Public and Community Affairs.

These changes were decided by Antoine Frérot to "accelerate the implementation of the strategic plan approved by the board of directors," it said in the release of the company.

Sylvain Boucher, who was previously secretary of the executive committee, also joined the proceedings which now, in addition to the CEO, seven against nine previously. 

Also Sylvain Boucher, it is composed of Jerome Gallot, Jean-Michel Herrewyn, Franck Lacroix, Jean-Marie Lambert, Jerome Le Conte, Pierre-François Riolacci.

At 15:25, the title jumped 4.28% to 12.66 euros while the index of blue chips rose 0.17% Paris at the same time.

"The acceleration of the strategic plan and tighter around Mr. Frérot teams were well received," said a trader based in Paris.

Another market operator, also based in Paris, points out that these departures had been widely expected by the market, believing that the benefits likely to die as ; knotting of short positions as well as upward revisions of recommendations. 

"The action moves as people cheer the departure of Denis Gasquet: it was at the head of the Environmental Services division during his disastrous performance and more recently he oversaw the restructuring, "he adds.

The strategic plan of Veolia plans to refocus the group on water, waste and energy services and reduce costs of 420 million euros by in 2015.

Veolia also planned to produce five billion euros in sales in 2012-2013 and reduce net debt to below 12 billion at end 2013.

The financial center of New York is on a diet. After reducing the 25% bonus in 2011, it should delete 4300 jobs this year. The New York Stock Exchange

Employees' bonuses on Wall Street fell by around 25% in 2011 compared to the previous year, according to an estimate released Monday by an independent agency in New York.

"We believe that the benefits of Wall Street totaled $ 10.5 billion in 2011, a level well below that of recent years, and that bonuses for the year fell 25%," says a news agency audit of the City of New York.

If compensation practices had changed since the 2008 crisis, with all or most bonus blocked for several years and their payment spread over time, generous bonuses had continued to be paid up to date on New York. Bank executives' bonuses on Wall Street in 2010 had even begun to rise.

The CEO of the investment bank Goldman Sachs Lloyd Blankfein saw his pay triple for example in 2010 to two million. The other four main executives of the bank had also received the same salary increase while the performance of Goldman Sachs had been poor in 2010 (including net income had declined 37% and the turnover was eroded).

Moreover, Wall Street is expected to lose many jobs in 2012, according to the agency. "We believe that Wall Street will eliminate 4,300 jobs this year and wages, including bonuses, decrease by 7.5%," added the independent organization funded by public funds. The paper explains these predictions by "the changing environment in the financial sector", the economic slowdown caused by "problems in the euro area" and "rising oil prices caused by tensions in the Middle East."

For these reasons, the Agency Audit of New York lowered its forecasts for job creation in all sectors: it table more than 22,000 jobs created in New York in 2012, against 38,800 estimated in December and 44,400 in 2013 (against 50,000).

To halve the number of addicted to cigarettes, a UMP deputy wants to get out the big guns. In his report he says that all packets must be the same, the price increase, the prohibited to smoke multiply … Do you think these measures are excessive or justified?

Price rises, tax revenues, reform of the status of tobacconists, banning smoking on beaches … UMP deputy Yves Bur presented Thursday at the Health Minister Xavier Bertrand is a report that smoking and the tobacco industry in all directions. "We start with an observation rather terrible" and "only a comprehensive approach can address," explains Yves Bur. Its proposals aim to halve the number of smokers, for less than 15% of the population smoked in 2025 against 30% today. "At that time, a motion will be hired and may be considered an output of tobacco," said the member, invested long in the fight against smoking.

The first report recommends the establishment of "an inter-ministerial structure specific to the fight against tobacco," "a single contact", appointed by the Prime Minister, along the lines of what has been done for road safety . The High Council of Public Health has made the same proposal last week. Having seen that "the tobacco industry is the only one not to pay for the damage it generates," Yves Bur proposes to introduce a tax on sales by manufacturers. The tobacco tax revenues are about 11 billion euros a year, he said, while the cost of tobacco-related diseases reached 18 billion, a co-pay 7 billion euros, " the equivalent of social security deficit for 2012 ".  

Regarding tobacconists, MP recommends reviewing their status to "not to tie their compensation to the volume of tobacco sales."

Tobacconists angry

The report explores Bur all fields can influence tobacco consumption downward. He recommends "fiscal policy review of tobacco products" and "set targets for increases effective price", a lever often cited by organizations that fight against tobacco. It calls for manufacturers to impose a "neutral standard package", unattractive, and introduce the "sale under the counter", that is to say not to display cigarette packets in newsagents. MP wants to strengthen the means to enforce existing prohibitions, including banning sales to minors, with operations "testing" and penalties "dissuasive" up to and including license revocation. "Banning smoking in front of children has become a rule," said MP: drive to the beach … To help smokers quit, the report recommends a free pick for people in ALD (long-term illness), pregnant women and CMU beneficiaries. Yves Bur also called for "banning links of interest" between the tobacco industry and state officials.

As we approach the presidential election, the member pointed out that the program he proposes "is part of the two five-year period". "It would really be in the spotlight of the presidential candidates to make clear that it will make the fight against tobacco presidential site in terms of health," he said.

"Very angry," the president of the National Confederation of tobacconists, Pascal Montredon, blasted "proposals cloth", seeing the opposite of "work more to earn more". For their part, cigarette makers have described the proposals Bur of "extreme measures", but not really new. They "are an excessive and unrealistic approach," ruled Imperial Tobacco.

And you?

Do you think the measures recommended by Yves Bur are justified? Are they sufficient or excessive?

How far should we go to roll back the number of smokers?

Vinci said Wednesday a tender offer in the coming days for a minority stake in the Turkish airport operator TAV Holding Havalimanlari, why Aéroports de Paris also on the ranks.

The sale of a stake of up to 40% should value TAV, which manages several airports in Turkey, including Istanbul, more than two billion dollars (1.5 billion euros), according to sources familiar with the matter.

"Vinci confirms that an offer will be filed in the coming days," said a spokesman for the world leader in construction and concessions.

According to a source familiar with the matter, Vinci is best placed ADP.

"Vinci should win the deal on TAV, said this source. Vinci and ADP present their bids early next week. "

It would be the second failure in a row e abroad for ADP, which lost early February the call for tenders for the modernization of the Brazilian airport of Sao Paulo Guarulhos in favor of a trio of groups Brazilian and South African

. Another source however said that the games were not made in Turkey, stressing that supply of ADP is probably much higher than Vinci. 

But the source said, ADP, which the French state owns 52% stake, was forced to offer a higher price as a result of the anger in Ankara by the law criminalizing denial of genocides recognized by France, including the Armenians by the Turks in 1915.

ADP, which last week confirmed his interest in TAV, did not wish to comment.

Portugal hopes that an increase in exports of wine, cork and fruit will help reduce its trade deficit, said Monday the Portuguese Minister of Agriculture in an interview with Reuters.

Assunção explained Cristas want to restart the operation of unused land while providing incentives that would turn the trade deficit in food surplus.

Portugal is already the world's largest exporter of cork and the seventh largest exporter of wine. Its agriculture, which includes logging and the production of many varieties of fruits, olives and oranges through the strawberries and cherries, represents 10% of its gross domestic product.

But the fertility of its land and its mild weather did not permit him to achieve food self-sufficiency.

Production of the sector remains fragmented mainly because of the small size of many farms, inheritance of land reform following the Carnation Revolution of 1974 after decades of Salazar dictatorship.

Came to power last June in favor of early elections, the majority center-right led by

Pedro Passos Coelho hopes to reverse. 

"Our food exports have great potential even though we still have a trade deficit of 30%," said Assuncao Cristas Reuters.

If he succeeded in transforming its trade deficit in food surplus, Portugal could hope rebalance its overall trade balance, which would be of great help when he e ty forced last year to accept international assistance of 78 billion euros.

In 2011 already, the Portuguese trade deficit narrowed by 25% over the previous year to return to 15.2 billion euros.

This reduction is mainly due to the austerity measures imposed on the Portuguese with its implications on domestic demand. 

Meanwhile, food exports rose 17% last quarter 2011 to 1.2 billion euros. This increase is the second largest after the one recorded on refined petroleum products.

"The prospects for improved trade balance in the food are good, we planted lots of new land, for example, olive groves and vineyards," said the Minister of Agriculture.

"The food industry (…) can really help Portugal when domestic consumption is low."

According to forecasters, the Portuguese economy expected to contract 3% this year and the unemployment rate has hit a record 14%.