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The European Central Bank will redistribute to the central banks of the euro area the benefits of its Greek bonds held as part of the bond buyback program launched in May 2010, said a source senior within the euro area.

The Institute of Frankfurt bought about 38 billion euros of Greek debt under the program says SMP (Securities Market Programme) and these securities are now worth about 50 billion euros. Forego these profits would reduce Greece's debt.

The CEO of the French cosmetics group L'Oreal, Jean-Paul Agon, announces its intention to cancel within the group's system of stock options in an interview with Journal du Dimanche in ; appear Feb. 19.

"Stock options pollute the debate. That's why I'm going to give up half of the stock options were granted to me in 2010, "says Jean-Paul Agon, who won 10.7 million euros in 2010 (including options and shares) according to the annual report published on February 14 Proxinvest

. "(Of the 400,000 stock options received 2010), I will keep 200,000 to share a dynamic performance with our shareholders, "the French boss highest paid in the CAC 40 in 2010 in the interview excerpts of which were published on the newspaper's website Saturday

. "And in April, I will propose to the Board a complete halt of the system of stock options L'Oreal, for everyone and this year. "

Instead of stock options which benefit coefficient to 2.300 people in the group, the CEO of the world's number one cosmetics, had already relinquished his stock options in 2009, wants to establish a system of performance shares.

"After four years of house, our managers will receive bonus shares if the company met certain performance criteria. It is more transparent and less random," he says.

Asked about executive compensation in large groups, he said: "The public interest is not to lower wages, but business leaders have a tax system that generates more redistribution. I fully assume my signature to the call of the Nouvel Observateur to pay more taxes. "

Sixteen heads of major French companies signed in August in the columns of a weekly call for the establishment of an "outstanding contribution" of the French the most favored reducing government deficits they believe threaten "the future of France and Europe"

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French banks, which issue from their annual results on Wednesday, this year will count on a surprise guest, Francois Hollande, who plans to tighten regulations in the banking sector, threatening at the same time the potential rebound in banking stocks on the stock market.

In its program for the presidential election, the Socialist candidate proposes to separate the activities of deposits and capital market activities of French banks, like of what was decided at the end of last year the UK to reform its banking system after the crisis. 

If the authorities and French banks reject outright the idea of ​​separating banking, financial analysts have begun to incorporate this assumption into their projections of results banks, and taking note of polls giving the favorite Socialist candidate in the polls for the presidential election.

Francois Hollande, who poses as "adversary" of finance, also plans to increase 15% taxation on the profits of banks and create a tax on all financial transactions. 

The financial intermediary KBW estimated for example that, cumulatively, the three reforms envisaged by Francois Hollande could reduce 10% average annual results for French banking groups, BNP Paribas, Credit Agricole, Natixis and Societe Generale, or a total cost of 1.7 billion euros.

"These measures are a little confused from our point of view and with such worries, if the rally continues, I doubt that French banks is the preferred choice of investors," said Marco Bruzzo, Chief Operating Officer of Mirabaud Gestion. 

"The banks say that the separation of no use, it's stupid, but it would be interesting to know their real arguments against this reform," said an analyst based in Paris who did not want to be named.

"My feeling is that banks do not have that much," he says.

THREAT ON THE STOCK MARKET REBOUND

The European Commission has now put in place in November a working group on the structure of banks. This group will discuss in particular the question of the separation of banking activities and its report is expected later this year.

To justify their opposition to separation, the French bankers and the Bank of France to retreat behind the recent failures of the British bank Northern Rock and Lehman Brothers.

Analysts agree the coup use conferences to present the results of the banks to question their leaders on the issue and the consequences of a separation of banking activities already undertaken e across the Channel where the impact is estimated between 3.5 and 5 billion pounds (about 4 to 9.5 billion euros). 

"A movement towards this type of system (UK Ed) would certainly have a significant impact on profitability," said Marie-Pierre Peillon, director of financial analysis and non-financial at Groupama Asset Management .

Analysts also believe that the context of presidential campaign and uncertainty about the election's outcome will affect the share price of French banks, already engaged in strengthening their plans capital to meet new prudential standards and restructure their operations in the banking and investment banking.

"I think the performance (market, Ed) French banks will be capped as we will not know the outcome of presidential elections," remarked one analyst in Paris. "To go higher, you need better visibility."

Slaughtered on the stock market last year due to the exacerbation of the financial crisis, which forced the bank Dexia to dismantling, the French bank stocks have benefited from spurts of hope on the rescue of Greece and exceptional liquidity provided by the European Central Bank to bounce.

SocGen shows a gain of over 30% since the beginning of the year after losing nearly 60% of its value in 2011.

BNP Paribas will open Wednesday the ball bank results in France, followed the next day by Societe Generale.

Analysts polled by Reuters expect the drafting of an average 63% drop in net income for the BNP in the fourth quarter and 78% for SocGen. 

Credit Agricole and Natixis publish their results on Feb. 23. Credit Agricole SA warned in December that it would be a loss for the year 2011 and he would come to 2.5 billion euros of writedowns in its accounts of the fourth quarter.

In Europe, Deutsche Bank and Credit Suisse have surprised markets by posting accounts into the red in the fourth quarter. and

Industrial production in France fell 1.4% in December, after rising 1.1% in November, according to data published by INSEE Friday.

Production of manufacturing industry also falls down 1.4% after 1.4% last month.

All 20 economists polled by Reuters on average expected industrial production down 0.8% in December, with estimates ranging from -1.5% to 0.5%.

The number of manufacturing output in November was revised, INSEE has announced a 1.3% increase in first.

Over the last three months of 2011, production decreased in manufacturing by 0.5% over the previous quarter and the entire industry fell by 0.8 %. 

Production is declining in other industrial products (-0.9%) and in electrical, electronic, computer, machinery (-1.1%).

It increases by 1.6% in transport equipment.

Production increased even more in the coking and refining (+4.6%).

Over one year, manufacturing output for the last three months is up 2.1%.

Over the same period, production increases in other industrial products (1.3%), in electrical, electronic, computer, machinery (+1.1%) and transport equipment (+3.1%).

In the coking and refining, the increase is much higher (20.2%), INSEE noting that production was unusually low in October 2010 because of strikes in the sector.

Chrysler saw its car sales in the U.S. jump 44% in January, thanks to his Jeep, while his great rival General Motors has lost ground. Chrysler sales have far exceeded the expectations of some analysts who had forecast an increase of 35%, confirming the return unlikely the smallest U.S. automaker, three years after depo t balance. By contrast GM, the largest U.S. carmaker, has announced a 6% drop in sales in its home market last month, while Ford Motor saw sales increase by 7% over the same period, supported by the success of its Focus small cars, whose sales rose 60%. So far, January sales are part of an annual rate of 13.7 million for the entire market, exceeding the target of 13.5 million some analysts. These sales are increasing, even as automakers limit the financial incentives, which was their primary strategy before the restructuring of 2009. "The days when we were looking at any price to gain market share is over and most manufacturers are focusing on what is really important, ie on profitability," TrueCare says analyst Jesse Toprak. 11 years average age for GM, which sold 167,962 vehicles, the market was expecting a decline of 9% compared to January 2011, when the group had made offers. The group expects a car market in the United States between 13.5 and 14 million units in 2012, while the American branch of Volkswagen, for its part provides a market of 13.7 million over the year. Aging cars, which are now reaching a record average age of 11, promote the increase of new car sales, U.S. households back on the market after having postponed their purchases during the crisis. Ford, No. 2 in the U.S., sold 136,710 cars, up slightly behind the expectations of some analysts polled by Reuters. VW and Nissan Motor Co also announced an increase in sales in the U.S. market. VW's sales rose 48% to 27,209 vehicles, supported by the arrival of its Passat sedan, and Nissan rose 10.4% to 79,313 units. During a conference call, Jonathan Browning, director of VW in America, estimated that U.S. consumer confidence improved, but not at a steady pace. Chrysler released Wednesday its first annual profit since 1997. The group was No. 4 in sales in the U.S., behind GM, Ford and Toyota. Sales of Toyota in the U.S. rose 7.5% in January to 124,540 units. By 1900 GMT, the GM shares gained 1.54% to 24.39 dollars while Ford lost 0.64% to 12.34 dollars while the S & P 500 advanced 1.15%.

This former railroad 55 years succeeds Jacques neighbor to the presidency of reformist union.

Louis Philippe, 55, Friday officially took the presidency of the CFTC, at the end of the 51st Congress of the Confederation of Christian, the union announced in a statement. Pascale Cotton, 47, including the issue of pensions specialist, became general secretary of the CFTC and Bernard Sagez treasurer.

Elected for three years, Louis Philippe, a former railroad worker in Alsace, succeeds Jacques Voisin, he was number two. The office has also confederal three Vice-Presidents Jean-Louis Deroussen, Michel and Joseph Thouvenel Coquillion and a deputy secretary-general Pierre Mencas. At this congress, the CFTC voted to maintain its independence and its Christian values ​​despite the law of representation that darkens the horizon.

"The CFTC because it is meaningful and that can provide the link to our society's social cohesion that is lacking becomes itself a credible solution for the workers and their families," argued Louis Philippe ended Congress.

Germany has registered a growth of 0.5% of GDP in the third quarter. Much better performance than the average for the euro area (0.2%). However, analysts expect a stagnation or a decline in GDP in the fourth quarter. The German Chancellor Angela Merkel

Germany has registered a growth of 0.5% of its Gross Domestic Product (GDP) in the third quarter, a better performance than its French neighbor, which attests to the strength of the first European economy to the air hole waiting . Without revive its vitality from the beginning of the year (+1.3% in the first quarter), growth resumed during the summer months, depending on the initial estimate at constant prices and seasonally adjusted, published Tuesday by the Federal Statistical Office Destatis.

The Tokyo Stock Exchange closed up 1.86% Friday, the Japanese financial sector has benefited, as Wall Street and European stock markets, the prospect of Athens abandoned its proposed referendum on the bailout of the country.

The Nikkei gained 160.98 points to 8,801.40 and the Topix, broader, took 13.44 points (1.82%) to 752.02.

Over the whole week, accusing the two indices, however, a decrease of 2.8% and 2.5%.

The beginning of the week had led to panic after Prime Minister George Papandreou had overtaken everyone by announcing Monday he would submit the bailout of Greece to a referendum.

A depreciation of 798 million euros spent on Greek sovereign debt held in the portfolio has plunged the quarterly Commerzbank in the red and forced the second German bank to abandon its annual targets.

"We continue to be incurred by our original goal of an operating profit of four billion euros for the group, but given the market environment, we will not be able to reach next year" , said Friday Martin Blessing, CEO of Commerzbank.

In early trade on the Frankfurt Stock Exchange, the title of the bank fell by 5.53% to 1.656 euro while the index grouping the European banking stocks gained 0.61%.

Having already reduced its exposure to the most indebted countries in the euro area over 20% to 13 billion euros, a discount of 52% spent on the Greek securities, Commerzbank said it would continue to reduce its portfolios of sovereign debt issued by Portugal, Italy, Spain, Ireland and Greece.

The bank charged an operating loss of 855 million euros in the third quarter against a profit of 116 million a year ago and a Reuters consensus of 683 million euros.

The profits generated by the core business of Commerzbank – loans to medium-sized German companies – continued to be substantial, said the bank to 344 million euros.

EU leaders welcomed the pledges made rigorous by Silvio Berlusconi. But in Brussels, we expect that the Italian promises with deeds. The Italian prime minister Silvio Berlusconi at the European Summit of October 23, 2011

The commitments offered by Italy Wednesday to clean up its finances were judged "satisfactory" with its partners in the euro area, provided they are implemented, but this success was overshadowed by a controversy with Germany. "The EU summit welcomed the commitment of Italy. These ambitious measures to liberalize the economy must be applied," said the President of the European Union Herman Van Rompuy, after a summit of the area euro in Brussels.

"Yes we are happy," confirmed the Head of French State Nicolas Sarkozy during his press conference. "But we expect their achievement," he warned.Silvio Berlusconi has assured of his intention to run. "If we do not respect our commitments, we will no longer credible," he admitted leaving the summit. He promised to present a timetable for the adoption of the measures announced by the Italian Parliament. The head of the Italian government has incurred the wrath of Chancellor Angela Merkel ensuring obtaining apologized for his behavior at the EU summit last Sunday, what curtly denied the spokesman of the Chancellor.

"There was no excuse because there were no grounds to apologize," said Steffen Seibert on his twitter account. When asked about confidence in Silvio Berlusconi, Angela Merkel and Nicolas Sarkorzy had exchanged amused smiles before answering. The film of this scene of 19 seconds was repeatedly broadcast in the media and Italian Silvio Berlusconi had felt humiliated.The conclusions of the detail a series of measures to be implemented in two years to reduce the huge debt of 1,900 billion euros, or 120% of GDP currently to an amount representing 113% of GDP in 2014.

The Italian leader is now under surveillance by the European Union. The Commission is invited "to monitor in detail the measures and monitor their implementation," said Merkel, adding that Rome had committed to provide "all information in detail." A balanced budget will be achieved in 2013 due to austerity measures totaling 60 billion euros by 2014. Italy has pledged to outline a plan to revive growth by 15 November.The retirement age as part of "old age" will be raised to 67 years from 2026 and a plan for disposal of public assets for at least five billion per year will be conducted over three years.

The growth plan aims to liberalize the Italian economy by opening markets to competition and to support business and innovation through tax deductions. The labor market will be reformed including "new rules of dismissals for economic reasons in the employment contracts of indefinite duration." All these commitments are recorded in the summit conclusions.The head of the Italian Government had been put up against the wall Sunday by its European partners, which required firm commitments on reform and a clear timetable for implementation in order to reassure the markets and to ensure that Italy is the next victim of the debt crisis, which would jeopardize the entire euro area.