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GDF Suez reported Monday performance increased in the first quarter thanks to Britain's International Power, and confirmed its annual targets.

The energy company reiterated in a statement that the minority buy International Power (IP), he hopes to complete in mid-July, it would raise its objective of recurring net income group share for 2012 to a level between 3.7 and 4.2 billion euros – against a range of 3.5 to 4000000000 referred before.

GDF Suez also confirmed it expects for 2012 a gross operating profit (EBITDA) of approximately 17 billion euros and gross investment of 11 billion out minority shareholders IP, as well as an ordinary dividend stable or increasing compared to 2011. 

Its sales reached 28.2 billion euros at end-March, up 10.5% (8.4% organically), while its EBITDA was $ 5.8 billion, up 5.7% (4.1% organically).

The group noted that its EBITDA benefited from higher earnings of branches Energy International – which includes the assets of International Power – Energy and Europe, as well as strong earnings growth of the Global Gas & LNG, including through the exploration and production activities.

By activity, sales totaled 4.169 million euros for International Power in the first quarter (14.4%), 1.327 million for Global Gas & LNG (69.8%) and 14,559,000 for the Energy Europe ( 8.3%). 

Net debt of GDF Suez totaled 37.1 billion euros at end-March, down 0.5 billion from late 2011 to a net debt to EBITDA of 2.2 times , confirming the group aiming for 2012 a 2.5 rating and a Class "A".

Shortly after the start of the general meeting of shareholders of the group, at 1440, the GDF Suez fell by 2.62% to 18.195 euros, while the CAC 40 lost 2.13%.

The acceleration of inflation in March makes the recruitment fee preferred by the French less attractive for the coming months. Explanations. The remuneration of Booklet A from 2 to 2.25% on August 1.

Contrary to the predictions of earlier this year by Christian Noyer, Governor of the Banque de France, inflation does not decline in France. It remains even at a high level. In March, consumer prices rose 0.8% on month (after +0.4% in February), and 2.3% year on year. Normally this would result in a revaluation of rates of pay A booklet of 25 basis points, according to mathematical formula which is based on determining the rate of investment preferred by the French – 93% have.

The law provides that changes in rates of Livret come into force on February 1 and August 1. But large changes in inflation, such as increases currently observed may also result in rate changes on May 1 and November 1. In short: compensation should automatically go from 2.25% currently to 2.50% in a fortnight. There is a good chance they will not happen.

The government can indeed block the automatic adjustment of the booklet A. He has already done in the past, particularly to address the declining rate as in August 2009 – at that time, the rate had dropped 1.75% to 1.25%, while the application of the rule would justify a reduction to 0.25%. But at election time, the opposite is true: the government blocks the upward revaluation. This is what happened last February, while inflation already justified a rate increase to 2.50%.  

Increase the rate by 0.25 A booklet would cost 500 million euros effect (the total amount outstanding of 60 million accounts reached 223 billion euros) to the State, 700 million even if one adds the blue books. While the booklet A is a popular product, but it could still be perceived as a gift to investors. So the Livret A rate is likely to remain at 2.25%, at least until August 1.

"This level of rate barely covers inflation. At The booklet does not generate more over-compensation for savers, analysis Gommard Benedict, CEO of Cortal Consors. It is a product that preserves the purchasing power but which offers no more. " However, this low attractiveness of the booklet A should not lead to a massive outflow, estimated the specialist savings and online brokerage. Indeed, the booklet A "is a reassuring product in an increasingly anxiety-provoking," he concludes.

Carrefour has managed to stabilize its revenue in the first quarter due to sales growth in Latin America, which offset a decline in France and a sharp decline in southern Europe and Asia.

The distributor saw sales totaling 22.5 billion euros over the first three months of the year, slightly below the consensus reached by Reuters (22600000000).

As reported, net sales sign up 1.5% with a positive calendar effect and an increase in gasoline prices. But like basis and excluding gasoline, sales were virtually flat (-0.1%) and without the calendar effect, they were down 2.1%.

The group, which recently welcomed its future CEO, George Plassat – the latter will be appointed to head the company as of June 18 – and battle to regain market share in France and Europe, gives no indication of its expectations for the current year.

In the opinion of analysts, the upturn in Carrefour, which suffers from poor positioning of price, high exposure to southern Europe weighed down by the crisis as well as a format – the hypermarket – in difficulty in France, will take time and investors should be patient. 

According to those of Oddo Securities, "the year 2012 should be another year of sacrifices in terms of results" and the Group's recovery could take three or four years.

Excluding the calendar effect, sales of Carrefour in France fell 3.1% in the first quarter and those of its hypermarkets, large black dot of a number of European distribution, have accentuated their fall at -5.8%, after falling 4.7% in the fourth quarter of 2011.

In Europe, sales fell 3.8% on a comparable basis and excluding petrol, leaded by a plunge in Spain (-6.1%) while they increased by 8.6% Latin America and continued to fall (-4.3%) in Asia.

The government deficit in France in 2011 was lower than expected, which will facilitate the task of the next president if the economy does not collapse.

After 5.2% of GDP last year, instead of 5.7% expected in the Finance Act, Nicolas Sarkozy and François Hollande, favorite polls, have pledged to re reduce the public deficit to 4.5% and 3.0% end of 2012, limit the European stability pact in late 2013.

The effort would be lower than expected.

The outgoing president praised the figure of Friday.

"France has done much better thanks to the efforts of the French," he said, renewing his promise to reach 3% in late 2013. 

But the trend was poor in January and a sharp economic slowdown is expected for all of 2012, likely to derail the accounts if it were larger.

The "good" figure of 2011 on Friday will also be confirmed by further appreciation expected on May 15

The government balance includes accounts of the state, local and social security funds. It has not been positive since 1974.

Nicolas Sarkozy promised to return to balance end of 2016 and his Socialist opponent François Hollande end of 2017.

DOUBTS IMPORTANT FOR 2012

In January, the government deficit, which is the largest component of public deficit fell by less than a billion euros over January 2010.

A negative signal, even if the accounting parameters are not identical, to the rise or fall, a positive impact of € 2.6 billion having been such registered in January through the sale of radio frequencies.

The government deficit in February will be released April 6.

Especially, strong economic growth this year, which largely determine the amount of revenue is uncertain. 

The government has just raised its growth forecast for 2012 to 0.7% against 0.5% earlier (after 1.7% in 2010), while Francois Hollande provides 0.5% .

International institutions and economists are less optimistic, the IMF providing 0.2%, 0.3% OECD and the European Commission 0.4%.

The evolution of public finances is crucial for France, already deprived of its precious AAA by Standard and Poor's and sees its sovereign rating placed on "negative outlook" by the three major rating agencies.

Borrowing costs on financial markets may increase, which would make the effort to restore data even more important. 

The yield differential ("spread") between the French public debt to 10 years and German debt is currently above 110 basis points, or 1.1%.

This level is much lower than that achieved in November, at the height of tensions on the debt in the eurozone, to nearly 200 points, but it is much higher than the observed 30 to 40 points s during "normal".

The "binge drinking" – drinking very popular with young people – cost 3.2 billion euros per year in British public health service. The Prime Minister has decided to increase the price of ciders, beers and spirits. The British Chancellor of the Exchequer, George Osborne, to Parliament.

This is a serious blow to the culture of beer. British Prime Minister David Cameron said on Friday a series of measures, including an award minium of 40 pence per unit of alcohol, to fight against "binge drinking", drinking bouts which cost 2.7 billion pounds (3.2 billion euros) per year in public health service.

"The binge drinking + + accounts for half the consumption of alcohol in this country," said the Prime Minister. "My message is simple. We can not continue like this." It proposes to introduce a minimum price of 40 pence (50 cents) per unit of alcohol (10 ml of ethyl alcohol) sold.  

The measure will hit priority ciders sold cheap, strong beer and spirits sold off. For example, an extra strong beer that contains three units of alcohol would see its price from 75 pence to 1.20 pounds (1.40 euros). The strong cider, four units of alcohol, would almost double their price in almost two euros. The minimum price is to include the purchase of alcohol at bargain prices in supermarkets.

"Let's be clear, this will not affect the pubs," he told Mr Cameron. "A pint of beer contains two units of alcohol, if the minimum price is 40 pence per unit, the pint will not be affected." The government says the measure could even benefit the pubs, preventing supermarkets from selling at bargain prices. The government plans to prohibit the promotion of "two drinks for the price of one" and introduce a tax for pubs that open late, a way to offset the cost to ensure public safety in their neighborhood.

The culture of "binge drinking" has led last year by 1.2 million hospitalizations and a million crimes and crimes related to alcohol, according to official figures. The government intends to launch a consultation in the summer. Future legislation will apply in England.

Scotland is also considering a minimum price for alcohol. "We will launch a consultation, but a minimum price of 40 pence would result in 50,000 fewer crimes each year and 900 alcohol-related deaths averted annually by the end of the decade," said Mr. Cameron. The retail federation has protested vigorously. In contrast, associations fighting against alcoholism and the medical applauded the announcement.

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.

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.

High labor costs does not rhyme with high unemployment and does not necessarily mean poor economic performance, according to a study by INSEE Wednesday in the time left and right clash violently on the "social VAT".

The Department of Labor will release the unemployment figures Friday of January. End of 2011, the number of unemployed people on French territory, all regions and categories, exceeded 4.5 million, its highest since 1999.

Across the Rhine, the unemployment rate last month was at its lowest level since reunification in 1990.

Labor costs in Germany was also one of the highest in Europe in some industries four years ago, an economic fact that has not prevented e to view the best export performance of the euro area and an unemployment rate among the lowest in the Old Continent. 

At two months of the first round of presidential elections, the government, which regularly cites Berlin as an example, has made the reduction of labor costs one of its priorities é ; ECONOMIC by deciding to reduce employer contributions in exchange for a higher rate of VAT, a measure criticized by unions and the opposition who fear a degradation of power purchase.

In a study entitled "Employment and Wages", especially on the evolution of the price of labor in Europe, INSEE found that the cost of labor in some sectors Manufacturers across the Rhine was the highest in the Old Continent. 

"This is particularly true in the automotive industry, where (in 2008, ie) it is 29% higher than that observed in France: 43.14 EUR (per hour) against 33 , 38 euros. "

Across the industry, labor costs were substantially similar in both countries, around 33 euros per hour on average, although it was higher Germany (33.37 euros) and France (33.16 euros).

REPORT OF FORCE?

However, the trend reversed in services where France four years ago recorded an hourly labor costs of 32.08 euros against 26.81 euros in Germany. 

Especially, unit labor costs as a whole rose a much stronger in France than in Germany between 2002 and 2012 (1.9% per year against 0.1%) and lower gains productivity (+0.8% against +1.2%), as calculated by the Credit Agricole, a cause for concern for Paris.

The budget minister Valérie Pécresse has reiterated Tuesday that lower labor costs in the name of "price competitiveness" French would create between 75,000 and 120,000 jobs, provided that businesses play the game and favor the recovery of productive investment to increase their margins.

Sweden, Denmark and Belgium are the three countries of the European Union where, in 2008, the labor cost was highest in the industry as in services. Portugal, Greece and Spain are where it was lowest.

Therefore, improving the "competitiveness" could have effects far less positive than expected if it would only cover costs without concern more widely in productivity, quality ;, innovation and training.

Secretary of State for Foreign Trade Pierre Lellouche logically touted the creation of social VAT in early February and found that France could balance its trade with by 2017, after showing a record trade deficit in 2011. 

In the hope of improving the productivity of French companies, the government gives one month to the social partners to agree a framework for agreements "majority" in companies on issues relating to working time, organization or overtime.

Nicolas Sarkozy stressed that such agreements would be binding on the law, which bury the de facto 35 hours. Without compromise, a bill would be tabled in Parliament at risk to engage the executive in a tense power struggle on the eve of presidential and parliamentary elections.

A recession brought good ancréea the unemployment rate to a record in late 2011 and analysts note that the new provisions to hire and fire workers more easily create probably does not jobs in such a context.

The unemployment rate was 14% in the fourth quarter, announced the National Institute of Statistics, above the 13.7% projected in the program of international aid 78 billion euros.

In the third quarter of 2011, this rate was 12.4%.

Reform of labor law reduces redundancy payments for new hires to 20 days per year worked, against 30 before, and limits severance payments to 115,000 euros.

This is one of several government ministers who resigned amputee who is granted in terms of the IMF and the European Union on Friday, while the Greek street is angry. Greek Prime Minister Lucas Papademos on arrival at a cabinet meeting in Athens. According to government officials, 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 bailout of 130 billion euros. (Reuters / Panayiotis Tzamaros)

Some resignations later … The Greek government has finally approved, this Friday night, a bill involving the country in the reforms demanded by the EU and the International Monetary Fund for the implementation of a second bailout of 130 billion euros, according to government officials.

The bill should be voted by parliament Sunday, which would make Greece a financial solution so that Athens must pay 14.5 billion euros of bonds maturing next month. The country will not honor these debts without further aid.

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.

"We can not let Greece go bankrupt. Our priority is to take steps to adopt the new economic program and the new loan agreement. It goes without saying that those who disagree and do not vote for the new program can not remain in government ", said Prime Minister Lucas Papademos to the Cabinet

…. Friday ….., the Greeks began a 48-hour general strike to protest the new austerity measures demanded by international creditors and which Athens could not be the economy, according to Finance Minister Evangelos Venizelos, at least of leaving the euro

. Clashes between protesters and police erupted Constitution Square (Syntagma), but to Parliament protests , followed by relatively few, have generally been peaceful

. The first police union, which accused the International Monetary Fund (IMF) and the European Commission undermine democracy and national sovereignty, expressed his wish not to act against their "brothers". A local newspaper also publishes a photo montage showing German Chancellor Angela Merkel in a Nazi uniform.

The four government members from the LAOS, far-right party that belongs to the governing coalition, submitted their resignations in protest against the demands of international creditors, reports news agency ANA. George Karatzaferis, leader of the movement, had previously ruled to endorse the new austerity plan.

The device provides for a 22% decrease in the minimum wage, the elimination of 150,000 jobs in the public and reduced pensions.

For many Greeks, impoverished by five years of recession, in a country where unemployment affects one in five working where shops are closing one after the other, these new measures are unacceptable.