According lsa.fr, the market share of the distributor was down 1.7 percentage points, to 21%, against 22.7% during the same period last year .

"The two main signs of the Carrefour group are affected by this plunge: hypermarkets in mind, which fell 1.2 points to 11.4% market share while Carrefour Market supermarkets them lose 0.6 points to 7.9%, "the site that it is adding Leclerc, Système U and Intermarché who benefit most from the decline of the French leader.

Carrefour declined to comment.

Demand for models such as the large sedan Audi A6 or 4×4 Volkswagen Tiguan in countries like the U.S. or Russia has offset weak sales in Western Europe and the cost of major plan committed investment to increase capacity of the German group.

Its operating profit rose by 10% in the first quarter to 3.21 billion euros, while analysts on average expected a decline of almost 9% to 2 , 7 billion. 

The turnover, however, has jumped more than 25% to EUR 47.3 billion, reflects the integration of truck maker MAN, Volkswagen capital which is mounted near 74% a few days ago after taking control in November.

At the Frankfurt Stock Exchange, the action Volkswagen gained 6.81% to 134.80 euros by 2:20 p.m., showing by far the largest increase of the DAX index, which then yielded 0.31%, while the European sector index of the automobile progressed from 1.58%.

No. 1 worldwide in 2016?

Manufacturers depend heavily on the European market currently suffering from declining margins as a result of the price war initiated in an attempt to stem the decline in sales against a backdrop of economic slump , fiscal austerity and wage restraint. 

PSA Peugeot Citroen, Europe's number two industry, and Renault, and have reported this week from a drop in sales of 7% and 8.6% respectively, which reflect you exposure to markets in southern Europe.

Volkswagen, he enjoys a geographical diversification committed earlier: counting on the continued development of its activities in Asia, the United States, Latin America and Russia, he hopes to beat this year's record sales recorded last year with 8.3 million vehicles.

"The results are extraordinary," said Franz Schwope, analyst at NordLB in Hanover. "It's time to revise upwards their long-term goals."

The group reiterated its forecast for 2012 operating earnings for the same level as in 2011, 11.3 billion euros, an increase of its turnover Business, emerged last year to 159.3 billion.

Group sales rose 9.6% in the first quarter to 2.16 million vehicles, a figure unprecedented in three months.

Volkswagen wants to become by 2018 the global industry, with a target of 10 million vehicles, while becoming more profitable. For Franz Schwope, this dual objective could be achieved by 2016.

The chief executive of VW, Martin Winterkorn, said in the earnings release that the group plans to launch this year over 40 new models or new versions of existing models .

The group also intends to invest about 15 billion euros by 2016 to modernize its plants.

The agency of the Dutch public debt was between 1.5 billion and 2.5 billion euros.

"This is a good result under the circumstances. This is presented poorly yesterday but they managed to put it all in minutes, "said a trader in the bond market, who requested anonymity ….

….. "Place one billion on the line long term is particularly good sign," he said

. The yield on

line maturing in 2014 stood at 0.523%, down from 0.664% to yield the secondary market Monday ……. The yield on

.. line due in 2037 stood at 2.782% against 2.773% in the secondary market the day before

.

"Many investors believe that the Netherlands has solid fundamentals frankly. Yields are high but traders are satisfied, "said Lyn Graham Taylor, bond strategist at Rabobank

.

The next sessions will be held Wednesday, May 9, Wednesday, June 6 and Wednesday, July 4, 2012.

To participate, contact us: – Benayoun Murielle> 01 75 55 50 63 – Franck METAY> 01 75 55 10 58 – E-mail>

club@lexpansion.com

In 2012, the Club de L'Expansion gets a makeover with The Express: Christophe Barbier, Managing Editor of L'Express and L'Expansion, and Philip Way, columnist, have designed this new format enliven the debate and after economic point of Beatrice Mathieu.

About the Club de L'Expansion

Each month, the Club de L'Expansion gives you an appointment with a prominent political figure and a renowned economic expert. Far diagnoses agreed and postures that abound in the media, members meet to exchange high-level economic and political, without taboo nor a priori.

These meetings in small circle and the value of the information collected can help you develop your thinking and your personal network. They set some benchmarks and also with the members in their decision-making in a world constantly changing.

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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 paper said it is difficult to say at this stage how these job cuts will be divided between Japan and the world.

The new CEO of Sony, Kazuo Hirai, was ordered to put the group on the road to profitability after four fiscal deficit. 

In early February, Sony, distanced during the last decade by more innovative competitors like Apple or the American South Korean Samsung, said he expected for the 2011-2012 year, ended March 31, at an annual loss of 220 billion yen (2.2 billion euros).

Kazuo Hirai, officially took office on April 1, replacing Howard Stringer, must be about the business plan from Sony on Thursday.

Volumes were thin due to the closure of many markets around the world for the Easter holiday and investors were cautious while awaiting the monthly U.S. unemployment figures.

The Nikkei lost 79.16 points to 9688.45 points. The Topix broader, yielded 6.86 points (0.82%) to 825.71 points.

"The very optimistic view of the U.S. economy has already been considered by the markets. We can not expect further monetary easing by the Fed, "said Ryota Sakagami for Nikko Securities SMBC

." On the other hand, we see the uncertainty on the front of the European crisis of debt, and general elections in Greece and the presidential election in France will only fuel the uncertainty. "

Ryota Sakagama said he expected that the Nikkei is maintained above 9,000 points, but that its correction will continue until the end of the month or until mid-May, when Japanese companies unveil their profit forecasts for the current year

…… At values ​​…, Toyota Motor lost 2.02% on profit taking. The action is up over 30% since the beginning of the year.

The stronger yen against the euro also weighed on exporters. Canon sold 1.03%, Panasonic and Sony 1.79% 2.04%.

A CSA decision was expected imminently as part of a call for applications for the granting of new frequencies in high definition on TNT for which thirty candidates were ; auditioned from March 5 to 14.

"Due to circumstances at this time of tragedy that all families and our country, the CSA is associated with this sentence and defer its decision regarding the selection of DTT channels", Reuters said a spokesman.

Because of concerns about the strength of the European banking system in the context of debt crisis in the euro area and more stringent prudential standards, European banks have difficulty ; refinance.

Tensions on bank liquidity were such as the European Central Bank (ECB) had to intervene twice in December and late February, to inject more than one.000 billion euros in loans to three years (LTRO) to help European banks and avoid a credit crunch.

"The world has changed considerably and perhaps even more on the liquidity of capital (.) The great lesson of the crisis is that liquidity is now chè re and much rarer, "said Frederic Oudéa at a conference at the European American Press Club in Paris.

"The interbank market, direct loans become scarce," he added.

In Europe, other bank executives emphasize that the interbank market has not returned to normal operation despite the extraordinary intervention of the ECB. 

"The liquidity is still abundant despite the funds injected by the ECB," has said Federico Ghizzoni, the Chief of the Italian bank UniCredit at a conference in Rome . "It is difficult to find financing medium and long term."

"SAFETY NET"

"The LTRO (ECB, Ed), this is a safety net (…) which allows us to give where we must pay without fear of tomorrow," he For its part, commented the head of SocGen.

Asked about the debt swap Greek and the onset of CDS, the contracts that protect an investor against default risk, Frédéric Oudéa, who is also the pre President of the French Banking Federation (FBF) found that the 'credit-default swaps "were not a" significant issue "for banks. 

"The problem of default, the organization's default, this is not so much the CDS (credit default swaps, Ed) which, after all the numbers floating around, not rep not feel a significant issue for any bank and financial system (…) the problem of financing the Greek system, "reported the director general of SocGen.

"All these figures were provided by banks as part of the exercise stress tests (stress tests) of EBA (European Banking Authority, Ed)," Has he added. 

The International Swaps and Derivatives Association, the organization brings together the major players in the derivatives markets, decided Friday by activating a measure requiring private creditors to take losses on their sovereign debt, Greece had triggered the payment of CDS.

The agency, however, held that payment of these CDS, estimated at some $ 3 billion, would have no significant impact on markets.

The signatories declared that reprisals from China and other countries opposed to the European level of taxation of carbon emissions (ETS) have serious consequences for the sector, has Airbus said in a statement.

According to Airbus, China has already suspended $ 12 billion of orders, which could lead to destruction according to the manufacturer of over 1,000 jobs internally and at least 1,000 extra in the chain not supply. 

The nine general managers who sign this letter to the Prime Ministers English, French, Spanish and German Chancellor expect that the list of cancellations of orders continues to grow .

The petitioners request the holding urgent talks at the European Council and with the states as the situation becomes intolerable for the aviation sector, we read in the news for Airbus.

"The aim must be to find a compromise solution and to stop these punitive measures before it is too late," say company executives quoted in the press release.

"We have always believed that only a global solution would be adequate to solve the problem of aviation emissions."

Business leaders call for opening negotiations with the states concerned in the Aviation Organisation Organization (ICAO)

. In addition to Airbus, the letter implies managers of British Airways and Iberia, the two components of International Airlines Group, ¨ Air Berlin, Air France, Lufthansa, Virgin Atlantic, Safran and MTU Aero

.