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Holcim has suggested Wednesday that he would again increase its prices, a severe winter in Europe charged on net profit in the first quarter.

Sales of cement, concrete and asphalt decreased by double digit percentages in Europe and the net profit after minority interests stood at 10 million Swiss francs (8.32 million euros), far from the 41.2 million expected by analysts polled by Reuters.

Revenues increased 2.2% to 4.76 billion Swiss francs, compared with 4.718 billion consensus giving.

"The harsh winter has resulted in numerous decisions of sites in Western and Eastern Europe in February," said the second world cement in a statement. 

Cement producers, firms in a particularly energy intensive, face higher costs of fuel and electricity.

Holcim said it could offset the rising costs by raising prices, but Africa and the Middle East. As Lafarge, he observed that the costs of energy and transport seemed to stabilize.

European competitors Holcim, Lafarge and whose German HeidelbergCement, have warned that they would fall under their prices to offset rising energy costs. Holcim said it reverberate cost increases caused by inflation.

The Swiss group, which generates more than half of its turnover in emerging markets, expects increased demand for building materials in Asia, Latin America, Russia and Azerbaijan this year. It also provides an increase in demand in North America.

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Michel Barnier, European Commissioner for Internal Market, was in turn declared in favor of a pact for growth in Europe in addition to the fiscal pact adopted in late 2011, which austerity measures provoke political unrest throughout the region.

"I support what is working on an initiative for growth in addition to agreements on budgetary discipline," he says in an interview published Monday by the German newspaper Die Welt.

Such an initiative would pass, in the short term, increased by an endowment from the European Investment Bank (EIB), a more efficient use of structural funds of the European Union and bonds dedicated to finance infrastructure projects, says Michel Barnier. 

According to Spanish newspaper El Pais, the European Union is working on a growth plan to inject $ 200 billion of investments in sectors such as infrastructure, clean energy and high technology.

The idea of ​​complementing the "fiscal pact" signed last year by a panel of growth support the political debate in Europe for several weeks, many voices emphasizing the risk of austerity encourage a relapse into recession in countries weakened by the crisis. 

At the end of last week, German Chancellor Angela Merkel also expressed support for capacity building of the European Investment Bank (EIB) and use more flexible infrastructure fund of the European Union to support growth.

President of the European Central Bank Mario Draghi said last week that the eurozone needed a "Growth Pact".

Francois Hollande, the Socialist candidate for the French presidential election, has placed top priority in the renegotiation of the Treaty on European budgetary discipline signed in March by 25 of the 27 EU countries to include a section on "growth", an initiative criticized right. 

The German government said Friday that issues related to growth and employment in Europe would play a central role at a summit of heads of state and government in late June.

According to Michel Barnier, a further liberalization of the internal market of the European Union could support the growth over the medium term.

"In the long run, I would like the establishment of a European industrial policy in strategic areas so that we redevenions a manufacturing center and not mere consumers of Chinese and American."

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.

What the President of the U.S. Federal Reserve Ben Bernanke about the need for maintaining an accommodative monetary policy to reduce unemployment continue to support markets Tuesday, allowing an opening up of major European stock markets, despite the announcement of a decline in morale of German households.

In Paris, in early trade, the CAC 40 gained 0.16% to 3,507 points. In Frankfurt, the DAX 30 is 0.4% to 7,104.83 points. In London, the FTSE advance of 0.2%. The pan-European index Stoxx 50.

The Fed chairman once again on Monday expressed concern about the long-term unemployment, but he questioned the idea that this problem is due to ; structural factors outside the scope of monetary policy.

The consumer confidence index calculated by the German research firm GfK is down at the approach of April, to 5.1, ending six months of gains, income expectations households being affected by rising fuel prices.

But the morale of French households is up against him for the month of March, returning confidence index five points. 

The Tokyo Stock Exchange is in turn mounted to its highest level since the earthquake and tsunami of March 2011, the Nikkei ended up 2.4%.

The Indian aviation, booming, will need more than 1,040 new aircraft by 2030, with a total value of $ 145 billion (111 billion euros), said Thursday the aircraft manufacturer Europé Airbus, an EADS subsidiary.

"Urbanization and increasing concentrations of population, combined with the development of a middle class and dynamic economic growth, supporting demand and this trend should continue," the group said in a statement.

The rating agency has again lowered the credit rating of Greece, "C", which corresponds to an almost certain risk of default. Moody's in New York.

The U.S. rating agency Moody's said Friday night that lowered the credit rating of Greece to "Ca" to "C" to reflect the launch of the restructuring of public debt in Athens. This operation "entails expected losses of more than 70% for investors" who will participate, Moody's wrote in a statement.

Moody's assigns a "C", the lowest possible rating on its classification as it deems to borrowers on the edge of default, while a rating of "Ca" she attributed so far to the Greek public debt corresponds to the speculative issuers in which the failure seems likely. The agency says that in his view, the swap of debt proposed by the Greek government to its private sector creditors, whose success is imperative to allow "the provision [of Athens] a additional financial assistance of the euro area "will return, if completed, a" default "on" Greek government ". The agency was then referred to the new European rescue plan providing 130 billion euros of aid set in motion Thursday.

Its rival Standard & Poor's lowered the credit rating Monday of Greece to "SD", a level corresponding to "selective default", to reflect the debt erase operation launched three days earlier. S & P said it planned to raise the rating to CCC of the country, which she attributed to poor quality of issuers with a real risk of default, where such operation would have been fully completed, probably in mid- in March.

This is not the case of Moody's, which does not assign "perspective" to the Greek note, sign it refuses to speculate on what could be its evolution after the debt swap consumed. "Regarding the future, the program of the European Union and the proposed debt exchange will reduce the debt burden for Greece, but the risk of default of the country will remain high even after this exchange has been completed, "the agency wrote.  

"Moody's believes that Greece still faces challenges in the medium term solvency: the ratio of public debt to GDP is well above 100% for several years," the statement added.

Restructuring launched Feb. 24 to allow Greece to obtain a cancellation of debt of 107 billion euros. Athens proposes to give private creditors participating in the operation of securities worth less than 53.5% of those they currently hold. A quarter of those titles that creditors will receive bonds from the European Stability (EFSF), presumably with a maximum maturity of two years. The rest will consist of new Greek bonds with maturities ranging from 11 to 30 years, a period much greater than those they replace. Because interest rates that will yield these securities loss to creditors should be around 73%.

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%.

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.

PagesJaunes intends to forego the dividend in 2012 as a precaution in order to give maximum flexibility to consider options to refinance its debt, said Wednesday its director gen ; eral Jean-Pierre Remy.

Heavily in debt, the publisher of printed directories and online, announced Wednesday he will propose to the unusually next general meeting of shareholders to pass the dividend for in 2011.

"The current market conditions are not particularly favorable (…) and therefore we consider that we must maintain maximum flexibility in the short term in our choice of financing options," said Jean-Pierre Remy. 

The shareholder of PagesJaunes, Mediannuaire, supports "full" this initiative is in no way representative of the political future of the group's dividend, he said ;.

The leader of the French group said he was "serene" about the group's ability to refinance the last installment of its debt, which matures in November 2013, while pre , specifying that the formal process had not yet been committed.

"The scenarios are very wide, very open. We want to give it time," said Jean-Pierre Remy, adding that the refinancing would likely over the next 12 months.

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.