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.

The specialist services for conformity assessment and certification confirmed target for 2012 unless economic downturn, a "strong" growth in its turnover and its operational result ; rationally adjusted.

On January-March, it achieved a turnover of 868.3 million euros, showing organic growth of 8.6%, against 6.5% over the same period the last year. 

Changes in the scope of the group also contributed 1.2 points to growth in sales through acquisitions that represent a number of annual sales accumulated over 110 million euros on the basis of 2011.

"The group is in advanced stage of negotiation on other acquisitions that should be finalized during the year," he says in a statement.

The quarterly sales also includes a positive impact of exchange rate fluctuations of 2.2%, reflecting the appreciation of the U.S. and Australia and the Chinese yuan.

"The outlook for 2012 are well oriented and well, except further deterioration of the economy compared to current projections, the group should experience a strong growth of its turnover (…) And adjusted operating profit, in line with the strategic plan objectives BV2015, "said in a statement the CEO, Didier Michaud-Daniel ….. The plan

…. growth of 9% to 12% on average per year in sales at constant exchange rates, generated e for third through external growth, and improved operating margin of 100 to 150 basis points in 2015 compared to 2011

.. ……. In exchange, the action Bureau Veritas finished Thursday at 68.80 euros, valuing the company at 7.5 billion euros. The stock has risen 21.4% since January 1 after falling 0.74% in 2011

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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%.

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.

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 Dow Jones Industrial 30 yielded 0.54%, or 71.52 points, to 13,126.21. The S & P-500, wider, lost 6.98 points, or 0.49%, to 1405.54. The Nasdaq Composite fell on its side of 15.39 points (-0.49%) to 3,104.96.

The lower growth than expected durable goods orders in the U.S. in February (2.2% against 3.0% expected) has renewed concerns surrounding the recovery in the U.S. .

In addition, analysts said, the traditional quarter-end purchases seem to subside, which removes a source of support on Wall Street.

The S & P 500, and undergoes its worst session in three weeks, however, shows an increase of 11.4% since the beginning of the year, the benchmark fund managers are well on track to sign its best quarterly performance since the third quarter of 2009.

Cleaning portfolios to "the end of the quarter had probably carried the stock market these days. This factor plays up because if you buy less value today, it will not be settled before Monday so it will not appear in the first quarter figures, "noted Robbert Van Batenburg, head of equity research at Louis Capital

. The S & P grouping the values ​​linked to commodities fell ; of 1.52% and the energy sector has yielded 1.23%

. action number a global mining equipment Caterpillar fell 3.52% to 104.26 dollars, thus showing the biggest drop in the Dow Jones

….. The heavy oil …. ExxonMobil and Chevron also weighed, with declines of respectively 0.88% to 85.86 dollars and 1.07% to 105.89 dollars ..

……. Despite the decline of day, that the S & P 500 is not dropped below the 1.400 points suggests that the fundamental cycle bull bringing Wall Street six months ago are still in place, said Jim Paulsen, Investment Officer at Wells Capital Management.

Oil prices were down nearly 2%, under the double blow of surging crude inventories in the U.S. and the prospect of more countries use their re reservations policy to curb the sharp rise in gasoline prices.

Gold and copper also fell after data on durable goods orders, that interrupt a series of statistics considered positive for the U.S. economy.

During the meeting, Apple has hit a new record of 621.45 dollars. The action ended at 617.62 (0.51%)

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.

"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.

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

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