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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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The Netherlands Tuesday awarded two successful bond lines that allowed them to raise two billion euros after the political crisis by the resignation of the government.

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

.

Barely a quarter of the companies should increase their investments in 2012, according to a study of the credit insurer Euler Hermes. They would increase the total of 0.5%. And because of that growth should be limited to 0.4% over the year.

Business investment was an engine of French growth in late 2011. And it should still contribute positively to GDP growth this year. But not enough to generate a rebound expected by the government. A study of the credit insurer Euler Hermes posted Wednesday, in fact, only a quarter of French companies plan to increase their investments in 2012. And made to depend on two spending growth prospects. And as these are faiblardes, their investment projects are too. This is the snake biting its tail …

Business investment should experience an increase shy of 0.5% annual rate in 2012, according to Euler Hermes. And growth in France would be reduced to 0.4%. Accompanied by a table yet another bad news: the quality of these investments will continue to deteriorate.

To forecast, Euler Hermes interogé 1684 companies from November to January. 25.8% said they plan to increase investment, 20.5% to 53.7% and reduced to maintain unchanged from 2011. "The wishes of investment are investments for renewal, not of development investments," said Ludovic Sénécaut, CEO of Euler Hermes, during a press conference.  

Thus, according to the study, 8.9% of these some 26% of companies ready to increase their spending account to make investments for productivity gains, 0.8% of spending on research and development. As for the increase in production capacity, it accounts for 19.1% of their spending intentions, while the renewal is 26.7%.

Most of the rest are investing in staff, told AFP chief economist of Euler Hermes, Ludovic Subran. Mr. Sénécaut notes that this situation of "low quality spending", already visible in 2011, "continues to deteriorate". Phenomenon "consistent with a French economy still facing enormous internal market and, when she goes to the international, country chooses and thus close to areas where the activity is and will remain weak for some years yet,"- he said.  

"We are very concerned about the effects of a second round of austerity measures in Italy, Spain and the UK," added Mr. Subran. Side outlets in the Hexagon, "there is still not in France of measures to fight against unemployment and unfortunately we can expect that it continues to increase in 2012," he said , holding that it is "worrisome" for consumption.

Euler Hermes also anticipates a rebound in 4% of business failures this year to 63,500, "record numbers", says Subran.

Asked about the presidential election, he felt that the campaign is the tax that could have "an effect on investment spending." "No candidate can become president without calling flat what is going on taxation in France. There is a volatility of taxes that worries companies," he said.

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 Tokyo Stock Exchange closed up 1.65% on Friday, supported by the success of the announced debt exchange in Greece and by encouraging statistics from China.

The Nikkei gained 160.78 points to 9,929.74 and the Topix broader, took 12.55 points (1.5%) to 848.71.

The Nikkei hit a session high at 10,007.62. This is the first time in seven months that exceeds the psychological threshold of 10,000.

Values, exporters have taken their game, Honda took 2.8%, Toyota +2.7% and 4.25% Sony.

To halve the number of addicted to cigarettes, a UMP deputy wants to get out the big guns. In his report he says that all packets must be the same, the price increase, the prohibited to smoke multiply … Do you think these measures are excessive or justified?

Price rises, tax revenues, reform of the status of tobacconists, banning smoking on beaches … UMP deputy Yves Bur presented Thursday at the Health Minister Xavier Bertrand is a report that smoking and the tobacco industry in all directions. "We start with an observation rather terrible" and "only a comprehensive approach can address," explains Yves Bur. Its proposals aim to halve the number of smokers, for less than 15% of the population smoked in 2025 against 30% today. "At that time, a motion will be hired and may be considered an output of tobacco," said the member, invested long in the fight against smoking.

The first report recommends the establishment of "an inter-ministerial structure specific to the fight against tobacco," "a single contact", appointed by the Prime Minister, along the lines of what has been done for road safety . The High Council of Public Health has made the same proposal last week. Having seen that "the tobacco industry is the only one not to pay for the damage it generates," Yves Bur proposes to introduce a tax on sales by manufacturers. The tobacco tax revenues are about 11 billion euros a year, he said, while the cost of tobacco-related diseases reached 18 billion, a co-pay 7 billion euros, " the equivalent of social security deficit for 2012 ".  

Regarding tobacconists, MP recommends reviewing their status to "not to tie their compensation to the volume of tobacco sales."

Tobacconists angry

The report explores Bur all fields can influence tobacco consumption downward. He recommends "fiscal policy review of tobacco products" and "set targets for increases effective price", a lever often cited by organizations that fight against tobacco. It calls for manufacturers to impose a "neutral standard package", unattractive, and introduce the "sale under the counter", that is to say not to display cigarette packets in newsagents. MP wants to strengthen the means to enforce existing prohibitions, including banning sales to minors, with operations "testing" and penalties "dissuasive" up to and including license revocation. "Banning smoking in front of children has become a rule," said MP: drive to the beach … To help smokers quit, the report recommends a free pick for people in ALD (long-term illness), pregnant women and CMU beneficiaries. Yves Bur also called for "banning links of interest" between the tobacco industry and state officials.

As we approach the presidential election, the member pointed out that the program he proposes "is part of the two five-year period". "It would really be in the spotlight of the presidential candidates to make clear that it will make the fight against tobacco presidential site in terms of health," he said.

"Very angry," the president of the National Confederation of tobacconists, Pascal Montredon, blasted "proposals cloth", seeing the opposite of "work more to earn more". For their part, cigarette makers have described the proposals Bur of "extreme measures", but not really new. They "are an excessive and unrealistic approach," ruled Imperial Tobacco.

And you?

Do you think the measures recommended by Yves Bur are justified? Are they sufficient or excessive?

How far should we go to roll back the number of smokers?

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.

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%.

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.

China has banned its airlines to pay tax on emissions imposed by the European Union since January 1. His opposition joined the United States, India and Russia. An airplane of American Airlines lands on the tarmac at the airport in Port-au-Prince in February 2010.

For the Chinese government, no question of paying tax on pollutant emissions: a tax imposed by the EU to reduce global warming. The Chinese government's message is clear: "No Chinese airlines to participate in the EU ETS" taxes on carbon emissions "without permission from government authorities," and adds that they are also forbidden to raise their rates to offset the cost of the European measure.

The EU ambassador to China, Markus Ederer, defended the tax, but said Monday that negotiations could take place. "There are several possible ways, bilateral, multilateral or perhaps legal," he told a press conference, implying that a solution for Chinese companies could be paying a carbon tax in China. "We are ready to discussions on equivalent measures that would exempt companies from the countries concerned" the payment of the European carbon tax, he added. "We are witnessing a struggle between the EU and China on this issue. You have to see if China will not soon take retaliatory measures", for its part has responded to AFP Yanyan Luo, an analyst at China Merchants Securities based in Shenzhen (south).

In China, the European law will cost 800 million yuan (97 million) in 2012 to its airlines, and this cost will be multiplied by four in 2020. When asked about the tax by AFP, companies China Eastern and China Southern have refused to comment Monday. Worldwide, airlines encrypt the extra cost of the measure for the sector to € 17.5 billion over eight years. The European Commission for its part argued that the additional cost per ticket for a long haul flight would return between 4 and 24 euros only. By this law came into force on 1 January, the Europeans want to force all airlines, irrespective of their nationality, to buy the equivalent of 15% of their CO2 emissions, or 32 million tonnes. The objective is to fight against global warming. But the arguments of Europeans objected to by 26 of the 36 members of the Aviation Organisation (ICAO), including the United States, China and Russia. They adopted early November a nonbinding resolution recommending to exempt foreign companies from the EU carbon tax.

Going further, the House of Representatives in the United States passed a bill prohibiting U.S. airlines to pay this tax, including Secretary of State Hillary Clinton had asked the Europeans to suspend the entry into force . U.S. companies complain of a discriminatory measure and have filed an appeal in Britain, but their arguments were rejected by the European Court of Justice.

In early January, China said it would not cooperate with the EU to implement the tax that had just come into force and had hinted at retaliation. By the end of last year, the China Air Transport Association (CATA), which brings together most Chinese companies had indicated that "Chinese companies would not participate in the ETS, would not provide carbon monitoring plan to EU countries and would not negotiate preferential policies with the European Union ".

Companies refusing to pay the tax could be imposed a fine of 100 euros per tonne of CO2 or, in extreme cases, be denied landing rights in the 27 EU countries. But carriers have a period, because if the law is already in force, they can buy their license right to pollute for 2012 until April 30, 2013, and no sanctions will be applied before that date .