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Banks and insurance companies French are able to cope with a possible exit of Greece in the euro area, said Monday the Prudential Control Authority (ACP).

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.

Sony will cut about 10,000 jobs, or about 6% of its global workforce, by the end of the year, the Nikkei newspaper reported, adding that these measures would affect the chemical division of electronics giant Japanese as well as manufacturer of LCD screens small and medium size.

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.

The Tokyo Stock Exchange ended down 0.81% on Friday, falling for the fourth straight session and recording its worst week in eight months, amid concerns facing renewed ; the European crisis of debt and lack of signs of new measures to support activity in the United States.

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%.

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.

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.

It is Sweden who wins, this year, the prize for most innovative countries in the European Union, according to the dashboard of innovation lately published by the European Commission. As for France, among others overtaken by the Nordic countries, Germany and the UK, she had to settle for 11th place. Even if all Member States have made progress in the race for innovation, they fail to bridge the gap between them that are world champions the United States, Japan and South Korea. Involved, the lack of R & D in the private sector. To compare the performance of the 27 EU countries, as many as 24 indicators have been explored, from the resources devoted to research, business involvement, through the introduction of new technology or economic effects innovation. In pictures, the ranking of EU countries involved in the innovation race. 1/14

Previous Previous PauseSuivant 1. Sweden: Champion of Innovation Next Photo 2/14

Previous Previous PauseSuivant 2. Denmark: innovation champion Next Photo 3/14

Previous Previous PauseSuivant 3. Germany: innovation champion Next Photo 4/14

Previous Previous PauseSuivant 4. Finland: innovation champion Next Photo 5/14

Previous Previous PauseSuivant 5. Belgium: follower innovation Next Photo 6/14

Previous Previous PauseSuivant 6. UK: follower innovation Next Photo 7/14

Previous Previous PauseSuivant 7. Netherlands: follower innovation Next Photo 8/14

Previous Previous PauseSuivant 8. Austria: follower innovation Next 9/14

Previous Previous PauseSuivant 9. Luxembourg: follower innovation Next Photo 10/14

Previous Previous PauseSuivant 10. Ireland: follower innovation Next Photo 11/14

Previous Previous PauseSuivant 11. France: innovation follower Next Photo 12/14

Previous Previous PauseSuivant Slovenia, Cyprus and Estonia: followers of innovation Next Photo 13/14

Previous Previous PauseSuivant The moderate innovators Next Photo 14/14

Previous Previous PauseSuivant Innovators modest Next

The Japanese Panasonic announced Friday include a record annual net loss of almost eight billion euros for the 2011-2012 fiscal year, due largely to the decline in demand for TV sets in a highly competitive environment.

For the year ending in late March, the maker of consumer electronics forecasts a deficit of 780 billion yen (7.8 billion euros). The market was expecting before the revised forecast a deficit of 470 billion yen, according to ThomsonReuters I / B / E / S.

Rival Sony said Thursday expect an annual loss of 220 billion yen (2.2 billion euros), almost twice more than expected by the market, highlighting the extent of tâ ; che the new boss of the group, Kazuo Hirai.

For the quarter October-December, the third year, the net loss of Panasonic amounts to 197.6 billion yen. The market was expecting a net loss of 8.4 billion yen.

The action Panasonic has dropped by 45% over the last 12 months. Thursday, she finished her read down for over 30 years.

A depreciation of 798 million euros spent on Greek sovereign debt held in the portfolio has plunged the quarterly Commerzbank in the red and forced the second German bank to abandon its annual targets.

"We continue to be incurred by our original goal of an operating profit of four billion euros for the group, but given the market environment, we will not be able to reach next year" , said Friday Martin Blessing, CEO of Commerzbank.

In early trade on the Frankfurt Stock Exchange, the title of the bank fell by 5.53% to 1.656 euro while the index grouping the European banking stocks gained 0.61%.

Having already reduced its exposure to the most indebted countries in the euro area over 20% to 13 billion euros, a discount of 52% spent on the Greek securities, Commerzbank said it would continue to reduce its portfolios of sovereign debt issued by Portugal, Italy, Spain, Ireland and Greece.

The bank charged an operating loss of 855 million euros in the third quarter against a profit of 116 million a year ago and a Reuters consensus of 683 million euros.

The profits generated by the core business of Commerzbank – loans to medium-sized German companies – continued to be substantial, said the bank to 344 million euros.

The head of the European Financial Stability Fund (EFSF) on a visit to Beijing assured, there is no "negotiation" on the future role of China in the fund but "regular consultation". Nicolas Sarkozy (bottom right) attacked Silvio Berlusconi (bottom left) at the European Summit of October 23, 2011

"There are no ongoing negotiations with China" in Chinese investment in the European Financial Stability Fund (EFSF), said Friday in Beijing's director, Klaus Regling, citing only "regular consultation". Mr. Regling is visiting China in the wake of the announcement of an agreement anti-crisis in Europe which includes strengthening the capacity for action of the EFSF to help indebted countries.His visit was seen as a sign that the EFSF would seek financial support from China, the second global economy has a huge cushion of reserves and already has European debt.

But "there are no ongoing negotiations with China," only "regular consultations at an early stage," said Regling warning: "There will be no agreement today" . "I had contacts with the Chinese authorities, (which) are regular buyers of bonds EFSF" Regling said at a news conference, adding that Asia had acquired 40% of the bonds Fund this year. "China will find it a worthwhile investment," said the boss of the EFSF. Since the beginning of the year, Japan has in turn invested 2.68 billion euros, or 20% of total loans issued by the EFSF.

"Until now the only way we asked investors to participate (the fund) was to buy bonds. There was no other instrument," said Mr Regling. But "now we are developing new tools and we will see who will participate," he said without elaborating. "Foreign exchange reserves of China are increasing every month, so there is a need for investment," said Mr. Regling about these reserves of 3,200 billion.

The Chinese "are interested in attractive and safe investment," he noted, before talks at the Ministry of Finance and the Central Bank. The euro area has decided at its summit in Brussels crisis Wednesday and Thursday to multiply the firepower of EFSF for countries in difficulty, Italy or Spain. Its response capacity would increase to 1,000 billion euros.