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Carrefour has managed to stabilize its revenue in the first quarter due to sales growth in Latin America, which offset a decline in France and a sharp decline in southern Europe and Asia.

The distributor saw sales totaling 22.5 billion euros over the first three months of the year, slightly below the consensus reached by Reuters (22600000000).

As reported, net sales sign up 1.5% with a positive calendar effect and an increase in gasoline prices. But like basis and excluding gasoline, sales were virtually flat (-0.1%) and without the calendar effect, they were down 2.1%.

The group, which recently welcomed its future CEO, George Plassat – the latter will be appointed to head the company as of June 18 – and battle to regain market share in France and Europe, gives no indication of its expectations for the current year.

In the opinion of analysts, the upturn in Carrefour, which suffers from poor positioning of price, high exposure to southern Europe weighed down by the crisis as well as a format – the hypermarket – in difficulty in France, will take time and investors should be patient. 

According to those of Oddo Securities, "the year 2012 should be another year of sacrifices in terms of results" and the Group's recovery could take three or four years.

Excluding the calendar effect, sales of Carrefour in France fell 3.1% in the first quarter and those of its hypermarkets, large black dot of a number of European distribution, have accentuated their fall at -5.8%, after falling 4.7% in the fourth quarter of 2011.

In Europe, sales fell 3.8% on a comparable basis and excluding petrol, leaded by a plunge in Spain (-6.1%) while they increased by 8.6% Latin America and continued to fall (-4.3%) in Asia.

The country now has 4.7 million jobless. In Andalusia, the region most affected, the unemployment rate exceeds 30%. Spanish unemployed line up at an employment office in Madrid.

This is a sad record that just defeated the Spanish economy. The number of unemployed in Spain has reached the end of March to 4.75 million people. This is the highest figure since the first release of these monthly statistics in 1996.

This figure of 4,750,867 job seekers also marks the eighth consecutive month of increase in the number of unemployed. And for good reason: without its economic engine, build, Spain is no longer able to create enough jobs. The short-term economic prospects are particularly bleak for this country that has returned to recession in the first quarter of 2012. After a low growth of 0.7% in 2011, the government anticipates a decline of 1.7% of GDP over the whole of 2012.  

Today, the Spanish unemployment rate is one of the highest in the OECD. According to the National Statistics Institute (INE), the rate was 22.85% of the workforce in late 2011. According to figures from the EU statistics office, Eurostat, which uses a different methodology, Spain posted an unemployment rate of 23.6% in février.En Andalusia, the region most affected country, the rate Unemployment exceeds 30% even.

The Spanish Government, these figures justify the ongoing reform of the labor market, even if it is painful. "It is necessary to recall the importance to have a framework of trust and flexibility for businesses, as one established by the labor reform," the Ministry of Employment in a statement.

But the public does not hear it that way. A sea of ​​people marched through the streets of Spain on March 29, after a general strike against the labor reform, in force since February. According to the unions, the reform will only exacerbate the scourge of unemployment, while the government itself provides for the destruction of 630,000 jobs in 2012 and unemployment at 24.3% at year end.

Labor reform is also involved along with the austerity plan intended to reduce the public deficit, which makes it even more unpopular. The government must reduce to 5.3% of GDP in the year-end deficit, after a slip up 8.51% in 2011, at great cost benefits. To do this, the government must present to Parliament a budget Tuesday of unprecedented stringency, providing 27.3 billion euros in savings.

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%.

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.

The CEO of the French cosmetics group L'Oreal, Jean-Paul Agon, announces its intention to cancel within the group's system of stock options in an interview with Journal du Dimanche in ; appear Feb. 19.

"Stock options pollute the debate. That's why I'm going to give up half of the stock options were granted to me in 2010, "says Jean-Paul Agon, who won 10.7 million euros in 2010 (including options and shares) according to the annual report published on February 14 Proxinvest

. "(Of the 400,000 stock options received 2010), I will keep 200,000 to share a dynamic performance with our shareholders, "the French boss highest paid in the CAC 40 in 2010 in the interview excerpts of which were published on the newspaper's website Saturday

. "And in April, I will propose to the Board a complete halt of the system of stock options L'Oreal, for everyone and this year. "

Instead of stock options which benefit coefficient to 2.300 people in the group, the CEO of the world's number one cosmetics, had already relinquished his stock options in 2009, wants to establish a system of performance shares.

"After four years of house, our managers will receive bonus shares if the company met certain performance criteria. It is more transparent and less random," he says.

Asked about executive compensation in large groups, he said: "The public interest is not to lower wages, but business leaders have a tax system that generates more redistribution. I fully assume my signature to the call of the Nouvel Observateur to pay more taxes. "

Sixteen heads of major French companies signed in August in the columns of a weekly call for the establishment of an "outstanding contribution" of the French the most favored reducing government deficits they believe threaten "the future of France and Europe"

.

European shares are sharply higher Monday in mid-session, encouraged by the hope that European leaders propose new measures against the debt crisis at the approach of the EU summit of December 9. But traders believe the rebound mainly technical, due to purchases cheap, European values ​​being dropped last week to a low of seven weeks.

Around 12:20, the CAC 40 index advanced 3.6% (102 points) to 2959 points, rising to 3,000 points after falling 4.67% last week.

The London Stock Exchange gained 2.04%, 3.10% that of Frankfurt and Milan up 3.08%.

The Franco-Belgian bank Dexia said Wednesday it has decided to increase the capital of its French subsidiary Dexia Credit Local (DCL) after write-downs that the group had to save his Greek government bonds.

Dexia had to spend a total depreciation of 2.3 billion euros 2.9 billion exposure to Greece following the Greek debt restructuring agreed by the European Union with the private sector.

In total, Dexia said in the first nine months of the year, the impact of disposals, depreciation and provisions on its books reached 10.513 billion euros.

INTERIM STATEMENT

Dexia has not released financial results Wednesday, strictly speaking, but "an interim statement" taking stock of its financial position following the split of the current group.

First victim of bank scale of the crisis of European sovereign debt, Dexia should remain ultimately in the form of a holding company listed in Brussels which will combine the activities of financial services to the public sector in France, Spain, Italy and Germany.

Ryanair said Monday it has increased by 10% its profit forecast for 2011-2012, an increase in revenue per passenger per mile to offset the high cost of kerosene.

The first low-cost airline said he had been European virtually no impact of the decline in consumer confidence but added that traffic would fall in coming months because it had grounded 80 planes in response to high fuel prices.

"Bookings are well underway for months at a level slightly higher than the same period last year," said Howard Millar, Ryanair's chief financial officer.On its first half, earnings totaled 543.5 million euros, up 20%, while sales amounted to 2.71 billion euros.

On this six-month period, the number of passengers carried increased by 12% and rates of 13%, while costs increased by 13%, mostly in kerosene.

Lufthansa and International Airline Group (IAG) both announced last week the results strongly affected by rising fuel costs.

Howard Millar said further that the sale of 29% stake in its competitor Ryanair's Aer Lingus would probably be more to the agenda in the coming months, since British Airways, which could be the 'prospective purchaser had bought bmi.

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 first results of union elections in the State civil service reflects a surge of reformist organizations (FOR, UNSA and CFDT). Three million will elect officers on October 20 their union representatives.

The first results of union elections in the State Civil Service, made public Friday, reflect a surge of reformist organizations according to experts, that link including the growth of FO and UNSA and erosion of the CGT. The day after the election for which about two million state employees were called to elect their representatives in the equivalent bodies in the private councils, the Minister of Public Service, François Sauvadet unveiled interim results.

According to these results do not include the votes of Finance (165,000 subscribers) and Justice (75,000 subscribers), the FSU continues to lead with 19.1%, followed by FP that collects 16.2% of the vote. The latest results placed the two organizations, respectively 20.6% and 15.4%. For Anne Baltazar (FP), "if the results are logical, it holds the rope for first place in the State Civil Service", the FSU is not present in Finance.

A participation rate of 51%

"So far so good, the results are good," has carried out its Groison Bernadette (FSU), noting that the organization consolidated his first place in Education. The UNSA, who was fourth and climbed into third position (15.3%), greets his part "satisfactory results" show that "the strong commitment to our agents and reformist humanist values."Then come the CFDT (14.5%), a "uphill" as one of its representatives Brigitte Jumel, the CGT (12.8%), Partners (6.2%), GSC (5.8 %) and CFTC (3.9%).

In presenting these results, François Sauvadet said the turnout of all elections was 51.2%, which is affected by the worst score in Education (40.4%). Apart from this rate "not extraordinary", Guy Groux, a researcher at Sciences-Po, points out that these initial results should be treated with caution as they fail Finance, nearly 15% of registered voters.He noted, however, that "unions are not necessarily favored in the private, such as FSU, UNSA, or FOR, take their game completely," pointing in particular a "sharp increase in Unsa".

The CFTC under the carpet

Bernard Briere, Institute of Economic and Social Research (IRES), for its part is a "rise of the reformist pole" (Unsa, CFDT and FOR) and a hypothesis: "a call for negotiations." For Bernard Vivier, the Higher Institute of Labour, "the surprise is for FOR, CGT while eroding a bit", the result of Finance, however, may change the situation. For unions, which defend their right to negotiate but also their means, the stakes of this election is crucial because the rules of representation have changed the law of 5 July 2010 on the renovation of social dialogue.

Representative to stay, organizations must obtain seats in the various bodies, forcing them to cross thresholds ranging from 3% to 7.5% (against 10% in the private sector). Based on preliminary results, Mr. Vivier, believes that the CFTC passes "certainly at the door," while it should be checked for the GSC. Mr. Briere notes that "small unions have a little progress, but have not achieved what it takes to be representative." Hacquin Vincent, head CGC, however, ensures that the organization was representative, noting that "no one goes so far."

The results of the economic ministries are expected in the evening on Friday. The officers of the Department of Justice that will vote Nov. 22 due to quirks in the preparation.The results for the public hospital where a million workers were also asked to vote Thursday, are expected in early next week.