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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

.

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Spain has set Thursday for 2.5 billion euros of sovereign debt-is the extent expected, but at the cost of borrowing costs up to ten years, a sign that the country needs to reassure investors on its ability to curb its budget deficit.

The Spanish Treasury has now covered half of its funding program for the year, benefiting from the liquidity pumped into the financial system by the European Central Bank (ECB) at its two refinancing long-term ("LTRO") in December and February. 

The Spanish Treasury has auctioned 1.12 billion euros of debt in two years and 1.42 billion euros of debt in ten years to increase coverage ratios, respectively, 3.3 and 2.4 against 2.0 and 2.2 at previous auctions of this type.

Performance of paper came out two years down to 3.463% against 3.495% at an auction in October, and that of ten years up to 5.743% against 5.403% in January.

European stock markets as the single currency have reduced their earnings a few minutes after the results of the auction, investors holding these mixed before returning color to the result of French a debt issue in line with expectations. 

"The coverage ratios for both the two years since the decade are quite good, but yields are clearly higher," explains Nick Stamenkovic, bond strategist for Ria Capital Markets.

"The real problem of Spain remains a serious budget situation and growth. Until there are signs that the government is currently implementing its program of consolidation medium-term budget, and signs of life in the Spanish economy, investors will worry the path of the debt to GDP (gross domestic product) in the medium term ", says he.

BREATHLESSNESS

Secondary market, the Spanish bond yields climbed to ten years around 5.88% against 5.79% before the auction. It was back above 6% Monday, as investors worried the country's budget problems.

The International Monetary Fund (IMF) said Wednesday to expect that Spain lacks its deficit targets set under the supervision of the European Union in 2012 and 2013. Impaired loans of Spanish banks have also reached in February to their highest level since October 1994, illustrating the fragility of the country's financial sector.

Spanish banks, in fact excluded from the primary bond market because of their toxic real estate assets, used a large share of loans from the ECB to buy sovereign debt issued by Madrid.

Meanwhile, foreign investors increasingly shun the Spanish debt: investors residing outside the country have reduced their holdings of Spanish sovereign debt to 42% in February, against 50 % two months earlier. 

With half of its funding program in 2012 already covered the Spanish Treasury can now afford to issue debt at a slower pace if its costs borrowing remain high.

"The Treasury can afford to slow down (…) but Spain remains battered and locked in a negative feedback loop," said Jo Tomkins, strategist for 4Cast .

"The domestic banks have undoubtedly played a key role in the success of today's program, but we found increasing signs of slowing post-LTRO, and c is something that should be monitored carefully in the weeks and months ahead. "

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 Higher Audiovisual Council (CSA) said Tuesday it deferred its decision on the allocation of new channels on digital terrestrial television after the shootings in Toulouse.

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.

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.

Bercy is considering a mechanism for not achieving a 10% rise in tobacco prices. Finally, it should increase by 2% on 1 October. Which must be added the 6% increase already planned. Next autumn, tobacco is going to experience a sharp rise again.

The government will review the tax on tobacco to reduce the effect "multiplier" of the social VAT on tobacco prices and avoid too large an increase of the cigarette package, officials said Saturday at Bercy.

The Ministry of Economy "is considering reducing the multiplier effect of the VAT hike on tobacco through a lowering of excise (tax collected by the State, Ed) on tobacco", it was indicated to the Department, confirming a report published on the website of Les Echos.

Besides the increase of 1.6 point VAT on 1 October, a 6% increase in tobacco prices in 2012. Due to the complex mechanism of pricing of cigarettes, the combination of these two boxes (one on taxation, the other on price, Ed) mechanically lead to an increase greater than 10% of the package.

At the announcement of the introduction of VAT social, tobacconists and manufacturers have alerted the authorities about the effects of this increase that threatens their marges.Bercy will reduce excises, to 63.28% as against 64, 25%, erasing "to nearly 90%" the VAT increase, according to Les Echos.

+ 2% from 1 October (6%)

"There will end up with a slight overall increase in taxes on cigarettes (0.13 points), corresponding more or less to the impact of the VAT hike in other sectors", according to the newspaper.

These figures have not been confirmed by Bercy which emphasizes that "the tobacco industry will contribute as much as other sectors". Les Echos report that "the margins of manufacturers fall moderately", without elaborating.

Ultimately, the VAT hike is expected to increase prices by 1.5% to 2% effective October 1, understands the quotidien.A this increase must be added the 6% pay increase for the fall at a date not yet known.

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%.

Air Liquide confirmed Wednesday seek an improvement in its net profit in 2011 "in a normal environment," despite a slowdown in sales growth in the third quarter, still worn by the emerging markets.

The world leader in industrial gases reported 1.5 billion euros in investment decisions, with a target maintained over two billion over the year.

The group, which is German competitor Linde and Air Products and Praxair American, achieved third quarter sales of 3.597 million euros, up 4.9%, 6.6% in like.Over nine months, growth was 7.7% on a comparable basis.

The cluster gas and services, which provides the bulk of group sales, saw its growth slow to 7.7% in the third quarter on a comparable-a pace of 9.5% over nine months, largely due to an unfavorable base effect.

The division, however, also suffered a slowdown in demand for metals producers in Western Europe and Canada and the end of a rebound in the cycle of investment in equipment sales and installation of electronics, which returns to a level "more normal".

The stock closed Tuesday down 1.38% to 92.12 euros, in line with the CAC 40 index, giving a market capitalization of 26.14 billion. It was down 2.7% since the beginning of the year.

Moody's is given three months to determine whether his perspective "stable" on "AAA" tricolor is still justified. The rating agency said that financire the financial strength of the French government has weakened. The Minister of Economy and Finance Baroin presented Wednesday, September 28 in Council ministresle of the state budget for 2012.

The rating agency Moody's Investors Service gave the first Monday penknife to the sacrosanct "AAA" rating of France, announcing that it gave three months to determine whether his perspective "stable" was still justified in view of the deteriorating economic situation."Over the next three months, Moody's will monitor and evaluate the stable outlook (the note of the country) in the light of progress made by the government to implement" the measures announced to reduce the budget deficit, said the agency rating in a statement.

France has currently the highest rating possible from Moody's (a "Aaa"), as from its main rival Standard & Poor's and Fitch Ratings. This high rating allows it to borrow on the markets in very favorable terms to finance its budget deficits. If the prospect of this note should be revised to "negative", this would imply that Moody's would likely reduce the medium-term (usually for a term of three to twelve months).And France would become the new big country, after the United States to lose the precious talisman financially.

The agency is careful to note that this review is part of its annual study on the accounts of France and that it is not – at this stage – a decision on the note country. But it is the first of three major rating agencies and to cast a shadow on the "Aaa" French. Last week, Moody's had yet to confirm the strength of the French note, after the announcement of the restructuring of the bank Dexia.

Keeping the promise of deficit reduction

In addition to the ability of the French government to meet its budget commitments, Moody's says it will consider in its deliberations "new negative developments in the economy or financial markets."In its statement, Moody's notes that the financial strength of the French government, although still very high, "has weakened, as is the case for other countries in the euro area, as the economic and financial crisis in the world has led to a deterioration in its debt ratios, which are now among the lowest rated countries Aaa + + ".

For Moody's, so it is "crucial" for France to maintain "investor confidence in its ability and willingness to deal with unforeseen challenges."Or "France could face a number of challenges in the coming months – such as the need for additional support to other European countries or its own banking system, which could increase so significant commitments that must support the country's budget, "said Moody's.

"The deterioration of debt ratios and the ability to see new potential liabilities are putting pressure on the prospect of stable rating Aaa + + of the country," said the agency. For Moody's, the French government now less room for maneuver in 2008 (…) "during the crisis of" subprime "." The continued commitment to implement economic reform measures and budgetary and visible progress in the goals "for reducing debt" will be important for maintaining the stable outlook "of the note of the country, the agency warns.

According to the Minister of Economy, the European Commission proposal to increase the capital adequacy ratio of banks to 9% "can absorb a shock." Budget Minister Baroin regrets the refusal of PS on the constitutional question of the balance of finances

The proposal of the European Commission and its President Jose Manuel Barroso to recapitalize banks is "acceptable", said Friday the French Minister of Finance Baroin. "The position of the Commission Barroso and two days ago is acceptable. A level of 9% of equity" to be achieved by European banks "by the end of the first half of next year, it ' is, "he said on Europe 1 radio.

According to him, "9% in 2012, it can absorb shock." He reiterated that this concerned primarily banks that failed the stress tests at the beginning of summer and those who have passed narrowly.Banks should try to recapitalize "on the basis of their results" by distributing less dividends and less bonus, "warned Baroin, like the European Commission." They should not do so at the expense of economic activity, credit to individuals and business credit, "he said.

"If they can not, they will do in the markets, if markets are not enough they will find partners, and ultimately there will be a limited possibility of a European coordination" for public assistance, the minister added . He again suggested that the European Financial Stability Fund (EFSF) provides that state aid to schools that need it, as its new statutes in force since Thursday so authorize.Germany believes he can do that for banks in countries which already have an international aid program (Greece, Portugal, Ireland).

Baroin But he reiterated that French banks do not find themselves in the position of having to seek government assistance. On Greece, the Minister confirmed the new position of France, which was resolved Thursday to recognize that the creditor banks would have to erase the country a majority of government debt. The discount provided to date to the private creditors of Athens, in the agreement of July 21, is 21%. "For three months the markets have evolved, they have deteriorated (…) We left at 21% July 21, it will be, it is almost certain," he said. "How high? Is being discussed."

He also felt that the figures circulating going "well beyond 50%" were "fanciful"."Three quarters of the Greek debt is held by private (…) We will not cut the whole," he said. "If it requires a private discount that is not tenable, then that will invest in Greece?" Asked Baroin.

He then said that the Heads of State and Government of the euro zone announce their decision on this issue at the summit in Brussels on 23 October, without specifying whether they would disclose the amount of the new haircut or just the principle.