Business News & Financial News

European shares opened slightly lower Tuesday, extending the trend of the previous day, while Standard & Poor's lowered its credit ratings on Italy, where the market nervous, fearing a lack of Greece.

Banks are again in the first line, after a report in the Financial Times that the German group Siemens withdrew 500 million euros in a major French bank to transfer them to the European Central Bank (ECB) two weeks ago .

At 9:07, the CAC 40 index down 0.33% to 2930.23 points.

The London Stock Exchange lost 0.47%, 0.22% Frankfurt and Milan 1.05%.

The Euro Stoxx 50 was down 0.27%.

In its hunt for tax evaders, the U.S. Department of Justice is now turning also to Israeli banks, with branches in Switzerland are suspected of helping U.S. citizens evade taxes in their country, we learn from sources close to the file.

The banks involved are Bank Hapoalim, Bank Leumi le-Israel BM and Mizrahi-Tefahot.

This extension of investigations to Israeli settlements mark an intensification of the fight against tax evasion, which opened in 2007 against UBS and Credit Suisse recently against continued.

However, Israel is a state close to the United States with whom he maintains close diplomatic and military support from more than $ 3.1 billion per year.

Aviram Cohen, spokesman for Bank Leumi in Tel Aviv, said Thursday that "the application related only to statistical data. It appears that these data will be used to an agreement between the Swiss and American. Obviously, the Bank Leumi Switzerland is cooperating fully with authorities in accordance with the law. "

According to the Swiss press, U.S. officials now have statistics of ten Swiss banks suspected of justice by helping their clients based in the United States to evade taxes.

The Deputy Minister of Justice James Cole sent a letter on August 31 asking for statistical information to Swiss banks in September and three Israelis.It gives them until Sept. 23 to provide details of their customers.

UBS has already passed under the yoke of American justice, having delivered nearly 4,500 American identities of customers in addition to the payment of $ 780 million to avoid a trial that had threatened its existence.

Philips reported new measures of cost reductions on Tuesday due to weak demand for its products, an ad that has boosted the title of the Dutch in early trading before it turns into a context of new sharp fall in European shares.

One who is both a world leader in lighting, one of the top three global manufacturers of hospital equipment and the European leader in consumer electronics is affected by higher commodity prices, from budget cuts in the Health and by sluggish consumer spending.

Philips said it had increased to 800 million its goal of cost reductions, which represents a 60% increase compared to $ 500 million announced in July.

The group also expressed confidence in its ability to meet financial targets for 2013, despite the uncertainties surrounding the global economy.

By 10:35 GMT, Philips yielded 0.78% to 12.13 euros after gaining about 7% in early trade. However, the value is better than the AEX index of the Amsterdam Stock Exchange (-1.6%) and the index grouping the European values ​​of consumer goods and luxury.

The Tokyo Stock Exchange finished up 0.23% Tuesday, buoyed by the surge in Wall Street yesterday, but the gains were limited by lingering concerns surrounding the strength of the yen on the foreign exchange market.

The Nikkei gained 21.02 points to 9,107.43 and the Topix, broader took 1.94 points (0.25%) to 779.06.

The Tokyo stock market has benefited from the good performance observed the day on Wall Street, thanks to a major merger or acquisition in the technology sector and hopes for solutions to the debt crisis in the euro area.

Google announced Monday the acquisition of the handset manufacturer Motorola Mobility for approximately $ 12.5 billion (8.7 billion euros) in cash to strengthen the market share of its mobile operating system Android.

The announcement Japanese technology support certain values, including the manufacturer of parts for smartphones Murata Manufacturing, which ended up 1.34%. The chip maker Elpida Memory has meanwhile increased by 5.08% while Renesas Electronics gained 1.86%.

But the strength of the yen on the foreign exchange market continues to worry investors. The dollar was trading around 0600 GMT to 76.81 yen.

"In addition to the summer slowdown, we could wait a while before the Japanese market will regain momentum after days of strong sales of last week," said Masatoshi Sato, senior strategist at Mizuho Investors Securities.

The Nikkei has lost some 7.6% since the beginning and is still in its 25 days moving average located at 9656.06.

Faurecia has identified its goals Tuesday in 2011 after a first half marked by strong growth as the automotive supplier will maintain the second half through its investments outside Europe and in countries at low cost.

The specialist for exhaust systems and car seats, including the manufacturer PSA owns 57.4%, achieved a consolidated turnover of 8.15 billion euros in the first six months of the year, a up 19.4%.At constant scope and exchange rates – it has gained particular outside the specialist German automotive Plastal – the growth was 15.5%.

Faurecia's operating profit rose 57% to 340 million, giving a margin of 4.2% against 3.2% a year earlier, and net income, group share, increased by 82% to 185.8 million euros.

"With the strong growth recorded by the group in the first half and improved profitability (…), Faurecia is now a year ahead of its business plan 2010-2014 presented in June 2010," said the equipment in a statement."Growth should remain strong in the second half in all regions and medium term supported by a high level of acquisition of new programs."

In a presentation to analysts, Faurecia said to expect in 2011 a new record in terms of new contracts expected between 13 and 14 billion euros against 13.1 billion in 2010.

The group also raised to 450 million its investment objective for this year, against an initial assumption of 350 million.On behalf of the profitability and international expansion, priority is given to low cost countries, where investments will increase by 89% against 16% for countries where the cost base is higher.

Faurecia has 42 industrial projects under way, eight in Central America and the North – including five in Mexico – twelve in the European area – including nine in Eastern Europe, Russia and Turkey – and twelve in China.

ONE YEAR AHEAD OF PLAN

As part of its strategic plan in the medium term, the equipment is a turnover of 16 billion euros by 2014, driven by an expected average annual growth of 12%, 8% organic growth.Faurecia is also an operating margin of 4 to 4.5% in 2012 and then 5 to 6% in 2014.

In June 2010, he had also set a goal of doubling the share of sales outside Europe makes it to 42% within five years, against 23% in 2009.In the first half, the share of sales – excluding monoliths for catalytic converters that Faurecia bought out – carried out in Europe reached 34%.

For the year, the Group has revised upwards its target of consolidated net sales to 15.7 to 15.9 billion euros, against 14.8 to 15.3 billion expected so far, an increase from 13.8% to 15.2% compared to 2010, and refined to increase its target for operating profit to 620-650 million euros, against a previous range of 580-640 million.

"The results are in line with consensus," said JP Morgan Cazenove in a note."The forecast EBIT is revised up slightly, but remains in line with consensus, while the increase in capex reduced cash flow prospects."

Faurecia has revised down to 100 million euros its forecast net cash flow in 2011, against 200 million euros expected so far.

The action Faurecia closed Monday at the Paris Stock Exchange to 30.34 euros, giving a market capitalization of around 3.2 billion euros. Since the beginning of the year, the stock jumped 40%.

According to Bercy, the index of the quality of care in the state services has been improving by three points in the second quarter. The overall index of satisfaction of users reaches 81%. Event officials in Paris in January 2009.

The quality of public services is improving, with an index up slightly to 81% (1% compared to March 2011), as the third barometer made by the Department of Budget and released Monday. The general revision of public policies (RGPP), resulting in the non-replacement of an official two retiring, aims to improve the quality of services. To evaluate this, indicators have been established in hundreds of services and users from 3000 to measure the reception, processing of service and claims processing.

According to Bercy, the index of the quality of care in the state services has been improving by three points to 57% (against 54% in March 2011). However, it is down sharply for replies to emails within five working days to 49% (-11 points), for referral to the right service to 62% (-7) or responses to a phone call least five rings in 77% (-3). For treatment approaches, the university and employment center are good students: 61% of first vows satisfied (17%) in the direction of the university, and 95.5% (+9.5%) unemployed compensation within 15 days.

The process to obtain a passport in less than two weeks (91%) or housing assistance within 15 days (83%) increased by one point over March 2011.Eight other indicators remain stable: 77% of patients (to a target rate of 80%) are covered in less than four hours emergencies, the average response time of police in case of attack is 13 minutes, 85% of people retiring received a record of career fair.

Applications for correction to tax are satisfied, 95% a month to month and the average time for reimbursement of care leaves by social security remained stable (3.3 days per mail, 10 days for paper).

The possibility of a default part of Greece, triggered by a redemption or exchange of debt securities, is at the heart of discussions between leaders of the euro area in Brussels, where a summit decisive for the future of the single currency s is open.

According to a draft statement obtained by Reuters, the 17 Heads of State and Government also advanced to an overhaul of the fund to support the euro area (EFSF) to enable it to act preventively, to recapitalize banks or buy bonds on the secondary market to stop the contagion.

In preparation for this summit, German Chancellor Angela Merkel and French President Nicolas Sarkozy Wednesday identified a common position on a new bailout Greek, which includes private sector, after seven hours of talks "very tight, "according to members of the French delegation.

Angela Merkel and Nicolas Sarkozy have called mid-term to Jean-Claude Trichet to join them in Frankfurt, suggesting that the compromise has the support of the President of the European Central Bank.

Several diplomatic sources said that if the question of a defect Greek – very short – is not fully resolved, the principle is accepted by all.

"It will not be made clear but it will be induced by the measures to be presented in the final declaration," said a source following the talks.

For its part, the Dutch Finance Minister Jan Kees de Jager, told his parliament that this possibility was not excluded.

"The demand to avoid a default selection is no longer on the table.We can continue on the path of a banking plan, which remains confidential, "he said.

REDEMPTION OF BONDS

According to the draft final statement, the fund will support euro area could now be used by countries in need loans of up to 15 years and at rates of about 3.5%, against seven and a half years and between 4.5 and 5.8% today.

It could also lend money to proactively country through a crisis of liquidity and recapitalize banks via loans to governments, even if they do not have a plan to help the EU and the Fund International Monetary Fund (IMF).

Finally, it could also be involved in the secondary market, provided that the European Central Bank does not declare an "emergency situation".

All these measures were presented for the first time in the spring but Germany had blocked when considering that they went too far.

The IMF, which is represented in Brussels by its new CEO Christine Lagarde, has previously recommended to the leaders of the euro area to replenish the EFSF and make it more flexible.

This redesign, however, require an amendment to the articles of EFSF and ratification by national parliaments, and could take several months.

It is also not clear whether the Permanent Mechanism for stability (MES), which will follow the EFSF July 1, 2013, will also perform these operations.

NO TAX CREDIT

According to several sources, the option to buy back Greek bond at a discount to face value is favored over an exchange or a "rollover" of bonds as it would greatly reduce the total amount of government debt, which is around 350 billion euros.

The new aid plan in Athens, which should amount to some 115 billion euros, against 110 billion for the first, will include participation estimated at 30 billion euros from the private sector.

The modalities of this participation of the banks had to be a presentation of Baudouin Prot, BNP Paribas – the bank most exposed to French Greek debt – and Josef Ackermann, chief executive of Deutsche Bank and the Institute of International Finance (IIF), which represents banks.

However, the solution of taxing the banking sector, which the banks were strongly opposed because they felt it unfair to those of them who are not exposed to the Greek debt was excluded.

The euro rose Thursday morning after having returned and was finally up sharply in the afternoon, boosted by the prospect of an agreement.

European shares have resumed their so-early in the afternoon after playing on a hesitant note before.

In the bond market, the yield spread between German debt – seen as a safe haven investment – and the debt of peripheral countries in the euro area has narrowed.

Four months to the day after the accident at the nuclear plant, the lives of Japanese is upset. And not just in Fukushima. L'Expansion. Com is the point. Japan Earthquake, Natori City. Homes swept away by the tsunami. March 11, 2011. 23,000 dead or missing because of the earthquake

This is the painful record of the tsunami that struck Japan on March 11. In total 23,000 people are dead or missing after the magnitude 9 earthquake and tsunami giant.

At least 150 billion euros of damage

In late June, the Japanese government amounted to almost 150 billion damage caused by the disaster, the equivalent of 3.5% of Japanese GDP, which would make it the costliest natural disaster in history.A total that does not include indirect economic consequences of the tsunami, such as electricity shortages and disruptions to business activity such as automobiles, or the fallout from the nuclear accident. Mid-March, the Bank of Japan injected 309 billion euros into the economy. To finance the reconstruction, the government has passed a supplementary budget of 51 billion euros that could still add 34 billion more.

20 mSv / h, the new standard allowed

Difficult to get an idea of ​​the level of radioactivity in Japan. Some large cities like Tokyo levels appear to fully comply with international standard (0.1 microsieverts per hour). But recently, the Japanese authorities decided to raise the threshold of 1 mSv / year to 20 mSv / year (standard usually allowed for nuclear workers).A decision deemed incomprehensible by public opinion, especially in Fukushima where children are likely more contamination. Recently one of the four measurements made in this city of nearly 300,000 inhabitants reported a rate of 46,540 becquerels of radioactive cesium per kilogram, while the statutory maximum rate is 10,000 becquerels Japan. Result, the inhabitants of the city, aided by numerous community associations, are increasingly likely to ask to be evacuated, but authorities refuse to do so persistently. Saturday, high levels of cesium – more than six times the permitted levels of radioactivity – have been found in beef from the prefecture of Fukushima.

100,000 tons of contaminated water to the central Fukushima

TEPCO engineers, the operator of the plant, are still hard at work to regain control of the six reactors on the site.Almost 100 000 tons of contaminated water are indeed still trapped in buildings. To cool the reactors – until the cooling system announced for January 2012 – the Japanese are forced to pay 500 tonnes of water each day to prevent nuclear fuel to heat. Unfortunately, some of that water accumulates in plants, which could cause an overflow if the pumping system is not recovering the way very quickly. To believe the authorities, cleaning and decommissioning of the "take three, five, ten years or even decades to manage the accident," said this weekend the Prime Minister of Japan, Naoto Kan. Scary … Despite this the Japanese government reiterated on Monday that he was out of question to challenge the nuclear industry.

– 15% of electricity consumption in Tokyo

Since the accident, 35 of the 54 reactors installed in Japan have not been restarted. 19 are currently active, the others being stopped is a direct result of an earthquake, or for maintenance. The lack of electricity begins to be felt by residents worried about not being able to cope with very hot humid summer coming. Injunction on government, businesses and administrations of the Capital Region must reduce 15% electricity consumption from July 1 to avoid power cuts.

11 billion in losses for Tepco

The operator of the plant in late March issued a loss of nearly 11 billion euros in fiscal year 2010-2011, the heaviest ever experienced by a Japanese company outside the financial sector.Involved, the massive depreciation of assets and the cost of emergency operations resulting from the disaster. The group will also have to compensate 160,000 victims for a total of about 8.5 billion euros. To avoid bankruptcy in the Japanese utility, the government has provided a mechanism for public funding of compensation in case Tepco could cope, but the bill is stuck in parliament.

Imerys The French got the green light Friday to the European Union for the acquisition of Talc de Luzenac, owned by Anglo-Australian mining group Rio Tinto.

Rio Tinto announced the sale for $ 340 million in February as part of its focus on its most important assets.

The European Commission, which acts as an agency competition for the 27 countries of the European Union said Friday that the transaction did not raise any particular problem of competition.

Talc, the softer rock that is, is mainly used in animal feed, ceramic tiles, chewing gum and powdered to make care of the same name.

The president of OPEC maintains there is no need to put more oil on the market Monday and deplored the initiative in this direction taken by the International Atomic Energy Agency (IEA).

The IEA last week announced the release of emergency reserves, the Organization of Petroleum Exporting Countries had decided earlier not to increase production to compensate for the lack of Libya.This is only the third time that the IEA takes such a decision 37 years of its existence.

"The market is in normal (…) There is no need to increase supply," said Iranian Oil Minister Mohammad Aliabadi, who holds the rotating presidency of OPEC to the end of the year.

He was speaking in Vienna where he met officials from the European Union for an annual exchange of ideas, regularly since June 2005.This meeting could be much more animated than usual, at least behind the scenes, given the divisions within OPEC and tensions between the cartel and consuming countries, especially since the use of reserves.

Mohammed Aliabadi wondered why major consuming countries do not have adhered to the principles of free trade they advocate. "Why do they not respect these principles, it's really a big issue for us.We think prices should be determined by the market itself, "he said.

Iran is one of the OPEC countries to have this month blocked a proposal to increase the production promoted by the Saudis.

The price of Brent crude for August delivery touched a session low of 102.28 dollars a barrel on Monday, down about 10% from its close of Wednesday, the eve of the announcement of the IEA .

"The big problem is that Iran has the presidency of OPEC in 2011 and is a political instrument," said Olivier Jakob of Petromatrix. "The news emanating from the current OPEC is irrelevant because Iran has kidnapped the OPEC and we will have to wait for 2012, perhaps, see OPEC again work as an institution."