Retail sales are backed up against all odds by 0.3% in Germany in July, posting a second consecutive month of decline in monthly, announced Tuesday the Federal Office of Statistics.
Over a year, retail sales rose 0.8%.
Analysts polled by Reuters had expected a monthly increase of 0.5% and an increase of 1.4% over one year.
The International Monetary Fund forecasts growth of 1.4% in France this year, as the government, but is more cautious thereafter, and questions whether the government deficit back below 3% of GDP before 2015.
In its annual report on France on Friday, the IMF welcomed the "ambitious reform program" implemented by the authorities, welcomed the "major reform" of pensions and notes that French banks are strong, as the Recent tests have shown the organized resistance in the European Union.
But he stressed the risks to future growth, although France has fared better than its neighbors to the recession, and recommends giving priority to a "substantial and credible rebalancing" of public finances.
After a contraction of 2.5% in 2009, the institution sees gross domestic product of France grow 1.4% this year – the same prediction that the government – and by 1.6% in 2011, 1.8 % in 2012 and 2.0% in 2013.
These estimates are similar to those published in the April World Economic Outlook of the IMF, while those on the deficit is more optimistic.
After 7.5% in 2009 and 8.0% in 2010 (again forecasting government), the deficit would decrease to 6.1% of GDP in 2011.In April the IMF was around 7%.
"This is the result of a conference on fiscal deficits in July and pension reform in June," Harris says one in Bercy where we judge the IMF and Paris "on the same wavelength" .
"It's a good report of the IMF for economic policy the government," says one.
IMF WANTS THE ASSUMPTIONS OF "REALISTIC"
However, the IMF is the deficit to 3.9% of GDP in 2013 and, according to his script, is that in 2015 he would return below the 3% limit set by the Maastricht Treaty.
The stability program of France plans to achieve the 3% deficit in 2013, subject to a growth of 2.5% from next year.
"To make the effort of more credible, it is important to establish the framework for budgetary planning on realistic macroeconomic assumptions," the IMF in his notes, echoing criticism by the European Commission issued in March when he was sent to the stability program.
During a conference call, one of the reviewers, Erik de Vrij, however relativized this message indicating that the deficit target reduced to 3% in 2013 could be achieved if the pension reform is completed.
"By including the pension reform, there is a good chance of reaching 3% deficit by 2013," he said.
Published annually after the visit of a mission, the IMF notes is rather complimentary to the government's economic policy but calls for greater efforts on reforms and fiscal consolidation.
"A fragile recovery is underway in France," it said.
Her limited exposure to international trade, the existence of a strong enough financial sector, the importance of social safety nets and measures to relaunch "well designed" have enabled France to resist the global crisis that most comparable countries, the IMF noted.
But, he adds, 'the characteristics of the French economy, which have protected partly during the recession are also those who probably will slow the recovery.
"PUSHED MORE INITIATIVES"
The unemployment rate of 9.5% in 2009 to reach 10.0% on average this year and peaking at 10.1% in 2011, before easing to 9.7% in 2012 and 9.2% in 2013 according to the IMF.
At the same time, public debt would reach 84.3 in 2010% of GDP against 78.1% in 2009 and would continue to deteriorate until 2013, when this ratio reach 90.3%.
"The imminent consolidation of public finances in France and most European countries will weigh on demand, and concerns that continue to generate sovereign risk require continued vigilance," said the Fund, requesting the authorities to "implement with their energy reform program to support the recovery. "
On the fiscal consolidation policy, the IMF considers that the measures already announced on revenues and expenditures are "large" but said that "further efforts are needed at all levels of government to achieve fiscal consolidation is the medium term ".
The institution also delivers a good report on the reform of banking regulation, acknowledging in particular the establishment of the supervisory authority which has for the month of March all supervisors and approval of the bank and insurance in France.
The Franco-Dutch Unibail-Rodamco, faced with a lackluster economic environment, will make the cash to shareholders to try to offset the stagnation of its results.
The leading European commercial real estate offers and distribute 1.8 billion euros in cash to shareholders, or 20 euros per share in respect of a return of capital, "he said Wednesday in release.
This operation, which takes the form of a refund procedure premium contribution, roughly the amount of sales, net of acquisitions made since the merger in 2007 between Unibail and Rodamco, the company said.
Unibail-Rodamco has sold four billion euros of assets since the merger and purchased 2.4 billion euros.
The transaction will be subject to an extraordinary general meeting on September 8 for a payment on October 12 and will be funded by four billion euros in credit lines.
Meanwhile, the company said it benefited from renewed investor interest in quality real estate assets to accelerate asset sales and further focus on its biggest shopping malls.
In seven months, Unibail-Rodamco has sold 1.2 billion euros of assets, with an average premium of 9% compared to their appraised values.It plans to sell another 500 million by the end of the year and 2.5 billion by 2012, the Netherlands, but also in France, Spain and Scandinavia.
The land group aims to reduce the number of shopping centers from 95 to 60 by 2012.
NO IMPROVEMENT FOR HIGH
This strategy of refocusing the group on its greatest asset and most cost reflects the uncertainty about the future growth and household consumption.
"I see no reason for a big improvement in overall consumption, but our schools should do better," said Guillaume Poitrinal, CEO, a few journalists."I'm not optimistic about the economic situation in France, but our particular positioning can help us gain market share," he added.
Some analysts also see it as an uncertainty about the continued recovery in property prices.
"Having to pay a special dividend and accelerate disposals may mean that the company does not believe too much in pursuit of the rising property market," commented one of them, who would not be identified.
The company has not yet abandoned its development projects and plans to invest 1.5 billion euros by 2015 to modernize its existing facilities and 5.7 billion for new projects, of which 1.3 billion are actually incurred.He did not rule out further acquisitions.
After the transaction, Unibail will remain the land the least indebted in Europe with a debt ratio increased from 31% to 40%.
Standard & Poor's revised after the announcement, his outlook on the company, which went from stable to negative, while confirming her an "A" long term "A-1 'short-term, and Fitch, which replaced Moody's at the request of the group has assigned a grade "A" long-term debt IDR (issuer default rating).
RESULTS NO SURPRISE
For the first half of 2010, Unibail-Rodamco has published a recurring earnings per share of 4.70 euros, up 0.4% in the first half of 2009, with net rental income of 624 million, down 1 6% (+0.4% at constant perimeter).
Its net asset liquidation stood at 131.00 euros per share, up 2.2% from late 2009 its assets increased by one billion euros to 23.3 billion, ending a two- year decline in the value of its assets.
According to a consensus calculated by the editor of Reuters estimates from a dozen analysts, estimates ranged to 4.51 euros for recurring earnings per share and 130.06 euros for the net asset value (NAV ).
The property has confirmed its growth target of zero to 2% of its recurring earnings per share in 2010, including the impact of capital repayment, after rising 7.1% in 2009, mainly because of low indexation of rents.
The single European property to be included in the Eurostoxx 50, with a market capitalization of 12.5 billion euros, closed up 2.79% in the Paris Bourse to 140.100 euros before the publication of these figures.
Since the beginning of the year, the security loses 8.8%, after rising 44% in 2009.
Lafarge said it had completed the sale of 11.2% of its business in Malaysia under the divestment program initiated by the world's number one cement.
The sale of this portion of Lafarge Cement Berhad, Malaysian (LMCB), the French giant holds indirectly through two subsidiaries, for a net amount of 141 million euros, Lafarge said in a statement.
Following this, the group will remain the principal shareholder of LMCB with a 51%, against 62.2% so far, and will retain management of the business.
Lafarge in May confirmed its target of selling 300 to 500 million euros of non-strategic assets throughout 2010.
In 2009, he has conducted more than 900 million euros from divestments as part of a package of measures to strengthen the company's financial response to the crisis, including reducing debt inflated between late 2007 and in late 2008 by acquiring the Egyptian Orascom.
The CEO of BP's Tony Hayward met with officials of the Abu Dhabi Investment Authority (Adia), one of the largest SWFs in the world, said an official source of United Arab Emirates (UAE).
A UAE source told Reuters on Tuesday that BP had approached sovereign wealth funds to find a strategic partner to preserve it from any takeover attempt as it is mobilized by an oil spill that has caused the Gulf of Mexico.
Tony Hayward has made various "options" at this meeting, added the official source, without being more explicit.
Adia was not immediately available for comment.
A Saudi financial daily reported Wednesday that Saudi investors wishing to enter the capital of BP at 10% to 15%.
A delegation of these investors will travel to London to begin a dialogue with BP, said al-Eqtisadiyah, the main financial newspaper in the kingdom, without citing sources.
Action BP has lost more than half its value since the oil spill that began last April.
The British oil giant said it hoped to raise 10 billion this year to finance a fund for cleaning $ 20 billion that had opened under pressure from Washington.
Action BP earns 4.17% to 360 pence in morning.
Bourbon has unveiled a new plan for the period 2011-2015 which includes the sale of its fleet of 16 bulk carriers and other non-core assets for a total of 500 million Euros.
The specialist maritime services to the offshore oil announced in a press release that it has signed an agreement to sell its Bulk with the American Genco Shipping & Trading Ltd for 545 million dollars (440 million euros).
As part of its strategic plan, Bourbon also wishes to invest two billion dollars (1.62 billion euros) in the construction of 80 supply vessels and 64 vessels transporting personnel to operate in 2015 a fleet 600 vessels dedicated logistics services in the continental offshore and deep offshore.
The offshore fleet amounted to 357 ships by end of 2009 and 99 are now in command in the context of its previous strategic plan.
"The bulk current activity will continue to a lesser extent and without the contribution of a fleet that is owned," said the CEO of Bourbon, Jacques de Chateauvieux, during a conference call."This is not disturbed our ability to meet the expectations of our customers."
Jacques de Chateauvieux has also indicated that the sugar activities of Bourbon in Vietnam, among other things, would be sold in addition to bulk carriers.
Apart from sales, financing the new investment program will be provided by changing the payment terms of vessels during construction, 75% of the price now being paid on delivery, as well as a 12-year loan of 400 million dollars granted by the China Exim Bank.
CASH FLOWS FROM POSITIVE in 2013
"The combined effect of generating cash flow from operations, disposal of assets in 2010 and the new payment policy should allow vessels a ratio of debt to equity of less than 0.5 and a ratio net debt / EBITDA of less than 2 by 2015.Bourbon and generate positive cash flow from 2013 onwards, "added the company.
Bourbon also said that its dividend policy would be to distribute approximately 40% of its consolidated net income.
After an average growth of 28% of the activity of its offshore division between 2002 and 2009, the new plan Bourbon displays a target of 17% average annual growth between 2011 and 2015.
The company is also concentrating on increasing the availability rate of the fleet with a goal of 95% against 92% today, and a decline in the index of its operational costs by 4% rate constant 2015.
Bourbon is also a ratio for 2015 gross operating profit (EBITDA) on revenues of 45% for offshore and an EBITDA ratio on capital employed of 20%.
It plans to recruit 5,000 people who join its 7,000 employees.
