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A disappointing statistic relating to properties in the United States a pretext to the consolidation of stock markets Wednesday. European shares ended little changed in exchanges provided little in the wake of Wall Street at the same time.

In Paris the CAC 40 finished with a decline of 0.1% to 3,527.37 points. In Europe, the Stoxx 600 index of European banking achieves the worst performance, with a 0.9% decline, due to the unexpected drop in home sales in the old United States.

Home sales in the former fell in February in the U.S. and inventories of unsold homes increased, according to data released Wednesday by the National Federation of Estate Agents ( NAR).

After two sessions of declines, investors hoped that this statistic would be in line for a confirmation of the recovery in the United States.

According to observers, after the pause in Wall Street and European markets, markets will start rising. 

At the macroeconomic level, the British government announced a lower top rate of income tax and new taxes on large estates by unveiling a budget expected to provide better re ; partition of the burden of austerity while strengthening the announced reduction in the deficit.

The output growth of French chemistry to slow to 1.8% by volume in 2012 after the 5.9% achieved in 2011, due to the economic downturn and rising cost of raw materials and energy, told Reuters the president of the Union of Industries (UIC), Olivier Homolle.

The annual report of the UIC, released Tuesday, reveals that the performance of France were better than that of the entire European Union, in which the growth of the n 'was only 1.1% last year and should not exceed 1.5% in 2012.

Last November, the UIC had raised its growth forecast to 4.5% in 2011.

In total, the turnover of the industry grew 13% last year to 86.7 billion euros. 

"We see 2012 on a relatively positive but with a number of uncertainties because the world is moving at full speed," said Olivier Homolle in an interview with Reuters, while noting that the level of growth 1.8% expected this year is "very respectable".

He noted that the worsening economic climate in Europe and the slowdown in the entire industry in France had gradually affected the chemical sector, whose stocks have become cumbersome from the second quarter. 

GOOD CONDUCT OF PERFUME AND COSMETICS

The good news, Olivier Homolle continued, "is that there is no reason that Asia does not continue to draw quite significantly the global economy and that since beginning of the year, the U.S. showed signs of significant growth that have a good impact on the overall economy. "

With 5.9% growth in 2011, the production of the French chemical industry came back last year in volume to levels before the financial crisis, it had been drop 1.1% in 2008 and 9.5% in 2009, its worst decline in 20 years.

Last year it was mainly driven by the chemistry for the manufacture of cosmetics, perfumes, and to a lesser extent, cleaning products. 

For export, the demand of foreign markets, especially emerging, was supported in 2011, resulting in increased sales by 9.8% in value. But due to a high level of imports (12.4%), the balance of the sector fell to 4.4 billion euros, against 5.0 billion in 2010. …….

In 2012, export growth should return close to the average level of 2% recorded between 1990 and 2011. European growth is seen at 1.5%.

While oil prices seem set to continue the current high levels, above 120 dollars a barrel for Brent, UIC has urged the French government has become more open to development shale gas.

"The fact that the debate be closed is very worrying," said Olivier Homolle, who is also director of the French division of German group BASF.

"The goal is first to be as competitive as possible. Should at least permit the debate to take place, that we can get an education," said ; Olivier Homolle.

In 2011, advertising revenues have stagnated with growth of 0.1%, according to an annual study Irep France pub. But all media are not housed in the same boat.

The advertising market has avoided the crisis in 2011, despite uncertainties about the European economy. Communication costs of advertisers rose 1.9% last year to 31.4 billion euros, according to the study Irep France Pub, the only net to provide data, thus reflecting the reality of the sector. But it is above the "non-media" that has led this growth: namely, direct marketing, exhibitions and fairs, sponsorship and public relations.

The media, themselves, have received only a much weaker performance of their revenues from 0.1% to 10.7 billion euros. "We can speak of a stabilization, which occurs after one year in 2010 up 3.9% and a historic collapse in 2009, which was the largest decline in the market since we measure the" summed Philippe Legendre , Managing Director of the Irep.

Winners of 2011 …

Like the Oscars, the winner is … film with revenue up 16.5%, to 105 million euros. "This is a segment that works well correlated with total attendance and films that perform. It has been three years since the film is growing, it was the same in 2009, is an" old " publicitairement media that works well, according to Mr. Legendre

. Less surprisingly, Internet display advertising (banners and inserts) always exhibits a strong momentum with a 14% jump in advertising revenue, to 616 million euros. And yet this figure does not include it sponsored links. Mobile advertising jumped 37% even, but the volume is still very limited: 37 million euros last year.

In the area of ​​print, Free news saw its advertising revenue increase by 5.5% last year to 145 million euros. And the regional daily press manages to snatch up 0.2%, to 937 million euros.

On television, revenue totaled 3.5 billion euros, up 1.6% year on year. Increased primarily due to the strong performance of new channels, which recorded a 18% increase. As for radio, it also increased, by 0.6%, to 748 million euros. But this good result is obtained only by a jump of 4.4% of local advertising. National advertising was down 0.4%.

… And losers

Taken as a whole, the press continues to fall. In total, 3.49 billion in advertising revenue, down 3.2% yoy (against -1.6% in 2010). Those of the national dailies fell 3.7% as magazines (- 0.7%), and the specialized press (-2.9%).

As for the free press as a whole, it has seen advertising revenues fall by 13.8%. The trend is driven by print ads whose revenue continued to fall by 18.8%.

Finally, on television, the five channels "historical" are declining at 1.8%.

For 2012, experts of this instutit provides market stability, with an increase limited to 0.8%.

List of values ​​to follow on Wednesday at the Paris Bourse, where the CAC 40 is 0.7% to 3574.70 points at 12:55, at its highest since meeting on March 2, in a market supported by the improving economic outlook in the United States and an overall positive result of stress tests undergone by U.S. banks.

* PSA earns 5.4% more increase in the CAC 40, on purchases cheaply and redemptions of short positions. The total European car takes 2.2% and 2.8% RENAULT.

According to La Lettre VN Auto K7, orders for new cars in France fell by only 7% in February.

* The FINANCIAL are again the first to enjoy the return of risk appetite. AXA gained 4.3%, 3.6% BNP Paribas, Crédit Agricole and Societe Generale 3.4% 2.7%. Outside CAC 40, Natixis is 5.5%, the second largest increase in PSA after SBF 120, and CNP ASSURANCES earns 3.5%.

* BIOMÉRIEUX however lost 5.5%, largest drop in the SBF 120, severely punished after revising down its organic growth target in 2012 and abandoned ambitions to provide long term.

* ARKEMA down 4.8%, while Groupe Bruxelles Lambert has sold 6.2 million shares of the chemicals group, is 10.01% stake. GBL sold its share at a price of 69.90 euros / share, it was learned on the market.

* EURO DISNEY (+6.4%) expects to exceed this year's attendance record in 2011 (15.7 million tourists) despite the difficult economic environment in Europe, de clare its CEO Philippe Gas in an interview with Le Figaro.

PSA Peugeot Citroëna unveiled Tuesday the terms of the capital increase of about 1.0 billion euros related to its alliance with General Motors, an operation marked by a substantial discount to the American group that will take 7.0% stake.

This capital increase, announced last week at the presentation of the alliance between the two automakers, will open on Thursday and until 21 March inclusive.

The operation with maintenance of preferential subscription rights will be on the basis of 16 new shares for 31 existing shares, said in a statement PSA. 

The subscription price is set at 8.27 euros, showing a discount of approximately 42% over the closing price on Monday (14.2050 euros), and 32.4% compared to the theoretical subscription right off (12.23 euros).

Discount as the French group finance director, Jean-Baptiste de Chatillon, a relativized in a teleconference with reporters.

"What must be considered as haircuts, the calculation is compared to the theoretical price after issuance of one billion, ie about 32%, and this de ; rating is quite usual in the market, "he said. "What matters now is the time and size of the capital increase."

The action PSA yielded 2.56% in pre-market transactions in Frankfurt after the announcements.

For analysts at CM-CIC Securities, "this discount is explained by the fact that the success of the capital increase would condition the entry of GM capital of PSA and thus the birth of the alliance ".

PRIORITY INVESTMENT

The Peugeot family, the largest shareholder group, 45.4% exercise of his rights for $ 140 million and sell its remaining rights to General Motors. The latter will invest a total of 304 million euros in the operation, including the purchase of these rights and the acquisition of treasury stock (4,400,000 shares).

Following the capital increase, the Peugeot will own 25.2% stake in GM and PSA 7.0%.

"This round of money for PSA Peugeot Citroën will fully intended to fund our strategic projects with General Motors," said Jean-Baptiste de Chatillon.

"These investments will enable us to accelerate our globalization strategy and go upmarket, and (…) access to technologies and projects much faster and mania re wider ", he added.

Priorities for which he also argued for the decision of PSA do not pay a dividend this year. 

"We need our cash to fund these investments," he summarized.

Last month, SAP announced a major plan asset sales totaling 1.5 billion euros after the publication of annual results marked with an operating margin born NEGATIVE activities in the automotive industry, a "free cash flow" negative EUR 1.6 billion and a doubling of the debt in six months.

The New York Stock Exchange opened slightly lower Friday, the market pausing after rising last days in the absence of indicators and key results.

In early trade, the Dow Jones yielded 0.06% (7.80 points) to 12,972.50 points. The Standard & Poor's, wider, fell by 0.06% (0.83 points) to 1,373.26 points while the Nasdaq composite lost 0.05% (1.50 points) to 2,987.47.

The S & P 500 should still show on its third consecutive week.

Among the values ​​for the power group Sara Lee earns more than 4% after the announcement of the demerger of its activities next coffee and tea, along with a special dividend.

Adecco, the global staffing services, announced Thursday a simplification of its network in France which will result in the removal of over 500 full-time positions.

The measure, which will bring together networks Adecco and Adia, loads and require investment of 45 million euros to be included mainly in the second half of 2012, the company said in a statement ;.

Adecco, which France represents nearly 30% of total turnover, recorded in the Hexagon stable revenues of 1.46 billion euros in the fourth quarter of 2011, for a re RESULT operations (EBITA) of 62 million, up 8%. The margin improved 40 basis points to 4.3%.

Over the year, revenues and operating income in France rose 10% to 6.07 billion respectively, and 202 million euros.

In January, revenues fell 9% in France, told Reuters the group managing director, Patrick De Maeseneire. They grew at the same time by 2% in the U.S., said the CFO Dominik de Daniel.

At group level, revenues declined 1% in January, both on an organic basis as adjusted for working days.

"We see a slowdown, especially in Western Europe, as we have already observed in Italy and the Iberian peninsula in the third quarter. Only Germany and some Nordic countries are an exception, "said the CEO told Reuters

. STRONG DIVIDEND RISE

The restructuring comes amid Adecco confirmed its medium-term objective after numbers rather high expectations in the fourth ; me

. quarter 2011 net income attributable to shareholders fell to 133 million euros, against 141 million a year earlier and a consensus at 123 million. Turnover increased by 3% to 5.19 billion euros, as expected.

Of all of fiscal 2011, net income rose to 519 million, better than the forecasted 509 million, and revenue has grown from 10% to ; 20.54 billion, as anticipated.

"With the strong performance in 2011, continued price discipline and strict cost control, we are on track to meet our medium-term EBITA margin of over 5.5 %, "said Patrick De Maeseneire in a statement.

Adecco recorded in 2011 an EBITA margin up 10 basis points to 4%. The EBITA, expected 807 million over the year by analysts, has signed an organic growth of 14% to 814 million.

The Board of Directors will propose to the General Meeting a dividend increase to CHF 1.80 per share for the past year, 1.10 franc against the previous year. Markets expected 1.01 franc.

In exchange, the action of Adecco jumped 6.3% to 48.20 Swiss francs at 10:00 am (0900 GMT), signing by far the largest increase in the index of blue chips in Switzerland (0, 09%) and the largest increase in the European index of services (0.08%).

Analysts welcomed especially strong dividend increase, the proportion will grow at 40-50% of net income adjusted against 25-30% previously.

"But overall, the results are especially strong with a strong cash flow," said Michael Foeth, the bank Vontobel.

Same story at Kepler Capital Markets, where the analyst Matthijs Van Leijenhorst emphasizes that the competitor Randstad has registered a growth of 3% on a comparable basis, against 14% for the Swiss group.

The group of transportation and logistics Dentressangle Wednesday announced financial results increased in 2011 but noted that economic conditions had deteriorated in late 2011.

The company saw its turnover increase by 5.6% at constant scope and exchange, to 3.576 billion euros. The EBITDA (EBITA) increased 17% to 130.4 million euros while net income rose from 57.2 million to 63.3 million.

"Dentressangle has seen since the end of 2011 signs of slowing economy and observed high volatility of demand for its customers early this year , "the group noted in a statement.

The company, which does not give forecasts for 2012, will offer its shareholders a dividend of 1.25 euro per share for fiscal 2011, against 1.10 euros a year before.

The rumor of an ouster of CEO of Veolia Environnement in favor of Mr. Frérot Borloo, after a maneuver made by the boss of EDF Proglio, close to Nicolas Sarkozy, sparked a lively debate Monday politics. The former minister and the president strongly deny. The Elysée to maneuver to place Borloo Veolia? The accusation is "absurd", according to the Sarkozy camp.

"The arrangements between friends of Fouquet's''," a president of the combined business and "" … These are some qualifications of the various political parties to protest a possible arrival of Borloo to head Veolia. Mentioned by several newspapers, the hypothesis has fueled outrage among rival Nicolas Sarkozy denouncing his intervention in the appointment. According to Le Monde, Libération and Les Echos, the operation was led by Henri Proglio, the boss of EDF remained a director of Veolia. It would "head of Antoine Frérot", his successor, and would be heard "at the beginning of last week" on its replacement by Borloo, former Minister of Ecology.

Which formally denied: "If, for many months, several national and international groups have contacted me in particular so that I bring my analysis informally on their evolution and their business – this was the case recently for Veolia, neither more nor less-everything else is just speculation, manipulation, or even a desire to harm ". The former number two in the government then said: "As I always said, my schedule today is exclusively political. I have confirmed that I have not decided to end my political career and remains focused on building a future for France. "

For its part, Proglio said that Veolia deserved better than "those waves of political rumors". Antoine Frérot, he wrote an internal letter to employees of the group, citing a "company of destabilization".

Source close to the council, seven directors Proglio support the project, seven against and three are still undecided, that seeks to convince Alain Minc, another close to Nicolas Sarkozy. Officially, everyone is silent. In its presidential campaign, all the opposition – left, center and FN together – is leapt to denounce a "conflict of interests" and "arrangements between friends of Fouquet's", the Sarkozy camp trying to extinguish the Fire minimizing simple "press rumors".

Sarkozy: "It's absurd"

"Republic How are we?", Has protested Monday Francois Hollande, the Socialist candidate for favorite presidential polls, Nicolas Sarkozy in lampooning "the candidate of confusion, arrangements". Same story for Europe Ecology Party the Greens (EELV). This is a "farce", denounced the environmentalist Eva Joly, citing a "conflict of interests rarely seen" and "contempt of the Republic". "Before leaving, Sarkozy puts his friends," added the National Front, while the modem call to "turn the page on these practices." "It is abnormal that the policy interferes in the affairs of a private group like Veolia. What credit do we give to the group to negotiate with local authorities?" Railed Deroubaix Hervé, Steward CFDT.

For his part, Nathalie Kosciusko-Morizet, speaking as Minister of Ecology, denied "formally" any government involvement in the possible appointment of Jean-Louis Borloo. "Veolia is a company under private law, the government does not meddle in any way the choices made by its directors. It does not get involved now and do not mingle in it", she said to the AFP. According to Le Parisien, Proglio seek to ensure his rear in case of arrival of the Left to power in May. Nicolas Sarkozy has swept the controversy with the back of the hand. the Head of State called on Monday BFMTV "absurd" the hypothesis of an intervention by the Elysée. "The Elysee is behind a possible appointment" of Borloo to Veolia, the question does one out of his campaign headquarters, in the fifteenth district. "It's absurd," he replied.

Unibail-Rodamco said Wednesday night anticipating a growth in recurring earnings per share by about 4% this year after suffering a weaker than expected decline in 2011 in the context of consumption, however, difficult and unstable. Europe's leading commercial real estate has also maintained its target of annual growth in recurring earnings per share of between 5 and 7% on average over the period 2013-2015. "For 2012, the group remains confident about the growth in rents. This perspective is based on strong fundamentals: a low vacancy rates, as limited effort, rents rise and cost of debt content "said in a statement Unibail-Rodamco. The company explains that caution is when the impact of the crisis in the euro area consumption and the situation of teachers, however, can not be ignored. "The net assets has increased, thanks to growth in rents, which is a very positive point. ANR spring with a premium of 15% over the share price, which shows the value remains price, "said Thomas Aubert, the French manager at AM. Before the publication of these results, Unibail-Rodamco has indeed ended with a gain of 2.72% to 150.80 euros, compared to its net asset value (NAV) ERPA triple net stood at 130.70 euros at end-December (4.9% compared to end 2010). Analysts consensus Thomson Reuters I / B / E / S awaited a NAV 131.18 euros. PRIME on sales net rents stand at 1.262 billion euros in 2011 against 1.257 billion a year earlier. Shopping centers on net rents reached 984.1 million euros last year, up 2.4% year on year. At the end of December, the recurring earnings per share of the group came out down 2.6% to 9.03 euros, 8.89 euros against expected by analysts. When publishing its interim results in July, the group reiterated its outlook for a decline in recurring profit for 2011 of between 3% and 5%, given the impacts the exceptional payout in October 2010 and its program of asset sales. Unibail will propose to the General Meeting the payment of a dividend of eight per share in cash, representing a distribution of 89% of its recurring earnings per share as the market expected an average 8.08 euros. Despite the difficult financial markets in 2011, the group rated "A" by rating agencies Standard & Poor's and Fitch Ratings, has raised a total of 3.1 billion euros of new financing , medium and long term, in the form of bank loans and bond issues. "It is also interesting to note that even on desks, Unibail managed to achieve growth while all sales were made at a premium," said Thomas Aubert, the net rents of offices increased by 4.2% on a constant basis. Unibail-Rodamco, the market capitalization of 13.8 billion euros, sold 1.084 million euros of non-core business assets and 242 million euros of assets from offices in 2011, with an average premium of 7.8% over the last values ​​of external expertise. The portfolio of development projects of the group, who will deliver this year including the mall Lyon Confluence, the end of 2011 amounted to 6.9 billion euros, 1.5 billion already spent. The market value of the portfolio of Unibail-Rodamco amounted to 25.9 billion euros late last year, up from 1.4 billion end of 2010.