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Carrefour, whose performance deteriorated further in France and Southern Europe in the first quarter, is preparing to face another difficult year as the worsening economic climate in Europe continues to weigh on spending for non-food products.

The second global retailer behind Wal-Mart has managed to stabilize its revenue through Latin America and a positive calendar effect, which masked a continuing decline in sales France, Southern Europe but also in China.

Its sales totaled 22.5 billion euros over the first three months of the year, slightly below the consensus of 22.6 billion set by Reuters. 

As reported, they sign an increase of 1.5% with a positive calendar effect and an increase in gasoline prices. But like basis and excluding fuel, they are virtually stable (-0.1%) and excluding the effect of schedule, they were down 2.1%.

"Trends are wrong in almost all markets, especially in France and Southern Europe," say the analysts of Espirito Santo Bank, evoking in particular a very sharp deterioration in the Non-food particularly affected by the crisis.

The non-food – which is affected by the crisis in Europe and competition from e-commerce as retail mix – is, according to analysts, the largest construction site in which Georges Plassat, Future Group CEO , will have to tackle.

Barclays analysts speak of a "challenging quarter" reflecting the magnitude of the task at hand. 

Unsurprisingly, Carrefour has given no indication of its expectations for the current year, while George Plassat will be appointed to head the company as of June 18

EXPECTATIONS OF LOWER INCOME

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 trouble in France, will take time and require investors to be patient.

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

The first quarter figures only reinforce the belief of UBS: the consensus expects a stable operating profit of Carrefour in 2012 is "extremely optimistic", and analysts expect the bank a further drop of the EBIT (-18% after falling 19% in 2011).

Excluding the calendar effect, sales of Carrefour in France fell 3.1% in the first quarter.

Those of its hypermarkets, large black spot, have accentuated their fall to -5.8% after falling 4.7% in the fourth quarter of 2011, accusing the largest decline since 2009 , when the current CEO Lars Olofsson took the reins of the group. 

The distributor, which was launched in autumn 2011 in a strategic repositioning of its hypermarket prices in France to try to reduce the gap with its competitors, mainly Leclerc, informed by the voice of its chief financial officer Jean-Pierre Sivignon that "some improvement was under way."

"The image of Carrefour prices in the first quarter gave signs of improvement," he said. But short term, the abandonment of major promotional events for the benefit of sustained low prices weighing on sales.

In Europe, sales fell 3.8% on a comparable basis and excluding petrol, leaded by the sharp economic deterioration in the South, especially Spain, where sales fell by 6.1% (-8.1% excluding the calendar effect), Italy (-4.6% excluding the calendar effect) and Greece where the fall was 15, 9% on a comparable basis and excluding petrol.

In emerging countries, the only good news came from Latin America, particularly Brazil, where sales rose by 7.8% given in comparable (6.0% excluding the calendar effect), while in China the decline has continued (-6.9%). 

These very encouraging figures but meeting the expectations of analysts have argued the action Carrefour in the morning. Parisian traders reported a purely technical rebound for a title that had suffered a 17% decline over the last three weeks and had entered a zone of "oversold".

Earlier this afternoon, he gained 1.09% to 16.25 euros in a market down 0.3%.

This operation is of course to re-inflate the coffers. The police equipment, like helicopters, can also be rented from private individuals. Police for rent, 30 euros per hour.

Police for rent, 30 euros per hour: whoever can afford it can now in Greece seek the reinforcement of security forces and their equipment, an innovation designed to pump up the public coffers, said Sunday the Ministry of protection of the citizen.  

The department confirmed in a statement late March the adoption of a ministerial decision to this effect, "in order to amortize the cost of using equipment and infrastructure of the police, and to modernize."

This reform, which was adopted in secret, had just been revealed by the Sunday newspaper Proto Thema sensational, including, according to police sources, the recently appointed acting Minister Michalis Chryssohoidis, who has enjoyed little of n ' have not been informed in due course. According to Proto Thema, the bill varies from 30 euros per hour for a police officer, or 40 for a patrol car, 200 euro for a celebrity or 1,500 for a helicopter.

According to the Ministry, this lease will concern only "exceptional cases", and will not receive the required approval only if it does not reduce the operational capacity of the body. The range of services offered ranges from "the escort transportation of hazardous materials or works of art", to "support people" or filming.

These services were "available for free" for years, the ministry said, is regularly accused of in recent years to grant favoritism and opacity in any police protection to the costly political and economic elite of the country. The department also relies on what the practice would spread "in many countries of the European Union".

The budget deficit of the French state stood at 24.2 billion euros in February against 28 billion a year earlier, according to data released Friday by the Budget Ministry.

Expenses (general budget and levies on revenue) reached 63.6 billion in February against 57 billion a year earlier.

Revenues (net of refunds and rebates) totaled 45.4 billion euros against 40.2 billion a year earlier. 

"The positive trend (from February 2011-Ed) is mainly in respect of expenses, for a faster pace of expenditure recognition, and respect revenues, for the record, in January 2012, an exceptional product for the allocation of authorizations to use radio frequencies, "the ministry said in a statement.

"The net tax revenues come up from one year to another," he says. "This positive development is consistent with the forecasts used in the last supplementary budget."

As for spending, their progress "is consistent with the prediction of the supplementary budget for 2012".

The government deficit is the main component of the public deficit, which also includes financial statements and those of local communities.

In 2011, the deficit has been 5.2% according to the first estimate published by INSEE.

France has committed to reducing the public deficit to 4.5% of GDP in late 2012 to return in 2013 to the EU limit of 3%. The government recently revised its 4.4% target for this year.

The Socialist candidate for president, Francois Hollande, currently leading in the polls, has also committed to reducing the deficit to 3% in 2013, after s 4.5% in late 2012. He plans to balance the public accounts in 2017.

China may relax regulations on foreign investment in the private sector, announced Tuesday the central bank governor, less than a week after green light given by the Government in a pilot project of financial reform.

The State Council (government) of China announced last week that it planned to allow direct investment abroad by residents of the coastal city of Wenzhou, st in the country, as part of an experimental project. This was seen as an important step towards liberalization of transactions.

The central bank governor, Zhou Xiaochuan, speaking at the Boao Forum for Asia 2012, on the island of Hainan, said China would encourage capital outflows, which help reduce the imbalances caused by net capital inflows.

"There could be a further de-regulation to give businesses and residents easier for Chinese investment abroad," said Zhou Xiaochuan.

He did not say whether the reforms would be limited to Wenzhou or extended to other areas. Wenzhou, located in Zhejiang Province, is known throughout China as a platform and an entrepreneurial place parallel loans.

Many private Chinese companies are forced to turn to the gray market for loans because they can access loans at official rates, which will first state banks to state enterprises.

On the unofficial market of credit, interest rates can reach 100% annualized. 

The idea of ​​an area of ​​financial reform emerged in late 2011 after newspaper articles on entrepreneurs from Wenzhou who would be gone underground or s' had committed suicide after being found unable to repay loans at high rates contracted outside official channels.

People's Bank of China considered this market to 2400 billion yuan (285 billion euros) in late March 2010, representing 5.6% of total loans market in China.

Consumer confidence signs outright acceleration in March after remaining flat in February, announced Tuesday INSEE.

The synthetic indicator of confidence was up by five points to 87 against 82 in February. It still remains well below its long-term average, keyed to 100.

All 20 economists polled by Reuters had expected an index to 82 on average.

In March, consumer confidence about their personal financial situation rose rose three points to -28, INSEE said in a statement.

That their future personal finances back seven points to -18.

Their opinion on the advisability of making major purchases is unchanged from February (24).

Households also feel that the time is somewhat less favorable than in February to save (2 points to 22).

Poweo released Friday a net loss of 64.3 million euros for 2011 – divided by more than two compared to 2010 – due to poor performance of its generation assets sold in early 2011.

The alternative supplier of gas and electricity French, being merged with Direct Energy, has recorded sales of 503 million euros (-28%) and a gross margin of 47, 6 million (-30.1%).

However Poweo reported net earnings of 6.3 million euros in its new scope, which includes its core activities in the supply and optimizing energy and a gross operating income of 12.8 million and a turnover of 405 million. 

With the implementation of the Law on the reorganization of the electricity market, which gives it access to nuclear EDF, Poweo also stresses that its gross margin s is improved but without covering all of its operating costs.

Due to lack of capabilities to compete with the public electrician, had to sell Poweo early 2011 its means of power generation to its former shareholder of re Verbund conference to provide the resources necessary for the continuity of its operations. 

The group then announced in July the purchase by Direct Energy of the 46% stake held by Verbund, prior to the merger of two French operators, whose boards of directors come from approve in principle which will create a new group of more than one million residential and business customers.

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.

U.S. stocks open slightly higher Friday after the announcement of more new jobs than expected last month in the United States.

In early trade, the Dow Jones gained 0.16% or 20.17 points, to 12,928.76 points. The Standard & Poor's, wider, takes 0.25% or 3.49 points to 1369.38 points while the Nasdaq composite wins 0.3% (8.71 points) to 2,979.12 points.

The U.S. economy created 227,000 non-farm jobs last month, according to statistics from the Labor Department, and the unemployment rate remained at its lowest level in three years to 8.3%.

On the values ​​front, Monster Worldwide, the agency offers online job, gaining nearly 2%. Manpower is 0.2%.

The market is also supported by the announcement of a high acceptance rate of return for Greek debt.

Three years ago exactly, in a financial crisis, the S & P 500 posted its lowest closing level in 12 years, to 676.53 points. Since then, the index has more than doubled.

Side decreases, Texas Instruments lost 1% after launching a warning on its first quarter results.

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.

The year 2011 has been that of all records on the art market, marked by the dramatic emergence of Asia, led by China. The 10 digit extraordinary auctions selected by the data specialist on art, Artprice. By a sale at Sotheby's in New York.

11.5 billion USD: world product auctions. Time high this year, sales revenue for the first time exceeds the 10 billion USD, up 21% over the last twelve months. After a record first half, to 6.5 billion, the second half was equally outstanding, to $ 5.1 billion.

41.43%: the market share of China. China, the first country on the global art market since 2010, consolidated his lead. With auctions of $ 4.79 billion, up 38%, the country has a market share of 41.43%. Other Asian countries are also seeing strong growth. This is the case of Singapore, up 22%, or Indonesia, with a jump of 39% for example. And Asia as a whole now realize 43% of the art market.

4th: the position of France. France, third in 2006, is found from 2007 to fourth in the art market. This year again it keeps this place despite an erosion of its market share to 4.5%. Paris is now not only behind London and New York, but Beijing and Hong Kong. While Shanghai, with a growth of 21%, reduced the gap by half and heels less than $ 50 million the French capital.

$ 57.2 million: the price of a work record in 2011. This record does not belong to Pablo Picasso, Alberto Giacometti or, or Andy Warhol, but Qi Baishi who picks the best auction of the year for the work Eagle Standing on Pine Tree, Four-Character Couplet in Seal Script awarded $ 57.2 million 22 May 2011 in Beijing.

$ 272 million: the largest auction of the year. This is a sale by Christie's Contemporary Art in Post-War, New York on November 9. She has received two new records for Clyfford E. Still, as a record for the artist Gerhard Richter. Only 17% of the lots remained unsold, and 41 have gone over $ 1 million.

12,400: the number of artists who have set new records. More than 12,400 artists saw their auction up to new heights with Qi Baishi (57.2 million this year against 12.5 before 2011), Clyfford Still (55 million against 19), Roy Lichtenstein (38.5 million against 38), Egon Schiele (35 million against 20), Salvador Dali (19 million against 5), Gerhard Richter (18.5 million against 13) …

1688: the number of million. The auction for more than a million dollars jumped 33% in 2011. Unsurprisingly, it is China that holds the record for most number of works of art auctioned at above one million dollars, with 774. Hong Kong alone, he has won twice as many bids as millionaires in the entire euro zone!

58.5%: share of turnover achieved by the 1% most expensive lots. The remaining 99% of auctions share less than half the art market. And unsurprisingly, the "1%" are traded mostly in China, 50%, then the United States, 23%, and the United Kingdom to 20%.

34%: the rate of returns. Since 2007, never a sales ratio was spent below 35%. It's done this year with a sales ratio of 34.8%. And while the number of lots available for purchase at auctions rose 7%.

69%: the percentage of lots sold at less than 5000 dollars. Only 69% of the lots were auctioned in 5000 dollars. While in 2009/2010 this rate reached up to 74%. This year the number of lots does not diminish affordable, it actually increases by 4.5%, but less rapidly than the number of high-end lots. Asia, which now carries 43% of art market wins 19% of its lots beyond the $ 100 000.