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Higher oil prices supported the results of Repsol, which announced Thursday up 4% of its first quarter earnings, excluding the majority stake in energy group seizure YPF by the Argentine government.

On a pro forma basis, net income adjusted for exceptional items and storage costs stood at 474 million euros in the first quarter, supported by the rise in pe Petroleum and good performance in the liquefied natural gas.

Including YPF, its net profit fell 3% to 635 million euros, said the oil group.

At the Madrid Stock Exchange, the action Repsol gained 5.03% to 13.790 euros at 9:10 GMT, while the European index of oil and gas sector in Europe progressed by 0.3%. 

The title still shows a loss of 42% since the beginning of the year, heavily affected by the announcement last month of the seizure of his 51% stake in YPF in Buenos Aires.

This expropriation should result in a legal battle around the issue of compensation for Repsol.

The group, which opens new markets, to unveil his new strategy on May 29

Travauil Minister Xavier Bertrand said that the situation on the employment situation "remains difficult". The numbers of job seekers in March will be published in late today to 18. The Minister of Labour and of Health Xavier Bertrand

Labour Minister Xavier Bertrand said Thursday that the situation on the employment situation "remains challenging", but the first quarter of 2012 will be "better" than the last in 2011, while the numbers of job seekers will be published in March in late afternoon by his ministry. "We will remain a difficult situation, everyone would expect, given the economic climate. That said, we will have a first quarter of 2012 to be better than the last quarter of 2011," said Minister interviewed on LCI data of March.

"We will not be satisfied with this path, we must do much more and much better in terms of outcome," he said. "You have to have a significant and sustained decline in unemployment and, for that, we need major reforms much larger still," he added. As he was questioned about whether the figures for March – the last of the five-year period – will be bad he repeated: "the situation remains difficult." In February, the number of job seekers without work in France had increased for the tenth consecutive month reaching 2,867,000 people, or 6,200 more than in January.

Key values ​​to follow Tuesday on Wall Street.

* GOOGLE. The Android mobile operating system Google has been the most widely used in China last year, far ahead of that of Apple, according to the firm Analysys.

In late December, controlled 68.4% of the Android market in number of smartphones sold, against 33.6% at the end of first quarter 2011. The market share of Apple rose more modestly, from 4.1% to 5.7%.

* Chevron discovered a leak in the Roncador oil field, off the Brazilian coast, 500 meters from the deposit Frade, already responsible for a tidal Black in November. The leak occurs at the ocean floor and no trace is visible on the surface of the water, say the Brazilian authorities.

Leaks were detected in November and March to deposit Frade, which led to it suspend the activity and triggered lawsuits against Chevron and its contractor Transocean .

* ALCOA. The aluminum giant, often presented as a barometer of the U.S. economy, starts the earnings season after the close, with its e financial statements for the quarter January to March.

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.

Europe is ready to support Portugal in the implementation of economic reforms necessary for the country, said Thursday Olli Rehn, Commissioner for Economic and Monetary Affairs .

"To me, the solidarity of its European partners in Portugal gives the time required for the implementation of reforms," ​​he told the Portuguese parliament after he has e ; tee Lisbon asked if he needed a second aid plan after the first, 78 billion euros, decided last year.

Olli Rehn that he was not constructive to discuss the possibility of a second plane for Portugal, adding that the country should focus on its program of fiscal consolidation and re ; structural forms. 

Some economists believe that Portugal, like Greece, will need a second international aid plan.

Wednesday, Olli Rehn had felt that the situation in Portugal was not comparable to that of Greece.

He also said that Portugal was on track to achieve the goals set by the bailout of 78 billion euros.

Hedge funds refused to make the Greek debt they hold to the exchange transaction, threatening to ask the courts if the offer does not improve liorée.

These funds seek to meet a minority sufficient to block the process, the risk of derailing the debt swap and cornered Greece to bankruptcy.

Greek debt holders should tender their shares before Thursday at 20:00 GMT. In the opinion of Greek officials, the operation is moving in the right direction, even though banks and as well as European politicians have expressed their uncertainties.

"I was warned that many investors think carefully about the options available to them, including that of the judicial path," said Steven Friel Brown Rudnick, a firm which advises investors on possible legal strategies in Greece.

Hedge funds prefer debt securities that are not of Greek law, harder eligible for restricted devices developed by Athens.

McClutchen Bingham, another law firm, said Monday that he advised the holders of 650 million Swiss francs of Greek debt. Investors holding significant amounts of Greek debt came together to find "all the answers to their concerns and protect the rights of holders," according to the firm.

Hedge funds hold more than a quarter of Greece's debt denominated in Swiss francs and 450 million euros of bonds maturing and it might be enough to prevent the Greek government to impose on private creditors to agree to take their losses.

They hope that the government prefers to reach a settlement before May instead of defaulting despite warnings from the Greek politicians who warned that n ' there would be no new offer. 

Failing agreement, the funds could go on the judicial front, even then appeal to the European Court of Human Rights, alleging violations of property law.

This option could however be lengthy and costly for investors.

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.

The boards of directors of Dexia and the Post have agreed in principle on the folder Dexma, the subsidiary responsible for refinance loans to communities by Dexia Credit Local, have de ; clared Reuters on Friday two sources familiar with the matter.

"This has been approved," said one of these sources.

The French state and the Deposit will each take a stake of 31.67% stake in Dexia Municipal Agency (Dexma), equivalent to that retained Dexia Credit Local, while that the Post Bank, the banking subsidiary of La Poste Group, will take the balance amounting to almost 5%.

Another source added that the Post Bank would also have the option of a further climb in the coming years with a capital of Dexma, resuming participation of DCL. 

In the initial plan of dismantling, as announced last fall, the Deposit should take only 65% ​​of Dexma. But, fearing that such an operation too mobilizes capital, several French parliamentarians have liked to see the state intervene directly in the recovery of Dexma.

The recovery of Dexma, according to two sources valued at about EUR 380 million, comes as part of the decommissioning plan for the Franco-Belgian bank Dexia, a former world leader in financing local governments.

Since the collapse of Dexia, local authorities are subjected to a drying up of funding, freezing a portion of economic activity. 

To cope with this "credit crunch", the Prime Minister

Francois Fillon said on Friday the release of an envelope of two to five billion euros in loans to be paid from the savings funds managed by the Deposit.

The recovery of the loan portfolio of Dexma, estimated at 80 billion euros, is critical to local communities face a drying up of bank loans to finance their projects investment.

Many of them are now forced to postpone or abandon some projects, many banks deserting the market because of the financial crisis and new regulatory constraints. 

Estimates of Dexia Credit Local, between 10 and 12 billion euros will miss this year to local authorities to achieve their investment programs.

It is in this context that the Post Bank and the Deposit should be launched by end of June a new joint structure dedicated to financing local government.

This structure, which will take over from Dexia, will be owned 65% as provided by the Post Bank and 35% by the CDC.

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.

Social VAT and tax on financial transactions were presented to the Cabinet Wednesday, the last step before a parliamentary debate. The standard VAT rate will increase on 1 October from 19.6% to 21.2% to compensate for 13 billion euros of lower employer costs, announced Sunday, January 29 Nicolas Sarkozy

The proposed VAT and social tax on financial transactions tax of construction sites last five years, were presented Wednesday by the Cabinet before a parliamentary debate and a deferred entry into force of several months.

The draft supplementary budget for 2012 will now be discussed from Monday to the National Assembly for a final parliamentary adoption scheduled for late February or early March at the latest. The symbolic measure of this supplementary budget is called social VAT, a name rejected by the government.  

VAT is to alleviate social, from 1 October, employers' costs to fund family policy, for 13.2 billion euros in a full year ($ 3.6 billion in 2012). These family contributions paid by employers are suppressed for salaries between 1.6 and 2.1 times the minimum wage, and relaxed, on a sliding scale, between 2.1 and 2.4 times the minimum wage. Wages to below 1.6 times the minimum wage already benefiting from such reductions in charges. In all, according to Bercy, 14 million employees are affected by the measure.

To offset the cost of this measure whose objective is to lower labor costs and thus increase the competitiveness of French industry, the government intends to increase by 19.6% to 21.2% the normal rate of VAT, also on 1 October. This measure will yield € 10.6 billion per year in stride.  

Finally, the general social contribution (CSG) on capital income is increased by two points, from 8.2% to 10.2%. This includes income from assets as of 1 January and investment products as of July 1. This measure will report full-year 2.6 billion euros needed to complete the reform so that it is neutral for public finances.

Moreover, the supplementary budget provides for the creation, effective August 1, a tax on financial transactions in France. Transactions in shares of companies whose market capitalization exceeds one billion euros and is headquartered in France will be taxed at 0.1%.