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The Italian economy contracted by 0.7% in the fourth quarter of 2011 compared to the third, according to final data issued Monday, confirming that the third power economy in the euro area has entered a recession expected to continue well into 2012.

According to figures from ISTAT, the National Institute of Statistics, gross domestic product (GDP) fell by 0.4% compared to fourth quarter 2010, against an initial estimate of -0 , 5%.

Domestic demand has decreased over the period, as investment and inventories. Only exports contributed positively to economic activity.

In the third quarter, the decline in GDP from one quarter to another was confirmed at -0.2%. Over one year the increase was 0.4% against 0.3% in the first estimate.

Two consecutive declines in GDP is the technical definition of a recession.

Over the whole of 2011, Italian GDP grew by 0.5% against 1.8% in 2010.

For the year that has just begun, technocrat government of Mario Monti expects a decline of 0.4% while the Bank of Italy expects a contraction of 1.5%.

The Post became a limited company with public capital has eliminated nearly 12,000 jobs in 2011 according to the CGT and SU. La Poste, "office of the future"

Nearly 11,000 jobs lost by departures not replaced. This is the figure announced by the CGT and SUD for the Post last year. Became a public limited company on 1 March, the Post employs about 240,000 people.  

For unions, these job losses have a direct impact on working conditions of postal workers.

In a statement, said the CGT and the Post recording of financial results up "with increasing job losses and tragedies that are multiplying," saying that "behind the numbers, a real human catastrophe develops within the company, "marked by the suicide of a young executive in Rennes last week.

SOUTH evokes his side a "precipitous drop" job with "10,091 jobs lost, or" about a replacement for four starts "seeing" a bleeding even more disastrous for the working conditions that mail traffic has declined 3%, "a weaker pace than expected 5%. The union stresses that" the number of CSD rose by nearly 10% "in 2011 with 2,000 additional employees with this type of contract to December 31. SUD also pointed out that the number of sick days per officer does not drop, reaching 20.45 days in 2011, against 20.86 the previous year.

After the suicide of the frame of Rennes, the CEO of La Poste, Jean-Paul Bailly, is committed to rapidly start "a cycle of listening and dialogue on health and welfare at work".

A series of meetings with trade unions to take place next week. Regarding employment, the direction of the Post reported in mid-February that it undertook to recruit at least 10,000 people on permanent contracts over the period 2012-2014 as part of a management agreement of estimates of jobs and skills (GPEC) subject to the signing of trade unions.

Executive added that 7500 study contracts would be offered over the same period.

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.

BASF being undermined expectations of contraction this year by announcing Friday that its results and its turnover increase this year in favor of a rebound second half.

"We believe the global economy will accelerate in the course of 2012 after a modest start," said Kurt Bock said in a statement, chief executive of the world's leading chemicals with the number business.

There is a risk of the uncertainty surrounding the issue of debt in the U.S. and Europe, while "the positive momentum of the chemical industry will once again mainly in emerging markets" .

The action gained 2% in pre-market.

Analysts anticipate a decline in turnover and operating profit this year. The C.A. was 73.5 billion euros and operating profit of 8.4 billion euros in 2011.

Operating income for the fourth quarter, adjusted for exceptional items, fell 14% to 1.51 billion euros, according to Reuters.

The quarterly revenue it has increased 10% to 18.1 billion euros.

Operating income will be down in the first half but it will be up the next semester, said BASF.

Sign of the optimism of the chemical group, the annual dividend is raised to 2.50 euros per share against 2.20 euros last year and EUR 2.39 predicted by analysts.

"The positive outlook for the global economy and BASF is amazing," said Peter Spengler, an analyst at DZ Bank.

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%.

According to the Uruguayan Minister, Louis Almagro, Nicolas Sarkozy was very upset to see that its proposed regulation, including tax havens, were not retained. Nicolas Sarkozy.

Luis Almagro, Uruguayan Minister of Foreign Affairs, said French President Nicolas Sarkozy was "very upset" with "the failure of the French strategy at the G20" and that he expressed in his statements on tax havens cause of a crisis with Uruguay.

"I think his statement (was dictated by) the bitterness and is linked with the failure of the French strategy at the G20", held in Cannes (south-eastern France) in early November, said M . Almagro in an interview published Thursday in the weekly Busqueda. "The four or five worn by strengths (Nicolas) Sarkozy at the G20 were rejected, as (the idea) to cap prices or on financial issues, etc..He used the G20 as a political platform, but it emerged weakened because the final statement did not address its program. I think it was upset and he has expressed in this unfortunate statement, "he added.

In early November, Nicolas Sarkozy said after the G20 summit that tax havens would be put "beyond the pale of the international community." He said that was part of the capital Montevideo which "did not have a legal framework for the exchange of tax information." These statements have angered Montevideo. The French government then explained that it was a statement on behalf of G20 and not of France and expressed its confidence in the willingness of Uruguay to fight tax evasion.

Fever market does not seem to stop. So many voices calling for the ECB buys massive amounts of government securities in difficulty to break the panic and speculation. But is this really the solution? ECB

In the state of current market panic, the ECB is more than ever figure of last bastion of the euro area. Provided, however, she agreed to play this role … Italian interest rates still evolving around 7% Thursday, an unsustainable level on the scale of a few months. And fears of contagion from France have propelled the difference in interest rates between Germany and France to a new record (204 basis points difference, France into debt at a cost of more than two times higher).Sign that it is a disruption of markets, interest rates of other states in the euro area AAA rated – such as Finland or the virtuous Netherlands – are also affected.

In this context, increasing the pressure on the European Central Bank in order to redeem government bonds heavily attacked. The Nobel Prize in Economics Paul Krugman recently called for greater involvement of the ECB. "It should send a clear message and say" we buy as many (sovereign debt) than necessary. "In France, many economists on the left are also campaigning on this issue. Even in Germany, there are voices in this sense Like Peter Bofinger, an economist and adviser to the German government. "It's not attractive … But we must clearly realize that it's an emergency.

The European Investment Bank (EIB) could provide up to 74 billion euros in loans to banks in two years in Europe if its own capital was strengthened, including with money provided by its shareholders, according to a document prepared for the finance ministers of the Union.

Prepared for the Council of Finance Ministers of the EU, which meets Tuesday, the report details the means that could be implemented if the credit crunch.

"The risk reduction of leverage by the banks is not negligible and it is important to maintain and even increase of EIB lending to the real economy through the banks," said Bank in this document, dated November 3.

Exxon Mobil reported Thursday a 41% jump in earnings in the third quarter, slightly more than expected by Wall Street, thanks to higher oil prices and improved refining margins.

Several major oil companies like Royal Dutch Shell and Norway's Statoil, have reported in recent days of strong quarterly results due to higher oil prices.

The futures contract on crude oil traded in New York has averaged $ 90 per barrel in the quarter, up 18% over the same period in 2010, while Brent crude oil jumped 48% .

An hour after the opening of Wall Street, Exxon earned the title 0.2% to 81.17 dollars, underperforming the S & P of the energy gained 2.34%.

Exxon is investing heavily in the exploitation of shale gas, particularly in North America.

The benefit of exploration activity and production of Exxon jumped 54%, the refining of 36%. The group said that better refining margins helped boost the profit of one billion dollars.

Confidence will be key to reviving growth in the U.S. economy and soothe the anger that swells around the global financial system, determined by the Director General of General Electric, who said he understood the movement of "outrage" of Wall Street.

Jeff Immelt, who heads the world's leading manufacturer of aircraft engines and electric turbines is also senior adviser to President Obama for employment and the economy.

"Until we have restored confidence, we can not move forward," he said at a conference organized by Thomson Reuters in New York.

He called for exercise of "empathy" with respect to the crowds of protesters occupying Wall Street and parade through the United States last month to denounce the excesses of the financial system, inequality and the economic crisis.

"Unemployment reached 9.1%. Underemployment is even higher, especially among young people without a university degree," he listed. "It is natural to assume that people are angry."

"The only way to solve this particular problem is growth," he said. "If unemployment is falling, people will feel better.If unemployment rises, people will feel even worse, what happens on Wall Street, no matter what the reform of finance. "

Jeff Immelt also commented on the debt crisis in the euro area, which worries financial markets worldwide and has already pushed major banks like Bank of America and JPMorgan Chase to announce layoffs.

"The most likely scenario is that Europe has a low growth for a long time," he said.