National, World, Business News

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.

Getting this payday loans no faxing should take no more than 2 hours. Some lenders do have a loan transfer cut-off time so your loan advance may arrive in your bank account the next working day, but this is specified on the lender's website.

The Greek government expects a budget deficit reduced to 5.4% of GDP in 2012 assuming implementation of the proposed debt exchange expected to reduce the burden of public debt, according to the proposed final budget submitted Friday in parliament.

Excluding the impact of the debt swap (PSI), the project includes a deficit equivalent to 6.7% of gross domestic product next year after 9.0% this year.

The exchange of debt should lead to an issue of new bonds with a nominal value of EUR 70 billion and the payment to bondholders deprived of 30 billion euros in cash.

The parliamentary debate on the budget next week to begin by examining the text in committee, the plenary vote is scheduled for 8 or 9 December.

A tax on financial transactions will not see the day at the international level, as expected, Nicolas Sarkozy, the finance ministers of the G20 Saturday overwhelmingly rejected the initiative.

Delegations American, Canadian, Japanese, Indian or Brazilian were against such a tax, which was one of the flagship initiatives that France hoped to advance during its presidency of the G20.

The tax, which is also reluctant Britain except that it is comprehensive, however, could be created only within the euro area, led by France and Germany.

"It was clear that we need to implement this tax in Europe because there is no support to do a comprehensive plan," agreed the German finance minister, Wolfgang Schäuble, after the meeting .

The European Commission has proposed the end of September an EU tax on financial transactions from 2014 excluding the foreign exchange market.

Under this proposal, transactions outside of Europe would also be taxed, from the time they involve a bank or other financial institution of the old continent, to avoid capital flight.

The tax does not, however, concern individuals or operations on the primary market sovereign debt and current share price.

The figures given by the Community executive cover a 0.1% tax on exchanges of shares and bonds and 0.01% on the exchange of products.

The device could raise some 30 billion euros per year, according to several preliminary estimates in the Community executive.

According to a recent survey by the Commission, 65% of Europeans are in favor of this tax.

The U.S. economy has created far more jobs than expected in September and the new posts of previous months have been revised upwards, according to official statistics released Friday that could mitigate fears of a return to recession.

Last month, 103,000 non-farm jobs were created, according to the Labor Department, while economists on average expected 60,000 creations.

The unemployment rate was unchanged from a month to month to 9.1%, in line with analysts' expectations.

The right numbers in September are based in part on the reintroduction of 45,000 employees of Verizon in the number of jobs created, they were not in August because of a strike.By excluding these employees, 58,000 new jobs were created.

Statistics disappointing August, which reported zero job creation, for its part has been revised to bring out 57,000 new jobs. That of July was also revised upward to 127,000 against 85,000 previously.

Overall, the private sector has created 137,000 jobs, 100,000 against and 42,000 expected in August. The public sector has eliminated 34,000 jobs to him.

RELIEF

These employment figures are one more sign that the U.S. economy could avoid falling into recession despite a sluggish summer.Last week, the growth of U.S. gross domestic product in the second quarter was revised up to 1.3% against 1.0% in the first estimate.

Recent indicators of the manufacturing sector, business spending and auto sales leave now think the economy is doing better than expected third quarter.

Hourly wages have also increased by 4 cents in September after falling all the previous month.They then recorded their first decline since October 2009, pushing the savings to its lowest level for over a year and a half.

"The increase in job creation and revisions of the statistics is comforting and exciting to the market," said John Kilduff, partner of Capital hedge fund in New York Again.

"But it seems premature to use these numbers to say, regarding the economy in general, we are out of the woods," he tempers.

In September, the U.S. economy has eliminated 13,000 manufacturing jobs, after having destroyed in August 4000.

Some economists fear that the debt crisis will derail the U.S. recovery, not a fear expressed Thursday by U.S. Treasury Secretary Timothy Geithner.

"We're still not at a job that can bring down the unemployment rate, which remains a key concern important to the economy," warns Ellen Zentner, economist at Nomura Securities in New York.

The economy must grow by at least 2.5% per year and create jobs 150.00 per month to prevent the unemployment rate to rise.

European shares opened sharply lower Tuesday, financial and cyclical stocks in the lead, continuing a decline the last two sessions in markets still dominated by fear of failure Greek and a return to recession.

Following a meeting of finance minister in the euro area, the President of the Eurogroup Jean-Claude Juncker said that the private sector into the background of aid to Greece should be reviewed to reflect of the degradation of the economy and European markets.

At 9:38, the CAC 40 was down 2.51% to 2853.30 points and a loss of over 6% since last Thursday.

"It is clear that these concerns about Europe are not going away anytime soon, as long as markets remain dominated by this fear, the downward pressure should continue to prevail. The meetings of European finance ministers who stand in Luxembourg have already lead to a series of statements that move the markets – again primarily to the decline, "said IG Markets.

Other major European markets, London yields 1.95%, 2.57% Frankfurt and Milan 2%.The pan-European Euro Stoxx 50 index lost 2.5%.

The banking sector is still one of the largest declines, dragged down by Dexia, which collapsed after holding an emergency board on back of speculation of dismantling the group.

In this context of anxiety and risk aversion, the performance of the German government bond (Bund) is relaxed to 10 years again, to 1.72%, 1.81% against the previous day.

The euro continued to decline and is trading at 1.3174 / 78 dollars, against 1.3181 the day before the end of the session.

Similarly, a barrel of U.S. light crude lost another $ 1.31 to 76.30 dollars amid concerns about global growth.

Nokia, faced with declining sales and profits, announced Thursday the elimination of 3,500 positions, including the upcoming closure of its plant in Cluj, Romania.

The closure of the Cluj result in the layoff of 2,200 persons.Nokia also plans to eliminate 1,300 positions in its other division Rental & Commerce, which includes the world leader in digital mapping Navteq.

These staff reductions are in addition to a program unveiled by the group in April to achieve 1 billion euros in savings, and including the removal of 4,000 jobs.

The world's largest maker of mobile phones by volume is facing a decline in sales and earnings after announcing in February that now employ the operating system from Microsoft for its smartphones.The first of them well equipped arrive on the market later this year.

The action Nokia has lost half its value since February, investors feared that the group would lose much market share until the launch of its new smartphones and no longer able to fully regain thereafter.

Around 9:10 GMT, the action to Nokia gained 0.96% 4.22 euros, while the European sector index electronics progressed from 0.17%.

Nokia also announced it would inject with Siemens € 500 million in their joint venture Nokia Siemens Networks, headed by Jesper Ovesen would succeed Olli-Pekka Kallasvuo, former CEO of Nokia.

The action EADS is among the largest declines in the CAC 40 index on Thursday morning at the Paris Stock Exchange, while concerns are emerging about a domino effect on aircraft manufacturers difficulties refinancing of French banks in dollars.

In a market that was down 3.93%, weighed down by the performance of particular financial and cyclical stocks, the parent company of Airbus shows a fall of 6.81% to 21.14 euros at 10:45.

"It lowers the title.This is the first strong example of the effects of the crisis of dollar liquidity for European banks on the real economy, "said David Thebault, head of quantitative trading at Global Equities.

"We must certainly take this into account (the difficulties of banks) in financing equipment for all aircraft manufacturers," judge his side an analyst based in London, in a note.

This risk is relative, however, under the control of German banks to lend and potentially U.S. institutions, said the analyst, who also refers to possible emergency measures on the part of the French state.

"There are ways to deal with it immediately: some will take the place of French banks – U.S. banks and Chinese – and there are other ways to finance an aircraft, especially to leasers (lessors ) and 'vendor financing' EADS ', also adds Christophe Menard, an analyst at Kepler.

These fears of financial difficulties echo the statements of some leaders of the aviation sector in the Istat, a conference on the financing of aircraft, held in Barcelona on Tuesday.

French banks, which accounted for about 31% in aircraft financing transactions in 2010, reduced their availability significantly, said on this occasion the chief financial officer of Ryanair, Howard Millar.

The five major central banks around the world, including the ECB, announced September 15 a coordinated commercial banks to offer loans in dollars in three months to prevent freezing of the money market which would be caused by the debt crisis sovereign in Europe.

European banks, particularly French, have seen their share price fall since the beginning of the summer on fears related to potential recapitalization needs and issues of liquidity in dollars, American money market funds and other traditional lenders Greek dollar fearing failure and potential devastating effects on the markets.

In this context, speculation saying that the French government could be forced to intervene to stop the bleeding is growing, especially as fears of a credit freeze remake regular surface due to the persistence of debt crisis in the euro area.

Politicians and bosses of banks took turns for several weeks to deny any need for new capital, but struggle to convince.

BNP Paribas, which has undertaken to strengthen its equity more quickly, said last week it would reduce the size of its balance sheet of about 10% by the end of 2012 and it would also reduce its needs funding dollar.

Societe Generale for its part intends to strengthen its capital of four billion euros by 2013, including asset sales and reducing their activity.

Senior European financial ministers urged to strengthen bank capital, preventing a "systemic crisis" sovereign debt affects banks and raises the specter of a new credit crisis.

In documents prepared by those responsible for the Ecofin meeting of September 16 and 17, that Reuters was able to consult, it is referred to a "risk of a vicious circle between sovereign debt, the financing banks and the negative growth ", which can cause a credit freeze.

"While the tensions in the market for sovereign debt have intensified and the risk of bank loans increased during the summer, the contagion has spread in the markets and countries and the crisis became systemic."

These documents, where the risks are highlighted with terms unusually energetic and very critical of some countries for not helping the weak banks, illustrate the degree of anxiety that gripped the European capitals about the financial crisis.

In the text, prepared by the influential Economic and Financial Committee to prepare the program changed the discussions between finance ministers of the European Union, is a vigorous appeal to the recapitalization of banks weakened, particularly those countries exposed to difficulty.

NEW CREDIT CRISIS

The paper shows including highly critical of some countries such as Spain, accused of not acting aggressively enough to strengthen its banks after the poor performance on tests of strength.

What is at stake, writing committee members, a new credit crisis.

In an article dated September 13, states that "spillover effects" could "feed a dangerous downward spiral between the financial sector and real sectors of the economy or financial problems (…) the (…) risk aversion could lead to a deleveraging of banks, a phenomenon that in turn would result in some Member States, a credit crunch. "

Considering that the budget crisis "is entering a new phase", the paper highlights the difficulty of banks to borrow.

"Despite the considerable strengthening of positions in equity compared to their levels of 2008-2009, European banks have recently been facing financial difficulties, resulting among other tensions in the market for liquidity, high spreads on the market secondary, and some European banks, increasing difficulties in accessing finance from their U.S. counterparts, "reads yet.

To counteract the loss of confidence in European banks, officials of the committee stressed that "further strengthening of bank resources is commendable."

"This is important for banks that have not passed the tests of resistance, but also to those who were successful but with capital levels near the threshold required," the report said.

The French will be more better off put to three years, the time to reduce the deficit, but the government should ensure the right balance to avoid an exodus of the richest, said Wednesday at the Reuters chief executive of Publicis Maurice Levy.

The French executive, who is about to announce a package of measures to meet its deficit reduction targets, including considering a contribution of more privileged who could take the form of an exceptional tax the highest incomes.

"The whole problem is to calculate the contribution so that it is not only symbolic and it is not a discouragement for the ruling classes, or advantaged people who say 'this If I go, '"said Maurice Levy, who also chairs the French Association of Private Enterprises (AFEP).

"So it's a balance to be struck so yes it is an effort, it is limited in time, it allows to solve problems, it is significant but it is not discouraging, "he said in an interview with Reuters.

In an article in Le Monde in mid-August, Maurice Levy floated the idea of ​​a contribution of the richest in France, before being joined by a dozen other CEOs.

The government and several officials of the majority suggested that the key contribution income over one million euros annually.The approximately 30,000 households concerned and would pay a total of about 300 million euros in additional taxes next year as determined by the UMP rapporteur of the budget in the Assembly, Gilles Carrez.

No cups ADVERTISING INVESTMENT

Some voices were raised to denounce a cosmetic measure, which would not affect the distribution of wealth in France.

"I do not want this to be only symbolic, I think it has to be a real contribution," said Maurice Levy, who initially pleaded for an effort of limited duration, without excluding a subsequent more comprehensive overhaul of the tax system.

"I think it takes three years to redress public finances if they have a sustained and vigorous," he added."Then we take stock, and if after three years you realize that it's better to reform the system, we will reform the system."

Maurice Levy was confident in the ability of France to redress its finances, while stressing the need for structural reforms.France suffers particular, he said, a cost of labor made too high payroll taxes, and a labor law particularly complex, especially with regard to restructuring.

Maurice Levy is leading advertising group in the third world in terms of turnover, whose activity is sensitive to changes in economic conditions.

While stock markets have come through three weeks black leaded by fears of a slowdown in the global economy and the problems of sovereign debt in the euro area and the United States, the head of Publicis said he did not see the signs of downturn.

"What we've done so far in August, is to call many of our customers and try to understand what was going to happen on future investments," he said. "For now, the indications we have are indications of continued investment without much change."

He was optimistic for next year, which will be marked by two major sporting events: the London Olympics and Euro 2012 football.

"With these two events, we already know that it adds between 80 basis points to 120 basis points for growth," he said.

The British household products and hygiene Reckitt Benckiser reported Monday a 10% increase in earnings in the second quarter, helped by the acquisition of SSL and the success of Suboxone, treatment alternatives to the heroin.

Adjusted earnings group in the second quarter stood at 56.8 pence per share, a figure consistent with the expectations of analysts polled by Thomson Reuters (56.5).

Reckitt Benckiser, owner of detaching including Cillit Bang, the analgesic Nurofen, Air Wick air fresheners, Scholl sandals (made by SSL) or Durex condoms, always aims for 2011 up 12% of its sales of business and 10% of its net profit at constant exchange rates.

The group benefited from strong sales in emerging markets and hopes to counter rising commodity prices by reducing costs and increasing prices.

With the success of its new version of Suboxone tablets that dissolve under the tongue, Reckitt also hopes to restore new life to his treatment against heroin addiction, which has lost its exclusive license in October.

This success has helped to strengthen the pharmaceuticals business group, which represents one fifth of its profits.

Reckitt Benckiser, whose stock has dropped 7% in April with the announcement of the retirement of its Director General, has recently been the subject of takeover rumors surfaced.