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European shares widen their losses Wednesday in early afternoon, while the German rate in 10 years fell to 1.51%, the situation of Spanish banks stepping up worrisome Market studies on the future of the euro area related to political instability in Greece.

Around 13:00, the CAC 40 index, which lost 2.8% Tuesday, 0.92% to 3096.18 abandons points after winning 0.4% in early trade.

The London Stock Exchange 0.95% yield, the Frankfurt 0.42% while the fall of Madrid up 3.3% with its banks. The pan-European Euro Stoxx 50 index was down 1.18% after a decline of 2%.

Illustrating the risk aversion of investors, the German 10-year yield fell to nearly 1.51% in the morning before rising to 1.52, against 1.55% the day before Closing.

The head of the Coalition of the Radical Left Greek, Alexis Tsipras, charged with forming a coalition government, will visit on Wednesday the leaders of major political forces without credible hope to break the deadlock that threatens up to membership of Greece in the euro area.

In Spain, the government will ask banks exposed to the property sector to provision additional 35 billion euros, it was learned from sources close to the financial negotiations. 

The Stoxx European banks grouping loses 2%, biggest drop sector in Europe.

This should significantly complicate discussions between Paris and Berlin. "It is not possible to renegotiate the fiscal pact", which has already been "signed by 25 of the 27 member states of the European Union", said on Monday a spokesman for Angela Merkel. German Chancellor Angela Merkel (the Bundestag by December 2, 2011).

It is "not possible to renegotiate the fiscal pact" European, said Monday the spokesman of German Chancellor Angela Merkel, Steffen Seibert.

"It is not possible to renegotiate the fiscal pact", which has already been "signed by 25 of the 27 member states of the European Union", which aims to strengthen discipline in public finance management, said Mr. Seibert in a press conference, despite the wish of the new French president, Francois Hollande, to add to it a component of growth.

The International Monetary Fund (IMF) said Wednesday the payment of 5.17 billion euros in Portugal under the assistance program recovery of public finances.

The IMF cites recent progress in budget reforms including the restructuring of public sector enterprises.

The Fund and the European Union have set up an aid to Portugal over three years totaling 78 billion euros.

The bailout and the austerity measures that accompany it are beginning to bear fruit: Wednesday, Portugal was able to borrow on the market 18 months, the maximum term Long since his ouster issued the bond market in March 2011. 

According to Nemat Shafik, Deputy Director of the IMF, Portugal will ensure a vigorous implementation of the program to regain market confidence. She adds that the deficit target for 2012 should be achieved.

"The implementation of policies under the program has progressed well and the first signs that the economic adjustment required is taking place," said Nemat Shafik.

The IMF has established an Extended Fund Facility (EFF) for Portugal, which allows faster access to credit. The fund said to have distributed 18.56 billion in this context.

In a report in late March, the General Inspectorate of Social Affairs denounces malfunctions in the purchase, adaptation and monitoring of training job seekers. Agency employment center in Nice

Procurement procedures by training employment center for the unemployed are too rigid to be fully effective, agents lack a simple tool to identify a suitable training to all job seekers, underlines the Igas in a report in late in March. While Nicolas Sarkozy has made training for the unemployed a hot topic of his campaign and he expects in the coming days the proposals of Senator Gerard Larcher UMP to get the number of trained unemployed 10 to 40%, the General Inspectorate of Social Affairs estimates that the "excessive rigidity" group purchasing system "undermines the quality of training purchases."

Training, subject to competition rules, are subject to tendering procedures with bidding. Procedures to reduce and respond more quickly to the needs of the regional employment center buy training packet. Based on a survey conducted in four regions (Brittany, Picardy, Poitou-Charentes and the Rhone-Alpes), the peak Igas a series of malfunctions: bidding "when no match was found necessary "or" training provision was anyway available in the region ", and especially tools" still often craft "in the hands of advisers employment center," which is a major obstacle to access seekers job training ".

"The rate of filling internships are only up to 100%", generating "additional costs" for the employment center for the training are paid hourly and ordered not to the number of students present, is still Igas . The economy of scale is not to go: Poitou-Charentes, the actual average cost is 4,500 euros per student in group training, against € 1,800 in individual training. This principle of payment should be reviewed in the next framework agreement laying down the purchasing of training, employment center told AFP. The Igas also criticizes the weakness of monitoring tools for trainees and training organizations who "deserve to be professionalized."

It suggests defining monitoring indicators (time to begin the program, fill rate, rate of return to work), that are among the very few actors in training, unlike other countries. To increase productivity and reduce the workload of councilors employment, "the establishment of + platforms + training entrusted with the functions of + back office + (registration, payment, recovery certificates, etc..) Should be generalized," continues the 'Igas. The calls finally Igas better "joint" with the regions, who buy them as training for the unemployed: skills training for the regions, training for rapid re-employment to employment center. Employment center has a monopoly in the prescription of training the unemployed but the fact that some funds (17% in 2010), the remaining regions the major funders (57%).

The Tokyo Stock Exchange ended down Friday as investors questioned the growth in China and in the euro area.

The Nikkei was down 1.14% or 115.61 points to 10,011.47 points, accusing its daily loss in the largest percentage for two months. The Topix broader, showed a decrease of similar magnitude (-1.11%) or 9.54 points to 852.53 points.

Expectations of economic slowdown has affected exporters. Toyota lost 2%, 2.9% Honda 3.1% and Sony.

Nomura Holdings has continued to slide and yielded 3.8%. An employee of the main Japanese investment bank is suspected of insider trading.

Speakers stressed however that the profit-taking offer buying opportunities for long-term investors.

Despite the drop Friday, the Nikkei is up over 18% since the beginning of the year.

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%.

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.

Dell on Tuesday announced a profit below expectations on account of its fiscal fourth quarter and forecast sales below Wall Street forecasts for the current quarter This has reduced the action in the off-market transactions.

The world number three personal computers is expected to drop 7% of its revenue this quarter compared to the previous. Revenues for the fourth quarter being raised to $ 16 billion, this amounts to provide a revenue of $ 14.9 billion for the first quarter, while Wall Street expects about 15.2 billion.

The fourth quarter result also showed lower than expected despite healthy sales to businesses (5% yoy, to $ 4.9 billion).

But sales to the public sector showed signs of weakness (-1% to 3.9 billion). The consumer sales were down 2%.

"With a turnover of 65 billion dollars, it takes time to move the needle toward the most relevant sources of income of a strategic perspective. And for now, we do sees no sign of progress, "says the analyst of ISI Group, Brian Marshall. "It will take time for Dell to right the ship."

PC makers are struggling with falling demand, as consumers tend to turn increasingly to mobile devices like the Apple iPad, while floods in Thailand restrict the supply of some components.

Excluding items, Dell reported earnings of 51 cents per share in the fourth quarter while the market was expecting 52 cents.

Gross margin for the quarter was 21.1%, against 20% a year ago.