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The Swedish truck manufacturer Volvo was reported Friday in a lower than expected earnings for the fourth quarter of 2011 and again expect a lackluster fiscal 2012, penalized by a dip in the European market.

From October to December, operating income of world number two sector stood at seven billion Swedish kronor (791 million) while analysts had forecast of 7.2 billion, according to Reuters.

The last quarter of 2010, Volvo had generated operating profit of five billion crowns. 

After enjoying the full recovery of demand in 2010 and during most of 2011, European manufacturers of heavy trucks must now deal with the crisis of sovereign debt in the euro area and fears of a slowdown in global economic activity.

"We maintain our assessment that the market 'Europe of 29' will be about 220,000 trucks in 2012. We anticipate a slow start to the year and a gradual improvement, "the group said in a statement

." We maintain our forecast of continued growth of the North American market at about 250,000 trucks in 2012, "he adds

…… The … backlog fell 7% in the fourth quarter, but the fall is more dramatic in Europe where it has shrunk 24%, overshadowing the 22% increase observed in America The Swedish North

. thinks that the truck market is now stabilizing, albeit at a low level, and should pick up gradually over the years. 

Volvo shows and more optimistic than its competitor Scania, who warned this week that it would reduce its workforce and the volume of some of its investments in anticipation of weak demand in the first half of 2012.

The title Volvo opened up 1.4% to 92.00 crowns.

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.

In the shadow of the Greek psychodrama, it was necessary progress on the major issues of international economic cooperation. Review of some successes and many failures G20 Cannes. Nicolas Sarkozy has ended with a G20 Cannes press conference, November 4, 2011. REUTERS / Yves Herman (FRANCE – Tags: POLITICS BUSINESS)

He wanted to make a summit unforgettable symbol of his power. But the setbacks in Europe, and the announcement of the referendum at the last minute Greek – have been abandoned, the chairman of the G20 in Cannes, Nicolas Sarkozy, in great difficulties. In the shadow of European psychodrama, the Head of State has still attempted to advance the cause of international economic cooperation. With mixed success. Balance sheet.

To read the official press release here.

Tobin Tax: A Small Step U.S.

It must have been one of the key topics of the French Presidency.Nicolas Sarkozy had even managed to convince Angela Merkel to go along with this idea of ​​a tax on financial transactions to support the development. But not surprisingly, no consensus could be found, too many countries there are still opposed. The head of state, however, has been commended for supporting Barack Obama on this theme, declaring that France and the United States "had a common analysis to help the world of finance to solving the current crisis. "

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.

The Belgian, French and Luxembourg reaffirmed Sunday after a meeting held at midday in Brussels their solidarity in the search for a solution that ensures the future of Franco-Belgian bank Dexia .

In a joint statement, the Belgian Prime Minister Yves Leterme and French François Fillon stated that the three governments give their full support to the proposals of management of the banking group, presented at a Board of Directors scheduled to begin at 15:00 in Brussels.

"The proposed solution, which is also the result of intense consultations with all relevant partners, will be presented to the Board of Directors of Dexia which is responsible for approving proposals," added the two prime ministers.

"I am confident in our ability to reach an agreement with our French colleagues and Luxembourg and will be then the board of directors of Dexia to decide", for his part said Yves Leterme on Belgian television.

The activities of the Franco-Belgian bank, first bank in size in Europe to be a victim of the crisis of sovereign debt in the euro zone could be split and the most risky assets confined to a separate structure.

The Belgian, French and Luxembourg Sunday began discussions on the future of Dexia, in order to reach agreement on the terms and their participation in the new rescue plan for the former world leader in financing local authorities, supposed to lead on an orderly dismantling of the bank.

Brussels and Paris are trying to agree on the guarantees afforded by the two countries to the hive to accommodate the bond portfolio of 95 billion euros in Dexia, hoping not to aggravate the situation of public finances .

The rating agency Moody's has also increased pressure on the Belgian camp Friday night: it has placed the sovereign rating of Aa1 by explaining kingdom under surveillance will include assessing the costs and liabilities that the state could play in supporting Dexia.

VALUE TEST

Negotiations on the dismantling of Dexia, already saved from bankruptcy in 2008 after that of Lehman Brothers, will be a test for investors who want to see in the folder Dexia the ability of European leaders to overcome their differences to solve the banking crisis and the crisis of sovereign debt.

According to the most likely scenario, the dismantling of the Franco-Belgian bank should go through a nationalization of the Belgian branch, Dexia Bank Belgium (DBB), which specializes in bank deposits.

According to the Belgian daily L'Echo, the trail of a takeover of DBB by a foreign bank is considered and several institutions have expressed interest, including Deutsche Bank, Rabobank, Crédit Mutuel and BBVA.

Another key point of discussion: the distribution of the financial burden of dismantling between Belgium and France, whose participation combined with that of the Caisse des Depots (CDC) is around 25%.

Yves Leterme and Didier Reynders warned Thursday the French government that Belgium would not only rescue the financial burden.

In France, a dismantling of Dexia should result in a link-financing activities of local communities in a structure owned jointly by the Deposit and Postal Bank.

Friday, François Fillon has announced that the Deposit would release three billion euros to finance the French local authorities until a new entity formed by the Deposit and Consignment Office (CDC) and the Postal Bank to take the Dexia relay.

French President Nicolas Sarkozy, has to go on his side Sunday in Berlin for talks and a working dinner with Chancellor Angela Merkel before the summit of the euro area of ​​17 and 18 October and the G20 of Cannes and the three November 4.A bilateral meeting during which the larger issue of the recapitalization of banks in Europe should be addressed.

Pending the outcome of negotiations and decisions of the Board, the listing of the Dexia shares was suspended Thursday in Brussels. It will resume Monday morning.

Before the suspension, Dexia shares worth 0.85 euro.

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.

According to Nathalie Kosciusko-Morizet, if movement of the plane generally niches from the Grenelle Environment Forum will also be involved. France-Info on Tuesday, Minister of Ecology says the tax loopholes of the Grenelle Environment Forum will be involved where the "general movement of the plane."

The tax loopholes resulting from the Grenelle Environment Forum will be involved where the "general movement of the plane," said the Minister for Ecology Nathalie Kosciusko-Morizet France Info radio Tuesday. "We understand that it's easier to spend than to save 10 billion 10 billion. And when you have to save 10 billion it has to be that everyone puts it," said the minister.

"I think if there is a general movement of the plane, from the niches of the Grenelle Environment Forum will also be involved," she added, stressing defend their "efficiency".The minister did not say what niche could be affected and to what extent.

In 2010, Tax Assistance "green" had already been a movement of the plane, including the tax credit on equipment in support of sustainable development (installation of thermal insulation, condensing boilers ,…) or that the photovoltaic systems.

Barack Obama, vacationing on the island of Martha's Vineyard grouse, on Saturday accused the Congress of a slow economic recovery by blocking measures "common sense" meant, he says, help create jobs and growth.

In his traditional speech recorded weekly radio broadcast Wednesday on his tour bus in the Midwest, the U.S. president that the draft law, currently at an impasse, concerning the construction, trade and taxes, would "boost "an economy half-mast.

"The only thing that prevents us to pass these texts is the refusal of some on Capitol Hill to put national interests before those of their party.This is the problem today is that hinders the country, "he said in his speech, also available on the Internet.

With a national unemployment rate stuck at over nine percent, the chances of re-election of Democratic president may depend on its ability to convince the electorate's ability to get the economy back on track.

He was criticized for the choice of Martha's Vineyard as a summer resort, the island, located on the east coast of the United States, is a haven for millionaires, when 14 million of his compatriots are unemployed.

The White House insisted that the Chief Executive, who is a regular at this place for family vacation, spend most of his nine days off to "floor" of a recovery plan and the fight against unemployment that it will issue in a speech scheduled for early September.

CALL TO REPUBLICANS

In his speech on Saturday, Barack Obama acknowledged that the United States were far from healthy.

"We are in a difficult situation. We are in a terrible recession.So we need people in Washington, people whose job is to manage the affairs of the country, the people you elected to serve – we need to solve problems by putting aside our differences, "Has he said.

The Republicans control the House of Representatives while the Senate is in the hands of Democrats.Both parties are at loggerheads on how to get the country out of its massive debt.

In a statement on behalf of the opposition Republican Governor John Kasich of Ohio, for his part, felt that President Barack Obama was wrong to impute to others the responsibility for the current impasse on Capitol Hill.

"Divided government is no excuse for doing nothing," said the former chairman of the Budget Committee of the House.

"It does not replace the authority of the President of the United States.I hope that President Obama listen to his fellow Republicans as well as to get the economy back on track by creating jobs and manufacturing growth ".

The governor of Ohio has also invited his side to show more interest in the trade-offs.

"It is equally important that the Republicans are not rigid about working beyond the party lines when the stakes are high," he added.

"We can compromise on policy as we do not betray his principles."

Demand for gold has declined in the second quarter, but would still mark an increase over the entire year, said Thursday the World Council of gold, an organization funded by the gold industry.

The overall increase is mainly due to the increase in reserves of Asian buyers, as well as the safe haven appeal of this enhanced by the debt crisis in Europe and the United States.

The quarterly report issued by the Council indicates that the gold market is particularly active in India and China, while purchases of coins, bullion, jewelry and asset-backed gold are down in Europe and the United States.

Globally, demand for gold rose to 919.8 tonnes during April-June quarter, a decrease of 17% over the same period the previous year.

The trend is explained by the sharp decline in investment demand, which has erased the recovery in purchases of jewelry in the world, says the Council.

The demand for asset-backed gold has fallen particularly, falling from 82% to 51.7 tonnes, compared to historically high levels in 2010.

The trend seems already back on the rise, according to Marcus Grubb, Executive Director of World Gold Council.

"We will clearly see a large amount of investments in the third quarter because of problems in the euro area sovereign.We know that asset-backed gold hit a new record high in tonnes in July and August, as the demand for jewelry, it does seem to have wavered from its sharp rise in the second quarter, " he said.

"It is difficult to see what might initiate the request at this time."

For two days, France is the heart of the market storm. The cost of insurance against default on debt lights blazing. The contagion of the crisis of debt in the euro area appears to have reached France … French President Nicolas Sarkozy (here on a council of the euro area July 21, 2011)

It was predictable. After Spain and Italy, France is now the new target markets. Wednesday, rumors of degradation of the French note have plunged the European stock exchanges. Fears of contagion from the debt crisis in France have led Thursday by a surge in contracts of insurance against default (CDS) on debt lights. The CDS of France have indeed reached a record 75 basis points, which means it must pay 175,000 dollars a year to provide $ 10 million in French state debt to 5 years.In comparison, Germany CDS are 85 basis points, those of the United States to 56 points. The reasons for the increased tension on France.

Fears of loss of triple A

The CAC 40 is unscrewed from 5.45% Wednesday, amid rumors of degradation of the French note. Bercy immediately issued a formal denial. The three main rating agencies, Standard and Poor's, Fitch and Moody's, they all reaffirmed that the prospect of the "AAA" of France was stable. This means that there is no risk of downgrade tricolor short to medium term. Still, for many analysts and investors, the degradation of the note of the United States sounds like a warning to other countries with a triple A.But France has the worst ratios of the club budget of twelve (composed of Germany, the United Kingdom, Sweden, Australia, Canada, the Netherlands, Austria, Luxembourg of Norway, Switzerland and Finland). The French public deficit (7% of GDP) exceeds the level of other "triple A" in the euro area. France, also displays a primary deficit (excluding debt service charges) twice (3% of GDP) than its neighbors (1.6% in the Netherlands, Austria 0.9%, 0.5% Luxembourg, while Germany and Finland this year should generate a primary surplus).If it were, then, that a rumor, the prospect of a deterioration in the French note in the longer term is not excluded.

A sudden return of Nicolas Sarkozy ruled suspicious

Wednesday morning, the Elysee Palace announced the holding of a crisis meeting on deficits, with Prime Minister François Fillon, Minister of Economy Baroin and budget minister Valérie Pécresse. To do this, Nicolas Sarkozy, had to cut short her holiday to Cape Negro. During the meeting, the Head of State has asked his ministers to hand over on 17 August, "proposals to ensure compliance with the goals of deficit reduction." The arbitration will be made Aug. 24. Why Nicolas Sarkozy he called this meeting? As we know, before officially degrade a country, the rating agencies warn its leaders 12 hours.The initiative of Nicolas Sarkozy called a crisis meeting has encouraged the emergence of rumors about a possible loss of the triple-A French. "This has poured oil on the fire," admits one member of the French Government, quoted by the Financial Times. The other explanation – because the degradation did not occur – the holding of this meeting is to anticipate the cold shower that could be the announcement of the growth in the second quarter. INSEE is to publish this number on Friday morning. But after starting the year with a bang, French growth has slowed markedly.According to all forecasts, GDP should grow by only 0.2% in the second quarter, after +0.9% in the first quarter.

Commitments to reduce the deficit unconvincing

If the forecast 2% growth this year is achievable given the good start to the year, that of 2.25% in 2012, however, seems less and less realistic given the economic slowdown. Growth lower than expected means less tax revenue, so a larger effort to predict savings for deficit reduction. So, to achieve the objective of a deficit to 4.6% of GDP in 2012 and 3% in 2013, France will have to tighten their belts. In a report published mid-June, the Court of Auditors estimated that "the necessary efforts go beyond the measures that have already been taken." Particularly in terms of reduction of tax loopholes.According to the institution, the government's effort to reduce represent ten billion euros in 2012. The sages of the rue Cambon advocate an effort twice as large. Valérie Pécresse golds already announced that the government was ready to remove more tax loopholes that what was previously expected. The government is also considering taxing very high incomes, and increase taxation on life insurance. These measures will result in tax increases, targeted in 2012. Unless this commitment does the cost of the presidential campaign. Nicolas Sarkozy had indeed done in 2007 that he was not elected to raise taxes …