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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.

The rating agency Moody's warned Monday about the risks posed by the rise in yields on French government bonds on the rating of sovereign debt of France in a context of uncertainty on growth.

"The sustained high funding costs amplify the fiscal challenges facing the French government in a context of deteriorating growth prospects, with negative consequences on credit", written Kockerbeck Alexander, an analyst at the agency.

Moody's announced in mid-October that it would monitor and assess the stability of the perspective of the French Aaa rating within three months.

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. "

Mersen, ex-Carbone Lorraine, which confirmed its 2011 objectives, supported by strong solar activity, and Asia, said he was careful, however, for 2012 due to economic climate remains uncertain.

The specialist in graphite solutions and electrical components still expects a double-digit organic growth and operating margin above 12% of its turnover.

"The macroeconomic environment is what it is, that is to say today very uncertain, so there is little visibility (for 2012)," said Thomas Baumgartner, CFO, at a conference phone.

"The growth of Mersen was very strong across all areas (…) And we recorded very high billing in the sun ", he added, however.

The group reported Tuesday sales up 11.1% at constant exchange rates in the third quarter to 207.8 million euros, an increase of 14.1% in the first nine months of year to 627.1 million euros.

"Asia represents over 25% of consolidated turnover of the group, over 37% Europe and North America 32%, so we have a well balanced business," observed the Chief Financial Officer group.

Mersen began several years ago marked a profound change in its output segment of the automobile and its focus on solar, wind and emerging markets.

The stock closed Tuesday up 2.12% to 28.19 euros, giving a market cap of around 559 million euros. Since the beginning of the year, as yields 17.81% after rising by 35% in 2010.

In September, French investors withdrew more money from their life insurance policies than it invested. Net outflows which had been observed only twice since 1997. Explanations.

Life insurance is on track to lose its status as a favorite investment of the French? They have in fact removed in September of 11.5 billion euros of their life insurance policies, for a collection of only 9.7 billion. Is a net outflow of 1.8 billion, according to the French Association of Insurance Companies (FFSA). The event is rare. "Not since the collapse of Lehman Brothers to record outflows over the collection in October and December 2008. Since 1997, and the creation of monthly indicators for this type of investment, there has been, taking into account the month of September 2011, three months of negative balance "ensures Philippe Crevel Secretary General of the circle of investors.Why is this?

The crisis … but not only

"Collapse of awards, signs of recession … The start of the flight of investors is linked to economic and market uncertainty. People do not know what will happen to their money in the long term, or insurance Life is a long-term investment "analysis Philippe Crevel. "The environment encourages individuals to anxiety out of stock or bonds" in Le Figaro said Pierre de Villeneuve, Chairman of the Committee of the FFSA life. But all is not the fault of the crisis. Some even think that its effect is marginal. "There is no effect of panic at all.The returns of life insurance are relatively stable and the people know, it remains very popular "advance Cyrille Chartier Kastler, president of consulting firm Facts & Figures, specializing in insurance.

A significant leak in the richest

He said the decline in collections is due to a growing disenchantment of investors richer for life insurance due to a reform put in place a year ago and a half. "Since then, private management contracts (over 120,000 euros of savings) have their performance limited warranty. The government did not want to be guaranteed a higher return to a type of life insurance rather than another, "he explains. Result, private management contracts, which accounted for 25 of the 120 billion collected by life insurance in 2009, are being "strongly reduced" as the president of Facts & Figures.

Demographic factors

"The aging population is also more and more retirees draw on their life insurance for current expenses, as some households in times of crisis," said Le Figaro Bernard Spitz, President of the FFSA. In addition, many of the contracts seem to arrive today at maturity, making them easy to buy. According to the circle of investors, 64% of the outstanding life insurance has over 8 years and 47% of contracts over 12 years.

Yields less attractive

In the 2000s, life insurance used the net returns of 5.3% on average. Ten years later, in late 2010, this rate is only 3.4%. And for 2011, Facts & Figures anticipates yields between 3 and 3.1%. If it remains very attractive, life insurance suffers from the decline continues, very reassuring for investors."Added to this the fears of an increase in the tax burden of its performance, related to the context of rigor. An increase in taxation would make life much less cost" analysis Philippe Crevel.

Competition for real estate

In the opinion of all experts, real estate appears to be the main competitor of insurance. It represents a safe haven, with high efficiency in the eyes of investors, including easier. "The stone is also good protection against inflation," says Cyrille Chartier Kastler. "In Paris, for example, 54% of transactions are not loans. Buyers are good money somewhere. They drain on the part of their life insurance" advance Philippe Crevel.

Then come the investment banking, including booklets boosted short-term."Banks in search of cash, have directed their clients to the bank books by offering rates comparable to those of life insurance, or even higher. The non-hazardous liquid savings has increased by more than 11 billion euros in the second quarter of 2009, "says the secretary general of the circle of investors.

"No event" or "end of the big time"?

However, the situation of companies and the sustainability of life insurance policies do not appear immediately threatened. When an individual agrees this type of contract, the company invests the money in currency values ​​or bond, they sell at the time of outflow. "The diversification of investments and their management over time in a supervisory narrow sector soundness guarantee" assures Bernard Spitz.

"And then, outflows of 1, 9 billion is a non-event," said Cyrille Chartier Kastler.It is true that in view of 1.367 trillion in assets of life insurance, it still represents a drop of water. Still, the rise of stocks slows over time. From December 2010 to September 2011, the total amount increased by 29 billion euros, against 72 billion over the same period a year earlier. "The great period of growth in life insurance is behind us," concludes Philippe Crevel.

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.

The very slight decrease (-0.1%) the number of job seekers with no activity was offset by higher (0.5%) of the total number of people seeking work, including those engaged in a reduced . Agency employment center in Nice

The number of job seekers without work (Category A) in France has declined slightly in August from 0.1% after three months of increases, to 2.754 million people, according to figures released Monday by the Ministry of work. However, the total number of people seeking work, including those engaged in a reduced (categories A, B and C), has again increased in August by 0.5% the previous month to 4.148 million in people.This number is up 4.3% year on year.

After four months of reflux from January to April, unemployment has gone the way of rising from May to July along with the slowdown in growth (which was nil in Q2). In total, since the beginning of the year, the number of job seekers without work rose 29,000 people. The increase over one year (from August 2010) is 2.3%. It is 4.3% over the year including applicants who have worked reduced.

By age, the situation improved slightly for young people but deteriorates again for seniors.The number of job seekers in all categories, under 25 years decreased by 0.4% in August on a month (-1.3% yoy), while that of job seekers over 50 years increased by 1.2% (+14.6% yoy). The long-term unemployment also continues to grow: the number of registered unemployed for over a year has increased 0.6% from July and 8.7% year on year. The average length of job seekers registered in categories A, B, C, end of August 2011 is 455 days.

Unemployment remains at 9.3% at end 2011

A month, entries for the end of fixed term contracts (-0.2%), redundancy (-5.5%), first entries (-6.4%), times of activity (-3.6 %) and other cases (-4.8%) declined. Entries for other layoffs are stable. Those for the purpose of temporary assignment (5.2%) and resignations (+1.2%) have increased Revenge.The outputs for employment times reported (-4.6%), came into training (-14.7%), research stops (-5.2%), radiation administration (-11.1%) and other cases (-8.1%) declined. Radiation for failure discount for their part, rose by 6.1%. In total, the number of entries is higher than output.

The government is committed to increasing the unemployment rate below 9% by the end of the year. Unemployment insurance for its part considers that rising unemployment will continue this year and 2012. According Unedic, the number of job seekers without work is expected to increase again this year to 36,700 and 55,500 in 2012. In all, the end of 2012, 2.8 million people and 4.4 million inactive with reduced activity would be included on the lists of employment center.

A study released today by Coe-Rexecode is hardly more optimistic.According to the Institute of conditions close to the business, the GDP should grow lights this year by 1.7% and 1.2% next year. The French economy would create 195,000 jobs in 2011 and 115,000 in 2012. The level of unemployment, however, remain high at 9.3% and 9.1% end 2011 end 2012.

The EU finance ministers agreed Saturday that special attention should be paid to the capitalization of banks, but without considering that they were in urgent need of new funds.

Eight European banks have failed the stress test last July and must raise a total of 2.5 billion euros, while sixteen others were narrowly successful and were invited also to make arrangements.

But faced with violent turbulence in August and early September in the markets, the executive director of the International Monetary Fund (IMF) Christine Lagarde called for a broader recapitalization of the banks of the old continent.

"From our point of view, there is a clear need to recapitalize the banks' said Swedish Finance Minister Anders Borg at the end of the informal meeting of finance ministers held Friday and Saturday Wroclaw, Poland.

"I think the IMF has expressed very clearly, the banking system needs to be more robust and it is primarily a question of capital," he added.

His Spanish counterpart, Elena Salgado concurred."There is a consensus that it would be good for our financial institutions increase their capital to comply with Basel 3 and deal with any eventuality of time," she told reporters.

She also acknowledged that the opening of branches of unlimited liquidity by central banks did not reflect a situation "optimal".

Thursday, central banks in Europe, Japan, Switzerland and Britain announced they would offer refinancing operations in dollars to banks so that they have to face a credit freeze as the worst of the crisis Fall 2008.

"CREDIT CRUNCH"?

Earlier this week, senior advisors to European finance ministers and heads of the Treasury of Twenty-Seven had warned about the risks of a new credit crisis like the one observed in 2008 if nothing was done to solidify the capital structure of European institutions.

They mentioned such a "risk of a vicious circle between sovereign debt, financing banks and the negative growth", which could cause a credit freeze.

"Spillover effects" could "feed a dangerous downward spiral between the financial sector and real sectors of the economy or financial problems (…) risk aversion (…) Could lead to a deleveraging of banks, a phenomenon that in turn would result in some Member States, a credit crisis, "they warned.

According to several sources who attended the meeting, the European Central Bank, the EBA and the European Commission echoed these demands Saturday and urged the Member States to ensure that the capital position of banks remained strong.

Some ministers, however, sought to disperse fears and minimized the risk of a repeat of the "credit crunch" of 2008.

"The general situation of European banks is stable," stressed the President of the Eurogroup Jean-Claude Juncker.

Luxembourg Finance Minister, Luc Frieden, has meanwhile found that the situation was "not alarming".

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 creation of non-agricultural jobs in the United States were zero in August and the unemployment rate remained unchanged at 9.1%, according to official statistics released Friday.

Last month, the creation of non-agricultural jobs were zero, according to the Labor Department, while economists on average expected 75,000 creations.

Statistics better than expected in July (117,000 new jobs) was also revised down to 85,000.

That of June was also revised downward, to 20,000 against 46,000 initially.

Overall, the private sector created 17,000 jobs, against 105,000 expected and after 156,000 in July (revised from 154,000).

The unemployment rate however remained unchanged from one month to the other 9.1%, in line with analysts' expectations.

In August, the U.S. economy has eliminated 3,000 manufacturing jobs, while economists expected 4,000 new jobs after 36 000 (revised 24000) in July.

The public sector has in turn eliminated 17,000 jobs, after having destroyed 71,000 in July (revised from 37,000).