National, World, Business News

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.

Natixis reported Thursday a net profit above expectations in the fourth quarter of 2011, the bank is able to compensate for the decline in revenues in market activities s by controlling its expenses.

The bank, a subsidiary of BPCE (People's Bank-Saving), reports that fourth-quarter net income of 302 million euros, down 32% compared to last quarter of 2010.

According to the Thomson Reuters consensus I / B / E / S, analysts on average expected a net profit of 263 million.

In FY 2011, net income stood at Natixis 1.56 billion euros, down 10% compared to 2010. There is $ 2.6 billion for its parent BPCE.

Relatively less exposed than other French banks to sovereign debt crisis in the eurozone, Natixis said to have yielded in the last quarter of 2011 to 1.6 billion euros in assets in his bank Financing and Investment Banking (CIB) and two billion euros in assets in its portfolio of toxic assets.

In exchange, the Natixis shares gained 7% to 2.50 euros to 10.30, outperforming the European Banking (0.74%). At this price level, the title wins 28.5% since the beginning of the year after falling 41% in 2011.

In a research note, CM-CIC Securities said the "resilience of the economic model" of Natixis.

In corporate banking and investment income of Natixis were down 20% in the fourth quarter. However, they grew 6% in the Investment Solutions division and 2% in specialized financial services.

Constraint as the other banks to adapt its activities to the crisis, Natixis plans to eliminate nearly 280 positions in the BFI. It takes the same time be more selective in choosing clients and wants to stop certain activities of non-strategic markets.

Natixis will pay a dividend of 0.10 euro per share for 2011.

For comparison, BNP Paribas and Societe Generale have finished 2011 with profits of respectively 6 billion and 2.4 billion euros. Net income for the Crédit Agricole group stood at 812 million euros.

In late 2011, the capital ratio of hard Natixis, said core tier one, stood at 10.2%.

The year 2011 has been that of all records on the art market, marked by the dramatic emergence of Asia, led by China. The 10 digit extraordinary auctions selected by the data specialist on art, Artprice. By a sale at Sotheby's in New York.

11.5 billion USD: world product auctions. Time high this year, sales revenue for the first time exceeds the 10 billion USD, up 21% over the last twelve months. After a record first half, to 6.5 billion, the second half was equally outstanding, to $ 5.1 billion.

41.43%: the market share of China. China, the first country on the global art market since 2010, consolidated his lead. With auctions of $ 4.79 billion, up 38%, the country has a market share of 41.43%. Other Asian countries are also seeing strong growth. This is the case of Singapore, up 22%, or Indonesia, with a jump of 39% for example. And Asia as a whole now realize 43% of the art market.

4th: the position of France. France, third in 2006, is found from 2007 to fourth in the art market. This year again it keeps this place despite an erosion of its market share to 4.5%. Paris is now not only behind London and New York, but Beijing and Hong Kong. While Shanghai, with a growth of 21%, reduced the gap by half and heels less than $ 50 million the French capital.

$ 57.2 million: the price of a work record in 2011. This record does not belong to Pablo Picasso, Alberto Giacometti or, or Andy Warhol, but Qi Baishi who picks the best auction of the year for the work Eagle Standing on Pine Tree, Four-Character Couplet in Seal Script awarded $ 57.2 million 22 May 2011 in Beijing.

$ 272 million: the largest auction of the year. This is a sale by Christie's Contemporary Art in Post-War, New York on November 9. She has received two new records for Clyfford E. Still, as a record for the artist Gerhard Richter. Only 17% of the lots remained unsold, and 41 have gone over $ 1 million.

12,400: the number of artists who have set new records. More than 12,400 artists saw their auction up to new heights with Qi Baishi (57.2 million this year against 12.5 before 2011), Clyfford Still (55 million against 19), Roy Lichtenstein (38.5 million against 38), Egon Schiele (35 million against 20), Salvador Dali (19 million against 5), Gerhard Richter (18.5 million against 13) …

1688: the number of million. The auction for more than a million dollars jumped 33% in 2011. Unsurprisingly, it is China that holds the record for most number of works of art auctioned at above one million dollars, with 774. Hong Kong alone, he has won twice as many bids as millionaires in the entire euro zone!

58.5%: share of turnover achieved by the 1% most expensive lots. The remaining 99% of auctions share less than half the art market. And unsurprisingly, the "1%" are traded mostly in China, 50%, then the United States, 23%, and the United Kingdom to 20%.

34%: the rate of returns. Since 2007, never a sales ratio was spent below 35%. It's done this year with a sales ratio of 34.8%. And while the number of lots available for purchase at auctions rose 7%.

69%: the percentage of lots sold at less than 5000 dollars. Only 69% of the lots were auctioned in 5000 dollars. While in 2009/2010 this rate reached up to 74%. This year the number of lots does not diminish affordable, it actually increases by 4.5%, but less rapidly than the number of high-end lots. Asia, which now carries 43% of art market wins 19% of its lots beyond the $ 100 000.

Areva's strategic plan will not result in job cuts in France, said Tuesday the Minister of Economy, following a meeting with the CEO of French nuclear group.

The government so far ruled out job cuts, leaving the possibility of voluntary redundancies or job cuts by not replacing departures.

The president of Areva, Luc Oursel said at the meeting that the plan would result "no job cuts, no voluntary separation plan, no impact on the French sites," said Baroin reporters.

After having declined slightly in September, prices of consumer goods in supermarkets rose by 0.2% in October. Carrefour supermarket in Antibes.

Prices of consumer goods in supermarkets are starting to rebound in October, with an increase of 0.2% over one month, after stability in September, announced Thursday the National Institute of Statistics and Studies economic (INSEE). Over one year, prices rose 3.2%.

In hypermarkets, these prices rose 0.2% last month after falling 0.1% in September. In one year, rising prices in hypermarkets reached 3.4% compared with a decline of 0.7% a year earlier. In supermarkets, prices rose 0.2% in October, after stability in September. Over one year the increase was 3.3%, after falling 0.4% in October 2010.

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.

Italy has had to make a record performance to place five-year bonds Tuesday, which illustrates again the difficulties faced by Rome to finance to sustainable levels.

The euro briefly fell below $ 1.36 and European stock markets have widened their losses after this operation, before these assets back into positive territory in mid-session.

The hope that China will come to the aid of Italy by investing in debt, a prospect that had supported the market on Monday night and Tuesday morning, gradually dissipated, which weighed on the bond issue.

In all, the Italian Treasury has raised 6.485 billion euros, 3.865 billion of new securities to five years, sold at a yield unprecedented 5.60%.

The coverage ratio of the award to five years rose to 1.279, well below that in the last similar operation, where he had established at 1.93.

The cost of financing which faces Italy took off despite the buybacks of sovereign debt in recent weeks made by the European Central Bank (ECB) to support Italy – a program that has led to the resignation sensational Jürgen Stark Friday.

"A disappointing auction, where the relatively low coverage rate is obtained at an exorbitant cost," said Richard McGuire, technical analyst at Rabobank.

The Italian Minister of Economy, Giulio Tremonti, met last week a Chinese delegation, said on Tuesday a spokesman for the Italian Treasury, which did not however want to comment on the content of the meeting.

These offers came a day after an article published in the Financial Times reported that Italy had asked China to support its debt by buying quantities "significant".

EMERGENCY ACTION

Chinese leaders have repeatedly publicly expressed their support for a Euro mired in difficulties.

But according to the Wall Street Journal citing a source familiar with the matter, it is not certain that the talks between China and Italy lead, pointing out that visits of Chinese delegations in Greece and other countries in the region Euro difficulties had raised hopes for investment from the second world economy that never materialized.

The renewed investor concerns about the difficulties Italy has led to a further widening of the yield spread between Italian and German bonds to 394 basis points.

This level is near the peak of 400 basis points reached in August, just before the European Central Bank does not fly to the rescue of Italy in redemption of government bonds issued by Rome.

On Monday, the CDS to five years in Italy has reached a new high of 505 basis points, up 38 basis points, according to Markit, which tracks the derivatives market.This means it costs EUR 505.0000 to guard against exposure to 10 million Italian sovereign bonds.

Italy has entered the center stage of the debt crisis because of its sluggish growth and its debt of 1,900 billion euros, representing about 120% of the GDP of the country.

Italian MPs are looking into the austerity plan introduced by the government of Silvio Berlusconi plans to reduce the budget to balance of Italy in 2013.

The Italian Senate approved on Wednesday through a vote of confidence in the austerity plan intended to bring 54 billion euros according to the Italian Treasury.

Italian MPs will be asked to vote on Wednesday by a vote on the austerity plan of the Italian government said on Tuesday the prime minister, Silvio Berlusconi.

Herman Van Rompuy, European Council President, said that the implementation of the austerity program was crucial not only for Italy but for the euro area as a whole.

According to economists, the cost of a bailout of the country at once would exhaust all resources in the European Financial Stability Fund (EFSF).

European shares sink their media one after the other against a backdrop of slowing global growth, the President of the European Central Bank Jean-Claude Trichet who failed Thursday to allay concerns.

Since the beginning of the week, the European equity markets have lost about 290 billion euros of their value, two thirds of the 440 billion vested in the European Financial Stability Fund (EFSF), under the influence of fear of relapse the economy and the persistence of the crisis of sovereign debt in Europe.

"There are two important points in the speech of Jean-Claude Trichet that are quite contradictory: the desire to control inflation, meaning that eventually a new rate hike, and the possible injection of liquidity through repurchase obligations, "said Alexandre Baradez, market analyst at Saxo Bank.

Jean-Claude Trichet at a news conference after the monthly meeting of the Governing Council of the ECB has implicitly confirmed the recovery of market intervention, and stressed that inflation expectations in the euro area were remain firmly anchored.

If the part of speech of Jean-Claude Trichet on redemptions of bonds was expected by the market, allowing the index to delete then some of their losses, the talk about inflation is not necessarily what is more appropriate in the current environment, explains Alexandre Baradez.

"Inflation eats away at the debt and rising interest rates would not be appropriate when the level is already high in Europe.We also see that we do not ask this question in the United States, "said he.

THE CAC 40 COULD FALL TO LOWEST OF 2010

Around 4:45 p.m., the CAC 40 index fell 2.4% to 3371.62 points, after falling to 3362.35 points before, its lowest level since July 7, 2010.

Exchanges in London and Frankfurt lost 2.5% and 2.76%, while pan-European Euro Stoxx 50 index (-2.39%) fell to its lowest level since July 2009.

As for the peripheral countries of the euro area, the situation is even more dramatic, the Athens Stock Exchange (-1.35%) finding its levels 14 years ago and the place of Lisbon (-2.46%) those of April 2009.

After pressing multiple media techniques, markets could even fall even lower.

"The CAC 40 may now fall to its next support at 3,350 points, and then go towards the lower end of the year 2010 at 3287 points," warned Alexander the Drogoff technical analyst at Aurel-BGC.

Moreover, all this should be done in a climate of increased volatility, analysts warn.

"The volatility of the Eurostoxx 50 is too low and this should be corrected," warns Gastaldy and Valerie, an analyst at Day By Day graphic.

"The implied volatilities have been very quiet in recent months, despite the intense agitation of the equity markets.Intermarket arbitrage operations are clearly under way: between the CDS, bonds and equities, and especially so on Eurostoxx50, "said she.

As for metals, an ounce of gold hit a new side of his most historic 1677.90 dollars in the wake of the conference of ECB President Jean-Claude Trichet.

The euro yield 1.42% against the greenback at 1.4139 dollar. Baradez Alexander points out, however the relative strength of the euro against the dollar, which manages to stay in a range between 1.4150 to 1.43 dollar down without crossing the threshold of $ 1.40.

"On the foreign exchange market, we see that there is a seller of wind shelters currencies (dollar and yen) for the benefit of currency risk.This could be a harbinger of a renewed appetite for risky assets and therefore support the equity markets, "said he.

The rating agency Moody's downgraded four notches Tuesday of sovereign rating to Baa1 from Portugal to Ba2 with negative outlook.

The long-term sovereign debt of Lisbon is thus now speculative grade ("junk").

The agency fears in particular that Lisbon will not be able to meet its targets for deficit reduction and stabilization of the debt, as defined in the agreement for financial assistance agreement with the European Union and the Fund IMF.

According to Moody's, there is consequently a growing risk that Portugal needs a background of financial assistance before being able to finance themselves on international markets.

The probability of Lisbon fails to reduce its borrowing costs at a level enabling it to finance unassisted in the second half of 2013 is also increasing, the agency said.

Lisbon recognizes its vulnerability

Moody's is the first of the three major rating agencies to put the Portuguese speculative grade rating.Standard & Poor's and Fitch Portugal to assess BBB-, the last level of investment grade.

The Portuguese Government immediately reacted to the decision by Moody's, which in Lisbon highlights the vulnerability of the Portuguese economy in the context of the debt crisis.

Lisbon, however, felt that Moody's did not consider the strong political support in the country's austerity program, or the establishment of an additional tax.

The Portuguese authorities have renewed their commitment to the plan proposed last week, which they believe is "the only way to reverse the trend and restore confidence."

The euro has increased its losses against the dollar shortly after the release of Moody's.The single currency, which traded just before the announcement to 1.4485 dollar quickly fell to 1.4449 dollars around.

"This again raises the question of the need for other peripheral countries in the euro area, in addition to Greece, may have new funding," said Biran Dolan, an analyst at Forex.com in New Jersey .

The U.S. stock markets have opened up Tuesday as investors bet on the vote by the Greek Parliament's new austerity plan despite its unpopularity.

In early trade, the Dow Jones gained 0.3% to 12,083 points, while the Standard & Poor's 500 is also 0.3% to 1284.26 points and the Nasdaq Composite wins 0.2% to 2695.27 points.