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Global growth slows and the risk of bankruptcy increases, said Wednesday the French credit insurer Euler Hermes when publishing its first quarter results.

Euler Hermes, which insures companies against the risk of default, has warned its customers that the year 2012 would be difficult.

"Global growth is slowing and corporate bankruptcies are generally increasing," he warns, saying it wants to help its customers meet "the challenges ahead".

"According to Euler Hermes forecasts, 2012 will be a year of consolidation rather than pronounced recovery", explains the group, which estimates that the GDP of the euro area is expected to decline 0.3%. 

"The slowdown in global demand will impact emerging countries, whose growth will be weaker than in recent years," he said, adding that global growth deceleration rer of 2.9% to 2.6% in 2012.

The credit insurer, a subsidiary of Germany's Allianz, also confirmed a slight increase of 3.6%, operating profit in the first quarter to 105.9 million euros with a combined ratio (the key indicator of profitability) of 73.9% against 75.0% during the first three months of 2011.

The net result is however down by 11.9% to 66.4 million due to higher tax expense. 

Euler Hermes had exceptionally on Monday at the request of the Market Authority (AMF) its major first-quarter results, in order to inform its minority shareholders Tuesday before publication of results Allianz, said a spokesman told Reuters.

Commerzbank, the second German bank, on Wednesday released a net profit below expectations in the first quarter which it attributed to a slowdown in trading activities.

Net income stood at 369 million euros.

Analysts polled by Reuters had forecast 416 million.

"Despite the difficulties perceived in the markets, we have made a solid start in 2012, and we have not only filled in advance the objectives of the EBA, but we have surpassed s, "said the CEO of Commerzbank Martin Blessing said in a statement.

BNP Paribas, which posted first quarter net profit boosted by a gain on the sale of a block of Klépierre, said Friday be able to complete its plan to reduce the size of its balance sheet this summer.

The French bank said it had to end in March made 80% of its plan, launched at the beginning of last fall at the higher of the debt crisis in the euro area, after be reduced by 63 billion euros of its risk-weighted risk, including 16 billion over the first three months of the year.

"We can lock him in the summer," said Jean-Laurent Bonnafe, the CEO of BNP Paribas, in an interview with Reuters. 

At the Paris Stock Exchange, BNP Paribas, which had opened lower, was up slightly from 0.43% to 29.22 euros at 9:29, outperforming the bank Europé in (0.29%).

Some managers pointed out that despite good results on bills in the first quarter, the French banking stocks suffering from uncertainty about the macroeconomic environment and concerns over the euro area . In France, banks are also under threat of a major reform of the sector if the Socialist candidate Francois Hollande wins the presidential election Sunday.

"I found good results, in almost all divisions. Solvency is still a very important point," said Yohan Salleron, manager at Mandarine Gestion. "Nevertheless, we see some negative reaction, linked to the problem of the banking room, especially on the French market where investors expect a little clarification side of politics. "

NO NEW DISCONTINUED POSTS

Are feared while new waves of industrial restructuring after the presidential election, particularly in the banking sector, BNP Paribas ensures not to provide new measures of job cuts after presidential election.

Nearly 1,400 positions are already about to be deleted in the banking and investment banking. The voluntary separation plan should be completed by end June

In the first quarter, net earnings from BNP Paribas was up by nearly 10%, to 2.86 billion euros, after integrating in its accounts a gain 1.8 billion on the sale of an interest in the property group Klépierre.

The French bank said that excluding special items, net income for the period spring down 22% to two billion euros.

According to the Thomson Reuters consensus I / B / E / S, analysts on average expected a net profit of 2.344 million euros. 

For comparison, Societe Generale reported Thursday a net profit of 732 million euros for the first three months of the year, down 20%, supported by the results of its operations on interest rates, currencies and commodities.

"TOO SOON" FOR A TARGET ROE

Hired as many European banks in a program to reduce the size of its balance sheet and strengthen its financial strength, BNP Paribas is to end on March 1 capital ratio 'hard' to 10.4%.

The bank said the coup had "substantially" exceeded the goal of equity of 9% required by the EBA to late June. 

Due to lack of visibility on the new regulatory environment, it refuses to give a target return on equity (ROE) for the future. This amounts to 11.5% at end March.

"It is too early to give this kind of goal," said Jean-Laurent Bonnafé. "We still need clarification on the new regulation on liquidity ratios on capital requirements."

If he refused to make any comment on the election issue for banks, the CEO of BNP Paribas notes, however, that Francois Hollande and the president-candidate Nicolas Sarkozy pledged to fight the deficit and to support growth.

The Lafarge cement and mining group Anglo American will need to make significant disposals to get clearance from the British authorities for their proposed joint venture in building materials, a condition which spe London ; it will re emergence of new market entrants.

Without these divestitures, estimates the Competition Commission, the rapprochement between the two companies would hurt competition in Britain.

Lafarge and Anglo American had announced in February 2011 a proposed merger of their building materials in the United Kingdom in a joint venture equally owned. 

This agreement, aimed at consolidating all activities of cement, aggregates, ready-mixed concrete and asphalt work of both groups in the UK market, should enable the French group to reinforce the Channel.

On February 21, the UK Competition Commission had already indicated that in his view, the merger of the two groups, whose combined turnover on the basis of 2010 was 2.1 billion euros, with potential consequences for competition and that, to remedy the situation, both partners should sell assets. 

Tuesday, she said that these transfers were to cover "a significant portfolio of operations" including in particular a cement factory, two asphalt plants, or a career, a set that would allow the entry of a new competitor on the market.

Lafarge and Anglo American have each in turn welcomed the decision. The French group said he was "confident" in their ability to meet the condition set.

Analysts believe that these sales could attract a significant number of potential buyers despite the ambient climate of austerity in Britain, which could weigh on infrastructure spending.

HOLCIM AND Breedon, POTENTIAL BUYERS

The British cement market is currently dominated by Lafarge, Tarmac, a subsidiary of Anglo, Mexican Cemex and Hanson, controlled by Germany's HeidelbergCement.

Many analysts expect that the Swiss Holcim, already present in aggregates and concrete ready in the UK but not in the cement, could be a possible acquirer cement assets concerned. 

Breedon Aggregates, leading independent player in the UK market for aggregates has confirmed his side would look at the assets being sold.

Around 2:45 p.m. GMT, Anglo American gained 1.77% to 24.10 pounds, while the FTSE 100 London Stock Exchange, only open market in Europe in May 1, earned 1.19%.

The timing and terms of sales required by the Competition Commission will be clarified after publication of the final report on the project. 

"We believe these important assignments will help protect the interests of all customers in these key markets, which particularly important when studying how Construction is funded by public money, "said Roger Witcomb, the Chairman of the Committee of Inquiry into the Anglo-Lafarge case.

Anglo American, the approximation provided between Tarmac and Lafarge's UK business was an intermediate phase, as it seeks to sell its subsidiary for several years. In announcing the transaction, the mining group had also said that eventually, his goal remained to assign its interest in the joint venture.

Lafarge had said at the time that the operation would not impact on the group in terms of cash.

Anglo American, one of the world's largest mining companies, is also listed in South Africa.

Lafarge is the world leader in cement, aggregates number two and number four of the concrete. As part of its debt, it is almost released last year of his other business, the plaster.

There will be much debate on how to support growth in Europe after the French presidential election. This is German Chancellor Angela Merkel announced Saturday. But sets conditions. German Chancellor Angela Merkel

After Mario Draghi, head of the ECB, this is another temple keeper of the rigor that has given the green light to launch negotiations for a Growth Pact, as called for Francois Hollande. "We are preparing a growth agenda for the June EU summit," said German Chancellor Angela Merkel, in an interview with German newspaper Leipziger Volkszeitung published Saturday.

Read also: The unspoken debate on growth in Europe

The Chancellor, however, reiterated that "there (have) no new negotiations on the Treaty European budget."

When asked about any additional pulses for growth, Merkel said: "they are on the agenda in the EU since last year. Several European Councils are already very busy practice, for the board in June we prepare an agenda growth "

. Speaking at a symposium in Brussels, President of the European Union Herman Van Rompuy announced Thursday that a meeting not provided until the Heads of State and Government of the EU could take place before a summit scheduled him for a long time the 28 and June 29

. A meeting to begin defining the contours of a growth strategy while calls are multiplying to get the economy of Union and balance the budget austerity

. "I would not organize an informal dinner of Heads of State and Government of 27 to to prepare the June European Council, "he had said, without giving further details on the calendar. 

Clearly, this special meeting would take place after the second round of the presidential election, according to diplomatic sources, while the favorite in the polls, the socialist Francois Hollande has placed the economic recovery ahead of its priorities.

Asked about the wishes of the Socialist candidate and presidential favorite in French, Francois Hollande, to add a growth component in the European budgetary Pact, Merkel said again: "there will be no new negotiations on the Treaty budget. the 25 heads of government signed. In Portugal and Greece, it has already been ratified, in Ireland it will be a referendum in late May. "

He added: "In many countries, and this is also the case in Germany, the Treaty budget is in the hands of parliaments".

Wall Street closed lower Thursday hit a session, investors were discouraged by some economic indicators and various new companies rather bad.

The Dow Jones sells 68.65 points (0.53%) to 12,964.10. The S & P 500 drops 8.22 points (0.59%) to 1,376.92. The Nasdaq Composite Index lost 23.89 points (0.79%) to 3,007.56.

Clearances have emerged from the early trading, after Citi analysts had said it was likely that Moody's puts Aaa rating of France under surveillance in order to a possible downgrade by fall.

This followed an auction of Spanish debt considered mixed.

In Paris, a French official source considered unfounded rumors of a deterioration of the French sovereign rating.

The better than expected results from Bank of America, Morgan Stanley and eBay had a time slowed the decline in the market but all attempts to do back in Green had faced in new sales and the Dow has lost one time 1%. 

The bad news given by Qualcomm and the day before the sharp decline of Stanley Black & Decker, over 7% on a quarterly profit below expectations have definitely directed the rating red.

Regarding the results of companies, 105 companies on the S & P 500 that have published their accounts so far, 82% beat consensus as the latest Thomson Reuters data.

Indicators, less weekly jobless claims decreased by 2.000 last week in the U.S., less than expected, while the index of manufacturing conditions in the Philadelphia Federal Reserve was signed in April its first decline in five months in the wake of a fall in new orders at their lowest level since September.

Home sales in the former fell by 2.6% in March to an annualized pace of 4.48 million, while the index of leading indicators, which prefigures the evolution economic activity in the United States, emerged up 0.3% in March to 95.7, its highest level since June 2008. 

Bank of America reported Thursday a better than expected in the first quarter, reflecting improved credit quality and a rebound in activity in financial markets.

Action, however, lost 1.7% to 8.77 dollars.

Morgan Stanley on Thursday posted quarterly results supported by a strong increase in trading activities and signs of improvement in asset management.

The action took 2.3% to 18.07 dollars.

The financial index yielded 0.45%.

EBay jumped 13.23%. The online auction site reported Wednesday a larger increase than expected in its turnover and its quarterly results, due to the growth of its activity s Marketplace and PayPal.

Human Genome has rocketed by over 97% and biotech in general prevented a bigger loss in the Nasdaq. The biotech said Thursday it had rejected an unsolicited offer of his longtime partner GlaxoSmithKline that the values ​​around 2.6 billion (2 billion).

The gold price could rise next year a historic peak above 2,000 dollars an ounce, after 12 years of growth, before tapering off as the monetary policies of major world economies return to normal, said the president of GFMS, a consultancy specializing in metals.

The market is expected to set new records around the beginning of 2013 after difficulties this year due to weaker demand in the physical market and the slowdown investment in bullion, told Reuters Philip Klapwijk, on the occasion of the publication of the annual report on the subject of GFMS. 

He emphasized that the persistent concerns related to the debt crisis in the euro area, as growing expectations of further monetary easing by the Federal Reserve, should be given to gold, whose price could exceed $ 2,000 per ounce.

But this increase could be short-lived, especially in the event of a rise in U.S. interest rates.

Philip Klapwijk table for 2012 on an average gold price of 1,731 dollars an ounce, in a trading range of 1530-1920 dollars. The ounce of gold in September reached a record high of 1,920.30 dollars per ounce.

GFMS is a group company Thomson Reuters.

Greece rejected again on Thursday the deadline for the exchange of debt issued by it, giving investors concerned until April 20 to make a decision .

Athens had said that the conversion of 20.27 billion euros of debt placed on the exchange and corresponding to 72% of securities issued under a system not under Greek law would take place on April 11.

The deadline for investors who refused to participate in the exchange to reverse their decision had already been extended to April 4 by the Greek government, who said no not afford to repay. 

Three options are now open in Athens vis-à-vis investors who continue to refuse to participate in the exchange: to continue to service the loans in question, to die be on these securities may offer a trial or improved while ensuring fair treatment for investors who have already accepted the exchange.

The Greek authorities have not yet decided but none of the tracks envisaged undermine the exchange agreed last month by private creditors, which conditioned a new slice Country Assistance.

Meetings of bondholders were held from March 27 to 29 to determine the contribution of 36 lines. The decision was adjourned for seven of them, representing an outstanding facial 2.45 billion euros and for which the deadline of April 18 was also ; postponed to April 20.

March 12, Athens had exchanged sovereign bonds governed by Greek law with a face value of 177 billion euros against new titles, with the resulting loss of value of 74% for de Holders of bonds.

The Minister of Economy Baroin table on a green light from the International Energy Agency that would allow States to tap into their strategic reserves to lower the price of gasoline. But the measure does not have unanimous support in France and abroad. .

Faced with soaring gasoline prices, which reached the symbolic threshold of two euros per liter at two stations in Paris, and became an issue in the election campaign, the government grows more and more use of the solution strategic reserves.

After the announcement Wednesday by the Energy Minister, Eric Besson, France was "favorable" to a proposal to the United States and Britain, the Minister of Economy, Baroin, who posted Thursday its confidence in the fact that the International Atomic Energy Agency (IEA) gives the green light to the measure.

"It is reasonable to expect," said Mr. Baroin on a Europe without advance date. "It depends on the agency, it does not do it alone." France had in early October of 17 million tons of crude oil and petroleum products in its strategic stocks, representing 98.5 days of consumption, more than its international obligations (90 days). But we must remember that, theoretically, the strategic petroleum reserve should be used only in times of international crisis. Moreover, they do not consist of refined products available for immediate consumption. The impact on gasoline prices would be limited as it was last June, when the IEA decided to make available 60 million barrels of crude from the reserves of its members to offset losses production resulting from the crisis in Libya.

Limited effectiveness

The United States had provided 30 million barrels against 3.2 million for France, 2% of its strategic reserves. The operation was allowed to drop the price of a barrel of crude from 115 to 108 dollars. A month later, he was nevertheless returned to 116 dollars. During this lull, the price of gasoline was also temporarily relaxed.

Markets, the prospect of using these stockpiles was depressing prices in electronic trading. The barrel of "light sweet crude" (WTI) crude for May delivery lost 15 cents to 105.26 dollars on Thursday morning, while Brent North Sea crude for May delivery gave up 16 cents to 124 dollars.

In the French political debate, the measure is questioned for its electoral motives. "This can only be a really very short term, just days, weeks maybe. This can be useful at election time," said Francois Bayrou has, Thursday morning on Canal +. "But in the long run, truth obliges us to say that gasoline prices continue to rise because of oil, there are less and is more expensive to extract," he stressed the candidate's modem.

The question is whether the 28 IEA members for their support. Berlin Wednesday and felt that there was no reason to intervene. A spokesman for the Ministry of Economy had specified that draw on reserves was part of a German law, which strictly regulates such an approach, and the particular conditions in a physical shortage. But "there is no physical shortage," she had said.

In addition, other solutions exist. The Saudi oil minister, Ali al-Naimi, has once again assured that his country "will act to lower the high oil prices", in an article published Thursday by the Financial Times. The world's largest exporter, "wants to see a price (of oil) lower (…) a reasonable price that does not impact the global economic recovery," Mr. Naimi said, adding that high oil prices were bad for everyone, developed, emerging, or poor producers.

Cements French said Friday the annual results degraded by the impact of the economic crisis on its business but the subsidiary of Italcementi estimated that productivity gains should promote "a slight ; manages growth "of its operations in 2012.

The group declined by 20.2% of its gross annual operating income to 702.4 million euros, while its consolidated net sales declined 3.8% to 3886.3 million.

Sales volumes throughout the year, on a historical basis, were down 1.4% in the cement business, to 42.4 million tons, and 5 , 2% in the aggregate, to 34.8 million tonnes.

The Italian subsidiary of the leading cement proposes to pay under a 2011 dividend unchanged at three euros per share. 

In 2012, French Cement predicts stable sales volumes with an improvement in North America and Morocco, and decreases in southern Europe.

The group believes that prices should evolve more favorably and partially offset the rising costs of energy and the impact of inflation on fixed costs.

"In addition, programs to improve productivity launched in 2011 should allow a slight increase in operating results in 2012," he says in a statement.

The French action Cement closed Friday at 56.7 euros (-0.32%) showing a market capitalization of 2.03 billion euros. It decreased 5.2% since the beginning of the year after a loss of 17.5% in 2011.