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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.

The insurer Allianz said Friday expect a difficult year 2012, while the group tries to offset the impact of low interest rates on its investments in improved performance its insurance activities.

The first European insurer saw its 2011 fiscal year marked by multiple damages as a result of natural disasters and impairments on Greek sovereign bonds.

"The current fiscal year will be no less difficult than last year," warned chief executive Michael Diekmann in a letter to shareholders. 

"Despite the recovery of the global economy compared to last year, the results of investments are likely to remain under pressure because of low interest rates" , warned the German insurer.

He repeated anticipates an operating profit in 2012 of around 8.2 billion euros, with a margin of error of 500 million euros, which then would grow in 2013.

Allianz has said he was not able to give a net profit forecast for 2012 and beyond due to the magnitude of the revaluation of assets brought to ; its income statement.

In its insurance on the person and housing, the group expects sustained growth through price increases and an improvement in operating income. 

In the life and health insurance, he said ahead despite difficult market conditions, a stable revenue and a slight increase in operating income.

Borrowing the longest to date of European Financial Stability Fund (EFSF), a maturity of 20 years, has generated a strong demand Monday from investors, causing a revision of the spread code.

Demand exceeds 4.5 billion euros after closing of order book, according to a source familiar with the matter, while the borrowing that must total 1.5 billion euros at most.

Consequence of this strong demand, the spread code has been tightened to 115 basis points over the swap curve, against 120 bps at the origin.

The EFSF intends to seek the bond and money markets this week with this show, as well as a benchmark loan to five years and an investment of two billion euros good six months. 

The issuer has mandated BNP Paribas, DZ Bank and Commerzbank for this show, which increases by 10 years the maximum maturity of the broadcasts EFSF.

The three banks held a teleconference Monday morning between the issuer and investors for their opinion on a very long-term debt.

This is the first time the EFSF over 10 years for an operation that must be priced in the course of the day and whose spread code should give a coupon of about 4%, a way that might satisfy insurers, buyers of long paper.

The latest issues of public borrowers have been very successful. Belgium has placed last week four billion euros of paper 20, who has created a demand of 6.4 billion euros. Insurers have taken up to 42% of the shares.

The EFSF considering an investment in 30 years but it seems to have favored a shorter maturity and a little safer.

"It's a questionable choice difficult," said a banker who does not participate in the program. "No a priori difficult to put 1.5 billion euros and the spread code is correct. It would perhaps have gone further in the timing or amount."

Renault expects to achieve over 47% of its sales outside Europe in 2012 and reach the 50% in 2014, said Tuesday the group commercial director of the diamond.

"It has been said that in 2012 there would be 47%, I think it will be over," said Jerome Stoll told Reuters during the show press days of the Geneva Motor Show.

"For me in 2014, it will be half of our sales outside Europe," he added.

Renault has achieved 37% of its sales overseas in 2010 and 43% in 2011, against only 17% ten years ago.

For the current year, the group maintained its forecast of sales growth through global markets such as Brazil, Russia and India, and despite European market expected a decrease of 3 to 4% by Renault. 

"It is true that the beginning of the year is lower in Europe than previously thought. I wait a bit to see if it requires that redefine the pre ; visions market over the year, "said Jerome Stoll.

The new home sales fell 10.5% in France in 2011. A trend that continues in January. New homes are less popular.

The new home sales by developers in France fell by 10.5% in 2011, according to the Ministry of Housing. Housing starts also falling sharply for the month of January 2012 compared to the previous month.

A total of 103,300 new homes were sold by developers in 2011, a decrease of 10.5% over 2010, according to figures released by the Ministry. During the months of November and December 2011 and January 2012, the number of starts of new homes rose to 114,087, an increase of 26.6% over the same period a year earlier.

But this statistic hides a sharp decline in housing starts in January that, with a total of 29,659, is down by more than 14,000 units compared to December 2011. "This is a historic fall for the month of January compared to December. Jmais We had seen that since the creation of these statistics in the early '80s," said Michel Mouillart, professor of economics at the University of Paris West.

Over the last twelve months (February 2011-January 2012), the number of starts, with 380,209 units, an increase of 19.7% over the previous twelve months. The number of building permits has meanwhile increased by 20.6% to 121,563 units for the months between November 2011 and January 2012, compared to the same period a year earlier. Over the last 12 months (February 2011-January 2011), the number of building permits issued is 466,197, up 15.1% over the previous 12 months.

The phenomenal success of untouchables could be revived after the delivery of the Caesars on Friday, where the film earned nine nominations. In theaters, he not only pulverized scores profitability of French cinema in 2011, but at the same time beat the number one decade Welcome to the Sticks, According to the annual French Film. The winners in pictures of the most lucrative movies of the last ten years. 1/10

Previous Previous PauseSuivant 1. Untouchables: 602% Next Photo 2/10

Previous Previous PauseSuivant 2. Welcome to the Sticks: 565% Next Photo 3/10

Previous Previous PauseSuivant 3. Les Choristes: 486% Next Photo 4/10

Previous Previous PauseSuivant 4. Be and To Have: 446% Next Photo 5/10

Previous Previous PauseSuivant 5. Marriage in Bodin's: 386% Next Photo 6/10

Previous Previous PauseSuivant 6. Brice: 247% Next Photo 7/10

Previous Previous PauseSuivant 7. Men and Gods: 229% Next Photo 8/10

Previous Previous PauseSuivant 8. The 11 Commandments: 205% Next 9/10

Previous Previous PauseSuivant 9. The March of the Penguins: 202% Next Photo 10/10

Previous Previous PauseSuivant 10. The Class: 190% Next Photo

The gloomy economic outlook could convince the EU to show some flexibility on deficits of countries like Spain, but the tidal wave of fiscal austerity will continue until the debt crisis will not be overcome.

The European Commission publishes its updated economic forecasts Thursday for 2012 and 2013 for 27 economies of the bloc. According to several sources, they show a significant drop in activity and will spur debate among member states on a revision of targets for this year and next year.

A European official working directly on the case told Reuters on condition of anonymity that the current targets would gradually appear untenable and could be adjusted upon publication of economic forecasts Spring, May 11

"The (European) Commission does not want to look ridiculous by insisting on unrealistic goals and there will be adjustments," he said. 

According to three other sources of high rank, the Commission could allow member states to go beyond a few decimal points their goals for 2012 while keeping unchanged those of 2013, when most European countries promised to return to below 3% under the Stability and Growth.

The EU executive could also decide to defer a year, until 2014, achieving this goal to reflect the change in environment since the publication in November An estimate of the growth was still 0.5% in 2012 and 1.5% in 2013. 

REVISION "SMALL OR VERY SMALL"

For several weeks, several countries, including Italy and Spain have questioned the paradigm of austerity inspired by Germany and called for a shift of policies e ECONOMIC towards less spending cuts and measures to support the growth and fight unemployment.

European leaders have addressed this issue in late January at an informal summit and on Monday, Britain, the Netherlands, Italy, Spain and eight other countries felt that the euro area should try to focus on reactivation of growth in the EU rather than solely on fiscal consolidation. 

Spain is particularly under the spotlight since the new center-right government announced in December that the deficit would reach 8% of GDP or more in 2011, well above the pre ; visions.

If Madrid continues to provide, at least in public, that the deficit will be reduced to 4.4% this year, the threat of a recession makes this task almost impossible.

One source said that Spain and other countries hoped the Commission would show a certain "understanding" while many economies are facing recession in their second three years. This source added, however, that we should not expect a revision other than "small or very small."

According to the Wednesday edition of the newspaper El Pais, the Spanish Prime Minister Mariano Rajoy could request within ten days to review the Community executive from 4.4% to 5% over the current target of deficit reduction.

Rajoy and his economy minister, Luis De Guindos, met with Jose Manuel Barroso, Commission president, and Olli Rehn, Commissioner for Economic and Monetary Affairs, last Tuesday Aftern s that Reuters found that Brussels plans to sanction Madrid for not sufficiently reduce the deficits. 

NO APPETITE NORTH

The economies of both the euro area and EU shrank by 0.3% over the last three months of the year and despite signs of stabilization, analysts questioned ; s by Reuters believe that activity will fall by 0.4% in the euro area in 2012 before recovering to sluggish growth in 2013.

But, with a support plan for 130 billion euros to Greece only adopted and faults are doing day in Portugal, the European Commission and countries whose fiscal position is the most sound estimate that deficit reduction must remain a top priority. 

"Y-Will there a discussion of deficits in the Eurogroup? Perhaps, but there is little or no appetite or sympathy at all for a softening of goals," explained , a European source involved in discussions. "Ask the Belgians, or the northern countries (EU) or the Germans."

Under pressure from the European Commission, Belgium has announced the freezing of € 1.3 billion of expenditures in excess of 11.3 billion euros in savings already announced es. The country has no intention to be flexible with their peers.

Germany, Finland, the Netherlands and Luxembourg are also reluctant to revise downwards the targets because they believe that fiscal consolidation is a precondition for a sustainable growth in the future and that the European crisis is above all a crisis of confidence.

"Review downward targets would be of no help," the source said, adding that it would also undermine the credibility of the new rules on monitoring deficits and debt which the EU has since the crisis began in 2009. 

Under these rules, a country must now submit its budget to advance to the Commission and can be automatically sanctioned and fined in case of deficit greater than 3% of GDP and debt greater than 60% of GDP.

Last month, 25 of 27 Member States have even gone further by agreeing to a rule limiting their deficits to 0.5% throughout the primary cycle.

The Swiss group has nominated Tuesday for the resumption of the LyondellBasell refinery. Threatened with closure, the site located in Berre is stopped since January 4. Over 350 employees are affected. LyondellBasell refinery in Berre

This is a gleam of hope for employees of LyondellBasell refinery. Threatened closure of the site-Berre l'Etang located in the Bouches du Rhone interested investment group Klesh. In parallel, the Swiss group has already made an application for three Petroplus refineries in Europe, including the site of Petit-Couronne, in Normandy.

The group Klesch just sent following discussions with the Inter advice and a letter of intent after which he expressed interest in buying the refinery and steam cracker, "say the unions CFE / CGC, CFDT, CFTC, CGT and FO in a statement, asking the current management and public authorities to investigate this possibility "with the utmost seriousness." Contacted by AFP, the Swiss refused to any immediate comment

. "A credible alternative to the closing"

According to the unions, this track, initiated by the unions after the announcement in November by the French chemist Arkema a sale of its vinyl (PVC, chlorine) to Klesch, "opens a credible alternative to the closure of the refinery." Fabien Astier, CGT, highlights the consistency of the project, which would develop synergies between the refinery, steam cracker and the Arkema Fos-sur-Mer. Asked about the profile of Klesch, presented by the unions of Arkema, hostile to the sale of vinyls, like a "gravedigger," Mr. Astier said "remain vigilant". "We are not ready to sign a blank check," he warned. The group must "demonstrate its credibility through a machine vision, financial and social in line with our requirements on this site in the interests of employees and the entire petrochemical site Berre," said the Inter.

The current management had announced the proposed closure of the refinery September 27, 2011, after failing to find a buyer, citing "heavy losses". This project, which was to receive 370 of the approximately 1,250 employees who work on the total complex of the U.S. group. LyondellBasell around the Etang de Berre, had resulted in the immediate vote of strike, with blocking units, for nearly two weeks before the granting by the direction of a reprieve. The refinery is currently "mothballed", that is to say, but stopped maintained to be ready to restart in case of buyer, that unions are actively looking.

NYSE Euronext has submitted a bid for the London Metal Exchange (LME) while his German counterpart, Deutsche Börse has not done anything, said Friday Reuters sources familiar with the matter.

This information confirms an article published Friday by the Financial Times that NYSE Euronext and CME Group submitted bids on the LME, valuing up to one billion pounds (1.2 billion euros).

The FT adds that Intercontinental Exchange has also made an offer and hired JPMorgan as advisor.

The LME has responded by claiming to have received "many offers" to purchase.

"Everything is on track with lots of offers to consider for the board next week," said a spokesman for the world leader of industrial metals. The board will meet next Thursday.

Analysts and industry sources value the LME from 0.5 to 1.5 billion pounds, anticipating earnings growth based on new products and its self-clearing.

A source familiar with the matter estimated that a merger between NYSE Euronext and the LME would make sense.

"LME is complementary to the activities of NYSE Euronext. If realized, this operation would achieve synergies and above what would be interesting for customers of both parties, they would have access to the products of both companies but ; through a single entry point, which would be cheaper, "said this source

. NYSE Liffe market concerns including transactions on cocoa, robusta coffee, white sugar, milling wheat, wheat foraged, rapeseed, corn or malt barley

. Citing

someone familiar with the matter, the Financial Times reports that about half of the fifteen companies that have accessed the accounts of the LME showed a tender in an initial closed Wednesday. 

The FT said that potential candidates such as Deutsche Börse abstained and it is unlikely that the London Stock Exchange submit an offer.

A source familiar with the matter told Reuters in September that would link to the Singapore Exchange LSE to submit a joint bid on the LME.

Tens of thousands of protesters gathered Sunday around the Greek Parliament and some clashed with police a few hours of the vote by MPs on a bill consisting of austerity measures such drastic and unpopular required by the EU and the IMF in exchange for a new rescue plan.

Greek Prime Minister of Greece Lucas Papademos warned against the "economic chaos" in case of rejection, while Germany has warned that Greece should stop being a "well bottomless "`.

After three days of tension and political threats, Parliament began shortly after 14:00 (12:00 GMT) to examine the bill to save 3.3 billion euros thanks to lower wages, pensions and job cuts public. 

The vote must take place before midnight (2200 GMT), said the finance minister, Evangelos Venizelos, "because on Monday morning, the banking and financial markets should have received the message that Greece can and will survive. "

"If the law is not adopted, the country will go bankrupt," warned the Minister that a Communist deputy threw the pages of the bill on the floor of the Assembly.

About twenty members of the coalition of Lucas Papademos have threatened in recent days to vote against the text and six government members submitted their resignations, but the Prime Minister will still theoretically supported by a large majority.

But the Greek population does not intend to accept the new austerity measures without saying anything. 

"The Greek people RAISE"

Tens of thousands of people gathered in the afternoon around Parliament to lobby MPs, the largest mobilization for months.

"Enough is enough!" Exclaimed Manolis Glezos, 89, a veteran of the extreme left.

"They have no idea what it means to an uprising of the Greek people. And the Greek people, ideas all political persuasions, is beginning to lift, "said the hero of the resistance to the Nazis during World War II

.

"annihilation These measures will not go", he further promised, mouth covered by a mask to protect themselves from tear gas fired by police to de pledge Syntagma Square, Parliament

. Some protesters responded by throwing stones and Molotov cocktails at police ….. At least fourteen

…. protesters injured were taken to hospital, police said, and about fifty others treated on site , mostly for choking. At least eight policemen were also injured.

"There is tear gas into the interior of the Assembly," said an MP, Panagiotis Lafazanis.

The new austerity plan is the price to pay for the release of an aid program of 130 billion euros from the EU and the IMF – the second since 2010.

Greece has to touch the money before March 20 to repay a state loan of 14.5 billion euros.

"Bottomless well"

Germany has turned up the heat a notch Sunday warning that Europe expected actions and not words.

"The promises of Greece are no longer sufficient for us," warned the German finance minister, Wolfgang Schäuble. 

Referring to the new austerity plan in which the Greek deputies must vote this Sunday, the minister said in an interview published by the Welt am Sonntag that the previous did not e ; tee implemented in their entirety.

Wolfgang Schäuble said that the Germans are largely in favor of an international aid to Greece. "But it's important to say that it can be a bottomless pit. This is why the Greeks will finally have to clog the well. Then we can put something. At least people are now beginning to realize that it will not work with a bottomless pit.

"Greece must do its homework to become competitive, it requires a new rescue plan or some other way that we do not want to (…)" he says referring to an output the euro area.

Asked if such an outcome is possible, Wolfgang Schäuble responds: "Everything is in the hands of the Greeks themselves. But even in that event, on which no table, they remain an integral part of Europe ".

"We are pleased to offer our assistance, but we should not give others the impression that they have not done enough. Each state is responsible for itself," explains he said.