Archive for the 'connection' Category
Spain has officially fallen into recession in first quarter with a new economic contraction of 0.3% over the first three months of the year, statistics showed Thursday's final National Institute of Statistics.
On the other year, the Spanish gross domestic product fell 0.4%.
Spanish GDP had dropped 0.3% in the last quarter of 2011.
"The recession is advancing at a gradual pace, but if we take into account the latest surveys on activity, it seems that the economic contraction will continue into quarters come, "said Tullia Bucco, an economist at UniCredit.
The Spanish manufacturing sector contracted at its fastest pace in almost three years in April, while the service industry fell for the tenth month of row, according to the purchasing managers' index.
The export sector, the only one that has progressed over the last two quarters, slowed from January to March, the main economic partners of Spain is also experiencing the recession or slowdown.
Madrid seeks to convince investors that Spain is able to consolidate its public finances while reducing expenses, but the cost of restructuring its banking sector worries the markets .
The premium demanded by investors to acquire the Spanish debt rather than German debt has reached this week its highest level since the introduction of the euro, more than 500 basis points.
Capgemini announced Thursday a turnover up 4.5% at constant scope and exchange in the first quarter and confirmed its financial targets in 2012.
The leading European IT services aim has confirmed a further improvement in its operating margin in 2012 but with limited organic growth of its turnover due to the re tion of public spending in Europe.
Capgemini, one of the American competitors IBM, the Anglo-Dutch and French Atos Logica, conducted in the first quarter a turnover of 2.565 billion euros, up 9.2% at current rates and perimeter.
Order intake amounted to 2.145 billion euros, down over one year, but the ratio of new orders to figure `s business for the consulting, of the integration systems and community services is positive (1.02 for the group), Capgemini said in a statement.
The Capgemini share closed up 1.29% to 28.95 euros on Wednesday, giving a market capitalization of 4.51 billion. It has rebounded 20% since the beginning of the year after falling over 31% in 2011.
Atos has in turn confirmed the end of April all its annual targets after completing the first quarter organic growth of 2.4% of its turnover, driven by the infogé rance, Germany and the UK.
The Capgemini share closed up 1.29% to 28.95 euros on Wednesday, giving a market capitalization of 4.51 billion. It has rebounded 20% since the beginning of the year after falling over 31% in 2011.
Munich Re has released the first quarter 2012 net income after minority interests of 780 million euros, a figure consistent with expectations that stage is explained by a higher revenue from investments and a low level of claims for damages.
The consensus was 776 million euros, according to 10 analysts and brokers polled by Reuters.
"Despite the economic situation remains difficult, we are optimistic for 2012 and are aiming for a profit for the year of about 2.5 billion euros," said Jörg Schneider , CFO of the first global reinsurer, said in a statement.
In the first three months of 2011, accounts of Munich Re had plunged into the red after billions of euros of damage claims after the effects of earthquakes in Japan and New Zealand.
A Alelmand on two rather see Nicolas Sarkozy won the presidential election, a four qur Francois Hollande. Others do not care.
A German on two rather see Nicolas Sarkozy won the French presidential election and 55% of Germans support the policy of fiscal austerity Angela Merkel, according to a poll published Friday. According to the survey published in the German daily Die Welt, the German answer to 50% "Sarkozy" to the question: "What French President, the German perspective, would be the best choice?".
Of those polled, only 24% cite Francois Hollande. Other (26%) do not know or are not interested in the subject. When asked what they think the appropriate policy in this time of crisis for the euro: "maintain a policy of fiscal austerity or launch programs for growth," 55% of respondents advocate rigor advocated by Chancellor Angela Merkel . Only 33% say they prefer growth programs.
The survey was conducted among a representative sample of 1,004 people between April 30 and May 1.
The leader of PASOK, Evangelos Venizelos, announced Saturday its economic program a week early parliamentary elections in Greece, promising reforms on liberalization professions rather than tax increases.
The party of former Socialist Minister of Finance, who played a key role in the financial rescue of Greece by the EU and the IMF last year, is ahead in polls voting intentions by his conservative rival, New Democracy.
PASOK came to power in 2009 with nearly 44% of the votes, May 6 should get between 14 and 19% of the vote, voters blaming him for the harsh treatment of austerity imposed by the donor in exchange for their financial support.
Evangelos Venizelos took the reins of a party in February capilotade in succeeding former Prime Minister George Papandreou. At the time, PASOK enjoyed a popularity rating of just 8%.
The new leader pledged Saturday not to declare the general fall in wages and pensions as long as the country continues on the path of reform.
"No Greek citizen should live in fear of what will be done in June," has tried to reassure the Socialist leader, referring to the new crackdown announced for next month's parliamentary elections. "We pledge (on this point) and we assure you that no new tax will be imposed."
He added before a crowd of enthusiastic supporters: "On the contrary, we will focus on structural reforms in order to have a state smaller and less expensive, open market and professions ; s and to allow everyone free access to economic activities and production. "
Last week, the leader of New Democracy, Antonis Samaras, promised if he wins election to cut taxes and increase social spending while meeting commitments budget set by foreign donors.
New Democracy and PASOK are the only two major political parties to support the Greek bailout the nation's finances, which bends under the burden of debt.
Atos confirmed Wednesday all its annual targets after completing the first quarter organic growth of 2.4% of its turnover, driven by outsourcing, Germany and UK.
The computer services company, whose main competitors are Accenture and Capgemini, confirms this year include a slight organic growth of its turnover from the level proforma 2011 and is operating margin 6.5% compared to 4.8% on a proforma basis in 2011.
"We have confirmation now for three quarters as Germany, Eastern Europe, Central and Northern and the United Kingdom are now vehicles for growth, and continue to register a level 'satisfactory business, "said Gilles joined, executive vice president of Atos, during a conference call.
He told Reuters an acceleration of the group's organic growth in the second half compared to the first. He stressed the unfavorable comparative weighing of the second quarter, which has more public holidays in 2011.
The group achieved first quarter sales of 2.163 million euros, driven by organic growth of 3.9% of its center outsourcing (IT outsourcing) representing 45% of the activity.
Growth in Germany and the UK, its two largest markets, are also more than offset declines in the Benelux and France, which however had a recovery "in step".
Accenture has on his side out at the end of March a good resistance to its business in Europe.
Closely watched indicator, the ratio of new orders to billings (book-to-bill) stood at 107%, with a backlog of 14.5 billion euros at March 31, or 1.7 year of sales.
Gilles joined Atos has also stated its continued "close discussions" with Thales and Orange, the social project of "cloud computing" was approved Friday by the French government.
He said this could be done via Canopy, the partnership announced in February with the U.S. EMC and VMware in this activity.
"Cloud computing" ("cloud") is to store data in supercomputers called servers, grouped by hundreds of thousands in large premises belonging mostly to large IT groups.
WORLDLINE CRUCIAL FOR ATOS
Gilles joined also wishes to continue developing its cluster electronic payments and secure transactions, which includes Atos Worldline.
Rumors had been circulating there for ten days on this division following a note from Morgan Stanley essentially assuming that the integration of SIS, the IT division acquired from Siemens, promised to die pledge more synergies.
Gilles joined observed that these were "comments outside the company."
Atos Worldline is a "major division" Atos, which will help the group reach its operating margin target of 7% to 8% by 2013, he said.
"We are a management that is not dogmatic," but added Gilles joined. "It is our duty by definition never exclude any option that could accelerate and support the further development of this activity in our company."
Atos also aims to achieve a cash flow of around 250 million euros in 2012, against 194 million in 2011 to support an increase in operating margin and a tighter control of investment and working capital needs.
The action Atos closed Tuesday down 1.57% to 20.04 euros, giving a market capitalization of 3.69 billion. She has returned 30% since the beginning of the year.
The International Monetary Fund should get, as expected, an increase of its means of at least $ 400 billion to take action against the global crisis. Executive Director International Monetary Fund Christine Lagarde expects its member states that the funds of the institution are "substantially" increased.
The International Monetary Fund is about to get financial support to match its requirements. To act against the global crisis, the organization has requested an increase in its resources. It is not yet certain that everything is sealed off Friday in Washington, which met finance ministers of G20 countries, but the organization seems poised to achieve, as it wishes, an increase in resources of at least $ 400 billion.
"Among the results of these meetings, we expect that our strike force is greatly increased," said Christine Lagarde Thursday, executive director of the IMF. "I know it is in a lot the subject of the day," she noted.
Finance ministers of rich and emerging countries in the G20 will discuss on Friday, after a first working dinner Thursday night. Christine Lagarde expects to have a number. And all indications are it will succeed in light of recent promises made public through several countries before the start of the spring meetings in Washington.
Additional means to help the euro area
Notable exception, the United States, the largest shareholder of the Fund, have refused to pay any extra dollar. The uncompromising stance of Washington has also forced Christine Lagarde to review its initial ambitions downwards, estimated in January after the needs of the Fund to some $ 600 billion.
"Today, there is less risk," she assured, even if Europe "is not pulled out of the rut." The French felt that this money would help address the problems of the world economy, including "high unemployment, sustainable in many parts of the world," growth "slow" or "of potential increases in oil prices".
Executive Director of the IMF did not name Spain in its list of "dark clouds" looming always above the global economy, but the situation there continues to preoccupy the international financial community. "If there is a need, the IMF must be there for all its members" but "there is no need of this kind at the moment," she assured, however.
The IMF can now hire up to 382 billion dollars, according to the weekly final point on its resources. But Christine Lagarde Lagarde, supported by the Europeans, want to add at least $ 400 billion to this total. She can already count on some 320 billion thanks to the commitment of Japan to the tune of 60 billion over the three Scandinavian countries (Sweden, Norway and Denmark), with just over 26 billion, that of Poland, 8 billion, and finally that of Switzerland and other countries not identified, to the tune of $ 26 billion.
China widened the fluctuation band of its currency. A measure to reassure the markets following the slowdown in growth, but also a real business strategy. Interview with Sebastien Barbe, senior economist at Credit Agricole-CIB. Doubling the maximum fluctuation of the yuan is a diplomatic act, with a real strategic significance …
China conducted today to double the ceiling of fluctuation of the yuan. Should we consider the measure as a real movement towards liberalization of the Chinese currency? What impact will the measure on the evolution of the currency? Our questions to Sebastien Barbe, senior economist at Credit Agricole-CIB.
As of today, the yuan is really undervalued, or does it happen, as claimed by Prime Minister Wen Jiabao, to its equilibrium level?
It is difficult to answer this question with certainty. We lack precise figures which we can really conclude. This is indeed some, however, is that the yuan is much undervalued than five years ago. China has actually taken steps since constant progressive revaluation of its currency. If during the subprime crisis the exchange rate with the dollar was frozen, the yuan has appreciated against many currencies of emerging countries over the period. It is better to resonate well in terms of real effective exchange rate.
Doubling the maximum fluctuation of the Chinese currency translate into a genuine process of internationalization? Does it not rather a symbolic approach?
In reality, these two aspects will play. But the increased ceiling remains above all a measure of scale. Eventually, the Chinese will be able to fluctuate even more their motto. This is a significant step towards liberalization of the yuan. If in the future the Chinese are more confident about international politics, they are probably glad to have introduced this measure. It is a reform that will eventually play and count. At the moment, it's more of an accompaniment of the process of internationalization of the yuan. The symbolic is seen in turn at different levels. A message of confidence, first, compared to the rate of growth. A willingness to reassure the markets, while China's growth tends to slow down. By extending the maximum fluctuation of the yuan, they take the chance to see their currency appreciate more, which would hurt exports and thus their international trade. It's a real soft landing that is looming for the Chinese. We can then analyze this decision as "an act of economic diplomacy" aimed at their trading partners. If China loose a little ground on the control of its currency, it will have greater legitimacy to demand a return to its partners, by being much more demanding. Specifically, it could expect from Europe, its largest importer, that it demonstrates a much better coordination. The measure is reflected, and will add weight to China in its trade relations.
While doubling the currency became effective today, the yuan was at the opening down to the dollar. How do we tend to expect in the future?
The assessment should continue, perhaps not spectacularly, at least as concerns about the European market will also remain strong. Europe is the largest importer of China, a major evaluation on the rise of the yuan should now be discounted. Within a year or two, things may have to evaluate more quickly. To give you a figure, we believe that the yuan could appreciate the full year from 2.5% to 3%. Even up to 4.5% in the event of Europe show signs of recovery. But to date, caution should remain the watchword.
The Austrian bank in difficulty Volksbanken, which the State is about to take a significant minority stake, said Thursday it lost 1.35 billion euros in 2011.
This result is at once the fact of past depreciation on its activities in Eastern Europe and losses on Greek sovereign debt and other bad debts .
Once the fourth largest bank in Austria, Volksbanken failed to European stress tests last year.
The anticipation of a heavy loss and the slow restructuring of the bank in February led the Austrian government to launch a rescue plan that will cost over a billion euros to the state and will mean for current shareholders by the loss of more than 70% of their assets.
In November, the bank said that its loss in 2011 would be higher by at least 10% in the range from 900 to 1,050 million euros given in October.
Taking into account the recapitalization of the bank, which must be approved at a general meeting called for April 26, 2011 the loss is reduced to ; 53.5 million euros, said in a statement Volksbanken.
After the bailout of the institution, the majority of the capital should remain held by regional banks, taking the state for its part ownership of more than 40%.
Vienna will therefore be entitled to appoint four members of the Supervisory Board of Volksbank. According to a financial source, including the Austrian government will bring Gertrude Tumpell-Gugerell, former board member of the European Central Bank (ECB), the bank board.
In the eyes of rating agencies, the importance of the financial sector in Austria is one of the risks to the country's sovereign rating.
Standard & Poor's withdrew its Vienna "AAA" in January and Moody's said she could do the same.
Molson Coors Brewing will buy the fund CVC Capital Partners brewer of Eastern Europe StarBev to 2.65 billion euros, the U.S. group is keen to develop its presence in the market s emerging.
Molson Coors has prevailed over the Japanese Asahi Group, which was not willing to pay more than three billion dollars for StarBev, according to people familiar with the matter.
The U.S. brewer is mainly present in mature markets such as USA, Canada and Great Britain with brands such as Carling, Coors Light and Blue Moon.
With this acquisition, expected to be accretive in the first year, the share of emerging sales expected to rise from the bottom of a single-digit margin to around 15%, estimated Molson Coors.
StarBev is present in the Czech Republic, Serbia, Croatia, Romania, Bulgaria, Hungary, Montenegro, Bosnia-Herzegovina and Slovakia.
Nevertheless, analysts are wondering about the synergies of the transaction, which is why the action lost nearly 3% to 44.35 dollars on Wall Street.
"Being present in emerging markets is positive but this acquisition seems quite devoid of potential for synergies," said Kaumil Gajrawala, an analyst at UBS.
The transaction represents about 11 times Ebitda of StarBev, 241 million euros, which also carries a turnover of 700 million euros.
CVC bought StarBev to Anheuser-Busch InBev, the world's largest brewer, in December 2009 and had sold given the interest shown by several brewers among which, besides Asahi is believed to know, were Carlsberg, Heineken and SABMiller.
CVC had paid for its acquisition of approximately $ 2.2 billion.
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