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The activity has slowed sharply in April in the Chicago area, which serves as a barometer for the entire U.S. industry. Barack Obama visited a General Motors plant in Hamtramck, Michigan, near Detroit, July 30, 2010.
The slowdown of U.S. economy in the first quarter is on track to continue in the second. Industrial activity has slowed markedly in the Chicago area in April, according to the local index of purchasing managers in the U.S. ISM trade association said Monday. This index was down 6.0 points from March to $ 56.2 in seasonally adjusted data, its lowest level in 29 months, the ISM said.
The index nevertheless reflects an expansion of economic activity for the 31st consecutive month, the ISM wrote in a statement adding that the April figures also reflect a trend of activity to "slow further." The median forecast of analysts gave a less marked decline of the indicator, to 60.0.
The ISM Chicago extent the perception that industry in the region of the economy. He is said to be usually a good indicator of changes in the barometer of activity at all the United States. For the association, the fact that the index has declined for the second consecutive month and that this decline has been driven by a sharp fall in its component measuring the production incentive to "be more careful about the erosion of application that continues, even if the backlog increases "for area businesses.
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Germany experienced between 2001 and 2011, the smallest increase across the EU, with an increase of 19.4%, while hourly labor costs in France rose by 39.2%, more than double the same period. A poster of the employers' union Verdi against the introduction of a general minimum wage in Germany
Germany experienced a decade of more moderate growth in labor costs of the entire European Union, according to statistics released Tuesday, but the hourly labor cost is one third higher than the European average. One hour of work in the private sector cost 30.10 euros for German employers, a figure of 32% above the EU average and that places Germany seventh among 27 EU countries, according to these figures published by the Federal Statistical Office Destatis.
Compared to the great French neighbor, the labor cost is 12% lower and 23% lower than in Belgium, the leading EU countries. Germany experienced between 2001 and 2011, the smallest increase across the EU, with an increase of 19.4%, while hourly labor costs in France rose by 39.2%, more than double the same period, according to Destatis.
German wage moderation is a key factor in the competitiveness of the country, including its industry. The downside, often cited by the unions, wages are low, in the absence of widespread minimum wage and an increasingly precarious, with greater use in some industrial sectors in labor and temporary work.
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.
Volkswagen has further increased its stake in truck manufacturer MAN, as part of its planned merger of its two main activities of trucks.
The German automotive group now owns 73% of the shares of MAN and 71.08% of the total capital, MAN announced in a statement Friday.
Volkswagen previously held 55.9% of the voting rights and 53.71% stake.
VW wants to increase integration between MAN and Swedish Scania, he also controls, in order to save at least € 200 million in procurement, production and research and development.
In addition, the Wolfsburg group wants to encourage cooperation between the two truck manufacturers and its own activities to create vehicles capable of exceeding a set Daimler and Volvo.
Volkswagen holds 71.8% voting rights in Scania and 49.3% of its capital.
MAN has declined to comment, a spokesman for Volkswagen could not be immediately available for comment.
Unemployment in the euro area reached a high of almost fifteen years in February, with more than 17 million unemployed, and economists expect a further deterioration in this years.
The unemployment rate in the 17 countries in the region stood at 10.8% of the workforce, up 0.1 points from January, according to data published are from Eurostat.
"We expect that it continues to rise, reaching 11% by the end of the year," said Raphael Brun-Aguerre, economist at JP Morgan in London.
"There are redundancies in the public sector, incomes are falling, consumption is sluggish. The prospect of economic growth is negative and will reinforce unemployment, "he said
. The level reached in Feb February – for the first time since June 1997 – reflects the tenth consecutive month, an opposite trend to that enjoyed by the U.S. economy, credit e jobs since last year
. Economists are divided on the effectiveness of austerity policies adopted es by European governments to reduce their debt, the economic crisis affecting tax revenues, the purchasing power of consumers and investors' confidence that collapsed the year last.
Other statistics released Monday show a contraction of manufacturing in the euro area for the eighth consecutive month in March, reinforcing fears of recession in the European bloc.
North-South disparities
Despite these negative outlook, the European Central Bank (ECB) should maintain its interest rates to 1% at its monthly meeting Wednesday, rising oil prices keeping inflation above 2%, the limit under which it intends to maintain it.
"With inflation remains stubbornly high in the euro area, there is little hope of a recovery in consumption," said Jennifer McKeown, an analyst at Capital Markets.
The debates between members of the ECB in Frankfurt are more complicated than expected a little more optimistic this year fizzled, the contraction of the activity in manufacturing and construction affecting even Germany, the strongest economy of the area.
On the employment front, the northern countries of Europe, however, remain better off than their southern partners, whose economies are sealed by years of uncontrolled ready , an inadequate labor laws and a very competitive industry.
The unemployment rate remained stable in Germany and to 5.7% of the workforce in February, when it peaked around the Mediterranean, from 9.3% in Italy to 24% in Spain, which holds the sad record of the euro area.
The Spanish government has yet to unveil a great austerity budget aimed at saving € 27 billion more by the end of 2012 to fulfill the goal of deficit of 5.2% of GDP and regain investor confidence.
Beyond the euro area, the unemployment rate in all 27 countries of the European Union amounted to 10.2% of the workforce in February , or 24.5 million unemployed, against 10.1% in January.
Nicolas Sarkozy is the "worst manager in history," Friday accuse Michel Sapin and Jerome Cahuzac, two experts on public finance team of Francois Hollande.
This attack follows the satisfaction of the Head of State after the announcement of a 2011 deficit lower than expected.
"Nicolas Sarkozy is carrying the six worst deficits in history recent budget," wrote the former finance minister and the chairman of the Finance Committee of the National Assembly, in a statement.
They recall that before the crisis, the largest deficits of the Fifth Republic had been achieved when Nicolas Sarkozy was budget minister (1993-1995).
"The figure of 5.2% budget deficit in 2011 compared to the GDP hides the continuing and disturbing increase in debt of France," they continue.
"The other significant figure announced by INSEE, is that the increased revenue from taxes paid by the French," they add.
Nicolas Sarkozy promised if elected to bring the public accounts in balance in 2016, for the first time since 1974. Francois Hollande provides balance in 2017.
Wall Street opened sharply higher Monday, the Federal Reserve chairman, Ben Bernanke, who hinted that the Fed will continue its accommodative monetary policy to support demand and help lower the unemployment rate.
In early trade, the Dow Jones took 0.80% (104 points) at 13,186 points. The Standard & Poor's, wider, gained 0.84% (11 points) at 1,408 points while the Nasdaq composite advanced 0.84% (26 points) to 3094 points.
Growth of the U.S. economy will have to accelerate job creation that do fall further unemployment, Ben Bernanke said Monday.
"An additional significant improvement in the unemployment rate will probably require a more rapid growth of production and demand from consumers and businesses, a process that can be supported by continued accommodative policies , "he said.
The dollar turned down against the euro after these statements. The single currency was trading at over $ 1.33.
Values, Lions Gate Entertainment gained almost 5% in early trade, after the flying start to his latest production, "The Hunger Games", which produced 214 million dollars in revenue for its first weekend of operation.
Investors monitor the numbers of the promises of housing sales (at 14:00 GMT), expected up 1% in February after rising 2% in January.
The S & P 500 fell 0.5% last week, a relatively modest decline but still the sharpest recorded over a week since late December.
The leaders will present on Wednesday at Opel supervisory board of the European subsidiary of General Motors a project involving the closure of two plants in Europe to reduce by about 30% production capacity , it was learned from several sources informed of the discussions within the company.
PSA Peugeot Citroën, the new French ally GM meets Friday a European group committee three weeks after the announcement of the merger between the two groups, while unions' s question the social and industrial benefits of the project.
"GM repeats regularly with excess capacity equivalent to 500.000 cars a year, we have two factories in too, and the new manufacturing manager visited the sites one after the other by playing against each other, "said Thursday a representative union of Opel's supervisory board, who requested anonymity
. "We know the main points of the strategic plan that could be Wednesday presented: it includes plant closures and no growth for the company, "he added. "If it is voted, the entire union side will vote against this plan."
A GM spokesman declined to comment on possible closures, but reiterated previous statements of the group under which the management is working closely with unions and works councils to improve profitability.
A source at Opel said no decision had been made on possible plant closures in Europe, but added that the bargaining Management was extremely limited due to the current slump in the European car market.
"Business in Europe are really bad for the whole industry right now and there is no sign of reversal," said this source.
"When things go so badly, we must take action, so the question is not what we want or what the unions want, which is the context so requires."
"We can not afford to lose time."
PRESSURE ON PSA
Employee representatives can not block a decision by management, but they have already warned that the presentation of such a project would destroy the Wednesday born Negotiations opened so far.
Factories in Bochum, Germany, and Ellesmere Port, United Kingdom, are considered most at risk even if the chief executive of Opel Karl-Friedrich Stracke has de ; clared a few days ago that he would respect the commitment not to close any site before the end of 2014.
The managing director of GM Dan Akerson has repeatedly expressed his impatience with chronic losses suffered by the European branch of the group, which reached $ 747 million (563 million) the last year.
Earlier this month, he said that two years may be needed to restore the finances of Opel in the green.
For Dan Akerson, the European automotive sector has a total of between seven and 10 plants in too. The closure of one or two sites by GM could therefore increase the pressure on PSA for a commitment on the same track.
Interviewed in early March at the Geneva Motor Show on the possible eventual closure of one or more sites of PSA after the alliance with GM, Denis Martin, director of industrial group franç ais, nor had responded in the affirmative or the negative.
Plants PSA Aulnay-sous-Bois (Seine-Saint-Denis) and Madrid are considered most at risk in case of restructuring the group's production.
The question may also be asked to Sevelnord (North), where nothing is currently planned to fill the void let what Fiat, the Italian manufacturer has decided not to extend its partnership with PSA on the site beyond 2017.
The car wipes the biggest decline on Tuesday sectoral European markets, affected by fears of a slowdown in sales growth in Russia and China.
At 11:15, the European Index of automotive values lost 4.1%, falling from 4.98% to 5.45% of Daimler and Continental. In Paris, PSA yielded 3.6% to 13.265 Euro, Renault 3.72% to 40.010 euros, Faurecia 3.48% to 21.895 and 39.735% to 4.63 Valeo.
According to Deputy Minister of Industry and Trade Minister, Alexei Rakhmanov, auto sales are expected to increase only 6% in Russia this year to 2.8 million units, down sharply from to 23% increase over the period January / February.
Traders also refer to statements reported in the press, an official of the China Association of Automobile Manufacturers that growth of sales in China would be less than the 2012 target set by the association because of slower growth.
"People are afraid from these statements. But for me, it's not a real concern, the prospects in China remain excellent medium term "said an analyst
. Despite this decline, the automotive sector index still shows a 28% increase since the beginning of the year. Renault and Peugeot won 48% 43% over the same pe period
.
India should seek to turn its airlines to refuse to participate in the program of the European Union to tax carbon emissions in the airline, said Monday , a senior administration official Reuters India.
China first allowed its air transport sector to participate in this program.
Since 1 January, all airlines flying from airports in the EU are subject to a trading system of emission quotas for greenhouse gas (ETS).
A company failing to observe these rules is liable to a tax of 100 euros per tonne of carbon emitted quota allowed. The EU ban of up to serve European airports.
If the EU were to proclaim such prohibition, she risks being subjected to similar retaliation from New Delhi.
"There are many things we could do if the EU did not return to his demands. We have the power of the economy. We not bleed as much as them, "the official said, adding that the Union's position would affect its economy and airlines
… …… The Indian government expects to receive formal approval from several departments before giving the order to its airlines not to participate in the program of the Union ……
… "The question is: are you (the Union) in bringing about a global trade war?", the official said ….. Beijing
…. The opposition to the European system of emission allowances has escalated last week with the cancellation of orders Airbus. ()
India does not provide for the time to reach such an end, but it does not exclude it either, the official said.
Amber Dubey, head of aviation at consulting firm KPMG, said that Indian industry was booming with a significant increase in the size of the civil and military fleets.
"The issue of EU ETS raises fears of trade war between the EU and the world. There is a chance that the government uses these big aircraft orders as a tool in its negotiations ", he told Reuters.
The European aircraft manufacturer Airbus, an EADS subsidiary, owns 73% of the Indian market of commercial aviation. He has in his notebook over 250 aircraft ordered by Indian companies, IndiGo, Go Air and Kingfisher.
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