Qatar continues its buying spree abroad, entering the capital of the British oil giant Royal Dutch Shell and considering a stake in Italy's ENI, according to news reports.
Last month, Qatar had already strengthened the capital of French Total to 3%.
A Shell spokesman confirmed Friday that Qatar's sovereign wealth fund bought shares in the group but did not say how much this participation rose.
The journal Middle East Economic Survey reported earlier that the Qatari sovereign wealth fund was "in very advanced discussions" to take 3% to 5% stake in Shell.
"We are delighted to welcome Qatar Investment Authority as a shareholder in major long term Shell, particularly in view of our excellent strategic relationship with Qatar," said a spokesman in a statement ;.
According to Reuters data, a 5% stake would make the emirate's largest shareholder Shell.
At the London Stock Exchange, Shell action progressed from 0.46% at 10:20 GMT when the European sector index of the energy lost 0.49%.
According to the Middle East Economic Survey, Qatar's sovereign wealth fund is also in talks to take a stake in Italy's ENI. The group did not wish to comment.
Qatari sovereign wealth fund has been very active in recent years, taking stakes in various sectors ranging from automobile manufacturer Porsche at the British bank Barclays.
Qatar is among the top five shareholders and Total also holds interests in several other French companies, including Lagardère, Vinci and Veolia.
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.
Exchanges of Brazil should grow twice as world trade over the next 15 years a cosmetics factory in Sao Paulo
The Brazilian economy is booming: according to HSBC Trade connections, Trade Forecast (February 2012), the Brazilian business know in the next fifteen years a growth of 163%, double that of world trade (86% ). Over this period, the country is expected to arrive in sixth place worldwide for the growth of its trade. This year, the growth of its economy expected to remain at 3% (as in 2011) and accelerate to above 3.5% in 2013, according to forecasts of Euler Hermes. The organization of the FIFA World Cup in 2014 and the Olympic Games in Rio in 2016 are short-term opportunities.
The big challenge for this huge country, rich in raw materials: building infrastructure (roads, railways, power lines) to open up the interior, where the raw materials, and link it to major cities growing, like Rio de Janeiro, Sao Paulo and Belo Horizonte.
Another government priority: to develop industrial production. The country is clearly positioned to become the leading producer of ethanol from sugar cane. The emergence of a middle class eager to consume is also a great opportunity for investors.
Are real opportunities for businesses … provided they are aware of the constraints: complex tax system, high taxes and powerful bureaucracy.
These obstacles do not discourage emerging countries like Vietnam and Indonesia but especially China, whose trade with Brazil expected to increase substantially in coming years. The proof is opening this year's huge port complex Superporto do Açu, one of the largest in the world, and already dubbed "the highway to China".
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.
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.
U.S. stocks ended sharply higher Tuesday on signs of economic improvement.
The Dow Jones gained 1.68% or 218.12 points to 13,177.83 points. The Standard & Poor's 500 took 1.8% or 24.89 points to 1,395.97 while the Nasdaq Composite gained 1.88% or 56.22 points to 3039.88 points.
These data are likely to vary even slightly.
The pact provides for the establishment of fiscal and golden rules more automatic sanctions against countries that exceed the limit of 3% of GDP for public deficits. The UK and Czech Republic have refused to sign. The reduced VAT rate for ISPs is in the crosshairs of the European Commission.
Twenty-five countries of the European Union on Friday signed at a summit in Brussels the new Treaty establishing more fiscal discipline in Europe to learn from the debt crisis which shook the euro area. The pact provides for the establishment of "Golden Rules budget" on the balance of public accounts and automatic sanctions against countries that exceed the limit of 3% of GDP for public deficits yearly.
These rules should preferably be written into the constitution of the States, but not necessarily. "This is an important step to strengthen confidence in our economic and monetary union," said President of the European Union, Herman Van Rompuy, during a signing ceremony at a summit in Brussels . "I think it is a strong signal that we draw lessons from the crisis, we understand the signals" sent by the financial markets "and we want a future with a politically united Europe," added the Chancellor Angela Merkel.
This new treaty was demanded by Berlin in exchange for its continued financial solidarity to fragile countries of the euro area. It was signed by only 25 of the 27 members of the European Union, the United Kingdom and the Czech Republic have declined. It must now be ratified by at least 12 signatory states before they can begin to take effect. All countries in the eurozone will not will not receive financial assistance from its partners over the future relief fund that will start this summer, the European Stability Mechanism (SPM). This ratification might be complicated especially in Ireland, who announced the holding of a referendum on this, inherently dangerous.
The European equity markets are geared up Monday early in the day, investors wanting to believe that the vote on the night of austerity measures by the Greek Parliament can allow to advance the issue of sovereign debt crisis.
The banks are particularly sought. "After several months of waiting, everything was finally passed 'as expected': the country has introduced several laws to avoid a default. Analysts say the biggest and toughest measures passed, "writes Saxo Bank in a note."
"This should prevent speculators to raise even more the weight of debt (…) The vote paves the way for a release of a second aid plan for new exhibitions ties, amounting to 130 billion euros and removes the risk of a disorderly bankruptcy of Greece. "
Investors are now waiting to see how many auctions are held debt in the morning provided by several countries in the euro area, which will be a test of market sentiment.
A few minutes after opening, the Paris CAC 40 index gained 0.94% to 3,404 points, the German Dax took 0.87%, the UK FTSE 0.85%. The Eurostoxx 50 0.84%.
Bank stocks posted the biggest gains (1.39%).
In Paris, around 9:20, took 2.17% Societe Generale, BNP Paribas 1.88% while elsewhere in Europe, Commerzbank earns 4% and 1.4% RBS wins.
Also rising sharply, found Dassault Aviation (3.66%) after a report that Brazil may in turn acquire the Rafale.
On the foreign exchange market, the euro rose around 1.325 dollar, buoyed by the hope that the Greek case is released after the vote of Parliament in Athens.
As for bonds, investors abandoning the German debt, preferring to invest in riskier assets and take advantage of the upturn visible on the European stock exchanges. Market sovereign debt, there is a relaxation on the Germano-Portuguese spreads with a decline in the performance of debt in 10 years Lusitanian around 12.50%. The rate remains high, but it is far from the highest hit in recent weeks.
Rosneft, Russia's leading oil producer, announced Friday a 19.7% increase in net profit in 2011, stood at 12.45 billion dollars in favor of higher prices crude.
Analysts polled by Reuters had expected a profit of 12.18 billion.
The group's turnover increased by 45.9% to 91.98 billion dollars, against a consensus of 91.84 billion.
The gross operating profit (EBITDA) stood at 22.02 billion (14.7%) while analysts had expected 22.14 billion.
Rosneft, whose title was progressing from 0.55% at the Moscow stock exchange, also said it planned to invest $ 4.5 billion in improving its refineries.
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