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.
So what exactly is a
no teletrack cash advance? It is a cash advance that requires no lengthy faxing of documents and is designed to tide you over in between pay days when cash is particularly tight.
The Swiss pharmaceutical group Roche warned Wednesday that he would not fall under its offer of $ 6.8 billion (5.18 billion euros) on the Illumina American and he will not extend the period of acceptance thereof.
Its current proposal, $ 51 per share Illumina, can not be improved without penalizing shareholders of Roche, said the group, which should give up its offensive.
The offer expires Friday, Roche said not wanting to prolong it, expressing regret the refusal of the Board to engage in constructive dialogue
Illumina sequencing of genes specialist, self-proclaimed "Apple genomics", for its part has rejected offers of Roche and called its shareholder do the same.
Consulted Wednesday during a general meeting, a majority of them have also shunned.
"Roche will not be affected if it sends a signal showing that it is ready to give up these offers," said Navid Malik of Cenkos Securities.
The acquisition of Illumina would have allowed the Swiss group, world leader in therapies against cancer to benefit from its expertise in sequencing of genes play a role forefront of personalized treatments, which represent the future of the pharmaceutical industry.
Roche did not give up its ambitions for external growth.
"Roche will continue to examine all options and opportunities to further develop its business portfolio to expand its leading position in diagnostics," said Severin Schwan, director General of the Basel group, in a statement.
At their general meeting, shareholders of Illumina supported the four nominees to fill board seats, while rejecting a proposal from Roche to bring to 11 the number of directors with the objective to take a majority.
The prospect of a failure of Roche has not been punished by investors, its title having closed up 0.99%, unlike the Illumina who lost in the third me time to 4.10% to 42.20 dollars.
Wall Street has won more than 0.5% Wednesday, ending a series of five sessions of declines, driven by soaring title Alcoa after the gen ant aluminum, which opened Tuesday the "earnings season" has reported an unexpected profit for the first quarter.
The Dow Jones industrials gained 30 0.70% or 89.46 points, to 12,805.39 points. The S & P-500, wider, took 10.12 points, or 0.74%, to 1368.71 points. The Nasdaq Composite Index advanced on his side of 25.24 points (0.84%) to 3,016.46 points.
Tuesday, within the scope of concerns about global economic conditions and, perhaps, of a correction, the S & P 500 benchmark index of the managers fund, had fallen under its 50-day moving average for the first time since December.
Cyclical sectors, which have fallen sharply in recent days, took advantage of a movement to purchase cheap, the fund financial echoing 1.59%, including a gain of 3.75% to 8 , $ 86 for Bank of America.
The action Alcoa has closed up 6.34% to 9.90 dollars after the group, considered a good barometer of the U.S. industrial sector, has emerged, to everyone's surprise, a positive net income in the first quarter of 2012, benefiting from improved market conditions.
"Expectations were very low so a positive start to the earnings season is a positive sign," said Jack Ablin, Investment Officer at Harris Private Bank.
"That said, we can take stock of the health of other sectors throughout the week and the market will perhaps stand still before a complete picture."
Google, JPMorgan Chase and Citigroup are among the heavyweights of the American side who must publish their interim results this week …. The fall of some
….. 1.5% S & P 500 Tuesday was most marked in four months. Investors are now assessing whether the downturn on Wall Street-which is up sharply since the beginning of the year is an opportunity to enter a market that remains on a good launch e last six months.
Two hours before the end of the session, in its "Beige Book", the Federal Reserve said the U.S. economy had continued to grow over the last months of winter, adding that rising gasoline prices starting to worry consumers and businesses throughout the country.
This appreciation of the Fed had little impact on the trend of the day.
Concerns about the debt crisis of the euro area eased somewhat after the statements of Benedict Coeuré, board member of the European Central Bank (ECB), saying that the purchase of government bonds remained a weapon available to the ECB.
The Apple stock lost 0.36% to 626.20 dollars after the U.S. Department of Justice announced legal action against Apple and two large e publishers for agreement on the price of electronic books.
The way Johnson & Johnson has little reaction (-0.11% to 64.13 dollars) a verdict of a judge of the State of Arkansas saying that the pharmaceutical company was fined a , 1 billion dollars after being convicted by a jury of having used illegal tactics to market a drug.
After a record year 2011, property transactions are spread downwards, credit dries up and prices began to decline. In short, all signs of a turnaround in the market are there. The question is what will be its magnitude. . The reasons for the sales record in 2011
The real estate prices continued to rise last year but this has not prevented sales of existing homes to beat their time record. According to the report released Thursday by the notaries of France, some 858,200 transactions were recorded last year, up 9% from 2010. In fact, only sales in the Province recorded a record with a jump of 14% over one year. The Ile de France, however, suffers a fall of 8%. This exceptional performance overall is therefore explained in part by the boom in sales of second homes. And would therefore be the consequence of the change in the taxation on real estate gains, which came into force in February. Indeed, we see a surge in transactions in the Tarn (31%), Correze (28%) and in the Pyrenees-Atlantiques (24%). Add to this the prospect of stopping interest loan in the former in late 2011 that prompted first-time buyers to anticipate an acquisition. Nearly 300,000 homes have indeed been funded in part by this system in 2011.
The reversal observed in early 2012
Such dynamics do not observe this year. The reasons are promoted in 2011 – the planned abolition of tax incentives – rather play against the market. Bazaille Pierre, president of the property market notaries, table and a decline in transactions from 15 to 20% in 2012, representing a range of 700 to 740,000. A reversal has already begun and abruptly, as evidenced by the unprecedented collapse of home loans. According to the Bank of France, the amount of home loans granted in February was the lowest in 32 months, falling by 41% compared to January and by 49% compared to February 2011. And this trend continued in March according to the Housing Credit Monitoring that evokes a fall in the amounts awarded by 36% over the first quarter, compared to the same period last year.
"The decline is alarming. Such a sharp decline was not foreseen, is concerned Mouillard Michel, professor of economics at University of Paris X Nanterre in charge of this observatory. In 2011, production reached 160 credit billion. This year it should rise to 120 billion, or slightly less. " And to emphasize "a drop of this magnitude is unprecedented," even during the 2009 crisis. Ditto when property prices had soared between 1989 and 1992: the decline in home loans that result had reached only 15 to 18%.
For him it is a sign that "everything is going to crash, even on the market of large cities." A pessimism that also feeds on the situation in the nine, the number of housing starts collapsed since the beginning of the year. "We have never seen a level of construction as low since 1986" says he. Notaries, themselves, are less alarmist. They believe that Paris and the vibrant cities of province, like Nice, Lyon, Lille, Bordeaux, Nantes, Montpellier, lower volumes may be limited to around 5%.
The reasons for the reversal
The tax reasons – the end of PTZ + in the old or the disappearance of Scellier in nine – are not the only explanation for the drop in home loans, and therefore transactions. The changing attitude of banks also plays a role. "Besides being confontées to slower growth or even recession, European banks are facing new prudential rules and have a capital ratio more important," said Marc Touati, chief economist of the financial holding company Assya. Incentives to limit risks, they are much more selective in granting loans, imposing more restrictions on prospective borrowers (need input, etc..).
The market downturn also reflects the uncertain economy, the unemployment rate is rising and the prospect of higher taxes for 2012. Results for Nicolas Tarnaud, an expert in real estate, "we fail to commit more over time, we will rent. And first-time buyers are the first affected." Finally, the French expect the outcome of the presidential election.
In short, demand is sluggish, "depressed" for Michel Mouillard. "This is the first time we observed an important loosening of intentions to purchase real estate," said the academic. A recent survey of the observatory Housing Credit / CSA, only 4% of households say they want to buy property in the next six months, down 29% compared to 2009.
Finally, property prices are still at historically high levels. From 2000 to 2011, they more than doubled in France (117%), even more in Ile-de-France (+138%), and almost tripled in Paris (186%). While household incomes, these, only increased by 26% over the same period. Reflecting a shift, according to some, the existence of a housing bubble that can only end up deflating, or even explode.
What price decline in 2012?
The question is whether such a crash is possible. Notaries exclude the hypothesis and favor a simple soft landing. "2012 will be a year of correction and sobering price," sums up Peter Bazaille. For the full year, they expect a 5% decline in the most tense areas in terms of supply as Paris and some regional cities. The rest of the territory, they anticipate a decline "more or less pronounced", 5 to 10% depending on the area.
Marc Touati plans to share a scenario a bit rougher. "Whatever the outcome of the presidential election, the note of France may be degraded, he says. In this case, the rate of OAT (obligation akin to treasure) would increase by one point, and it would be the same for credit rate, which could rise to 6% or 7%. "In this case, Economist expects a decline of 10 to 15% of property prices
. For his part, Michel Mouillart refuses to talk down price. This does not prevent him from displaying his pessimism. "For now, the market collapses, with 20 to 30% less activity in 2012, and the problem is that n 'there is no prospect of a rebound. And we do not see how to get out of bottoming "
.
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.
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.
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.
GDP grew by only 2.7% in 2011 against 7.5% in Brazil in 2010. The Brazilian economy has actually stagnated in the third quarter. Bay View of Barra da Tijuca in Rio de Janeiro
Brazil's economic growth slowed to 2.7% in 2011, after reaching 7.5% at the end of fiscal 2010, according to data released Tuesday by the Brazilian Institute of Geography and Statistics (IBGE, public). This is slightly lower than the government forecast that predicted a GDP growth of around 3%, confirming a slower growth of the Brazilian economy was already expected by the experts because of the international crisis.
The Brazilian economy grew by 7.5% in 2010, in frank recovery from the crisis of 2008 and 2009. The sectors that grew the most in 2011 were the food (3.9%), services (2.7%) and industry (1.6%), according to IBGE.
In the fourth quarter 2011, GDP in the first Latin American economy grew by 0.3% over the third quarter and 1.4% over the same period in 2010. From July to September, growth had stagnated écomomie Brazilian.
The Spanish economy contracted in the fourth quarter of 2011, for the first time in two years, according to economists foreshadow a prolonged recession for the country, weighed down by fiscal austerity.
The gross domestic product (GDP) of Spain fell by 0.3% over the last three months of 2011 on a quarterly basis, after remaining stable at third quarter, according to official figures released Thursday.
On an annual basis, gross domestic product grew 0.3% from October to December, in line with expectations of economists polled by Reuters and after annual growth of 0.8% last quarter.
"Given the necessary fiscal consolidation in the country and the pressure this causes on domestic demand, it will be very difficult for Spain to avoid a recession," said Nick Matthews, economist for RBS.
The economy of the entire euro zone shrank by 0.3% over the last three months of 2011 and appears headed for a mild recession under the weight of the debt crisis, according to Eurostat figures published Wednesday.
These figures showed that Italy now responds like Belgium, Greece and Portugal to the technical definition of recession, with two consecutive quarters of decline in GDP.
In Spain, surveys by Markit purchasing managers to have shown a slight improvement in manufacturing activity and services in January, but this may not be sufficient to stimulate an economy mired in recession or stagnation for nearly five years.
Spain enjoyed a higher growth than its neighbors since joining the monetary union 12 years ago, but this expansion was largely due to a housing bubble, that erupted in 2007.
Over the full year 2011, the country recorded a growth of 0.7%, after contracting by 0.1% in 2010.
But in the fourth quarter of 2011, only exports continued to grow, and they are likely to suffer from the slump in global demand.
According to the International Monetary Fund, the country's economy expected to contract by 1.7% in 2012, mainly because of the austerity measures implemented by Madrid to avoid ê in turn be a victim of the debt crisis.
The new Spanish government seeks to reduce the budget deficit to 4.4% of GDP, as against 8% in 2011, which would require savings of about 45 billion euros.
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.
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