The top news headlines

At a time when many manufacturers are seeking solutions to their difficulties in Europe, the alliance between PSA Peugeot Citroen and General Motors supplies all conversations at the Geneva show. The French on Tuesday launched a capital increase of one billion euros, after which GM will take 7% of the shares of PSA, the Peugeot family from 31 to 25.2% of the capital. This operation gives us "the ability to make the necessary expenditures to investments with GM on a number of projects," says Jean-Baptiste de Chatillon, the CFO. These are "projects we wanted to achieve, but we did not have the capacity to do so quickly," everything "with greater efficiency than if we were alone," he says. Ideas that focus on small cars, station wagons, "crossover" and minivans. The first vehicle will arrive in 2016

"We have identified the programs on which we want to work with PSA. Others could be added to as and when cooperation takes place in a climate of trust, "said his side Stephen Girsky, vice president of GM. Thanks also to the pooling of purchases, both grouped hope everyone save $ 1 billion per year from 2016.

"PSA needs cash"

The least we can say is that the two rival groups are skeptical. Renault, Nissan ally of Japan for thirteen years (which it owns 43.4%, while Japan has 15% of French), has been especially reserved. "In our design, an alliance must be based on cross-shareholdings. This way, everything a manufacturer implements to take his partner's expertise, he gets a real return, "financially, reacted Carlos Tavares. The COO of Renault also recalled that in his view, create a common purchasing structure, and especially the engineers to work together, "takes time". In short, the operation is over, he said, an "equity participation of GM" in a context where PSA is "in need of cash."

Daimler believes that the combination PSA-GM is not the same nature as its partnership with Renault (through cross-holdings of 3.1%). "As our cooperation with Renault is to add strength, especially this new alliance is trying to tackle challenges in Europe," said Dieter Zetche, the boss of the German specialist high end.

The site of Aulnay-sous-Bois threatened

All observers point out that this approximation leaves unresolved the issue of overcapacity of the two manufacturers on the Old Continent payday loans. "They have the same problem, I wonder how they will learn from each other to solve it," said Carlos Tavares. PSA and GM said they would address this issue separately. PSA has its problems of overcapacity in Europe "on 18 to 24 months" to come, has also said Denis Martin, director of industrial PSA. By the presidential election, an announcement seems impossible, but the site of Aulnay-sous-Bois, which will produce the Citroen C3 until 2014, seems particularly threatened after that horizon. The future sites Sevelnord, near Valenciennes, and Madrid, is also uncertain. Meanwhile, Opel could close two new plants in Europe, Germany and Britain, according to U.S. media.

For his part, Sergio Marchionne, the boss of Fiat-Chrysler, says it "would not like to be in the shoes of GM," because "a stake of 7%, which does not provide an integration of European , is not the right answer "immediately, even if beneficial effects will be to" medium and long term. " Fiat "remains open" to a merger with a third partner. "All" potentially of interest to manufacturers, including Renault, apart from the German Volkswagen and Daimler, which are not considered "technically compatible with Fiat."

The U.S. company invests 304 million

PSA announced details of its capital increase of one billion euros, intended both to seal an alliance with General Motors and give itself the means to continue investing. The price of the transaction, which runs from March 8 to 21, was set at 8.27 euros, reflecting a discount of 42% over the course of Monday. However, existing shareholders have preferential subscription rights (DPS), which have a value. For them, the discount is reduced to about 32%. General Motors has committed $ 304 million to acquire 7% stake. Of this amount, 80 million used to purchase approximately 55.6% of the DPS of the Peugeot family. This will subscribe the capital increase for the balance – representing an investment of around 150 million – and will see its stake reduced from 31% to 25.2% of the capital of the manufacturer.

ALSO READ:

"GM will pay 320 million for its stake in PSA

"The agreement Peugeot / GM does not convince the stock market

A new episode is crucial for Greece plays Monday in Brussels. Finance ministers of the euro area must agree on the second bailout, 130 billion euros. They must also erase the floor on 50% of the debt with private creditors, or 100 billion euros. Crunch time for Athens to meet March 20 to maturity of debt of 14.5 billion.

Representatives of the ECB and finance ministries have called yesterday to advance to the final details. But many European leaders showed their confidence in recent days. Just yesterday, the Austrian finance minister, Maria Fekter, was upbeat about a deal: "For now, we will exactly in that direction." Even if it recognizes that "there will be intense negotiations on control mechanisms. "  

For its part, the Greek government keeps its commitments: Saturday it approved the final plan for additional savings, amounting to 325 million euros (cuts in pensions, lowering the minimum wage), claimed by the Troika EU-ECB-IMF in exchange for the release of funds.

With the deadline approached, the Greeks were again called upon to take to the streets yesterday. But austerity exhausted, they no longer have the heart to manifest. The depredations committed a week earlier in the center of Athens in small groups of anarchists-as the burning of a listed building of the nineteenth century, gave a very bad image of the country. And while some still hoped to then change the course of things, the adoption by government austerity measures makes them feel that much is now played.

Attachment to the euro

Under a blazing sun, only three thousand trade unionists from the private and public had traveled to Parliament, meeting under a banner that proclaimed, in Greek: "The policies we require an effort of national unity but there nation has more than when there is more that of the hungry and destitute! "In the crowd, another banner proclaimed in English:" We are all Greeks, Merkel and Sarkozy are freaks! "(" We are all Greeks, Merkel and Sarkozy are crazy! ").

But the protesters do not represent the whole of Greece. Walking through the rural areas of the Peloponnese, we see that the population has resigned itself to the efforts required by the troika of countries. "People here realize that Euroscepticism is leading nowhere and that the output of the euro would be a disaster for everyone," says Le Figaro Petros Tatoulis, the elected president of the region, who gave up any political affiliation. "It is for us now to invent a new model of development and export our fine Mediterranean products under the brand name of the Peloponnese, which is received worldwide as a premium brand." ….. …

A survey shows that 73% of Greeks are in favor of maintaining in the euro area, although only 49% of them believe the country will succeed in the next two years.

The problem now is what political leadership is responsible for the implementation of austerity measures. Elections are scheduled for April. But according to another survey, the two major parties of former coalition government today (PASOK and New Democracy) would collect a total of only a quarter of the votes, the lion's share going to the extreme left. But leaders of the latter have been careful to make any commitments in writing in respect of the troika.

ALSO READ:

"Greece: relieved markets, Europe remains wary

"Greek MPs vote austerity measures

"Rigor: Greek power facing the street

"Greece: Merkel and Sarkozy put pressure

The Competition Authority celebrates its 25th anniversary, in great shape, according to its President Bruno Lasserre. "We are the most active authority in Europe. The European Commission acknowledges, as it reminds us more and more business, such as the merging Transdev and Veolia or the redemption of Brossette by Point P is still ongoing, "welcomes this member Council of State , who heads the institution since 2004 and until at least March 2014.

The balance sheet of 2011 shows. The Authority fined 420 million euros in fines, almost as much in 2010. The producers of detergents were sentenced to the penalty most important, 367.9 million euros, shared between Procter & Gamble, Henkel and Colgate, who appealed. The second sanctioned firm, Canal +, also challenged his fine of 30 million euros. This issue of the recovery of GST is being reviewed by the Authority.

Less iconic but much more regular – three out of four – are the opinions in mergers and acquisitions. Of a total of 255 cases of concentration, nearly half involved the retail operators have received 207 times the green light. This was the case for the recovery of Habitat Cafom by or for the Republican takeover of Eastern by Crédit Mutuel.

Four sectors continue to retain the attention of the Authority in 2012: the retail, banking, rail transport and the media. After being interested in food distribution, especially in Paris (opinion of 11 January 2012), the Authority will be released in June "the first major survey of the competitive pressure that online retailers have over traditional stores. We will examine the entire chain of online sales: payment, delivering packages or shopping engines, "enumerates Bruno Lasserre.

Another survey conducted by the Authority may make a stir in March, she will speak on the automobile maintenance and repair, market largely controlled by the manufacturers. The extensive work on commissions paid between banks on payment (check, credit card, TIP, transfers …) will also be continued this year with no defined horizon.

The position of Casino in Paris

"The fact that companies bring more resources to challenge our decisions is proof of the relevance of our work, says Bruno Lasserre. Our budget is 20 million euros, an amount equivalent to that booked by banks to defend themselves in the only case of checks, "he says. The Authority considers, however, have "enough tools." However, one missing, the power of injunction. The Authority has certainly since 2008, but it can not exercise it only under three conditions: there must be a dominant position, which the actor in question and persistently abused. Field is too restrictive in the eyes of the institution that claims to have already convinced, left, the candidate Francois Hollande, probably also due to the action of the City of Paris. Because it lacked authority to order the Authority for Casino, which it considers the dominant position in the food market in the capital. Bruno Lasserre however recalled that if Casino decides to exercise its option to purchase 50% of Monoprix, "we would ask conditions, including sales of stores."

ALSO READ:

"Free: the competition for help in purchasing power

Officially, there is no need to worry. As it has done from 8 to 19 August, the business daily La Tribune will not appear in his paper between 19 and 30 December. To save printing and mailing. But also to "adapt the model to the new reading habits" on smartphones and tablets, as was justified in September, so afterwards, the managing editor, Jacques Rosselin.

The newspaper argued that the experience of "100% digital" this summer has allowed the site audience to jump by 50%, and digital distribution to reach 7.5% of the distribution paid France the newspaper in September, according to OJD, against 1.9% on average for the national daily press.But internal sources, the picture is less rosy cash advance payday loan.

"We stopped the paper in August simply because there were not enough people to make the newspaper," David Larbre protests, trade union SNJ, which further explains that "the savings to the temporary shutdown of the paper does not really represent much, printing contracts and distribution is negotiated annually. "He said the new ten-day suspension in December does one thing: allow employees to take holidays, after four months of extra work without leave.

Projects stopped

For on all fronts, the situation of The Tribune has not progressed. In protection proceedings since January, the newspaper is always looking for funding estimated at 5 million euros.

The success of Uniqlo store in Paris, opened in 2009 near the Opera, gave wings to the patrons of the Japanese brand. "We want to open 10 to 20 stores in Paris as soon as possible," Le Figaro reveals Nobuo Doma, chief Europe and the United States of Fast Retailing, the Japanese group owner of Uniqlo, but also Comptoir des Cotonniers and Princesse Tam Tam . Uniqlo opened yesterday XXL version of his store of Defense, opened in 2007, whose size has increased from 200 to 2,000 square meters payday loans for self employed.

Among the addresses targeted next by the brand, working with the developer Unibail to deploy in France, are "the Champs-Elysées, the Rue de Rivoli, the Rue de Rennes and the Forum des Halles," said Nobuo Doma. Once these projects, Uniqlo will other cities "like Lyon."

All will be played Wednesday. "No decision will be announced following the summit of the euro area, which takes place this Sunday late afternoon in Brussels, although work is progressing well," said Nicolas Sarkozy and Angela Merkel in a joint press conference after a meeting of leaders of 27 countries of the European Union. French President and German Chancellor said that the work "techniques" were still to be completed by the new top of the euro area on Wednesday. The summit will be preceded by another meeting of twenty-seven, they said. "Work is progressing well on the banks of the support fund and the potential use of this fund. The assumptions are tightening and a broad agreement is taking shape. "

On the issue of Greece, progress, assured the leaders without giving details.The stabilization of the indebted country will pass through international loans and additional losses of creditor banks in the country. Europe the figure to at least 50%. According to the report of the troika (representatives of the EU, the ECB and the IMF), the discount should be 60% to maintain unchanged the envelope of € 109 billion promised to Greece, as part a second rescue plan officially recorded on July 21.

Main stumbling block between Paris and Berlin, the transformation of the European Financial Stability Fund (EFSF) in the bank, which insisted on France, finally does more of the options considered by the finance ministers of the single currency. The idea was that the Paris Fund bank can borrow from the European Central Bank. "The two options still on the table to strengthen the EFSF do not involve the ECB," confirmed the German Chancellor.This leaves two options: either the mechanism acts as a partial insurance of the public debt of troubled countries or the IMF is expected to increase its participation in the scheme.

In another area, "the work is progressing well on the recapitalization of banks," said Nicolas Sarkozy, again without providing details on the proposed solutions. Countries of the European Union discussed a budget from 107 to 108 billion euros at the meeting of finance ministers on Saturday night. "Banks must find the money markets," stressed Angela Merkel.

Finally, the pressure on Italy is maximum. The two leaders urged the Italian Prime Minister Silvio Berlusconi, with whom they met ahead of the summit, for it to decisively implement a program of growth and debt reduction Alps online payday advance."I hope that decisions will be taken (…) Italy is a major economic force but it has a very high public debt should be reduced in a credible manner in the years to come," says Angela Merkel . Nicolas Sarkozy has outbid by saying that Paris and Berlin were "confident sense of responsibility of all the Italian authorities' political, financial and economic."

"Do not repeat the mistakes of the past"

"We must work differently in the future," said Angela Merkel. German Chancellor said that we should not "repeat the mistakes of the past." The problem of the euro area far exceeds that of Greece, she hammered, emphasizing the need for each country to conduct "a tighter fiscal policy."The President of the European Union, Herman Van Rompuy, confirmed on Sunday that the EU treaty could be modified to improve the functioning of the euro area. "The aim is to deepen our economic union and strengthen our fiscal discipline," he said.

Europe is facing economically to "serious challenges", said Herman Van Rompuy, at the opening of the EU summit this morning. He felt that the decisions to be taken by EU leaders to deal with were "perhaps the most important" they've ever had to face the financial crisis. Greek Prime Minister George Papandreou, had also felt it was "time" to take "decisive and effective." "It is clear that the crisis (debt) is not Greek. This is a European crisis, "he judged.

For its part, the Belgian Prime Minister Yves Leterme had tried hard not announce anything at all on Sunday, in light of market pressure. "It is essential for tomorrow morning at the opening of markets, we have made sufficient progress so as not to jeopardize the credibility of the euro area," he said. Same story for the European partners have not adopted the single currency, which are concerned about the fallout from the debt crisis. "The crisis in the euro area is being extended to all our economies, including that of Great Britain ', launched the British Prime Minister David Cameron.

(With agencies)

ALSO READ:

"CRISIS SPECIAL – Fear of debt

"The EU is considering 108 billion to bail out banks

"Euro: Merkel will buy time until Wednesday

"GRAPHICS – The crisis of the euro, or the history of contagion

The IEA has revised upwards its forecast 15% annual investment needs in energy. More than 1500 billion dollars (1095 billion) will be needed annually for twenty-five years or 38,000 billion by 2025 and 27,700 billion – to meet global energy demand while respecting objectives in the fight against climate change. Fatih Birol, the very influential chief economist of the IEA announced the figure on the occasion of the Ministerial Conference of the twenty-eight Member States of the Agency, which opened Tuesday in Paris for two days.

The hydrocarbons are becoming more expensive to extract, while renewables are still expensive, says the IEA.Shareholders will they go to needs? Fatih Birol is concerned on two points.

For oil (26% of investment needs to be 10,000 billion), "90% of the production growth will come from the Middle East. If within five years, investments in infrastructure are not to go to this region, will be major implications for oil prices that will fly, "warns Dr. Birol.

Second concern: electricity. "Over 1.3 billion people still do not know", said the expert. About 9 billion dollars are invested every year, "for access to electricity for the poor payday advances."But it would take five times as much, $ 45 billion, mostly in Africa and Asia."

"Governments act without speaking"

For Fulvio Conti, CEO of the Italian electricity Enel, now in Paris for the meeting between ministers and industry, these investments will only be possible if the regulation is "clear and stable," compatible with the time scale of the energy industry is extensive. "Unfortunately, the boss lamented Italian governments acting alone, without speaking. There are rules asymmetrical. That is why we, industrial, have raised our voices, "at the ministerial conference of twenty-eight Member States of the IEA.

In contrast, José Sergio Gabrielli de Azevedo, CEO of the Brazilian national oil Petrobras shows an optimism. His company will invest alone $ 224 billion within four years.Brazil relies on the growth of its deposits "présalifères" buried under the Atlantic to increase production to 5 million barrels per day (mbd) in 2020 half of Saudi production against 2 million bpd now. All smiles, the Brazilian incarnation of emerging countries, says the sweeping fears of a recession, "the future is bright."

New blow for the euro area. After Fitch, it was the turn of Standard & Poor's to break down a notch credit rating of Spain, which changes to "AA-". The rating agency also maintains a negative outlook on the country. In other words, a further downgrade of the country can not be excluded.

The agency believes that financial services' growth prospects are uncertain "because of" increasing risks "facing the economy. The agency referred in particular to "the incomplete reform of the labor market will continue to hinder economic recovery." In the view of S & P, Spain could fall into recession next year, with GDP expected down 0.5%.

The fragility of the financial system is also the Achilles heel of the fourth largest economy in the eurozone.S & P is concerned and "a probable further deterioration of asset quality of the Spanish financial system."

The agency also questioned the budgetary targets of the Zapatero government. The Spanish public deficit forecast at 6.2% of GDP for 2011 could be exceeded. As for reducing the deficit to 4.4% of GDP in 2012, it will not be possible without "additional measures".

ALSO READ:

"Fear of recession the country will fare

A new session promises to be eventful Thursday on Wall Street. Futures on the Dow Jones fell by 2.06% to 10,831 points, those on the Standard & Poor's let go of 2.23% to 1136.10 points and the Nasdaq lost 2.32% to 2208.20 points.

Like European and Asian stock markets, Wall Street should not escape the anxiety of investors pessimistic after the U.S. central bank on the global economy. The central bank has held that the U.S. economic recovery was "slow" and threatened by "high risk".

For this, the Fed announced an operation to extend the maturity of the assets it holds up to 400 billion dollars by June 2012."One can interpret this decision by the Fed as the will not to launch a" quantitative easing "3 (monetary easing to boost the U.S. economy) in the immediate future, says Arnaud Poutiers, executive vice president of IG Markets short term personal loan. Indeed, "Operation Twist" is intended to influence the long bond rate, but without increasing the size of the Fed's balance sheet, so without creating money ".

On the currency markets, the euro continued to sink against the dollar: the euro back below the $ 1.35 (-0.91%).

On the corporate side, Moody's lowered the credit ratings of Bank of America, Wells Fargo and Citigroup. The agency that the state may fly to their rescue.

United Technologies will buy the equipment for Goodrich Aircraft $ 16.5 billion (12.2 billion euros) in cash, a transaction that would be the largest acquisition of U.S. industrial giant in 10 years.

FedEx has reported an EPS according to the consensus of $ 1.46 per share in the first quarter, a turnover of 10.52 billion dollars (against the consensus of 10.32 billion dollars).

The salvation of the euro area could come from China. Forced to borrow at prohibitive rates Monday morning, Rome had in fact asked Beijing to make significant repurchases of its sovereign debt, reports the Financial Times. A member of the Italian government confirmed on Monday the existence of discussions with the Middle Kingdom on potential investments in Beijing in the third largest economy in the euro area. The latter emphasizes, however, that the purchase of debt as of the Italian state was not central to the negotiations which took place several weeks ago, the agency Bloomberg.

The Financial Times for its part indicated that Lou Jiwei, the chairman of China Investment Corp (CIC), accompanied by a delegation, arrived in Rome last week to meet with Finance Minister Giulio Tremonti, and officials the Cassa despositi e Prestiti.

Relief markets

In any case, the information had an immediate impact on equity markets and bonds. The news triggered a rapid rise of U.S. indexes, which ended the session up when they were, like all European markets, a sharp decline shortly before the information.L all the indices of world is indeed suspended at the least information related to the status of sovereign debt in the euro area. In fact, the fear of contagion shook the Greek market.

In addition, the bond market has also relaxed.Good news for countries forced to place their debt securities, especially Italy. Interest rates have soared Monday in an issuance of public debt in Italy. Rome has indeed placed a total of 11.5 billion euros of shares, including 7.5 billion of bonds a year at a rate of 4 payday loans.153% against 2.959% in the previous similar exercise conducted on August 10.

Foreign exchange markets also reacted. The information has strengthened the euro, trading at 1.3678 dollar this morning.

China has pledged to support the euro area

The assumption of support from China bound for the euro area is particularly taken seriously by the markets as the Central Bank of China recently said it was ready to support countries in difficulty to repay their debt.

Moreover, China has already come to the rescue of countries in the euro area in difficulties in recent months.In late May, Beijing had expressed its intention to purchase debt securities issued by the European Stability for Portugal. In January, China had purchased European titles for bail Ireland. And from the beginning of the crisis, China had come to the aid of Europe's sick of his debts. Earlier this year, the country had bought the Spanish government bonds for a hundred million. The Middle Kingdom is also committed to acquire Greek bonds

By helping the EU now, China is diversifying its investments in debt securities. In addition, the country is gaining leeway in future negotiations.

ALSO READ:

"Debt: China to the rescue of Spain

"In Europe, China implements the strategy of the spider

"China stands ready to help European countries

"China wants to buy 5 billion debt Portuguese

"Who owns the Debts

"Germany is losing patience with Greece

"Wall Street Weathering the Storm