Business And Personal Finance

The French engineering group Egis was selected Monday to modernize one of the main Brazilian airports, as part of concessions for a total of 24.5 billion reais (10, 9 billion euros) granted for the 2014 World Cup and 2016 Olympics.

Conversely, the candidacy of another French group in the running, Aéroports de Paris (ADP), has not been selected, said a spokesman for ADP. ADP filed a joint bid with Schipol Airport (Amsterdam) and two Brazilian partners, she said.

Contracts, for which 11 consortia have submitted bids well above the floor set by the government, focused on the expansion and terminal management at two airports in Sao Paulo and one in Brasilia.

While Brazil is organizing two major sporting events, this upgrade should improve infrastructure and uncomfortable sources of delays.

The concessions were awarded in each case of large Brazilian companies allied to the international airport groups. 

Egis Airport Operation, a subsidiary of Egis which is 75% owned by the Deposit and Consignment Office, joined forces with the Brazilian group Triunfo Participaçoes to be awarded the expansion of the airport of Viracopos-Campinas, near Sao Paulo. The consortium will pay 3.8 billion reais (1.7 billion euros) for this contract.

For their part, Brazilian groups Invepar and OAS, in partnership with the South African ACSA, won to 16.2 billion reais (7.2 billion euros) for the concession ; modernize the airport of Guarulhos, in Sao Paulo, the most active and most lucrative of the three sites.

PSA Peugeot Citroen expects a contraction of the European car market in 2012 although it is still too early to assess its extent, said Thursday the President of the Executive Philippe Varin.

These remarks were made while the Committee of French Automobile Manufacturers has reported a decrease of 7.6% of new car registrations in November. Data that confirmed the difficulties of PSA, whose sales fell 15.4% last month.

"We will be in Europe, probably negative growth next year.How, we do not know, it's too early, "said Philippe Varin told reporters on the occasion of the inauguration of a new production of three-cylinder engines at its facility in Trémery (Moselle) .

The annual production capacity of the new gasoline engine with smaller displacement will eventually reach 640,000 units per year.

The company said in a statement it had invested 717 million euros since the project began in 2008.

Manufacturers currently rely on the "downsizing", that is to say reducing the displacement of their engines, to reduce CO2 emissions equal power.

The first engines produced Trémery equip the future Peugeot 208 will be sold in the first quarter of 2012.

According to the association of consumers, distribution margins reflected in the service stations would have increased by almost one third in ten years. CLCV denounced a "surge" margins at service stations.

The consumer organization CLCV Tuesday denounced a "surge" of nearly a third in less than ten years of distribution margins impacted by service stations in the fuel prices at the pump, now close to their record in France .

According to a barometer of the association, which is based on the statistics of the French Union of Petroleum Industries (UFIP) and administration, and distribution margins are increased from 2001-2003 to 2008-2010 from July to September , 6 cents for gasoline and 6.3 to 8.6 cents for diesel.

China must wait for Europe proposes a plan to end the crisis of sovereign debt feasible prior to contribute, said Friday an adviser to the People's Bank of China (COPD) but stressed that Beijing should have " some controls "on the use of funds provided.

China will study with other emerging countries, namely Brazil, Russia, India and South Africa possible initiatives to help Europe overcome the crisis of sovereign debt, said Li Daokui , a member of the Monetary Policy Committee of the Chinese central bank, speaking at a conference in Beijing.

"If we make money (the Europeans), we need some controls. We can not say we give you the money you spend as you wish.It's not fair that you keep a lavish lifestyle, "said Li told reporters.

The European Union is the largest trading partner of China and Li provides a limited contraction of the Chinese trade surplus this year to 150-160 billion yuan.

"For Europe, we can not just watch what happens and do not help," he added.

Li Daokui said that the figure of $ 100 billion to buy European sovereign debt and the media have given it was only a "theoretical figure."

Li warned that the growth of China's GDP to slow to 8.5% in 2012 from 9.2% expected in 2012, adding that China should maintain its current economic policy throughout the next year.

The stock exchanges of Paris, Frankfurt and London have opened up Friday, after falling the previous day as investors hope for feeding a step towards resolving the debt crisis. In Paris the CAC 40 index advanced 0.8% shortly after the opening.

The European banking sector shows some of the strongest performances, gaining 2.4%.

"Investors remain optimistic about a favorable outcome to the debt crisis in Europe.Markets are driven by the hope that the leaders agree on 23 October a viable solution to turn the EFSF, recapitalize the banks and save Greece (…) European leaders could announce release a sum of 940 billion euros to fight against the crisis "Saxo Bank in a note.

At the request of Paris and Berlin, an additional peak in the euro area will probably be held next Wednesday to not only agree on how to maximize the firepower of the European Financial Stability Fund (EFSF), one of the expected by the market to combat the crisis, but also review the new plan to rescue Greece.

The Tokyo Stock Exchange ended down slightly from 0.04%.Title Olympus closed on a new fall of 6.81%, yielding about 50% of its value since October 13.

The euro turned down against the dollar and the price of U.S. light crude continues to rise.

Countries of the European Union agreed Thursday to recapitalize their banks to the tune of 100 billion euros but profound differences between Paris and Berlin on how to reform the fund to support the euro area led them to re- postpone the most important decisions.

This Friday is held an extraordinary meeting of European finance ministers for the summit on 23 October.

The French Economic Observatory forecasts growth of 0.8% in France in 2012. Pink is the scenario. The black scenario, if the rigor is increasing: a decline in GDP of 0.5%. View the Ministry of Economy and Finance at Bercy.

Three years after the start of the global crisis, the potential for economic recovery of France will be constrained by budgetary savings plans in the country and its European partners, provides for the French Observatory of Economic Conditions (OFCE). Research Center of Sciences-Po expects growth of 1.6% in 2011 and 0.8% in 2012, while the government expects 1.75% per year.

"This performance is particulièrment poor and far from the normal path of an economy in crisis," said the OFCE in a study released Friday.The rebound potential perceived by the OFCE correspond to a growth rate of 3.8% per annum in 2011 and 2012, which would make up for five years after the crisis began accumulating the output gap. France, then regain its unemployment rate in 2007.

But two external shocks will affect such a scenario. The first, soaring commodity prices, will result in a resurgence of inflation in France and limit spending. It will cause a slowdown in its trading partners, reducing their demand for French products. This shock will reduce growth by 1.3 percentage points over the period 2011-2012. The second shock is linked to policies of fiscal restraint led by European countries.

A recession is not excluded

"In trying to reduce their deficits early, too quickly and synchronously, the governments of European countries run the risk of a new downturn," said the OFCE. The unemployment rate in France is expected to increase steadily to 9.3% and 9.7% end 2011 end 2012, according to the institute. "The low cost of capital discourages businesses not yet set up costly and risky projects", the study also points out, "the investment should not be in 2011 and 2012 an efficient link to make permanent the rebound in growth. "

The OFCE is also considering "a darker scenario" if the government would take "whatever the cost to meet its budget commitments' (deficit down to 4.5% of GDP in 2012 and 3% in 2013), with a decline of 0.5% of GDP in 2012.If the other major European countries were to adopt the same strategy, the activity would fall by 1.7% and unemployment was close 11%, according to the OFCE.

The resident of Calvados in September which won the sum of 162 million euros in the Euro Millions became known to the French Games. He was thinking of "investing in the French economy." If the Euro Millions grid costs two euros across Europe, certain terms of games vary from one country to another.

The winner of the jackpot of 162,256,622 euros in the Euro Millions draw of 13 September, which had approved the ballot in Calvados, became known to the French Games (FDJ) and received his check, said Thursday morning the JDF in a statement.

This player, who wishes to remain anonymous, has the highest gains in French Euro Millions and all-time record earnings in a money game in France.He "thinks about investing in the French economy", or to real estate projects adds the JDF without elaborating, at the request of the player, on the date of payment or the locality where the Calvados has been validated winning newsletter . {P}

Tensions in the interbank market have an impact on the real economy. Nearly a third of French banks have tightened their criteria for business loans. And the movement should be extended.

Credit conditions for firms have tightened slightly in France in the third quarter, according to a survey by the Bank of France to the banks, which provide a greater tightening in the fourth quarter.

The balance between the institutions reporting a tightening and those seeing a relaxation reached 28.5 in the third quarter, according to data released Friday. This is the first tightening since the second quarter of 2009.

The hardening observed is almost the same for large businesses (28.8) and SMEs (28.5).The period from July to September, "the criteria for granting loans to enterprises were tightened more than expected in the previous survey," notes the Bank of France. "This hardening, attributed to both balance sheet constraints and bank financing to the rise of their risks, is reported by less than a third of them and spoke mainly in quarter-end," said the institution.

Banks and particularly given the tightening tensions they encountered to finance markets and the prospect of entry into force of the new regulatory framework Basel III said, in favor of a strict control of the size of balance sheets and thus the volume of loans. This tightening of credit conditions has been accompanied by a decline in business demand, more sensitive SMEs (balance -33.2) than large firms (-15.1).

More worrying for the economy, the banks see these two tendencies assert themselves in the fourth quarter.

The last three months of the year, the institutions surveyed foresee a further tightening (net 41.6), the strongest since the third quarter 2008, which corresponded to the financial crisis. The banks provide the same time, a further slowdown in demand for corporate credit (negative balance of 34.6).

Wall Street opened down sharply Thursday, continuing its decline started the day after the grim diagnosis of the Federal Reserve on the U.S. economy, plus a further contraction in activity in the eurozone and in China revives fears a second global recession in four years.

In early trade, the Dow Jones lost 2.6% (292 points) at 10,832 points.The Standard & Poor's, wider, yielding 2.42% (28 points) to 1138 points, while the Nasdaq composite fell by 2.5% (63 points) to 2474 points.

After ten minutes of trading, the Dow's losses widened and lost 3%.

The weekly jobless claims declined in the United States during the week to Sept. 17, at 423,000 against 432,000 the previous week, but they emerged above the consensus (420 000), which does not appease the spirits.

The Fed on Wednesday raised "significant downside risks" on the economy of the United States, before announcing an "Operation Twist" 400 billion dollars to bring down long rates, and support activity.

But Wall Street estimates that only 15% chance that the "Operation Twist" gives a real boost to the U.S. economy, according to a Reuters poll of primary dealers of Treasury.

Fears of a relapse of the global economy have intensified Thursday with the contraction in private sector activity observed in the eurozone and China.

The banking sector also sensitive to economic conditions, still suffers from the decision of Moody's downgrade of Bank of America (-4.4%), Wells Fargo (-2.7%) and Citigroup (-3.9%) on the ground the U.S. federal government may be reluctant to rush to the aid of large banking institutions in difficulty.

United Technologies lost 6.6% after announcing the acquisition of the aerospace supplier Goodrich, whose work jumped 9.8%, an operation that would be the largest acquisition of U.S. industrial giant in 10 years.

London Stock Exchange confirmed on Friday to discuss the purchase of the clearing house LCH.Clearnet, which is coveted by both the service provider Markit UK by rival Nasdaq OMX.

The LSE, which had been, two months ago, put his hand on the Canadian exchange operator TMX Group, said Friday that it "is currently in discussions with LCH.Clearnet to a potential transaction." He added that discussions were preliminary.

LCH.Clearnet, the majority of whose capital is owned by its customers, had said three months ago, she had been in contact about its possible sale.

The LSE said in late May that he did not discuss with LCH.Clearnet.Media evoked them Markit, a specialist in derivatives traded over-the-counter and Nasdaq OMX, in partnership with NYSE Euronext.

For its part, the Financial Times reported Friday that the LSE has submitted a bid for a majority stake in LCH.Clearnet that values ​​the company around one billion euros.

A takeover of the LSE of LCH.Clearnet would be logical in that, unlike most of its competitors, it does not own its main clearing house.

The LSE is already owner of the Italian clearing house CC & G, which it inherited when it bought Borsa Italiana in 2007.The Director General of Xavier Rolet LSE is keen to diversify its business and to increase the share of revenue under the compensation.

"LSE is not to miss the boat but it is likely he will not be part of a larger group with NYSE and Markit," said one trader in London.

The action LSE lost 1.4% to 919.5 pence in early trade while.