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COR – Nissan denies a project with Renault holding

Nissan Motor and Renault plan to do any combination of the two groups in a joint holding company, said Thursday the Japanese automaker, denied reports the Nikkei business daily.

According to an interview published in the Nikkei, Carlos Ghosn, CEO of both groups as well as the alliance they have formed, expressed such a project citing a transition period of two to three years before being put into place.

"There are currently no plans to establish a joint holding company comprising Renault and Nissan," said the Japanese group in a statement.

"An article published Thursday in the Nikkei corresponded to a misinterpretation of a long interview in which Mr.Ghosn said that the structure of the Renault-Nissan to remain dynamic, "said Nissan, Carlos Ghosn saying that" has not said or implied that Renault and Nissan, heading towards the establishment of a joint holding company ".

In an interview with Reuters in February, Carlos Ghosn said that the capital structure of the Renault-Nissan would be reviewed to improve the balance between the two groups. He then clarified that it would not go through a merger between two manufacturers, adding hopefully a decision within three years.

Shareholders urge Renault Carlos Ghosn to conduct a review of the ownership structure of the alliance with Nissan.Nearly $ 17 billion of capital from Renault are locked in its participation from 43.4% in Nissan. Currently, the market capitalization of the French group, in which the French state and Nissan each have a 15% interest, amounted to about $ 16 billion (11 billion euros).

In the interview with Nikkei, Carlos Ghosn reiterated that shareholders of both members of the alliance should be considered. He also dismissed the idea of ​​a merger outright, stating that this option always resulted in the loss of the identity of a partner.

Analysts remain divided on the issue.Some believe that boosting ties – including a full merger – would reduce the inefficiencies arising from the management of two separate companies.

Others have suggested the contrary to Renault to reduce its stake in its Japanese partner since one-third stake in him enough to ensure control.

According to the article in the Nikkei, the Russian manufacturer AvtoVAZ, owned 25% by Renault and the Romanian subsidiary of South Korean and French group, Dacia and Renault Samsung Motors, were also intended to join the joint holding.

Bringing together in a single umbrella structure entities from five different countries would both develop growth in these markets and reduce expenditures for plant construction and the establishment of commercial networks.

According to this article, Nissan sold 4.08 million vehicles worldwide in 2010, including one million in China.

The Renault shares opened up 2.7% at the Paris Bourse, the CAC 40 index which took 0.2%.

In Tokyo, Nissan has the title closed up 0.96% to 738 yen on the Tokyo Stock Exchange, where the Nikkei finished with a gain of 0.48%.

Estrosi Total tackles

Former Minister of Industry wants a commission of inquiry into the profits of the oil majors. He wants to tax those profits to offset rising gasoline prices. The former industry minister, Christian Estrosi.

The former industry minister, Christian Estrosi (UMP), wants to ask a commission of inquiry to the Assembly on "the benefits of the oil majors," he said Tuesday in the corridors of the National Assembly. Believing that the focus must "purchasing power" of the French, Mr. Estrosi said he would "open tomorrow thereon to Parliament with a commission of inquiry (I drop) on the profits of oil majors. ""How, when released Total 10.5 billion euros in turnover in 2010 (Editor's note: This is 10milliards euros profit, no business chffre), is it not possible to insist – as he pays no corporate tax in our country that it contributes to lower prices at the pump? "he said. Mid-March, the Deputy Mayor of Nice had requested a "windfall tax on oil profits to reinvest in lower fuel prices" in response to soaring prices.

The impact of the earthquake in Japan weighed on European auto industry

European car makers face the risk of a decline in their production if the supply problems in parts from Japan persist, and some analysts estimate that annual profits could be cut by 2.4 billion euros.

Many factories have closed in the archipelago after the earthquake and tsunami of March 11, in turn affecting European manufacturers who import their vehicles for electronic components, semiconductor or mechanical parts – such as levers of speed example – from Japan.

The automotive sector, which runs lean, is particularly sensitive to supply problems, especially as no less than 30.000 pieces are now entering the production of a modern car, coming primarily from a myriad of suppliers.

For the Japanese automotive sector alone, the loss of production in the past two weeks have passed since the earthquake more than 300,000 vehicles.

Some experts believe that the time before production can not find a normal level could be measured in months, not weeks.

FIAT SPA AND THE MOST VULNERABLE

According to Commerzbank, in the unlikely worst case scenario – a complete cessation of the Japanese production for one month – profits before tax in 2011 European car makers might be encumbered by 2.4 billion euros.

The French PSA Peugeot Citroen and Italy's Fiat would be most affected, for example, to the extent that they are less profitable than their German counterparts, more present on the high end.

The bank's analysts consider that in the worst case scenario, the taxable profit for PSA (lack-of-gain and fixed costs including the month in question) would find it slashed 65%, against 44% for Renault .

This percentage will peak at 81% for Fiat, against 22-30% for the German Daimler, BMW and Volkswagen.

This last number one industry in Europe, however, could also be affected by a slowdown in the supply of transmission elements or some sensor that obtains in Japan, is Horst Schneider, analyst at HSBC.

"Even if they can purchase some components from other suppliers, we can imagine that this will generate some additional costs, which could lower EBIT margin (EBIT) of VW for one or two quarters," notes there.

SNOWBALL EFFECT

The research firm IHS Automotive shares the view that a shortage of components related to the natural disaster in Japan could lead to a decrease of 30% of world production of vehicles in the worst case.

PSA began Wednesday to reduce the rate on part of its European sites, after that Hitachi, which supplies a component of diesel engine, has suspended production.

The German automotive supplier Leoni wiring specialist, victim of a chain reaction, should it lose three million euros a week because of production declines in PSA, Cosman says Henning, an analyst at West LB, citing the leadership of group.

Juergen Pieper, an analyst at Metzler Equities, appears to share less pessimistic than his peers.The worst scenario he envisioned limited to two weeks maximum total cessation of production in Japan, about 4-5% of annual sales, and the impact could be offset by him with simple arrangements of schedules work.

The consequences are "in a range that can be compensated by overtime later, and now with schedules or alleviated by putting workers on vacation," Judge said.

The world stock markets should finish 2011 in the green

The major global equity indices are expected to record significant gains by the end of 2011 despite the volatility due to high oil prices, conflict in the Arab world and the crisis in Japan shows a Reuters poll released on Thursday .

Despite the mixed performance since the beginning of the year for global stock markets, this new quarterly survey of some 400 economists and analysts shows that the 18 indices that lists should finish the year in positive territory compared to their current levels.

Several indices may record a double digit growth throughout 2011, analysts believed that there is little risk of the high energy prices and turmoil in the Middle East affect the global economy.

Reuters did not include Japan's Nikkei in its investigation because of the earthquake and tsunami that struck the islands on March 11 and the nuclear crisis that followed.

According to the survey, technical analysts predict that the other indices will bounce back strongly after their correction following the disaster in Japan.

RECOVERY SUPPORT ACTIONS ÉCONOMQUE VA U.S.

In New York, the S & P 500 should show a double digit growth at the end of the year.The median forecast of 51 professionals surveyed by Reuters sets the index at 1,400 points on Dec. 31, a gain of 11.3% over the year.

This figure is higher than in December when the median forecast was stood at 1325 points.The Dow Jones is meanwhile expected to 12,700 points late 2011, an annual gain of 9.7%, against a previous estimate at 12,105.

In the short term, the shares could lose ground because of concerns vis-à-vis the impact of the Japanese crisis and oil prices on the world economy.

However, the gradual improvement of the economic recovery in the United States should offset these concerns and provide more support for corporate profits, as was the case during the rebound of 90% S & P 500 since its low of March 2009.

"We believe that the effects on domestic economic growth will be relatively limited prospects (…) benefits have not fundamentally changed," said Jonathan Golub, head of U.S. equity strategy at UBS.

"The basic measures of the economy continue to improve," said Bob Doll, head of equity strategy at BlackRock. "The retail sales are improving, we begin to see slight job growth, investment spending increases."

Among the positive signals, the unemployment rate has fallen nearly a two-year low in February to 8.9%.Meanwhile, the Fed still plans to continue to support the economy through bond redemptions and keeping interest rates at their lowest for a prolonged period.

ADJUST THE DEBT CRISIS IS CRUCIAL

In Europe, equity markets should display a steady increase until late 2011, supported by robust corporate earnings and a possible solution to the problems of sovereign debt in the eurozone, the Reuters poll shows.

European equities remain cheap after a mean of nearly 6% in 2010, when the euro zone had to bring assistance to Greece and Ireland for their funding and governments struggling to contain the effects of the crisis.

The pan-European index Euro STOXX 50 is expected to 2.950 points at end-June 3150 and late 2010, a gain of 13% over the year, according to the 36 professionals interviewed by Reuters. The Euro STOXX 600, wider, he should win some 11% this year, finishing 305 points.

In detail, the survey indicates that the CAC 40, the benchmark index of the Paris Stock Exchange, gaining 13% in 2011 and in Frankfurt the DAX will advance 11%.In London, the FTSE would end the year up 6%.

If the risks mentioned above can have a negative impact on equity markets, the first threat is the debt crisis in the eurozone.

EU leaders meet Thursday and Friday to reach agreement on a long term solution and end the speculation about the next country to appeal for international aid after Greece and Ireland, many analysts believed that Portugal can not escape it.

But recent statistics, reporting solid growth in Europe in the first quarter, have been encouraging, especially those from the strongest economies like Germany and France, and should provide support to markets actions.

In emerging, finally, the stock should also increase, according to the survey. Moscow's RTS index could show the best performance with a gain of 21.5% over the year, benefiting from surging energy prices.

The Brazilian Stock Exchange and Hong Kong respectively for their expected up 10.4% and 17.2%. In contrast, the Indian Stock Exchange, which has already fallen by more than 10% since the beginning of the year, is expected to spread in late 2011.

Unemployed at the end of rights: the plan is a flop Rebound

The plan would have benefited only Rebound 20,000 unemployed at the end of rights, while 325,000 were originally planned.

The National Ombudsman of employment center, Jean-Louis Walter, admitted Tuesday, March 22 that the plan to help unemployed at the end of rights was far from its targets, confirming the figures quoted by Le Parisien 20,000 325,000 beneficiaries provided origin. "At ten, to the nearest hundred I agree with the figures quoted by Le Parisien," said Jean-Louis Walter.

The plan Bounce, established in June 2010, is intended to some 325,000 unemployed exhausted their rights in 2010 and not entitled to any income replacement. It plans to offer a contract primarily aided or paid training, or special assistance monthly capped at around 460 euros and limited to six months.

The daily Le Parisien, only "8,000 unemployed in late fees would have got training, 4,000 and 8,000 contracts helped affect the interim assistance paid to the unemployed which we have offered training or assisted contract. According to the mediator, employment center, "there are no official figures on the operation," "it's radio silence on the subject."

"In agencies where there were lots of things to offer, our officers would not wait that people become long term unemployed. The long-term unemployed, this is not a magic wand but operations operations long term, "he said.

For its part, has estimated the employment center in a statement to 118,000 people the number of beneficiaries of the plan Bounced late October 2010: 35,000 people had received training paid and 75,000 received a subsidized contract.The exceptional assistance has been paid to 8,000 job seekers.

In November 2010, the Ministry stated that "128,000 unemployed workers exhausted their benefits had been offered a solution." A final evaluation plan results Rebound is underway and will be presented "in the coming weeks the board of directors," according to the employment center.

Paris and European stock markets close an up sharply

Paris and European stock markets were closed Monday up strongly, supported, like New York, by the glimmer of hope to settle the nuclear crisis and Japanese announcement of the acquisition of T-Mobile USA AT & T for $ 39 billion .

The CAC 40, which lost 1.75% last week, closed above 3,900 points, gaining 2.47% to 3904.45.The index has filled a "gap" Bearish (difference between the lowest of the day and the highest of the day) opened on Tuesday (from 3871.22 to 3820.79) at the height of the disaster in Japan.

The bank Societe Generale (3.64%), BNP Paribas (2.27%) and Total (+1.85%) were the main contributors to the increase in ACC 40.

France Telecom gained 3.53%, benefiting from the revival of mergers and acquisitions in the sector following the announcement of the sale of U.S. subsidiary of Deutsche Telekom to AT & T.

EDF, which has lost more than 10% last week after the explosions in nuclear reactors of Japan, finished top of CAC 40 with a gain of 5.17%.

No value of the index in Paris was not finished in the red.

London won 1.19%, 2.28% Frankfurt.The European indices, STOXX 50 and the FTSEurofirst 300, 2.34% and 1.7%.

The euro rose above $ 1.42 and is trading around 1.4202.

A barrel of U.S. light crude gained $ 1.22 to 102.29.

CORR – Nespresso is more than 3.5 billion Swiss fcs CA

The Swiss subsidiary of Nestlé Nespresso is a turnover of 3.5 billion francs in 2011, said Friday its chief executive.

"We'll continue to see double-digit growth," said Richard Girardot in an interview with Reuters in Lausanne on the occasion of the twenty-fifth anniversary of the brand.

"Sales are expected to exceed 3.5 billion francs, and he is a conservative," he said, adding that Nespresso plans to open fifty new stores in 2011.

Sales of the brand, famous for its advertisements featuring the actor George Clooney, amounted to 3.2 billion francs last year.

About Japan, Richard Girardot has indicated that despite concerns, the company's activities should not be affected.

"No staff was injured.We are currently organizing the transfer of 41 employees to Kobe, "he said.

Among its sources of concern, the boss also spoke of Nespresso coffee prices and supply for high-quality grain.

"We will probably slightly increase our prices," he said, placing the fork within 5%.

In early March, the futures price of arabica have touched a high of 34 years, after which the crop yield was less than normal in Colombia, a major producer countries.

Demand for coffee pods has grown substantially in recent years which has encouraged the proliferation of competing products operating on different machines, such as Senseo, Sara Lee's U.S. or Tassimo Kraft Foods.

"For now, the coffee dose is about 8% of the total market for coffee.This share could double in ten years, "said Richard Girardot.

But products that are compatible with Nespresso machines have also emerged, which led Nestle to sue against manufacturers of compatible with Nespresso capsules, such as Sara Lee, Denner, a leading food retailer in Switzerland or Ethical Coffee.

Ethical Coffee, a company headed by former boss Jean-Paul Gaillard Nespresso, Nespresso has countered by accusing of having modified its machines to make them incompatible with the pods of the competition. Nespresso thus infringed a patent for Ethical Coffee.

"This is not true. We are Nestle, we respect the rules," said Richard Girardot.He stressed that the company began to sell machines equipped with a sort of hook in January 2010, before the pods do not see copies of the day. It was, he says, to avoid own Nespresso capsules remain trapped in machinery.

The state has helped more companies in trouble in 2010

Despite the beginning of economic recovery, the Ministry of Economy in 2010 has increased its intervention in industrial restructuring, playing an intermediary role in issues of "crisis".

In total, 79 companies were followed by Ciri (Interministerial Committee for Industrial Restructuring), or 122,000 jobs, said its annual activity report presented Thursday.They were only 69 to 97,500 jobs in 2009.

Of these 79 cases, the organization boasts 45 positive outcomes, or 62,000 jobs safeguarded.

The Ciri, part of the Strategic Investment Fund (ISF) and OSEO among other things, the "toolbox" of industrial policy of the state, explains the growth of its business leaders better anticipate, but also by the appearance of specific tensions related to the changing conditions.

"In crisis, for companies who want to stay in the race, we need to reinvest," said Fanny Leti, Secretary General of Ciri."But the capital has been eaten and the cash is sometimes ground level."

This time, she says, is also a key moment for overcapacity in sectors such as automotive and printing, which sometimes leads to consolidation at European level.

The Ciri, which focuses on companies with more than 400 employees, seeks to facilitate discussions with banks, suppliers and shareholders.And potential new investors, financial or industrial, when the need arises.

Some companies understand the Ciri after an LBO (leveraged buyout), which translates into increased financial pressures, sometimes under pressure from banks.

"We are in a regulatory approach, facilitation and mediation between the company and all its partners," said Fanny Leti.

The industry, automotive to furniture through food, represented two thirds of cases handled in 2010 and 70% of the jobs concerned.

Among the positive outcomes which has contributed Ciri last year include the debt restructuring of the furniture manufacturer Parisot (3.

The IEA lowered its forecast for global oil demand

Global demand will be lower in 2011 than originally expected, said Tuesday the International Atomic Energy Agency (IEA), which lowered its estimate of 10,000 barrels per day (bpd) to 1.44 million bpd.

The agency estimates that the soaring oil prices may affect demand.

"Empirically, the previous oil shocks have had a visible effect on the gross domestic product.The supply-side shocks tend to be felt a few months later, while the impact of shocks to demand are usually visible for about a year later, "the agency said in its monthly report.

World oil production rose to a record above 89 million bpd in February, despite a decline in crude production by the Organization of Petroleum Exporting Countries (OPEC), Libya consequence of the conflict.

The IEA has also held that Japan had sufficient spare capacity in its power plants to offset the losses of electricity from nuclear power after the quake on Friday.

Japan: The meltdown of the reactors is possible

A third reactor at the Fukushima plant's turn to cooling problems while the state of emergency is still in force in three power plants. Follow the crisis hour by hour. The central Fukushima 1

– Another explosion took place in central Fukushima 1. She hit the reactor building No. 2. But as in the case of units 1 and 3, the containment is intact.

– The Japanese nuclear safety authority excludes a Chernobyl-type accident. Leaks are very important nevertheless been identified.

– 200,000 people were evacuated around the reactors in question. 190 have been irradiated.

– France calls on its nationals located away from the Tokyo region.

1:43 p.m.: The spokesman for the Japanese government is currently holding a press conference. If he recognizes the seriousness of the situation, it is reassuring.An explosion of Chernobyl-type is "unlikely", the radiation levels around the plant are "tolerable" and the work of cooling are "going with a good hope of success." He admitted however that a reactor core meltdown is "likely."

1:26 p.m.: excellent graphics (in English) The New York Times about stopping a nuclear reactor.

1:23 p.m.: Kyodo, could probably have two reactors in Fukushima partially melted 1.

1:21 p.m.: The government considers unlikely a big explosion in reactor No. 2 (Kyodo)

1:17 p.m.: the blimp that flies over Paris as the radioactivity present in the Paris France.But this operation was planned a long time, as confirmed Secrétatariat General for National Defence, quoted by AFP.

1:13 p.m.: steam – probably radioactive – Lax since reactor No. 2

24:28: Kyodo said that the fuel rods are again within 30 cm of water. One that is still very insufficient, expert says the Guardian.

24:23: power cuts occur in several prefectures, including Tokyo. It was planned and announced by TEPCO, which should reduce electricity consumption since the closure of several of its plants.

24:17: Kyodo confirms that the fuel rods are in the air.The risk is compounded fusion.

24:06: According to Jiji, a Japanese news agency, the merger can not be excluded in reactor No. 2.

12h05: Switzerland suspends its plans to renew nuclear power plants (Official)

12:03: The nuclear fuel rods from reactor No. 2 are completely in the open air because there is more water, because of the failure of the cooling system.

11:45: The agency Jiji said that engineers fail to cool the reactor No. 2 of Fukushima.

11:14: The rating agency Moody's expects "heavy losses" for insurers and reinsurers. the German Munich Re and Hannover Re, Scor French, Swiss, Swiss Re, Berkshire Hathaway the U.S., and PartnerRe and Everest Re Bermuda should record the highest gross losses.Scor lost 5% this morning at the Paris stock exchange.

10:30: The U.S. military says that his personal aircraft carrier, the Ronald Reagan sent to the coast affected, received doses equivalent to one month of natural radiation.

10.10am: There is absolutely no possibility of a Chernobyl, "said Koichiro Genba members of the ruling party, in reporting the opinion of the Agency for Nuclear and Industrial Safety.

9:45: The Japanese Nuclear Safety Authority has confirmed to the IAEA (International Atomic Energy Agency) about the explosion of Reactor No. 2 (see video of the plant in Fukushima. Nevertheless, the IAEA said that " the reactor building exploded but the safety cabinet was not damaged. The control room of Unit 3 is operational. "

9:30: "The situation is worrying" said Eric Besson, Minister for Industry, Energy and the Digital Economy."We're in a serious nuclear accident since it was leaked radioactive, but it is not a disaster," he said on France Inter.

9h20Après the explosion of reactor No. 2, TEPCO, the operator of the plant, trying to SCWI of seawater inside. He admits not knowing if the water has reached its target.

9am at the opening of the Bourse de Paris, as Areva yielded nearly 10%. EDF's by almost 5%. TEPCO lost 23.4% in the Tokyo Stock Exchange.

7am – 9am: Morning all radio stations are devoted to the crisis in Japan. The nuclear debate in France is strongly boosted.

8:24: TEPCO confirms that the cooling system of reactor No. 2 is also down. Those of Units 1 and 3 have been since Friday, the day of the earthquake and tsunami. The central Fukushima 1 includes 6 reactors in total.

7:21: The water level decreases in reactor No. 2 plant in Fukushima.Increasing difficulties to cool the heart.

6:20: start shedding. Electricity is alternately cut through the ward in northern Japan and the Tokyo area. TEPCO wants to regulate demand while the supply of electricity is hampered by the judgments of five nuclear power plants.

4:00: explosion at the reactor No. 3 at the Fukushima.

Sunday night: IRSN, Institute of Radiation Protection and Nuclear Safety, confirms "leaks very important"