Munich Re has done better than expected in 2011 with a net profit of 710 million euros, supported by the positive fiscal impact of damage paid last year, and expects to find in 2012 profit levels achieved in previous years.
The annual result of the German reinsurer, before deduction of minority interests, is significantly higher than the 590 million euros expected on average by four analysts polled by Reuters, while being significantly lower than the net profit of 2.43 billion euros achieved in 2010.
"Munich Re expects for 2012 a return to results equivalent to those recorded before the year 2011," we learn in a statement.
The world of reinsurance also announced in a statement that it intends to maintain its dividend for 2011 to 6.25 euros per share.
The title Munich Re was stable around 13h00. He lost nearly 12% of its value in one year as a result of earthquakes that hit Japan and New Zealand and storms in the United States.
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Japanese stocks ended up Thursday in the wake of coordinated action by central banks to release the funding of banks has seized up with the debt crisis in Europe.
The Nikkei gained 1.93% or 162.77 points to 8597.38 points and the Topix, broader, took 1.59% or 11.55 points to 740.01 points.
Financials have been sought. The banking index gained 1.59%. Sumitomo Mitsui Financial Group gained almost 3%.
Daiichi Sankyo has gained nearly 2% to 1,400 yen.
Interest rates on debt italiennent again flirt with record highs. The rate stood at ten this morning at 7.24%, close to the recent record of 9 November when it reached 7.48%.
The bond rate to ten years in Italy continued its flight Friday morning, dangerously approaching its record high, while Rome was able to borrow 10 billion euros in the markets but at astronomical rates. Around 11:45, the yield stood at 7.247% Italian, against 7.081% at the close Thursday. He had reached Nov. 9 the highest since the creation of the euro area to 7.483%.
A borrowing rate of 7% is considered unsustainable in the long term by experts for a country to be able to honor its debt. "The award has not gone well, which puts further pressure on Rome and its new government," said Cyril Regnat, bond strategist at Natixis.
An ad for a room of 4.5 m² sold 38,000 euros has rekindled the controversy over the excesses of the real estate in Paris. Should we see evidence of a "market shacks" and the activity of the slumlords? Elements of response. http://www.flickr.com/photos/gcattiaux/
"Avenue Théophile Gautier, the seventh with no elevator. Refurbished room with skylights, approximately 4.5 m2 floor, WC on landing. Ideal office or residence. Price: 38,000 euros … Or nearly 8500 euros per m2. " Wednesday blamed the Liberation journalist Tonino Serafini, this ad has revived the controversy over the excesses of the housing market in Paris.
"Prices are high in Paris in general. They can go up to 12,000 euros per m²" says Jean-Yves Mano, the deputy mayor of Paris in charge of housing. Theophile Gautier Avenue, the average price rises in 9200 and euros, or 700 more than the closet in question.According to the election, "it's the size that is unreasonable. This announcement is outrageous and I hope no one will respond favorably" says he. The site pap.fr, who had published, was also quick to remove it.
But it is far from an isolated supply. "Further announcements show that there is a market shacks" said Libération journalist also on his blog. It evokes a room as well rue du Faubourg Saint-Denis (Paris IX) of 6 m2, or another in the 17th, 7 m2, both at 45,000 euros. But who are the real buyers in this market? What is their purpose?
Merchants of sleep?
The law prohibits a surface lease under 9 m², considered minimum level of decency. "But I do not see anyone buying a small area at this price if not for the purpose of return" admits Jean-Yves Mano.
France Telecom announced Wednesday the appointment of Gervais Pellissier for the position of Chief Operating Officer and the appointment of three new deputy directors-general.
The appointments take effect on 1 November 2011.
Gervais Pellissier will retain his position as executive director in charge of finance and information systems group, is it said in a statement.
In addition, Group CEO, Stéphane Richard decided to appoint, with effect from 1 November 2011, Delphine Ernotte Cunca, Executive Director of Orange France, Pierre Louette, Executive Director in charge of the General Secretariat, Division France and Operators purchases and Bruno Mettling, Executive Director in charge of human resources.
Jean-Philippe Vanot, France Telecom has therefore now four deputies.
The action France Telecom closed Wednesday at 13.11 euros (0.69%). She lost 15.93% since the beginning of the year.
Germany justified its refusal to grant a banking license in EFSF citing treaties. But there are other explanations that the legal argument to explain the veto of Angela Merkel. German Chancellor Merkel, Slovenian Prime Minister Pahor and President Sarkozy in Brussels.
"The treaties do not allow it." In explaining his refusal of the French proposal to transform the European Financial Stability Fund (EFSF) in the bank, allowed to refinance at the ECB, Berlin relied on legal argument. This is one reason that stands. But that does not really understand the inner motivations of this veto.
Avoid a slap in the Bundestag
To convince Germany, Angela Merkel is not only that we must win, but all members of the Bundestag.The German Constitutional Court has recently decided as follows: all decisions on the euro zone must obtain the approval of Parliament. And given the difficulties faced by the Chancellor with his coalition, the vote of an instrument that could be used to finance massive debt fragile seemed complicated. All the Green MPs a vote last week has mandated an agreement of 620 elected and not 42 members of the Committee Affairs budget as planned initially. "Presumably, if the French proposal was adopted, the vote could have given rise to heated debates and passionate," said Céline Antonin, an economist at the OFCE.
Preserve the independence of the ECB
The institution is far out of his terms for a year and a half.She began to buy back debt from fragile countries in May 2010 (Greece, Italy and Spain in particular) and a further 4.5 billion euros of bonds last week, more than double the week before. In total, the amount of transactions on the secondary market amounted to 170 billion euros. The ECB has also put hundreds of billions of euros of liquidity available to banks that have struggled to find on the market conditions as favorable. But Germany has reluctantly agreed to these interventions. So was it not possible for her to give the EFSF a kind of drawing right on the ECB via the proposed banking license. Berlin would prefer to see the guardian of the euro back to its original objectives of controlling inflation, according to Céline Antonin. "It was created on the model of the Bundesbank.And right now we try to avoid it too so its mandate, even if the buyback is expected to continue in the coming weeks, "said the economist. According to the German press, the capacity of EFSF not would not be sufficient to take the baton, they should buy back the debt jointly.
Avoid stopping just over the ECB balance sheet
If the French solution was preferred, the EFSF would have borrowed directly from the ECB. In exchange, the Fund would have a guarantee of debt securities of countries weakened. This would have meant to burden the balance sheet of the institution and, ultimately, to require states to put the hands in their pockets to recapitalize the institution. Germany wanted not to get there, especially since the ECB has already accumulated a lot of bad loans."Central banks have already full of rotten loans, credit claims more toxic than the debts of the states in trouble," said the economist and the OFCE, Jean-Paul Fitoussi.
No decision will be announced following the summit of the euro area held late Sunday afternoon in Brussels, even if the work is progressing well, said Nicolas Sarkozy and Angela Merkel.
French President and German Chancellor, speaking at a joint press conference after a summit in the first twenty-seven on Sunday morning and noon, said the work "techniques" were still to be completed by the next level of the EU and the euro area on Wednesday.
"Work is progressing well on the banks of the fund and the potential use of this fund are tightening the assumptions and broad agreement is taking shape.On the issue of Greece things are progressing.
The transformation of the European Financial Stability Fund (EFSF) in the bank, which insisted on France, no longer part of the options considered by the finance ministers of the euro, has also said Angela Merkel.
Without commenting on this issue, Nicolas Sarkozy said that France was just as attached as Germany the independence of the institution in Frankfurt, which is itself hostile to the possibility of granting a banking license and Unlimited funding EFSF.
"No solution is viable if it does not have the support of all European institutions," said Nicolas Sarkozy.
The two leaders also said they 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.
"I hope that decisions will be taken (…) Italy is a major economic force but Italy has a very high public debt should be reduced in a credible way in the coming years," said 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," said Nicolas Sarkozy.
Inflation in Britain has reached its highest level for three years in September, according to official figures released Tuesday.
The National Statistics Office (NSO) said that consumer prices increased by 0.6% a month to month and 5.2% a year, their largest increase since September 2008 after 4.5% in August.
Analysts expected a 0.4% inflation a month to month and 4.9% year on year.
The ONS said the price increases by four of the six major utilities companies were included in the figures for September and that those of the two remaining ones would be in October.
The post electricity, gas and expenses jumped 18.3% year on year in September, said the ONS, while transport costs increased by 12.8%. The food prices have increased by 6% each.
The Bank of England (BoE) expects inflation of 5% this year, well above its 2% target, but the recent deterioration in economic outlook augurs a return in the medium-term objective the BoE, which is 2% annual rate.
The guarantee will be given to the bad bank Dexia should not lead to questioning of the note debt of France by the three U.S. credit rating agencies, Standard and Poor's, Moody's and Fitch. The rating agency Standard & Poor's has lowered a notch Friday, August 5 sovereign rating of the United States, from "AAA" to "AA +".
The rating agency Standard & Poor's said Monday that the AAA rating of France, the best possible, was "justified", with a stable outlook, according to Moritz Kraemer, head of European states in an interview with Bloomberg TV.
Triple A is "justified", he said, adding that S & P maintains a "stable outlook on the rating for the moment." "As an agency we report rating the risk of a decline in the note by changing the negative perspective", said Mr. Kraemer, which is therefore now not the case in France.
Mr. Kraemer was questioned the ability of France to maintain its triple-A given the state of public finances and debt. "However, we continue to monitor the discussions in the political line of sight with the presidential election approaching, to know the strategy to reduce the debt ratio," he detailed. He added that "the main challenge lies in public finances," a major problem in the euro zone for him. Mr. Kraemer said that France has already taken steps to control its spending and reduce its deficit and found particularly "solid" pension reform.
These words occur while the representatives of the Belgian, French and Luxembourg have agreed Sunday to provide a guarantee of 90 billion euros to Dexia's funding to facilitate its dismantling.Moody's, one of the competing U.S. S & P, said Monday that the impact of this guarantee on the note of the French state will be "limited".
As for Fitch, she believes that "exposure to Dexia is quite modest relative to GDP (gross domestic product) and does not in itself a significant risk to the note of France," said Maria-Mroueh Malas, Director the division rulers.
The agency also believes that the government's commitment to stabilize the banking sector is beneficial because it removes uncertainty and helps to resolve the crisis in the euro area. "France still enjoys an exceptionally strong financial flexibility and prudent economic management, strengthening its ability to withstand economic shocks," said Fitch.
The Minister of Finance, Baroin ruled Monday that the decommissioning has an impact on the sovereign rating of the Hexagon, the three major rating agencies. "For the rating agencies, we are one of the best worldwide brands and will remain" thanks to structural reforms and the policy of reducing expenditures and compliance with the schedule that the French government has become, at he promised.
Paris opened on Monday morning, down 2.30%. If no decision within the euro area on the second bailout of Greece announced a new black day. The trading floor in Frankfurt
Divisions within the euro area on the Greek case and the problems of sovereign debt have to plunge again European stock markets Monday morning at the opening, banking stocks are once again very abused. The Paris Bourse opened a decline of 2.31%, 2.26% Frankfurt, London, 1.35%, Milan and Madrid by 2.6% from 2.51%.
In Paris banking stocks were the front line, BNP Paribas lost shortly after opening more than 3% and Societe Generale more than 6%. Same as in Frankfurt where Deutsche Bank lost 4.58% to 23.95 euros while that of Commerzbank fell by 4.36% to 24.01 euros.
"If no decision within the Ecofin early advocates for a tough week in the financial markets," said Christian Parisot Monday, economist at Aurel-BGC. The results of a meeting of EU finance ministers who were to consider the Greek case and the situation in the euro zone where European leaders have shown once again divided and little progress on the second aid plan Greece had already begun to engage in part the modest revival of optimism late last week.
European shares had done so in a disorganized, earning 1.18% Frankfurt, London and Madrid 0.58% 0.61% while Paris fell by 0.48% and 0.65% in Milan. Caution was also put in Friday on the eve of the weekend on Wall Street, where the Dow had gained 0.66% and the Nasdaq 0.58% at closing.
Monday, while no major economic indicator is expected, investors will be especially attentive at 1400 GMT, the Speech from the President of the United States, Barack Obama, which should offer a new deficit of 3.000 billion.