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.
The Community budget of the European Union will increase to 129 billion euros in 2012, an increase of 2% in line with inflation, according to the agreement reached Saturday morning after fifteen hours of negotiations.
The agreement is a victory for European governments, struggling with the financial consequences of the debt crisis in the euro area, rejected the will of MEPs to increase the Community budget of over 5% next year .
But by linking the progress of Community resources on expected inflation in 2012, the EU could find itself unable to meet certain expenses, prevent some European officials.
Outgoing Prime Minister and opposition leader have agreed on the names of the ministers of the next coalition government. They should announce it in the day. President Papoulias with George Papandreou and Antonis Samaras.
Greek Prime Minister outgoing, George Papandreou and his conservative rival, Antonis Samaras agreed to form and announce "that day" the new coalition government that they negotiate for three days, told AFP a government source . "There is an agreement on the course, which provides that Mr. Papandreou will make by the beginning of the afternoon at the head of state, who then convene a meeting of leaders of political parties during which agreement will be recognized and announced the composition of the new government, "the source said, but to come forward on behalf of the future prime minister, whose only certainty is that this is not Mr.Papandreou.
Three days after international issues overshadowed the G20 summit in Cannes, the budgetary situation and policy in Greece and Italy will again be the focus of discussions among finance ministers of the euro area and European Union on Monday and Tuesday in Brussels.
The meetings of the Eurogroup and the Ecofin Council will kick off a new week decisive for the future of the single currency.
The European Central Bank lowered its key rate to 1.25% against 1.5% so far. The new president of the institution Mario Draghi must hold a news conference this afternoon to justify this choice. The Governor of the Bank of Italy, Mario Draghi, should succeed Jean-Claude Trichet for the presidency of the European Central Bank.
The European Central Bank (ECB) decided on Thursday to the surprise of lowering its key rate a quarter point to 1.25%, it had noted in the same proportion there is barely five months.
Since the launch of the euro on 1 January 1999, the ECB changed its rates 34 times (18 increases and 16 decreases).
The European equity markets and U.S. signed remarkable performance under the agreement Wednesday night in Europe on Greek debt restructuring, capacity building fund to support the euro and the recapitalization of banks in Europe.
European authorities have in fact agreed to recapitalize the banking system of the European Union to the tune of 106 billion euros and received in exchange for bankers they divide by two the value of government debt securities held in their accounts to try to stem the debt crisis in the eurozone.
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.
Thursday Fitch lowered the long-term issuer credit rating of Lloyds and Royal Bank of Scotland to A, AA-cons before, considering that the probability of the British government come to their rescue had fallen.
Friday, its rival Moody's had downgraded 12 financial institutions in the UK, including Lloyds and RBS, also citing the likelihood of public support for any future crisis.
The rating agency, has downgraded its rating floors for UK banks of systemic importance, says in a statement placing the Barclays notes under review with negative implications, highlighting its exposure to volatile market activities .
"The dynamics of support are changing in the UK," Judge Fitch.
"Not only the banking system is large compared to the rest of the UK economy, but there is also increased political will to reduce the implicit support for banks."
Lloyds and RBS are held respectively 41% and 83% by the British state.
Around 1:50 p.m. GMT, action Lloyds lost 4.66% to the London Stock Exchange, while RBS yielded 2.91% and 5.08% Barclays. The Stoxx Europe 600 sector at the same time gave up 3.58%.
In 2025, the share of the Middle Kingdom in world trade will reach 13%, according to HSBC. That of Germany will decline by 8.2% to 7.2%, while France would decline from 3.9% to 3.1%. China in 2011 the most populous country in the world with 1.33 billion people
You feel that China dominates world trade? You have seen nothing yet. A study by HSBC, China will become the world's largest exporter by 2020, before the United States. In 2025, the share of the Middle Kingdom in world trade (exports plus imports) reach 13%. "This is the only country that should see its share rise by more than three points over the period 2011-2025," said Alan Keir, director of the corporate market for the HSBC Group.The reason for this shift history: the close trade links with other emerging countries.
In recent years China's secure raw material supplies by investing in Latin America, Asia and Africa. It also provides consumer goods to the entire developing world, where demand is exploding. Between 2001 and 2010, for example, trade between China and Brazil has jumped 1000%! Now Brazil will be one, within fifteen years to come, of the most commercially vibrant. Its trade increase by 144% over the period 2011-2025. Vietnam, Indonesia, Egypt and India, where trade will grow even faster, also used as a springboard for Chinese companies.
Further decline in the share of France
This dynamism of trade in the emerging world will lower the share of industrial countries in world trade.This is the second lesson of the study of HSBC. Germany, for example, would see its share decline from 8.2% to 7.2% by 2025. But German companies working more with businesses in emerging Europe (Poland and Czech Republic) in order to remain competitive. North America, meanwhile, would be able to maintain a market share of 14.5% in 2025 (against 14.3% today) thanks to exports of pharmaceuticals to developing countries.
And France? Our country accounted for 3.9% of world trade at the end of 2010. This figure could fall to 3.1% in 2025. France has a strong industrial base, including aerospace, engines, pharmaceuticals and motor vehicles. But our trading partners in most European countries, where growth is relatively low.But the study by HSBC is clear: to Asia that the new trade corridors are created. The experts are betting on an increase of 120% of trade between France and India over the period 2011-2025. But this is hardly impressive in the light of developments in world trade (73% expected over the next 15 years). China, by comparison, has tentacles ten times faster.
Moody's Investors Service on Wednesday downgraded by one notch the notes of Credit Agricole and Societe Generale, citing their exposure to the Greek economy.
Moody's lowered the rating one notch to the long-term debt and deposits of Societe generale de Aa2 to Aa3 with a negative outlook. Moody's believes that the impact of supervision on the Bank Financial Strength Rating (BFSR) will be limited to one notch.
For Credit Agricole, Moody's downgraded the BFSR a notch, from C + to C, and brought the note from the long-term debt and deposits one notch, to Aa2 from Aa1.
About BNP Paribas, the agency kept under review with negative implications the long-term rating Aa2 and deposits, and the note of B-BFSR.She believes it is unlikely that this under surveillance results in a downgrade of more than one notch.