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.
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.
This is what the UMP Hervé Mariton. The Liberal member for the Drôme also wish not to replace two out of three employees retiring. Manifestation officials Paris in January 2009.
The former UMP minister Hervé Mariton calls Tuesday to increase the working time of officials "without additional compensation" and not to replace, for three years, two out of three employees who retire, two against one now. The Liberal member for the Drôme this Tuesday night on behalf of his political club Reform and Modernity, 24 proposals to be the presidential debate of 2012.
One suggestion is to increase the working time of employees without additional compensation.The increase in working hours would be modulated depending on the grade: an extra hour per week for officials in grade C (lower level), two hours in class B and three hours in Category A.
Hervé Mariton also wants to go beyond the rule of non-replacement of an official two retiring, established in 2007 by the government. It offers up to two of the three officers for three years. He also wants to convert some officials to "priority tasks" and launch a RGPP (General Review of Public Policy) "local".
Among his other proposals, Hervé Mariton wants to "prohibit" any public aid to enterprises, "except for research," "decentralize" employment center and introduce "a quarter of alternation," "mandatory and paid" at the end of class first.
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.
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.
The Japanese government said Monday it for the first time in six months, revised downward its assessment of the economic situation, saying the slowdown in global growth weighed on the pace of recovery in output and exports.
The study involved monthly in Tokyo ten days after the Bank of Japan (BoJ) left its monetary policy unchanged, based on the assumption of a recovery at a moderate pace of the Japanese economy.
On this occasion, the central bank had, however, highlighted the growing risks weighing on the country's economic activity, the European debt crisis and the depressed global growth.
"The Japanese economy is still expanding while the decelerating pace of recovery against a backdrop of persistent difficulties related to the earthquake (11 March)," the government in its study.
The third world economy plunged into recession following the natural disaster occurred at the end of winter.
But production and exports have registered a marked increase in recent months, companies have made great efforts to replace the various production lines and delivery and to reopen factories.
The government has revised down its expectations in terms of exports, industrial production and household spending for the first time since April.
"Even if transport equipment support exports, electronic products and machinery equipment weaken, reflecting the slowdown in the global economy," said Shigeru Sugihara, head of macroeconomic analysis to the General Secretariat of government.
The report is, as always, writes that the government expects the Bank of Japan that support the economy "by appropriate monetary policy actions and decisive, and in close cooperation with the government."
According to sources familiar with the matter, the Japanese central bank is likely to revise downward its growth forecasts in a semi-annual report to be published by the end of the month.
Nearly three-quarters of Japanese companies expect a stagnation of the economy in the coming months, and 12% of them see it fall into recession because of growing concerns about global activity, shows a Reuters poll published on Friday .
The president of MEDEF, Laurence Parisot, fears a slight decline to the difficulties facing the banks. The president of MEDEF, Laurence Parisot (here in May 2010), estimates that the economic program of the National Front for the presidency would ruin France.
The president of MEDEF, Laurence Parisot, ruled Friday that there was "some micro-signs" pointing to a tightening of credit to businesses, but little else, while the current reduction of bank balance sheets is likely to cause dry credit.
"There are some micro-signs but no more than that. The banks have increased their credit to the economy in a fairly regular basis. The latest figures we have are rather reassuring. It is 4%," said Ms. Parisot on France Info.
"Of course we will be very careful.I call on the French banks today to maintain the effort they have undertaken since 2008 to support our VSE (very small) and our SMEs (Small and Medium Enterprises), "she said.
The prospect of entry into force of the new regulatory framework and Basel III said the current tensions in financial markets causing some difficulties in short-term funding of banks encourage institutions to strictly control and often reduce the size of their balance sheets . This can be done through asset sales or a reduction commitments, that is to say loans.
Havas reported Tuesday a slowdown of its turnover in the second quarter but its operating margin improved significantly, however, in favor of a strict cost control.
The sixth largest global advertising did not provide forecasts for the full year 2011 in a statement.
In the first half, the group recorded organic growth of 5.6% of its turnover to 765 million euros, while analysts' estimates ranged from 6.0% to 6.5% organic growth in a range between 767 and 776 million euros turnover.
For comparison, the worldwide WPP grew 6.1% while the French Publicis rose 7.1%.
The second quarter alone, Havas rose by 4.5% after 6.8% in the first three months of the year against 7.6% and 7.2% for Publicis to the American Omnicom.
The group suffered from particularly persistent problems in Southern Europe, including Greece, Spain and Portugal.
Throughout the first half, the group, including Vincent Bollore is the chairman and largest shareholder, has recorded 940 million euros in net gains budgets, against 1.2 billion during the same period last year.