International Business News

On the eve of the 51th Paris Boat Show, the uncertainty is set at the manufacturers of pleasure boats in 2012, the sovereign debt crisis with little visibility, while the water sports market has improved slightly in 2010 / 2011.

French production increased 11% between September 2010 and August 2011, compared to the same period in 2009/2010, while the world market has increased slightly from 0% to 3%, said the Federation of Nautical Industries ( FIN).

"We are in a somewhat unique because our customers are there, the practice is growing, but at the same time we are in a period when accumulated outside the marine industry factors of concern," said Yves Lyon Caen, Vice President and President of the END of the supervisory board of Beneteau.

"The day there will be a release of the brakes, mainly psychological, the industry will rebound very important," he pointed out, however.

The rate of exports is 67% in 2010/2011, against 63.2% a year earlier.

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Europe has not found a solution to the debt crisis likely to restore investor confidence, said Friday the European Commission President Jose Manuel Barroso, calling, as a remedy, better integration.

"The truth is that, for now, there is no response to the crisis that sovereign restore investor confidence," said José Manuel Barroso to reporters on the sidelines of a conference in Portugal.

"As long as this does not occur, we will have very serious problems and debates in Europe."

Asked about the possible role of the European Central Bank to the crisis, the President of the Commission considered that it should remain independent.

Many economists believe the ECB should act as lender of last resort for the most indebted countries in the euro area to address the crisis, or that it should resort to quantitative easing operations as do the Reserve Federal and Bank of England to support their economies.

But Germany has so far been adamant against these proposals, arguing that the ECB should remain independent and that its mandate was to fight against inflation.

"We are confident that the European Central Bank will fulfill its role as it has done so far," said José Manuel Barroso.

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The European Central Bank is considering to extend the maturity of its loans to banks in two or even three years, wanting to prevent the crisis in the euro area does not cause a "credit crunch" that would stifle the economy, we learn of sources familiar with the matter.

The ECB considers this unprecedented opportunity, while growing fears of an explosion in the euro area affect the interbank market, banks tend to reduce the number of establishments to which they lend.

For now, the maximum maturity of liquidity operations of the ECB is one year.A bank to finance two or three years from the ECB, it could be misinterpreted. "

Another source said that the ECB was considering the possibility of providing liquidity to maturity in the same vein through several short-term loans, pledging to keep such a line of credit for a period up to three years.

In June 2009 the ECB has proposed for the first time refinancing operations to one year. She repeated this year with a LTRO to 12 months in October and 13 months in December.

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"Line of precaution and Liquidity" provides a credit of the member states to meet their emergency needs. This is one of the G20 commitments in Cannes.

The International Monetary Fund announced Tuesday, November 22 creating a new lending instrument to "break the chains of contagion" of financial and economic crises. The institution said in a statement that its board had given its green light to the "Line of precaution and liquidity" (LPL), which had been promised by the G20 at its summit in Cannes (South East of France) earlier this month. The TPA provides a credit of the member states to meet their emergency needs.It "can be used as a source of liquidity, allowing an agreement six months to meet the needs of short-term balance of payments," said the IMF.

This device replaces another established in August 2010, the precautionary credit line, which has a single member state, Macedonia. The difference is that the old line of credit was designed to be held in reserve, while the news is expected to eventually be used immediately. Countries that are eligible are the same: those with a crisis, and have sound economic policies and undertake to maintain. Executive Director of the IMF, Christine Lagarde, had said at the summit in Cannes that Italy could meet these criteria. To support this country, "the typical instrument we would use is a precautionary credit line.

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The lobbying firm Clark Lytle & Geduldig Cranford offers 850,000 dollars to the Association of American banks to undermine media-movement Occupy Wall Street. These indignant protest against the Wall Street financial crisis behind, growing inequality and policy failures, they accuse of being subject to the bosses of finance or business. They claim to represent the aspirations of 99% of Americans, arguing that 1% of the population owns most of the wealth and is always preferred.

Lobbyists deemed related to banks, proposed a $ 850,000 plan to attack the movement Occupy Wall Street (OWS) and the politicians who would support him, reported Saturday the U.S. television network MSNBC.In a four-page memo, the Washington firm Clark Lytle & Geduldig Cranford (CLGC) propose to the Association of American banks (ABA) to conduct a "search" Occupy on Wall Street to "build a story negative" on the move , "to place in the media," and on "those who support them," according to the memo published by MSNBC. If the Democrats support OWS, "it would mean more than a temporary embarrassment for Wall Street. This can have an impact long-term political and financial companies for the heart" of Wall Street, the memo adds.

"It may be easy to dismiss OWS as a group of protesters demonstrated disordered but rather they should be treated as competing organized, highly skilled and able to work the media.

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The European Financial Stability Fund (EFSF) should be made operational as soon as possible, said Friday the president of the European Central Bank (ECB) Mario Draghi, showing some impatience vis-à-vis the slow progress to date this.

In a speech at the European Banking Congress, Mario Draghi said that the Heads of State and Government of the European Union had decided to launch the EFSF here over a year and a half and decided to leverage capacity four weeks ago.

"Where are we in the implementation of these decisions?" He asked."You must not wait any longer," he added.

The ECB president reiterated that the downside risks to the outlook in the euro area had increased and felt that this activity should moderate and weak pressure on prices, costs and wages.

The new head of the Italian government announced the implementation of the reform of the labor market as well as delaying the retirement age to 67 years against 65 now. Mario Monti.

The new Italian Prime Mario Monti said on Thursday before the Senate that he intended to reform the pension system and labor market, two structural reforms demanded by the European Union and expected by the markets. The Italian pension system is one of the strongest in Europe but it has "ample disparities in treatment areas of unjustified privileges," he said. The Italian system is based on two pillars.

The system of "old age", in which the retirement age should increase to 67 in 2026, against 65 years now, thanks to reforms adopted in recent years such as providing for the gradual increase in the age based on life expectancy.

Burberry reported Tuesday a 26% increase, as expected, its adjusted earnings in the first half of fiscal 2011-2012, thanks to sustained consumption of tourists around the world, and confirmed its annual forecast.

"We remain mindful of the uncertainties and ready to respond to them," said in a statement, however, the British manufacturer of waterproof leather goods founded 155 years ago.

It posted a profit before tax and exceptional items of 162 million pounds (190 million euros) over the six months to September 30, 2011, against an average estimate of analysts polled by Reuters of 159 million.

Last month, the group announced quarterly sales exceeded expectations, saying not yet have found the slowdown in demand despite uncertainty about the evolution of global growth.

Burberry has confirmed its ambition to increase its network of outlets around 15% in the second half, including the opening of eight to ten stores in places like China and Latin America, and that a new "flagship" in Paris.

The values ​​of luxury far seem to defy the crisis, but the uncertainties in this highly cyclical, the question remains whether the growth in Asia will escape the crisis.

The European Commission will Wednesday unveil new rules for new rules to limit the power of rating agencies. The suspension of a rating and the attack to justice agencies include planned. Moody's in New York.

The "blunder" by Standard and Poor's comes almost timely for the European Commission. Brussels Wednesday will unveil a range of measures to regulate rating agencies, and the announcement erroneous degradation of France by S & P should increase the willingness of the European regulatory agances. Details of the measures to be adopted.

Suspend a rating

The Commission will decide to suspend the rating of a State in case of excessive volatility or if it is under European aid program. This decision can be explained by the previous in Greece.

Attack to justice agencies

Any investor can now sue an agency and ask for damages. Brussels wants to create "a European framework of liability in case of serious misconduct or gross negligence." A new measure that should appeal to France after the "true-false" degradation Standard and Poor's.

Impose a turnover in the agencies

Brussels wants to put some competition in the "Big Three", Moody's, Standard and Poor's and Fitch Ratings. The idea of ​​creating a European agency was abandoned now Brussels wants to impose a rotation to the actors who are noted. Clearly, companies and states will be required to change agencies every three years, to encourage competition between agencies. But the idea has been criticized not only by the agencies but also by some of their clients.

Allianz reported Friday a third quarter net earnings well below expectations, the financial market turbulence has sealed investment income of the first European insurer.

The German company posted a net profit of 196 million euros over the period while 14 analysts polled by Reuters had expected an average of 566 million.

Allianz has spent 931 million euros in provisions, mainly on investments in the financial markets.

The cons-performance does not deter investors to buy the title, the emphasis operators operating income.

The latter is certainly emerged down 7.3% to 1.91 billion euros, but above a forecast of 1.71 billion.We do not judge too negatively the fact that the net profit is below expectations because it was caused by a higher taxation and impairment of assets higher than expected, "said Philipp Hässler Equinet Bank.

By 10:00 GMT, taking 1.87% to 74.07 euros while the index grouping the values ​​of the European insurance advanced 0.97%.

Allianz confirmed its target of operating profit between 7.5 and 8.5 billion euros for the whole of 2011 but said that the annual net would likely be less than five billion euros in 2010.