International Business News

Toyota Motor, the leading Japanese automotive, said he expected to experience a substantial increase of its annual operating profit to more than 1,000 billion yen (9.7 billion euros), unprecedented since the outbreak of the financial crisis.

From January to March, Toyota has increased its quarterly profit more than fivefold to 238 billion yen, while analysts expected 223 billion yen.

This increase is partly explained by a gradual return of the group's production to previous levels to natural disasters that have disrupted last year.

Net income for the fourth quarter of fiscal offset has meanwhile risen to 121 billion yen against 25.4 billion last year. 

At a press conference, CFO Satoshi Ozawa has stressed "the extraordinary contribution of cost reduction efforts."

Akio Toyoda, grand-son of the founder of the group, has embarked on a strategy to reduce costs in all segments, Japanese production lines to those of Mississippi, through the design and engineering involved in the creation of new vehicles and equipment.

IMPROVING MARGINS

The aim is to boost margins Toyota and ride the wave of recovery in sales. The group said it expects to improve its margin to 4.5%, against 1.9% last year, allowing it to move closer to its goal of 5% that he wants to wait until 2015.

It is however far from the 7.1% margin posted by Nissan or Honda's 6.5%. It is even less than half to more than 10% of South Korea's Hyundai.

In fiscal 2012/2013 in progress, the group expected to increase its operating profit to 1.000 billion yen, while analysts expect 990 billion. Toyota also predicted a net profit increase to 760 billion yen against 284 billion for the year 2011-2012.

These comparisons are favored by the difficulties encountered last year during which Japan was hit by an earthquake and a tsunami before Thailand, where lies much of its production line, is in turn affected by floods.

Despite the strength of the yen, the main obstacle to its exports, Toyota is committed to build at least 3 million vehicles this year in its factories in Japan, nearly triple production of its local competitors, Honda and Nissan. 

Toyota has also said that its sales in emerging markets were in line with its projects, particularly in China, where sales from January to April will allow him to imagine a million sold annually vee ; vehicles.

Toyota announced in April a new program to reduce development costs by more than 20%, with an emphasis on sharing components.

Action Toyota ended unchanged Wednesday, before the publication of its accounts. She won more than a third since the low hit in late November by the Exchange.

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The Commission has categorically denied the information relayed by the daily El Pais, that it was preparing an investment plan of 200 billion euros to boost growth. The European Commission President Jose Manuel Barroso.

The renewed growth in Europe is still debated. The European Commission denied on Monday preparing a kind of Marshall Plan for growth in the EU which would mobilize 200 billion, arguing that the figures quoted by the daily El Pais had no foundation. "The figures are not based on any reality," said Pia Ahrenkilde, spokeswoman for the European Commission, during a press conference in Brussels.  

The Spanish daily El Pais Sunday spoke a kind of "Marshall Plan" at the European level that would be able to mobilize 200 billion of public and private investment for infrastructure projects, renewable energy and technology tip. To believe the newspaper, this initiative includes several tracks already discussed for several months by the Europeans: large European loans (the "project bonds"), an increased role of the European Investment Bank (EIB) and the intervention of European mechanism for financial stability, a budget managed by the European Commission and secured on the Union budget.

Small and medium businesses, entrepreneurs and self-family businesses, which account for most of the economic fabric of the country, paying a heavy price for the Greek crisis. The European Commission is trying to address the funding problems they suffer. In Greece, six out of ten SMEs have seen their incomes decline in 2011.

Up to a thousand individual companies will put the key under the door every week in Greece in the first half of 2012 due to the serious crisis that is sinking the country, said Friday the European Commission, which seeks to root the problem.  

"Greece is facing an economic crisis and social crisis which is reflected in the situation of small and medium enterprises: six out of ten companies have seen their incomes decline in 2011 and 150,000 jobs were lost," said the Commission in a press on the sidelines of the visit to Athens Friday the European Commissioner for Industry, Antonio Tajani. "It is estimated that during the first half of 2012, up to 1,000 small businesses have closed every week," said the statement, which does not provide estimates on the number of companies created in parallel.

The Commission therefore calls for increased aid to these companies, self-entrepreneurs and family businesses, which form the bulk of the Greek economic fabric. Since last September, the European Union through its Task Force for Greece including trying to find ways to overcome the credit crunch affecting SMEs, banks, deficit, cut off from markets and dependent on the ECB, having suspended loans. In March, a special guarantee fund, with 500 million euros, was created by the EU to promote through the European Investment Bank lending to SMEs up to a billion euros.

According to the Commission, in 2010, Greece had 742,600 very small businesses, employing a total of 2.512 million employees, over 85% of total employment in the country, a record level in the EU. These structures produce 35.3% of the value added of the country against 21.8% on average in the EU. With 14% of employees on average in Greece, against 33% in the rest of the EU, large companies they create 28% of the value added, highlighting the low productivity of small businesses in Greece, the Commission added.

Fortunately, the index of construction costs no longer used for rent reviews. It increased by 6.85% over one year to the end of 2011 to reach a record level. A construction of new homes and office buildings in Marseille.

The index of construction costs (ICC) in France continues to climb. It increased by 6.85% year on year to reach 1,638 points in the fourth quarter of 2011, above its record dating from the previous quarter, announced the National Institute of Statistics and Economic Studies (INSEE) on Friday. The ICC, which was 1,624 points in the third quarter of 2011, had previously reached an all time high in the third quarter 2008 to 1,594 points.

Year on year, the CHF increases and 6.85% after rising 6.84% in the third quarter of 2011, 5.01% in the second quarter and 3.05% in the first quarter. Since the law of personal services from 26 July 2005, the ICC is no longer a reference to the rent review during the lease in the private rental market. He was replaced by the benchmark rents (IRL), which is now based on the index of consumer prices excluding tobacco and rents, since the enactment of the law for purchasing power in February 2008 . However, the index of construction costs is a reference for the revision of certain commercial rents, alongside the commercial rent index.

According to Airbus, the final WTO report confirms massive subsidies granted to Boeing. The U.S., by contrast, talk about a great victory for the American aircraft manufacturer in this case. Airbus delivered 534 aircraft in 2011, a record.

The European aircraft manufacturer Airbus said Monday that the Appellate Body of the World Trade Organization (WTO) confirmed and extended the same sentence on subsidies granted to U.S. rival Boeing. "The report of the Appellate Body confirms and expands the scope of the conviction by the WTO on massive subsidies granted to Boeing illegal," he said in a statement Airbus (EADS), which still considers its commercial harm to $ 45 billion.

Airbus issued this statement even before the official announcement of the decision of the Appellate Body of the WTO. In this case, the judges of the WTO had estimated March 31, 2011 at trial that some of these U.S. aid constituted subsidies inconsistent with global trade rules. The judges then had amounted to "at least $ 5.3 billion" for the period 1989-2006.

"This report confirms the existence of illegal subsidies paid by the U.S. to Boeing," said the manufacturer according to which grants "a few billion dollars resulting from today's decision" is in addition to " at least $ 5.3 billion "subsidy initially estimated. Airbus estimates that the Appellate Body rejected "almost 90% points of the appeal filed by the U.S. against the earlier findings of the WTO and validates all of the call of the European Union ".

The U.S. response was not long in coming. According to a statement the U.S., the WTO ruled that the aircraft manufacturer Boeing had received four to six times less public subsidy than its European rival Airbus. The U.S. Trade Representative Ron Kirk exterior even boasts a "great victory" in the WTO, stating that "comparable figures", the Geneva organization had identified only "three to four billion dollars" of illegal subsidies of American States United, against $ 18 billion in illegal subsidies from the European Union.

According to the U.S., EU subsidies have cost the equivalent of 342 aircraft orders to Boeing, while conversely the U.S. subsidies have lost the equivalent than "a little over 100 "aircraft orders to Airbus.

"The view of the United States has prevailed," welcomed Mr. Kirk. "It is now clear that European subsidies to Airbus are much more important – and it amounts in multiples – and caused much distortion that may have done everything the United States for Boeing," has he added. "This decision is a victory for the great industrial and American workers," said Mr. Kirk.

However, Washington has also, communicated before the WTO itself does not make public its judgment on appeal. This is expected later Monday.

Doubts about the effectiveness of the plan of aid to Greece and rising oil prices weighed on the market

actions on Monday and promoted the decline of the safe havens, but the relative strength of Wall Street and rising values ​​

Oil and defensive allowed European markets to limit their losses late in the session.

The pan-European FTSEurofirst 300 index closed lower by 0.31% to 1,073.81 points but well above its low of the day.

In Paris the CAC 40 dropped 0.74% to 3441.45. Among the other major European markets, London has sold 0.33%, Frankfurt

0.22% and 1.09% Milan.

Before German lawmakers met to discuss aid to Athens, Chancellor Angela Merkel said that the effectiveness of

plan reached last week was not 100% guaranteed. The Bundestag, however, adopted the plan of aid to Greece.

Doubts about the evolution of the debt crisis have encouraged profit-taking, including penalizing banking stocks.

The Stoxx sector index was down 1.42%, Societe Generale and UniCredit loser respectively 2.95% and 2.31%.

Meanwhile, the energy sector rose by 0.3% and that of food and drinks from 0.36%.

Responding to the call of an Inter CFDT-CGT-FO-CFE/CGC, workers came on Monday morning in the large office of the factory, the cry of "Mittal, we want to work". Workers entered the "big offices" of the ArcelorMittal plant Florange Monday, February 20, 2012

Between 100 and 200 steelworkers have invested to 8:00 Monday in quiet premises of the factory management ArcelorMittal Florange (Moselle), said a journalist from AFP. Responding to the call of an Inter CFDT-CGT-FO-CFE/CGC, workers, mostly helmets, entered the "big offices" of the factory, shouting "Mittal, we want to work ". Arrived on the upper floors deserted by senior management and executives, they quickly made their flags and their richly colored jumpers in the great hall of the steering committee of the institution.  

"Today, Florange is ours, Florange is yours," he told a trade unionist to the cheers of his comrades. "As of right now, management is technically unemployed. We will remain in these offices as the blast furnaces of the plant will not restart," added the head of the CFDT, Edward Martin. "Today, we are masters on board," he said before a forest of microphones and cameras. "That candidates (President of the Republic, ed) who claim to love plants undertake to ensure the survival of the site," he said, promising "at least one action a week until May 6" date of the second round of the presidential election.

"The state has saved the Lejaby. Must intervene for us," said the official FO, Walter Broccoli. "If Mittal wants more Florange, let him go … But there is no way to dismantle the plant. We will not let him do it, "continued, looking very determined, trade unionist. Around 10:00, the protesters were comfortably installed in the administrative site where Moselle boiled coffee makers and where they concocted sandwiches. On sunny square, union officials chained interviews to television channels, one of which, NHK, had sent a team from Japan. By late morning, tents began to be erected on the lawns of the plant to "formalize" the occupation, said John Mangin, head of the CGT. "This will be the village of resistance where workers can come and talk, talk about their fight and defend their work tools," he added.  

This occupation is the first step of "nightmare" promised by unions to the government after management of ArcelorMitall announced last week that the two blast furnaces would restart the site does not in the second quarter. For unions, this decision would announce the "programmed death site" which employs some 5,000 people, including 3,000 permanent contracts. ArcelorMittal, which has recently decided the final closure of blast furnaces in Liege (Belgium) and Madrid, on the contrary that Lorraine ensures it is only a temporary standby necessary due to insufficient demand.

Management companies in France are beginning to substitute for banks and lending almost "live" business (corporate) facing the credit crunch bank , says Antoine Flamarion, president of Tikehau Capital, Credit Specialist.

Since the collapse of Lehman Brothers in 2008, and the willingness of regulators to strengthen prudential regulations that require a high level of capital to risk, banks, anxious to ease further their balance sheets, have significantly tightened their credit policies. 

"Banks are not lending, it is fine to have find lenders elsewhere," said Antoine Flamarion in an interview with Reuters, adding that Tikehau has funded a clinical enterprise private, Vitalia, belonging to private equity fund Blackstone.

Since 2008, in a highly regulated, financial corporations other than banks can finance companies.

Antoine said that Flamarion Tikehau had essentially mounted operations of this type in the world of LBO (Leveraged buyout or acquisition with debt leverage) and real estate, while broadening the spectrum to finance activities in dollars that banks no longer provide. 

"This is where we think we have the best risk / return ratio, that is where we have more room."

"Since we do not have unlimited resources, for us the question is always when at work 25 to 35 million euros, is to put it on the assets re -paid workers to Euribor plus 700, 800, 1,000, 1,200 basis points, "he said.

BANK FINANCING CERTAIN drop

The three-month Euribor, which is the reference to credit operations at variable rates in the eurozone, was just over 1% (1.036%) Friday .

"For now, we have tended to concentrate on issues and topics LBO estate," said Antoine Flamarion. 

"It was an operation at the end of 2011 real estate financing (…) We refinanced bonds estate of a foreign structure that de French assets held. Fifteen million matured. We kept the existing contract obligations and we just changed the rate. It was lent to 15%, "he said

. Tikehau also participated in financing activities such as shipping or aviation in need of dollars and that French banks do not finance more

. "There was done a little differently, we did not take the debt but we have invested capital with a family that owns the tankers, "he said

.

"The banks are out a lot of business funding and therefore we see a lot of asset classes in finance," he said. 

Tikehau Capital manages € 800 million, including $ 250 million deal with the tradeable public debt (corporate bonds) on the credit market and 550 million euros for private debt e (private debt) in the form of mezzanine funds and special situation funds.

DREAMS OF THE DEBT

"In 550 million, is made of primary and secondary. The primary is Blackstone. In the secondary market, that we sometimes buy distressed debt," he adds .

Antoine Flamarion intends to develop the private debt activity can represent, for LBO France, a market of 5.0 billion euros.

"Normally players as we are of secondary we buy ready-made products, but we will increasingly be the primary."

"Potentially, this is a big market. For example, the Company generally sells its entire portfolio of loans to real estate professionals. It means that some of these professionals who used to borrow from the SocGen will go and borrow elsewhere so we think a number of professions, real estate and LBO on it require substitutions to banks, "he said

. Insurers will have to play an important role in this area ..

……. According to him, disintermediation is expected to increase in Europe. In other words, like what is happening for a long time in the U.S., companies are going to look more to the credit market as far 80% of their funding came from banks.

Antoine Flamarion cites the example of Blackstone, best known for its private equity activity but an activity that "private debt" provided by its subsidiary GSO manages, according to the website of Blackstone, near of $ 44 billion on nearly 180 billion in total managed by the group.

"Today, everyone dreams of making the debt. As private equity can no longer raise money, all private equity funds begin to make the debt," said the head of Tikehau.

Societe Generale on Thursday posted a profit below expectations for the fourth quarter due to increased losses in its banking activities and investment banking (CIB) of Due to the crisis in the euro area and said to remain cautious this year.

The bank said in a statement it had passed a new provision of € 162 million on government debt in the last quarter of 2011, bringing its funding to 75%, as its rival BNP Paribas.

In CIB, being restructured due to the crisis, the group posted a net loss of 482 million euros.

Its quarterly net income of spring suddenly falling from 88% to 100 million euros. 

"I remain generally cautious for 2012," said Frederic Oudéa, the bank's CEO, on CNBC. "I'm happy with the start of the year in respect of market activities."

The consensus reached by the editor of Reuters expected a profit of 190 million euros for the last three months of 2011, a drop of 78%, including a loss of only 81 million euros in the BFI.

"The dollar liquidity needs of corporate banking and investment have been reduced by about 55 billion USD in the second half," said the bank, which have added accel ; Lere disposals in its portfolio of toxic assets in the second half of 2011.

These sales had a negative impact of 524 million euros on revenues of the BFI on the fourth quarter alone. 

Wednesday, BNP Paribas has reported better than expected results in the fourth quarter. In addition to reassuring the leaders of 2012, analysts point out that the bank financing and investment of the BNP was more resilient in the crisis than its main competitors.

At the Paris Bourse, before publishing the results of the bank, title company generally closed up 2.19% to 22.38 euros. He won 30% since the beginning of the year after plunging 57% in 2011.

List of stocks covered Wednesday at the Paris Bourse, where the CAC 40 index was up 1.01% to 3,409.69 points at 24:08, notably supported by the comments of the governor of China's central bank promised Europe to support the crisis.

* Values ​​European BANK (2.46%) signed the largest increase in the sector in Europe for about the governor of the PBOC as investors also hope qu'Antonis Samaras, the leader of the Greek conservative party New Democracy, submit his written support for new austerity measures adopted in the country.

BNP PARIBAS (6.22%), which is expected this year to stabilize the crisis in the euro zone but does not anticipate a recession in Europe is ahead of increases in the CAC 40 and SBF 120 index. 

SOCIETE GENERALE advance of 4.11% and Crédit Agricole.

* The CYCLIC are well oriented. The French economy has withstood the fourth quarter with a growth surprise of 0.2%, thanks to foreign trade and investment, while activity ; contracted in Germany and Italy.

RENAULT wins 3.65%, 3.16% and STMICROELECTRONICS LAFARGE 2.2%. The pan-European Stoxx index of auto sector advance of 1.47% and 1.22% of the construction.

* In contrast, PSA was down 1.72%, largest drop in the CAC 40. The group announced new savings and a comprehensive plan for asset sales in order to redress the financial situation of the group after a year marked by a relapse in 2011 net profit.

Moody's placed the ratings under review with the manufacturer as possible downgrade.

* PAGESJAUNES fell 12%, largest drop in the SBF 120 volumes representing already seven times their daily volume the past three months. The group announced that its board would propose as an exceptional pass the dividend for 2011, after registering a decline in its revenues and profit margins last year.

* BIC (4.2%) released 2011 results sharply higher through its consumer business (stationery, lighters and razors) and said target operating margin for 2012 Standardized e "near the record level reached in 2011."

* DANONE (1.59%) stated address with confidence after 2012 achieved its growth targets for 2011 thanks to its good performance in emerging markets where the group re alise today more than half of its sales. 

* Haulotte Group (10.23%) leads to increases in the CAC Mid & Small, supported by the announcement of a 23% growth in turnover in 2011 of the truck manufacturer é ; lévateurs.

* Abandons EUROPACORP 2.55%, the producer and distributor of films that have shown a fall of 58.2% of its turnover in respect of its fiscal third quarter.