International Business News

Michelin Group confirmed Tuesday the departure of Didier Miraton, one of three co-managers of Michelin.

The departure of the CEO of technology center of the tire manufacturer, whose term ran until May 2012, comes just weeks after the induction of Jean-Dominique Senard as a future head of Michelin.

"As part of the evolution of governance and management of Michelin, the general partners of the group decided, with the consent of the Supervisory Board, to end the mandate of managing non-commissioned Didier Miraton" , Michelin announced in a press release confirming the information published yesterday by the daily Le Monde.

Didier Miraton receive 1.8 million euros in gross claims about either, after tax and social security, 820.000 euros, an amount equal to the remuneration (fixed and variable) income for the years 2009 and 2010.

The group had so far three co-managers at its head.

Michel Rollier, who had succeeded Edouard Michelin after the death of the latter in 2006, is the sole general partner is liable to say on his personal property for the debts of Michelin in case of failure.Eight months after taking the helm of the company, he wanted a more collegial operation by appointing Jean-Dominique Senard Didier Miraton co-managers and non-sponsored.

Didier Miraton, 53, had joined the company in 1982.

Around 17:00, the title Michelin rose 2.2% to 64.71 euros, bringing its increase to over 20% since January, while the CAC 40 advanced 1.9%.

The Tokyo Stock Exchange ended down 0.42% Friday, weighed down by the strong yen and a sharp decline from Sony after the electronics giant said Thursday forecast below expectations.

The Nikkei lost 40.11 points to 9,521.94 and the Topix broader yielded 2.18 points (-0.26%) to 824.90.

The Japanese stock market but have erased some of its losses thanks to the good performance of banking stocks following a Financial Times article saying that banks could escape some provisions of Basel III.

Action Mitsubishi UFJ Financial Group took 0.8% to 377 yen and that of Sumitomo Mitsui Financial Group (SMFG) rose 0.9% to 2,363 yen.

The title Sony ended down 3.17% to 2.167 yen after the group said it expected a net profit of 80 billion yen (690 million euros) for the current financial year, while analysts had forecast previously a net profit of 105 billion yen.

TEPCO has acknowledged Tuesday that the fuel had also melted in two other reactors at the nuclear plant, in addition to the reactor number one. Near the source of the leak at reactor 2 at the central Fukushima.

TEPCO, the operator of the nuclear plant in Fukushima, Japan, acknowledged Tuesday that the fuel had also melted in two other reactors, in addition to the reactor number one.

"It is quite possible that the merger will also be produced in reactors two and three," said a spokesman for Tokyo Electric Power, which just released its latest analysis of the measurements made in Fukushima Daiichi (No. 1).

"Most of the fuel is probably sank to the bottom (of the pressure vessel), as in reactor number one," he said.

TEPCO had already hinted that a merger had occurred within two and three reactors this is the first time it also shows affirmative.

The reactors' cooling undergo operations and their condition is stable, "added the spokesman.

For several weeks after the disaster of March 11, the operator, as the government had discussed a partial melting and stated that the reactors were relatively stable and largely contained hazardous radioactive leaks.

The giant earthquake and tsunami of March 11 caused the station to Fukushima nuclear accident the worst since Chernobyl (Ukraine) in 1986.

BioMerieux rises sharply on the stock market Friday morning after announcing the takeover of the French specialist in industrial testing AES Laboratoire for 183 million euros, allowing it to become the world leader in food applications.

Largest increase in the SBF 120, the group allows itself vitro diagnostic 4.01% to 78.65 euros by 9:10, giving a market capitalization of 3.11 billion.This brings the increase since the beginning of the year at 6.7%, outperforming the index slightly (+6%).

"This acquisition allows BioMerieux to consolidate its leadership in microbiology, and especially industrial applications, the fastest growing segment," wrote in a note CM-CIC returns to the purchase value.

With this deal it hopes to conclude the third quarter, sign BioMerieux ninth acquisition in five years and third in industrial applications.

AES Laboratoire achieves annual turnover of 76 million euros and its product range is complementary to that of BioMerieux.

"The offer innovative AES Laboratoire, particularly in the field of laboratory automation and rapid microbiology, fits perfectly with our strategic objectives 2015," said in a statement the Director General of BioMerieux, Stéphane Bancel.

Under the strategic plan 2015, BioMerieux is an annual organic growth in sales of 7 to 9% on average. This margin target includes the continuation of a strategy based on a budget for research and development representing approximately 12% of sales.

The French economy rebounded in 2010 from 1.5% in 2009 after suffering its worst recession since the Second World War, confirmed on Friday the INSEE, which confirmed the scenario of a gradual acceleration of growth over the quarters.

The growth of the last three months of last year was revised upwards to 0.4% against 0.3% originally estimated in mid-February, while that of the third quarter was revised downward in the same proportions, 0.2% against 0.3% previously announced, according to the detailed national accounts.

Hours before the publication of these figures, Economy Minister Christine Lagarde has confirmed a growth target of 2.0% this year, many economists still consider overly optimistic.

"I will maintain my growth forecast for 2011 to 2.0%," she said during an exclusive interview with Reuters Insider performed in the United States.

The government should introduce next month its updated forecasts in Stability Programme submitted to the European Commission.

Christine Lagarde has shown the same confidence in reducing public deficits, the government intends to reduce to 6.0% of GDP this year after 7.7% last year.

"I do not have final figures yet but I think we will do very, very good job of continuing decline in the deficit in 2011 and 2010," she said.

CONFIDENCE

Several surveys and indicators in recent weeks have shown a marked improvement of business climate and business opportunities in many sectors of the economy.

Industrial production increased by 1.0% in January, twice more than expected and business confidence in March rose to its highest level in three years.

"This movement to improve investigations lasted for several months and it is quite general, it is said in France as in other countries, it affects all sectors, so we think it reflects a reality," said Reuters Frédérique Cerisier, economist at BNP Paribas.

"If we have a very good first quarter, the order of 0.7-0.8% growth as required by the Bank of France forecast (2.0% of government) became accessible.It is not won but we must recognize that it is more plausible that a few months. "

The Bank of France reiterated two weeks ago its growth forecast of 0.8% over the first three months of the year, although its governor, Christian Noyer, said that the trend in early 2011 would not be sustained probably not the whole year.

INFLATION THREAT PURCHASING POWER

The acceleration of growth in the fourth quarter is mainly due to strong consumer spending, which grew by 0.9% over the last three months of the year, after +0.5% in July-September.

Acceleration that does nothing to improve the purchasing power, on the contrary, inflation (+0.5% after +0.2%), including fueled by soaring energy prices and food, has erased much of the increase of 0.8% of gross disposable income, limiting the increase in purchasing power to 0.3% in October to December, against 0.7% in third quarter .

Households have actually dipped into their savings to increase spending: the savings rate fell 0.5 points to 15.6% return for the end of the year, its lowest level since late 2008.On average over 2010, the French savings rate stood at 15.8%, down 0.4 percentage points.

Another survey released Friday by the INSEE showed a deterioration in consumer confidence in March.

"This is the key issue for households in the months to come," said Frédérique Cerisier. Is the labor market will recover quickly enough for the acceleration of inflation is not too biting? This n is not at all certain and that is what to watch. "

The non-financial businesses, they have reduced their margin rates half a point in the fourth quarter, to 29.3%.Was dragged down both by rising commodity prices, which limited the growth of value added and wage increases (+0.9% in the fourth quarter) and numbers (0, 2%).

On average over the year, the rate of margins of non-financial corporations stood at 29.7% after 29.8% in 2009.

The price of electricity will increase slightly in France this summer and not before, said Wednesday the French Minister of Energy, Eric Besson, ensuring that the government did not study any significant increase in rates.

The Minister also denied reports of the daily Les Echos that EDF was recently presented to government a document proposing a device that would lead to increase the electricity bill for individuals from 5.1% to 6.5% per year until in 2015, including inflation.

"The government will seek to protect the purchasing power of the French.We have two concerns: the competitiveness of our industry, the purchasing power of the French, "said Eric Besson when the government questions in the National Assembly.

"The government only study no significant increase in electricity tariffs," he added.

In the entourage of the Minister, it was indicated earlier in the day that "EDF did not submit a request to increase rates corresponding to the ranges cited.

"Moreover, a document emanating from EDF does not in any way engage the government," they added the same source

Asked after the council of ministers, the government spokesman Baroin went in the same direction.

"The policy pursued by the government is allowed to continue to offer the French a lower electricity price and rates that can be observed in other European countries," he said.

EDF said that his side did not make a "formal request" from raising tariffs, without comment on the document cited by Les Echos.

The tariffs for electricity in France does not follow a formal process involving an application of EDF.These rates traditionally set mid-August by the Ministry of Economy by order, increased 1% to 3% per year since 2006.

MOTION IN DELICATE PERIOD ELECTION

As part of the reform of the French electricity market (Act Nome), EDF asks that the starting price of nuclear power it will give its competitors is set at 42 euros per megawatt hour – while his rivals claim 35 euros – and wants it to evolve gradually from 45 to 46 euros.

This sale price will be crucial for the evolution of tariffs for individuals by 2015.

"The establishment of the so-called price Arenh, that is to say, the wholesale cost of electricity (the government) will do it quietly in April, taking into account (… ) ensuring consistency with the transitional costs, "said Eric Besson said Wednesday.

The Minister has stated on several occasions in recent months that rising prices of EDF was inevitable, particularly to finance extending the lifetime of nuclear power and renewable energy development.

Eric Besson, however, consistently indicated that he wanted to "keep the competitive advantage of nuclear power in favor of the French.

"The ball is in the government camp, which would initially decide on the modalities of the reform next week, after the second round of district elections. At last, he expects a further period of two weeks," according to Les Echos .

The state owns 84.5% of EDF's capital.

In recalling the summer of 2009 an increase of electricity tariffs in France of 20% over three years or more, the former CEO of EDF, Pierre Gadonneix, had triggered a political and media storm that had put in a difficult position vis-à-vis the government.

In November of that year, the State called Proglio to succeed him.

Around 16:00, the action of the electrician progressed from 0.35% to 28.565 euros while the CAC 40 fell by 0.17%.

The Paris Bourse opened sharply lower on Friday, below a threshold of significant resistance, after the earthquake off the northeast coast of Japan.

At 9:26, the CAC 40 index fell by 0.87% at 3929.50 points, heading into its fourth meeting and retreat this week, the fifth in six days.Since the beginning of the week, the benchmark index of the Paris market was down 2.26%.

According to technical analysis, the CAC 40 down with crossed a threshold of resistance important points in 3930-3950, the index could now fall to 3,790 points, its moving average 200 days.

As for values, SCOR loses 4.16% in the wake of other reinsurers – Swiss Re fall 4.9% in Munich Re and Hannover Re 4.97% 4.3% – because of the situation in Japan .

Haulotte Group drops nearly 10% after remaining deficit in 2010, with a net loss of 42.2 million euros, mainly due to the high cost of its center of production units and maintaining a high level of Provisions customers.The group will not propose a dividend for 2010.

Other major European markets also opened in negative territory, London and Frankfurt declined by 0.37% and 0.99%. Of the European indices, the EuroStoxx 50 and yields 0.83% Eurofirst 300 lost 0.75%.

In contrast, the euro rose 0.25% against the greenback at 1.3832 dollar, and 5.66% against the yen at 114.50 yen.

A barrel of U.S. light crude dropped 1.44%, to 101.22 dollars.

The U.S. economic activity continued to expand at a moderate pace during the first weeks of 2011, which saw manufacturers and retailers try to raise prices, said Wednesday the Federal Reserve.

"Data from 12 regions of the Federal Reserve show that the economy as a whole has continued to grow at a modest to moderate in January and early February," we read in the "Beige Book "the U.S. central bank.

This photograph of the conditions established by the Atlanta Fed, was developed from information collected before February 18 across the country.

Royal Bank of Scotland has returned to profitability in 2010 after suffering a heavy loss the previous year.

The British bank, partly nationalized, has also reported progress in its restructuring plans.

For the year ending December 2010, RBS reported an operating profit of 1.9 billion pounds (2.24 billion euros), against a loss of 6.1 billion pounds (7.2 billion euros) a year ago.

The result benefited from lower credit costs and exceeded the Thomson Reuters consensus I / B / E / S, which anticipated $ 1.5 billion.

RBS has been bailed out by injections of public funds in October 2008 after being strongly affected by the financial crisis and its financial involvement in the acquisition of Dutch bank ABN Amro in 2007.

"Two years after the global financial crisis, the resumption of RBS is ahead of schedule," said Chief Executive Officer Stephen Hester said in a statement.

The Tokyo Stock Exchange had its second straight session Tuesday to increase and ended with a gain of 1.15%.

The Nikkei gained 119.31 points to 10,464.42 and the Topix broader took 12.10 points (1.32%) to 929.28.

The decision of the Bank of Japan to keep interest rates near zero level has virtually no impact on markets.

The indices have however reacted positively to the increase observed in other Asian markets, "said Susumu Kato, economist at Calyon.

Investors evoke an atmosphere of cautious optimism in Tokyo about the results of major Japanese companies expected this week, but stressed that only the results themselves and the outlook published by the groups have a decisive influence on the market.

Canon, Kyocera and NEC, a leading Japanese personal computers, must be published in the week, and should announce the contents of the earnings season for the fourth quarter, which will last until early February.

Most analysts expect good results, thanks to the global economic recovery and rising dollar against the yen, which helps Japanese exporters.

The group of semiconductor Dainippon Screen has gained 4.41% to 734 yen after the announcement by the Nikkei newspaper of a sharp increase in orders.

This development has benefited from Nikon and Ibiden, a supplier of U.S. Intel. Nikon gained 4.01% and 3.33% Ibiden.