The Spanish Treasury had to agree to pay a return of around 5% and invest in bonds and three to four years, including an average yield of 5.106% for a security maturing in April 2016 against 3.374% in the last similar operation in March.

"This unfavorable trend seems well established. Ultimately, this increase in performance may lead to a form of intervention outside, "said Richard McGuire, an analyst at Rabobank rate

. Wednesday

, Spanish Prime Minister Mariano Rajoy said that the government may soon find it difficult to fund at acceptable levels …… On

… the secondary market, the yield on ten-year Spanish bonds is around 6.3%, far off the level of 7% who die gered the aid given to Greece, Ireland and Portugal. 

Madrid, however, can take advantage of a rare good news reached the end of the day: the agreement reached with Catalonia, a region that weighs up to 20% of gross domestic product ( GDP) Spanish, a reduction in public spending.

In addition to the current difficulties of the banks, debt regions is considered another major risk factor for Spain, some already see as the next victims of the crisis debt in the euro area.

Last week, the European Commission considered that this debt would be one of the regions of the reasons that would prevent Spain to meet its budget deficit target set for 2012, which is 5.3% of GDP. 

FALLING ACTION Bankia

Earlier in the day, the Spanish government had to disprove the existence of a movement of panic withdrawals from money deposited in the bank in difficulty Bankia, nationalized the week last, the title lost up to 30% following information along these lines.

"It is not true that there is now an exit monitoring Bankia chests," said Fernando Jimenez Latorre, Secretary of Economy, during a press conference. 

For its part, in a notice sent to the Spanish stock exchange authorities, Bankia emphasizes that movements of deposits recorded during the first half of May were seasonal, adding no substantial change in the balance of deposits was not expected in the coming days.

The title Bankia finally ended down 14.08% to 1.422 euro after falling to 1.171 euro in session. The index grouping the European banking stocks yielded 2.36% on its side.

Last week, Spain took control of Bankia, the fourth largest bank, hoping to reassure the markets and stabilize a weak financial sector made by the housing crisis.

In the wake of the nationalization, Madrid has imposed on its banks to increase their reserves to protect themselves from mounting losses on their toxic loans in real estate, while pledging to make a limited assistance to troubled institutions through loans at high rates. 

These measures, however, did not help to dispel investors' doubts about the ability of the Spanish government finally repair the financial system of the country, questions that have aggravated the back of concerns about ; the debt crisis of the euro area, heightened by the political stalemate in Greece.

According to El Mundo, Bankia clients withdrew a few days over one billion euros from their accounts. José Ignacio Goirigolzarri informed the Board of Directors met on Wednesday the funds are withdrawn, the newspaper said.

RECESSION THAT WILL EXTEND

The first quarter of 2012 resulted in a further economic contraction of 0.3%, which, after a decline of similar magnitude to the previous quarter, is officially back in Spain recession, which is technically defined as two consecutive quarters of falling GDP.

"The recession is advancing at a gradual pace, but if we take into account the latest surveys on activity, it seems that the economic contraction will continue into quarters come, "said Tullia Bucco, an economist at UniCredit. 

The Spanish manufacturing sector contracted at its fastest pace in almost three years in April, while the service industry fell for the tenth month of row, according to the purchasing managers' index.

The export sector, the only one that has progressed over the last two quarters, slowed from January to March, the main economic partners of Spain is also experiencing the recession or slowdown.

Although Spain was able to master its accounts, the country is at the forefront if ever Greece, currently in a political impasse, should leave the euro. 

"It's not totally Greece leaving the euro, which is the main issue is the domino effect," said John Bearman, Investment Officer at Thomas Miller Investment.

Both boats "high end", representing a total of 4 million hours of work needed to be delivered in spring 2014 and spring 2015.

"This decision is bad news, first for all (of) employees, as it will take several months to try to fill that hole load immediate, especially for its offices studies, whose workload will be directly and immediately affected, "writes the shipbuilding company in a statement. 

Subsidiary of Viking River Cruises, Inc. specializes in river cruises, Viking Ocean Cruises has decided to "continue discussions for the construction project with one of our competitors," said STX, which notes elsewhere "that to date no other site does was given command of ships".

The unions of the shipyards of Saint-Nazaire, the cancellation of the order is due to failure of the financial operation.

"Compared to other European countries, France is missing today in a state bank be able to mount such files," responded Marc Menager, delegate CFDT union of the company, which speaks of a "miserable failure". 

"The state must take the emergency measures imposed by the state to save sites", said for his part-Prinborgne Nathalie Durand, secretary of the Workers' Force, claiming and controlling an aircraft carrier and a fourth helicopter carrier for the French Navy.

Partial unemployment measures had already been announced a week ago by management to face the hollow charge provided on the second half of 2012. They were to receive consulting firms, especially weapons and fabrication shops.

STX France is a branch of shipbuilding group STX South Korean, in which the French state owns a 33.34%.

The company is currently completing the construction of a ship commanded by a Libyan state company, but bought last month by the Italian-Swiss owner MSC after freeze international assets of the Gaddafi regime.

The shipyards of Saint-Nazaire have also started building a small luxury liner on behalf of the German cruise line Hapag Lloyd Cruises and two helicopter carriers for the Russian Navy.

The Swiss bank said Andrea Orcel, an Italian who has orchestrated some of the largest European banking in recent years, would take up his new duties July 1.

At UBS, he worked under the supervision of one of his former colleagues from Merrill Lynch, Sergio Ermotti, now CEO of Swiss number one industry. 

Andrea Orcel, a forty who is fluent in four languages, have served more than 20 years at Merrill Lynch, where he was appointed manager in September 2009, Global Banking and Markets, a year after s acquisition by Bank of America.

The new recruit UBS is one of the celebrities from the world of investment banking. This is among others in the past occupied the Dutch takeover of ABN Amro by Royal Bank of Scotland and helped to strengthen the capital of Italian Unicredit.

In 2008, he received total compensation of nearly $ 34 million (26 million).

"It is effective, even ruthless when it comes to getting things done. There is a good chance that some of his customers leave with him (at UBS), "said one banker who has worked on several transactions in which Andrea Orcel intervened

. "It always provokes a strong reaction from customers: they either love it or they hate it."

.. …… Bank of America declined to comment

. The U.S. group will also experience the departure of another of its officials, Jonathan Moulds, president for Europe and Canada, who will retire end of June according to an internal memo that was procured Reuters

The station

. Jonathan Moulds Andrea Orcel was proposed but the latter preferred to leave at UBS, said a source familiar with the matter. 

Bank of America is currently under pressure from some shareholders who demand a better performance while four of the six quarters ended in losses and its stock price was battered last year.

BofA has cut jobs in recent weeks in its equities and securitized mortgage loans according to sources familiar with the matter.

Management should be next month how the cost reduction plan launched at the group level will affect the activities of capital markets, asset management and retail banking.

The action of the French biotech company closed at 4.22 euros (35.43%) in a volume of 28.4 million shares, more than 12.5 times higher than recorded daily average last three months. Its market capitalization stood at 307 million euros.

She had also made great progress there is a little over a week after announcing positive results of a study on treatment of glaucoma developed with the specialist eye health Bausch + Lomb.

Under the terms of the agreement, NicOx will invest an amount of two million pounds (about 2.4 million euros) in cash to acquire 11.8% of Altacor, which markets a product line the UK for the problems of dry eye.

The group has an option to acquire the remaining shares Altacor for $ 9 million pounds (about 10.8 million), paid , at the option of NicOx, in cash or in shares NicOx in a combination of cash and shares. 

This option is exercisable by NicOx until May 31, 2012. If predefined steps are met, additional payments of up to a total of 8.5 million pounds will be due.

ACTION HIGH RISK

The option to acquire concludes Altacor, is the first concrete realization of the strategy initiated over a year by NicOx to refocus around ophthalmology Aftern ; s failure of anti-inflammatory Naproxcinod, Malafosse says Sebastian, an analyst at Bryan Garnier.

The intermediary considers that the offer of the biotech values ​​between 13.2 and 23.4 million Altacor society, which has an annual turnover of 660,000 euros. 

Another analyst, who requested anonymity, considers "very speculative ascent of a security that has increased from 12 euros in the second half of 2006 to 22 euros at the highest early 2007 before falling between 1 and 2 since the failure of Naproxcinod ".

He also observed that in the preferred areas of Altacor, including dry eye, NicOx "mastodons" in front of him such as Novartis, Merck and Sanofi.

"NicOx announces investment potential of 26 million euros for a target with confidential sales and capitalization is around 80 million euros. Michele Garufi, CEO of NicOx is too strong or some investors revved up a rather quickly, "said he.

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.

In presenting the annual results of the group, Louis Welsh confirmed that Peter Hintze, coordinator of aeronautics and space within the German government, had written to Thomas Enders EADS domiciled claim the contrary more activities in Germany.

"This letter is certainly not appropriate and certainly not in accordance with the governance of a listed company," said Louis Welsh.

"With Thomas Enders and the executive committee, we all work without a flag on the table. EADS had also gone through a severe storm in 2006, this time due to the delay of the A380 program.

EADS, the results of 2011 have exceeded expectations, plans for a 2012 EBIT before nonrecurring items above 2.5 billion euros after have already increased last year to 1.8 billion.

"Everything is now ready for EADS took off towards increasing profitability," the group said in a statement, adding that the performance of the EBIT published depend in the future advancement of its complex programs.

EADS shares was sold for 10.78% to 29.74 euros after advertising, finishing well ahead of increases in the CAC 40. 

COMPLEXITY OF PROGRAM

A350

Reflecting a newfound confidence, EADS is also made publicly, a rare thing, the European Commission concerning the management of emissions of greenhouse gases. The group, in retaliation, China could threaten to cancel aircraft orders, with the risk of the industry in a trade war.

The first European aerospace and defense, which also emphasized macroeconomic uncertainty, highlighted the complexity of the program's long-haul A350 expected in the first half of 2014 , noting that the timetable "tightens".

The program was originally a provision of € 200 million, announced in November, but whose impact has been erased by the judgment of the A340.

Airbus is on the other hand increase the production of its A330 to 11 aircraft per month from the second quarter of 2014 to meet demand. 

When the debt crisis threatens defense budgets in Europe, Louis Welsh was also concerned about the progress of discussions with governments on the future of programs e equipment. "It is essential that these discussions, particularly in Germany, lead immediately to a favorable outcome for both parties," he said.

For 2012, EADS expects increased above 6% of its turnover, after rising 7% to 49.13 billion euros last year, sales of Airbus and Eurocopter more than offset the slight decline recorded in the cluster space division Astrium and Defence and Security Cassidian.

EADS, which was up 87% of its annual net profit to 1.033 billion euros, proposed dividend per share doubled to 0.45 euro for 2011, against 0.22 euros for 2010 . 

Analysts polled by Inquiry Financial Europe on average expected for 2011 a turnover of 48.14 billion, a net profit of 687 million and an EBIT issued 1,312,000, which stood at 1,696 million, up 38%.

Airbus had said in mid-January anticipate 600-650 aircraft gross orders in 2012, after a record 1,608 in 2011, and 570 deliveries – with about 30 super-jumbo A380 – against 534 in 2011 .

With an increase of 58% of its orders, EADS posted late 2011 a record backlog of 541 billion euros.

EADS could also indirectly benefit this year of export contracts for the Rafale from Dassault Aviation, which holds 46% stake. 

India announced in late January opening of exclusive negotiations for the purchase of 126 fighter jets, a contract valued at some 11 billion euros, while the prospect of an order for 60 units from the United Arab Emirates has recently resurfaced, with a possible interest in turn of neighbors Qatar and Kuwait.

Private creditors had already decided in favor of the exchange of Greek debt does currently represent 39.3%, or 81 billion euros, the amount covered by this operation, said Wednesday the committee private creditors in a communiqué.Cependant, the 50% threshold, from which Greece can possibly forcing some creditors to participate, is approaching.

The deadline to tender its shares to the exchange is set at 9:00 p.m. Thursday (2000 GMT). The exchange for 206 billion euros of debt held by private creditors (banks, investment funds, insurers, etc.). In total, the Greek debt than 350 billion euros.  

Greece has already indicated that it would not proceed with the exchange if the turnout did not reach at least 75% of this part of the Greek debt held by private creditors. She also announced that if this threshold was disappointing, it could compel, through collective action clauses (CAC), all private creditors to submit to the exchange.

To date, no non-Greek financial institution holding a significant amount of Greek debt has not officially spoken out against the exchange. Several major banks, insurers and investment funds have not yet publicly announced their decision.

The committee, meeting under the auspices of the Institute of International Finance (IIF), which represents major global financial institutions, in a statement cites 30 banks, insurers and investment funds that have made public their support for the plan. This is mainly European companies, supplemented by the management company American Greylock Capital Management and the U.S. insurer Metlife.

Moreover, contacted by AFP, the largest regional German bank, Landesbank Baden-Württemberg (LBBW) said it would participate in the exchange. The approximately one billion euros of Greek bonds it holds are now housed in the bad bank established with the support of the German state, called Erste Abwicklungsanstalt (EAA).

Another rallying not taken into account by the press, that of German reinsurer Munich Re, said Wednesday that the agency Dow Jones, he would take part in the operation. The gross value of its securities amounted to 1.53 billion euros in late September.  

First holder of Greek debt outside Greece, the German bank Hypo Real Estate (HRE), has not spoken publicly since the agreement on the new conditions of the plan, in Brussels on February 21, but had previously expressed its intention to contribute. The bad bank of HRE, called FMS, held at the end of the first half of 2011, about 8.1 billion euros of Greek debt.

The company saw its turnover increase by 5.6% at constant scope and exchange, to 3.576 billion euros. The gross operating surplus (EBITDA) increased 17% to 130.4 million euros while net income rose from 57.2 million to 63.3 million.

"Dentressangle has seen since the end of 2011 signs of slowing economy and observed high volatility of demand for its customers early this year , "the group noted in a statement.

The company, which does not give forecasts for 2012, will offer its shareholders a dividend of 1.25 euro per share for fiscal 2011, against 1.10 euros a year before.

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.

* 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.