Economic Analysis and Indicators

The satellite operator SES on Friday issued quarterly results in line with expectations but said it expected slower growth in sales and earnings this year Due to the delay in launching a satellite and the end of terrestrial television in Germany.

The group, which sells transmission capacity of television channels such as BSkyB, Canal Plus, Premiere or NBC, is expected to increase about 2% of its sales Business recurrent and 1% of its gross operating profit (EBITDA) in 2012.

In 2011, these increases were respectively 2.8% and 3.1%. 

Revenues for the fourth quarter of 2011 stood at 451.6 million euros, an amount consistent with the consensus calculated on the basis of estimates of analysts polled by Reuters.

The gross operating income for the period stood at 323.2 million euros (consensus: 333 million) and operating profit to 198.3 million (consensus: 198 million).

The shortfall in income related to the end of the radio transmission in Germany, which takes effect in April should be about 100 million euros since this post has generated 150 million euros in 2011. 

Excluding this impact, the recurring revenue and EBITDA grow by around 9% this year, continued SES, which has said it expects an average annual increase of 4.5% of its business and 4.0% of its EBITDA over the period 2012-2014.

Thursday, Eutelsat, one of the main competitors of SES, reported a drop in net profit in the first half of fiscal 2011-2012 due to an increase in financial charges and rate tax related to transactions of recent debt refinancing.

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L'Oreal, the world of cosmetics, said Monday the end of the term of a director of Liliane Bettencourt, replaced the board by one of his grand-son, John Victor Meyers.

The latter, aged 25, is a member of the supervisory board of the family holding company Tethys since January 2011.

Liliane Bettencourt, heiress to the group, is 89 years old. The candidacy of his grand-son will be submitted to L'Oréal shareholders at the next general meeting on 17 April.

Total released Friday an increase in profits for the fourth quarter of 2011, boosted again by rising oil prices, and said it would continue its efforts to investments to increase production.

The third European oil company by market capitalization, behind Royal Dutch Shell and BP, provides a budget for 2012 of net investments of $ 20 billion, against $ 22 billion in in 2011.

Total said in a statement that in the upstream, it would focus in 2012 to "deploy its strategy to accelerate growth of its products while im liorant the profitability of its portfolio, "especially with new sales of nonstrategic assets. 

It provides in particular this year to spend $ 2.5 billion for exploration, a budget increase of 20%.

Total is also pursuing "the construction of its growth post-2015 preparing for the launch of its projects in West Africa, Russia and Canada in particular."

The company anticipates that the rise of Pazflor in Angola and the start of several projects "major", including Usan in Nigeria, contribute to the growth of its production in 2012 and to achieve its target of average increase of 2.5% per year between 2010 and 2015.

Excluding items, net income Total totaled 2.725 million euros in the fourth quarter (7%), in line with 2760 million expected by analysts surveyed by the editor of Reuters, for a turnover of 47.492 million (+18%).

Net income reached 2.290 million euros (+13%) by including non-recurring items had a negative impact of 504 million and consist primarily of die exceptional depreciations on refining assets in Europe and in renewables.

While Shell and BP both have announced production cuts of about 5% in the fourth quarter, total recorded sales stable at 2.384 million barrels of oil equivalent per day.

According to the forecast of six analysts polled by Reuters, this production was expected between 2.358 and 2.400 million barrels oil equivalent per day. 

Proposes a total dividend of 2.28 euros per share for 2011, unchanged compared with that paid in respect of 2011 and unchanged from the dividend paid for 2008, and confirms a target average rate of re-distribution ; results of 50%.

The group said that since early 2012, "refining margins have improved significantly after the degradation observed in late 2011."

European shares rebounded Friday after several sessions of decline, especially after a Reuters information that the Member States of the European Union are considering, as part of the future permanent mechanism for stability of the euro area, to give to involve the private sector in the financial rescue of a country.

This discussion is part of wider ongoing trade reform on the European Treaty, on which Nicolas Sarkozy and Angela Merkel agreed Thursday in Strasbourg, it was said sources familiar with the matter.It does not however affect the participation of banks and insurers in the second EU aid package to Greece, where they pledged to remove 50% of their claims to the country.

The information bounces European markets, which operated in the red after a disappointing auction of Italy.

Democrats and Republicans were unable to agree on a plan to reduce U.S. debt, which has just reached 15,000 billion. The reasons and consequences of this blockage. The President of the United States Barack Obama

Another failure of the Congress on U.S. debt. The "super-committee" responsible for reducing the debt of the United States announced Monday does not come to an agreement between left and right, after two months of effort. Congress had established a commission charged in August to decide on a plan to reduce debt. Composed of twelve members of Congress – six Republicans and six Democrats – the "super-committee" had a debt relief that comes from abyssal exceed 15,000 billion (you can see it evolve in real time on the site www.usdebtclock. org). The twelve were elected and agree on a plan to save 1,200 billion over ten years.The six Democrats proposed a plan for 2900 includes 1,300 billion billion tax increase, the six Republicans on the other hand opted for a plan of 2,200 billion euros, with "only" 200 billion of tax increases. Never reach a consensus after two months of negotiations.

Why the lock?

This blockage occurs less than a year of presidential elections scheduled for November 2012. "We are fully retracted into the political debate for 2012, especially with the right wing of the Republican Party who has taken a lot of power in the party," said Christine Rifflart Economist at OFCE. "And the Republicans have an interest in playing the firmness vis-à-vis Barack Obama that it is out of question to pass up the deficits."

For it is these Republicans who blocked the process.

The richest woman in Germany, Susanne Klatten, has strengthened its position in the capital of SGL Carbon, distancing and Volkswagen in the race to control the "champion" of carbon fibers.

BMW, Klatten and that his family is a major shareholder, said on Friday hold 15.2% of SGL, participation in addition to the 29% already held by the German heir.

The action SGL Carbon gained over 7% in early trading Friday on the Frankfurt Stock Exchange, and the title took 5.4% to 45.46 euros in mid-morning.

"The lightweight construction will play a role in the future more and more important in the automotive industry.Our stake in SGL Group is a logical step that will further strengthen a successful cooperation, "said BMW's chief financial officer, Friedrich Eichiner in a statement released Friday.

SGL Carbon raises for the past several months the lusts of Susanne Klatten, Volkswagen and engineering group Voith.

"This is a power struggle with no economic logic," said one German analyst on condition of anonymity, noting that several competitors SGL Carbon were able to provide manufacturers of carbon fibers.

In exchange, the action SGL has won over 60% since the beginning of the year while the DAX index of the average values ​​gave up 5%.

Members of the government increasing returns to defend their efforts to strengthen the note "triple A" of France against the doubts of financial markets and opposition critics on their management since 2007.

The pressure on France continued Wednesday, the yield spread between German and French debt is now at record levels, as insurance against default risk, credit default swaps (CDS).

The Franco-German spread fell slightly to about 180 basis points, remaining at levels not seen since the early 1990s, and the level of CDS surpassed 225 points, up sharply since early November.

At about 3.6%, the yield of French loans to 10 years was lower than in April, but jumped nearly 50% since its low in September of 2011.

The finance minister, Baroin, assured that France would hold its target of reducing the deficit even if growth in 2012 was two times lower than expected.

"Even at 0.5% growth, we might face," he says in an interview with Les Echos on Wednesday.

France has committed to reduce its public deficit to 5.7% of domestic product in late 2011 to 4.5% end of 2012.

Dexia has paid 1.5 billion euros in its first two institutional shareholders that they carry out acquisitions of securities of the Franco-Belgian bank until 2008, the Financial Times reported Friday.

According to the newspaper, Holding Communal, an organization representing large municipalities in Belgium, has borrowed 1.2 billion euros to Dexia Bank Belgium (DBB), the Belgian branch of Dexia specializes in bank deposits.These funds were largely used to participate in two capital increase of Dexia Group in 2006 and 2008.

Arco, which invests on behalf of a Belgian trade union, has in turn borrowed 275 million euros, back into the capital of Dexia in fund-raising, according to the FT.

These two entities jointly owned 35% of Dexia, and are still represented on the board, the newspaper said.

The Franco-Belgian bank has actually borrowed money which it owned to finance its capital increase.

In addition, the FT reported that Dexia agreed in collateral on its loans its own shares, which implies that any collapse of the stock price is likely to generate heavy losses.

Dexia's market capitalization has increased from about 21 billion euros in 2006 to one billion euros to date.

This funding at the time had aroused the concern of regulators in Belgium, says the FT. However, if they are illegal in most countries and now banned in the European Union, Dexia has not broken the law then in effect.

According to the financial daily, the British bank HSBC dream to make an offer on DenizBank, Turkish subsidiary of the Franco-Belgian bank.

It has already received expressions of interest, including the Qatar National Bank (QNB), the sovereign wealth fund Qatar Investment Authority (QIA) holds half the capital, and the first Russian bank Sberbank.

Despite the green light Slovak EFSF and the new consensus in Europe to recapitalize banks, there are still some gray areas to be clarified before the euro area out of the crisis. An overview. The logo of the euro to the European Central Bank in Frankfurt.

The yo-yo scholarships continues. After jumping on Wednesday with the hope that the comprehensive plan to rescue the euro zone was well on track, European stock markets closed lower on Thursday. Paris dropped 1.33%, 1.33% Frankfurt, London 0.71%, 3.7% and Milan. The questions or the concerns of investors are doing now on the details and in particular the implications for banks of the measures.

Greece is close to the partial default

Despite the agreement on the payment of 8 billion euros by its creditors, the scenario of the fault beyond the initial charge for the year rose 21% to Athens.The level of potential losses on the country's debt is not yet official but "the discussion focuses on a discount of 50%," said a government source on Thursday in Europe. But determining the level of the discount "is very open, said a source in Brussels told Reuters. You have to see what the initial reaction of investors. Voluntary participation is the goal, at least for now and many feel that we must avoid the risk of total failure. " This scenario therefore a deletion of the Greek debt has at least prompted European leaders agree on bank recapitalization.For all creditors of Athens will have to place new provisions in their accounts, which will weaken their balance sheets.

The recapitalization of banks is finally Cohosh

If the IMF has long been the only one to ask for urgent recapitalization of European banks, the idea is now accepted by all, including France. She is now driven by Brussels, which would raise the capital ratio to 9% against 7% today, to reassure the markets strength. The President of the European Commission, José Manuel Barroso delivered his script to get there. The banks will first have to rely on private sources of capital. If they fail, the states can participate by lending institutions. And if they do not have the means, the European Financial Stability Fund will he also intervene with the banks.

Increase the firepower of the EFSF

Just approved by the Slovak vote, the new enhanced EFSF is already considered insufficient to address emerging risks since July. It is therefore to do to participate in the recapitalization of banks and lending to troubled states – Italy, Spain and Portugal in particular – and avoid a scenario in the Greek.

Two scenarios are being considered to "maximize" its strength as stated Jose Manuel Barroso. Either turn the EFSF bank and let buy from the ECB, as would France. Or allow to act as an insurer from the holders of debt fragile, and guarantee them some of the losses in case of default of the countries concerned.However, the idea, a moment on the table to increase staffing at state EFSF seems ruled out, including Berlin refused.

The ECB, Germany and the banks resist

This "maximization" dear to Barroso does not delight everyone. Including the main concerned with two options on the table, the European Central Bank (ECB). The institution said it is "not appropriate" to use leverage by financing it with a banque.Une position shared by Germany, which fears that this requires the get their hands in their pockets to bail out the ECB. Germany refuses to elsewhere as the EFSF can be used to bail out banks in countries that are not under assistance. France has partially agreed with this view, stating that the State was ready to inject public funds into financial institutions without seeking the ease Europe.

Remaining banks, concerned about the forced recapitalization. The President of the Deutsche Bank, Josef Ackermann, is such that this debate is "against-productive." "The money will come certainly not private investors, but rather states that will raise new funds," he said, quoted in the Financial Times. "And they will do so by increasing their debt levels, while the key problem lies in the ability of governments to restore confidence in public finances," he adds.

The Indian Defence and Offshore Pipavav said Wednesday it has signed an agreement with Airbus Industry and SKIL Infrastructure to develop the maintenance, repair and modernization of its facilities in India.

The agreement provides for an initial investment of $ 100 million.

In a statement, Airbus said the group will own 26% of the joint venture, with the option to increase this share to 49%. Pipavav will own 51%.