Economic Analysis and Indicators

Hewlett-Packard reported Wednesday evening by a decline of nearly 44% in quarterly profit, weighed down by weak sales of PCs and printers, which has reduced the title in after-hours trading.

The U.S. group has reported net earnings of $ 1.47 billion in the first quarter of its fiscal year, ended in January, or 73 cents a share, against $ 2.6 billion ( $ 1.17 per share) a year earlier.

Excluding items, HP displays earnings per share (EPS) of 92 cents. Analysts on average expected 87 cents a share, according to Thomson Reuters I / B / E / S.

Revenues declined 7% to $ 30 billion, a level slightly lower than the consensus.

HP saw its sales decline in its three main divisions: PCs, printers and business machines.

After the publication of these results, the action has lost more than 3% in after-hours transactions.

This was announced on Wednesday INSEE. This performance is almost consistent with the prediction of the Government. In the fourth quarter, GDP grew by 0.2%. Consumer spending slowed slightly households in Q4 2012 (+0.2% after +0.3%).

Growth of the French economy reached 1.7% in 2011, a hair of the government's forecast (1.75%), after a positive fourth quarter to 0.2%, said Wednesday the National Institute of Statistics and Economic Studies (INSEE).

In 2010, GDP growth was 1.4%.  

The government had maintained its forecast to the end while most economists had forecast rather on GDP growth of 1.6% in 2011 and a decline of 0.2% in the fourth quarter.

In detail, INSEE wrote: "Consumption expenditures of households slowed slightly at the end of the year (+0.2% after +0.3%), while gross fixed capital formation (GFCF) accelerated ( +0.9% after +0.2%). In total, final domestic demand (excluding inventories) contributes positively to the new GDP growth: 0.3 0.2 point after point. Exports increase at same rate until the summer (1.2%) while imports decline (-1.2% after +0.7%). Therefore, the external trade balance contributed positively to growth: 0 , 7 0.1 point after point. This effect is more than offset by changes in inventories, which contributed 0.8 points to changes in activity, after a neutral contribution "

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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."

Activity in the services sector in France in January continued the upturn observed in December, Friday show the final results of the monthly survey from Markit director of purchases.

The PMI rose to 52.3 Segment, against 50.3 in December, and remains well above the 50 level that distinguishes growth from contraction. A first estimate, two weeks ago, had given it to 51.7.

The survey also showed a recovery in the "new business", the sector index standing at 50.4, against 49.8 in December. The sector index declining business prospects, however, from 58.2 in December to 54.5 in January.

The composite PMI ahead of his side in January to 51.2 against 50.9 in the first estimate and 50.0 in December.

"Although the latest PMI data point to a strengthening of growth in the French private sector at the beginning of 2012, signs of underlying weakness of the conditions remain, "observed Jack Kennedy, economist at Markit.

"The new business, especially, do not record a marginal growth while the outlook for activity displayed a low of almost three years. The climate of general uncertainty continues to prevail among both businesses and households in strengthening the government austerity measures, the prospects of the service sector remain French misguided for the first quarter of the year, "he adds

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Enrollment managers and skilled workers have been growing. In contrast, unskilled workers and employees are in decline by 5% and 7.3%. Officers, employees

The temporary employment declined by 0.4% in October compared to October 2010, with a decline in all major sectors except industry, according to the barometer Prism job on Monday. Temporary employment is considered an indicator of future trends in the labor market.

In October, the number of executives and middle management and skilled workers have been growing 5.9% and 5.5%. In contrast, unskilled workers and employees are in decline by 5% and 7.3%. If the industry increased its use of temporary staff in October compared with October 2010 (1.8%), the other major sectors were down: construction (-0.6%), transport (-0.8 %), services (-4.4%) and trade (-4.5%).

These national statistics mask large regional differences: two regions stand out in terms of increase, Midi-Pyrenees (12.5%) and Haute-Normandie (+10.6%). However, in the Ile-de-France, the enrollment decline is temporary 7.3% in October over a year. There was also a decrease in Limousin (-7%) in the Languedoc-Roussillon (-6%) in Provence-Alpes-Côte d'Azur (-5.5%), Britain (-4.5%).

This barometer is determined by the group Umanis from the statistics provided by a panel of temporary employment representative, as Prism over 80% of temporary employment.

The rating agency claims to have taken action following the announcement of a wrong note degradation of France. She said also cooperate with the authorities have launched investigations. The rating agency Standard

The rating agency Standard & Poor's, which announced Thursday by mistake that France had lost its "AAA" rating, said on Friday it had taken steps to avoid repeating such a blunder, due to a confusion of his computer system. She said also cooperate with the authorities have launched investigations.In a statement, S & P states that it "determined that the wrong message yesterday (Thursday) on a gradient is a technical error completely independent of the sovereign rating of France and took immediate steps to prevent a similar error to reproduce ".

The agency explains that the error was triggered by a reassessment of the risks associated with banking sectors in different countries. For France, this criterion has been changed to "Not available" and "the system has erroneously interpreted this change as a degradation + +, which triggered the sending of a message to a limited number of subscribers registered to receive email alerts, "she said.

François Fillon has announced plans to reduce the growth of health spending to 2.5% in 2012 instead of the 2.8% originally planned. This goal is realistic? The responses of Gerard de Pouvourville economist and Chair of the Health Essec. Consultation with general practitioners rises to 23 euros. Drugs reimbursed at 35% will no longer be only 30%.

Among the austerity measures introduced on November 7, Francois Fillon announced a reduction in the rate of growth of health spending, reduced to 2.5% instead of 2.8% initially planned. For this, we need to find 500 million euros in additional savings, the details should be announced within the next ten days.This target is realistic? Above all, this rate of change is it tenable in the long run? The responses of Gerard de Pouvourville economist and Chair of the Health Essec.

The government announced a growth rate of Medicare spending reduced to 2.5% in 2012. This objective can be achieved?

Gerard de Pouvourville: This will not be easy. Certainly, the rate for 2010, 3% had been observed: the achievements were even below the target passed by the parliament! But the Court of Auditors has pointed out, this result was partly achieved through economic factors: favorable environment influenza, no significant revaluation fee for health professionals. We must see that the dynamics of spending on "long-term illness", supported 100% by Medicare, continues to be very strong.

The European and American markets regain ground Wednesday afternoon after their declines of the previous day, in the hope that the monetary policy meeting of the Federal Reserve announced new measures to support the economy.

Gains are limited by fears that the referendum of Greece on its financial rescue plan compromise resolution of the debt crisis in the region, as well as the concern about the contraction of manufacturing activity in the euro zone, even stronger than initially estimated.

"Whichever way you look, the decision of the Greek Prime Minister to announce a referendum on the bailout is a mistake.

Alcatel-Lucent announced Wednesday have a firm offer of $ 1.5 billion (1.1 billion euros) of the European fund Permira on its Genesys subsidiary, but plans to keep the rest of his division company, which he considering the sale for several months.

The group of telecom equipment was explained in July to study all possible options on that line of business, which employs some 5,000 people worldwide this year and should generate a billion euros in revenue based on estimates of Analysts.

"In terms of our business company, we concluded that the best choice is to preserve and strengthen it in the interest of Alcatel-Lucent and in the interest of our customers," said Wednesday the CEO, Ben Verwaayen, the statement said.

The sale of Genesys, which specializes in call center management solutions and customer relationship is expected to close permanently "to the end of 2011 or early 2012," subject to the agreement of the appropriate regulatory authorities, the company said.

This sale covers some 1,800 employees.

Genesys, which achieved in 2010 a turnover of about $ 500 million, should maintain a "strong trade relationship" with the branch company of Alcatel-Lucent through a joint development agreement, said the statement.

At the Paris Stock Exchange, the announcement of exclusive negotiations with Permira allowed the action Alcatel-Lucent to cut its losses and even briefly in the green board.The title, however, is left down and gave up 4.01% to 2.0320 euro at 11:28.

It had touched a low of 1.9820 in early trading, including affected by the revision of the recommendation to neutral from Oddo, against purchase.

The $ 1.5 billion offered by Permira for Genesys exceeds that mentioned in recent months to the entire enterprise division.

Alexander Juniac should take the management of Air France in January in favor of a reorganization of the Air France KLM with Pierre-Henri Gourgeon retain the reins, the Tribune reported Monday.

An informal consensus was reached on the name of the former chief of staff Christine Lagarde at Bercy and former deputy general manager of Thales, writes the business daily.

Reached by Reuters, Air France declined to comment on this information immediately.

The reorganization of Air France-KLM is to improve the effectiveness of the group and facilitate the integration of other companies, such as the Italian Alitalia.