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Three of the 17 autonomous regions of Spain announced Friday that its budget deficit for 2011 were higher than the figures originally published.

The Madrid region, the second of Spain by the gross domestic product (GDP), said he finished 2011 with a deficit representing 2.2% of GDP and not 1.13% as first announced. The budget deficit of Valencia, the fourth autonomous community, stood at 4.5% instead of 3.78%.

The deficit of Castile and Leon has also been slightly above expectations.

The new figures, which were published in the areas of budget plans for 2012 are likely to weigh on the overall figure of Spain's public deficit for 2011, while the country is struggling to restore confidence in its banks and to convince investors that it meets its objectives.

The government of Mariano Rajoy promised to bring its public deficit to 5.3% of GDP in 2012, after missing its target last year, mainly due to higher spending es than expected regions. Last year the government deficit totaled 8.5% of GDP, but it should be 6%.

Thursday, the government approved the plan of the autonomous communities to reduce their spending by 13 billion euros and increase revenues of five billion.

Of the 17 Spanish regions, only one of Asturias in the northwest of the country, had its budget rejected.

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In March, exports totaled 36.5 billion euros and imports 42.22 billion, a shortfall of 5.7 billion euros, against 6.4 billion in February. This decline reflects the drop in energy imports. View of the port of Marseille

The trade deficit of France, which had widened substantially in February because of the cold wave had boosted energy imports fell in March to 5.721 billion euros, the Customs said Wednesday. "Trade interrupt their progress in March. The decline is more pronounced for imports after major energy purchases in February (cold snap), so that the trade deficit reduced by more than 500 million euros," explained Customs in a statement.

Exports totaled 36.491 billion euros and imports at 42.212 billion. "The exports of manufacturing industries are marking time, after their sharp increase earlier this year," commented Customs. Monthly data are seasonally adjusted and the number of working days. The deficit of 12 months completed end of March stood at 68.597 billion euros, a figure to compare the record reached 70.671 billion in calendar 2011, whichever is again revised by Customs.

Standard & Poor's and Fitch Ratings have been recalled in fond memory of Francois Hollande Monday stating that the member's election to the presidency of Corrèze of the Republic n 'had no implication on the sovereign rating of France, in the short term.

Francois Hollande since Sunday is the new head of state, elected with 51.62% of the vote against the incumbent President Nicolas Sarkozy.

S & P, which lowered a notch in January the French credit rating from AAA, the highest possible, to AA + coupled with a negative outlook, estimates there are at least three chance that the note against the subject of a further reduction this year or in 2013. 

"We will analyze the decisions of the French president and his new government, taking into account the results of parliamentary elections in June," said the rating agency said in a statement.

"The election of the candidate of the Socialist Party, Francois Hollande, President of the French Republic, has no implications for the AAA rating of France, currently in perspective negative ", for its part announced Fitch.

"However, his election victory marks an important change at the head of France and Europe. The new president faces the same challenges as its predecessor: the strengthening of fiscal credibility, improving the growth potential in the medium term France and the handling of the crisis in the euro area, "the text

. Fitch announced earlier this year not consider amending the note from France in 2012 but nothing prevents him to return to this position

. No one was immediately immediately reached Monday night at Moody's for a comment on France

. Francois Hollande has placed top priority European renegotiation of the treaty signed on budgetary discipline by March 25 of the 27 countries of the European Union in order to incorporate a component on growth. 

Meanwhile, the president plans a return to balanced budgets in 2017.

For its part, German Chancellor Angela Merkel, eager to pursue deficit reduction, on Monday reiterated its refusal to renegotiate the pact and posted its fiscal distrust vis-à-vis possible measures to support growth.

The rating agencies are concerned about several times of slippage in public finances in the euro area countries, while stressing that too restrictive budgetary measures were likely to weaken growth , itself considered essential to reducing deficits and debt. 

Francois Hollande announced that he would travel to Berlin very soon after taking office scheduled May 15

The European equity markets finished the session higher Friday while Wall Street was progressing very slightly, the encouraging results published on both sides of the Atlantic blackout fears related to the situation in Spain, engaged in an unemployment rate rising to a high of 20 years and a severe recession.

This context was unfavorable to an issue of Italy's public debt whose yields are the highest income not seen since January, although the Con sor has managed to place all of the amounts described. 

The publication of figures of U.S. gross domestic product, less robust than expected, supported the trend, investors saluting the resilience of consumption in the world's largest economy.

"The markets were supported by good numbers of U.S. consumption and an award of Italian debt which was not too bad, they have weathered the announcement of U.S. GDP growth a bit disappointing, "said Joffrey Ouafqa analyst manager at Convictions AM.

The CAC 40 was 1.1%, 36.95 points to 3,266.27 while the Dax was up 0.91%, the FTSE gained 0.49%. The Euro Stoxx 50 gained 0.92%. For the week, the Paris index sign up 2.44%.

Values, financials recovered some lost ground Thursday. FARM CREDIT wins the largest increase in the CAC 40 (4.46%), while SOCIETE GENERALE took 3.06% and BNP Paribas gained 1.49 %.

VINCI (4.24%) boosted the construction sector after announcing expect a slight increase in activity in 2012 when he foresaw stagnation so far .

On Wall Street, the Dow advance of 0.22%, while the S & P 500 is 0.14% and the Nasdaq gained 0.43%. AMAZON.COM jumped 14.80% after its results. Against the trend, Procter & Gamble was down 3.5% after lowering its annual results.

The Tokyo Stock Exchange ended down 0.2% Monday, erasing gains from early trading after a report that the Bank of Japan would buy bonds of longer maturities, news that has prompted investors to sell index futures to buy Japanese paper to five years.

The Nikkei lost 19.19 points to 9,542.17 and the Topix broader, yielded 2.40 points (0.3%) to 809.54.

The Nikkei rose initially in favor of the agreement on the bailout of the International Monetary Fund (IMF) totaling more than $ 430 billion and the slight rise of Chinese PMI flash, indicating a relative stabilization of the country's industrial activity. 

But the Asahi newspaper reported that the BoJ intended to extend its asset purchase program, which currently applies to sovereign bonds to two years in bonds at longer maturities, ranging up to five years.

The BoJ meets Friday and the market is expected to assouplisse yet its monetary policy by increasing its program of asset purchases – currently 65,000 billion yen (606.5 billion of euros) – the order of 5,000 or 10,000 billion yen.

Among the most traded securities on the session included Mitsui Chemicals, which lost 4.13% after reporting an explosion and fire in a factory of adhesives that have one dead and some 20 injured.

Sony announced Thursday the outlines of a recovery plan providing for the elimination of 10,000 jobs worldwide, representing 6% of its workforce, hoping to return to profit despite the difficulty ; s division of his television.

Led by its new chief executive Kazuo Hirai, the Japanese manufacturer of consumer electronics said he wanted to strengthen its business in mobile telephony, digital imaging and gaming while seeking strategic investments in medical equipment and batteries for electric vehicles.

Sony suffers from declining demand for its televisions to compete more innovative rivals such as Apple or the American South Korea's Samsung Electronics. 

"We heard the many voices calling for change of investors," said Kazuo Hirai, the new boss at a crowd of journalists gathered at Sony headquarters in Tokyo.

"Sony will change," he promised, adding that he intended to become a key player in the global market for mobile telephony.

Kazuo Hirai, who took office as head of Sony last month, said the group aimed for a total turnover of 8,500 billion yen (80 billion euros) in fiscal 2014 – 2015 and an operating margin of over 5%.

Eventually, Sony also hopes to increase to 100 billion yen in sales in the medical field, has indicated Kazuo Hirai. 

In a statement released before the press conference, Sony said, anticipating a restructuring charge of approximately 75 billion yen (705 million) in fiscal year which ends March 31, 2013 .

The group intends to reduce its fixed costs 60% and 30% of its operating costs in televisions in 2013-2014 compared to this year.

Prior to these announcements, action Sony closed up 0.86% to 1,528 yen in Tokyo Stock Exchange. The Group's market capitalization has shrunk by almost 20% over the last month. Samsung is now ten times, while Apple – some Sony executives were considering buying in the early 90s – now represents 30 times its market capitalization.

Sony, like its Japanese rivals Sharp and Panasonic, has suffered in recent years a decline in demand for televisions, fierce competition and competitiveness weighed down by the strong yen.

The group said Tuesday forecast a record annual net loss of 520 billion yen (4.88 billion euros) for its 2011-2012 fiscal year, which is more than double the expected loss in February.

Foreign trade continues to be a real asset to the German economy. The raw data published today in fact an upward trend in exports, which should enable him to escape recession early this year. Volkswagen new models ready to exported waiting in the port of Emden in Germany

Foreign trade is a safe bet for the first European economic power. The increase in exports has enabled Germany to enhance its growth ambitions, avoiding a recession that some economists feared. The trade surplus of Germany has reached 14.7 billion euros in February, against 13.2 billion in January, according to raw data released Tuesday by the Federal Statistical Office Destatis. Exports on the other hand reached 91.3 billion euros, against 86 billion in January, still raw data, according to a statement.

In data adjusted for seasonal and calendar followed by most economists, the German trade surplus has instead declined in February compared to January, to 13.6 billion euros against 15.1 the previous month millliards . Blame it on the highest increase in imports than exports (+3.9% against +1.6%). This decline did not stop Carsten Brzeski, economist at ING, to judge that exports remain "faithful friend" of the German economy and that they had "defied the cold of February".

The statistics released Tuesday are all the more reassuring to economists that they contrast with previous indicators rather bleak, especially concerning the production and factory orders. "Finally a good number", and exclaimed Ulrike has Rondorf, bank Commerzbank. Unlike some other economists predict that in Germany a short recession, it has "the hope that the German gross domestic product in the first quarter increased, if only modestly."

Mr. Brzeski underlines that the fate of Germany depends increasingly in the hands of partners outside the euro area, which will not make the rebalancing (in EMU) easier. According to the Statistical Office, German exports accumulated since the beginning of the year to the member countries of the euro area increased 4% year on year, against an increase of 8.5% to the countries members of the European Union which have not adopted the single currency, and 14.4% to countries outside Europe.

This trend was confirmed today by President of the Federation of German Wholesale and exporters (BGA) Anton Börner: "outstanding for the year, we see again and foremost a good chance of growth in Asia South and East, Latin America, North America and the Middle East, "he said at a news conference. Despite the debt crisis and austerity plans that discourage orders in the euro zone, Mr. Börner table for 2012 on "a trade surplus of 159 billion euros against 158 ​​billion last year." Exports are expected to increase by 6% to 1.124 billion euros in 2012, and imports by 7% to 965 billion euros, while the nominal data, he said.

With the exception of Frankfurt, the main European stock markets ended slightly higher Thursday, but on the whole a week cut short due to Easter weekend extended, they show a marked decline, with such a decline of 3.04% for the CAC 40 in Paris, mainly because of concerns about the financial situation of Spain.

In Paris the CAC 40 closed up 0.19% (6.34 points) on the day at 3319.81 points. The UK FTSE gained 0.35% while the German Dax has sold 0.13%. The pan-European FTSEurofirst 300 index took 0.12%.

The exchanges were volatile throughout the session, which ultimately resulted in a slight gain thanks to a surge in mining stocks, which sector index jumped 1.82%, by far the best performance of the session, before the oil (0.81%).

The resilience of these compartments highly cyclical, which had suffered heavy losses during the previous two sessions, is partly explained by the anticipation of positive numbers in employment to United States.

"The markets are closed tomorrow, so if you are an investor and you think that this statistic will be better than expected, then you buy. This indicator should reflect a further improvement in the labor market in the U.S. and the good employment figures in recent months have helped fuel the stock market rally in progress, "said a broker based in ; London

. Due Friday, all major stock exchanges, except for the Asian markets will be closed Friday and some (Euronext, London, Frankfurt , Madrid, Zurich and Hong Kong among others) will not reopen until Tuesday due to Easter Monday

. This long weekend will not prevent chera, however, the U.S. Department of Labor to publish Friday's monthly employment figures, always eagerly awaited by investors

. Economists polled by Reuters expect March to 203,000 jobs created outside the agricultural sector from 227,000 in February. 

A Spanish Treasury auction Wednesday marked by weak demand and yields to rise, despite the austerity budget presented by Madrid, has revived tensions over the debts of pe riphériques the euro area and fueled a movement of flight to quality benefiting in particular German bunds.

To questions from investors on the viability of public accounts of some countries in the euro area was added Thursday to the disappointment of indicators (manufacturing in Germany and Britain) worse than expected, underlining the weakness of activity in Europe. 

Even if they did not quite meet the expectations of economists, weekly jobless claims in the U.S., touching a low of nearly four years, illustrate the gap between the two sides of the Atlantic in terms of conditions.

Veolia Environnement shares could resume directly to the ferry company SNCM, which liaises with Corsica, to facilitate the reorganization of its subsidiary public transport Transdev he wants to withdraw, Les Echos reported Wednesday.

This announcement could be made following a meeting this morning between the President of the Supervisory Board of SNCM, Gerard Couturier, and the CEO of Veolia, Mr. Frérot at Veolia headquarters in Paris, the newspaper said.

Veolia currently operates indirectly SCNM the capital, through which he is a shareholder Transdev joint with the Caisse des Depots (CDC). Veolia Transdev owns 66% stake in SNCM.

Veolia announced at the end of last year its intention to withdraw from Transdev, which owns 50%, as part of an outflow of its transportation activities. The balance is held by the Deposit (CDC).

According to Les Echos, the CDC and the investment fund Cube, owned by Natixis, "who have applied, would have made it clear that SNCM was too much in the transactions."

The daily added that the SNCM is considered "atypical and cumbersome" because of the economic and social setbacks that undermine it.

In early trade on the stock exchange, the action Veolia yielded 2%, biggest drop in the CAC 40 index in a market down 0.4%.

The Spanish government Friday presented a draft budget for 2012 draconian in the hope of reducing its budget deficit and to appease the bond markets.

The fiscal consolidation effort announced by Madrid plans to reduce the central government deficit of 27 billion euros for the rest of the year, representing 2.5% of gross domestic product (GDP).

This figure includes tax increases and spending cuts, totaling 15 billion euros already disclosed end-December.

Departments will have to cut spending by nearly 17% and staff salaries will be frozen in 2012. 

This budget "very severe", a term used Tuesday by Prime Minister, Mariano Rajoy, has been unveiled in the aftermath of a large strike gen ; eral against austerity that paralyzed part of the country and degenerated in Madrid and Barcelona.

Spain would be re-entered recession in the first quarter and shows the unemployment rate the highest in the EU, with 23%.

In this tense environment, the government is caught between the risk of plunging the country further into recession and that of seeing the cost of its debt soar if he does not control the public accounts. 

"Everyone knows the difficult problem the country faces, and which calls for special efforts of fiscal consolidation and structural reforms for growth and the creation of jobs, "said the vice president of government, Soraya Saenz de Santamaria, leaving the Cabinet.

"A destructive PACK"

The Conservative cabinet, took office in November peak of the larger majority in Congress of Deputies for thirty years, has already adopted reforms of the labor code and the banking sector in order to reduce the cost of employment and improving competitiveness. 

Mariano Rajoy last month won a grant from the European Commission, which agreed to reduce the public deficit target for this year to 5.3% of gross domestic product (GDP) against 4.4% previously.

But Spain, where the deficit reached 8.5% of GDP last year, is now being monitored markets, as illustrated by the tension on the performance of its long-term debt – and must always return to the threshold of 3% of GDP in 2013.

The government expects to reduce the central government deficit to 3.5% of GDP this year, the regions at 1.5% and that of other local authorities to 0.3%, announced the budget minister, Cristobal Montoro. The Social Security accounts will be balanced this year, he added.

Regions have announced a deficit of 2.9% of GDP in 2011, it will take a reduction of about 15 billion euros this year if they want to achieve the target by Madrid.

The government has hardly given any other details on his budget proposal Tuesday that he will present to parliament, but some economists are worried about these austerity measures , which may still stopping growth and as a consequence undermine the goals of deficit reduction.

"Spain is on a slope very, very slippery now (…) The risk specific country resurfaced, Spain is facing structural problems and it will take years and years to resolve. This tax package is self-destructive, "said Nicola Spiro, the consulting firm specializing in sovereign risk Sovereign Spiro Consulting

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