The Top News

EADS said Wednesday that its subsidiary Airbus had found a solution to cracks on the wings of its A380 superjumbo, a problem which cost more than doubled and that is expected to weigh on for two years a program already tumultuous history.

The European Group of aerospace and defense, however, said he was confident for 2012 despite a concern increasingly keen on the economic situation in Spain, one of its shareholders.

The action has one of the few increases in the CAC 40, with a gain of 1.22% to 29.385 to 10:50, as against a decline of 0.4% of the index in Paris at the same time, under driven by quarterly earnings well above expectations thanks to the performance of Airbus. 

EADS announced a charge of € 158 million to cover repair costs of 71 A380s delivered in late March, in addition to an initial estimate of the cost already announced 105 million.

"There's probably some relief due to the fact that they have solved the problem quickly. This removes the uncertainty," said Sandy Morris, analyst at Jefferies. "The 'bulls' will have something to put in their mouths, but this is only the quarter and the road is still long."

These cracks, discovered for the first time in early January on Singapore Airlines A380 and Qantas Airways, are a new damage to a program that has accumulated delays in its development.

"We will apply the repair of each delivery as we have not built the permanent solution (…), which should probably still look after this year and next," said EADS CFO Hans Peter Ring during a conference call. 

CONCERNS ON SPAIN

EADS, which will renew his leadership after the general meeting on May 31, judge now "more ambitious" goal of delivery of 30 A380s in 2012 due to many of delayed deliveries, without compromising the objective of balancing the program by early 2015.

By virtue of maintaining a balance between Paris and Berlin in EADS, the German Tom Enders will succeed to the presidency Louis Welsh executive of EADS, while the Translation ais Bregier takes the helm of Airbus, which is the current number two.

Hans Peter Ring said EADS adapted management of its cash and its coverage because of the crisis in the euro area, now with "real problems" in Spain, one of its shareholder countries. 

"This is one of our big puzzle today because we have seen a sharp deterioration of our partners, that is to say banks, for two years and became much more difficult to cope with such a context, "he said.

EADS has reached a first quarter EBIT of 343 million euros, up 79% and a turnover of 11.404 billion, up 16%, and net income of 133 million in instead of a loss of 12 million a year earlier.

Analysts polled by Inquiry Financial Europe on average expected a first quarter revenue of 10.636 billion and an EBIT of 331 million. 

The group confirmed for 2012 include an EBIT before nonrecurring items above 2.5 billion euros – against 480 million for the first quarter alone – and a greater than 6% of its turnover.

EADS 'order intake almost doubled last year to 12 billion euros through the A320neo, the improved version of the Airbus Single Aisle.

The aircraft manufacturer has reaffirmed aim for about 570 deliveries this year, indicating that the number of gross orders should be higher deliveries. In January, the aircraft manufacturer said it expects 600-650 aircraft gross orders in 2012, after a record 1,608 in 2011.

Boeing's rival garnered 112 gross orders during the period from January to April – a total of 95 net after cancellations – and has delivered 183 units in January-April, including five A380s.

Sony has accused the 2011-2012 fiscal year a record annual net loss of 456.7 billion yen (4.42 billion euros), weighed down by its difficulties in televisions, but the Group hopes to revive an operating profit of the current year.

The Japanese manufacturer of consumer electronics said Thursday anticipating an operating profit of 180 billion yen for the fiscal year ending in March 2013. Analysts polled by Thomson Reuters I / B / E / S side of their anticipated an operating profit of 173 billion.

The group plans an annual net profit of 30 billion yen.

On the year just ended, Sony posted an operating loss of 67.3 billion yen, less than the consensus which gave a loss of 95 billion yen.

The inventor of the Walkman and the PlayStation suffers loss of its television division and fierce competition from Samsung and Apple, including the telephony market mobile. 

Under the aegis of its new CEO Kazuo Hirai, the group announced a broad reorganization plan with thousands of job cuts, hoping to cut costs and revive with benefits.

While considering partnerships to gain competitive advantage in televisions, Kazuo Hirai will build on the cameras, smartphones and video games to revive the group.

Sony's action ended Thursday down 1.22% to 1,213 yen. Since the beginning of the year, the stock has lost 12% in the Tokyo Stock Exchange, while the Nikkei index of blue chips gained almost 7%.

Saint-Gobain said Thursday up 3.7% of its turnover in the first quarter to 10.2 billion euros, driven by sales price, and confirmed all of its 2012 objectives.

Excluding the currency effect (+1.0%) and perimeter effect (+1.8%), the growth of world number one in production, processing and distribution of building materials spring over the period to 0.9%.

The consensus reached by the editor of Reuters from estimates of seven analysts gave a turnover of 9.9 billion euros.

"In an uncertain economic environment, and despite a high comparison base, the group achieved positive organic growth in this first quarter," said St. -Gobain in a statement. 

"In particular, we continued to increase our selling prices (+2.4%), to compensate, overall on the year, rising raw material costs and the energy. "

The group maintained for the full year its goal of a moderate growth and good resistance to its operating income and profitability.

In February, the CEO, Pierre-Andre de Chalendar, had clarified that growth in 2012 would be less than 5% in 2011, then qualified performance of "sustained", without further pre ; decision. 

In the first quarter, the rebound in residential construction in the U.S. market, where the group has enjoyed double-digit organic growth, offsetting the slowdown registered in Europe because of a inclement weather in February and the crisis in the South, as well as slowing growth in Asia, to 0.6%.

"In Asia and in emerging countries, growth should remain moderate in the second quarter, before returning more strongly in the second half of the year," said Saint-Gobain.

All business units recorded a slight growth in the quarter, with the exception of innovative materials, affected by the glass, whose sales were down 5 , 6%. This decrease is attributable to a decline in solar markets and European car likely to remain challenging, and a slowdown in construction in Western Europe.

The Saint-Gobain shares closed down slightly from 0.39% to 31.87 euros, giving a market capitalization of around 17 billion euros. Since the beginning of the year, the title took about 8%, having dropped nearly 23% in 2011.

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.

Santander said Thursday net profit down 24% in the first quarter as a result of provisions for bad and doubtful debts up to 3.1 billion euros.

The largest bank in the euro area has reported a net profit of 1.6 billion euros, which is beyond the consensus of analysts.

After enduring their worst two weeks of the year, the U.S. stock markets should try to get back to basics and support the trend of the results to be published in burst from Monday.

Alcoa opened last Monday the new earnings season, reporting an unexpected benefit as investors anticipated a loss from the U.S. aluminum specialist.

In the wake of Alcoa, the few groups who have also published their quarterly in the vast majority pleasantly surprised: the approximately 32 companies listed on the S & P 500 , almost three quarters exceeded the consensus. 

But these ads have not had the desired effect on equity markets, the return on the center stage of the crisis of sovereign debt, illustrated by the difficulties encountered es by Spain to finance themselves, having prompted investors to take profits and to favor the least risky assets.

According to Thomson Reuters data, not less than 86 U.S. companies in the S & P 500 in turn deliver their quarterly results to stakeholders.

Among them are ten listed companies on the Dow Jones: Intel, Johnson & Johnson, Coca-Cola, DuPont, Microsoft, Travelers Companies, Verizon, American Express, General Electric and McDonald's. 

Financials will be again this week closely followed the results delivered Friday by JPMorgan Chase. This week, are expected Citigroup, Goldman Sachs and Morgan Stanley.

The content of the figures however, will not only dictate the trend, investors keeping an eye on the developments on the forehead of European sovereign debt.

"The results are better than expected. The outlook is rather optimistic," said Jack Ablin of Harris Private Bank.

"Overall, the news is mostly good, but just a very poor information from Europe to forget all that," he said.

Friday, the U.S. stock markets have completed a second consecutive weekly decline. This correction was expected by many analysts after the 12% increase posted in the first quarter by the S & P 500.

The index, followed by most fund managers, however, remained close to its 50-day moving average.

"Technically, it was clear that there would be a correction," said Paul Mendelsohn.

"(…) How far will she? Remains to be seen. There is support in the region of 1,358 points and we turn around the 50-day moving average ….. ….

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.

What wealth conceals the nest egg of presidential candidates? All contenders at the Elysee are required to communicate their heritage to the Constitutional Council. For now, only that the candidate Nicolas Sarkozy has been officially released. Here are pictures, information available on the richness of the main contenders at the Elysee. Fifth

Previous Previous PauseSuivant Nicolas Sarkozy: 2.7 million euros Next Photo 2/5

Previous Previous PauseSuivant Francois Hollande: 1.17 million euros (property) Next Photo 3/5

Previous Previous PauseSuivant Bayrou: 836 881 euros Next Photo 4/5

Previous Previous PauseSuivant Jean-Luc Melenchon: 760 000 Next Photo 5/5

Previous Previous PauseSuivant Marine Le Pen: Heritage not found Next

The unwritten rule in the United States reserving the presidency of the World Bank is questioning Friday after the appointment of a candidate by three emerging countries of Africa, paving the way the first truly contested election since the primary funder of developing countries.

Angola, Nigeria and South Africa supported the nomination of the Nigerian Minister of Finance, Ngozi Okonjo-Iweala, a respected economist and diplomat, to succeed the American Robert Zoellick, who is retiring in June 

"This designation stems from the belief that the executive appointments of the World Bank and its sister institution the International Monetary Fund, should be based on merit, open and transparent "say the three states in a statement.

Washington must nominate its candidate on Friday, which will remain the favorite for the position despite the African initiative: the U.S. president traditionally the World Bank since the inception of it the day after World War II, while the general direction of the IMF amounts to a European.

Brazil, meanwhile, would defend the candidacy of former Colombian Minister of Finance, Jose Antonio Ocampo, but can not do without the support of Colombia, as now seems likely. 

Bogota has indeed said Thursday its preferred candidate for the presidency of the International Labour Organization (ILO), recalling that a Colombian already held the presidency of the Inter-im ; American Development.

Russia, she refrained from supporting a candidate who is not American and pleaded for a greater role for emerging leaders in the organs of international financial institutions.

DECISION BEFORE APRIL 21

The Board of Directors of the World Bank, the United States holds the largest number of voting rights and can expect support from European countries and Japan. Africa occupies only three of 25 board seats.

The secret of the candidate that Washington will support far remains guarded. And Nancy Birdsall, who chairs the Center for Global Development in Washington, it is precisely the delay in the appointment of the American candidate who has paved the way for his rivals.

"For the first time, there is competition, or at least it seems at first glance that there is serious competition. And the only way for this to be open, merit-based and transparent, is that there is competition, "she said

.

Sources close to the Obama administration have said the list of possible candidates include Susan Rice, U.S. Ambassador to the UN, Indra Nooyi, the Director General eral of PepsiCo, born in India, Senator John Kerry and Lawrence Summers, former economic advisor to President

. A name Additional emerged in recent days: that Laura Tyson, professor at the University of California at Berkeley and a specialist in international trade and competitiveness …….

.. The State Department has ruled that Hillary Clinton will be leading the World Bank but it remains a possible candidate in the eyes of some observers. 

The deadline for applications is 18:00 Washington time (2200 GMT). The board must then publish a list of three candidates and make a final choice before the general meetings of the IMF and World Bank, April 21.

The country should emerge from recession in 2013, but its growth will be zero this year after a fourth year of heavy contraction in GDP. Greece is not yet out of the woods.

Greece continues its transformation and intends to turn its back on the crisis. The rescue plan reassured the markets, so that rating agencies could in a few weeks, increasing the Notes for the country's debt. On a political level, the lines also move. Evangelos Venizelos – the only candidate for the leadership of the Greek socialist PASOK – Sunday night announced his election as party leader, succeeding George Papandreou.

Side of the economy, however, the changes are slower. Greece will return to growth "in less than two years" and is determined to avoid a new debt restructuring and exit from the euro, the Greek Prime Minister assures Lucas Papademos in an interview with the Financial Times on Monday.

"I am convinced that we made more than half way to economic recovery, even if the fiscal consolidation process will take longer. Positive growth rates should be achieved by less than two years," says Greek ruler business daily. He said "great silent majority" of the Greek people will do anything to stay in the euro area, despite the almost daily demonstrations against the drastic program of austerity adopted by Athens under pressure from the International Monetary Fund (IMF) and the European Union.

The IMF once again revised downward its forecast last week for the Mediterranean countries: according to the institution, Greece should emerge from recession in 2013, but its growth will be zero this year after a heavy fourth year of contraction GDP, from 4.8% in 2012. Despite the crisis, "we will do whatever is necessary to ensure that it was the last Greek sovereign debt restructuring," said Mr. also Papademos Monday.

A new report from the Troika of its creditors (EU, European Central Bank and IMF) released last week, Greece will have to make further budgetary adjustment efforts in the next two years to achieve the goals set in the second exchange assistance plan.

Greece on 12 March an exchange of unprecedented debt, the first step in the restructuring of its heavy liabilities budget, with a target return on financial markets in 2015. This restructuring, which should remove a total of some 105 billion euros of debt held by private creditors is to shrink the country's total debt at 120.5% of GDP by 2020, against 160% of GDP at present (more 350 billion euros).