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This device has not reduced CO2 emissions, however. Concerned, the greatest number of vehicles purchased, and higher mileage. In 2008, emissions of CO2 from cars rose by nearly 170 kilotonnes per quarter.

On 1 January 2008, the ink of the Grenelle Environment barely dry, the bonus-malus ecological comes into force. His goal: reduce the amount of carbon dioxide (CO2) emitted by the French fleet, by encouraging financially the purchase of low emission vehicles. "This is to give a competitive advantage to virtuous products," brags Borloo, Minister of Ecology.

Las … Researchers at the INSEE recently shown that the device had actually resulted in higher total CO2 emissions. Yes, the French began to buy greener cars: average emissions of new vehicles increased from 149 grams of CO2 per kilometer in 2007 to 130 grams in 2010. But this performance was not exceptional: the period, France ranks only sixth European countries where such discharges have declined most. And, above all, it is not enough to say that the measure has actually rendered service to the environment. "The fleet size, composition, mileage per car [...] and the effect on sales of new vehicles must also be taken into account," insists the study.

Measure the effects of mixed origin CO2 (1) short-term (2) long-term (3) releases due to the "greening" of cars – from 80.4 to 155.0 releases due to the increase in the number of kilometers traveled per vehicle + 6.1 + 73.0 releases due to the construction of additional vehicles + 232.1 + 29.0 releases due to the rising number of automobiles in circulation + + 10.4 + 9.5 Total 168 , 2 to 43.8% in total emissions (actual or projected) + 1.2% – 0.4%

All this put together, emissions of CO2 from cars have actually increased by almost 170 kilotonnes per quarter for 2008 alone. The French, encouraged by the extent and fearing it disappears, bought more cars: the overall volume of sales in early 2008 was 13% higher than expected without the device. Hence an increase of the mechanical quantity of CO2 emitted. Besides the automobile manufacturing industry is very clean: from the Environment Agency and energy management, it generates 5.5 tonnes of CO2 per tonne produced. Added to this is finally a "rebound effect": the households buying more economical vehicles may tend to use it more.

The device has boosted sales of diesel, more polluting

In the longer term, the INSEE experts are somewhat less negative about the bonus-malus. Admittedly, the government tightened the device in 2010 because it was too costly for public finances (1.5 billion euros in cumulative). The new scale would push manufacturers to innovate and bring to market cars less polluting. Over time, this would offset the negative effects already mentioned.

But this is an argument "all things being equal". In real life, the economic crisis has pushed the State to establish, shortly after the creation of no-claims bonus, a "cash for clunkers". According to the Court of Auditors, the two measures, together, have had "a positive effect on purchases of smaller vehicles, to the detriment, at least temporarily, public transport". With, ultimately, a zero profit for the environment.

Worse, if one takes into account all of the pollution emitted by cars, the impact is even strongly negative. Also according to the Court of Auditors, it is unfortunate that "the bonus-malus system based on the single objective of reducing carbon dioxide emissions, without taking into account [...] nitrogen dioxide, fine particles or nitrogen oxides ". This led to a postponement of buyers to diesel vehicles, more efficient in terms of CO2 emissions, but much less regarding these other pollutants. But these are very harmful not only for the planet, but also for the health …

BNP Paribas said Wednesday net profit halved in the fourth quarter, to 765 million euros, mainly because of a new provisioning on Greece and a significant contraction of its profits in corporate banking and investment because of the crisis in the euro area.

The French bank said in a statement it had spent an additional charge of 639 million euros in its accounts for the last quarter of 2011 on government debt, bringing its funding to 75% on Greece. 

The CEO of BNP Paribas said to be confident that the group will not have to place new provisions on Greece negotiating a new bailout with the International Monetary International Monetary Fund, the European Union, the European Central Bank and its private creditors.

"It's the visions that we have," said Jean-Laurent Bonnafé in an interview with Reuters Insider.

Despite being down sharply, the results of BNP Paribas, however, reveal higher expectations of analysts polled by the editor of Reuters.

The latter on average expected higher losses in market activities and investment, just like what came out of the results of Deutsche Bank. 

"AHEAD" ON RECAPITALIZATION

BNP Paribas, which has decided to maintain a dividend despite the crisis, also estimated to have reached six months ahead with the recapitalization objectives set by European regulators, with a ratio capital of 9.6% at end 2011.

The European Banking Authority (EBA) has indeed demanded of European banks they reach at least 9% of equity by the end of June 2012.

In BFI, where the bank has suffered for 510 million euros in losses on disposals of sovereign debt in the fourth quarter, BNP Paribas expects this year on new recurring expenses of 850 million euros related to asset sales and restructuring of its operations. 

"The beginning of yeara been strong enough in the investment bank", indicated Jean-Laurent Bonnafé.

Hired as many European banks in a plan to reduce stock and asset sales, the CEO of BNP indicates that he had "no plans" regarding a sale of its im ; Rican BancWest. He also rejects any sale of its land Klépierre which the bank holds 51% stake.

"This unit is not for sale. (…) We have to pursue our plan to reduce balance sheet, we're working on," said Jean-Laurent Bonnafé.

At the Paris Bourse, the stock has increased 10% since the beginning of the year after falling 36% in 2011.

The U.S. trade deficit widened slightly more than expected in December and the negative balance of trade between the U.S. and China on a new record the entire 2011-295500000000 dollars.

The monthly deficit in the overall balance of trade stood at $ 48.8 billion, showed the statistics released Friday by the Commerce Department, as imports reached their highest level since July 2008.

Analysts polled by Reuters on average expected a figure of 48.0 billion. The November deficit was revised to $ 47.1 billion against 47.75 billion originally announced.

U.S. exports rose slightly in December (0.7%), but nearly two times less than imports (+1.3%).

Over the full year 2011, the trade deficit increased by 11.6% to 558.0 billion, a level not seen since 2008.

Exports grew by 14.5%, exceeding for the first time the threshold of 2,100 billion, while imports recorded an increase of 13.8%, to nearly 2700 billion.

Facebook has made Wednesday a first step towards what will undoubtedly be the IPO the most anticipated of the year, an operation likely to Mark Zuckerberg, founder of the first global networking site, the sixth my largest personal fortune in the world.

The company, founded in February 2004 in a dormitory at Harvard by Mark Zuckerberg, was subject to Exchange Commission a draft on the market that would remove five billion dollars (3.8 billion).

The operation, which promises to be the largest operation of its kind developed for a company in Silicon Valley, is expected by mid-year. It could enhance Facebook to about $ 100 billion.

In documents submitted to the Securities & Exchange Commission (SEC), said Facebook as 845 million active users.

The group adds that in 2011 registered a turnover of 3.71 billion, from 85% of advertising revenue, and net income of one billion, an 65% increase compared to 2010.

Facebook has selected Morgan Stanley, Goldman Sachs, JPMorgan as leaders of the operation. The other "book makers" are Bank of America Merrill Lynch, Barclays Capital and Allen & Co.

In documents filed with the SEC, it is stated that the base salary of Mark Zuckerberg is $ 500,000, which sum will be reduced to one dollar from 1 January 2013, the bonus of the founder Facebook of being stood at 220,500 dollars in the first half of 2011.

Zuckerberg FACEBOOK COMPARE TO THE PRESS AND TV

"We often talk of inventions such as print and television. Today, our society has reached a turning point, "Zuckerberg wrote in a letter accompanying the documents.

" There is a huge need and huge opportunity to ensure that everyone is connected, to give everyone a voice and contribute to the transformation of society. The extent of technology and infrastructure to be built is unprecedented, "said he.

Total

securities held by Mark Zuckerberg Facebook -1.11 billion-worth some $ 33 billion, based on the value per share of 29.76 dollars per share assigned by the company to its shares on 31 De ; December 2011.

Besides Mark Zuckerberg, who owns 56.9% of the voting rights of the company, the capital before introduction Facebook Stock Exchange is essentially divided between Greylock Partners, Meritech Capital Partners and Technologies DigitalSky and contractors Reid Hoffman, Mark Pincus and Sean Parker.

Group said it employed 3,200 full-time employees at the end of 2011, representing a total increase of 50% compared to 2010. 

Facebook says that its sales would "suffer a negative impact" of the increased use of its services on mobile devices, unless the group starts to run ads on these applications.

Some think that Facebook could raise more than five billion dollars projected in documents sent to the SEC, which further widen the gap between the IPO of the community site and that of Other Internet-related companies that made their debut stock in recent years.

The online game developer Zynga, which contributed 12% of the turnover of Facebook in 2011, has raised a billion dollars at the end of last year. 

At its IPO in May 2011, the professional social network dedicated to LinkedIn, has raised $ 350 million via a placing of shares in the stock market valued at $ 8.9 billion.

In 2004, the Internet giant Google had sold nearly two billion dollars of shares in its IPO.

French collective management has suffered in the 2011 debt crisis in the eurozone but also regulatory changes imposed on institutional investors, including banks an incentive to shift to Basel III households to bank savings products. According to figures from the French Association of Financial Management (AFG), assets under management fell overall last year by 4.1% in France, to 2.636 billion euros, growth 1.9% of assets under management under mandate failing to stem the decline of 10.4% of French funds. The fall in financial markets last year, especially during the summer, has affected virtually all categories of funds since, excluding money market funds The effect of market (-50.9 billion euros in total) has affected all other categories. Equity funds were the most penalized with a decline in their stock of 34.4 billion euros related to contracts, while the Stoxx 600 index lost nearly 15% between late July and late September. "The loss of the status of risk-free government bonds and disagreements within the EU on how to implement to stem the debt crisis, have a little more immersed ; uncertain markets and investors turned away from long-term mutual funds, "said Alexander in a study Cassan, head of research at fund EuroPerformance. STRONG COMPETITION FROM BANKS The net outflow amounted to 91.3 billion euros in 2011, according to figures from the AFG, note however that a deceleration of net outflows in money market funds domiciled in France (-50 billion euros, against -88.2 billion in 2010). "And then there is the strong competition from bank balance, which were growing last year," said Pierre Bollon Wednesday, managing director of AFG , at a conference, the grids in the banking and insurance is relatively large channels in the distribution of products and services of collective management. According to Pierre Bollon, quoting figures from bank balance sheets, passbook accounts increased by 30 billion, deposits of less than two years of 26 billion and deposits term of more than two years of 93 billion. "The expected reduction of public deficits could be hampered by the slowdown in European growth or entry into recession. All these uncertainties will continue to impact the management of assets already undermined in 2011, "warns Alexander Cassan. France is not alone in having suffered last year, the fiscal 2011 will be challenging for almost all European business. "Apart from Ireland, which has a success with money market funds at a constant value for all other countries the year 2011 is not a good year, "said Pierre Bollon. Looking at the markets where the financial management of investment funds is made, the France retains its leading position in Europe with a market share of 20.1%, followed by Germany (19.2%) and the United Kingdom (17.1%), is the AFG. In terms of domicile, Luxembourg continues to lead the ranking, with a market share of 26.5%, followed by France (18.1%) and Germany (14.4%), note the 'association.

The pan-European Stoxx 600 index is expected to grow about 4% from its current level and the end of next year, a growth limited by fears about the financial situation of Europe and the United States, according to a Reuters poll published Thursday.

The quarterly survey of more than 40 analysts and fund managers over the past week shows that the index comprising the 600 major European cap should come out to 250 points at the end of December 2012, against 240.08 points at the close on Wednesday and 265 , 25 points late July summer before his fall (-15% in August and September).

"The factors (rebound, Ed) largely concern the ability of the industrial states to bring order into their finances, whether it's debt management or the needed balance between spending and revenues "said Christian Jimenez, president of Blue Diamond Management.

"So the emergence of a new method for solving the debt crisis which should allow the return of confidence.

Member States of the European Union plan to withdraw from the future European Stability Mechanism (MES) the possibility of involving the private sector in the financial rescue of a country, said Friday four sources familiar with the matter.

Ongoing discussions are taking place in the broader context of trade reform on the European Treaty, on which Nicolas Sarkozy and Angela Merkel agreed Thursday in Strasbourg, it was said the same source.

This 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.

"France, Italy, Spain and the peripheral countries are in Germany, Finland and the Netherlands are against," said one source.

"(The first) say that Greece is a unique case in terms of private sector participation (…) He felt that if it is a unique case, then do not include in the text (the European Stability Mechanism).

The Greek economy contracted by 5.2% annually in the third quarter, according to preliminary estimates by the national statistics agency Elstat and released Tuesday by the European agency Eurostat.

The pace of contraction in gross domestic product (GDP), however, shows a slowdown since the third quarter decline comes after a decline of 7.4% in the second and 8.3% in the first (revised).

Despite this slight improvement, Greece appears to undergo some pout its fourth year of recession in 2011 and there is no indication that things will work out in 2012.

The fall in GDP was largely the result of a drastic reduction in wages and pensions, loss of significant numbers of jobs and an increase of taxation, the measures imposed by international rescue plan for to save the country from bankruptcy.

Greece and its creditors to expect on a 2011 contraction of 5.5% of GDP.

This is an estimate adjusted data when figures released Tuesday are not adjusted.

"A significant improvement is unlikely in the fourth quarter in light of the deteriorating conditions at work with its major trading partners, a feeling depressed household and new austerity measures which took effect in September," said Plato Monokroussos, economist at EFG Eurobank.

Generali, the third European insurer, reported Friday a 37% drop in net profit over nine months under the influence of losses on its debt investments and Greek stock market.

The group, which has had to face write-downs of 824 million euros, 329 million at its own Greek bonds, is now anticipated for all of its fiscal operating profit in the lower range of 4.0 to 4 , 7 billion previously announced.

Its net profit for the first nine months of the year stood at 825 million euros, against 840 million expected by analysts polled by Reuters.

Operating income for the period it is in line with expectations, down 1% to 3.1 billion euros.

The accumulation of incidents at NYSE Euronext since June annoying and worrying more and more investors, who do not hesitate to use alternative trading platforms to carry out their transactions.

The transatlantic exchange operator in Europe has undergone eight technical issues between June and October, resulting in the suspension of publication of its indices, including the CAC 40 stock market delayed opening, or cancellation of certain transactions.

These technical problems are partly the result of significant changes made in the information systems of NYSE Euronext, and the large volumes of transactions processed (50 to 100 million transactions a day).

"We may take a very large number of precautions in terms of development and testing prior to the start of production of new systems when we change information systems – which are extremely sophisticated – we are increasing the risk of incidents have "Fabrice told Reuters Peress, head of market operations at NYSE Euronext European cash.

However, the panel of European regulators, with which NYSE Euronext talks every month, closely following the problems encountered by the exchange operator should be able to cope, stress analysts.

Consequently, some investors are tempted to work with alternative trading platforms such as MTF (Multilateral Trading Facility).

"Incidents of NYSE Euronext, is detrimental to them because they are not able to quote when you want to place an order, customers will go elsewhere," said Frédéric Jamet, Managing Director at State Street Global Advisors France.

Since the beginning of the year, platforms like Turquoise, Bats and Chi-X have continued to take market share from traditional stock exchange operators in Europe.