An afternoon and night to negotiate a little. Finance ministers of the European Union gathered in Brussels on Sunday to develop a European Support Fund before the opening of Asian stock markets in the night. The mechanism would be for the countries of the euro area are experiencing difficulties in refinancing their debt markets.
These negotiations will be tough. If Sweden, which does not belong to the eurozone, said she would not rule of replenishing the fund for assistance, the United Kingdom, he was categorical. It will not contribute to the plan because it is not part of the single currency club.
"I think it is important that we do everything we can do to stabilize the markets …Be very, very clear: if there is a proposal to create a stabilization fund to the euro, it must be left to the Eurogroup countries, "said British Finance Minister, interviewed from Brussels by British news channel Sky News.
Despite these differences, the EU wants to send a strong signal to markets. They have since the beginning of the crisis in Greek, brought little credit to European decisions. On Sunday, the Spanish Minister of Finance, Elena Salgado, has shown great volunteer arriving in Brussels for talks: "We will defend the euro, we believe that we should give more stability to our currency, and we will do what is necessary to achieve that goal. "She also stated that "Spain does not intend to use this fund."
The original idea was that the European Commission to borrow under the guarantee of all countries of the European Union, including those like Britain that do not use the euro, as it is mechanism of the EU, diplomatic sources said.
To validate such a device would require the approval of a majority of the 27 qualified enough that EU ministers meet in Brussels, but the goal is to have a consensus.
An agreement must Tonight
London's refusal to participate could force the euro zone to fall back on a loan facility guaranteed by the only countries using the single currency, an option also being considered.
The contingency plan for defending the single currency will he ultimately guaranteed by all countries of the EU or the only states in the euro area? "It's a question for debate," a diplomatic source admitted to another European country.
The British, they refuse to give their guarantee for loans in Europe, however, are willing to approve in principle the establishment of the Stabilization Fund, according to British sources.The latest proposal on the table talking about a $ 60 billion for the fund, she said.
The euro area is imperative to reach an agreement before financial markets open in Asia on Sunday night to Monday in order to be able to reassure investors after Greece took in their sights Spain, Portugal or Italy.
London also in turmoil
The United Kingdom is, as the euro area in turmoil. The elections on Thursday did not produce a clear majority in Parliament, which is at once suspended. Because of this uncertainty, the pound fell Friday below 1.46 dollars, its lowest in a year.
Markets are particularly concerned about the reduction of budget deficit British, the highest of the major EU countries. It reaches 12% of gross domestic product (GDP).What dig the debt, which could peak at 94.1% in 2011, according to the OECD. The rating agencies expect the presentation of a future austerity plan to degrade or not the "AAA" rating from the United Kingdom.
ALSO READ:
"Under the pressure of markets, Europe size in public expenditure
"The decline of the euro threatens U.S. recovery
»COMPUTER GRAPHICS – Aid to Greece in five questions
NRJ Group may blow. In a difficult economic environment in 2009, the broadcasting group announced on Thursday a return to the green with a net profit of 6.8 million euros against a loss of 4.6 million euros in 2008. Revenues excluding exchange operations declining slightly by 0.4% to 330 million euros. The news, however, may not be appreciated by the markets. These projected a net profit of 15 million euros.
For its part, NRJ Group is satisfied with these results. The group managed to improve its operating performance with a net operating profit up sharply from 38% to 25.4 million.Operating income for the handset business, which had sealed the results of their 2008 deficit of 9.5 million, were not disclosed.
Cleopatra and the TNT derive results
NRJ Group finds particularly strong improvement in the poles and television shows. The first saw its revenues rise by 75.6% to 43.9 million euros through the two channels of the TNT NRJ 12 (third string DTT) and NRJ Paris. The group managed to reduce its operating loss in this sector to 15.8 million against a 22.7 million.
The cluster performance makes the best performance with an increase of 712% of its revenues in 2009 to 26.8 million euros against 3.3 million the year before us fast cash !!!???!!!?? ?!!!."This strong growth mainly due to the success of the musical Cleopatra whose contribution to consolidated sales amounted to 25.0 million euros in 2009 compared to 0.5 million euros in 2008" , the company said.
In contrast, the pole Media music has suffered a fall of 15.7% of its revenues to 197.9 million euros.International operations also saw their incomes fall by 9%.
The title leads the DTH
For 2010, the group was cautious in a "fragile economic environment" and a "visibility remains low.
But positive signals are detected including "an improving trend on advertising revenues in March, thanks to sales growth in Radio France, which could therefore register growth in the first quarter of 2010 compared 1st Quarter 2009 ".
"In television, the trend remains strongly positive since the beginning of the year," the statement concluded.
At the Paris Stock Exchange, Friday, NRJ shares rose 12.01% to 7.18 euros, the largest increase in DTH in a market that yields 0.10%.
ALSO READ:
"Baudecroux" NRJ be more competitive this year "
Nicolas Sarkozy wants a debate on deficits. This is his announcement during an exchange with hundreds of mayors at the Elysee on the issue of local government reforms. The president had previously tried clearing the ground, apologizing for not being able to go to their convention, ensuring that it was not to avoid their anger on local government reform.
The President has subsequently commented extensively on the subject, pointing specifically drift accounts in the regions: "When I see (…) the fiscal madness that seized a number of areas, I say be careful anyway, because it is the competitiveness of France (who is involved). One criticism is that the Left, which controls nearly all the French regions.But the majority, which has recovered areas in March next will be riding the theme of taxation in the region, pointing in particular the inflation of budgets and taxes found in these communities.
A conference deficits without date
He therefore used his speech to announce a national conference "to discuss the shortfall in France" which meet the state on one hand and those responsible for social security and local authorities on the other .The date of the event remains at present unknown.
"We plan with Prime Minister (Francois Fillon) to organize a national conference to discuss the deficit of France, Nicolas Sarkozy said.
"It will have the responsibility for social security, those local and those of state talk together (…) me, I promised that I would not replace an official two who is retiring but If you local, you create one over two, how one can escape, the same country, "he said.
"Sarkozy remains inflexible on the territorial reform
A cap crossed over to the Chinese industry. According to Xinhua, the country has reached Tuesday symbolic threshold of ten million vehicles produced since the beginning of the year. A news that pleased the authorities. Only the United States and Japan have in the past crossed the symbolic threshold, the agency noted.
Overcoming this bar in early October, and comes a little earlier than expected. Analysts had expected the effect that 10 million are crossed in mid-October. Production expected by the market for the full year 2009 was for its more than 12 million vehicles.
This fact confirms at least the strength of the Chinese automotive market, it is now early in the year the first global automotive market, from well before the United States, particularly boosted by government measures for the automobile industry such as decrease of 10% to 5% tax on the purchase of new vehicles with engines at or below 1.6 liters. And the country should not stop there: sales in the first nine months of the year have already surpassed the 2008 total.
"China firmly planted on four wheels