Vivendi announced Thursday a decrease in its dividend to cope with increased competition in the mobile with the arrival of Free Mobile should put pressure on margins from its subsidiary SFR.

The new entrant has tumbled in early January on the market of mobile telephony with two offers at bargain prices, forcing competitors to lower prices of some of their offerings to attempt to limit the exodus of their subscribers.

Vivendi expects for 2012 a decline of 12% to 15% of EBITDA of SFR which is mainly due to increased competitive pressure on the French market for mobile. 

"The overly favorable terms granted to the new mobile operator by the regulator, the State and the incumbent operator SFR lead to review carefully both its commercial offers that its expensive ; ts "said Jean-Bernard Levy, chief executive, said in a statement.

"These efforts will weigh adaptation in 2012 and 2013 on the results of Vivendi," he adds, saying anticipate a return to earnings growth in 2014.

Behind the second French operator France Telecom has lost 1% of its customers since the beginning of the year, said the head of Vivendi.

Its competitors also suffered from the arrival of the new entrant.

Bouygues Telecom, a subsidiary of Bouygues, said Wednesday it lost 159.000 customers in mobile telephony between the start of the year and February 15, which represents 1.4% of a total of 11.3 million customers, and announced a 300 million euro cost savings.

France Telecom has meanwhile announced the loss of 201,000 mobile customers in the same period, 0.7% of its fleet of 27 million customers in France, and lowered its pre ; vision of dividend for 2012.

Like the incumbent, Vivendi will adjust its dividend policy by paying more than one euro per share in cash for 2011 – against 1.40 euros in fiscal 2010 – more one bonus share per 30 shares held.

From 2012, the group will distribute 45% to 55% of adjusted net income in cash, against more than 50% historically. 

Adjusted net income of Vivendi rose to 2.95 billion euros in 2011, slightly above the forecast of the group, revised e down in November. At that time it had reduced its estimate of three billion to 2.85 billion euros.

The turnover came out up 0.5% to 28.8 billion euros.

The number of ruptures conventional employment contract rose to 289,000 last year, up 13% compared to 2010. Candidates are lining up a pile of resumes by hand at a job fair at the University of Virginia Tech in March 2009.

27,016 ruptures amicably were approved in December, up nearly 4% from the previous month and 13% compared to December 2010, according to the assessment updated in 2011 by DARES (Ministry of Labour ). In total, 288,988 conventional ruptures were registered throughout the year 2011, again a 13% increase over 2010. The rate of inadmissibility and for refusal are on their side remained stable (respectively about 3 and 6%). Since its inception, and nearly 770,000 are conventional ruptures that have been validated.

Carlsberg said on Monday forecast a stable operating profit in 2012 due to a decline in sales in Northern Europe and Western Europe, after increasing its profits in fourth quarter broadly in line with expectations.

In the fourth quarter of fiscal 2011, the company posted an operating profit of 1.83 billion Danish kroner against 1.82 billion expected by analysts surveyed by Reuters, for a turnover of 14.85 billion crowns against 14.30 billion expected by the consensus.

For all of the current fiscal year, operating income is expected to remain stable and adjusted net income should increase slightly, says the Dutch brewer. 

The group also expressed its intention to purchase "as soon as possible" 15% of the remaining shares in its Russian subsidiary Baltika, an operation that will cost up to 6.5 billion Danish kroner (874 million).

Once completed the buyout of minority, by the month of May, Baltika Carlsberg will scratch the coast.

In early trade, the Carlsberg share fell by 2.0% to 420.40 kronor.

The Swiss Federal Council announced Wednesday it had decided to renew its fleet of combat aircraft with 22 copies of the Saab Gripen of Sweden, preferred to Dassault Aviation's Rafale and the Eurofighter Typhoon European consortium which includes EADS.

Switzerland was launched three years ago the tender for the renewal of its fleet, now consisting of F-5E / F Tiger built by the American Northrop, whose older copies have been flying since 1976.

His heart attack until the financial markets, the euro area plays its future in the coming weeks in an economic, budgetary and fiscal conducted forced march under the leadership of Germany.

The countdown to this year has accelerated last week when France, but also Austria, Finland and the Netherlands, saw arrive at their door pressure from investors, which they thought up until there is little protection because of their maximum rating AAA.

Faced with this new situation, the debate on increased intervention of the European Central Bank to support countries in difficulty – to which Germany is now the only one to oppose – has flared up.Angela Merkel's advisors are on the phone at all hours with European capitals, "said she.

"But if they would not get successful, unorthodox solutions are being considered," she said again.

MINI-TREATY?

Several European leaders, France and Germany in particular to reflect the possibility of a mini-intergovernmental treaty outside the community and to circumvent British requests for repatriation of skills in London and, ultimately, unanimously required a revision in formal treaties.

The consumer prices rose 0.2% over the month and 2.3% year on year.

The index of consumer prices in France, one of the barometers of inflation, rose 0.2% in October from the previous month and rose 2.3% year on year, said Thursday the National Institute of Statistics (INSEE). The increase in October "comes from the purpose of promotions in the clothing and footwear, and food," said INSEE.

The price of tobacco (2.7% compared to September) rents and services, water and garbage also increases but the increases are partly offset by lower prices of other manufactured goods and other services.

The German government Saturday denied press reports saying that the reserves of the Bundesbank would be used to replenish the European Financial Stability Fund (EFSF), the emergency fund in the euro area.

The Frankfurter Allgemeine Sonntagszeitung reported that the reserves of the German central bank – made of gold and foreign exchange – will be used to increase the contribution of Germany to EFSF over 15 billion euros.

The Welt am Sonntag said the same thing in its columns.

"The foreign exchange reserves and gold in Germany, managed by the Bundesbank, have never been in discussions at the G20 summit in Cannes," said the spokesman of the German government.

France and Germany put pressure Tuesday on the Greek Prime Minister George Papandreou to get an early implementation of the agreement of 26 October on the euro and the Greek debt, he wanted to submit to a referendum.

Following the surprise announcement, the head of the Greek government, which has caused a new storm in the financial markets, French President Nicolas Sarkozy and German Chancellor Angela Merkel responded by implicitly rejecting the idea of ​​this consultation.

"This announcement has surprised all of Europe.France wishes to recall that the plan adopted last Thursday by unanimous vote of 17 members of the euro area is the only way to solve the problem of Greek debt, "said Nicolas Sarkozy after a special meeting at the Elysee Palace with Prime Minister Francois Fillon and the ministers concerned.

Angela Merkel and Nicolas Sarkozy will meet Wednesday in Cannes, at the G20 summit, for a meeting with European institutions, the International Monetary Fund (IMF) and George Papandreou, last minute guest.

It will "examine the conditions under which commitments will be required," said Nicolas Sarkozy.

"I can not exclude (bankruptcy of Greece in the event of" no "in the referendum), but this will depend on how the question will be formulated exactly and what exactly the Greeks will vote," he said.

He said the Greek Prime Minister made his decision without informing his European colleagues and had previously alluded to the idea of ​​the referendum, before abandoning it, and finally to announce without warning.

"Can we in these conditions during the sixth release, the eight billion euros, as we had decided two weeks ago as we do not know if the Greeks are always agree with what has been accepted? "he asked.

The Boeing 787 Dreamliner Sunday began his business career with the signing by the American manufacturer of contract Delivery of the first Japanese company to All Nippon Airways.

Scott Fancher, Boeing vice president in charge of the 787 program, said the ownership of the aircraft had been legally transferred to the Japanese company with the signing of these documents.

This issue comes with three years of delay the development of the aircraft built from composite materials, having suffered many setbacks.

It would be more optimistic. But this week, what looked like vile premonitions markets began to be realized. Back to the bad news that destabilized the stock markets. A trader at the New York Stock Exchange, September 22, 2011. The Fed and the IMF say they fear a recession

If grants are all black is that they painted a very grim future. The IMF had laid the groundwork earlier this week by revising down its forecast strong global growth, and considering the "worst case scenario", a recession in major developed countries that would eventually weigh on emerging markets.While the IMF does not make his case a priority – rather table it is growing very soft, the risk has become more consistency Wednesday with what the Fed's emphasis on "continuing weakness" of the labor market United States and the "significant risks" associated with "pressure on global financial markets." This pessimism was immediately stunned the markets. And the more they learned that private sector activity in the euro area was recorded in September, its first decline in two years. And that manufacturing activity had declined in China. If even the Middle Kingdom began to fail …

The failure of Greece is similar

Athens is back to the wall. For the loan of 8 billion euros of its creditors and avoid failure in October, Greece has agreed to a new "social massacre" which includes a tax on income from 416 euros per month.Moreover, the second aid plan in advance of July 21 at idle. Europe seems unable to speed up, as shown by the peak in Poland last weekend. And despite the talk of intentions, the scenario of the failure seems inevitable. Greek media have raised the idea on Friday the government to cancel 50% of the debt. Which would lead to a loss of 25 billion euros for Greek banks, most of which have just been degraded by Moody's. The announcement was immediately denied by the government. Until when?

Standard & Poors downgraded the debt rating Italian

This is a first for the boot, Standard & Poor's downgraded the rating on Monday of the Italian debt. This decision did not sway the markets, which expected, but investors fear the domino effect.Growth prospects of the country are particularly likely to be sealed by the new austerity plan of 54.2 billion euros. In turn, Moody's announced that it would degrade Italy "in the coming months." Rome is not the only "lame duck" of Europe. Portugal, already qualified for a loan of 78 billion euros, is in trouble after the discovery of an undeclared debt 1, 68 billion euros. As for Slovenia, she saw the note be degraded by Moody's on Friday. Only Ireland, recovering, doing well with the announcement Thursday of a 1.6% growth in the second quarter. Rare enough to be highlighted …

Brussels acknowledges the need to recapitalize banks

After weeks of procrastination, public authorities have come to settle international: Some European banks will be recapitalized.After Christine Lagarde, who launched the attack late August, the EU has abdicated this week. The IMF, which recommends that banks can recapitalize directly from EFSF, it is estimated that 300 million bill from the Greek crisis for the banking sector. According to the British press, 16 banks have failed those tests fail to stress – be in the viewfinder of EBA (EBA). But the French, who are yet in the heart of stock market panic, would not be affected. Such as Germany and Spain, France is reluctant to inject new funds to banks on the pretext that they are not facing a crisis of solvency but liquidity. If, as apprehensive markets, Greece is lacking, and that Italy and Portugal a restructuring of their debt, they will not escape.

The United States deplored the European fiscal discipline

The more one goes into the crisis and is more visible: the states are powerless to solve the problems because they are unable to agree. For weeks, markets expect strong political positions. Instead, the summits are linked together without any serious decision is taken. Just this week, the Ministers of Finance of the euro area have found themselves in Poland, and Washington for the opening dinner of the G20 finance. But each time, markets would have found that the more anxious. In addition to the severe lack of European governance, the divisions seem more and stronger on one side and across the Atlantic. The United States to Europe including blaming his fiscal discipline, almost incompatible with the maintenance of growth. A conundrum that nobody wants to decide.Not even the IMF, very poor matchmaker. On Thursday, Christine Lagarde has merely conceded to each other, supporting Barack Obama's plan for employment (447 billion), and commending the efforts of countries involved in the decrease of budget deficit …

Operation Twist Fed is pschitt

The markets had placed too much hope in the meeting of the Fed's Sept. 20. They had been dreaming that her boss, Ben Bernanke, went out of his hat and decisive action to support the U.S. economy. Whereby they have had the formalization of the launch of Operation Twist. This is for the Fed to exchange $ 400 billion in Treasury bonds against short-term securities with longer maturities. The objective of this hocus-pocus giant is to influence the rate of long-term interest to encourage business investment and private individuals.Problem, it is an indirect incentive does not offer assurance of effectiveness. In addition, if the technique is clever, it reveals above all the lack of leeway for the Fed can not lower its rates or already virtually zero, or purchase of new Treasury bills. In other words, after the operation Twist, the U.S. central bank is disarmed. What is worrying the markets.