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No escape for Q-Cells. The downward spiral of leading German solar panels will take him on Tuesday to file for bankruptcy.

The surrender of the former star of the German green power is a thunderclap across the sector. For Q-Cells is a symbol in more ways than one. The company, founded in 1999, has long been a success story. In less than ten years of existence, Q-Cells had indeed risen to number two in its industry, employing several thousand people. A public company in 2005, the company earned up to nearly 10 billion euros, its highest in 2007. At its peak, the title tu the 80 euros, it is now around 0.50 euros.

Q-Cells is also a symbol for the German economy. That of a company born on the lands of the former GDR, in Bitterfeld. At 160 km south of Berlin, she has built its ultramodern facilities in the former Chemical Valley East German, and surpolluée left devastated after the fall of the Berlin Wall. Across the Rhine, Q-Cells has also embodied the Schröder years, much talked about these days. The coalition of the SPD's chancellor of the time and the Greens were both stimulated by the industry and its reforms massively encouraged by subsidizing renewable energy feed-in tariff of electricity as wind or solar energy produced . A policy that had quickly made Germany the first global photovoltaic market no checking account payday advance.

The beautiful adventure Q-Cells started to bend back in 2008, the same group through a first serious crisis in 2009. After a brief respite in 2010, he plunged in 2011, being squeezed by lower government subsidies and the emergence of low cost solar panels from China.

In losses of 845 million euros in 2011, for a turnover of 1 billion (- 26%), Q-Cells had hired a rescue plan on two fronts.

Offshore production in Malaysia

Operationally, the company had massively relocated its production to Malaysia. She also tried out "from above" this crisis by leveraging technology to higher value added (thin-film cells) and more services. A spiral dive in 2009, but was not fast enough. "Q-Cells is one of those solar panel manufacturers left too soon that have not been able to modernize their production time and reduce their cooûts", an analysis of the financial sector. A plan to restructure its debt, sued by creditors, was defeated last Friday, leaving no other choice at the former landmark Green Energy to file for bankruptcy.

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Since the beginning of the year, France can count on a new ambassador in U.S. supermarkets: the Teddy Bear Marshmallow. The chocolate confectionery iconic Cémoi, which this year celebrates its fiftieth anniversary, was called "So Pretty" across the Atlantic. She will seduce children and adults in Canada and the United States. They currently represent a drop from the 400 million Bears produced annually in the plant Villeneuve d'Ascq.

"We ask our pawns in North America, says Patrick Poirrier, CEO Cémoi first chocolatier in the Hexagon with his trade supplier to brands (MDD), who made last year 750 million euros of turnover. We have there an approach to French fashion products. In three years, we increased our sales by 30%. "If Cémoi not realize yet that 35% of its turnover abroad, it counts including the United States to accelerate.

Focus on Africa

The company, based in Perpignan, which is 900 million euros in turnover by 2015, will open next month an office in New York. He intends to take advantage of the recent development of MDD in the chocolate sector and leverage its brand. There, Cémoi – which adjusts its revenues in each country – relies on its truffles, which are a little Eiffel Tower on their packages, and its dark chocolate ranges, a fast-growing segment on which there is still little Deals in North America fast cash without a hassle. For now, we deliver from our ten factories located in France, "says CEO, grand-son of the founder, who does not rule out making acquisitions in the United States.  

Other fast-growing region for three years, the Eastern Europe (35%), which represents nearly 10% of total production. "The increase in living standards, particularly in Poland, where we have a factory of industrial products, driving growth," said Patrick Poirrier.

In emerging markets, Cémoi prefers to pass his turn now in Asia, having suffered a failure in China in the 1990s. Instead, it set course for sub-Saharan Africa, where he bet on population growth and economic take-off, and its historical presence in Côte d'Ivoire through a processing plant. "We're going to floor on small packaging and on basic products such as chocolate spread," said Patrick Poirrier.

Finally, while the cocoa supply will become critical to the future (it will take one million tonnes in the next decade), Cémoi strengthens its role on the upstream. For two years he sells beans to other chocolatiers, tired of going through middlemen or traders. A new market for Cémoi, which now boasts its presence in the entire chain.

Friday night, Greece officially launched the enormous debt exchange it has obtained with its private creditors. This is a complex mechanism that aims to relieve the country by erasing more than half of the slate, or 107 billion euros, and pushing the date for repayment of the remainder (99 billion).

How are things going? In exchange for an obligation of an initial $ 100, Greece proposes to give creditors securities with a value of 46.5 and waive the rest. The new obligations that creditors will accept the exchange are, for the initial value of 31.5, Greek titles and 15 titles from the European Stability (EFSF). The bonds will EFSF of short duration, to enable creditors to receive quick cash. Greek bonds, however, will last far superior. Specifically, for each security traded, the creditor will receive 20 new, lasting spread between 11 and 30 years. The goal is to push the repayment schedule of Greece on the amounts it still accepts honor for him time to recover. In detail, the tender specifies that the interest rates on new bonds will be 2% for securities maturing between 2013 and 2015, 3% between 2016 and 2020, 3.65% for maturities of 2021 and 4.3% for those from 2022 and beyond.

The debt exchange, sometimes called PSI (Private Sector Involvment, private sector involvement), is supposed to allow Greece to reduce its debt ratio to 120% of its gross domestic product by 2020 against 160% TODAY ' Today in the hope that it can eventually regain access to bond markets.  

Everything will depend on the reception of the operation

Athens hopes to conclude the procedure of exchange of debt by 12 March. The whole question now is how much of creditors will participate. According to a Greek politician, the government is optimistic it will be massive. Charles Dallara, managing director of the Institute of International Finance (IIF), which represented the private creditors, has also expressed its confidence. "When they have read the terms of the debt swap, there will be a high turnout," he said from Mexico City which opens a meeting of finance ministers and central bankers of the G20 countries.

Greece said it would not be required to make the debt swap if participation was revealed less than 90%. If it appears between 75% and 90%, then it will launch consultations involving its creditors. At a rate below 75% the exchange will not occur, warned Athens.

The future of Greece still doubtful

The crisis is still a long way to Greece. The Eurogroup President Jean-Claude Juncker said he could not exclude that it takes a third rescue package, echoing the offers of German Finance Minister Wolfgang Schäuble: "there is no guarantee that chosen path lead to success. It is also possible that this is not the last time that the German Parliament should consider financial assistance for Greece. "

Robert Zoellick to head World Bank until next June, the Court also found that the latest aid package of 130 billion paid to Greece would only allow Athens to save time. Finance ministers of the euro area will gather next week ahead of EU summit in Brussels on Thursday and Friday to review the measures provided for Greece, so that the second European rescue plan to be activated.

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The announcement is far from trivial. Japan's Mitsubishi Motors said Monday it would cease production of passenger cars in Western Europe, the Netherlands, after 2012. "It is not viable to start production of a new model" in this factory from 2013, the group said. "This plant was the only car in the Netherlands", his "closing is a catastrophe" for 1500 employees, was responsible for the sorry a majority union.

Beyond the Japanese company, Europe became a continent cursed the automobile. As manufacturers unveil their financial results, the list of those who lose money will only continue to grow. The French PSA Peugeot Citroen will announce Wednesday a "significant loss" of its automotive division in the second half of 2011. This operating deficit, due to its performance-cons in Europe, could exceed 500 million euros according to some analysts.

His rival Renault, which should instead have made money on his heart of business, would have recorded a negative margin of 2.9% of its automotive business on the continent estimated by Barclays Capital.

For its part, Fiat has acknowledged that its consumer brands had lost 500 million euros last year in Europe. The Standard & Poor's threat also to lower the note from the Italian. Americans also are struggling. Ford reported last year an operating deficit of $ 190 million in the fourth quarter. As for his compatriot General Motors, its German subsidiary Opel remains its weakest link. German manufacturers should be among the only ones remaining beneficiaries in Europe last year, analysts said.

The outlook is even bleaker for 2012. Increased from 16 to 13.6 million cars between 2007 and 2011, European car sales are expected to drop 3 to 5% this year, according to Euler Hermes. To maintain their market share, brands may be tempted to continue the price war that rolled margins for several months.

"Given their exposure to this continent, Renault and PSA will lose money in Europe this year" in the car, said Philippe Houchois, an analyst at UBS. To make matters worse, France, a key market in terms of both volume and profitability for both manufacturers, expected to fall by 6 to 8% according to Renault.

This market decline should exacerbate the problem of overcapacity in Europe. The rate of plant utilization was only 82% last year in Europe, according to PWC. Clearly, the sites are equipped to manufacture 3.9 million cars more than they produced.

Too much capacity in Europe

The situation varies greatly between countries and brands. Plants of certain German manufacturers are working at 90% of their potential, while the utilization rate of the French sites is limited to 70%, experts say (and should fall further this year). But "if the Renault plants in Turkey or Romania at full capacity, they operate at only 60% and 30% of French sites Douai and Sandouville," said Gaetan Toulemonde, an analyst at Deutsche Bank. However, experts believe that a plant must operate at 80% expect to be profitable.

In Italy, Fiat plants operate at only 50% of their possibilities. An unfavorable environment which will impact negatively on the group's operating margin in Europe in 2012, says Standard & Poor's.

Beyond the case of Fiat, "there is too much capacity" in Europe: "The only remedy I know of is to close plants," Judge Sergio Marchionne, the boss of Fiat and Chrysler. Only two manufacturers have broken this taboo: Fiat precisely, by closing a factory in Sicily, and Opel, curtailing its Antwerp plant.

But if the U.S. government encouraged their manufacturers to close plants during the crisis, European governments are unlike anything to protect jobs in an industry that employs more than 2 million people.

While only a few months of the presidential debate on the "Made in France" is central, PSA did not specify what would happen to its site of Aulnay after 2014, until which time production is ensured of the C3. Remains to be seen whether the band will make an announcement in the second half of 2012, as envisaged in an internal document of the summer of 2010.

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The appointment of the new Italian Prime Minister, the respected economist Mario Monti, seems to reassure the markets. After last night the appointment of a successor to Silvio Berlusconi, the euro recovers against the greenback and the yen. Early Monday morning, it is 1.3770 dollar and 106.29 yen against 105.97 yen and 1.3739 dollar on Friday night. This change in the executive in Italy, and one that took place in Greece, revived the hopes of ending the crisis in the euro area and reinforce the mood of the Asian indices, sharply higher this morning.

The comments made yesterday by the new Italian government attempted to reassure people, but realistic. On the occasion of a brief statement to the press, the former European Commissioner said that Italy could "win" the debt crisis through a "collective effort" payday loans no teletrack.Mario Monti also found that Italy, a founding member of the European Union, would be "an element of strength, not weakness." Thus, he said, the objective of the new government will "clean up the financial position and resume the path of growth in a context of increased attention to social justice." Meanwhile, the Italian Senate passed this weekend the anti-crisis plan promised the European Union.

Mario Monti had to race to form a new government as soon as possible, within ten days. From last night, the new head of state has initiated consultations to obtain a broad political consensus.

"The revival of the European economy is broken." The verdict of the European Commission, which presented on Thursday its autumn forecasts for 2011-2013, is categorical. According to Brussels, all signals of the economy are red. "The sharp drop in confidence hinders investment and consumption, while the slowdown in global growth reduces export and fiscal consolidation to operate emergency weigh on domestic demand." Accordingly, the Institution provides a low growth for the EU in 2012, about 0.6% against 1.9% forecast last spring. In the euro area, GDP is expected to show a slight increase of 0.5%.

The return to growth, albeit slow, is scheduled for 2013 (1.3% in euro area and 1.5% in the EU). Unless additional shock …Olli Rehn, European Commissioner for Economic Affairs has indeed warned that Europe could "experience a new recession." He urged governments to restore confidence in "fiscal sustainability and the financial system" by accelerating the reforms. For the European Commission, the restoration of that confidence is well underway. "The measures adopted in recent months should help to remove uncertainty regarding sovereign debt and the financial crisis in mid-2012, and this should gradually unlock investment and consumption," says his report.

In France, Brussels forecasts should take a cold. François Fillon on Monday presented a new plan of austerity measures designed to bring 65 billion euros by 2016.

On the sidelines of the strike of hostesses and stewards of Air France since Saturday, the Air France-KLM is struggling along on its activity and its development policy. In this context, the current social movement that will last until Wednesday could further strain the finances of the parent: in 2007, again at All Saints, a strike had caused major disruption and cost him no less 60 million euros.

Now the group through a period of turbulence. Consequence of the current economic gloom, it may well issue a warning on its results in the publication of its accounts for the period April to September under November 9, said BFM Business on Tuesday. Now he hoped to bounce back after suffering a net loss of 197 million euros over the period April to June 2011.In the wake of a meeting with management, a union then estimated at Figaro that "if growth was not at the meeting, a plan for removal on 5000 to 10,000 jobs would be to fear cash advance now."

Undermined by these uncertainties and the lack of clear prospects, Pierre-Henri Gourgeon was forced to resign last week. The directors then indicated that "he was committed to stop the evolution towards a concrete structure group Air France-KLM, to focus on recovery required the two companies." Again in control group, Jean-Cyril Spinetta immediately set the tone by giving the task to Alexander Juniac new CEO of the group, "to respond to the emergence of new competitors, particularly low cost."

Still, this strategy could exacerbate climate distrust between labor and management.

April 2012: fifty-four nuclear reactors in Japan are at a standstill. Not a nuclear power plant does not produce a kilowatt hour. Whereas before the cataclysmic tsunami of March 11, 2011, they provided 25% of the electricity of the Archipelago.

This scenario of a sudden release of nuclear energy in twelve months is not the political fiction. It is seriously considered by officials and experts. Asked about this possibility by Le Figaro last week during his visit to Paris, the new Japanese Minister of Economy, Yukio Edano, kicked into touch. And answered: "We have confirmed the safety of reactors stopped before restarting. I can not tell you when. "

Click on the thumbnail to enlarge the graphic.

Currently, only ten of fifty-four reactors are in operation Payday Loan for Bad Credit.Given the economic downturn, electricity consumption is expected to decline 4% this year compared to 2010.

Gas purchases up

To compensate for the cessation of nuclear power plants, Japan has a large fleet of oil-fired power plants, coal and gas but several were damaged by the earthquake. The Japanese also built in recent years of LNG terminals to house liquefied natural gas (LNG) imports. Tokyo has spent the last months of gas contracts with Qatar and Indonesia and in July, its oil demand rose 4% year on year.And purchases of gas to run them at current price, would cost between 15 and 20 billion.

While managing the emergency, the government of new Prime Minister Yoshihiko Noda has promised to set a new energy policy in the summer of 2012 to 2030.

The concern of earlier this week gives way to relief. After completing a session in the balance yesterday, marked by a small rise in the Nikkei 0.16%, Asian stock markets will resume after the announcement of the plan to stem the crisis in the eurozone. The benchmark index of the Tokyo Stock Exchange rose on Thursday from 1.63% to 8891.28 points.It's the same for other Asian financial centers: the Hang Seng index of Hong Kong Stock Exchange gained 1.74% to 19,399 points, the CSI 300 Index 0.26% 2658.42 Shanghai points, the Kospi Index Seoul 1.42% to 1921.29 points, the S & P / ASX 200 Index 2.43% to 4345.80 Sydney points, the BSE Sensex 30 in Mumbai at 0.20% 17,288.80 points and the FTSE Straits Times Singapore 1.63% to 2814.99 points.

Shortly before 4 am, France, Germany and the euro zone countries are agreed after intense negotiations with creditor banks on a 50% discount on debt securities Greek removing the last obstacle to a comprehensive plan of response to the debt crisis. The contribution of the private sector, coupled with an effort of the States of the euro area of ​​130 billion euros, will bring the Greek debt of over 160% of GDP today to 120% in 2020, said Nicolas Sarkozy.The French president also said that the means of relief funds in the euro area (EFSF) would be "multiplied" in order to reach "1.4 trillion dollars," or "1000 billion euros." For Nicolas Sarkozy, "the summit has to adopt elements of a comprehensive response, an ambitious response, a credible response to the crisis in the euro area". Even if the plan is still very fragile if the economy of Greece does not improve, he said.

The surge in the yen threatens Japan

For its part, the IMF Executive Director Christine Lagarde welcomed the "substantial progress" made at the EU summit in Brussels, welcomed the leaders of the euro area have set up "a program that will respond to the crisis in the region ".Greek Prime Minister George Papandreou, for its part considered that a "new era" began in Greece, speaking of a "new beginning" with this debt reduction Greek.

On the macroeconomic front, the Central Bank of Japan announced Thursday a further easing of monetary policy to fight against soaring yen that threatens the recovery of the Japanese economy.The institute has decided to increase 5 trillion yen (47 billion) purchases of treasury bills, increasing to 55,000 billion yen (519 billion) the maximum amount it spends on purchases of government bonds, corporate bonds and other financial securities, and loans at preferential rates.

The euro has strengthened

In addition, retail sales continued to decline in Japan in September, from 1.2% yoy, due to the fall in purchases of TVs after an exceptional run in early summer, announced the Ministry of Economy Thursday. However, car sales have stopped their dive.Consumers remain cautious overall spending due to fears generated by the earthquake and tsunami in the northeast of the archipelago on March 11 and the Fukushima nuclear accident they caused.

Side values, the action of the group of cameras Olympus flew more than 20% Thursday at the Tokyo Stock Exchange, following the resignation of its CEO Tsuyoshi Kikukawa, accused by his British predecessor Michael Woodford to have overcharged acquisitions between 2006 and 2008.

The euro has strengthened, buoyed by hopes of resolving the crisis in Europe. It was worth 106.26 yen and 1.3975 dollars in Tokyo Thursday morning, 1.3908 against the dollar and 105.98 yen in New Yok the night before.

Finally, oil was up, after the sharp fall the previous day in New York.In electronic trading in the morning, a barrel of "light sweet crude" gained 1.11 dollar to 91.31 dollars a barrel while Brent North Sea crude for December delivery took 70 cents to 109.61 dollars.

All will be played Wednesday. "No decision will be announced following the summit of the euro area, which takes place this Sunday late afternoon in Brussels, although work is progressing well," said Nicolas Sarkozy and Angela Merkel in a joint press conference after a meeting of leaders of 27 countries of the European Union. French President and German Chancellor said that the work "techniques" were still to be completed by the new top of the euro area on Wednesday. The summit will be preceded by another meeting of twenty-seven, they said. "Work is progressing well on the banks of the support fund and the potential use of this fund. The assumptions are tightening and a broad agreement is taking shape. "

On the issue of Greece, progress, assured the leaders without giving details.The stabilization of the indebted country will pass through international loans and additional losses of creditor banks in the country. Europe the figure to at least 50%. According to the report of the troika (representatives of the EU, the ECB and the IMF), the discount should be 60% to maintain unchanged the envelope of € 109 billion promised to Greece, as part a second rescue plan officially recorded on July 21.

Main stumbling block between Paris and Berlin, the transformation of the European Financial Stability Fund (EFSF) in the bank, which insisted on France, finally does more of the options considered by the finance ministers of the single currency. The idea was that the Paris Fund bank can borrow from the European Central Bank. "The two options still on the table to strengthen the EFSF do not involve the ECB," confirmed the German Chancellor.This leaves two options: either the mechanism acts as a partial insurance of the public debt of troubled countries or the IMF is expected to increase its participation in the scheme.

In another area, "the work is progressing well on the recapitalization of banks," said Nicolas Sarkozy, again without providing details on the proposed solutions. Countries of the European Union discussed a budget from 107 to 108 billion euros at the meeting of finance ministers on Saturday night. "Banks must find the money markets," stressed Angela Merkel.

Finally, the pressure on Italy is maximum. The two leaders urged the Italian Prime Minister Silvio Berlusconi, with whom they met ahead of the summit, for it to decisively implement a program of growth and debt reduction Alps no fax payday advances."I hope that decisions will be taken (…) Italy is a major economic force but it has a very high public debt should be reduced in a credible manner in the years to come," says Angela Merkel . Nicolas Sarkozy has outbid by saying that Paris and Berlin were "confident sense of responsibility of all the Italian authorities' political, financial and economic."

"Do not repeat the mistakes of the past"

"We must work differently in the future," said Angela Merkel. German Chancellor said that we should not "repeat the mistakes of the past." The problem of the euro area far exceeds that of Greece, she hammered, emphasizing the need for each country to conduct "a tighter fiscal policy."The President of the European Union, Herman Van Rompuy, confirmed on Sunday that the EU treaty could be modified to improve the functioning of the euro area. "The aim is to deepen our economic union and strengthen our fiscal discipline," he said.

Europe is facing economically to "serious challenges", said Herman Van Rompuy, at the opening of the EU summit this morning. He felt that the decisions to be taken by EU leaders to deal with were "perhaps the most important" they've ever had to face the financial crisis. Greek Prime Minister George Papandreou, had also felt it was "time" to take "decisive and effective." "It is clear that the crisis (debt) is not Greek. This is a European crisis, "he judged.

For its part, the Belgian Prime Minister Yves Leterme had tried hard not announce anything at all on Sunday, in light of market pressure. "It is essential for tomorrow morning at the opening of markets, we have made sufficient progress so as not to jeopardize the credibility of the euro area," he said. Same story for the European partners have not adopted the single currency, which are concerned about the fallout from the debt crisis. "The crisis in the euro area is being extended to all our economies, including that of Great Britain ', launched the British Prime Minister David Cameron.

(With agencies)

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