The automotive industry is recovering. Another sign of this improvement, the French carmakers Peugeot and Renault on Friday unveiled the early repayment of their loan in April 2009 with the state, confirming information of The Tribune. And the sum is not small since the two groups repay one billion euros each on the 6 billion borrowed in April 2009, subject to an interest rate of 6%. Initially, the repayments were to begin in 2011 for a deadline in 2014.
The announcement is expected as Prime Minister François Fillon has to go today at PSA Sochaux to a "gallery devoted to government measures for the industry." The Head of State will be accompanied by Economy Minister Christine Lagarde.Besides a review of measures taken by the state to support the sector, Francois Fillon would reveal new features.
In recent months manufacturers have stepped up signs indicating a recovery of the sector. Renault and Peugeot have conducted launches of new models. SAP has announced a new wave of hiring Wednesday of nearly 900 employees after the 1100 recruitments in June And both groups have returned to profit in the first half.
In financial markets, the reaction was swift. Titles Peugeot and Renault are respectively the first and second place in the benchmark index of the place Parisavec gains of 2.5% and 2% against a slight decline for the CAC 40.
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