World and National News » business

The ferry company SeaFrance into liquidation

admin — Thu, 17 Nov 2011 01:32:03 +0000

Estoppel to potential buyers of SeaFrance. The Commercial Court of Paris on Monday gave the liquidation of the French company SeaFrance ferries in the Channel, but now the activity until January 28, 2012. The court found that the two takeover bids submitted by Louis Dreyfus Armateurs (LDA), associated with the Danish DFDS group, and the CFDT union in the enterprise, were not satisfactory as it stands. However, he left the door open for the submission of new offers before December 12.

SeaFrance employs 880 permanent employees and 200 CDD, according seasons. The plan proposed by the LDA-tandem DFDS provided for the protection of 460 FTE jobs, maintaining SeaFrance under the French flag, the recovery of three ships 5 million and an investment of 50 million for repairs to boats.

Asian stock markets in a piecemeal

admin — Wed, 26 Oct 2011 02:50:08 +0000

The wait is dominant. After clearly displayed in the green yesterday, the Nikkei gaining 1.90%, Asian stock markets oscillate around equilibrium on Tuesday, pending a decision of the euro area to stem the debt crisis in the next EU summit. The benchmark index of the Tokyo Stock Exchange lost 0.45% to 8803.83 and points, while the Hang Seng Index Hong Kong rose 0.54% to 18,873.10 points. The CSI 300 Index of the Shanghai Stock Exchange gained 0.92% on the other hand points to 2600.27, the BSE Sensex 30 in Mumbai 0.37% to 17,002.60 points. And the Kospi index in Seoul lost 0.18% to 1894.99 points, like the S & P / ASX 200 index in Sydney (-0.66% to 4226.80 points) and the FTSE Straits Times of Singapore (-0 , 10% to 2758.15 points).

Investors are wary and vis-à-vis the euro zone leaders, whose plan to end the debt crisis on Wednesday is expected.Thus, the Japanese Minister of Finance today called Europe to take steps to restore calm on the foreign exchange market. "The stability of the foreign exchange market can be ensured by a single country," said Jun Azumi at a press conference, while Tokyo is facing a record surge in the yen weakening industrial activity in the archipelago. "The European problem is entering a decisive stage, he added. The question is whether Europeans can establish a pattern likely to appease everyone. We call them to do so without firing a shot. "

Clearly, the statements by Franco-German tandem, following a first anti-crisis EU summit this weekend, are still a sceptiscisme markets. In this line, Baroin, Minister of Economy, was considered "satisfied" on Monday that European leaders would reach a "global agreement".For the Minister of Economy, the last meeting of the euro area in Brussels this weekend in Brussels has led to progress "two thirds" of the negotiations.

The price of gold mixed black

But investors, it seems, keep in mind the slowness with which the European Union handled the crisis of the Greek debt, leading to a contagion of the crisis. And in Italy, while rumors of using the European Union and the International Monetary Fund will crescendo in Rome.It must be said that for the first time since the outbreak of the sovereign debt crisis in November 2009, the EU will apply directly to other states and their sovereign wealth funds to head out of water and multiply the capabilities of the European Financial Stability Fund (EFSF).

As for commodities, oil prices were mixed in early trade on Tuesday in Asia, a barrel of "light sweet crude" for December delivery gained 27 cents to 91.54 dollars. Barrel of Brent North Sea crude for December delivery yielded 44 cents to 111.01 dollars. For its part, the euro fell slightly against the U.S. dollar, losing 0.14% to 1.391 dollars.

Side values, Japanese banks are feeling the pinch: Sumitomo Mitsui Financial Group lost 1.11% to 2140 yen. As Mitsubishi UFJ Financial Group, to -1.48% at 334 yen.At the Hong Kong Stock Exchange, the values are dependent on raw materials, however, much higher, the image of China Coal Energy (5.83% to 9.26 Hong Kong dollars) and oil giant CNOOC (+ 4.68% to 14.32 dollars).

Crisis: an agreement on the euro is emerging

admin — Mon, 24 Oct 2011 02:06:18 +0000

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)

The majority mobilized to save AAA rating

admin — Wed, 19 Oct 2011 13:02:42 +0000

Nathalie Kosciusko-Morizet (Minister of Ecology), Philippe Marini (UMP President of the Senate Finance Committee), Thierry Mariani (Minister of Transport), Bruno Le Maire (Agriculture Minister), Maurice Leroy (Minister of the City) and Gerard Longuet (Defence Minister) commented on yesterday's warning from Moody's to France pay day loan lenders.

The dismantling of Dexia says

admin — Wed, 05 Oct 2011 22:59:16 +0000

Reassurance. Forty-eight hours after the announcement of an orderly dismantling of Dexia, the watchword is always the same. Reassure savers first. This is one for this purpose that the Belgian and French immediately announced they were giving their guarantee loans that the bank will carry on the markets. In Belgium, where Dexia has set up shop through its retail bank, investors have withdrawn, Tuesday, 300 million euros in their accounts, according to local media. Movement still moderate – Dexia is sitting on 88 billion of deposits – but pushing the government to act. The Prime Minister, Yves Leterme, a planned Wednesday nationalization of Belgian bank Dexia activities.

Fitch Monitoring

Then reassure markets about the solvency of the future together. This is the second role of the Belgian and French guarantees granted to the bank.They will enable Dexia, reduced its operating subsidiaries, to refinance its huge bond portfolio until no commitments. Fitch Ratings has nevertheless expressed its skepticism by placing Wednesday under review with negative implications for sustainability of the note Dexia.

Finally, reassure local communities payday loans. They expressed concern, saying that in France they would lack 1-2000000000 funding by the end of the year. However, the pattern of the new local bank – fiercely negotiated by Philippe Wahl (La Banque Postale), Pierre Mariani (Dexia), Jean-Dominique Comolli (EPA) and Antoine Gosset-Grainville (CDC) – "guarantees them instead continuity in their funding, "says one expert."We are working on a solid solution, structured," assured yesterday the Minister of Economy, Baroin.

The structure of this new bank is complex. A first entity, which will provide loans to communities, will be majority-owned by La Banque Postale. Behind, another entity, refinancing this time will be majority-owned by Caisse des Depots. It is this which will take Dexma (Dexia Municipal Agency) and its loan portfolio of over 70 billion. In negotiation, it was expected that guarantee Dexia loans risky. And as a guarantee of Dexia is not worth much today is the state-guarantee against these assets. Post convened last night a special board to validate this scheme, which should be presented in the coming days.

The paradox of Chinese banks

admin — Wed, 05 Oct 2011 05:11:15 +0000

Chinese banks are no longer a paradox about. When they announce record profits, their shares continue to plunge on the stock markets. More than 100 billion dollars in profits have been achieved over the last twelve months by the four largest banks in the MSCI China's financial. Yet the same index retreated by 24% last month …

In question, the ability of banks to cope with the heavy debt burden of local Chinese. Last June, the National Audit Office made an unpublished report, evaluating the debts of local governments to 1200 billion euros. Debts incurred to 80% among Chinese banks. Nearly 25% of these loans come to an end at the end of the year, according to the official.Enough to make investors nervous at the beginning of autumn.

For the businessman Jim Chanos, who made his name in the financial world by predicting the collapse of Enron, the problem of Chinese banks is so large that it could completely cancel the growth of the empire environment. "If we assume that China will issue loans representing 30% to 40% of its gross domestic product (GDP) and half of that debt will be questionable, it represents 15% to 20%. Let's say half of them are covered. China may have to switch to a loss of these amounts and reduce growth of 9% to zero, "calculated the investor in an interview with Bloomberg TV last week.

Interest rates reaching 70%

A feeling that reflects at least the concerns of many investors, as evidenced by the poor performance of local banks in the markets.But analysts located in China do not share this pessimism. "I do not think there is a bubble. These are more questions about the future easy to get unsecured personal loans. Investors are concerned about asset quality of Chinese banks, "cautions Zhang Yi, an expert in the industry for Moody's in Beijing. "The government is responsible for the bank and will do everything to prevent a major problem," said one of his part in Shanghai-based analyst, who works for a large brokerage company in China. For now, the real problem of Chinese banks is the explosion of informal loans. Clearly, the restrictions imposed by Beijing on credit have greatly benefited the black market. "We have no idea of the true extent of the phenomenon, no credible data was available. But banks remain exposed to the last borrower, "said Zhang Yi.For some of these funds lent at usurious rates comes directly from banks.

Last month, the Journal of the securities of China, close to the government, reported that the equivalent of nearly 50 billion euros had been removed on the first two weeks of September in the deposits of the four major state banks: Bank of China, ICBC (Industrial and Commercial Bank of China), China Construction Bank and Agricultural Bank of China. Most of these funds were reinvested, according to the newspaper, the black market in credit, where interest rates can reach up to 70%, while the alternative financial investments are scarce for individuals and businesses. The stock markets are down and banks remunerate savings at rates lower than inflation.

For now, the response of banks to secure their future look for the capital increase.ICBC has announced plans to raise $ 11 billion market over the next nine months. The question is whether investors are ready to go.

Morocco: Sarkozy launches the work of the TGV

admin — Thu, 29 Sep 2011 14:07:33 +0000

Nicolas Sarkozy could not miss the start of construction of the first TGV in Africa and the Arab world. Especially if a French company, Alstom, in this case is at work. The French president will then visit a few hours to Tangier on Thursday to give the start of construction of the train Tangier-Rabat-Casablanca.

After a ceremony at the station in Tangier, Nicolas Sarkozy will hold talks with King Mohammed VI at the Palais Marshan, during a face-to-head followed by a working lunch. Then he will speak to the press at 17:15 Paris time.

One site to 3 billion

Four years after the announcement, the work can begin. This project should permit the entry into service in 2015 a train up to 320 km / h linking Tangier to Casablanca and reducing by more than half the travel time between the two cities, which will go from 4:45 to 2:10.

Its cost is estimated at 33 billion dirhams by the Moroccan government (3 billion euros) and will be partly financed by loans to prime French, Moroccan funds from Gulf countries and the Arab Fund for Economic Development and social. The European Investment Bank (EIB) was, she refused a competition of 400 million euros, which complicated the closure of the project.

Moroccan media while Germany suspected of having deposited its veto against the funding because of the choice of the Moroccan government to favor the French Alstom in its German competitor Siemens business card.The French group, which had previously exported its expertise in high-speed train in South Korea, Spain and Italy to Morocco will provide 14 trains of eight cars, for $ 400 million euros.

Economic projects

While the French government scans the remark, some commentators believe that the choice of Alstom was used to compensate the loss by France of a contract to supply fighter jets to the Moroccan Air Force, who had to prefer the F16 U.S. Rafale from Dassault Aviation.

This episode now seems forgotten. Nicolas Sarkozy, focused on investment opportunities represented by Morocco, has chosen to take with him two ministers, Eric Besson for Industry and Thierry Mariani for Transport and Secretary of State for Foreign Trade Pierre Lellouche.

The Hexagon is the first partner of the Sharifi kingdom, providing 15% of imports from a country with an average growth of 4.5% to 5% for ten years, accounting for 21.5% of its exports, and employing 100,000 Moroccans in its 750 subsidiaries. Other large projects include the creation time of a Renault factory "zero pollution" with Veolia Environment, which should become operational in early 2012 or Tanger-Med, a huge industrial center and port that participates in a Bouygues consortium.

Sarkozy would comment on the euro in late afternoon

admin — Wed, 14 Sep 2011 06:24:05 +0000

Nicolas Sarkozy could be expressed in the late afternoon, after his meeting with Herman Von Rompuy, confirmed Tuesday morning in his entourage Figaro. It would only be a few minutes of intervention, on the steps of the Elysée with President of the European Council.

"Nothing is confirmed yet," says one, however. "It will also depend on market developments in the day," says an adviser. Monday night, the Elysee was between a very firm denial to rumors that a scenario out of Greece to the euro would be discussed at the Elysee. We emphasized above all the character "drama" of this to the Greeks themselves, but also for the euro area.

"To ensure compliance with the commitments of the July 21"

"This is not a desirable solution, we do nothing to make it desirable," confided a senior official Monday night Elysian following folder every minute electronic check payday advance."We try to be consistent: we are about to present to Parliament the rescue plan that was decided on 21 July in Brussels. We do not prepare in the wings is another scenario that would offer the exact opposite, "he continues.

The state still remains fragile in which finances are Greek, "We try to convince them to do everything to achieve compliance with the commitments of July 21," says this source. Tuesday evening, the Head of State may wish to print this message in a clear and solemn.

Bad temper could still weigh on the CAC 40

admin — Tue, 06 Sep 2011 08:04:07 +0000

The CAC 40 is expected to be difficult to bounce back on Monday. The benchmark index of the Paris Stock Exchange ended the day on Friday of a severe fall of 3.6%, below 3200 points. A cons-performance due to poor U.S. employment figures. The first global economy has fueled fears of a global slowdown by announcing that it had no jobs created in August, while analysts expected 70 000 net hires. "The U.S. employment figures for August suggest that the labor market seems to be moint death," said Victor Shum this morning, an analyst at Purvin and Gertz in Singapore.

Following this announcement, Wall Street closed on a sharp drop of more than 2%. U.S. markets will do on Monday with European stock any procedure they will remain closed for Labor Day (Labor Day observed every first Monday of September).Asian stock markets have instead given with a negative pulse of the market in red. Operators in the region have learned that HSBC index of purchasing managers in the Chinese sector services slowed to an unprecedented low in August. Seasonally adjusted and calculated by the Institute Markit, it fell to 50.6 after 53.5 in July.

No other indicator may move the index is also expected on Monday. One highlight of the week will be the release of the Beige Book Fed on Wednesday night, which will be the summary of economic conditions in regions in the United States.

No recession expected in Europe

The side of the euro area, European Commission President Jose Manuel Barroso, has tried to reassure investors.Traveling in Australia, he said that the European economy would experience in the coming months a "moderate growth" without going into recession. "We do not anticipate a recession in Europe. The latest forecasts from the European Commission show that the growth will be at the meeting, although this growth will be moderate, it is true, "he said in Sydney.

The comments of the Head of the EU executive echoed the lowering of forecasts rating agency Standard & Poor's for the European economy last week. The decision to resurface concerns about the health of the area and the problems of sovereign debt."We do it all, the fight against fiscal problems underlying the strengthening of the governance of the eurozone, the introduction of stricter financial regulation to improve our overall readiness" said José Manuel Barroso.

In morning trading, the euro rising slightly against the dollar at 1.4160 dollar. However, it is dropped in morning trading to a low of three weeks, at 1.4138 dollars against 1.4198 at Friday close in New York.

For their part, oil prices were down in electronic trading in Asia, depressed by the poor figures on employment in the United States. A barrel of "light sweet crude" for delivery in October lost 59 cents to 85.86 dollars per barrel of Brent North Sea crude for October delivery 74 cents to 111.59 dollars.

Values to follow

EDF

The Italian Minister of Industry, Paolo Romani, said Sunday he would meet Monday Proglio about the power company Edison.

ArcelorMittal

Peabody Energy and ArcelorMittal announced Monday it had extended until September 27, the period during which the short bid for $ 5 billion (3.53 billion euros) on the Australian Macarthur Coal.

Societe Generale

The U.S. federal agency oversight of mortgage filed a complaint Friday against 17 major international financial institutions which include the French bank, for a total loss of $ 41 billion in bonds linked to subprime.

Safran, Natixis

Safran's aerospace equipment will make its entry into the CAC 40 index, while the bank Natixis is about to leave, said Friday the Scientific Council of the indices of NYSE Euronext. The changes take effect Sept. 19.

Saft

The American automotive supplier Johnson Controls will pay $ 145 million (102 million euros) to the French specialist in batteries as part of an amicable agreement ending their joint venture in the automotive industry, announced Friday the two groups in a joint statement.

Alstom

The group signed a 66 million euros with Iraq to build a power plant in the province of Nineveh in the north, said the Iraqi Minister of Electricity.

France Telecom

TPSA its Polish subsidiary has announced to contest the fine of 128 million euros that inflicted the European Commission.

After market, environment and Dried Assystem unveil their first-half results.

Good results for the RATP

admin — Thu, 01 Sep 2011 19:44:11 +0000

Pierre Mongin, the president of the RATP, did not hide his irritation on Thursday at the presentation of annual results. Questions were asked about the use of oars of his company as part of a police operation to remove an encampment or the sex scandal involving employees of the RATP on good company performance public in the first half.

"Our results are very good," he stressed. The turnover of the RATP rose 10% over last year to 2.5 billion euros and net profit doubled to 231 million euros. This increase is partly due to two major operations: the more capital gains in the creation of Transdev and Veolia-overhaul of Systra, whose positive impact on earnings is 45 million.Excluding special items, net income amounted to 156 million euros.

"Triple A" for the RATP

The company president judge, however, the fragile economic environment: "We are cautious about approaching the end of the year. As the correlation between traffic and employment in Ile-de-France is clear. And we found a decline in June, "The public company, whose investments this year should reach 1.5 billion euros, reviewed the financial crisis of the summer with special attention fast cash without a hassle. "We have an ongoing need to market to borrow, because of the enormous weight of our investments," says Pierre Mongin, which welcomed the "Triple A" renewed his company by rating agencies for its access to credit.During the first half, the RATP has invested 545 million euros, 216 million in renewal and renovation of rolling stock.

The group's cash flow continues to improve, with an increase of 27% to 431 million euros. This indicator is important because, as pointed out by Pierre Mongin, the group is the only public transport operator to carry a structural debt of over 5 billion euros, unlike its competitors Kéolis (SNCF) and Transdev Veolia: "We are the only ones to be managers of infrastructure and transport operators. "

To expand its business, the RATP is competing in a dozen bids in province and ran for the international projects tramway in Casablanca, Algiers and Washington."We will also put into service in late October early November the Algiers metro," says the president of the RATP, 56% of revenue is now generated outside France.