Archive for December, 2009

GDF Suez enlist with the State

Tuesday, December 29th, 2009

Never change a winning team. GDF Suez announced Tuesday in a statement that the public contract that binds the group to the state for 2010-2013 was signed December 23. The formalization of this announcement comes a week after the Official Journal published a decree defining new rules for setting regulated prices for natural gas. "This agreement also strengthens and clarifies the conditions of tariff changes through a transparent, automatic and taking into account all costs of the company," said G?rard Mestrallet, CEO of GDF Suez.

Now, each year, the state, which holds more than 35% of GDF Suez, will set in order, the conditions of changing prices for the coming year. Then, while respecting this context, GDF Suez will propose an increase or decrease these rates."The natural gas rates will change based on costs incurred by the company to supply the final customer," the statement said. The new framework provides, inter alia, a review of annual costs out of supply (transmission, distribution, storage …) and quarterly changes in supply costs. Subsequently, these proposals will be subject to approval by the Regulatory Commission of Energy (CRE).

GDF Suez said that rising oil prices will not be reflected in the price of gas.

At mid-session, the stock price GDF Suez wins 0.90% (30.20 euros) to the Paris Bourse, where the Cac 40 in advance of 0.55%.

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Occupation: No recovery until 2011

Friday, December 25th, 2009

The stabilization of the unemployment rate to 9.1% of the workforce, the French plunges further into the past: in early 2006, when the indicator peaked at a similar figure, before falling to unprecedented s 'is followed. In total, during the year 2009, the weak economy has had reason to 373,000 jobs, an increase in the number of job seekers by 20.3%. A particularly tough fall for the industry, which has accumulated during that dark year structural and cyclical crises, destroying nearly 100,000 jobs for the first half of 2009 alone.

Measures directly aimed at boosting the labor market, set up under the stimulus plan, however, seem to have limited the damage. "Put in connection with money taken by other countries, the stimulus is small.But the measures for use therein have been good "said Eric Heyer, Deputy Director at OFCE.

Offset

In total, the government estimates at 400,000 the number of jobs created or preserved by all actions taken under the recovery plan partial unemployment, subsidized contracts, extending device reclassification professional device "zero charge" for the 'hiring of an employee by TPE … -. If this figure is currently not verifiable, stabilizing unemployment announced by INSEE in the third quarter of 2009, and out of recession that began in the second, appear reassuring signals. … While analysts agree today to find that the adjustment of the labor market is still far from complete.

When is therefore a market recovery in employment and lower unemployment? Not before 2011, say the economists."Growth of 1.3% proposed by employment center for 2010 will not be sufficient to generate net new jobs," said Ernst and Bernard, director of statistics, surveys and forecasts for employment center. "Given the French productivity, only a growth above 2.5% would generate" confirms Eric Heyer, highlighting the gap of three quarters generally observed between resumed growth and lower unemployment rates. Same story with Nicolas Bouzou, economist at Altars, which estimates that unemployment will stabilize at best in 2010. "The problem is that this stabilization occurs at a high level," says he.

Brakes

Various factors should indeed help to limit the decline in unemployment in the months ahead.First, partial unemployment: as he has played a buffer role on the labor market by reducing redundancies, it should eventually stop the resumption of hiring. The 143,000 employees have benefited from the device indeed logically gather their full-time position, in priority to any additional recruitment. Second brake that is particularly Eric Heyer: the reinstatement of unemployment discouraged job seekers. "The stabilization of unemployment in the third quarter was partly due to traditional discouraged jobseekers less well positioned on the labor market.When the activity will leave, they re-subscribe, mechanically limiting the decline in unemployment. "An argument that employment center does not yet resumed its consideration.

If the unemployment rate should best pursue its stabilization in 2010, an additional shadow is looming: While the acceleration slows overall unemployment in recent months, the increase in long-term unemployed, who thus lose some little employability, increasing gradually. "The first people to find work are generally those who have been unemployed for some time. The number of long-term increases so mechanically, and should in this case continue to grow in first quarter 2010.

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OPEC: consensus on maintaining production levels

Tuesday, December 22nd, 2009

The suspense was lifted on the eve of a meeting of oil cartel in Luanda. Abdallah el-Badri, secretary general of the organization, said Monday the consensus between the different member countries. An increase in OPEC production "is not in the radar" for next year, he also said, saying the current price levels were "very comfortable".

"Stocks (…) are a little high," then said Abdullah el-Badri, adding that the cartel, which is not less than 40% of world production, was to "bring them back to reasonable levels."

It has, finally, stressed the importance of meeting production quotas imposed on member countries. In late 2008, OPEC had agreed to remove the oil market 4.2 million barrels per day (bpd) to stem the collapse in oil prices which had touched $ 30 a barrel.In November, the 11 members bound by quotas (excluding Iraq) pumped 1.6 million bpd more than its official ceiling, according to the International Atomic Energy.

Trustees: associations challenging the Government

Thursday, December 17th, 2009

Consumer associations and owners want to end abusive billing trustees. Six of them (the Association of responsible ownership (Arc), the General Confederation of Housing (LMA), rural families, CNAFC consumers, UFC-Que Choisir and Union of Women civic and social) challenge the government on Thursday and request the publication of an order prohibiting certain pricing practices clearly. Objective: To achieve greater transparency in contracts of trustees and limit the share of additional fees.

In late October, the Secretary of State for Consumer Affairs, Herve Novelli, has announced that the list of benefits included in the package paid by the owners would be fixed by decree.If they welcome the decision they demanded two years, associations have expressed concern that the Government merely the final text was minima, taking the advice of the National Consumer Affairs September 27, 2007. Notice that as they raise problems of interpretation. They denounce such abuse by the multiplication of the trustees pay benefits when these services should be integrated into the annual management plan.

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Citigroup could raise 20 billion to repay the state

Tuesday, December 15th, 2009

After Goldman Sachs, JPMorgan Chase, Morgan Stanley, and most recently Bank of America, Citigroup could in turn repay the 45 billion dollars in aid it has received from the American state to cope with financial crisis .

Dick Parsons, the chairman of Citigroup, said Wednesday on CNBC that the bank was in talks with regulators about the end of the repayment plan support Tarp (Troubled Asset Relief Program).

A fundraiser for 20 billion dollars (14 billion euros) with issuance of securities should be made according to sources quoted by CNBC in order to finance a portion of the refund. But to finally release the Tarp, which allows time for Washington to fix the amount of remuneration of employees of the group, such a transaction might not be sufficient.

The complexity of the assistance is in question as well: besides the 45 billion dollars in direct aid, the U.S. government has also agreed to $ 7 billion of "Preferred Securities" to offset the additional guarantees granted portfolio. And 25 of the 45 billion have subsequently been converted into shares of Citigroup type "ordinary". If fundraising is necessary, it should also allow for participation by the government.

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The A400M is ready for takeoff

Friday, December 11th, 2009

Finally. With a year and a half years behind its original schedule, the Airbus A400M military must conduct its first test flight Friday morning. Unless last-minute incident, the aircraft must fly 10 hours to Seville in Spain, where the manufacturer assembles this revolutionary turboprop. The inaugural flight of 3 hours has been entrusted to a team of six people two pilots, one British and one Spanish and French sailors four engineers. His captain Edward Strongman, formerly of the Royal Air Force.

Successful first flight is approved and gives the start of the certification campaign, is crucial for Airbus. "This will prove that it is not a paper airplane," they say in EADS, parent company of Airbus.

The A400M is the ambition of Europe to develop a force projection troops and heavy equipment independently.The A400M should allow Airbus to enter through the front door on the military aircraft market with a very sophisticated device and without competing in the world who could claim a good career for export. Unlike the tanker, which are derivatives of Airbus A 330 existing civilian, the A400M is a military aircraft and 100% brand new.

Three years behind its delivery schedule

Alongside this first flight, a further meeting to be held also on Friday in Seville to prepare a Council of Ministers of the European Defense involved in the program next December 15. For many months, the countries involved since 2003 in the A400M project negotiating with EADS to lay the groundwork for a new contract. This should have been signed on the day of the first flight. But the negotiations are complex.The A400M accused three years behind its original delivery schedule and its costs have drifted dangerously from the initial investment of 20 billion euros. EADS has already provisioned 2.4 billion euros in its accounts, but the extra cost is estimated at 5 billion euros (as far as the A380). This adds about 40% unit price per unit. According to a new timetable yet informal, Airbus should deliver 3 copies in 2013, 4 in 2014 and 7 in 2015 and an average of 4 from 2016.

At the heart of negotiations, the financial burden-sharing, penalties for delays and the type of contract. EADS can only assume all additional costs, or more than 7 billion euros (with stores already spent) for cash of $ 8 billion.Not only Airbus should abandon the program, but he could no longer finance its future long-haul 350, or the renewal of its range of medium-range Type A 320. This, when the reports of deliveries are switched his cash.

France has already indicated it wanted the new contract is consistent with the budget provided under the Act of Military Program (LPM) 2009-2014. "… The orders do not come will be deferred and spread beyond 2020, said recently Laurent Collet-Billon, Delegate General for Armaments.

Taken hostage by the European political

In April that under the leadership of Herv? Morin, Minister of Defense, European countries have agreed an initial moratorium to save the program. Give it up would create an earthquake in Europe by giving a fatal blow to any future "European defense".Britain had threatened to withdraw. Finally in late July, all countries agreed to open negotiations with EADS. The first contract signed in 2003 is outdated. Client countries reaffirm their full commitment to the project. The A400M will see a disclaimer: South Africa, one of the first export customer, waive and cancel its order for 8 units.

In fact, from the outset, the A400M has been hijacked by European politicians. Launched in the 90s, the project is ambitious. It involves building a revolutionary new aircraft to replace its aging fleet of 180 Franco-German Transall and Hercules American half to 40 years average age. Europe wants to regain expertise it is threatened with losing.Therefore, at the highest political level, countries require Airbus to choose a new turboprop engine a sophisticated 11 000 horses, the largest in the Western world developed by a consortium of European engine. States do not want the solution advocated at the time by Noel Forgeard and his teams: buy an existing Canadian engine developed by Pratt Whitney 1 which is 20% cheaper. London and Berlin demanding that their industries are retained. Otherwise, they threaten not to order the aircraft. The A400M should also meet the expectations of many armies, it is "a white elephant." Another incongruity, the contract is a civilian type each number or equipment must be certified not only defense but also by civil aviation – and the price of the program is fixed once and for all late penalties for industrial Contrary to conventional military contracts.Finally, the timetable is extremely tight, 6 years when no military aircraft was developed in less than ten years.

Besides political pressure, EADS has also suffered "pressure" of his own organization. Since its inception, CASA, the Spanish EADS component required to drive the business and military aircraft not to depend only on the parent when logic would have liked them to be linked to Airbus. "The aircraft has been developed by Airbus Military Spaniards who had not the industrial dimension to add a device as complex, and engineering was in Toulouse," said one expert dossier. Louis Welsh, president of EADS, has put a stop to this ineffective organization and Airbus Military has been taken over and placed in orbit Airbus.

Three mediators to avoid the conflict of road

Tuesday, December 8th, 2009

The risk of a strike by truckers threaten to block the deposition of large retailers from next Sunday is taken very seriously by governments.

Moments after receiving the Department of Transportation delegated Inter (CFDT, CGT, CFE-CGC and CTFC) of 500 000 employees, the Secretary of State for Transport, Dominique Bussereau, has appointed a mediator, not as planned but three.

Members of the firm Mensia Council Martial Belon, Herv? Nadal Muir and Eric have the difficult task of finding common ground – including on wages – between truckers and their companies.

Unions want the transition to a wage of 10 euros gross per hour for the highest coefficients, 4% increase for executives and 4% more for travel or 13th month for free.Claims deemed unacceptable by the companies badly affected by the slowing economy.

Dominique Bussereau is optimistic. A schedule is considered. "I think some points of view can be reconciled, he said. We hope to reach a first agreement of good will to avoid blocking of deposits, then in a second stage, discussions will be conducted on other points from the start. We promise. "

Dating successive

At work since Monday evening, the facilitators meet successively unions and employer organizations.Wednesday morning, they will provide their preliminary findings at a meeting bringing together the two sides to the ministry, just before the Cabinet tomorrow.

The discussions will continue until agreement is reached, but the secretary general of the CFDT, Maxime Dumont, believes a quick solution. "The situation seems more committed than in the previous conflict two years ago, says he. The government invests. I think some employers' organizations have proposals to make to break the impasse. "

On the employee side, there is, however, still doubtful. "We are conducting a fight but in fact they are the companies that benefit from the advantages offered by the government," said Fr?d?ric B?rard (CFE-CGC). FO-Secretary-General Transport, Gerard Martinez is also on the reserve."How do we get in two days that we could not have in a year and a half?" He questioned Monday before resuming discussions with the mediators.

Review bleak for the "Black Friday"

Tuesday, December 1st, 2009

"More people in malls, but less money to spend, so gloomy assessment of the first big weekend of shopping at the end of the year in the United States. The prospect of a significant increase in online sales during special promotions planned on Monday, a day renamed "Cyber Monday" has nevertheless somewhat reassured professionals.

Last year, the financial crisis and the collapse of credit availability during the fall had resulted in a dip of 3.4% of purchases at year end. Few analysts expect a fall as strong this year. The test of the weekend of Thanksgiving is not conclusive: the average shopper spent $ 343.31 dollars between Friday morning and Sunday evening.It is almost 30 dollars less than last year.

This decline was however offset by a higher attendance of stores: 195 million Americans flocked to the malls during the three days following the Thanksgiving holiday Thursday, 172 million were in this case in 2008. We must be cautious in analyzing these figures. The favorable weather these days is indeed a significant factor in attendance. Conversely, rising unemployment, the highest in twenty-six, and the persistent shortage of credit deter curious to succumb to the temptation of promotions.To overcome these two obstacles, the distribution industry is increasing its marketing efforts.

Emplettespour of the fun

The mall opened at dawn wanted the Americans to leave their home by displaying very low prices, but very limited quantities of popular items, for a few hours.

It was such electronic products (TVs, cameras, computers) or toys. Promotions less targeted and less fugitive is likely by Christmas. They might be less generous, however, because traders also need to preserve their margins.All factors combined, the National Federation of Retailers (National Retail Federation) table always erode global buyers end of the year of around 1%.

According to the firm ShopperTrak, during the single "Black Friday, the day after Thanksgiving, sales rose only 0, 5%. In contrast, online sales have jumped on that day by 11%, according to the firm comScore. Thursday, several department store chains publish figures of their sales throughout the month of November. This will give a better idea of the context in which the profession deals with Christmas 2009. The biggest surprise of this first weekend of shopping is that over 63% of Americans have opened their wallets to give pleasure, rather than the prospect of gifts.It shows a sign of underlying demand fairly high from some homes, eager to release a little of their savings discipline evident since last winter.