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Workers at GM approved the recovery plan

Tuesday, July 20th, 2010

The verdict came last night, employees of the American manufacturer in Strasbourg agreed to make concessions to keep their jobs. The vote held yesterday are unambiguous: the employees of General Motors in Strasbourg overwhelmingly approved the recovery plan of the new GM entity. They thus accepted the wage freeze for two years and a waiver of more than one third of the 17 days of RTT. Measures that conditioned the purchase of new GM plant because the agreement to return the site only if the cost of labor decreased by 10% without downsizing.

Of the 929 voters (out of 957 employees at the site, a rate of 97%), 645 voted for the plan (70.65%), while 268 voted against (29.35%) told AFP a CFDT delegate (majority), Union co-organizer of the vote along with the FOR and CFTC.Hostile takeover plan, the CGT had called on his side to vote "no."

GM management Strasbourg was immediately welcomed the "strong approval", saying that "this result shows that employees have understood that the future of the site and its 1,150 jobs is a priority."

The Strasbourg plant which manufactures gearboxes for automobile manufacturers, including BMW, sought a buyer since the bankruptcy of the former American group. Born last year, the new GM, General Motors Company (GMC), is owned 60% by the U.S. federal government.

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Airbus did not sell off its tanker

Sunday, July 18th, 2010

On the eve of the Farnborough Airshow, the CEO of EADS Louis Welsh put points on the i. While Airbus and Boeing are competing fiercely to obtain a U.S. tanker market, valued at some $ 50 billion, Louis Welsh said he was prepared to lose this contract, rather than not earn money. "Let me be clear," he told reporters, we want to make money. "

A statement that refers to the revelations published by the Financial Times Deutschland on Monday. The newspaper said Airbus would have in effect reduced its prices by at least 10% for each tank, compared to the offer already made in 2008. "Boeing said lowering its prices. I do not know, I do not have access to prices charged by Boeing and I have no comment on that. We have fixed a price with a goal of profitability.I think we're competitive, "said Louis Welsh.

"A situation more unfair"

EADS CEO also regretted the postponement of the publication by the World Trade Organization a report on the subsidies received by Boeing. Originally scheduled for mid-July, it should finally be delivered in September, even though a harsh report on public aid for its part, Airbus has benefited already been published paydayloan. "I am extremely frustrated. We find ourselves in a situation more and more unjust.[...] We will have a balanced view that when the two reports will be made, "said Louis Welsh, however, cautiously optimistic about his chances to take this strategic market.

"Impressed" by the relationship forged in the U.S. between its teams and the Pentagon, he said EADS had his chances to actually win the contract. A victory that would constitute a major strategic move for EADS, beyond the mere financial interest. For EADS wants long roots in the United States, by far the biggest world market for defense. "We must be in the United States is a huge market and clearly we must be winners," said Louis Welsh before calling the offensive EADS overseas would continue, with or without the contract tanker of pocket.Because whatever happens, it will "live" without this contract if the EADS bid was ultimately not successful, warned Louis Welsh.

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Total is preparing to reopen the plant in Dunkirk

Friday, July 16th, 2010

Although the proceedings before the High Court tribuanl Nanterre to challenge the decision of the Court of Appeal of Douai forcing it to reopen its Dunkirk refinery, although the activity will resume Monday at the Flanders refinery of the Total Group in Dunkirk .

According to the union South, "Total and bends to the court decision of the Court of Appeal of Douai, which ordered the restart of the refinery. The court ordered on June 30 to restart the Flanders refinery within 15 days under penalty of 100,000 euros per day of delay, for failure to inform employee representatives.

The oil company had decided to turn 12 July to lodge an appeal and to refer the Tribunal de Grande Instance of Nanterre to decide the merits of the case. A hearing must be held September 17.

"The degassing plant should begin from Monday.It is a prerequisite, whatever the scenario for the future of the refinery that is to say either restarting the activity or the implementation of the conversion plan of the site " , told Agence France Presse (AFP) A spokesman for Total. For employees, it is a "victory" and the "first step in restarting the site," said Philip Wullens in turn, delegate to the refinery south of Flanders.

The activity of the Flanders refinery were interrupted in September 2009 before the March 8 management confirms its final decision, citing overcapacity in France.The employees went on strike on 12 January to protest against the lack of information about their future.

All of the 367 employees and subcontractors are expected to resume work on Monday in 14 hours, said Philip Wullens, stating that "the moment the picket line facilities will be maintained on the site."

The operations consist of evacuating the degassing units and pipes in the refinery, gas and existing products, which were introduced in September to maintain the facilities in state. "This will take several weeks or months, and will be followed by an inspection to determine if the site is again able to operate safely," said Executive Officer of Total.

In the meantime, "the full strength and all subcontractors will be maintained.This is not negligible, and for us, is above all a great relief, "said Philip Wullens yet. He added: However, "we remain very vigilant regarding the implementation of the restart and continued litigation.

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AGBANK expected to raise more than $ 22 billion

Wednesday, July 7th, 2010

The official announcement will take place tomorrow. But sources familiar with the matter, Agricultural Bank of China (AGBANK), China's third largest bank, on Tuesday set the prices of its dual IPO in Shanghai next July 15 and in Hong Kong Tuesday.

In Shanghai, the price stood at the top of its indicative range which started at 2.52 yuan. AGBANK and sell for 22.24 billion yuan-denominated shares at a price of 2.68 yuan coin, or 59.6 billion yuan (8.8 billion dollars).

In Hong Kong, AGBANK sold 25.4 billion shares, representing 8% of its enlarged capital, at a price of 3.20 Hong Kong dollars part, totaling U.S. $ 10.4 billion, reports Reuters.

Offer oversubscribed

According to reports from Reuters, the offer of AGBANK in Shanghai was 20 times oversubscribed by institutional investors.In Hong Kong, the institutional demand came from Asia to 4%, 30% U.S. 25% Europe you saving account payday loan. Individuals have however shown little enthusiasm in Shanghai, like Hong Kong.

In total, AGBANK rise $ 19.3 billion through its dual listing and even 22.2 billion dollars if the over-allotment option is exercised. It is widely expected in the financial sphere. This would become the largest ever in the world.Previously, the largest IPO was that of javait Industrial & Commercial Bank of China with 21.9 billion in 2006.

The IPO allotment option included, values AGBANK about 150 billion dollars (nearly 120 billion euros), making it the fourth largest bank in terms of global market capitalization behind ICBC, China Construction Bank and HSBC .

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Bourbon Invests $ 2 billion

Friday, June 25th, 2010

Bourbon has unveiled this morning on its new 2011-2015 plan that includes selling its fleet of sixteen of its bulk to the U.S. Genco Shipping & Trading Ltd for 545 million dollars (440 million euros) and other non-core assets, for a total of 500 million euros.

The group plans to invest two billion dollars (1.62 billion euros) in the construction of 144 new offshore vessels – 80 and 64 supply ships carrying personal – on which he plans to propose an availability rate of at least 95% with a cost reduction of around 4% at constant rate by 2015.At that time, it should dopnc a fleet of 600 boats.

The CEO, Jacques de Chateauvieux, during a conference call from Shanghai in China, emphasized the perspective view of an average annual growth of 17% of sales from offshore between 2011 and 2015, after aligned with a 28% per year on average between 2002 and 2009 Guaranteed no fax payday loans.

Hiring for

According to forecasts of Bourbon, "the combined effect of generating cash flow (Cash, Ed) by operating activities, transfer of assets in 2010 and the new payment policy of ships, representing 75% of price paid on delivery, is expected to record a ratio of debt to equity of less than 0.5, and to generate a net cash position as of 2013."

In addition, as part of this plan, Bourbon will recruit some 5,000 new staff who will join the 7,000 men and women working there.

The company is also a ratio for 2015 gross operating profit (EBITDA) on revenues of 45% for the offshore and EBITDA ratio on capital employed of 20%.

A note to shareholders: the dividend distribution policy of Bourbon will be about 40% of consolidated net income.

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Pensions Woerth ready to go further on the arduous

Sunday, June 20th, 2010

Nicolas Sarkozy had given two days after the submission of the pension reform for the amendment and it was ultimately changed nothing. The bill, sent Friday around 22:30 unions serving the High Council of State Civil Service, which will give its advisory opinion on July 6, is consistent with the announcements on Wednesday. Its 19 articles incorporate the measures, with the exception of the 3.7 billion euros of taxes on households and businesses scheduled in 2011. These will be included in state budgets and the "Safely" in accordance with the guidelines of François Fillon consolidate all tax measures in these two texts in order to better manage public finances.

The head of state has asked his Labour Minister, Eric Woerth, think by September of possible changes to be incorporated by amendment to the House.And so on three themes: careers long, arduous, and polypensionnés. Three subjects dear to the CFDT. The latter is not even addressed in the present text. These are provided by several statutes passed during their careers (public, private, independent agricultural system …). The calculation of pensions is often disadvantageous for them.

Opening the arduous

But it is on the hardship that opening sketched payday advance. The employees for whom an occupational disease or an accident caused the failure of at least 20% will leave at 60 with full pension, the bill provides. Unpublished, but not enough for the unions.They argue that the mere fact of being exposed to certain factors (heavy lifting, breathing chemicals, environmental noise, night work …) reduces life expectancy in good health, and so should go on retire earlier.

Fearing an uncontrollable costs, the government said no to this point. Eric Woerth, however, acknowledged Sunday on Europe 1 that certain factors can "trigger almost invariably physical disorders. Article 9 of the text in 2012 require employers to record exposure to these "risks" in a "medical record in occupational health" that will follow the employee from one employer to another. Prerequisite to a device for all these people to stop working before the legal age? The Minister of Labour was careful to say so explicitly.

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The requirement for U.S. investors

Friday, June 18th, 2010

Between the French listed companies and U.S. investors, the reports are looking good. Despite the crisis, Paris remains the third preferred destination after Great Britain and Germany. But this affinity could become even more intensity, if we believe a research firm Financial Dynamics on the attractiveness of companies listed on the Paris Stock Exchange with 30 institutional investors on Wall Street. Europe weighs only 13.8% of their portfolio and the size of France went a small 1.6%, which suggests the study, could grow if the managements of French companies were showing "greater transparency and if the publications were more accurate results and frequent. All these qualities, however, already claimed by large listed companies. Yet Americans remain unsatisfied.While 62% feel well informed about investment opportunities, 38% complain that they do not quite grasp the subtleties of the governance and regulation at the French. This does not prevent them from playing for high: 39% of respondents prefer large-cap, over 10 billion euros. And 23% opt for those between 5 and 9.99 billion euros.

To choose between two companies in the euro area, 53% of investors focus first on to dissect the "fundamentals", only 16% consider the prospects for growth as critical. Which is good in this day and age.

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A French 31-year involvement in the case of Goldman Sachs

Saturday, April 17th, 2010

Goldman created a financial product

Since 2004, Wall Street has found a new Eldorado, CDOs (collateral debt obligation). These financial products assembled from scratch, called "synthetic" because they only reflect the value of other real assets, they, as loans granted to low-income households, the famous subprime. In 2007, Goldman Sachs creates such mass-produced and dubbed "Abacus".

The needs of a large customer

Paulson & Co is the time a small hedge fund. It will become one of the biggest thanks to its bet on the decline in U.S. housing. In the year 2007, his boss will cash alone a profit of some 3.7 billion dollars and will save 15 billion to its customers! The SEC in 2006, Paulson & Co has the right intuition that the subprime market is fragile. He put on his fall.Its Paris can take two forms: buy CDS (credit default swaps), the "insurance" against default that will naturally grow in value when the risk will increase, or "short" CDOs, that is ie sell futures without holding them.

A French in the loop

Paulson & Co. is not alone in feeling the wind change on CDOs. At Goldman, you think too. This is particularly the case of a young French – the "Frenchies" are highly respected in the business of structured finance – Fabrice Tourre. The banker of 31 years, citing the SEC's complaint, went on the benches of Henri IV and Louis-le-Grand, has joined Goldman Sachs after Stanford and Central Paris. It is he who makes and sells the Abacus series. On January 23, 2007, he sent an email to a friend: "more and more leverage in the system.Any building can fall at any moment now … only surviving potential, the fabulous Fab, standing amid all these complex transactions, (…), exotic we've created without necessarily understanding all the implications of these monstrosities No teletrack payday loans ".

Fraud

The fund Paulson wants to "short" of CDOs, the most fragile, if possible. Goldman is going to create. According to the SEC investigation, the investment bank has simply made the model 2007-AC1 Series Abacus according to the wishes of his client. Paulson has directly participated in the selection of loans that this CDO would be representative. The bank was then entrenched behind an independent firm, ACA. This firm, which appear to have selected the credits of this CDO when it will be sold to investors.

Goldman said that "ACA has selected the benchmark portfolio, omitting any mention of the fact that Paulson, an actor whose interests were contrary to those of investors, had played a significant role," says the SEC to justify its accusation of fraud.

In fact, few investors have bought shares knowing that a heavyweight like Paulson urged to Paris on their fall! ACA would for his part acted in good faith.While representatives from attending meetings Paulson – "surreal" by Fabrice Tourre – with those of Goldman, but suggesting that hedge funds also invest in shares of CDOs.

Victims

SEC's complaint cites two main victims of the banks handling it denounces the German IKB, the subprime crisis has brought to its knees and the Dutch ABN Amro, fully nationalized today … The first would have lost 150 million, almost all of its investment. As for ACA, it is off … "Investors of Abacus 2007-AC1 lost more than one billion dollars. The opposing positions on CDS Paulson reported a profit of approximately one billion, "says the SEC.

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The electricity tax will be reformed

Tuesday, April 13th, 2010

Taxes are so many in France that the French often pay taxes without realizing it. Who knows the local tax on electricity (TLE), which is yet on the electricity bill under the term "local taxes"? Levied by counties and municipalities, it is now optional. But most local officials do not hesitate to apply it, and very often at the maximum rate allowed, or 8% for municipalities and 4% for the departments. This tax applies to 80% of pre-tax amount of electricity bill. Clearly, if you pay 150 euros per year, excluding tax, subscription and consumption of electricity, the TLE can climb up to 14.40 euros. The total cost TLE still one billion per year to households. The note is for the companies is anywhere from 500 million (the largest consumers of electricity are exempt from TLE).

This system will certainly evolve in the coming months.Because France does not respect EU rules: since 1 January 2009, the FTA should become mandatory. The 2003 directive on the taxation of energy products and electricity provided that each State should, at that time, have a low tax (the minima are lower than current French) but paid for by all and based on the volumes consumed and not the amount of the invoice.

Losers in the rural

The European Commission said in Paris about the end of March, threatening to bring the case before the Court of Justice if the reform was not implemented within two months. For now, the government has not made a decision. But Bercy board on the subject. Indeed, a first draft was submitted to the consultation in late 2008 which set the fee to 8.50 euros per megawatt hour for households. A level calculated for the levy does not change.For Bercy is that the changeover from one system to another is painless for the French. But there will inevitably be losers: the inhabitants of the few municipalities, often rural, not applying EFT. Additional cost for a typical household of two children: about 25 euros per year. At a Senate hearing, Philippe Marini, the UMP rapporteur of the Budget, has proposed that, in this case, the application of the new tax should be spread over five years.

But there will also be winners, as second home owners, who will pay more than their consumption, whereas before the subscription was also submitted to the FTA and the Parisians, whose rate of TLE (13.2 %) was higher. Ultimately, all French people will be interested because the volumes consumed – using the new system – progress less rapidly than the bill that reflected higher prices. This does not relish the local politicians.Another uncertainty, Brussels does allow communities to adjust the tax? Apparently so. Finally, manufacturers will be exempt from TLE, themselves, pay the new tax. The final draft is not yet completed. And it is unlikely to be ready before the review in May and June, the bill on the organization of the electricity market. Especially if the government wants to resume consultations. The deadline is rather that the next draft budget law for 2011.

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Pensions: Kickoff is given

Sunday, April 11th, 2010

The heating is completed, the observation round begins Sunday at 8:30. Labour Minister, Eric Woerth, officially begins the pension reform. Accompanied by his Secretary of State for Public Service, Georges Tron, he receives throughout the day, rue de Grenelle, the leaders of trade union confederations and employers.

These appointments were, in principle, a specific purpose: to expose government stakeholders and especially the method of the calendar months. In the method, it is clear that it will be a consultation and not negotiation. The Executive will not seek to sign an agreement with unions he knows already lost the bet and try to get, at best, the benevolent neutrality of both restrained anger of others …

On the calendar, some guests Eric Woerth has already been informed of the broad potential.Except reversal, the government is a parliamentary debate early in the fastest possible in September. To avoid giving the impression to "trap" the French text, revealing a heart of summer, this would require legislation by the Cabinet in late June and early July.

In this context, the Minister of Labour should offer to unions and employers to review in early May to scan all possible to rectify the accounts, then dig in some more detail in a few weeks later. This agenda will not prevent small employer and union representatives today to remind the Minister priorities. Starting with the maintenance of the legal age of retirement at age 60 for all unions except the CFE-CGC."It is vital that young people regain confidence in our pension system, said the representative of the union executives, Daniele Karniewicz. If the government is prepared to guarantee to every French pension representing a minimum percentage of their final salary, that percentage could be higher for minimum wage earners than for executives, then we are prepared to look hard. "

"Taking the specific

If the file pension remains explosive, the Elysee seems to send some recent signs of goodwill towards the unions. Nicolas Sarkozy has discussed the idea of relaxing, it was minimal, the tax shield, which would allow the "efforts" necessary to save the pension to be borne by all.

Aides to President also raised the possibility of a "specific charge on certain categories" population Guaranteed pay day loans. Tracks that can only talk to the CGT or CFDT, who constantly demand the abolition of the shield, or FP, which requires additional resources for retirement.

Another element could help to relax the atmosphere a little: the unions know that the documents be published on Tuesday Guidance Council pensions-that is the second highlight of the week will go less far than expected. The NRC will assess, as expected, "the extent of damage."In recalling an annual shortfall of 100 billion euros to balance plans in 2050 in late January in Le Figaro, Francois Fillon has already set an order of magnitude.

However, encryption of 7 scenarios for postponement of retirement age or longer duration of assessment is delayed two weeks at least. And it will be published as part of an "Attachment", supposed to have less power than a traditional formal report. There are a few more days, Jean-Christophe Le Duigou (SGC) raged against "these extravagant hypotheses tested without scientific rigor."But this time might amount only to fall to jump better.

A deep left-right

According to a Harris Interactive poll for RTL (online survey 8 and April 9 to 1 073 people quota method), the French consider it necessary to pension reform (80%) … but to show opposed to preferred by the tracks government. 56% say they are not "personally willing to contribute for longer" and 60% rejected the idea of lower legal age of retirement.

These two cases show a deep political divide. The left-wing supporters refuse to 78% as the legal age of retirement is down beyond 60 years. The supporters are right whereas 62% consider this track.Oddly enough, a story appears, however, collect some consensus: 87% say "right" but 77% of respondents "left" are in favor of "a pension plan for employees in the same public and private . That would still be, from a strictly technical point of view, one of the most complex to implement!

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