Archive for the ‘economy’ Category

Greek official: he wins, he loses

Thursday, March 18th, 2010

Greek officials have contributed to widening deficits in the country, they will also largely improve public finances. And this, not until later that week. The Socialist government of George Papandreou has decided to tackle the bloated public sector to reduce the expenses of the Greek state.

The total number of Greek officials remain uncertain. The Ministry of Finance counts "approximately" 522,000 in the central administration, a figure which must be added 180,000 employees of local authorities and public enterprises, according to a spokesman. Some economists expect rather from 800,000 to 850,000 jobs, or about 35% of total employment, as argued by Jens Bastian of the Hellenic Foundation for European and Foreign Policy (ELIAMEP).

To achieve such a payroll, state and local governments have hired a vengeance. "In 2009, 12,000 people left in retirement and more than 29,000 were hired. In short, the entrants were almost two and a half times more numerous than the outgoing, "says Jens Bastian.

Clientelism

The trend is not new. "Until the current government, public service filled the role of an employment agency," said the economist. "The policies have also sought to use their electoral base as public servants."

According to Greek daily Kathimerini, the political patronage has been launched in the 80s by the Socialist Party (Pasok) and the then Prime Minister, Andreas Papandreou, who is none other than the father of George, currently head of Government savings account payday advance ."He wanted to give the excluded, which formed the core of its electorate, the means to live as middle class," says newspaper center-right. It was also "buy social peace" at any cost, continuing Kathimerini, while Greece emerged from the dictatorship of the Colonels.

The economy "coasting"

The Pasok is not solely to blame. "From 2004 to 2009, New Democracy (right) has made the situation worse by doing nothing to cut costs and increase government revenues, leaving the economy from free-wheeling," Kathimerini analysis.

The government of George Papandreou, under the combined pressure of the market and Brussels, has no alternative today to tighten the belt. He promised not to replace a retiring over the next five years. The thirteenth and fourteenth month salaries of civil servants will be reduced by 30% and 60%.The measures, announced in January and March, are retroactive and apply from 1 January. They will be more difficult to accept that they occur after 30 years of accommodative policies.

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"SPECIAL – Greece, a challenge for Europe

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BHP agrees on a price with steelmakers

Monday, March 8th, 2010

Mining giant BHP Billiton ADR agreed with its main customers in Europe, China, India and Japan on short-term sales of coking coal. This agreement puts an end to traditional trading system prices this year among major mining companies and steelmakers.

BHP proposes three options to its customers for contracts on coking coal: an annual listing and every two months for half of the offers, the possibility of reducing tender contracts between quarterly and half, and finally, publication of prices every three months.

According to Macquarie Group, is the first time an agreement on a three-month contract is signed in the steel sector.

Without any contact number, the group said it sold a "significant portion of its volume of coking coal for 2010.JFE Holdings, the second largest Japanese steelmaker, had said last Friday it had agreed to pay $ 200 per tonne over three months. For Jim Lennon, analyst at Macquarie, specialist materials, "the Japanese will prove more flexible on prices." Flexibility which could benefit BHP, Teck Resources, Xstrata, Mechel OAO, Rio Tinto Group, Alpha Natural Resources and Massey Energy.

The new contract for three months, for which Morgan Stanley anticipates a course at $ 222 per ton, beginning 1 April next year, according JFE. One that expires next March 31, is listed at $ 129 per tonne.

On February 26, Energy Publishing, which reports the data supply and demand in the major coal producing countries, has published three price indexes for coking coal."The pricing in the short term will be difficult to manage without a reliable index of the prices of coking coal, which is why the publication of these indexes comes at the right time for the coal markets," said Forrest Hill, President Energy Publishing.

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Crédit Agricole is preparing its future "without taboo"

Monday, March 8th, 2010

For the first time since his enthronement at the Directorate General of Crédit Agricole SA on 1 March, Jean-Paul Chifflet unveils his priorities. A strategic plan for the bank to finalize by July and, especially, a group project that will determine, December 15, the broad long-term. Until then secretary general of the National Federation of Credit Agricole (FNCA), the "parliament of Regional Banks, the leader takes the reins of the first national network of financing the French economy after a period of strong tensions.

Le Figaro. – You arrive at the branch of Credit Agricole after a period marked by strong internal tensions. What is today the climate within the group?

Jean-Paul CHIFFLET. – The page is turned.The Regional Banks have expressed the chairman Rene Carron and the board gave me their trust. Since the handover with Georges Pauget has been successful and the fears that had been born to Crédit Agricole SA have been lifted. It is now for me to get the confidence of team Credit Agricole SA and be up to the expectations that have been made. We are a bank different. Our values correspond to the aspirations of society and an agricultural credit united and mobilized is able to achieve great things.

Your first appointments give full details to the "barons" of Regional Banks. Is it to regain control group by the network?

Only by taking into account the competencies of each guided these choices. Leaders of major subsidiaries have been also confirmed in their posts.I advocate balance and diversity profiles. I've always been concerned teams. Probably because I can not work alone!

The disagreements between President Rene Carron and CEO George Pauget were notorious. How do you prepare to work with Jean-Marie Sander?

We just spent three and a half together with the Federation and we get along very well. This does not prevent us from having trade sometimes "manly", but ultimately we are always in phase. We have a real mutual respect and we will arrange to fill our roles, the presidency of Jean-Marie and the executive branch for me.

When you were on the Federation side, you had ceased all your role as majority shareholder of CASA through the SAS La Boetie.Now, what are your successors who will have this power …

We change jersey but we do not change the team! I am very pleased that we have created the SAS La Boetie. There, on one side, a majority shareholder to comply and, on the other, a listed company to also comply. This means that conflicts of interest may arise – for example around the dividend. They should not be ignored but, instead, discussed and placed on the table.

It also happens that I know very well my successor, Philippe Brassac, and this creates favorable conditions for dealing with conflicts.

What are your priorities?

We are launching a strategic review of business Credit Agricole SA, which culminate in June-July. And at the same time, we also launched a group project to define the broad guidelines to ten years.It is an exercise that Credit Agricole has already done twice before, in 1990 and 2000. We will hold our first meeting March 17 with the presidents and CEOs of regional banks and the Executive Committee of Crédit Agricole SA payday loan lenders . And December 15, we will make our work.

What to expect?

We will prepare the future of group work on its customer relationships, profile, perimeter, etc.. There is no taboo. But I do not anticipate a priori true strategic failure.

Even your bank subsidiary of Crédit Agricole CIB investment? Some see you out of those trades …

You know, agricultural credit, we know that this is not because there has been a year of freezing as it takes to cut the apricots that have not happened.There is no question of any arrest. Since the implementation of our plan to refocus our organization is in line with our strategy. Crédit Agricole to finance companies, small as well as large. And for that we must be able to offer financing capabilities as well as services markets. Our team of market operators is 400 employees. Some of our competitors have up to 4 000. But the size of our team responds well to our model and is suited to serve our customers.

And internationally, the painful failure of your purchase in Greece call into question your political opening?

Crédit Agricole has decided, ten years ago, opening up to Europe. Italy, Egypt or Morocco are real success. In Greece, we have a difficult issue with our subsidiary Emporiki. We're the remedy.Now it is true that Credit Agricole could further strengthen its control over international. There, in the Regional Banks, or at CASA at LCL, a pool of talent that we have to animate to have more staff able to intervene outside our borders. It is for us a real challenge.

Do you participate in the movement of consolidation in the banking sector?

Do not confuse speed with haste. The schedule is favorable to us. We will finalize our project group at the end of the year and will be ready to act even though the regulatory horizon to be clarified. We do not intend to stay out of the game.

Crédit Agricole has already begun to move closer to Societe Generale in some trades. And more extensive project were surveyed …

This debate is beginning to date.With Amund, we set a good joint venture in asset management. If we find other opportunities for collaboration to reduce intermediation costs for our customers, we will. With the Company generally or with others. We are, for example, partners in securities trades with BNP Paribas and savings banks.

In 2006, Crédit Agricole was elbow to elbow with BNP Paribas in terms of results. In 2009, you are in the half. The gap is definitely dug it?

It will perhaps surprise you, but we are not trying to be first. BNP Paribas, which leaves a external growth operation, displays a net banking income of some 40 billion euros. We are 30 billion. The gap is less important. However, our outstanding financing of the economy in France reached 460 billion euros, well ahead of our competitors.We seek above all to make ourselves useful to the economy without making the race for size.

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The Greeks in the street, an emergency meeting of EU

Thursday, February 11th, 2010

Against "unfair and ineffective sacrifices, Greek officials Wednesday manifested in big cities. A 24-hour strike was launched by the Union Public Service ADEDY, with more than 300,000 members. Employees of public protest against wage cuts announced by the Socialist government to reduce deficits and thus reassure the markets. Tuesday, Finance Minister George Papaconstantinou reiterated wage austerity measures provided for in the Public Service wage freeze, down 10% premium, 30% decrease in overtime, stoppage of recruitment in 2010, except in the sectors of health, education and security. Labor Minister, Andreas Loverdos, proposed back two years to 2015 the average age of retirement to raise it to 63 years.

In Athens, about 5,000 union members protesting in the rain in the streets, which must be added the separate gathering of 5,000 activists of the union Struggle Front (PAME), an offshoot of the ultra-orthodox communist party (KKE). In Salonika, is counting down nearly 3,000 officers pounding the pavement.

Moreover, tens of thousands of officials have answered the call to strike the ADEDY. Air traffic controllers joined the strike and there was no traffic Wednesday in Greece.

Meeting of Finance Ministers of the euro area

These events occur when the finance ministers of the eurozone plan to meet as Wednesday by teleconference to discuss the situation in Greece, several diplomatic sources.

According to Le Monde, President of the European Central Bank, Jean-Claude Trichet and the chairman of the Eurogroup forum of finance ministers from the eurozone, Jean-Claude Juncker, will join the discussions.

This meeting will be held on the eve of a summit of EU leaders on the issue in Brussels free credit report . At this stage, there is "not agree" on a plan of aid to Greece. The signs, however, a support mechanism for this country is growing. A senior parliamentary Conservative German Chancellor Angela Merkel, Michael Meister, has indicated that preparations were underway in the German Government for an assistance plan.It could take the form of housing provision of bilateral loans to certain countries of the euro area in favor of Greece, to help cope with higher prices for its cost of borrowing on the markets since the beginning of the crisis.The option of an advance payment of EU subsidies to Greece is also considered.

Papandreou lunch with Nicolas Sarkozy

Prime Minister George Papandreou, who visited on Wednesday in Paris, where he has lunch with French President Nicolas Sarkozy had called in an attempt to limit the impact of the strike, officials to "lead by example" to contribute to the crisis.

Furthermore, President Nicolas Sarkozy and Chancellor Angela Merkel Thursday held a joint press conference after the informal EU summit in Brussels, including the situation in Greece, said Wednesday the spokesman for the French government, Luc Chatel. "Under the EU summit, the president will have the opportunity to hold a joint press conference with Merkel on various subjects.I guess the question (of the situation in Greece) will be addressed, "said Luc Chatel in reporting to the press the work of the council of ministers.

"The French government is involved as its European partners on the situation of the euro and the situation in Greece in particular," he said, adding that the Economy Minister Christine Lagarde had "routine contacts with counterparts "on this issue.

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The CAC 40 oscillates around equilibrium

Wednesday, January 13th, 2010

While the U.S. exchanges fell back into the red Tuesday – the deteriorating trade balance, coupled with poor results from Alcoa weighed on the trend – Asia closed the Wednesday meeting ground largely negative. The stock index in Asia was down 1.85% at 3052.73 points, with a decline in the Nikkei 1.32%, to 10,735.03 points. The announcement yesterday by the Bank of China to raise the reserve requirement ratio to major banks and a rise in interest rates on treasury bills to one year have replenished the prospects for closer Currency in China.

In Europe, it is the hesitation that dominates. Fellowships, yet influenced the decline in the wake of other large places, managed to hang in balance or even exceed it slightly. Around 10:30 am, the CAC 40 is timidly 0.13% at 4005 points, and save the 4,000-point mark.The DAX index of 30 blue chips of the Frankfurt Stock Exchange operates similarly, from 0.13% to 5.950 points.

Macroeconomic side, the consumer prices in France rose slightly in December compared to the previous month (+0.3%) and are up 0.9% year on year, said Wednesday INSEE. In Germany, GDP dropped by 5% in 2009, after +1.3% in 2008.

At noon, the European surveys monitor monthly business survey for December. And at 16:30, the U.S. will unveil its weekly inventory of crude oil. Well after closing at night, the president's speech to the Philadelphia Fed Charles Plosser, the U.S. economic outlook will be closely followed.

Societe Generale launched a "profit warning"

On the values front, the news this early morning is the profit warning from Societe Generale.The bank said today that it expected record results "slightly" profit in the fourth quarter of 2009, below market expectations, due to the recording in the accounts of a negative impact of 1.4 billion ' euro-related assets at risk. The titles fall of 4.84%, to 49.17 euros, showing the worst performance of the ACC. In this wake, the banks are struggling. Credit Agricole (-2.28%), Dexia (-2.05%) and BNP Paribas (-1.78%) are in the end list.

Renault (+0.25%) continues to rattle the government. The state also largest shareholder, was summoned to renounce a possible relocation of the production of the Clio in Turkey raises numerous critics. Today, a meeting between Minister of Industry, Christian Estrosi, and the CEO of Renault, Patrick Pelata, is provided.The manufacturer has provided reassurance in a statement that no "decision had been taken at this stage."

Topping the charts of ACC 40, Figure Carrefour (1.54%). HSBC has initiated coverage of the title with a neutral recommendation and a target price of 37 euros. After L'Oreal (+1.42%), Pernod Ricard (+1.06%) and Danone (1%).

In contrast, Saint-Gobain fell by nearly 1.2% after seeing lowered its recommendation to "neutral" by analysts at Credit Suisse, cons "outperform" before. Schneider Electric lost 0.6%, UBS changed from "buy" cons "neutral."

On the DRS, Thales (+1.3%) is doing well.

Xiring (+9.15%) announced yesterday after market sales for the fourth quarter 2009 from 9.3 million euros, unchanged from the fourth quarter of 2008.Esker (-3.2%) for the same period, revealed an activity of 5.9 million euros (+5%).

Cellectis (+2.71%) announced the signing of a licensing agreement with Bayer HealthCare, the healthcare division of the international group Bayer.

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New Real Estate: Sales up 65% yoy

Friday, November 27th, 2009

With just over 26,900 new homes sold, the third quarter of 2009 should give a little smile on their promoters. The new home sales have indeed increased by 65.2% compared to the end of 2008 days for the sector. In one year, the average time for disposal of real property increased from 18 months to 8 months for the group and 18 months over 10 months for houses. In the second quarter, sales were already up 29.6% over one year after a decline of 5% in the first quarter.

However the number of starts of new homes continued to decline by 18.1% over the period August-October over the same period of 2008, the ministry said. The number of building permits granted for new housing also appears to decrease (-17.2%) over the period from August to October over the same period of 2008. Over the period from May to July, the decline was 29.6% a year.

Price later, a new home sells on average 241,900 euros, a figure lower than 4.4% in the third quarter 2008. The decline affects all sizes of homes – excluding houses fewer than four parts whose price is higher than the third quarter 2008 (+2.4%). For new apartments, the average price per square meter record in the third quarter of 2009 reached 3382 euro, less than 1.2% from the third quarter 2008 (EUR 3 423).

"The sales increase is a good sign"

Nevertheless, the Secretary of State for Housing Benoist Appearing sees soaring sales in a year "a good sign." "The demand increases, buyers found a solvent and the sites will be able to restart," he told AFP.However, although sales picked up, the number of new homes sold by developers in the third quarter was down 9.6% on year to 19,300. According to the FPC, the government measures that have stimulated investment rental must be extended to allow real sector recovery. "The doubling of interest-free loan for six months will only exacerbate the imbalance between investment and rental assumption, sorry Marc Pigeon, president of the Federation of Property Developers.

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PPR plans to sell the Fnac and Conforama

Friday, November 27th, 2009

The distribution sector, which has particularly suffered from the crisis last fall, seems increasingly difficult to find its place within the PPR Group. In an interview with the Wall Street Journal, François-Henri Pinault has reported a "bold plan to sell its European distribution subsidiaries, including the very popular Fnac and Conforama," details the economic daily. "The sooner the better," said the businessman, saying "wish to transform the group into something more homogeneous. "We have a great weakness distribution. This is not an area that can be easily developed abroad, and says the son of François Pinault.Following this publication, in the group attempts to relativize statements François Pinault: "In the short term, there is no process of transfer of those signs that is committed," says a spokesman for the group.

François Pinault jamaisn had been explicit about the fate of brands Conforama and Fnac. In an interview with Echos November 17 last, he said "I remain committed to our balance between consumer and luxury."He added: "When I became the CEO in 2005, I continued this development momentum by choosing to turn the group into global brands of equipment from the person, less dependent on their domestic market as is not the general public distribution. "

Twenty buyers would have already manifested

With the possible assignments of the Fnac and Conforama the band broke up nearly 40% of its turnover. In 2008, Fnac has indeed represented nearly 23% of group sales and Conforma just under 16%. Suffice to say that the sale of its two brands would change even further aspect of the group after the sale of spring 2006, the sale of YSL Beaute in 2008 and the flotation of a majority stake of CFAO. Meanwhile, the group has seized control of Puma in 2007.

More than focusing on the luxury sector, this change is also akin to a risky bet. Distribution activities have benefited the group in recent years to counterbalance the luxury business, which remains volatile.

Twenty buyers would have already shown in a takeover, although the head of PPR does not the IPO, as was the case for CFAO. The sale, if it occurs, should earn $ 5.9 billion (about 4 billion euros), enough to increase thereafter in the world of luxury accessories. A dozen companies are already targeted.

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The Kremlin's battle against the conglomerates

Friday, November 27th, 2009

In recent weeks, a handful of Russian public companies, the behemoths of the national economy is in the eye of the cyclone. Prepared in the shadow of the Kremlin walls, the offensive is a bank, a technology conglomerate, a company that specializes in nanotechnology, a group of public works, a nuclear specialist, a gun manufacturer …

Seven "corporate state" inherited, mostly from the Soviet era, employing hundreds of thousands of employees and brew as many billions of rubles of turnover.

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