Archive for the ‘events’ 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.

See also:

"SPECIAL – Greece, a challenge for Europe

Swatch warns competitors

Saturday, March 13th, 2010

Swatch has saved the Swiss watch industry in the 1980s thanks to its cheaper models. DR

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.

ALSO READ:

"The steel prices could increase by 40%

Hartz IV: "Germany must reduce its spending"

Wednesday, February 10th, 2010

LE FIGARO. – Ruling of the Court puts it into question the whole system "Hartz IV"?

Niels Diederich. – No. The decision of the Court concerns only the welfare of minors. In the system of "Hartz IV", children whose parents are unemployed or who are raised in single-parent families, indirectly affect the state aid. However, they receive only 70 to 80% of the amount awarded to an adult. In 2005, the legislature had found that children have lower needs than adults and had applied a standard reduction. The judges felt that we can not calculate the social benefits attributed to children on the same basis as for adults. They require the development of a new scale of separate calculation, so that their needs are taken into account.The government will soon review the text to make its corrections.

The competitiveness of German companies is in danger?

Not because this decision they will not carry more loads, it does not hurt German exports. The companies co-finance the system of unemployment insurance by 50%. But it is a separate mechanism. The system "Hartz IV" is funded through taxes. But the state has pledged not to raise taxes. It will therefore reduce expenditure to finance the surcoût.La Court is often accused of conservatism.

That shutdown threat does not modernization of Germany?

Politicians always moan against the Constitutional Court. Created after the Nazi era to serve as a safeguard against the state, it has, indeed, enormous powers. But judges do not prevent the country's modernization.On the contrary. In 1949, when the conservative party (CDU) had held that in cases of dispute over the education of children, the man still had the last word on the woman, the Court ruled that the law contradicted the principle of equality between citizens. Since the 1950s, it required that disputes be settled by a judge, thus laying the foundations of the principle of equality between men and women in the country.

ALSO READ

"Berlin will have to increase its aid to the poorest

The Paris Bourse expected in the green

Wednesday, January 20th, 2010

The Paris Bourse is expected in the green Tuesday. At just under two hours of opening, the Index Future CAC 40 gained 0.64% to 3979 points. The previous day, investors had concluded in Paris on the first day of the week in the green despite a sluggish trend in Asian places. The negative close on Wall Street Friday was forgotten (Monday, the U.S. places were closed due to holiday).

As for statistics, several publications are expected. The market index monitor consumer prices in December in Britain at 10:30 and the barometer of the financial German ZEW at 11am. Overseas will be issued at 16h index of investor confidence as measured by State Street.After exchange, the Americans 19h to unveil the long awaited housing market index, the National Association of Home Builders.

On the corporate side, the markets could be affected by the release of fourth quarter results from Citigroup to 14h. Friday, disappointing trial results from JP Morgan had weighed on the markets of Paris. IBM will release its results after the market closes.

Distributors monitored

Casino was released Monday after market its figures for the fourth quarter of 2009. The group has announced a turnover of 7.32 billion euros over the period, in line with expectations. But sales were lower in France.In its wake, the reaction of other distributors is expected.

Vinci said Monday night having won, in cooperation with the British Morgan is a contract of 476 million euros for the construction of a tunnel for stormwater and sewage to east London. The contract was awarded by Thames Water, the incumbent of the London waters, and will be shared equally between Vinci and the construction group Morgan Est.

GDF Suez said Monday in a statement that discussions toward an agreement with International Power had failed.

Guyenne et Gascogne has announced a turnover in the fourth quarter of 2009 rose 2.4% to 151.3 million euros. For the full year 2009, sales fell by 0.4% to 582.4 million euros.

Soitec has issued a revenue decrease of 9.3% in the third quarter and anticipates a fall limited to less than 10% for sales throughout the year.

The market also anticipates publications for 18h, after market, Alstom (turnover for the third quarter), Accor (fourth quarter), Faiveley (third quarter) and Seb (fourth quarter).

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.

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.

ALSO READ

"Real old: slight price increase in October