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The benefit of EDF affected by provisions

Friday, July 30th, 2010

EDF has unveiled a new series of bleak, including the formalization of the two-year delay in the construction of the EPR Flamanville. In addition, the group's net profit plunged tricolor 46.9% in the first half to 1.66 billion euros, while analysts were betting, on average, profit of 2.57 billion euros. The group has indeed passed a provision to cover the risk of loss in value of its nuclear activities U.S. $ 1.1 billion. "This provision covers the risk of impairment of assets CEng, investment in Unistar and certain future costs and risks of the project, EDF will now continue his studies for the development of a new reactor at the Calvert Cliffs site, "said in a statement.

Sales and EBITDA exceed expectations

The energy company's EBITDA rose him, from 4.4% to 10.4 billion euros against 9.93 billion euros targeted by analysts. And the turnover amounted to 37.5 billion euros, up 7.7% and also above the expectations of experts, which amounted to 35.9 billion euros. The increase in sales figures is primarily due to acquisitions and CEng SPE, the company said.

EDF maintains its annual outlook

In terms of outlook, EDF has confirmed its objectives for the current year. It is thus an organic EBITDA growth of between 3% and 5%, a ratio of net debt / EBITDA of between 2.5 and 3, and a stable dividend.However, the company said it was a nuclear power between 405 TWh and 415 TWh in France for the whole year, with an availability target of its nuclear plants between 78.5% and 79.5 %. It had previously targeted a rate of availability of its French nuclear plants up 1.5 point "at least" in 2010 compared to 2009. This rate is crucial for the profitability of the group has been set at 85% over the medium term.

In addition, EDF has confirmed two information widely mentioned by the press. The electrician has announced a delay of two years starting from the EPR Flamanville cost of construction and re-evaluated at 5 billion euros.

On the other hand, the group said it has received an offer from Li Ka-shing on its UK business.The Hong Kong billionaire head of Cheung Kong Infrastructure offers 6.9 billion euros for the acquisition of the distribution network owned by EDF in the UK.

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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.

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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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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Assistance from IMF will not be immediate

Saturday, April 24th, 2010

The International Monetary Fund (IMF) has just been presented with a request for assistance from Greece. Until now, the IMF provided only technical assistance to Athens. The team of experts is hard at work in the capital of Greece. "We are ready to act quickly in response to this demand," said Dominique Strauss-Kahn Friday, IMF Managing Director. And Youssef Boutros-Ghali, chairman of the board of the institution, recalled: "Aid to Greece will take time. This can not happen from one day to another. "Especially since the Papandreou government is engaged in negotiations on a plan" covering several years. "

So far, the IMF had not been involved in developing the plan of the European Union. This is not a member of the board of the fund. The proposals could therefore engage the IMF, said it does in Washington.It is expected to "several weeks" of negotiations no teletrack payday loans. The amount of the full plan could exceed the record $ 58 billion set by Korea in 1997 with the conditions negotiated by the IMF.

The multilateral institution also assumed that the share of aid to Greece will represent one third of the package agreed by the other countries of the euro area. But this figure could possibly change after the verdict of the negotiators of the fund. The absence of a margin for adjustment by devaluation, however, seriously complicates the terms that the IMF should negotiate with the Greek authorities.This is not entirely without precedent: for example, Latvia has received 1.7 billion euros from the IMF in 2008, as part of an international package of 7.5 billion, while keeping its currency indexed euro.

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 Senate wants to limit the autoentrepreneuriat to 3 years

Wednesday, March 31st, 2010

A first scratch on the scheme which has boosted business creation in 2009? Following a round table organized in the Senate to take stock of the regime of self-contractor, several senators, including Jean Arthuis, chairman of the Finance Committee, proposed limiting the device over time. In practice, a self-contractor could not remain as three years. The purpose of this proposal, which should eventually be included as part of an amendment to a bill is twofold.

It aims mainly to prevent that, beyond the threshold turnover limit set by law, the self-declared cease contractors additional income rather than spending in the common law system. The measure aims both to limit the extent of undeclared work and to force these self-experienced entrepreneurs to move after three years to the classical scheme of the contractor.For companies under common law, and especially the artisans, complain of unfair competition that they oppose the self-entrepreneurs. According to INSEE statistics, one third of them practicing in effect as artisans, but does not pay the charges which have submitted their congeners.

"Either the regime is bad and should be abolished or he is good, and it must be sustainable"

The senators also want to impose an obligation to report sales, even if it is zero, see this as an opportunity "to increase accompanying autoentrepreneurs" says John Pouch, the deputy Senate payday loans. And thus better identify them.It is particularly possible to distinguish those who use the system for enhancing and supplementing their income for which the senators see no harm in what they are autoentrepreneurs much time they want – from those who Entrepreneurs are self-full time and are destined to become true entrepreneurs.

Herve Novelli has already voted against this measure, which he sees a way to complicate a system that owes much to its simplicity. In 2009, 320,000 entries were in fact registered as such. Unheard of.Fran?ois Hurel, President of the Union of Autoentrepreneurs says his side "does not quite understand this proposition, or the system is bad and should be abolished or he is good, and it must be sustainable 't believe he stressed that the establishment of the regime of self-contractor has already helped a lot of money back into the bosom of the state coffers. Finally, "from when to reauthorize eligible to enroll?" Asks he. So many questions to be answered by the senators.

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.

Released crisis: OECD insists on reducing deficits

Friday, March 12th, 2010

When and how to get out of recovery plans without jeopardizing the fragile economic recovery? If Obama Administration believes the time has come to reduce public spending, the Europeans are driven by the market to tighten their belts. A timetable for ending the crisis is the agenda of the next Ecofin. The OECD can only be welcomed.

In a report presented Wednesday, the Organization for Cooperation and Economic Development calls for post-crisis "progressive" and "contact" who favor reducing deficits, without neglecting the structural reforms essential to future growth. "The global recession has left deep scars," said Secretary General Angel Gurria. The OECD estimated at 3% of GDP the impact of the crisis on the potential long-term growth."The only way to begin to heal the wounds is to take steps now that will allow our economies to regain their lost growth potential," added Angel Gurria.

For rich countries, priority will be to reduce the deficit while fighting against unemployment. The equation means that reforms focusing on the rate of employment rather than productivity. Each state must first stop gradually according to budgetary margins and recovery, the outstanding public support, including aid industry as the premium breaks or the financing of major infrastructure works cheap payday advance .

Carbon tax and VAT

To reduce deficits, we must act on spending and taxes. "We recommend targeted actions," said chief economist Pier Carlo Padoan.Be careful not to touch the most productive expenditure in education and health research and development.

On the fiscal side, the OECD recommends that taxes do not jeopardize the long-term growth, such as the carbon tax to "encourage the development of a more sustainable economy and contribute to the well-being of citizens."

Another tip: it is better to tax consumption rather than labor income or corporate profits. And act quickly. "If we want fiscal consolidation in 2011, policy measures must be taken now," says the chief economist of the OECD Pier Carlo Padoan. The most indebted countries, like Greece, are requested to take urgent and radical action, to borrow at lower cost.The OECD has welcomed yesterday the plan of austerity Portugal, who combined tax increases and wage freezes for staff.

On the monetary side, the OECD recommends withdrawal of the measures "Unconventional" credit assistance, but without higher interest rates in the short term because there is "no inflation pressures in countries more industrialized.

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ECB: Greece will "in the right direction"

Thursday, February 4th, 2010

No surprises from Frankfurt. The European Central Bank (ECB) on Thursday left its main interest rate unchanged at 1%. Earlier, the Bank of England also announced the continuation of its policy rate at 0.5%.

In March the Governing Council of the ECB "will take decisions on (…) a gradual lifting of the measures of liquidity [in support of banks] who are no longer as necessary as in the past," said Jean-Claude Trichet at a press conference.

Long awaited on the subject of Greece, Jean-Claude Trichet has held that the fiscal savings by Greece are "not in the right direction.""We are confident in the ability of Greece will take all decisions necessary to achieve the objective" of a deficit below 3% of GDP by 2012, said President of the ECB personal business card . No exceptions will be made for any area countries, "he said.

While Portugal and Spain in turn disturb markets, Jean-Claude Trichet reiterated that it was "crucial" that all countries "respect strictly the exit procedures for excessive deficits."

"According to the International Monetary Fund, the overall deficit of the euro area will rise to 6%", said Jean-Claude Trichet. "The United States will be at 10%, Japan is also at 10%.(…) A more flattering comparison for the euro area! Nevertheless, we exhibit unabsence total of convenience "in the direction of monetary policy," he said.

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