Archive for the ‘world’ Category

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.

Proglio would have no mandate at Natixis

Tuesday, February 9th, 2010

New twist in the "case" Proglio. According to the financial information site, Wansquare, president of EDF has decided to abandon his post as director of Natixis. At the last general meeting of Natixis in May 2009, Henri Proglio was reelected to this position until 2014. The announcement of his departure should be formalized in the coming days. "It's a good thing, said Pierre-Henri Leroy, president of Proxinvest. This is a logical decision for limiterles conflicts of interest, which in the banking sector, are more abusive than elsewhere. However, this is not good news for Natixis.

He added: "But the priority is giving up the chairmanship of the board of directors of Veolia. This is far from done. "In an interview with Parisien on Monday, the new CEO of Veolia Environment, Antoine Frerot, said the transition would last "as long as this transfer takes place seamlessly and smoothly. The handover between the old and the new boss is essential in the interests of Veolia.

His new duties as head of EDF seems to be incompatible with too many mandates. During a television show on TF1, the President of the Republic, Nicolas Sarkozy, said Henri Proglio "will devote 100% to EDF. However, it is still "a few months," Chairman of the Board of Directors of Veolia.

More than twenty terms in France and abroad

The president of EDF is a director of five companies in France – that is to say, the statutory maximum online payday advance .Natixis addition, it is present at Lagardere, EDF, CNP Assurances and Dassault Aviation. It is also censor the supervisory board of Caisse Nationale des Caisses d'Epargne. "We always set for a maximum of one external mandate," said Pierre-Henri Leroy.

He holds several mandates within the group Veolia in France (Veolia Water, Veolia, Veolia Transport, Dalkia, Veolia Water, SARP Industries, Dalkia International, Société des Eaux de Marseille, Campus Veolia Environment) and abroad (Veolia Environment North America Operations, Veolia Environmental Services Australia, Australasia Veolia Transport, Veolia Transport Northern Europe, Veolia Environmental Services UK Siram Veolia envy UK, Veolia Environmental Services North America).

Finally, former president of Veolia is a member of the Remuneration Committee of Natixis.In 2008, due to his role at Natixis and Caisse d'Epargne, he received a little over 30,000 euros in fees.

The announcement of his departure would be primarily due to the sharp controversy over the pay double the one hand and combining work with pension enjoyed by Henri Proglio other.

Management Communication Natixis declined any comment.

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.

Sarkozy: "I believe in voluntarism"

Wednesday, January 6th, 2010

In 2009, France "has avoided the worst," said President Nicolas Sarkozy during the presentation of his wishes to the economic forces at Cholet, on Wednesday. The Head of State recalled that "a year ago, we were among the worst crisis since the 30s.

If "we have avoided the worst, because we made the right decisions despite the controversy," he claimed. "For six months, growth has returned."

These decisions were taken because "I believe in volunteerism, has hammered the head of state. We must "regulate capitalism to create the right conditions for our prosperity," he said, praising "dialogue and reconciliation."

"No French has seen its savings challenged. No financial institution has gone bankrupt, "he said. "I made a commitment: that the support plan for banks will not cost anything to the French."Better still, the plan "has reported 2 billion euros to the French government by interest" donated by the aided institutions.

Nicolas Sarkozy also attacked the "Malthusian" raging in France, "idea that we could reduce unemployment by sharing work", a reference to 35 hours. He also taunted "the illusion that the decline would be the only solution to preserve the environment."

More to come …

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 Hervé 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.

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.