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The benefit of EDF affected by provisions

admin — Fri, 30 Jul 2010 08:06:48 +0000

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.

AGBANK expected to raise more than $ 22 billion

admin — Wed, 07 Jul 2010 10:48:55 +0000

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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Assistance from IMF will not be immediate

admin — Sat, 24 Apr 2010 19:48:22 +0000

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.

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We have 37 euros in pocket

admin — Wed, 07 Apr 2010 21:44:47 +0000

The wallet 100% electronic, it is not for tomorrow. According to a poll conducted last month by Ifop for Wincor Nixdorf, the French claim to hold 95% of cash on them. What make the heart glad to sponsor this survey specialist payment systems (cash, ATM …) To qualify however: among the 1005 respondents, only 16% of 18-24 year olds systematically the cash on them against 52% of those 65 and older.

In looking to the bottom of our pockets, the pollster has determined that it contains on average 37 euros with substantial differences from the profiles. The more than 65 years generally have 59 euros on them while under 30 simply 20 euros.The Ifop also notes that men have pockets trimmed a little better (44 euros against 31 for women) as well as the people of south east (47 euros) and the Paris region (43 euros).

For those who prefer to dispense with "liquid" is obviously because they prefer to use their credit card (77%) or to spend less money (30%). Only 5% of species resistant to explain this move by the fear of being robbed of his money no fax cash loans. We also learn in this survey just over a third of respondents keep cash at home (36%).Among them, they are even one quarter (24%) admit to hiding in their homes, 20% a small amount and 4% a big sum.

Must feed for purses in small denominations, vending machines are visited at least once a week for 34% of the French, "several times a month" for 35% and "less frequent" for 29% of them. It withdraws an amount less than 50 euros for 60% of respondents, 10% of French people with experience, in turn, withdraw 100 euros. Only small expenses (groceries, newspapers, tobacco …) are subject to a cash payment by a large majority of French. Cinema and the parking stand still (44% cash payment and 56% prefer another means of payment). The products that we pay the least happy in hard cash? The gasoline service station (4%) and shopping in supermarkets (5%).

Sharp launches a small screen 3D without glasses

admin — Sat, 03 Apr 2010 01:01:09 +0000

The story accelerates. This Friday, the Japanese group Sharp has introduced a tiny touch screen, color, reproducing 3D videos. The big innovation is that this screen does not require glasses. A step that should be taken seriously. Unfashionable as it may eventually large screen televisions in 3D now being launched in the U.S. by Samsung and Panasonic but need to don special glasses.

However, to see the effect in relief, it is necessary to be right in front of the small screen, 30 cm apart. "We can only produce small screen in this technology. In addition, 12.7 cm diagonal. It must be well in front, otherwise the perception of 3D fade, "says Patrick Chardin, director at Sharp France. To develop its new technology, the Japanese group has improved its previous innovations.Three years ago, in Tokyo, Sharp has introduced an innovative technology which allowed three people to watch at the same time, a different program broadcast by the same TV, depending on the position of each face on the screen. Each point on the screen was broadcasting a different image depending on the viewing angle of the viewer.

According to this principle, with an image emitted for each eye, the semiconductor division of Sharp has designed its new 3D display device called an "interlaced effect. The additional cost compared to a conventional screen is not excessive.For the screen in landscape consists of a conventional LCD panel on which is placed a filter.

Nintendo

But because of its limited size for the 3D effect, "we focus on three markets: portable gaming devices, smartphones (note: mobile phones for surfing) and embedded screens, such as GPS in cars" said Patrick Chardin best payday advance.

Production should begin in September. One of the first objects that can use this technology should be the next portable game console, Nintendo 3DS, announced last week and promised for 2011. For its previous screens of the DS, sold 125 million units, Nintendo had already appealed to Sharp as a supplier.

Nintendo's next console will be presented in June in Los Angeles at E3.The Japanese group said the old games the DS can be reused on its future console. With 3DS, the group led by Satoru Iwata will take another step ahead of the Sony PSP (67 million), which was sold two times less than the DS. In addition, the CEO of Nintendo will reduce competition from the iPhone and iPod Touch which guests are on the market for portable game consoles.

Moreover, it could sell 78 million smartphones equipped with 3D screens by 2018, says DisplaySearch.For now, only one mobile is sold only in Japan by Hitachi, with a 3D effect without glasses.

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Proglio would have no mandate at Natixis

admin — Mon, 08 Feb 2010 21:01:02 +0000

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, Soci?t? 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.

Soon a collective bonus for staff

admin — Mon, 08 Feb 2010 07:24:39 +0000

This is the latest fashion at Bercy: invoke the former communist ministers of the Public! After recalling qu'Anicet Le Pors was established in 1984 the possibility of dismissing a government official denied a position, the enclosure Eric Woerth said that Thorez had included the idea of "collective performance bonuses in the general status of civil service in 1946, which are both unions.

The idea is tantamount. The government will send in the coming days with officials from unions the final version of its draft "collective bonus, negotiated for several months. A framework agreement will be declined by the department and implemented in public functions and territorial hospital.It provides for the payment of a premium service that is most evidence of "effort" or "collective performance.

On what criteria? At each terminal to determine its unions, but they will involve improving service to users, cost control, improvement of working conditions (decline in the number of accidents …) or environmental (savings water, energy …).

Outside agents whose "incompetence" has been pinned and will be deprived of premium, all agents of service – or contract holders, bottom or top of the scale – will receive the same amount. But no question that all services receive a government allowance each year. Only those who have reached goals or made significant progress will be rewarded."The idea is to create emulation, no dusting," says a close associate of Minister of Budget and Public Administration, ?ric Woerth.

"The degree to functional access"

The government had already launched in late 2008 the prime function and results ", she rewards individual merit. It applies to much of the category A agents (managers) and is being extended to categories B.

"We are opposed to this project, because all that will be consistent with payroll, those premiums will therefore replace collectively increasing fears Jean-Marc Canon (CGT). We are also suspicious of the criteria. Where such mechanisms already exist, we saw they were in doubt: the number of PV in the police, for example, payday loans guaranteed no fax .» Jerome Darsy (UNSA) adds that "it will widen the income gaps between rich and poor jurisdictions. The overall effect will be determined by each department, knowing that for the government, the collective bonus is supposed to be one way to "give back" to staff half of the savings realized by the non-replacement of staff on two hence. According Unsa, the premium could be around 300 euros per year on average.

Another project which the government puts the finishing touch, the "functional access to grade, already nicknamed" Graf ", which will involve senior (committed, civilian administrators …).Behind the jargon lies the following idea: when an employee moves to a position of high responsibility (director or deputy director of central administration, departmental director, director of a large local …), he is paid accordingly. But if he leaves those responsibilities or is discharged, he returned to the salary scale of his original body, sometimes with a consequent loss of pay. Graf, whose access is restricted to staff who served several years in such positions, they would not return to "square one": they would retain until the end of their career earnings higher than those n have never agreed to these responsibilities.

"A real golden parachutes for senior officials," squeaks a trade unionist, who said "this does not correspond to the philosophy of Nicolas Sarkozy.The Head of State continues to speak in favor of high wages when you have big responsibilities, provided no longer perceive them when we're leaving. " "The staff is always interesting to financially take a new position of responsibility," replies the enclosure Eric Woerth.

The CFE-CGC to CGT, from the CFDT, most unions focused their criticism mainly on the small number of beneficiaries. "But the government does not offer us much else to recast the category A, promised two years," says Mylene Jacquot (CFDT).

Tower Records in Dubai against crisis

admin — Sat, 02 Jan 2010 19:26:46 +0000

Proponents maintain flirtation with the mystery on its exact size, but with over 800 meters high, the Burj Dubai will have no trouble to climb to the summit since it exceeds by at least 300 meters above the current building in the world, Taipei 101 Taiwan (508 meters). The question is whether this will be the last great Pharaonic site long before the emirate in the Middle East crisis.

The story goes that the emir of Dubai, Sheikh Mohammed al-Maktoum, had returned to its initial project promoters with poor 90 floors. "We thought little of beating the record held by the Taipei 101 tower. But the client asked us each to go higher, but we set limits, "says architect Bill Baker, the firm Skidmore, Owings and Merrill of Chicago, developer of the skyscraper.

Click on thumbnail for larger graphic

Occupation: No recovery until 2011

admin — Fri, 25 Dec 2009 01:35:24 +0000

The stabilization of the unemployment rate to 9.1% of the workforce, the French plunges further into the past: in early 2006, when the indicator peaked at a similar figure, before falling to unprecedented s 'is followed. In total, during the year 2009, the weak economy has had reason to 373,000 jobs, an increase in the number of job seekers by 20.3%. A particularly tough fall for the industry, which has accumulated during that dark year structural and cyclical crises, destroying nearly 100,000 jobs for the first half of 2009 alone.

Measures directly aimed at boosting the labor market, set up under the stimulus plan, however, seem to have limited the damage. "Put in connection with money taken by other countries, the stimulus is small.But the measures for use therein have been good "said Eric Heyer, Deputy Director at OFCE.

Offset

In total, the government estimates at 400,000 the number of jobs created or preserved by all actions taken under the recovery plan partial unemployment, subsidized contracts, extending device reclassification professional device "zero charge" for the 'hiring of an employee by TPE … -. If this figure is currently not verifiable, stabilizing unemployment announced by INSEE in the third quarter of 2009, and out of recession that began in the second, appear reassuring signals. … While analysts agree today to find that the adjustment of the labor market is still far from complete.

When is therefore a market recovery in employment and lower unemployment? Not before 2011, say the economists."Growth of 1.3% proposed by employment center for 2010 will not be sufficient to generate net new jobs," said Ernst and Bernard, director of statistics, surveys and forecasts for employment center. "Given the French productivity, only a growth above 2.5% would generate" confirms Eric Heyer, highlighting the gap of three quarters generally observed between resumed growth and lower unemployment rates. Same story with Nicolas Bouzou, economist at Altars, which estimates that unemployment will stabilize at best in 2010. "The problem is that this stabilization occurs at a high level," says he.

Brakes

Various factors should indeed help to limit the decline in unemployment in the months ahead.First, partial unemployment: as he has played a buffer role on the labor market by reducing redundancies, it should eventually stop the resumption of hiring. The 143,000 employees have benefited from the device indeed logically gather their full-time position, in priority to any additional recruitment. Second brake that is particularly Eric Heyer: the reinstatement of unemployment discouraged job seekers. "The stabilization of unemployment in the third quarter was partly due to traditional discouraged jobseekers less well positioned on the labor market.When the activity will leave, they re-subscribe, mechanically limiting the decline in unemployment. "An argument that employment center does not yet resumed its consideration.

If the unemployment rate should best pursue its stabilization in 2010, an additional shadow is looming: While the acceleration slows overall unemployment in recent months, the increase in long-term unemployed, who thus lose some little employability, increasing gradually. "The first people to find work are generally those who have been unemployed for some time. The number of long-term increases so mechanically, and should in this case continue to grow in first quarter 2010.

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The A400M is ready for takeoff

admin — Thu, 10 Dec 2009 23:04:22 +0000

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 Herv? 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.