usa « Financial news

Posts Tagged ‘usa’

Total units sold in Norway

Tuesday, April 27th, 2010

Always with a view to separate its non-strategic activities for its "upstream" Total assigns those of its oil fields Valhall and Hod – whose group owns 15.7% respectively and 25% – located in the North Sea Norwegian. Transaction amount: $ 911 million, or 680 million euros.

"In the coming years, the group intends to maintain its level of investment in order to optimize its Norwegian oil and gas reserves," he said in a statement released Tuesday morning.

Note that Norway is the largest contributor to the production, with nearly 330,000 barrels of oil equivalent per day (boe / d) produced in 2009.This production, which represents about 15% of the total group, from 35 fields on the Norwegian continental shelf in which Total holds a no fax pay day loans.

Began production in 1982, the Valhall oil field production has reached an average share for the group of approximately 8,000 boe / d in 2009. The Hod, in production since 1990, produced in 2009 an average of approximately 1,000 boe / d in proportion to the group.

Total currently holds interests in 77 licenses in Norway, including 15 as an operator.

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.

Tags: people, resources, store, usa, web
Posted in Uncategorized, economic, events, international, money | Comments Off

The business climate remains stable in March

Tuesday, March 23rd, 2010

The indicator of business climate has remained stable in March, to 91 points, according to figures released Tuesday by the INSEE. At the same time, the indicator of economic turnaround remains well oriented "for the tenth consecutive month, Insee said.

"The Climate Stabilization mask disparities between sectors: The climate in the industry is improving as he deteriorates in services and retailing," notes the INSEE.

In industry, the index of business climate earns three points to 94 points but remained below its long-term average. Stocks, albeit at very low levels continue to decline, according to business leaders surveyed by INSEE. The outlook for the coming months rose three points.

The situation is worse in services, the index lost two points to 87 points in March, against 89 in February."The economy is faltering," said INSEE and "slow in coming months." Business leaders review "sharply downward their expectations of activity compared to the February survey, INSEE noted.

The retail trade is suffering for its part a slowdown in recent months, particularly in the automobile. The index of business climate in the sector loses two points in March to 98 points. In the construction sector, the index remains stable at 93 points.

Tags: advertising, customer, finance, financing, usa
Posted in economic, events, life, people, resources | Comments Off

Tidjane refuses the offer by Societe Generale

Saturday, March 20th, 2010

The announcement of the ambition of Societe Generale to enter the boss of iconic Prudential to its Board of Directors has made much noise on the Paris market. The leader of the British insurer eventually declined the offer of the French bank yesterday, twenty-four hours after Societe Generale said it had offered a seat on its Board of Directors.

Tidjane was "very flattered to have been chosen for the post of independent director at Societe Generale," calling the bank "remarkable company."He justified his decision by the challenges it faces today: "My priority is to continue to focus on achieving strong results for our shareholders, and the success of the strategic transaction with AIG, and the 'integration resulting payday advance .»

More than a personal choice, his refusal would have been motivated primarily by strong opposition from shareholders of Prudential to this project. These are indeed alarmed at the proposal of Societe Generale, fearing that Tidjane not dispersed at the crucial moment of the acquisition by Prudential's Asian operations of AIG.

"PORTRAIT – Tidjane breaks through glass ceiling

Tags: assistant, money, store, usa, world
Posted in economics, finance, resources, special, world | Comments Off

Swatch warns competitors

Saturday, March 13th, 2010

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

Tags: economics, news, opinions, people, usa
Posted in economic, events, news, people, resources | Comments Off

The Cac 40 remains in the red

Tuesday, March 9th, 2010

The Paris Stock Exchange, plunged into the red. After starting the session hause of 0.10%, the CAC 40 continues into negative territory. Around 10:50, the flagship index Parisian loose 0.42% to 3887.16 points. The threshold of 3900 points, is not maintained. The London Stock Exchange is in the same atmosphere: the Footsie lost 0.41% to 5583.56 points while the Dax in Frankfurt Stock Exchange fell by 0.36% to 5854.58 points.

Yesterday, the Paris markets have ended on a slight decline of 0.18% despite opening in the green (0.35%). In Asia, the situation calmed after the euphoria of Monday. The numbers of U.S. employment, less worse than expected, to cease their invigorating effect. Monday already, Wall Street closed haphazardly in a sitting motionless.

The wait dominates before the publication of figures and important clues on the weekend.French side, there will be foreign trade figures for January and industrial output (Wednesday), the French deficit figures, the trade balance and the number of weekly unemployment in the United States (Thursday), and finally, the much anticipated index of U.S. consumer confidence (Friday).

Meanwhile, the trade deficit narrowed in France in January to 3.681 billion euros against 4.155 billion in December 2009, thanks to increased exports of manufactured goods, the Customs said Tuesday. This figure confirms the resumption of trade, but this recovery is much slower than the drop caused by the crisis, observers said.

EADS in the collimator

EADS announced on Tuesday a loss in 2009 of 763 million euros against a profit last year of 1.5 billion.The group expects a 2010 EBIT of $ 1 billion against 2.2 billion (before provisions) last year, and a stabilization of sales to 42.8 billion euros. Furthermore, EADS and its U.S. ally Northrop Grumman said the night they did not submit a bid for the tanker contract from the U.S. Air Force, saying it benefits their competitor Boeing fast cash without a hassle . The title is heavily penalized Exchange: -5,5,23% to 15.05 euros.

The bank also abused: Credit Agricole (-0.98%), Societe Generale (-0.63%) and BNP Paribas (-0.47%) retreated.

April (2.58% to 23.09 euros) on Monday announced an increase of 20% of its net 2009 profit 72.7 million euros. Financial products have more than doubled to 18.6 million.The insurer expects for 2010 a double-digit growth in its gross margin, with a positive impact on its operating margin (13% in 2009).

Total (0.44% to 42.44 euros) yesterday confirmed the closure of the refinery at Dunkirk and the fulfillment of its participation in the construction of an LNG terminal with EDF (+0.63% at 38 15 euros).

In addition, the electrician announced a collaboration with Rosatom, the Russian nuclear energy giant, in the development of reactors for third countries.Other partnerships are being negotiated with Russia in the field of electricity and fuel.

In the process, GDF Suez is in great shape (+1.18% at 27.80 euros) and achieves the best performance of ACC.

Sanofi Aventis (0.84% to 56.22 euros) and Merck announced Tuesday the creation of a joint venture equally owned in the area of animal health together their subsidiaries Merial and Intervet / Schering-Plow. The agreement created should be finalized within the next twelve months.

Eurotunnel (0.61% to 7.75 euro) remained in the black in 2009, with net income of 1.4 million euros but a turnover of 571 million euros, down 16 %. Jacques Gounon, Eurotunnel's CEO, recalls in an interview with Le Figaro, his intention to "market share" in the future. The group will pay the same dividend as last year, ie 4 cents per share."The payment of a dividend reflects our confidence and determination in 2010," commented Jacques Gounon.

Vicat (-0.07 ? at 56.76 euros) will release after the market closes.

"INTERVIEW – J. Gounon, Eurotunnel's CEO comments on 2009 results

Tags: economic, global, money, usa, work
Posted in Uncategorized, business, life, news, resources | Comments Off

Cr?dit Agricole is preparing its future "without taboo"

Monday, March 8th, 2010

For the first time since his enthronement at the Directorate General of Cr?dit 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 Cr?dit 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 Cr?dit 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 Cr?dit 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. Cr?dit 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?

Cr?dit 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.

Cr?dit 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, Cr?dit 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.

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 surco?t.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.

Three mediators to avoid the conflict of road

Tuesday, December 8th, 2009

The risk of a strike by truckers threaten to block the deposition of large retailers from next Sunday is taken very seriously by governments.

Moments after receiving the Department of Transportation delegated Inter (CFDT, CGT, CFE-CGC and CTFC) of 500 000 employees, the Secretary of State for Transport, Dominique Bussereau, has appointed a mediator, not as planned but three.

Members of the firm Mensia Council Martial Belon, Herv? Nadal Muir and Eric have the difficult task of finding common ground – including on wages – between truckers and their companies.

Unions want the transition to a wage of 10 euros gross per hour for the highest coefficients, 4% increase for executives and 4% more for travel or 13th month for free.Claims deemed unacceptable by the companies badly affected by the slowing economy.

Dominique Bussereau is optimistic. A schedule is considered. "I think some points of view can be reconciled, he said. We hope to reach a first agreement of good will to avoid blocking of deposits, then in a second stage, discussions will be conducted on other points from the start. We promise. "

Dating successive

At work since Monday evening, the facilitators meet successively unions and employer organizations.Wednesday morning, they will provide their preliminary findings at a meeting bringing together the two sides to the ministry, just before the Cabinet tomorrow.

The discussions will continue until agreement is reached, but the secretary general of the CFDT, Maxime Dumont, believes a quick solution. "The situation seems more committed than in the previous conflict two years ago, says he. The government invests. I think some employers' organizations have proposals to make to break the impasse. "

On the employee side, there is, however, still doubtful. "We are conducting a fight but in fact they are the companies that benefit from the advantages offered by the government," said Fr?d?ric B?rard (CFE-CGC). FO-Secretary-General Transport, Gerard Martinez is also on the reserve."How do we get in two days that we could not have in a year and a half?" He questioned Monday before resuming discussions with the mediators.

Tags: assistant, international, opinions, small, usa
Posted in economics, opinions, resources, special, technology | Comments Off

Estrosi supports Proglio on remuneration

Friday, November 27th, 2009

Christian Estrosi, Minister of Industry, was set for the newly elected CEO of EDF, Henri Proglio, France 2 on the grounds of the legitimacy of his "wage request". This has indeed said Monday in the columns of the newspaper Les Echos wish to retain a level of pay similar to that which he received in private.

"If I could keep the income level I had at Veolia, it seems to me that this is not shocking in itself for a company that weighs 70 billion public offering" was well justified Henri Proglio.

Asked about the pay, Christian Estrosi said it must "show a little courage if we are to have the best captains of industry to lead our largest companies.Henri Proglio "accept new responsibilities higher" and "refers simply does not occur at a pay level lower," continued the Minister.

The debate on the remuneration of the new CEO of EDF had already been opened November 5 last, when the Minister of Economy Christine Lagarde was assured that Henri Proglio not accrue more and pay only perceive as president of 'EDF.

Tags: company, economics, global, store, usa
Posted in business, economic, people, publications, technology | Comments Off

Financial news