Posts Tagged ‘work’

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.

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The rating agencies squabble

Friday, July 2nd, 2010

Is this a declaration of war? A sneak attack against a competitor already criticized from all sides? Rating agency Standard & Poor's announced mid-week she placed the note in its rival Moody's under review with negative implications. Translation: "S & P is considering lowering the rating of its counterpart.

Standard & Poor's predicted an earthquake in the scoring in the United States. She believes that the current reforms on the financial regulation in the United States threatens the business of Moody's. For example, "investors may sue the agencies in the event of fraudulent or reckless notation, notes S & P, which" increased legal costs of Moody's "dramatically," says S & P.

Moody's might also face a drop in sales, ahead its competitor.New laws in effect remove the references to footnotes in regulatory agencies and investors could then no longer need their services.

Black Series

The decision by Standard & Poor's added to the long series of bad news qu'essuient its competitor. In recent months, Moody's has seen some of its former analysts testify against her before the U.S. Senate. One of its main shareholder, billionaire Warren Buffett, has withdrawn in part. And the agency was roundly criticized by some investors for notes attributed too generous to Greece, Portugal or Spain. When she does not suffer from the wrath of authorities for the untimely degradation States Notes.

Logically, these arguments on the ratings business in general, thus also relates to Standard & Poor's."This decision serves as a warning signal for the whole sector," Norbert Gaillard analysis, an economist and specialist agencies. The agencies are so far very profitable, with operating margins (operating income compared to the number of cases) between 30 and 40%.

Concerns about the sector

The agency draws she shot in the foot by publicly worrying about the future of its industry? Yes and no. If she criticizes his rival, it is mainly because the turnover of the latter depends on more than 90% of rating business alone. This is not the case of S & P. "She has put in place, long ago, a diversified business model (financial, S & P 500), regulatory reforms under threat," said Norbert Gaillard.

Moody's will be difficult to replicate its rival news: it is not publicly traded, it is backed by a large group, McGraw Hill. And if attacked, S & P will always assert its good faith by recalling that it had downgraded the rating of its own parent a few years ago.

Fillon wants to reduce spending by 45 billion euros

Monday, June 14th, 2010

Found 100 billion euros in three years. This is the government's objective to reduce the deficit from 8% to 3% in 2013, reiterated Prime Minister François Fillon on Saturday, which gave details of the proposed measures. "We have pledged by 2013 to reduce our deficit from 8% to 3% and all our efforts will focus on this priority. It means basically that should reduce the deficit of 100 billion by 2013, "he said during a meeting with new members of the UMP Salle Gaveau.

The $ 100 billion, "we (them) to find the half in spending cuts and half in revenue increases," said the head of government.The 50 billion euros in spending cuts will be made up of "45 billion by reducing public expenditure, 5 billion on reducing tax loopholes."

On the revenue side, the 50 billion do not result from increased taxes and levies, "said Francois Fillon. He bets on "35 billion upgrading after the crisis, loss of revenue cyclical. (…) As and when growth returns, revenues are growing once again, "he said. And the remaining 15 billion? They "will correspond to the end of the steps we have taken to boost the economy and have obviously not meant to last beyond this period of recovery," he added no fax pay day loan.

In May, Francois Fillon had already announced a freeze in spending value of the state but had not detailed the targets.These details are involved a little less than a week after Berlin has adopted a plan rigorously evaluated at 80 billion euros. France is under pressure from financial markets and rating agencies, who urged him to detail the measures to be taken to reduce debt.

"New sources of funding"

The Prime Minister also addressed the issue of pensions. While the government prepares to release his reform plan, Francois Fillon reiterated its intention to extend the duration of activity and pushing the "symbol" of the statutory retirement age to 60 years.

It will also seek new financing, he added. "Justice will lead us to seek new sources of financing because the effort must be shared by all," he said.Nevertheless, the government has temporarily waived taxing incomes over 11,000 euros per month, according to information from Figaro.

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The Paris Bourse should pause

Thursday, June 10th, 2010

The CAC 40 was up Wednesday night supported the closure through the reassuring words of Ben Bernanke, the Fed chief, after three consecutive sessions of decline. Other major European markets have also hoisted the green flag. In Frankfurt, the Dax gained 1.98%. In London, the Footsie has won 1.15%.

Even mood on Wall Street, where the Dow Jones gained 1.16% and the Nasdaq 1.66% shortly after the close of European stock.

And Thursday morning, Asian stock markets confirms the renewed investor optimism. The indices are displayed in positive territory while a series of good gives figures balsam inside investors.

U.S. growth is reassuring, Ben Bernanke also

Published yesterday, the Fed's Beige Book confirmed an increase in economic activity in the United States without signs of inflation, reinforcing the idea that the Fed is in no hurry to raise interest rates.The Federal Reserve announced it was expecting a GDP of 3.5% for 2010 and "somewhat" more in 2011. In May, the Fed was between 3.4% and 4.5% for 2011.

Its chairman, Ben Bernanke, indqiué he remains attentive to the evolution "of the situation abroad. His comments are aimed at Europe in turmoil budget. He said however, "reassured by the answers of Europeans," holding that they have developed a "substantial program.

The economic indicators of importance

Industrial production in France in April will be known at 8:45. At the same time, figures on employment in the first quarter will be released by INSEE.

In Frankfurt, while it is held by the Governing Council, Jean-Claude Trichet, head of the European Central Bank, will deliver the Bank's decision on interest rates to 1% today.A status quo is preferred.

Like every Wednesday, the weekly unemployment benefit claims in the United States will be published at 14.30. The figures on foreign trade in April will be known at the same time.Then, 20 hours, investors will follow the budget execution figures for the month of May

Japan remains the second largest economy after the United States, while the revised official figures and show a growth of 5% in the first quarter of 2010.

France Telecom, one aggrégateurplus a producer

Value-laden France Telecom, which held its annual meeting Tuesday, it appeared necessary to adapt its strategy contained in the competitive environment and has therefore become more assertive as an aggregator and as a producer, said Wednesday Stéphane Richard, his manager General at the General Assembly no teletrack payday loan.

In addition, the telecom authority (Arcep) on Wednesday defended a regulatory context to counterbalance the dominance of France Telecom in the telephony market in France.

Air France-KLMSelon information Figaro, Ethiopian Airlines is preparing to sign an agreement with Star Alliance to join the alliance dominated by Lufthansa. Air France is being shaken to its network and the most profitable.

Total oil group participates in the construction of a solar concentrator 100 megawatts in Abu Dhabi, the largest in the world.

Renault head to change the financial department. Thierry Moulonguet will be replaced by the CEO of RCI Banque.

Imerys The Strategic Investment Fund (ISF) has announced Wednesday the fall departure of chief executive Gilles Michel, who will join the group of industrial minerals and construction materials, which is expected to become CEO in 2011, to succeed Gerard Buffière.

The Auchan retail group and its Taiwanese partner Ruentex preparing to list their Chinese activities on the Stock Exchange of Hong Kong, according to Les Echos published Wednesday. A first for the family business.

French Members Banks, which begin Thursday in open discussion of the draft law regulating banking and finance, also want to discuss with the Government of the German measure to ban naked short selling.

EADS Eurofighter has launched negotiations with Germany, Spain, Britain and Italy to convince these countries to invest 10 billion euros in the next phase of production of its combat aircraft.

Moreover, during the Berlin Air Show, Louis Welsh, the executive chairman said he was "delighted if we could forge a partnership with Embraer, the Brazilian counterpart, said FinanzNachrichten.

The form that could take this partnership has not been specified. In the past, EADS has held a minority stake in Embraer, which he sold in 2007.

HSBC: 8000 French in the stolen files

Wednesday, April 14th, 2010

The files stolen by Herve Falciani the Swiss subsidiary of HSBC bank, and who found themselves in the hands of justice and the French tax authorities have been decrypted. In total, 172,000 accounts have been identified, held by 79,000 people, including 8,000 French. The prosecutor of Nice, Eric de Montgolfier, announced Tuesday evening.

It is well beyond what had been said, on March 11 last, the CEO of HSBC Private Bank, Alexander Zeller. The theft "committed by an employee of the department about three years ago, could affect some 15,000 customers," he declared at a news conference.Regarding the French, it is also far escaped the 3000 tax raised by Eric Woerth, budget minister last summer.

Return a long history

The French court before January 20, 2009 at the home of French Herve Falciani encrypted computer files containing a list of accounts held by customers of HSBC. The search was conducted as part of a request by Swiss judicial authorities, suspecting the employee of misappropriation of confidential data between 2006 and 2007.

But before passing to the Swiss, French investigators have analyzed the content of these seizures, which have proved of great interest for justice and the French tax authorities.Prosecutors in Nice opened an investigation for money laundering and tax administration has used the data to identify suspected fraudsters No teletrack payday loans.

The Battle of France

Shareholders who were illegally will pay for it keeps those who do not. Of the 6 billion euros of capital identified in the accounts in Switzerland, 700 million penalty in 2010 will be released. And 700 million euros will be refunded to taxpayers whose tax exceeds 50% of revenues.

In Italy, the method was different. Silvio Berlusconi has been voted an amnesty which showed 95 billion euros of capital and reported $ 6 billion in the Italian Treasury.

But the amnesty is not on the agenda in France. "Because the amnesty called fraud until the next amnesty," said Eric Woerth.

Italy on the alert

"Prosecutors in Turin we sent a request for mutual legal enforcement. He asked to get copies of the data we have captured, "said Eric de Montgolfier. According to the prosecutor, the Italian justice has opened an investigation for tax evasion.

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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.

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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 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.

Sino-French three proposals Christine Lagarde

Friday, November 27th, 2009

Last April, the presidents Hu Jintao and Nicolas Sarkozy have had a fruitful meeting with the G20 summit in London, putting the Sino-French relations over the rail of a healthy development. Recently, they met in New York, reaffirming their commitment to the comprehensive strategic partnership between China and French. To realize this convergence of views, to echo the call of the business communities of both countries and strengthen economic cooperation and bilateral trade, a delegation from the Ministry of Commerce of China and a "mission of promoting trade and investment "consists of 290 Chinese entrepreneurs from more than 140 companies, travel these days in France.

Despite the challenges of all kinds, economic cooperation and Sino-French trade has always grown at a steady rate.In 2008, the volume of our trade reached a record 38.9 billion dollars, an annual increase of 16%. Today, more than 2 000 French companies are operating in China, their combined sales amount to 25 billion dollars per year, equivalent to twice the amount of French exports to China. Our two countries have conducted fruitful cooperation in various sectors such as energy, aeronautics and aerospace, transportation, etc.. The France is the fourth largest European trading partner of China; it the first partner of France in Asia.

Despite the crisis, our companies have succeeded in finding new business opportunities. Of the first ten months of the year, bilateral trade volume reached 27.75 billion dollars.French exports to China have registered a decrease of 11.9% better performance than that of the foreign trade of China and Sino-European trade, which shows the opening of our recovery plan for French exports. More than 140 companies with French capital have been created in China during this same period, averaging one new company every two days.

The path the world economy of early recovery to a new growth cycle will be long and tortuous. The Chinese government, putting priority on expanding domestic demand, has developed a comprehensive plan. The results are there and the target of 8% growth for 2009 will be realized.

China has also sent a dozen missions to promote trade and investment to over 30 countries and made its contribution to the global economic recovery.The assertion that the crisis will be following the global economic imbalance due to large surpluses in Asian countries is without foundation. The imbalance between developed countries and developing deserves much more attention. Alas, this n?oth?orie world economic imbalance is in the process of furthering trade protectionism, threatening the economic recovery. The seventh meeting of trade ministers of WTO will take place in a few days, during which will be assessed progress in the negotiations of the Doha Round. The short term success of this cycle is essential to curb trade protectionism. I also make three proposals on bilateral Sino-French. First, increase exchanges between our companies.Recently, we welcomed the visit to China by Ms Christine Lagarde, who took with her famous French companies. And in early December, the third edition of the business convention "China Europa will be held to Le Havre. Second, turn challenges into opportunities, especially in emerging sectors such as the green economy.

Our two countries should deepen cooperation in areas such as new energy, environmental protection, transportation, aeronautics and aerospace, focusing on certain projects. At the same time, China is experiencing strong demand in services sectors such as finance, logistics, tourism, creative industry, software development. It will welcome French companies in its market.Thirdly, provide more facilities to increase the cross-investment, French and Chinese in China in France.

China and France are linked by a history of friendship. In the early twentieth century, many young Chinese have gone to France to study, including Zhou Enlai and Deng Xiaoping became the founding of new China. General de Gaulle made France the first major Western country to establish diplomatic relations with new China. Today it is for us to consolidate the traditional friendship between China and France.

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