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Loss more than expected for TUI Q1

Wednesday, February 15th, 2012

The tourism group TUI and logistics has reported a loss more than expected in the first quarter, particularly due to political unrest in North Africa and its share in the company Hapag-Lloyd shipping.

TUI, which unveiled Tuesday its intention to abandon completely its activity in the container, said Wednesday aimed a slight increase in gross profit for all exercise.

The group said it had reached an agreement with the majority shareholder of Hapag-Lloyd in order to reduce its shareholding to 22% against 38.4% currently. The agreement, a number of components, it must report a total of 700 million euros in cash and help pay down debt.

TUI, which controls the first global tour operator TUI Travel, posted a first quarter operating loss gross of 147.3 million euros and a turnover of 3.45 billion euros.

Analysts polled by Reuters on average expected a loss of 146 million euros and a turnover of 3.38 billion.

The German company said not to aim for a full hour acquisition of TUI Travel but reaffirmed its intention to strengthen its tourism operations.

Around 0900 GMT, the action TUI gained 4.7% to 6.5 euros.

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Greece must stop being "a bottomless pit," says Schäuble

Sunday, February 12th, 2012

Greece, whose liabilities are too often remained a dead letter, should cease to be a "bottomless pit," said the German finance minister in an interview published by the Welt am Sonntag, few hours before a crucial vote in Athens on the austerity measures demanded by international donors.

"The promises of Greece are no longer sufficient for us", said Wolfgang Schaeuble. Referring to the new austerity plan in which the Greek deputies must vote this Sunday, he stressed that the previous were not implemented in full ;.

Citing polls, the minister stressed that the Germans are largely in favor of an international aid to Greece. "But it's important to say that it can be a bottomless pit. This is why the Greeks will finally have to clog the well. Then we can put something. At least people are now beginning to ; realize that it will not work with a bottomless pit

. "Greece must do its homework to become competitive, it requires a new rescue plan or some other way that we do not want to (…) "he says referring to an output of the euro area

… …… Asked if such an outcome is possible, Wolfgang Schäuble responds: "Everything is in the hands of the Greeks themselves. But even in that event, on which no table, they remain an integral part of Europe "

." We are pleased to offer our assistance, but we should not give others the impression that they have not done enough. Each state is responsible for itself, "said he, judging the rescue of Greece harder than German reunification

…… And … the minister added: "The Greeks are a special case (…) The Portuguese Government did a good job."

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Discussions on Greek reforms remain pending

Wednesday, February 8th, 2012

The three-party coalition Greek government are still trying to agree on the reforms demanded by donors in Athens in return for a second aid plan.

A meeting scheduled for Tuesday was postponed, the leaders of these formations have not received the text of the draft agreement on the bailout of 130 billion euros.

Several successive deadlines were exceeded, failing agreement between the socialist PASOK, New Democracy conservatives and the far-right LAOS.

The three parties have received the document expected Wednesday on the eve, which details the general principles and conditions of financial aid plan, said an official of one of these formations. 

A fifteen-page document adds another, twice as long, detailing the process of implementing reforms and austerity measures.

The leaders of three parties – Antonis Samaras for New Democracy, PASOK George Papandreou and the George Karatzaferis for LAOS – were originally scheduled to meet early Wednesday afternoon, but the meeting has also been postponed twice in the space of two hours.

"NIGHTMARE OF THE WATER DROP"

Karatzaferis specifically requested that all documents, written in English, be translated into Greek, an official reported.

Another party has requested a delay of several hours to consider the draft agreement before the start of discussions, said another official. 

A news website has published an open letter to Lucas Papademos, calling him to "stop this torture of the water drop."

"The Greeks can not longer endure the torture of this constant insecurity, which destroyed the country and hurt our dignity as a nation. Prime Minister must stop these incessant haggling that demean the country and its citizens, "the site.

Karatzaferis justified the delay in the process.

"We can not simply say yes or no as the competent public authorities will do us no assurance that these actions are consistent with the Constitution and the country they come out of the crisis," he said.

"There is time. Since the country's future is at stake, we will find the time. "

Depending on the end of the day Wednesday in Athens, the Eurogroup could meet to discuss the rescue plan

. Greek President of the Eurogroup, Jean-Claude Juncker, said on Wednesday it would decide in the day to collect or not the finance ministers of the euro area Thursday

….. This …. is that once discussions are finalized in Athens a Eurogroup meeting may be convened, said the Prime Minister Luxembourg, speaking to reporters in Luxembourg

. "I will decide tonight whether there will be a meeting of the Eurogroup tomorrow night, "said Jean-Claude Juncker." It will depend on the outcome of discussions in Athens. "

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Saturday, November 26th, 2011

Negotiators from six Belgian and Dutch-speaking parties have reached an agreement Saturday on the 2012 federal budget, paving the way for settling the political crisis. The deterioration of the country's rating by Standard and Poor's has served as a trigger. Outgoing Prime Minister of Belgium Yves Leterme, the ordinary business since April 2010

Nothing precludes the establishment of a government in Belgium after the agreement reached Saturday between a coalition of six parties French and Flemish on the draft 2012 federal budget. "The king (of the Belgians Albert II) is pleased that agreement has been reached. Accordingly, it instructed the teacher (and leader of the Socialist francophone Elio Di Rupo) to form as soon as possible a government," announced the Royal Palace in a statement.This may increase the debt burden, increasing the confidence of the markets. The daily Le Soir, it is nothing short of an "infernal downward spiral." Especially a further deterioration can not be excluded. "The risk increases as the financial sector is in need of new state aid. This could push the debt ratio of Belgium above 100% of GDP," warned Standard & Poor's. "We must avoid imposing an austerity that would be against blind-productive", called La Libre Belgique, but "we must dare to clean thoroughly, cut, cut wherever possible."

The differences are between socialists and liberals such as Monday approached the prime minister, Elio Di Rupo threw in the towel. King Albert II refused his resignation but it has reinforced the idea that Belgium became a country ungovernable.

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Thursday, November 17th, 2011

The gap between interest rates on ten-year bonds reached 200 basis points between Paris and Berlin. The distrust of investors who fear a contagion of debt to France explains the new record.

The difference between the bond rate at 10 years of Germany and the good-for the same maturity of France reached Thursday morning more than 200 basis points, a record since the inception of the euro area, closer to launch a bond in the Hexagon. Around 10 am, the "spread", or spread, reached 200.6 basis points, or 2.006 percentage points, between Germany and France. The distrust of investors who fear a contagion of European debt, affects a growing number of countries, including those rated triple A, is the best possible rating given by rating agencies.In addition to France, which plans to raise between 6 and 7 billion euros of bonds, including five years, towards 10:50, Spain will also appear before the markets to borrow to 3-4000000000 10h30Le differential rate was also a new level between Spain and Germany. The spread reached 489.50 points and the 10-year rate of the Spanish bond rose to 6.649%, its highest since the inception of the euro area.

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Thursday, November 10th, 2011

The dynamism of the market for optical Essilor is immune to the vagaries of the economic environment and the group known as "confident" in 2012, strengthened by its ability to innovate and to make other acquisitions or partnerships.

The global market for optics, "consisting of four billion people who need to see, is growing and it does not stop," said Hubert Sagnières Thursday, the CEO of Essilor, when to an interview with Reuters.

Also, he quips, "we are very bored Greek debt, we are very annoyed at the situation in Italy, but it is more affected by a major snowstorm that blocked New York for three days."

The defensive nature of the company he enjoys stock market, and its title is the second largest among only four CAC 40 stocks to rise since the beginning of the year (an increase of about 7% after a gain of 15 , 4% in 2010).

The world leader in ophthalmic optics, which has strong positions sitting in the glass top of the range has expanded over the last ten years its offer for the middle class by partnering with local players.

This same partnership strategy that allowed him to penetrate emerging markets, where it has deployed a range of products specific to this clientele.

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Monday, November 7th, 2011

The Italian prime minister, Silvio Berlusconi, abandoned by many members of his majority on the eve of a decisive vote in parliament on Monday denied rumors circulating imminent resignation on markets and on the internet.

A negative vote of the House of Representatives Tuesday on public finances would make untenable the position of the Italian Prime Minister, under pressure from the European Union to adopt an austerity plan and control the spread of the debt crisis up now limited to Greece.

"Rumors of my resignation are unfounded," it said on the official internet Silvio Berlusconi on Facebook.

The Left Opposition ensures that this is not the case and prepare a confidence motion to topple the government, in the event that Berlusconi would survive the vote on Tuesday.

"Berlusconi bluffing is a desperate attempt to save his skin.

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Coffee breaks soon more expensive

Wednesday, October 26th, 2011

The vending industry could suffer its first price increase in 10 years, particularly affected by higher raw material and a decrease in consumption. The amount is still unknown, the increase to be on a case by case basis. Prices will go up ATMs for the first time in 10 years.

The small black machine will soon cost more. The vending industry could suffer a price increase for the first time in ten years. It is affected particularly by the surge in commodity prices such as coffee, as well as a decline in consumption, mainly due to unemployment. No one yet knows when and how much may increase the price of cup of coffee, chocolate bars, sandwiches and soft drinks sold in these machines, the vast majority (83%) are located in business.Because an increase would be on an individual basis, as part of the negotiation of each contract, said Jean-Marc Nigond Tuesday, Speaker of the House national union auto sales and services (navs).

But the current situation is "untenable," the navs, while the sector, consisting mainly of small and very small, is caught between declining consumption and rising costs. Suppliers have passed on the outbreak of coffee or sugar, she says, fearing further pressure with the proposed "soda tax" before Parliament. Automatic distribution also suffers from rising fuel, since the supply and maintenance of machines involve many tours.

Banks reluctant to lend for investment, as companies seek modern appliances, offers a wide variety or quality, or design spaces "relaxation".Between 2009 and 2010, sales from vending machines fell 0.8% to 2 billion euros, having already declined by 6.6% between 2008 and 2009. The decline in consumption due in particular to "a staff presence less" because of high unemployment and the reduction in temporary staff, told AFP Rémi Vilaine, Executive Director of Food services firm Gira. In addition, employers demand a higher productivity, which reduces break times, while "the ban on smoking in the company conducted a number of employees down at the foot of turn" and therefore not to take their break at the coffee machine, he analyzed. Vending is also facing increasing competition for tenders for "snacking" with the development of convenience stores.

A sector that weighs 15,000 jobs worldwide

If the sector is now considering a price increase, it is also because the controllers have evolved, accepting payment methods other than the parts, like cards, keys or Moneo. When the machines were not on pieces of less than five cents, it prevented increases of 1, 2 or 3 cents, said Mr. Nigond the navs.

The vending industry is an exploded with 1,250 companies employing 15,000 people, but now "there is a trend towards concentration is very important," said Mr. Vilaine. France has 625,000 machines, one for 103 inhabitants, 70% of hot drinks and 30% of distributors of drinks (cans, bottles) and food products.Besides businesses, vending machines are installed at 8% in public transport, 4.6% in areas of health such as hospitals

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Agreement in principle on the recapitalization of banks

Saturday, October 22nd, 2011

European banks will be recapitalized to the tune of 100 billion euros, according to an agreement reached on Saturday with finance ministers from the EU, which gave them until the end of June 2012 to strengthen their capital, said several sources in Europe.

However, this figure could not be communicated to the Heads of State and Government of the euro area and EU, who meet Sunday and Wednesday to confirm the plan, of which 38% is expected to return to the three countries already under program with Greece, Portugal and Ireland.

As expected, some sixty of the principal European banks should reach a capital adequacy ratio "hard" core tier one of 9% by June 30, 2012, while marking their sovereign debt to market value.

European banks that will not comply with these rules will be barred from paying dividends to their shareholders and bonuses to their executives.

Spain and Italy have long blocked a formal agreement by refusing to discount any of their obligations, which they eventually agreed under pressure from their peers.

Madrid, however, obtained the Spanish banks in their capital account can "drive" the provisions "precautionary" that the Bank of Spain requires them to pass on their profits, they did not have the right to at stress tests in July.

This will allow them to reduce the amount they have to raise from investors.

The bloc have also talked Saturday reactivation of the guarantees offered to banks in the fall of 2008 at the height of the crisis, enabling them to find financing in the medium and long term, said on the same source.

"The ECB is doing what it takes to short-term financing. But some banks are starting to have problems to finance the medium and long term," said one source.

"So, as in 2008, they (the ministers) are considering setting up security on the medium and long term," the source added.

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Carlos Ghosn predicts a record year 2012 for cars

Friday, October 21st, 2011

The CEO of Renault-Nissan, Carlos Ghosn, is confident that sales in the automotive industry reached record again in 2012 for the second consecutive year, unless the crisis of sovereign debt spirals out of control.

"Unless there is an economic and Apocalypse that there is a crisis of Lehman style, a huge surprise, I can tell you that 2012 will be another record year for the automotive industry what that Europe "said Carlos Ghosn who heads the alliance of the two manufacturers.

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