Posts Tagged ‘financial position’

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Alafco door to his order of 85 copies Airbus A320neo

Tuesday, February 14th, 2012

The Kuwaiti aircraft lessor Alafco will acquire 35 additional copies of the future Airbus A320neo, bringing to 85 units the order announced in June.

This firm order is in addition to the 50 A320neo signed at the Dubai Air Show last year, the European aircraft manufacturer said in a statement.

The A320neo, remotorisée version of the A320 will enter service in 2015, is marketed on the basis of a list price displayed for about 73.5 million euros.

The device is supposed to provide airlines with a 15% reduction of fuel consumption. 

Its popularity among companies has enabled Airbus to sell almost twice as many planes as its U.S. rival Boeing in 2011, although he acknowledged he has trouble keep the advantage in 2012, with the response of 737MAX, improved version of the aisle of his American rival.

By itself, the "neo" garnered 1,226 orders last year. The A320 Family as a whole has more than 8,300 orders to date and some 5,000 deliveries, Airbus said.

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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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Europe will be again at the center of attention on Wall Street

Sunday, February 5th, 2012

Europe should again be the focus of attention of stakeholders on Wall Street next week, which will be low in U.S. macroeconomic indicators and marking the end of the first half the "earnings season".

Stimulated by the employment figures for the month of January in the U.S., well above expectations, Wall Street has ended sharply higher Friday. Since the beginning of the year, the S & P 500 benchmark index fund managers, was up nearly 7%.

Statistics menu in the coming week does appear that, in essence, the weekly jobless claims (Thursday) and the Index Thomson Reuters-University of Michigan measure of consumer confidence (Friday).

The former are expected up slightly and the second slightly lower, indicating that caution is about the evolution of the U.S. economy, which has yet shown tangible signs of improvement.

"This is the traditional game of tennis. Last week it was the U.S., tomorrow in Europe again, "said Joe Saluzzi, co-manager of trading at Themis Trading ……

… "Normally in these situations without macroeconomic news, the trend is up," he added, noting that Europe could come upset this scenario

. Finance ministers of the euro area to Greece said on Saturday they could not give the green light to restructure its debt held by the private sector in the absence of guarantees on the measures considered necessary for the granting of a second international aid plan. 

The ministers hoped to meet Monday to finalize the second aid package of 130 billion euros to be implemented by mid-March to avoid a bankruptcy of Public Accounts but the appointment was postponed because of reluctance to engage in Athens in favor of the reforms demanded. The meeting was replaced by a conference call.

"There is always an element of chance when we adopt a strategy on the Brink – which is the case here (…)," noted Paul Mendelsohn, Investment Officer at Windham Financial Services.

The rate of quarterly results announcements will slow this week, with the program Walt Disney, Coca-Cola, Cisco or NYSE Euronext.

Of the 283 components of the S & P 500 that have already published their figures, 60% reported better than expected data, which is a lower rate than that observed ; in prior quarters.

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Portugal does not need to restructure its debt, said Coelho

Friday, February 3rd, 2012

Portugal has no need to re-negotiate or seek a new assistance would be in addition to his rescue of 78 billion euros, said Prime Minister Pedro Passos Coelho in an interview published Friday.

The country in line with the objectives of the bailout of the European Union and there is no reason that it seeks to renegotiate its debts, said the head of government to weekly Sol.

"We adhere to the objectives, budget deficits are being corrected, the deficit is being corrected, structural reforms going well, privatization has started successfully, then why should we restructure our debt? " Pedro Passos Coelho said. 

The Portuguese sovereign bond yields jumped in January to levels not seen since the creation of the euro, raising fears that some economists to Lisbon will be forced to follow the path of the Gre this and ask for another rescue or restructure its debt.

On several occasions, the Portuguese government has ruled out such scenarios and this week, bond yields fell sharply.

Friday at 1115 GMT, the yield on Portuguese bonds was part of 10 years, however, 14.84%, more than double the 7% threshold regarded as untenable.

The pressure on the secondary bond market is "circumstantial" and should diminish as the country meets its economic objectives, believes the Prime Minister. 

With the economic results achieved so far, "there is no reason to think that we need a new plan to help and we are ready to return the debt market as planned, "he adds.

According to his rescue, Portugal should start issuing debt in the medium and long-term bond markets in the second half of 2013.

The country, whose austerity was plunged into a deep recession, must reduce its budget deficit to 4.5% of its gross domestic product (GDP ), after 5.9% in 2011 – a goal that was achieved through an exceptional transfer pension funds to state banks.

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Thursday, November 24th, 2011

The fight against fraud and tax evasion allowed the State to recover 16 billion euros of rights and penalties in 2010, according to a report presented by Bercy on Thursday. The key figures to remember. The fight against tax evasion allowed the State to recover 16 billion euros in 2010

The budget minister, Valérie Pécresse, presented on Thursday a report on action taken by the tax authorities in recent years to fight against fraud and evasion. The key figures to remember.

€ 16 billion: the amount of fees and penalties notified at the end of a tax audit in 2010, one billion more than in 2009. Since 2007, the fight against tax fraud and flushed 50 billion of potential revenue, according to Bercy. Warning: this represents well the sum which has been notified. But that is not yet fully returned to the state coffers.To uncover more, the DGFIP (Directorate General of Public Finance) has launched an operation control of purchases made in France from foreign bank cards. Nearly 100 such operations have reported some 900 million euros.

4700: the number of taxpayers who have regularized their situation with the special unit set up in 2009, amounting to 7 billion euros. Which reported to the state 1.2 billion euros in taxes and penalties.

350: the number of tax adjustments completed on 800 committed from the 3000 list of the case HSBC. At stake: 160 million euros in tax revenues. Overall, when all els adjustments are completed, the state hopes to one billion euros in revenue.

40,000: the number of transfers from a unit amount of more than 15,000 euros made by French companies to tax havens.

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Brussels and Paris support the plan for Dexia

Sunday, October 9th, 2011

Belgium, France and Luxembourg agreed Sunday a new bailout of Dexia currently under consideration by the Board of Directors of the Franco-Belgian bank, the first victim of the size of the debt crisis of the euro area.

Gathered in Brussels for 15 hours, the directors must endorse a plan intended to lead to a dismantling of the former world number one local government financing, already saved from bankruptcy in 2008 with a public bailout of more than six billion euros.

At midday, after a meeting also attended by the Minister of Finance of the Grand Duchy Luc Frieden, the Belgian Prime Minister Yves Leterme and French François Fillon assured in a joint statement that Brussels, Paris and Luxembourg give their full support to the proposals of management of the banking group.

"The proposed solution, which is also the result of intense consultations with all relevant partners, will be presented to the Board of Directors of Dexia which is responsible for approving proposals," added the two prime ministers.

"The three governments agreed to submit a proposal to the board that fits perfectly with the objectives of the Belgian Government, which involves taking control of Dexia Bank Belgium, secure and make it a bank very safe," he Yves Leterme said on Belgian television.

As part of the dismantling of Dexia, the activities of the Franco-Belgian bank could be split and the most risky assets confined to a separate structure.

Brussels and Paris have to do agree on the guarantees afforded by the two countries to the hive to accommodate the bond portfolio of 95 billion euros in Dexia, hoping not to aggravate the situation of their public finances.

The rating agency Moody's has also increased pressure on the Belgian camp Friday night: it has placed the sovereign rating of Aa1 by explaining kingdom under surveillance will include assessing the costs and liabilities that the state could play in supporting Dexia.

VALUE TEST

Negotiations on the dismantling of Dexia will have a test for investors who want to see in the folder Dexia the ability of European leaders to overcome their differences to solve the banking crisis and the crisis of sovereign debt.

These discussions came as France and Germany have pledged to make a lasting and comprehensive response to the crisis in the euro area for the G20 summit scheduled for early November in Cannes, which will include a recapitalization of banks in Europe.

According to the most likely scenario, the dismantling of Dexia should go through a nationalization of the Belgian branch, Dexia Bank Belgium (DBB), which specializes in bank deposits.The transaction is expected to cost, according to press reports, four billion euros to Belgium.

Another key point of discussion: the distribution of the financial burden of dismantling between Belgium and France, whose participation combined with that of the Caisse des Depots (CDC) is around 25%.

Yves Leterme and Didier Reynders warned Thursday the French government that Belgium would not only rescue the financial burden.

The Belgian state could provide 60% guarantee against 40% for France.

In the Hexagon, the dismantling of Dexia should result in a link-up activities of local governments to finance a structure jointly owned by the Deposit and Postal Bank.

Friday, François Fillon has announced that the Deposit would release three billion euros to finance the French local authorities until a new entity formed by the Deposit and Consignment Office (CDC) and the Postal Bank to take the Dexia relay.

Pending the outcome of negotiations and decisions of the Board, the listing of the Dexia shares was suspended Thursday in Brussels. It will resume Monday morning.

Before the suspension, Dexia shares worth 0.85 euro.

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The companies expect to increase salaries by 3% in 2012

Sunday, October 2nd, 2011

Only 4% of French companies plan to freeze the salaries of their executives and their workers. They remain very cautious in their hiring intentions. Officers, employees

French companies provide for salary increase budgets (collective and individual) of about 3% in 2012 and are cautious in their hiring intentions with a level back down below 2011, according to a study published Monday Mercer . "Our survey shows forecasts for 2012 growth of about 3% for all occupational categories," the specialist human resources consultancy in its annual survey. He recalled that in 2011 the median increase was 2.5%.

The median rate for 2012 means that half of companies expect an increase of more than 3% and the other half a lower increase.It concerns the overall salary increase budget, an envelope devoted to collective increases applied to all employees and for the individual increases. This estimate is comparable to that given in early September by the firm Aon Hewitt.

Mercer said that in 2012 inflation in the euro area is 1.7%. The firm also points out that companies providing a wage freeze fewer than last year. Only 4% of companies plan to freeze the salaries of their executives and their workers. For other occupations, they are less than 2% want to freeze wages.

Regarding the forecast of recruitment, 65% of companies predict stability of their workforce, 28% higher and 7% lower.These figures show a caution on the part of companies with plans for downsizing down (12% in 2011, 20% in 2010, 29% in 2009), but staff increases also down compared to 2010 ( 28% against 34%). Mercer also noted that the survey was conducted between March and mid-July 2011, it does not take into account the debt crisis in the euro area.

The study was conducted among 329 companies employing 134,000 permanent employees, mostly French subsidiaries of multinational corporations. The panel covers all sectors with a preponderance of the sectors of consumer goods and capital goods and soft goods, also said the firm.

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Credit Agr. would recapitalize its subsidiaries Southern European

Wednesday, August 24th, 2011

Crédit Agricole would spend 1.5 billion euros to recapitalize its subsidiaries in Southern Europe including the Greek bank Emporiki, wrote Wednesday's Letter Expansion without citing sources.

Contacted by Reuters, a spokesman for the bank declined to comment on reports of the weekly.

Crédit Agricole is expected to announce Thursday its second quarter results.

The mutual bank had warned in July that the crisis in Greece would cost 850 million euros in its accounts the second quarter.

Despite this setback, Credit Agricole has said it should be beneficial during this period.

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Summer camps illegally?

Wednesday, August 3rd, 2011

Employment contracts monitors do not set minimum daily rest, a provision contrary to European law. The ECJ will decide in the fall. Nearly one million children each year go to summer camps.

The Court of Justice of the European Union attacked the employment contracts of instructors camps: bound by a "contract of Education" signed with the center directors, facilitators are not required to comply with hours of daily rest, or time off in lieu, even if they can not work more than 80 days per year.

For the Court of Justice of the EU has just made a decision about it, this operation is contrary to European law, which provides that every contract must provide a daily rest period of eleven.It will decide in the fall to impose a change in the rules.

Associations that organize trips already worried about the possible consequences, the League education amounting to 15% increased likelihood of the stay, if new leaders should be hired. Nearly one million children each year go on vacation with the colonies.

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China urgently reviewing the safety of its TGV network

Monday, July 25th, 2011

The collision between two trains that resulted in the deaths of 36 people in eastern China has prompted Beijing to order the revision of its high-speed rail network and sacked three managers. 36 people were killed Saturday night near the city of Wenzhou in the eastern province of Zhejiang, where high-speed rail, immobilized, was hit from behind by another train that brought down four cars of a viaduct.

China has ordered a review "urgent" from its high-speed rail network following the collision between two trains in the east, which, according to a latest report, was 36 dead and 192 wounded, said Sunday the 'Xinhua news agency.

The accident, the worst in the history of transportation in China TGV, calls into question the issue of reliability, which in recent years has become the world's largest with 8,358 km of track in late 2010.He has to go over 13,000 km in 2012 and 16,000 km in 2020.

Beijing authorities intend to respond quickly to the growing concerns of users of China, where the announcement of the revision of the TGV network and the sacking of three senior officials of the Bureau of Railways in Shanghai, Xinhua said.

Hundreds of millions of Chinese depend on the rail and made public any problems aroused enormous interest in a country where, despite an economic boom for three decades, air travel remains inaccessible to the majority of the population.

The investigation commenced after the accident on Saturday happened on the outskirts of Wenzhou in the eastern province of Zhejiang, has already highlighted flaws in the equipment that has been hit by lightning cause of the tragedy, the agency said.

While a train was stopped on a bridge due to a failure of its power after a storm, a second train struck him from behind, probably due to a defect in the signaling system on line. The train derailed located at the head as a result of the shock and four of its cars have switched the viaduct.

The accident occurred less than a month after the grand opening of the high-speed train between Beijing and Shanghai (1,300 km).

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