Posts Tagged ‘shortly’

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.

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.

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.

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.

Wall Street: Madrid outraged go global

Friday, October 14th, 2011

From New York to Madrid to Hong Kong or Bamako, spontaneous demonstrations against austerity, social injustice and the power of finance are planned this Saturday in over 950 cities and 80 countries, according to the site 15october.net , which connects the "outrage" from different countries. Back to images on a growing movement.class = "paginate"> 9 / 15

Previous PauseSuivant Previous outbreaks of indignation all over Europe Next

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Previous Previous PauseSuivant The outrage around the world Next

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Previous Previous PauseSuivant What is the connection between all these movements? Next Photo

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Previous Previous PauseSuivant Inspiration Icelandic … Next and French

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Previous Previous PauseSuivant few advanced concrete Next

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Previous Previous PauseSuivant Some support weight Next

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Previous Previous PauseSuivant But also critics Next

Wall Street ends down due to the European crisis

Friday, October 7th, 2011

Wall Street closed down Friday, affected by the downgrades of Spain and Italy that serve to highlight the concerns of the market response to the crisis of European sovereign debt.

This item came to outperform one another, which had supported the coast much of the session, in this case the statistics of employment in September.

It is also reached at a meeting two days in Paris and Berlin on the theme of the recapitalization of the banking sector.

But Wall Street has followed an upward trend this week, European leaders had been more determined to solve the problems of their banks, but thanks to good economic statistics in the service sector in particular.

Friday Fitch downgraded the rating of Italy a notch and that of Spain in two, citing a worsening debt crisis in the euro area and the risk of fiscal slippage in both countries.

The U.S. economy has created far more jobs than expected, easing fears of a recession but failed to bring down a high unemployment rate.

In September, 103,000 non-farm jobs were created, while economists on average had forecast 60,000 new jobs.The unemployment rate however remained unchanged from one month to the other at 9.1%, a level "unacceptable" for the White House.

"The employment statistics was found to be relatively good but the European question keeps coming up and it seems we can not escape the crisis of European debt," said Thomas Villalta (Jones Villalta Asset Management).

The Dow Jones lost 20.21 points (0.18%) to 11,103.12. The S & P 500 lost 9.51 points (0.82%) to 1155.46. The Nasdaq Composite drops 27.47 points (1.10%) to 2479.35.

On the whole week, the Dow rose 1.7%, the S & P 500 by 2.1% and the Nasdaq Composite 2.7%.

Technically, the S & P-500 is stuck in its trading range in recent months, simply to decline in its lowest foundations.Its range varies from the larger 1100 to 1250 points.

Values, Microsoft sold 0.34%. The European Commission gave the green light Friday the acquisition of Skype by Microsoft for $ 8.5 billion, the largest acquisition ever by the group of Richmond.

Wall Street opens down sharply

Tuesday, October 4th, 2011

Wall Street continued its downward trend Tuesday at the opening, the S & P-500 entering the same phase of bear market with a fall of more than 20% from its peak in 2011, as investors show a nervousness growing about a possible default of Greece.

In early trade, the Dow was down 1.13% (118.29 points) to 10,537.69 points. The Standard & Poor's, larger drops 1.02% (11.97 points) to 1087.26 points while the Nasdaq composite lost 0.68% (16.21 points) to 2318.43 points.

Coincidentally, the S & P 500 closed at 1099.23 Monday, October 3 points, to the nearest hundredth its closing price on October 3, 2008.The following week, he was then declined by 18%.

Adding to the gloom, Goldman Sachs lowered its forecast for growth in advanced economies in 2012, now expects expansion of 1.3% against 2.1% previously.

"The main reason for this change is the increasing pressure on the funding of banks in the euro area, as well as increased budget cuts in a number of countries," Goldman wrote in a note.

Financial stocks remain at the center of attention following the sharp decline in Morgan Stanley and Bank of America, attacked because of their exposure to the European economy.The action Morgan Stanley, which closed Monday at its lowest level since December 2008, unscrewing of 4.97% while the title BofA yielded 1.62%.

The S & P financials fell back to 1.36% and the KBW bank index lost 1.04%.

In addition, Apple is stable (-0.07%) before a "keynote" at which the new version of its iPhone, the fifth of the name, could be revealed.

French refineries why they close

Thursday, September 29th, 2011

LyondellBasell group wants to close its refinery in Berre, in the Bouches-du-Rhone. If the project is completed, France will have lost three refineries in a year. The number of hexagonal sites will be increased from 23 to 10 in the space of 40 years. Employees of the LyondellBasell refinery in Berre, in a social movement in 2010.

The carnage continues for oil refineries. Total after Dunkirk in 2010 and Petroplus to Reichstett (Bas-Rhin) in June, the American petrochemical company LyondellBasell announced Tuesday plans to close its refinery in Berre, in the Bouches-du-Rhone, which it considers unprofitable .

The site employs 370 employees in a petrochemical complex in 1270 employees will lose 120 million euros a year depending on the direction. But the group failed to sell it. No less than "85 entities around the world were approached during the sale process, to no avail.The refinery has in fact been no bid "has he explained. This ensures that only 370 jobs are directly affected refining risk. But unions argue that the loss of jobs could extend to the entire complex.

In response, nearly a thousand employees voted in a general meeting Tuesday the start of a "strike hard" for 48 hours. Wednesday, the entire petrochemical complex was shut down. Between 200 and 300 employees are present for locking, according to unions. The next general meeting is scheduled this Thursday at noon. Those decisions involved a year to the day after the start of great social movement that paralyzed almost all French refineries and caused a fuel shortage.

General meetings in nine out of ten sites

And the risk of a new scale strike is beginning to emerge.The movement of employees of LyondellBasell could spread, even if solidarity is shy at the moment. Employees of nine of the ten French refineries have held general meetings on Wednesday. And could lead to possible actions. But for now, only employees of the Total refinery at Donges, Loire-Atlantique, voted in favor of an immediate movement but symbolic: a decline in production to a minimum flow for 24 hours.

On the side of the Total refinery in Gonfreville l'Orcher, near Le Havre, general meetings were also held. But only a third of the participants voted in favor of a strike and the unions did not consider the results sufficient to initiate an action. A Fos-sur-Mer, in the ExxonMobil refinery, there was no general meeting.

The situation could change Friday.A meeting of employees of the four sites in the area of ​​Berre be held and could lead to possible actions. If the strike is decided, it could spread to other refineries.

France lost 12 refineries in 40 years

The future seems to darken French refineries from year to year. There were 23 in the late 70's, there are no more than 11 still active today. And the closure of the Berre could add to this sad list. Refineries "are in excess production capacity, and do not have sufficient opportunities" because of "demand is very sluggish," said Jean-Louis Schilansky President of the French Union of Petroleum Industries (Ufip). It will even "operating loss of several hundred million euros" in 2011, a trend in "neighbor" of 2009, when they lost 1 billion euros, "he added.According to Les Echos, refining margins, which represent the difference between the price of refined products and their production costs, decreased by 60% between 2008 and 2009. And are now at a "crisis level".

French refineries were in effect in 2010, almost 82 million tonnes of petroleum products like gasoline, diesel or fuel oil. But demand remains well below capacity. Consumption in France in 2010 reached 33.6 million tonnes of diesel and 8.2 million tonnes of gasoline. "Since 2007, there was a drop in consumption in Europe related to energy conservation, and the phenomenon is exacerbated by economic crises," said Constancio Silva, an economist at the French Petroleum Institute-New Energies.

"The divestitures or closures inevitable"

He said the refiners were not able to adapt to changes in demand.They suffered from the rise of the French nuclear fleet. This has indeed led to a decline in demand for heavy fuel oil, which was used previously to operate power plants.

In addition, refiners have invested in the 70 and 80, in units of gasoline production, then the fuel most consumed in France. But they were surprised by the explosion in demand for diesel, accentuated by a favorable tax and lower consumption of diesel engines. The sale of diesel fuel currently represents 75% of fuel sales in France. Motorists consume 33 million tons, but French production capacity amounts to only 20 million. Refineries hexagonal therefore find themselves being forced to export 30% of its production of gasoline, including the United States where, again, demand has slowed.According to the Professional Committee of oil, gasoline sales abroad have in fact fallen by 20%. And Parellel, oil companies are forced to buy diesel fuel abroad, which increases their expenses.

In this context, "ultimately, disposals or closures will be inevitable," says the Ufip. Pessimism that refuses to admit the unions. In response to the closure of the Berre, CFDT and CGT federations in the industry, oil chemistry yelled "stop the slaughter." "This announcement is unacceptable. For it is not linked solely to the problems of weak refining margins and the inadequacy of the means of production with the market, the surplus of gasoline and diesel deficit" Have they denounced.

According to them, refinery closures meet market logic and a lack of investment.The FNIC-CGT calls "a multi-year investment" on the basis of the report of the French Institute of Petroleum, which presented June 22, through investment, featured tracks of development for French refineries.

An argument shared by Thomas Porcher, PhD in economics author of "A barrel of oil against 100 lies." He said the lack of investment to change the production structure of French refineries explains their lack of profitability. "Despite the record profits from the price effect of rising oil prices, these investments were ousted in favor of a preference for investments in refineries near the mining areas. This is the case Total in Saudi Arabia with the Jubail refinery example. It can produce low-cost, because of its proximity to the deposits.But it is especially with a modern production system to adapt the ratio diesel / petrol desired. The problem of refining French could no longer be similar "to a lay-sector" including the means of production have become unsuitable as a problem of competitiveness. While the first causes the second "he says.

Frankfurt digs the groove of the green car

Thursday, September 15th, 2011

Despite fears over the global economy, most car manufacturers show their optimism at the IAA. The hybrid and electric models are increasing, the small city too. The Volkswagen NILS, a 100% electric car which gives a foretaste of the future design of cities.

Electric, futuristic, ambitious … The 64th Motor Show in Frankfurt opens its doors to the public this Saturday, and closed again on September 25. Manufacturers exhibit their new models and concept cars, with a beautiful hand made to the electric and hybrid, and small city cars. More than 1000 exhibitors from 32 countries have registered an increase of over 25% on the previous edition in 2009. Its area will reach 235,000 square meters, or 20% more than in 2009, slightly more than the record set in 2007.And almost all manufacturers take advantage of already to show optimism in the face of economic gloom room.

"We believe that our product can cope with the equivalent models from our competitors, whether Volkswagen or another," said General Motors, parent company of the Volkswagen and Opel. The boss of that, Karl-Friedrich Stracke, has also repeated his "optimistic" at the opening of the exhibition. "I am confident things are going pretty well, it was a good month of August and for the moment September starts successfully," he also said the number two of Renault, Carlos Tavares. And the sound of a bell is the same side of Ford, which has just claim to be "comfortable with [his] annual sales forecast."

A market that is emerging through

The only downsides seem to come on the side of PSA, in whom we are preparing "hard times".Or Swedish Saab, on the edge of bankruptcy, which prevents course of the show.

"The clouds are gathering on the horizon but for now many manufacturers inscribe one of the best years of their history, especially the Germans," says Stefan Bratzel, professor of Central Motor Bergisch Gladbach.

Volkswagen, Daimler and BMW have started 2011 on the same top speed, good advantage of their position in the Chinese market.

The major rating agencies begin yet to review the perspectives on the decline. Moody's table, for example on a global automotive market growth of 3.5% in 2011 against 5.1% previously and 6.5% against 7.4% in 2012. The sector faces difficulties in markets like Europe and the United States, where growth is lowered, and Japan, shaken by the disaster of March 11.It benefits, however, continued strong demand from emerging countries, especially China.

But "you come to levels last two or three months" in China, India or Brazil, informs Yann Lacroix, head of studies in the credit insurer Euler Hermes.

The manufacturers keep the green cap

Therefore the exhibitors intend to package on new trends that could support demand. The 2011 Frankfurt promises 89 world premieres on the part of manufacturers, including 45 Germans. And they already intend to draw the car of the future.

Fashion is of course the car green. BMW, for example, focuses on the power with two prototypes of its new range BMWi, which should allow it to break into this market. The group plans to market the same BMW i3, its first production car 100% electric motor, in 2013.The BMW i8, a hybrid vehicle curves supposed to meet futuristic performance of a sports car and the emission level of a small model will be sold starting in 2014.

Toyota, a pioneer in the field of hybrid, will expand its range with a plug-in hybrid Prius, with a more powerful battery. It will work in "all electric" hybrid in town and for longer trips.

In the high-end, India's Tata Motors also has a prototype hybrid Jaguar Sports, the C-X16. The manufacturer hopes to end the British brand of luxury motor of growth. And it also starts pretty well. Over 80% of $ 2.04 billion profit recorded by Tata Motors in the year 2010-2011 came from its subsidiary, Jaguar, Land Rover, bought in 2008 at the American Ford Motor.

French side, Renault unveiled the concept of electric Frendzy, a five-door vehicle midway between the family car and the utility. Peugeot also comes with a hybrid version of its off-road sedan 508, 508 RXH, which will be in dealerships in 2012.

The small city in the spotlight

The other major trend celebrates urban and small cars. Even the Germans are known for their big sedans expensive, rely on the niche. Volkswagen will present the example mini-electric city car Up!. Replacing the Fox, the four seats of 3.54 meters in length is the next generation of small cars of the brand, destined for Europe but also emerging markets.

Audi is also focusing on this niche, with its Urban concept, an electric two-seater designed for large cities, along 3.20 m and 1.70 m wideThe Smart Forvision also Fortwo prototype of the future, is a small green car of the most anticipated show.

French side, the ads most watched are those of Renault. The diamond brand, criticized the current poverty of its offer, presents its new Twingo (not electric). This version of the small city will be the first to display the new stylistic identity printed by Laurens van den Acker, director of design in office since 2009. It will be produced in Slovenia.

Builders and all their models are waiting 800,000 visitors during the 2011 edition. A conservative, since that figure was surpassed two years ago.

The French Sagemcom bought by the Carlyle

Saturday, August 20th, 2011

The investment fund Carlyle Group said Saturday it had bought the French high-tech group to another fund Sagemcom Gores Group, without detailing the financial terms of the transaction.

The U.S. investment fund, which says managing $ 107 billion of assets worldwide, said in a statement it would take 70% stake in Sagemcom, alongside the management team and employees who possess for their 30%.

Sagemcom, which makes including electronic products for broadband networks such as decoders for television and "box" to receive Internet, telephone and television, has a turnover of 1.4 billion euros and employs 6,000 people worldwide.

A product of the communications industry of the former Sagem, Safran Sagemcom belonged to. The U.S. investment fund Gores Group has become the majority shareholder in early 2008.