Total was expected, Eurocopter is leading in the first bottle of Champagne.
While the French Minister of Economy Christine Lagarde was to meet last Tuesday the Minister of Oil of Iraq and other Iraqi Ministers, Ministers of the French and Iraqi Defense Hervé Morin and Abdel Qader Obeidi just announced that Paris and Baghdad were Wednesday concluded a contract on the purchase by Iraq of 24 military helicopters from Eurocopter EC 635, a subsidiary of EADS. A new even more symbolic because it was the first arms contract between the two countries since 1990, when the invasion of Kuwait.
The contract amount to 360 million euros, according friends of Mr. Morin. Which states that a first agreement was signed "some time ago between the Iraqi state and Eurocopter for the purchase of transport helicopters.
But it is only through the signature of a second agreement between Iraq and France, signed Wednesday in Paris by the two ministers that the case could actually be realized. Baghdad wanting to do the pilot training, maintenance and support in mind.
The defense minister said Iraq was that the helicopter was among the "priorities" of the military in his country.
In June 2008, the press said aircraft already ordered after weapons to Serbia, the Iraqi government planned to buy French military equipment. Recalling that Iraq was already a client of France in this area, particularly from the era of Saddam Hussein, with the purchase of another of Mirage F-1 armed with Exocet missiles.
At the end of the meeting between Prime Minister Nouri al Maliki and the French foreign minister, Bernard Kouchner, who was on visit to Baghdad, the spokesman of the Iraqi government, Ali Dabbagh had said that Iraq had "need-tech and certainly French technology."
His colleague in the Department of Defense, Major General Mohammed al-Askari, had confirmed to AFP the next day, the desire to Baghdad to "revive its military ties with France" and to acquire weapons of France. According to General Al-Askari, Iraq especially when considering the purchase of new helicopters.
In October 2008, Georges Malbrunot said for his part in Le Figaro that the devices are destined to the surveillance of borders and oil facilities vital to the economy of Iraq.
It is not "replacing the Americans, or rejecting them," explained to him about the same date, in an interview with the Associated Press, Jawad Bashara, advisor for media and information Iraqi Embassy in Paris. "Iraq needs to renew its military capacity, and needs to have several arms suppliers, not a single state" he added.
Remember that the Eurocopter Group, established in 1992 is a Division of EADS, which employs about 14 000 people. In 2006, Eurocopter confirmed its position as world No. 1 helicopter manufacturer with a turnover of 3.8 billion euros, 615 new helicopters, and 52% of the market and civil sectors. The group has a range of civilian and military helicopters in the wider world. Its products account for 30% of the total worldwide fleet of helicopters
Showing newest 37 of 81 posts from 3/1/09 - 4/1/09. Show older posts
Showing newest 37 of 81 posts from 3/1/09 - 4/1/09. Show older posts
The dollar is trying to roller coaster
At the meeting yesterday, the dollar has tried to roller coasters as a result of very contradictory about the Treasury Secretary, Tim Geithner. The latter has indeed stated, in response to demand from China to establish a new international monetary system, that it was open to discussion on the establishment of a basket of currencies under the auspices of the International Monetary Fund to replace the dollar. A few hours later, he retracted to register in line with the remarks made by U.S. President Obama during his press conference on Tuesday. He stressed that the U.S. administration strongly supports the dollar as international reserve currency.
The very contradictory about Tim Geithner have been obviously very misinterpreted by stakeholders in the foreign exchange market which has slowed a rebound in the dollar. The rebound, however, is today through a renewed concerns of traders. The latter effect to expect a rebound in risk aversion in the wake of the publication this afternoon of the revised U.S. GDP in the fourth quarter.
After some good news on the economic, which have encouraged a resumption of the single European currency, the U.S. GDP figures on earth should bring the market exchange rate and emphasize how the U.S. economy is in a bad password .
Finally, the flexibility of the European Central Bank regarding monetary appears to be intact as evidenced by the figures for M3 for the euro area. Thus, a further rate cut from Frankfurt is quite possible soon.
The very contradictory about Tim Geithner have been obviously very misinterpreted by stakeholders in the foreign exchange market which has slowed a rebound in the dollar. The rebound, however, is today through a renewed concerns of traders. The latter effect to expect a rebound in risk aversion in the wake of the publication this afternoon of the revised U.S. GDP in the fourth quarter.
After some good news on the economic, which have encouraged a resumption of the single European currency, the U.S. GDP figures on earth should bring the market exchange rate and emphasize how the U.S. economy is in a bad password .
Finally, the flexibility of the European Central Bank regarding monetary appears to be intact as evidenced by the figures for M3 for the euro area. Thus, a further rate cut from Frankfurt is quite possible soon.
Gust: Decision postponed from Switzerland
Dassault will have to wait a while.
While in March, the French Defense Minister Herve Morin and his Swiss counterpart Samuel Schmid had raised Aarberg (Canton Berne) the record regarding the acquisition by the Swiss army for a new fighter aircraft, the Federal Council has announced that the issue would be decided until December. The amount of the transaction could reach two billion Swiss francs.
Following the setting timetable for replacing the fleet of F-5 Tiger, the Federal Council did not want to settle out on the purchase of new combat aircraft in 2010. Initially before deciding last July, it now follows the proposal of Minister of Defense Ueli Maurer to defer the decision to await the report on security policy. A reference document for future directions for the army.
"This report will be on the desks of government in December, it was wise to wait," said Martin Buhler, spokesman for the Department of Defense (DDPS).
The President of the Confederation Hans-Rudolf Merz on him swear his great gods that postponing the decision on the purchase of new fighter aircraft has nothing to do with the controversy over banking secrecy. "We can exchange bank secrecy against a fighter," he stressed to the press, believing that it would be very dangerous to link the two files.
Recall that Dassault is trying desperately to get a reference for its latest aircraft the Rafale, "attempts to Libya, Morocco and India yet proved unsuccessful.
Last March, the head of the Department of Defense has stated that France had a type of device that corresponds to Swiss requirements. He however stressed that "in matters of transparency and equal treatment, the time of negotiation and the decision was not yet ripe."
Bern plans to replace a few years its fleet of 54 Tigers. At the moment there is no more than three aircraft in the running, including the French Dassaut for "Gust", the European EADS, the Eurofighter and the Swedish Saab, with the Gripen.
Applicants must submit a tender for 22 aircraft by 17 April. This purchase will go into the envelope of 2.2 billion francs to be submitted to parliament within the weapons program in 2010.
While in March, the French Defense Minister Herve Morin and his Swiss counterpart Samuel Schmid had raised Aarberg (Canton Berne) the record regarding the acquisition by the Swiss army for a new fighter aircraft, the Federal Council has announced that the issue would be decided until December. The amount of the transaction could reach two billion Swiss francs.
Following the setting timetable for replacing the fleet of F-5 Tiger, the Federal Council did not want to settle out on the purchase of new combat aircraft in 2010. Initially before deciding last July, it now follows the proposal of Minister of Defense Ueli Maurer to defer the decision to await the report on security policy. A reference document for future directions for the army.
"This report will be on the desks of government in December, it was wise to wait," said Martin Buhler, spokesman for the Department of Defense (DDPS).
The President of the Confederation Hans-Rudolf Merz on him swear his great gods that postponing the decision on the purchase of new fighter aircraft has nothing to do with the controversy over banking secrecy. "We can exchange bank secrecy against a fighter," he stressed to the press, believing that it would be very dangerous to link the two files.
Recall that Dassault is trying desperately to get a reference for its latest aircraft the Rafale, "attempts to Libya, Morocco and India yet proved unsuccessful.
Last March, the head of the Department of Defense has stated that France had a type of device that corresponds to Swiss requirements. He however stressed that "in matters of transparency and equal treatment, the time of negotiation and the decision was not yet ripe."
Bern plans to replace a few years its fleet of 54 Tigers. At the moment there is no more than three aircraft in the running, including the French Dassaut for "Gust", the European EADS, the Eurofighter and the Swedish Saab, with the Gripen.
Applicants must submit a tender for 22 aircraft by 17 April. This purchase will go into the envelope of 2.2 billion francs to be submitted to parliament within the weapons program in 2010.
The decline of the dollar is not for now
This is certainly the speech that wanted to spend yesterday at a press conference, President Barack Obama, stressing international confidence in the dollar and rejecting the idea mentioned by the Chinese central bank to find a new currency international reserve.
Taking advantage of the concerns raised by the acquisition of assets by the Fed, because of the implications of such an inflationary monetary policy, China has openly expressed in recent days his concerns about the solvency of the United States and called for without shading the establishment of a new international reserve currency under the auspices of the International Monetary Fund. Such talk is clearly not gone unnoticed a few days of the meeting of the G20 in London. However, most experts tend to relativize the language adopted by China, which is particularly reflected in U.S. pressure on the yuan, stressing that willingly, for the moment, China has no alternative but to buy dollars.
In any case, the concerns raised by the policy of the Federal Reserve enabled the other currencies in the foreign exchange market to get their pin of the game The single European currency has greatly benefited from including the new, up to ignore aujourd Today a further decline in the Ifo survey.
However, analysts agree that the dollar rebound is inevitable over the medium term, attributing the weakness of the last days to the action of the Federal Reserve. At that time, the continued deterioration of the economic situation in the euro area is expected to pose problems for the European single currency, analysts tablant include a contraction of 4% of GDP in Germany for 2009.
Taking advantage of the concerns raised by the acquisition of assets by the Fed, because of the implications of such an inflationary monetary policy, China has openly expressed in recent days his concerns about the solvency of the United States and called for without shading the establishment of a new international reserve currency under the auspices of the International Monetary Fund. Such talk is clearly not gone unnoticed a few days of the meeting of the G20 in London. However, most experts tend to relativize the language adopted by China, which is particularly reflected in U.S. pressure on the yuan, stressing that willingly, for the moment, China has no alternative but to buy dollars.
In any case, the concerns raised by the policy of the Federal Reserve enabled the other currencies in the foreign exchange market to get their pin of the game The single European currency has greatly benefited from including the new, up to ignore aujourd Today a further decline in the Ifo survey.
However, analysts agree that the dollar rebound is inevitable over the medium term, attributing the weakness of the last days to the action of the Federal Reserve. At that time, the continued deterioration of the economic situation in the euro area is expected to pose problems for the European single currency, analysts tablant include a contraction of 4% of GDP in Germany for 2009.
Coffee: Ethiopia in the war against exporters
Ethiopia has suspended the license Wednesday of the six major exporters of coffee while seizing their stocks. This is what has just announced the Secretary of State for Communication, Ermias Legesse.
The grievances which they are accused? speculation on a supposed world prices, by "falsifying" the level of supply in order to raise prices.
"Six exporters are already closed, they can not export. They have their license and their warehouses are closed," said Secretary of State. The "defendants" nevertheless have five days to appeal this decision but also to try to explain why they have stored as many tons of coffee without exporting.
The authorities have also indicated that other smaller exporters could be hit by the same measures.
Last week, Ethiopian Prime Minister Meles Zenawi had already threatened exporters such sanctions if they continued not to export, accusing them of "speculate" on the world price of coffee. The Ministry of Agriculture said in a statement that "These companies have caused serious economic damage to the country resulting in a significant decline in income that Ethiopia withdraws from coffee. According to the Prime Minister, the decline in production for the 2008-2009 marketing year could reach 14%.
Remember that Ethiopia is the first African producer of coffee. The sector represents more than 60% of export earnings of the country, one of the world's poorest. According to official data, Ethiopia has won more than $ 525 million during the 2007-2008 season by exporting nearly 171,000 tonnes of arabica coffee. This represents almost 15% of world production.
The case is even more crucial that about five million Ethiopians live directly in the production of coffee. It is estimated annually at about 330,000 tonnes on average, half eaten on the spot, however.
The tough and unique varieties of Arabica Ethiopian Sidamo as the Harar or Yirgacheffe are essential blends of coffee used in current consumption. At present, the appellation of origin of these coffees is protected in 29 countries as a trademark. Ethiopia selects the major distributors of coffee and sets the conditions of sale. It requires no licensing fee for the distribution of coffee, but in return it requires distributors to market each variety of coffee under the appellation of origin.
The grievances which they are accused? speculation on a supposed world prices, by "falsifying" the level of supply in order to raise prices.
"Six exporters are already closed, they can not export. They have their license and their warehouses are closed," said Secretary of State. The "defendants" nevertheless have five days to appeal this decision but also to try to explain why they have stored as many tons of coffee without exporting.
The authorities have also indicated that other smaller exporters could be hit by the same measures.
Last week, Ethiopian Prime Minister Meles Zenawi had already threatened exporters such sanctions if they continued not to export, accusing them of "speculate" on the world price of coffee. The Ministry of Agriculture said in a statement that "These companies have caused serious economic damage to the country resulting in a significant decline in income that Ethiopia withdraws from coffee. According to the Prime Minister, the decline in production for the 2008-2009 marketing year could reach 14%.
Remember that Ethiopia is the first African producer of coffee. The sector represents more than 60% of export earnings of the country, one of the world's poorest. According to official data, Ethiopia has won more than $ 525 million during the 2007-2008 season by exporting nearly 171,000 tonnes of arabica coffee. This represents almost 15% of world production.
The case is even more crucial that about five million Ethiopians live directly in the production of coffee. It is estimated annually at about 330,000 tonnes on average, half eaten on the spot, however.
The tough and unique varieties of Arabica Ethiopian Sidamo as the Harar or Yirgacheffe are essential blends of coffee used in current consumption. At present, the appellation of origin of these coffees is protected in 29 countries as a trademark. Ethiopia selects the major distributors of coffee and sets the conditions of sale. It requires no licensing fee for the distribution of coffee, but in return it requires distributors to market each variety of coffee under the appellation of origin.
Alaska: eruption endangers the oil terminal at Drift River
Beyond the environmental and climate could be enormous, the eruption of one of the largest volcanoes in Alaska is likely to impact the oil market.
Ironically, across the region by pipeline had raised many controversies, some fearing their impact on this area of the globe. Deposit from Prudhoe Bay to Valdez terminal, a giant oil pipeline carries oil in effect from north to south from Alaska. Its design should, in principle, avoid injury in this fragile environment ...
One of the largest volcanoes in Alaska, Mount Redoubt, entered erupted Sunday evening announced Monday Monitor volcanoes of Alaska (AVO). This volcano, hitherto dormant since 1990 rises to 3108 meters. It is located in a sparsely populated area, 150 km southwest of Anchorage (280,000 inhabitants). The first eruption occurred Sunday evening, followed by four more powerful Monday, planning to smoke and ash up to 15,250 meters.
During a conference call with journalists, the Secretary for Home Affairs, Ken Salazar has already indicated that the authorities expected that activity will continue for weeks.
If the safety of residents and travelers is a priority, about 20,000 people traveling by air in "on average every day," the oil terminal at the Drift River remains a concern. Located in Redoubt Bay, it is only 32 km north-east of the volcano.
During its last eruption, lava carried by the Drift River had caused flooding of the site, it had to be evacuated briefly.
The concerns are even stronger than the meteorological services have warned that the winds pushed the ash cloud to the north. An alert was issued in several cities, including Willow and Talkeetna, located respectively 120 km and 56 km north of Anchorage.
Monday in the day, the company Cook Inlet Pipe Line (CIPL) announced that it had taken steps to secure its facilities. A procedure for shutdown (shutdown) of the Drift River terminal was initiated as a result of the eruption.
The aim is both to protect the health and safety of its employees and subcontractors to ensure the protection of the environment. Avoiding as much as possible the occurrence of a spill.
In early March, a team of researchers at the Science Center of Alaska, Anchorage announced that certain parts of the coast of Alaska have declined by an average of 6.8 meters per year from 1955 to 1979. Erosion has reduced the shores of 13.6 meters, from 2002 to 2007 and 25 meters during the last two years.
Benjamin Jones, director of the study, attribute these alarming statistics to climate change that lead to melting ice, rising sea levels, higher water temperatures and stronger storms.
Beyond the environmental consequences of these changes could also complicate the oil in the region.
Ironically, across the region by pipeline had raised many controversies, some fearing their impact on this area of the globe. Deposit from Prudhoe Bay to Valdez terminal, a giant oil pipeline carries oil in effect from north to south from Alaska. Its design should, in principle, avoid injury in this fragile environment ...
One of the largest volcanoes in Alaska, Mount Redoubt, entered erupted Sunday evening announced Monday Monitor volcanoes of Alaska (AVO). This volcano, hitherto dormant since 1990 rises to 3108 meters. It is located in a sparsely populated area, 150 km southwest of Anchorage (280,000 inhabitants). The first eruption occurred Sunday evening, followed by four more powerful Monday, planning to smoke and ash up to 15,250 meters.
If the safety of residents and travelers is a priority, about 20,000 people traveling by air in "on average every day," the oil terminal at the Drift River remains a concern. Located in Redoubt Bay, it is only 32 km north-east of the volcano.
During its last eruption, lava carried by the Drift River had caused flooding of the site, it had to be evacuated briefly.
The concerns are even stronger than the meteorological services have warned that the winds pushed the ash cloud to the north. An alert was issued in several cities, including Willow and Talkeetna, located respectively 120 km and 56 km north of Anchorage.
Monday in the day, the company Cook Inlet Pipe Line (CIPL) announced that it had taken steps to secure its facilities. A procedure for shutdown (shutdown) of the Drift River terminal was initiated as a result of the eruption.
The aim is both to protect the health and safety of its employees and subcontractors to ensure the protection of the environment. Avoiding as much as possible the occurrence of a spill.
In early March, a team of researchers at the Science Center of Alaska, Anchorage announced that certain parts of the coast of Alaska have declined by an average of 6.8 meters per year from 1955 to 1979. Erosion has reduced the shores of 13.6 meters, from 2002 to 2007 and 25 meters during the last two years.
Benjamin Jones, director of the study, attribute these alarming statistics to climate change that lead to melting ice, rising sea levels, higher water temperatures and stronger storms.
Beyond the environmental consequences of these changes could also complicate the oil in the region.
Ecuador: new source of crude
Irony of fate: while some members of OPEC would like to see lower production of the cartel to raise prices, Ecuador has announced the discovery of a new deposit.
You said peak-oil?
Unless the main objective of such an announcement to launch a message to Perenco, whose production has been seized in early March.
The public company Petroecuador announced Friday the discovery of an oilfield, located in the Amazonian province of Sucumbíos, on the border with Colombia. His initial concerns are 9 million barrels of crude. They should gradually increase as new oil wells will be operated.
Fifth largest producer of South America, Ecuador has certified reserves of 4664 billion barrels of oil. According to the Central Bank, the country which is the smallest member of OPEC, has extracted an average of 506,000 barrels per day in 2008. 53% are operated by Petroecuador and the rest by foreign companies, says on the same source.
While Perenco is the only foreign company in Ecuador has not yet renegotiated its contracts in order to grant the country a greater share in the agreement on production sharing, the Ecuadorian Minister of Petroleum Derlis Palacios has recently announced that Ecuador will continue to seize the oil production of the British-French company Perenco in the country for an indefinite period
On 4 March, the Ecuadorian authorities had seized 70% of the production of Perenco - 25,000 barrels per day. This measure is taken in 'compensation' alleged tax arrears in the amount of 338 million dollars, that seeks to Ecuador oil company in return for the excess oil prices specified in the contract.
The government has not fixed at Perenco a deadline to sign a new contract, but "we just started the process of embargo and it will last as long as it takes them (to pay their debts) or as long as they will work without income "oil," said Minister of Petroleum of Ecuador.
Beginning in January, the suspension of the activity of the oil in the country of Ecuador had been ordered in the absence of agreements between the parties within the current negotiations with the Socialist government of Rafael Correa.
In order to increase government revenue, Ecuador leads indeed at present a major project to rethink contracts of oil companies.
Remember that until the arrival of the socialist president Rafael Correa, elected in November 2006, 13 oil companies operating in Ecuador was governed by a contract of participation. They took all the blows of extraction and transfer 18% of the production of raw country. So they repay only 50% of profits related to the rising price of oil to Ecuador, it was hard to get a new distribution of these gains.
Perenco extracted some 25,615 bpd of oil in Ecuador until its activity was suspended by the Government in early January. The latter then arguing that these measures were justified by its own order of reduction of production imposed by OPEC as a member.
The suspension will allow Ecuador to reduce its production to 453,000 barrels daily, against 520,000 bpd earlier in accordance with the target set by the cartel December 17 in Oran, in an attempt to limit the fall in crude ... This could explain that ...
Ecuador had tried to negotiate in parallel with Perenco a new contract, giving the largest share of the profits to the state. Without reaching an agreement to implement. According to the Minister of Petroleum, the blocking is due to the "intransigent" in Burlington, the combined American Perenco.
You said peak-oil?
Unless the main objective of such an announcement to launch a message to Perenco, whose production has been seized in early March.
The public company Petroecuador announced Friday the discovery of an oilfield, located in the Amazonian province of Sucumbíos, on the border with Colombia. His initial concerns are 9 million barrels of crude. They should gradually increase as new oil wells will be operated.
While Perenco is the only foreign company in Ecuador has not yet renegotiated its contracts in order to grant the country a greater share in the agreement on production sharing, the Ecuadorian Minister of Petroleum Derlis Palacios has recently announced that Ecuador will continue to seize the oil production of the British-French company Perenco in the country for an indefinite period
On 4 March, the Ecuadorian authorities had seized 70% of the production of Perenco - 25,000 barrels per day. This measure is taken in 'compensation' alleged tax arrears in the amount of 338 million dollars, that seeks to Ecuador oil company in return for the excess oil prices specified in the contract.
The government has not fixed at Perenco a deadline to sign a new contract, but "we just started the process of embargo and it will last as long as it takes them (to pay their debts) or as long as they will work without income "oil," said Minister of Petroleum of Ecuador.
Beginning in January, the suspension of the activity of the oil in the country of Ecuador had been ordered in the absence of agreements between the parties within the current negotiations with the Socialist government of Rafael Correa.
In order to increase government revenue, Ecuador leads indeed at present a major project to rethink contracts of oil companies.
Remember that until the arrival of the socialist president Rafael Correa, elected in November 2006, 13 oil companies operating in Ecuador was governed by a contract of participation. They took all the blows of extraction and transfer 18% of the production of raw country. So they repay only 50% of profits related to the rising price of oil to Ecuador, it was hard to get a new distribution of these gains.
Perenco extracted some 25,615 bpd of oil in Ecuador until its activity was suspended by the Government in early January. The latter then arguing that these measures were justified by its own order of reduction of production imposed by OPEC as a member.
The suspension will allow Ecuador to reduce its production to 453,000 barrels daily, against 520,000 bpd earlier in accordance with the target set by the cartel December 17 in Oran, in an attempt to limit the fall in crude ... This could explain that ...
Ecuador had tried to negotiate in parallel with Perenco a new contract, giving the largest share of the profits to the state. Without reaching an agreement to implement. According to the Minister of Petroleum, the blocking is due to the "intransigent" in Burlington, the combined American Perenco.
Valeo: no opening of parachute for Morin, according to Chatel
American Financial - The fall may be as brutal as painful. Judge for yourself. While according to the newspaper Liberation, the former CEO of Valeo, Thierry Morin, would have "expected" to fly the group with a superb golden parachute, the French shareholder Valeo no one hears do so.
Luc Chatel has said that the government will oppose in the general meeting of shareholders. The State seemingly enjoy in moderation modalities offered starting with the former leader, then he can save himself the labor portfolio in order to give a whopping 19 million euros of aid via the Strategic Investment Fund (ISF).
The purpose of discord? Liberation reports that Thierry Morin should leave the company with 3.2 million. A tidy sum for a Monday departure due to "strategic differences". The board of the group decided Friday in conjunction with the appointment of Jacques Aschenbroich as general manager.
"The state has supported this company and I find it shocking that in the present context, we establish this type of remuneration", said the government spokesman on Europe 1. While calling Mr. Morin to "face its responsibilities".
The severance package of former CEO is set at two years of fixed and variable remuneration calculated on the average earnings for the three financial years preceding his departure recalls Liberation.
Beyond the "shocking" of the thing, as little term legal and financial, remember that this is the state capital of Valeo at 8% through the Deposit and the funds to modernize equipment ". This allows to Luc Chatel to indicate that the government would oppose - quite legally - to pay the golden parachute to the general meeting of shareholders.
Since the law of modernization of the economy (LME), this kind of golden parachute should be validated by the general meeting of shareholders, is indeed to recall the government spokesman.
Faced with the global crisis of the automobile, the second French manufacturer in 2008 recorded a net loss of 207 million euros after a fall of 26.6% of its turnover in the fourth quarter. Faced with these difficulties, Thierry Morin decided last February to turn to the Strategic Investment Fund (ISF), set up by the government to support strategic enterprises face the crisis.
Held by the Caisse des Dépôts et Consignations and the state, the ISP has disbursed 18.7 million to acquire 2.35% stake in Valeo. This share is in addition to 5.98% held by Caisse des Dépôts to represent a total capital of 8.3% and 10.5% of voting rights.
Note also that Thierry Morin had dismissed in early March, the possibility to renegotiate the plan announced in December 5000 which provides for abolition of posts in the world at 54,000, including about 1,600 in France and 1,800 in other European countries. Mid-February, however he had to drop the "significant" part of his remuneration, at 1.1 million against more than 1.5 million received in 2007.
Luc Chatel has said that the government will oppose in the general meeting of shareholders. The State seemingly enjoy in moderation modalities offered starting with the former leader, then he can save himself the labor portfolio in order to give a whopping 19 million euros of aid via the Strategic Investment Fund (ISF).
The purpose of discord? Liberation reports that Thierry Morin should leave the company with 3.2 million. A tidy sum for a Monday departure due to "strategic differences". The board of the group decided Friday in conjunction with the appointment of Jacques Aschenbroich as general manager.
The severance package of former CEO is set at two years of fixed and variable remuneration calculated on the average earnings for the three financial years preceding his departure recalls Liberation.
Beyond the "shocking" of the thing, as little term legal and financial, remember that this is the state capital of Valeo at 8% through the Deposit and the funds to modernize equipment ". This allows to Luc Chatel to indicate that the government would oppose - quite legally - to pay the golden parachute to the general meeting of shareholders.
Since the law of modernization of the economy (LME), this kind of golden parachute should be validated by the general meeting of shareholders, is indeed to recall the government spokesman.
Faced with the global crisis of the automobile, the second French manufacturer in 2008 recorded a net loss of 207 million euros after a fall of 26.6% of its turnover in the fourth quarter. Faced with these difficulties, Thierry Morin decided last February to turn to the Strategic Investment Fund (ISF), set up by the government to support strategic enterprises face the crisis.
Held by the Caisse des Dépôts et Consignations and the state, the ISP has disbursed 18.7 million to acquire 2.35% stake in Valeo. This share is in addition to 5.98% held by Caisse des Dépôts to represent a total capital of 8.3% and 10.5% of voting rights.
Note also that Thierry Morin had dismissed in early March, the possibility to renegotiate the plan announced in December 5000 which provides for abolition of posts in the world at 54,000, including about 1,600 in France and 1,800 in other European countries. Mid-February, however he had to drop the "significant" part of his remuneration, at 1.1 million against more than 1.5 million received in 2007.
Public deficit: Brussels would give a period in Paris
Good news or bad news? Given the lack of "advertising" by the French state on the record, predict that the "thing" does little enthusiasm.
Yet in his great generosity, the European Commission should grant Tuesday - according to a source close to the dossier - a period in France and Spain in order to enable them to reduce their excessive deficit. Both countries, however, and will return in the 3% limit allowed in the European Union in 2012.
A goal that France considers already difficult to achieve?
The Commission should also ask Greece to return below the 3% deficit in 2010 and to Ireland to do likewise in 2013. Information that has already been mentioned by the newspaper Les Echos.
According to the latest estimates published in January by the Commission, the French deficit should reach 5.4% of GDP this year, that of Spain 6.2%, that of Greece and 3.7% of Ireland on record level of 11%.
The French government has indicated, however, in early March that the government deficit (government, social security and local) in the country this year would climb to 5.6% of GDP and would remain at 5.2% of GDP in 2010 due to the impact of the crisis.
In mid-February, the European Commission had initiated the first stage of excessive deficit procedures against these four countries because of significant slippage in public finances caused by the economic crisis.
European Commissioner for Economic Affairs Joaquin Almunia had justified the decision by the fact that public deficits of the countries concerned had "exceeded the reference value of 3% of GDP in 2008, the maximum limit set by the European Stability Pact.
France was then surprised by the warning from Brussels, which she considered inappropriate. The French Budget Minister Eric Woerth had found the warning "a little swollen."
It is true that under a reform in 2005, the European Commission may take into account exceptional circumstances, such as a recession, to grant relief to governments.
The current deadlines are subject to change along the way, if the recession was more severe than expected, has already said the European Commissioner for Economic Affairs, Joaquin Almunia.
Yet in his great generosity, the European Commission should grant Tuesday - according to a source close to the dossier - a period in France and Spain in order to enable them to reduce their excessive deficit. Both countries, however, and will return in the 3% limit allowed in the European Union in 2012.
A goal that France considers already difficult to achieve?
The Commission should also ask Greece to return below the 3% deficit in 2010 and to Ireland to do likewise in 2013. Information that has already been mentioned by the newspaper Les Echos.
According to the latest estimates published in January by the Commission, the French deficit should reach 5.4% of GDP this year, that of Spain 6.2%, that of Greece and 3.7% of Ireland on record level of 11%.
The French government has indicated, however, in early March that the government deficit (government, social security and local) in the country this year would climb to 5.6% of GDP and would remain at 5.2% of GDP in 2010 due to the impact of the crisis.
In mid-February, the European Commission had initiated the first stage of excessive deficit procedures against these four countries because of significant slippage in public finances caused by the economic crisis.
European Commissioner for Economic Affairs Joaquin Almunia had justified the decision by the fact that public deficits of the countries concerned had "exceeded the reference value of 3% of GDP in 2008, the maximum limit set by the European Stability Pact.
France was then surprised by the warning from Brussels, which she considered inappropriate. The French Budget Minister Eric Woerth had found the warning "a little swollen."
It is true that under a reform in 2005, the European Commission may take into account exceptional circumstances, such as a recession, to grant relief to governments.
The current deadlines are subject to change along the way, if the recession was more severe than expected, has already said the European Commissioner for Economic Affairs, Joaquin Almunia.
Opel: plant closures in Germany?
American Financial - What do the German employees shudder.
In an interview published Saturday, the CEO of Opel, Hans Demant just raise the possibility of closure of factories in Germany.
Objective: to save the group, but not save the job ... Vast subject ...
"If one thinks purely in terms of operating costs, not in terms of jobs and destination, of course it would be sensible" to close plants, said Mr. Demant magazine Wirtschaftswoche. But men are not - yet - the robots, which certainly gives them the "benefit" to consume or even debt from banks ...
According to its CEO, the group would have the firm will "try" to avoid closures ... but can say whether such a "target" could be reached.
While the German press suggest that the German sites of Rüsselsheim, Bochum and Eisenach could be forced to turn the key on the door, Mr. Demant has nevertheless ensured that Opel was going to "make every effort to prevent" such closures .
Remember that the magazine Der Spiegel had raised his hand for the possible deletion of 20% of some 50,000 jobs from Opel in Europe.
And if the method was to scare the "population" to try to get licenses? That's not blackmail, but the negotiation.
Of "cuts in labor costs and the elimination of certain positions and certain organizations are in fact envisaged at present. Certainly in the current crisis, it will now choose between having a job - even suffer a drop in pay - or face closure. One does not prevent the other end. That's the problem ...
Citing the head of the works council of Opel, Klaus Franz, the newspaper Bild said on Saturday that his staff Opel is considering "a joint action with the 2000 purchase dealerships for 25% of a European Opel AG" . The staff would be willing to waive some of their wages to finance the project.
Remember also that Opel claims 3.3 billion euros in the German state to avoid bankruptcy as part of a rescue plan presented in late February. Mr Demant said in this regard "is not money in Opel, but to extend guarantees limited in time."
The German government is still cautious. They fear that their financial efforts do not accrue only to "interested" and that any sums involved are used to prop up General Motors badly broken.
"Before you decide, we must be aware of important decisions in the United States, what will do the parent company of Opel, General Motors, had recently stressed Chancellor Angela Merkel. The latter said last week that the state had "the responsibility to engage in the event of separation from General Motors and Opel or a partial independence."
However, Angela Merkel, said that Germany would support that companies with real prospects.
"Let death Opel is more than a mistake: it would be an unacceptable failure of the government," said about him the Social Democratic Minister of Labor Olaf Scholz, in the newspaper Bild am Sonntag published Sunday.
In the restructuring plan presented in mid-February to the U.S. Treasury, General Motors has hinted he expected the next two years a return to profitability of its operations in the United States, but also in Europe. His goal - posted - is that "the European activities of the group are producing results and cash flow significantly negative in 2009 and 2010". It sets a goal that the activities of GM in Europe produce "positive financial results in 2011-2014."
But this should result in "significant reductions in structural costs, including a significant consolidation at the manufacturing and cost savings of manpower." The message seems clear ... abolition of posts in perspective.
The comments are even more precise, even more pressing: the restructuring plan could include "several possible closures or demergers industrial sites in regions where production costs are high," according to the terms of the manufacturer.
In an interview published Saturday, the CEO of Opel, Hans Demant just raise the possibility of closure of factories in Germany.
Objective: to save the group, but not save the job ... Vast subject ...
"If one thinks purely in terms of operating costs, not in terms of jobs and destination, of course it would be sensible" to close plants, said Mr. Demant magazine Wirtschaftswoche. But men are not - yet - the robots, which certainly gives them the "benefit" to consume or even debt from banks ...
According to its CEO, the group would have the firm will "try" to avoid closures ... but can say whether such a "target" could be reached.
While the German press suggest that the German sites of Rüsselsheim, Bochum and Eisenach could be forced to turn the key on the door, Mr. Demant has nevertheless ensured that Opel was going to "make every effort to prevent" such closures .
Remember that the magazine Der Spiegel had raised his hand for the possible deletion of 20% of some 50,000 jobs from Opel in Europe.
And if the method was to scare the "population" to try to get licenses? That's not blackmail, but the negotiation.
Of "cuts in labor costs and the elimination of certain positions and certain organizations are in fact envisaged at present. Certainly in the current crisis, it will now choose between having a job - even suffer a drop in pay - or face closure. One does not prevent the other end. That's the problem ...
Citing the head of the works council of Opel, Klaus Franz, the newspaper Bild said on Saturday that his staff Opel is considering "a joint action with the 2000 purchase dealerships for 25% of a European Opel AG" . The staff would be willing to waive some of their wages to finance the project.
Remember also that Opel claims 3.3 billion euros in the German state to avoid bankruptcy as part of a rescue plan presented in late February. Mr Demant said in this regard "is not money in Opel, but to extend guarantees limited in time."
The German government is still cautious. They fear that their financial efforts do not accrue only to "interested" and that any sums involved are used to prop up General Motors badly broken.
"Before you decide, we must be aware of important decisions in the United States, what will do the parent company of Opel, General Motors, had recently stressed Chancellor Angela Merkel. The latter said last week that the state had "the responsibility to engage in the event of separation from General Motors and Opel or a partial independence."
However, Angela Merkel, said that Germany would support that companies with real prospects.
"Let death Opel is more than a mistake: it would be an unacceptable failure of the government," said about him the Social Democratic Minister of Labor Olaf Scholz, in the newspaper Bild am Sonntag published Sunday.
In the restructuring plan presented in mid-February to the U.S. Treasury, General Motors has hinted he expected the next two years a return to profitability of its operations in the United States, but also in Europe. His goal - posted - is that "the European activities of the group are producing results and cash flow significantly negative in 2009 and 2010". It sets a goal that the activities of GM in Europe produce "positive financial results in 2011-2014."
But this should result in "significant reductions in structural costs, including a significant consolidation at the manufacturing and cost savings of manpower." The message seems clear ... abolition of posts in perspective.
The comments are even more precise, even more pressing: the restructuring plan could include "several possible closures or demergers industrial sites in regions where production costs are high," according to the terms of the manufacturer.
Venezuela: the oil sector is looking for financing in Asia
American Financial - The oil was paid here? Perhaps my poor lady, and who knows, soon the word king of oil could come out of our vocabulary. Judge for yourself: Rafael Ramirez, at the same time president of public oil giant Petroleos de Venezuela (PDVSA) and Minister of Energy and Petroleum is now looking for opportunities for borrowing. Which depend of course of changes in the price of crude oil. This topic has been one of the major topics discussed at one of his travels in Asia.
Affected by falling oil prices and a debt result, PDVSA is seeking to borrow up to four billion dollars to financial institutions in Japan and China for its development projects. It is law of the previous bluster of Hugo Chavez who claimed there was little time king of oil and Venezuela ...
Car analysts agree that this new policy group is to see in broad daylight the apparent weakness that left PDVSA in terms of funding. Main beneficiaries in the case: China and Japan, which have already signed with Venezuela an agreement on the sale of oil.
Beyond the research credit, Rafael Ramirez has also recently announced to increase the investment from foreign partners. Underlying this policy reversal: Venezuelan subsidies are somewhat inadequate. Hugo Chavez would have had eyes bigger than their stomachs by giving PDVSA management nationalizations and social programs run parallel?
In September 2008, PDVSA's accounts showed a debt of almost $ 7.9 billion to its suppliers, the total debt approaching 15 billion. A situation which Mr. Ramirez said that the company would have to reduce its costs and expenses of 40%, which, however, swear to the great gods with large projects are not compromised.
However, according to sources close to the case, projects such as the "Grande Reserve" may be impacted. The ambitious goal of raising crude oil reserves at 314 billion barrels in 2009, against 172 billion now may be largely compromised .... Venezuela may have to wait some time before receiving the honorary title of "nation with the richest oil reserves in the world."
In this context, Japan and Venezuela have signed a pact Thursday to energy cooperation. Which provides an increase in Japanese investment in Venezuela in the oil and gas sector.
"We can provide Japan an important part of the oil it needs," said on this occasion, the Venezuelan oil minister. Agreements have been signed parallel between China and Venezuela to build three refineries in China. Remember that Venezuela provides about Beijing 364000 barrels of crude per day, according to official figures. a figure that could reach 500,000 this year.
The next tender for seven oil fields in the basin of the Orinoco oil could also be impacted.
Because if PDVSA is established since 2007 a system of joint ventures in which the State is still holding at least 60% of the capital, the provision of such a level of investment is not easy.
Ironically, the foreign majors who had been involved with Venezuela might now be in a strong position to defend their demands. The more so that the oil companies are much in demand at present both in Russia and Iraq. While the Iraqi oil to obtain the extraction costs lower than those generated by the exploitation of Venezuelan crude, much heavier.
Do not worry, Rafael Ramirez has recently announced a drop of 40% of production costs through a revision of rates of service contracts ... while affirming its commitment to finding new partners.
Affected by falling oil prices and a debt result, PDVSA is seeking to borrow up to four billion dollars to financial institutions in Japan and China for its development projects. It is law of the previous bluster of Hugo Chavez who claimed there was little time king of oil and Venezuela ...
Car analysts agree that this new policy group is to see in broad daylight the apparent weakness that left PDVSA in terms of funding. Main beneficiaries in the case: China and Japan, which have already signed with Venezuela an agreement on the sale of oil.
In September 2008, PDVSA's accounts showed a debt of almost $ 7.9 billion to its suppliers, the total debt approaching 15 billion. A situation which Mr. Ramirez said that the company would have to reduce its costs and expenses of 40%, which, however, swear to the great gods with large projects are not compromised.
However, according to sources close to the case, projects such as the "Grande Reserve" may be impacted. The ambitious goal of raising crude oil reserves at 314 billion barrels in 2009, against 172 billion now may be largely compromised .... Venezuela may have to wait some time before receiving the honorary title of "nation with the richest oil reserves in the world."
In this context, Japan and Venezuela have signed a pact Thursday to energy cooperation. Which provides an increase in Japanese investment in Venezuela in the oil and gas sector.
"We can provide Japan an important part of the oil it needs," said on this occasion, the Venezuelan oil minister. Agreements have been signed parallel between China and Venezuela to build three refineries in China. Remember that Venezuela provides about Beijing 364000 barrels of crude per day, according to official figures. a figure that could reach 500,000 this year.
The next tender for seven oil fields in the basin of the Orinoco oil could also be impacted.
Because if PDVSA is established since 2007 a system of joint ventures in which the State is still holding at least 60% of the capital, the provision of such a level of investment is not easy.
Ironically, the foreign majors who had been involved with Venezuela might now be in a strong position to defend their demands. The more so that the oil companies are much in demand at present both in Russia and Iraq. While the Iraqi oil to obtain the extraction costs lower than those generated by the exploitation of Venezuelan crude, much heavier.
Do not worry, Rafael Ramirez has recently announced a drop of 40% of production costs through a revision of rates of service contracts ... while affirming its commitment to finding new partners.
Russia: overview of denial on U.S. ships in the Sea of Japan
American Financial - A monitor loan, information is likely to rekindle tensions between USA and Russia. While Moscow has left in that she appreciated the recent moderation with "reinforcements" French within NATO, Russia, denying information to CNN, said that the planes of the Pacific Fleet who performed this week scheduled flights in the Sea of Japan had not flown over the U.S. ships there.
According to the Russian press, the American television said that several Russian Il-38 had flown over the U.S. vessels during exercises in the Sea of Japan. According to CNN, two have over Monday to 150 m altitude the aircraft carrier USS John C. Stennis while it was in international waters. Two other IL-38 had "renewed" the operation Tuesday, rising to 600 meters above another American ship, the USS Blue Ridge.
"The crews flying patrols of the Pacific Fleet have completed the tasks of protecting the Russian border in the shipbuilding area of the Sea of Japan, without committing any crime. They are not dangerously close to these vessels, acting in strict conformity with international rules, "said the spokesman for the fleet.
Remember that South Korea and the United States launched on 9 March this year their annual joint military maneuver, despite protests from the Democratic People's Republic of Korea (DPRK).
26,000 American soldiers and more than 50,000 South Korean soldiers were involved in this maneuver, scheduled until March 20. The aircraft carrier USS John C. Stennis and seven against Aegis destroyers from the U.S. Navy had to take part in these exercises.
The different military falls ill while Russian and American presidents Dmitry Medvedev and Barack Obama are scheduled to meet for the first time on 1 April in London, in conjunction with a meeting of G20consacrée to the financial crisis. Nevertheless, it seems that the time is warming in bilateral relations since the arrival of Barack Obama in the White House.
According to the Russian press, the American television said that several Russian Il-38 had flown over the U.S. vessels during exercises in the Sea of Japan. According to CNN, two have over Monday to 150 m altitude the aircraft carrier USS John C. Stennis while it was in international waters. Two other IL-38 had "renewed" the operation Tuesday, rising to 600 meters above another American ship, the USS Blue Ridge.
Remember that South Korea and the United States launched on 9 March this year their annual joint military maneuver, despite protests from the Democratic People's Republic of Korea (DPRK).
26,000 American soldiers and more than 50,000 South Korean soldiers were involved in this maneuver, scheduled until March 20. The aircraft carrier USS John C. Stennis and seven against Aegis destroyers from the U.S. Navy had to take part in these exercises.
The different military falls ill while Russian and American presidents Dmitry Medvedev and Barack Obama are scheduled to meet for the first time on 1 April in London, in conjunction with a meeting of G20consacrée to the financial crisis. Nevertheless, it seems that the time is warming in bilateral relations since the arrival of Barack Obama in the White House.
Iraq: Lagarde on hand to defend the interests of Total
Strange all the same zeal that government in Iraq ... So that just as the Anglo-Saxon, we suggest here that the "reinforcement" French military in Afghanistan would be "that" the return for U.S. support for the production of oil contracts in Iraq, the Minister of Economy Christine Lagarde is due to meet Tuesday the Minister of Oil of Iraq and other Iraqi Ministers.
Recall that in mid-February a member of the executive committee of the French group Total has visited Iraq to "discuss a renewal of cooperation between Baghdad and the French oil giant .... a few hours after the "escape" of the President.
A spokesman for the French government announced Friday that it was reactivating a commission on cooperation between France and Iraq remained dormant for twenty years.
The spokesman for the Ministry of Economy said that Total was among the companies attending the meeting, and a service contract for the oilfield giant Majnoon could be mentioned.
Business opportunities will also be discussed as well as curriculum and training, "said government spokesman.
According to information provided by the group, Yves-Louis Darricarrère, General Manager Exploration & Production at Total visited last February in Baghdad "to meet the authorities and discuss with them a renewed cooperation between Iraq and Total ".
"Iraq is important for Total historically. We are born," said Mr. Darricarrère. Faisiant referring to the first participation of the French Oil Company, ex-Total, in a field producer near Kirkuk in Iraq in 1927.
Everything seems to fall to those who wait ... the Iraqi Oil Minister Hussein Chahristani launching alongside a new call for tenders on 11 fields hydrocrabures (oil and gas). A first tender has already been launched six months ago, on six oilfields and two gas fields. Such an operation should eventually allow an increase in production of 1.5 million barrels per day.
Total certainly did not wait for Nicolas Sarkozy "leering" on oil from Iraq ... but if we believe certain, he could act for the French oil tanker in the extensive sharing of Iraqi oil cake.
The boss of Total, Christophe de Margerie had said last September in an interview with the Figaro, the French oil group was discussing with the Iraqi government to return to Iraq in a sustainable manner. " He was anxious then to temper his remarks by stating that "Iraqi law" was not yet stabilized "and that" the safety of people remains the main problem, although the overall situation is improving. "
At a press conference on the occasion of the XIX World Petroleum Congress, Mr. de Margerie had already indicated that July 1 was about to sign a service contract in Iraq. Virtually "ignored" by the French press at the time.
"We are about to sign a contract for service, had he then said, mentioning even hope to sign a contract within days, weeks to come. "This is just transitory contracts, that is what we can do today because of security problems. 2009 is probably a little too early to make more investments in the country, Had he added.
Meanwhile, Baghdad had announced he was not able to reach agreement with oil majors for technical assistance contracts in the short term, the latter proved too "greedy". However, according to the Iraqi Ministry of Oil, Iraq would be offered "service contracts" in the longer term to 41 foreign oil companies for six oilfields and two gas, which the French group.
In August 2007 the Dow Jones agency, quoting sources close to the matter, reported that the oil giants Total and Chevron signed an agreement for services that should enable them to explore and jointly develop a major Iraqi oil fields , the Majnoun (south east), once a hydrocarbon law will be adopted and that the security situation will improve.
Total, Chevron and Iraqi officials have met in June 2007 to discuss the implementation of this agreement, even if the Iraqi government was not involved.
Majnoun had a production capacity of approximately 50,000 barrels per day before the U.S. intervention in 2003, according to statistics from the U.S. Department of Energy. This deposit has total reserves estimated at 12 billion barrels, making it the fourth largest field in Iraq, according to Bernstein Research Institute. It also stated that Chevron and Total is also working on the field of Nahr bin Omar (south), whose reserves were estimated at 6 billion barrels.
But nothing was free in this world ... if we believe the Anglo-Saxon, the agreement was concluded in exchange for greater involvement of France in Afghanistan - which, in addition to its aircraft, has 1 100 troops stationed in Kabul.
Such an "agreement" to get involved in Afghanistan to "atone" for not having participated in the war in Iraq has a history. A recent report by Radio-Canada on the war in Afghanistan we learned that Canada had sought, after refusing to participate in the war in Iraq, back in the good graces of the United States by engaging in risky areas in Afghanistan.
Tuesday, February 10, during his visit to Iraq, Nicolas Sarkozy called on French companies to invest quickly in this country in the reconstruction ....
Meanwhile, in Toulouse, the most eminent chemists seem to doubt the official theory can "explain" - even justified? - The disaster at the AZF factory, owned by Grande Paroisse, a subsidiary of Total. While others do not hesitate to think that the state could "negotiate" with the group, so that it assumes the mantle of guilty ideal ... and what is more "generous".
If the governmental interests are understandable - the assumed total responsibility for avoiding the state to draw in boxes already empty, it turns out that the track volunteer (attack) is to remember that final - the oil could be encouraged to show "good will" in return for support in high places in their contracts in Iraq.
Recall that in mid-February a member of the executive committee of the French group Total has visited Iraq to "discuss a renewal of cooperation between Baghdad and the French oil giant .... a few hours after the "escape" of the President.
A spokesman for the French government announced Friday that it was reactivating a commission on cooperation between France and Iraq remained dormant for twenty years.
Business opportunities will also be discussed as well as curriculum and training, "said government spokesman.
According to information provided by the group, Yves-Louis Darricarrère, General Manager Exploration & Production at Total visited last February in Baghdad "to meet the authorities and discuss with them a renewed cooperation between Iraq and Total ".
"Iraq is important for Total historically. We are born," said Mr. Darricarrère. Faisiant referring to the first participation of the French Oil Company, ex-Total, in a field producer near Kirkuk in Iraq in 1927.
Everything seems to fall to those who wait ... the Iraqi Oil Minister Hussein Chahristani launching alongside a new call for tenders on 11 fields hydrocrabures (oil and gas). A first tender has already been launched six months ago, on six oilfields and two gas fields. Such an operation should eventually allow an increase in production of 1.5 million barrels per day.
Total certainly did not wait for Nicolas Sarkozy "leering" on oil from Iraq ... but if we believe certain, he could act for the French oil tanker in the extensive sharing of Iraqi oil cake.
The boss of Total, Christophe de Margerie had said last September in an interview with the Figaro, the French oil group was discussing with the Iraqi government to return to Iraq in a sustainable manner. " He was anxious then to temper his remarks by stating that "Iraqi law" was not yet stabilized "and that" the safety of people remains the main problem, although the overall situation is improving. "
At a press conference on the occasion of the XIX World Petroleum Congress, Mr. de Margerie had already indicated that July 1 was about to sign a service contract in Iraq. Virtually "ignored" by the French press at the time.
"We are about to sign a contract for service, had he then said, mentioning even hope to sign a contract within days, weeks to come. "This is just transitory contracts, that is what we can do today because of security problems. 2009 is probably a little too early to make more investments in the country, Had he added.
Meanwhile, Baghdad had announced he was not able to reach agreement with oil majors for technical assistance contracts in the short term, the latter proved too "greedy". However, according to the Iraqi Ministry of Oil, Iraq would be offered "service contracts" in the longer term to 41 foreign oil companies for six oilfields and two gas, which the French group.
In August 2007 the Dow Jones agency, quoting sources close to the matter, reported that the oil giants Total and Chevron signed an agreement for services that should enable them to explore and jointly develop a major Iraqi oil fields , the Majnoun (south east), once a hydrocarbon law will be adopted and that the security situation will improve.
Total, Chevron and Iraqi officials have met in June 2007 to discuss the implementation of this agreement, even if the Iraqi government was not involved.
Majnoun had a production capacity of approximately 50,000 barrels per day before the U.S. intervention in 2003, according to statistics from the U.S. Department of Energy. This deposit has total reserves estimated at 12 billion barrels, making it the fourth largest field in Iraq, according to Bernstein Research Institute. It also stated that Chevron and Total is also working on the field of Nahr bin Omar (south), whose reserves were estimated at 6 billion barrels.
But nothing was free in this world ... if we believe the Anglo-Saxon, the agreement was concluded in exchange for greater involvement of France in Afghanistan - which, in addition to its aircraft, has 1 100 troops stationed in Kabul.
Such an "agreement" to get involved in Afghanistan to "atone" for not having participated in the war in Iraq has a history. A recent report by Radio-Canada on the war in Afghanistan we learned that Canada had sought, after refusing to participate in the war in Iraq, back in the good graces of the United States by engaging in risky areas in Afghanistan.
Tuesday, February 10, during his visit to Iraq, Nicolas Sarkozy called on French companies to invest quickly in this country in the reconstruction ....
Meanwhile, in Toulouse, the most eminent chemists seem to doubt the official theory can "explain" - even justified? - The disaster at the AZF factory, owned by Grande Paroisse, a subsidiary of Total. While others do not hesitate to think that the state could "negotiate" with the group, so that it assumes the mantle of guilty ideal ... and what is more "generous".
If the governmental interests are understandable - the assumed total responsibility for avoiding the state to draw in boxes already empty, it turns out that the track volunteer (attack) is to remember that final - the oil could be encouraged to show "good will" in return for support in high places in their contracts in Iraq.
Fund: Priorities Michael Sabia
Michael Sabia said he was "eager to make it work" and made his priorities in an action plan in two phases.
"Very honored and proud to take the lead of the Caisse de dépôt et placement, Michael Sabia said would" restore the pride of Quebecers have an institution such as the Caisse de dépôt "and was" very pleased to continue its career in Quebec. "
Upon his appointment, Michael Sabia said he intended to act under an action plan in two phases.
Its priorities for the short term are:
Strengthen risk management practices based on the principles of simplification and transparency.
Review the investment strategy in the current market by seeking a balance between risk and return in order to ensure a solid and reliable performance.
Continue to work with applicants to find a better way to communicate with the public.
Longer term
Once these first cases grubby, Michael Sabia said he will focus on how the Fund could "benefit from the dynamism of the medium-sized businesses in Quebec," that which, he says, "an engine of the vitality of Quebec."
Michael Sabia also seek to strengthen the role increasingly important to the Fund on world markets "in respect of the balance of risk to the stability expected.
"Very honored and proud to take the lead of the Caisse de dépôt et placement, Michael Sabia said would" restore the pride of Quebecers have an institution such as the Caisse de dépôt "and was" very pleased to continue its career in Quebec. "
Upon his appointment, Michael Sabia said he intended to act under an action plan in two phases.
Its priorities for the short term are:
Strengthen risk management practices based on the principles of simplification and transparency.
Review the investment strategy in the current market by seeking a balance between risk and return in order to ensure a solid and reliable performance.
Continue to work with applicants to find a better way to communicate with the public.
Longer term
Once these first cases grubby, Michael Sabia said he will focus on how the Fund could "benefit from the dynamism of the medium-sized businesses in Quebec," that which, he says, "an engine of the vitality of Quebec."
Michael Sabia also seek to strengthen the role increasingly important to the Fund on world markets "in respect of the balance of risk to the stability expected.
Spain: recession comes fast, the OECD doubt the resumption future
The recession is approaching at full speed in Spain, which was confirmed Wednesday the downturn at the third quarter, while the prospects of rebound are limited according to the OECD, which calls for painful reforms to the workers. ( Finance Blog )
The National Statistics Institute (INE) has confirmed provisional figures published last week: GDP contracted by 0.2% in the third quarter compared to the second, unprecedented in 15 years.
If it is not yet technically in recession-two consecutive quarters of falling GDP-, Spain is unquestionably one foot. ( 2010 Recession )
This scenario is not excluded, "said coyly commented Wednesday Secretary of State for the Economy David Vegara. "The environment is complex and the data are not good," he noted.
"We will without doubt a relatively low economic behavior up to half of next year," he added, predicted a return "to positive growth" in late 2009.
The Organization for Economic Cooperation and Development (OECD) seems to share this optimism.
It is for all of 2009 a decline of 0.9% of GDP and affirms that the prospects for recovery are limited, except to adopt reforms, some of which would be painful for workers.
"Some factors behind the robust performance in the past are losing their force and do not leave hope that a modest rebound," said the organization in its economic survey of Spain published Wednesday.
Among these engines today seized included plenty of credit, low interest rates, a massive influx of immigrants and low-skilled women working, says she.
Spain is emerging from a period of strong growth (+3.7% in 2007), who had one of the most dynamic economies of the eurozone, boosted by the construction sector. But the housing market turned, and now draws brick Spain to the bottom.
The OECD recommends including Spanish Socialist government of Jose Luis Rodriguez Zapatero, whose popularity is declining, reducing the protection of workers under permanent contract.
"It would make it less generous severance pay related to permanent contracts, and reduce the difference in level of protection between temporary and permanent contracts" to promote the entry of young skilled labor market in positions corresponding to their qualifications, according to the OECD.
"If canceling all clauses of the inflation in collective bargaining is not feasible in the short term, these clauses should be redefined so as to minimize side effects," she adds.
The OECD also recommended to increase competition in certain sectors (energy, transport, post) or to improve education.
Another difficulty for the government: its budgetary leeway melted.
While Spain has succeeded in past years to generate surpluses and reduce its debt, the government is now planning the 2009 budget so nails the European Stability Pact which provides for limiting public deficits to 3% of GDP .
"The expansionary fiscal reached its limits", according to the OECD, referring to expenses incurred by the state to try to revive the activity.
The National Statistics Institute (INE) has confirmed provisional figures published last week: GDP contracted by 0.2% in the third quarter compared to the second, unprecedented in 15 years.
If it is not yet technically in recession-two consecutive quarters of falling GDP-, Spain is unquestionably one foot. ( 2010 Recession )
This scenario is not excluded, "said coyly commented Wednesday Secretary of State for the Economy David Vegara. "The environment is complex and the data are not good," he noted.
"We will without doubt a relatively low economic behavior up to half of next year," he added, predicted a return "to positive growth" in late 2009.
The Organization for Economic Cooperation and Development (OECD) seems to share this optimism.
It is for all of 2009 a decline of 0.9% of GDP and affirms that the prospects for recovery are limited, except to adopt reforms, some of which would be painful for workers.
"Some factors behind the robust performance in the past are losing their force and do not leave hope that a modest rebound," said the organization in its economic survey of Spain published Wednesday.
Among these engines today seized included plenty of credit, low interest rates, a massive influx of immigrants and low-skilled women working, says she.
Spain is emerging from a period of strong growth (+3.7% in 2007), who had one of the most dynamic economies of the eurozone, boosted by the construction sector. But the housing market turned, and now draws brick Spain to the bottom.
The OECD recommends including Spanish Socialist government of Jose Luis Rodriguez Zapatero, whose popularity is declining, reducing the protection of workers under permanent contract.
"It would make it less generous severance pay related to permanent contracts, and reduce the difference in level of protection between temporary and permanent contracts" to promote the entry of young skilled labor market in positions corresponding to their qualifications, according to the OECD.
"If canceling all clauses of the inflation in collective bargaining is not feasible in the short term, these clauses should be redefined so as to minimize side effects," she adds.
The OECD also recommended to increase competition in certain sectors (energy, transport, post) or to improve education.
Another difficulty for the government: its budgetary leeway melted.
While Spain has succeeded in past years to generate surpluses and reduce its debt, the government is now planning the 2009 budget so nails the European Stability Pact which provides for limiting public deficits to 3% of GDP .
"The expansionary fiscal reached its limits", according to the OECD, referring to expenses incurred by the state to try to revive the activity.
Labor's success at home business
Do you have a business at home? Success can be yours if you make the right choices. There are a myriad of opportunities for working at home success business. The key is to determine what work best costume effort at home to your taste and needs. If you make a search function for working on ideas at home you should be aware that there are plenty of companies available to provide you with the success of the work at home business. However, there are also plenty of opportunities to get ripped off. Be as diligent in your search.
The success of the work at home business can be found in many ways. Two things that should certainly be made to take the time to consider what you should look and what you should avoid looking for work at home business. Your success could depend on it to spring.
There are untold hundreds of items that you can use to learn about opportunities available on the line. For example, you might want to learn how to:
Earn a little extra money on the side, then you might want to learn about the simple on-line studies. Find out who are worth your time.
Document translation and writing independently. Find out where these opportunities can be found legitimate, and what tips you should know.
Telework by arranging to work your current job on the line of the house. Learn why your boss might go with the idea and the benefits you might derive from such an arrangement.
Data entry. Abundance of this to move.
Maybe you want to learn some of the pros and cons of working for someone else to be home against your own boss. If you decide you want to be your own boss, find out suggests about how to take charge and make your dream of working from home successful business come true. Learn what responsibilities you take office in being your own boss. Weigh those against allowing someone else to continue to be the boss while still working from home.
Gain insight into areas such as envelope stuffing scams, the multi-level marketing (MLM) and its moral implications as it combines to create a business at home. The success will depend in large part is knowing you, your likes and dislikes, strengths and weaknesses and how to best use your own knowledge and existing talent. Learn about ideas legitimate concession where you have an honest chance to make money and friends while creating a work from home success in business. If you do not learn these things you can spout end up alienating the current friends and failing in your business efforts.
Some work at home business are seasonal while others are viable years around everyone on where you live. Learn if you're interested in requires a lot of operating working capital to get started or if you can start out with relatively little investment. Consider the tax advantages and other benefits derived from operation of business at home. Success can be just a step a way if you take advantage of the wealth of information available to you.
The success of the work at home business can be found in many ways. Two things that should certainly be made to take the time to consider what you should look and what you should avoid looking for work at home business. Your success could depend on it to spring.
There are untold hundreds of items that you can use to learn about opportunities available on the line. For example, you might want to learn how to:
Earn a little extra money on the side, then you might want to learn about the simple on-line studies. Find out who are worth your time.
Document translation and writing independently. Find out where these opportunities can be found legitimate, and what tips you should know.
Telework by arranging to work your current job on the line of the house. Learn why your boss might go with the idea and the benefits you might derive from such an arrangement.
Data entry. Abundance of this to move.
Maybe you want to learn some of the pros and cons of working for someone else to be home against your own boss. If you decide you want to be your own boss, find out suggests about how to take charge and make your dream of working from home successful business come true. Learn what responsibilities you take office in being your own boss. Weigh those against allowing someone else to continue to be the boss while still working from home.
Gain insight into areas such as envelope stuffing scams, the multi-level marketing (MLM) and its moral implications as it combines to create a business at home. The success will depend in large part is knowing you, your likes and dislikes, strengths and weaknesses and how to best use your own knowledge and existing talent. Learn about ideas legitimate concession where you have an honest chance to make money and friends while creating a work from home success in business. If you do not learn these things you can spout end up alienating the current friends and failing in your business efforts.
Some work at home business are seasonal while others are viable years around everyone on where you live. Learn if you're interested in requires a lot of operating working capital to get started or if you can start out with relatively little investment. Consider the tax advantages and other benefits derived from operation of business at home. Success can be just a step a way if you take advantage of the wealth of information available to you.
New measurements for the loan atrate zero
American Financial - The housing component of the plan to revive the economy announced by the President of the Republic in Douai December 4 provides a doubling of the amount of loan for the year 2009.
The two decrees on the new device were published in the Official Gazette 20 December 2008 and for the purchase of a new home as primary residence as of 15 January 2009.
The doubling of the loan occurred with a dual mechanism:
Raising the amount available to 30% of the price of housing (instead of 20% previously). This amount of up to 40% in urban zones.
Increase the ceiling depending on the area of purchase.
The repayment period is also lengthened significantly.
An example was given by the government. It concerns a childless couple who buys a house in Reims 135 000. The new loan would be for the household assistance of 40 800 euros over 19 years. The monthly payments on them would be reduced to 728 euros instead of 848 euros without the device.
The measure will last until 31 December 2009, but the effects of the financial crisis could lead the government to extend beyond that date.
Two out of three households are concerned and we consider that the measure would encourage the purchase of 100 000 new dwellings. This constitutes a real breath of fresh air for real estate in great difficulty and could cost a whopping 600 million euros to the state. However check if it will be sufficient to enable low income households to purchase goods whose price has experienced a doubling in the last ten years and are still generally too expensive.
The two decrees on the new device were published in the Official Gazette 20 December 2008 and for the purchase of a new home as primary residence as of 15 January 2009.
The doubling of the loan occurred with a dual mechanism:
Raising the amount available to 30% of the price of housing (instead of 20% previously). This amount of up to 40% in urban zones.
Increase the ceiling depending on the area of purchase.
The repayment period is also lengthened significantly.
An example was given by the government. It concerns a childless couple who buys a house in Reims 135 000. The new loan would be for the household assistance of 40 800 euros over 19 years. The monthly payments on them would be reduced to 728 euros instead of 848 euros without the device.
The measure will last until 31 December 2009, but the effects of the financial crisis could lead the government to extend beyond that date.
Two out of three households are concerned and we consider that the measure would encourage the purchase of 100 000 new dwellings. This constitutes a real breath of fresh air for real estate in great difficulty and could cost a whopping 600 million euros to the state. However check if it will be sufficient to enable low income households to purchase goods whose price has experienced a doubling in the last ten years and are still generally too expensive.
3 secrets to work from home and succeed on the internet
If you are looking for information to learn how to work from home, you will find several options that are vital to your success. As someone who has tested several offers and job opportunities at home, I learned through my mistakes a lot of secrets and ideas to run a profitable business at home and earn money.
I talk about three important things you need to start and sustain a business at home, enjoying a good idea and a serious opportunity. At the end of reading this article, you'll have a clear idea of what it takes to succeed in this industry and be well prepared to be part of workers who earn at home.
1 - Reserve a space or an office dedicated solely to your home. Have an area set aside as your office work at home "you will be well organized and focus on your daily tasks. There is more frustrating than working in a common area or shared, or you need to participate in conversations, see on television, and more.
2 - turn off the television. For some newcomers in this industry, when they start work at home, they want to be distracted by television. I turn it off when I work or home. Take courageous decision not to see the TV while working at home, applying this simple advice, your income on the internet and your performance will increase significantly. Eliminate non-productive distractions is one of the best decisions for a home business.
3 - How to choose the hours of work each day. When working at home is more to be a worker surplus. From the fact that you are always home, you can try to work long enough, when it is important to succeed at home, it is also vital to have a balanced life and good health. Well defined working hours and respect, you are more productive and avoid the obstacle that any home worker meeting.
I hope this article has given you good ideas about what it takes to succeed when you are looking for a job offer at home. Working at home is not always easy, but it was the right decision you can make.
I talk about three important things you need to start and sustain a business at home, enjoying a good idea and a serious opportunity. At the end of reading this article, you'll have a clear idea of what it takes to succeed in this industry and be well prepared to be part of workers who earn at home.
1 - Reserve a space or an office dedicated solely to your home. Have an area set aside as your office work at home "you will be well organized and focus on your daily tasks. There is more frustrating than working in a common area or shared, or you need to participate in conversations, see on television, and more.
2 - turn off the television. For some newcomers in this industry, when they start work at home, they want to be distracted by television. I turn it off when I work or home. Take courageous decision not to see the TV while working at home, applying this simple advice, your income on the internet and your performance will increase significantly. Eliminate non-productive distractions is one of the best decisions for a home business.
3 - How to choose the hours of work each day. When working at home is more to be a worker surplus. From the fact that you are always home, you can try to work long enough, when it is important to succeed at home, it is also vital to have a balanced life and good health. Well defined working hours and respect, you are more productive and avoid the obstacle that any home worker meeting.
I hope this article has given you good ideas about what it takes to succeed when you are looking for a job offer at home. Working at home is not always easy, but it was the right decision you can make.
Business ideas based at home - working at home at your own pace
But how ??
The ideas for businesses based at home really depends on your focus. If you like selling door to door or hold parties at home, then you will see that there are many opportunities for you to operate your own business out of your home. This always means getting dressed and out in all types of weather. However, there are also ideas for businesses at the house where you can do everything online taking advantage of what the Internet has to offer and the options are many.
Most people think that having the Internet business, they must take a computer course, which only adds to the expenses of installing business. Everything you need to run your work from home business internet is your own PC and an Internet connection. Once you have that the world is at your feet when it comes to business ideas for businesses based in homes.
You do not necessarily need a website of your own to do business on the Internet. It all depends on what you are interested in as part of your business internet work at home. If you have a talent for writing, then you will find a wealth of business ideas for home based businesses by searching the Internet. Those who establish websites are always looking for authors for their articles and you can register to Elance or Guru, or both. These companies allow you to offer in writing once you pay the subscription fees, which are very reasonable - $ 75 to $ 90 every three months.
If you do not want to pay nothing at all to establish a business at home internet, then this possible as well. There are many sites that advertise the job that you can make your own at home using your computer and the Internet for your research. Write articles for shops and if you have an education background, you can develop lesson plans for various publishers. While you can send and receive email and have a word processing program on your computer, then you can use many different business ideas for businesses based in homes.
When you want to work from home, the Internet is the best place to start looking for business ideas for the home. Here you will find opportunities that require little or no investment to get started. When you take advantage of business ideas for business at home, then the sky is the limit. How much money you make depends on how much time you want to spend on Internet business that you create.
There are plenty of business ideas for businesses based in homes, and some of the best is on the net.
The ideas for businesses based at home really depends on your focus. If you like selling door to door or hold parties at home, then you will see that there are many opportunities for you to operate your own business out of your home. This always means getting dressed and out in all types of weather. However, there are also ideas for businesses at the house where you can do everything online taking advantage of what the Internet has to offer and the options are many.
Most people think that having the Internet business, they must take a computer course, which only adds to the expenses of installing business. Everything you need to run your work from home business internet is your own PC and an Internet connection. Once you have that the world is at your feet when it comes to business ideas for businesses based in homes.
You do not necessarily need a website of your own to do business on the Internet. It all depends on what you are interested in as part of your business internet work at home. If you have a talent for writing, then you will find a wealth of business ideas for home based businesses by searching the Internet. Those who establish websites are always looking for authors for their articles and you can register to Elance or Guru, or both. These companies allow you to offer in writing once you pay the subscription fees, which are very reasonable - $ 75 to $ 90 every three months.
If you do not want to pay nothing at all to establish a business at home internet, then this possible as well. There are many sites that advertise the job that you can make your own at home using your computer and the Internet for your research. Write articles for shops and if you have an education background, you can develop lesson plans for various publishers. While you can send and receive email and have a word processing program on your computer, then you can use many different business ideas for businesses based in homes.
When you want to work from home, the Internet is the best place to start looking for business ideas for the home. Here you will find opportunities that require little or no investment to get started. When you take advantage of business ideas for business at home, then the sky is the limit. How much money you make depends on how much time you want to spend on Internet business that you create.
There are plenty of business ideas for businesses based in homes, and some of the best is on the net.
London: The misadventures of the Fund continues
The troubles of the Case of deposit are not finished, far from there. Rental rates of its buildings in London could still fall substantially, said Meka Brunel, Director SITQ Europe, the subsidiary of the Fund responsible for investing in real estate in the old continent.
"I doubt that the drop in occupancy rates is over in London," she said during a discussion outside the MIPIM, the big annual convention of the real estate world that has just ended in Cannes. "They could still decline by 20%. "
Consequently, the declining value of the Fund's investments in this country would not be completed. In Paris, where SITQ opened last year its new Q1 tower, occupied entirely by GDF-Suez, Mrs Brunel not expected to stabilize next market and wants to wait before trying again to buy buildings. "We will not rush to invest," she says. This is not the time. "
She welcomed all the same that the real estate in the French capital has proven more stable than in London. "Paris is the market that behaves best in Europe," says Brunel. It is not as up to London, then it also declined less. "
SITQ is still caught with its buildings in Europe. So it has sold over one billion Canadian dollars in buildings last year to restore the proportion of shares in its portfolio after the fall of stock prices, it did not make large transactions in Europe. "Last year, the opportunity has not presented sell property in Europe," said Ms. Brunelle lesaffaires.com.
It could have been worse: SITQ has failed to rent a large part of the tower T1 Lehman Brother last year, before the bankruptcy of U.S. investment bank. She finally signed with GDF-Suez. It should have escaped beautiful. "Of course we can be proud," she says.
"I doubt that the drop in occupancy rates is over in London," she said during a discussion outside the MIPIM, the big annual convention of the real estate world that has just ended in Cannes. "They could still decline by 20%. "
Consequently, the declining value of the Fund's investments in this country would not be completed. In Paris, where SITQ opened last year its new Q1 tower, occupied entirely by GDF-Suez, Mrs Brunel not expected to stabilize next market and wants to wait before trying again to buy buildings. "We will not rush to invest," she says. This is not the time. "
She welcomed all the same that the real estate in the French capital has proven more stable than in London. "Paris is the market that behaves best in Europe," says Brunel. It is not as up to London, then it also declined less. "
SITQ is still caught with its buildings in Europe. So it has sold over one billion Canadian dollars in buildings last year to restore the proportion of shares in its portfolio after the fall of stock prices, it did not make large transactions in Europe. "Last year, the opportunity has not presented sell property in Europe," said Ms. Brunelle lesaffaires.com.
It could have been worse: SITQ has failed to rent a large part of the tower T1 Lehman Brother last year, before the bankruptcy of U.S. investment bank. She finally signed with GDF-Suez. It should have escaped beautiful. "Of course we can be proud," she says.
U.S. crude at $ 50 for 1st time since January
The U.S. light crude oil has reached the 50 dollars for the first time since January 6, after the decisions of the Federal Reserve to push back the dollar and boost the hopes of a resumption in the United States.,
At 11:15 GMT, the April contract on the U.S. light crude gained $ 2.25, or 4.67% to 50.39 dollars a barrel and Brent took 210 cents (4.41%) to 49.76 dollars.
The Fed announced Wednesday it would buy the next six months up to $ 300 billion (223 billion) of loans from the Treasury while increasing from 850 billion the amount of the already implemented buy securities backed by mortgages.
These ads have caused a surge on Wall Street and the bond market but they have sealed the greenback, weakened by the prospect that the U.S. central bank flooded the market for dollars and increase deficits.
"It is the combination of lower U.S. dollar and the decision of the Fed, which raised oil prices," said David Moore, commodities strategist at Commonwealth Bank of Australia.
"But I suspect that this is also largely linked to hopes that the plan to revive U.S. would boost the economy or at least stabilize," he adds.
Other commodities have benefited from the decisions of the Fed that gives hope for an improvement in market demand. Copper has jumped 5% to a high of four months.
The 50 dollars is the upper range of courses in which the barrel of U.S. light crude since the start of the year. A fence on top of $ 50 would strengthen the hypothesis of a continued rally in oil prices, analysts emphasize.
At 11:15 GMT, the April contract on the U.S. light crude gained $ 2.25, or 4.67% to 50.39 dollars a barrel and Brent took 210 cents (4.41%) to 49.76 dollars.
The Fed announced Wednesday it would buy the next six months up to $ 300 billion (223 billion) of loans from the Treasury while increasing from 850 billion the amount of the already implemented buy securities backed by mortgages.
"It is the combination of lower U.S. dollar and the decision of the Fed, which raised oil prices," said David Moore, commodities strategist at Commonwealth Bank of Australia.
"But I suspect that this is also largely linked to hopes that the plan to revive U.S. would boost the economy or at least stabilize," he adds.
Other commodities have benefited from the decisions of the Fed that gives hope for an improvement in market demand. Copper has jumped 5% to a high of four months.
The 50 dollars is the upper range of courses in which the barrel of U.S. light crude since the start of the year. A fence on top of $ 50 would strengthen the hypothesis of a continued rally in oil prices, analysts emphasize.
Estimates for the period 6 months CY 2009: Dun & Bradstreet
Indian Industrial Index GDP or industrial property of the product ion will be "moderate" for the two quarters of CY 2009. IIP numbers that are negative for two months in December 2008 and January 2009 shows a relative effect on the first 6 months of this calendar year. These are estimates announced by a research firm Dun & Bradstreet (D & B), the research firm said the scenario will continue for the first quarter FY10 and is expected to rise within the range 0.50-1% during February 2009.
Industrial growth@4.6% of GDP for FY09 - D & B
"We expect IIP growth to remain subdued during the first quarter of fiscal 10. Exports are also likely to remain bleak for much of the current calendar year given the gravity of the global economic downturn, "said Kaushal Sampat, Chief Operating Officer (COO), D & B India .
In the fourth quarter, gross domestic product, Sampat said he does not expect a further decline in manufacturing and agriculture and, therefore, believes that the country `s economic growth would be d approximately 6.2% to 6.3%.
On inflation, Sampat said he expected to withdraw more quickly in the coming weeks on inflation falling fuel group, high base effect and benefits of reductions in excise duties available beyond March 31.
Describing inflation in negative territory slip deflation, Sampat said: "The economy of deflation in May witnessed in early April 2009."
During March, D & B said the wholesale price index (WPI) inflation will average between 0.90% to 1.10%.
Bond yields are likely to remain high in the near future on increased borrowing, D & B said. It views 15-91 days T-bills yields average about 4.40% to 4.70% in March.
In addition, the company expects that the pressure on the rupee to ease in the short term due to the resumption of market operations by the Reserve Bank of India (RBI).
"The rupee is unlikely to depreciate further in the level and will be around Rs 51.20 to Rs 51.50 USD for the month of March," she says.
Industrial growth@4.6% of GDP for FY09 - D & B
"We expect IIP growth to remain subdued during the first quarter of fiscal 10. Exports are also likely to remain bleak for much of the current calendar year given the gravity of the global economic downturn, "said Kaushal Sampat, Chief Operating Officer (COO), D & B India .
In the fourth quarter, gross domestic product, Sampat said he does not expect a further decline in manufacturing and agriculture and, therefore, believes that the country `s economic growth would be d approximately 6.2% to 6.3%.
On inflation, Sampat said he expected to withdraw more quickly in the coming weeks on inflation falling fuel group, high base effect and benefits of reductions in excise duties available beyond March 31.
Describing inflation in negative territory slip deflation, Sampat said: "The economy of deflation in May witnessed in early April 2009."
During March, D & B said the wholesale price index (WPI) inflation will average between 0.90% to 1.10%.
Bond yields are likely to remain high in the near future on increased borrowing, D & B said. It views 15-91 days T-bills yields average about 4.40% to 4.70% in March.
In addition, the company expects that the pressure on the rupee to ease in the short term due to the resumption of market operations by the Reserve Bank of India (RBI).
"The rupee is unlikely to depreciate further in the level and will be around Rs 51.20 to Rs 51.50 USD for the month of March," she says.
U.S. / Eco: the tax deduction Madoff was born!
Tax departments of the U.S. IRS (Internal Revenue Service) have so far indicated they would allow victims of conspiracy Madoff ...
Tax departments of the U.S. IRS (Internal Revenue Service) have so far indicated they would allow victims of conspiracy Madoff commonly estimated at $ 50 billion to deduct their losses for the fiscal year 2008. In principle, victims may deduct 95% of the amount invested in addition to the supposed interest, less any reimbursements from the government or insurance.
Tax departments of the U.S. IRS (Internal Revenue Service) have so far indicated they would allow victims of conspiracy Madoff commonly estimated at $ 50 billion to deduct their losses for the fiscal year 2008. In principle, victims may deduct 95% of the amount invested in addition to the supposed interest, less any reimbursements from the government or insurance.
AIG American distributor for $ 165 million bonus
American Financial - SCANDAL | saved from bankruptcy by the White House, the insurer pays a premium whose magnitude hurts.
Just installed in Washington in January, Barack Obama had prevailed against the culture of bonuses on Wall Street. The anger did not prevent this practice to continue. AIG, the number one insurance in the United States, last year saved from bankruptcy through an emergency $ 170 billion from the government, yesterday paid a premium for a total of 165 million dollars (195 million) to executives and employees of the branch of its financial products. This area was originally the deficit of 99.3 billion dollars of AIG in 2008.
The news has provoked anger yesterday government officials Obama. Interviewed on ABC, Larry Summers, the president's economic adviser, described the initiative of AIG "scandalous." Timothy Geithner, Treasury Secretary, tried in vain to prevent the insurer to pay the bonuses promised by the rescue group. Edward Liddy, AIG President and implemented by the Government in September, has relied on legal and contractual reasons to justify the payment of these premiums. The skipper, however, that the measure was "tasteless and difficult to recommend." He however added that bonuses allowed him to hire "the best" elements to lead AIG, a company whose government now holds 80% stake.
Timothy Geithner has managed to get bonuses for key executives of AIG are reduced by half. Some of the bonuses paid to some 400 employees of the financial services branch of the insurer do not exceed $ 1,000, but according to the New York Times, seven heads of AIG Financial Product should receive more than $ 3 million bonus .
Just installed in Washington in January, Barack Obama had prevailed against the culture of bonuses on Wall Street. The anger did not prevent this practice to continue. AIG, the number one insurance in the United States, last year saved from bankruptcy through an emergency $ 170 billion from the government, yesterday paid a premium for a total of 165 million dollars (195 million) to executives and employees of the branch of its financial products. This area was originally the deficit of 99.3 billion dollars of AIG in 2008.
Timothy Geithner has managed to get bonuses for key executives of AIG are reduced by half. Some of the bonuses paid to some 400 employees of the financial services branch of the insurer do not exceed $ 1,000, but according to the New York Times, seven heads of AIG Financial Product should receive more than $ 3 million bonus .
Barclays wants to sell iShares
Barclays confirmed it had held discussions in relation to the possible sale of its subsidiary iShares, but no decision has yet been formally taken.
Discussions would actually held with buyers potentially interested parties, all as part of a "regular review of the portfolio of subsidiaries of the company."
According to British newspaper The Telegraph, Barclays would sell its subsidiary for $ 5.6 billion. We rely on the ranks of potential buyers more investors from the United States and the Persian Gulf.
This transaction would allow any bank to avoid having recourse to the guarantee program assets from risk of the English government.
Discussions would actually held with buyers potentially interested parties, all as part of a "regular review of the portfolio of subsidiaries of the company."
According to British newspaper The Telegraph, Barclays would sell its subsidiary for $ 5.6 billion. We rely on the ranks of potential buyers more investors from the United States and the Persian Gulf.
This transaction would allow any bank to avoid having recourse to the guarantee program assets from risk of the English government.
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Coming up this week
It is expected this week the filing of the new provincial budget to be tabled today by Minister Monique Jérôme-Forget. It is expected generally to a deficit and depletion of the "bag" reserve the minister.
"As the economy of Quebec clearly not to escape the recession, there was no doubt that the reserves will be almost completely depleted from this year to fill the gap is widening, economists argue Desjardins. In the absence of additional flexibility, at least the next two years will show a deficit that is likely to be more of a shudder. "
Monday
In the U.S., it is expected that industrial production falling 1.3% in February, against 1.8% in January, because of difficulties in the construction industry and automotive plant closures of assembly.
Tuesday
The situation of the labor market, which improved slightly during the period, combined with a decrease in production should lead to a fall in productivity from an increasing void in the third quarter of 2008 with a very slight increase 0.2% in the fourth quarter in Canada.
In the U.S., housing starts continue to fall while purging stocks unsold homes continues. We expect 450 000 housing starts in February against 466 000 in January.
Wednesday
South of the border, the index of consumer prices (CPI) was in January, its first increase since September. That upward trend should continue in February when the price level is still propelled by rising gasoline prices. It provides an increase of 0.3% in the CPI.
In addition, the Federal Reserve is expected to announce a stabilization of interest rates to 0.25%.
Thursday
In addition to the unveiling of the provincial budget to Quebec, we will publish the results of inflation for the month of February in Canada on Thursday. After a fall of 0.3% in January, is expected to increase by 0.2% in February due to seasonal increases.
"The annual rate of inflation should fall below the lower of the Bank of Canada (BoC), or 0.8%, Desjardins supports. The annual change in the benchmark index of the BoC should also decrease during the month. "
Friday
Anemic confidence of households and the situation on the labor market should lead to a fall in retail sales in January. It is expected an increase of 0.3% during the month, against a fall of 5.4% in December, thanks to higher sales of automobiles.
"As the economy of Quebec clearly not to escape the recession, there was no doubt that the reserves will be almost completely depleted from this year to fill the gap is widening, economists argue Desjardins. In the absence of additional flexibility, at least the next two years will show a deficit that is likely to be more of a shudder. "
Monday
In the U.S., it is expected that industrial production falling 1.3% in February, against 1.8% in January, because of difficulties in the construction industry and automotive plant closures of assembly.
Tuesday
The situation of the labor market, which improved slightly during the period, combined with a decrease in production should lead to a fall in productivity from an increasing void in the third quarter of 2008 with a very slight increase 0.2% in the fourth quarter in Canada.
In the U.S., housing starts continue to fall while purging stocks unsold homes continues. We expect 450 000 housing starts in February against 466 000 in January.
Wednesday
South of the border, the index of consumer prices (CPI) was in January, its first increase since September. That upward trend should continue in February when the price level is still propelled by rising gasoline prices. It provides an increase of 0.3% in the CPI.
In addition, the Federal Reserve is expected to announce a stabilization of interest rates to 0.25%.
Thursday
In addition to the unveiling of the provincial budget to Quebec, we will publish the results of inflation for the month of February in Canada on Thursday. After a fall of 0.3% in January, is expected to increase by 0.2% in February due to seasonal increases.
"The annual rate of inflation should fall below the lower of the Bank of Canada (BoC), or 0.8%, Desjardins supports. The annual change in the benchmark index of the BoC should also decrease during the month. "
Friday
Anemic confidence of households and the situation on the labor market should lead to a fall in retail sales in January. It is expected an increase of 0.3% during the month, against a fall of 5.4% in December, thanks to higher sales of automobiles.
The trend is towards caution in RBC
American Financial - RBC Asset Management (RBC GA) launched on March 9 the latest addition to its portfolio selection, portfolio carefully select high RBC, which is a safe haven for customers demonstrating an aversion to risk.
This fund is a fund of funds built entirely from RBC products and funds from its subsidiary Philips Hager & North (PH & N). It will invest mainly in funds of fixed income, 80%, and in equity funds, 20%.
"It's an actively managed portfolio (...) so if the manager decides, it may choose to increase or decrease of 15% in fixed income portion and 10% in the action portion," says Brigitte Felx, financial planner at RBC Wealth Management.
The action portion, although no target return is now revealed by the RBC, is expected to protect the portfolio against inflation. The first objective of the investment remains cautious, however, before the returns since the fund is the most conservative of the range of exclusive products.
This product is designed as much to families who wish to put their savings in a safe product, that future retirees in search of protection or investors with a considerable aversion to risk.
"Prudence is a concept popular with customers these days, said Brigitte Felx. It also covers customers seeking to remain in the market while being protected, for those who have a complete aversion to risk will go on perhaps to other products. "
The fund is eligible for registered accounts as well as non-registered accounts. However, a client wishing to invest in a non-registered must consider the tax issues related to taxation of investments in fixed income securities.
"All that is fixed is larger than anything that emerges from capital gains and dividends, so if my portfolio is mainly income I will have more to report earnings to be taxed more than my actions," says Brigitte Felx .
The minimum amount for an initial investment of $ 5 000 for an investment horizon of between 1 to 5 years.
This fund is a fund of funds built entirely from RBC products and funds from its subsidiary Philips Hager & North (PH & N). It will invest mainly in funds of fixed income, 80%, and in equity funds, 20%.
"It's an actively managed portfolio (...) so if the manager decides, it may choose to increase or decrease of 15% in fixed income portion and 10% in the action portion," says Brigitte Felx, financial planner at RBC Wealth Management.
This product is designed as much to families who wish to put their savings in a safe product, that future retirees in search of protection or investors with a considerable aversion to risk.
"Prudence is a concept popular with customers these days, said Brigitte Felx. It also covers customers seeking to remain in the market while being protected, for those who have a complete aversion to risk will go on perhaps to other products. "
The fund is eligible for registered accounts as well as non-registered accounts. However, a client wishing to invest in a non-registered must consider the tax issues related to taxation of investments in fixed income securities.
"All that is fixed is larger than anything that emerges from capital gains and dividends, so if my portfolio is mainly income I will have more to report earnings to be taxed more than my actions," says Brigitte Felx .
The minimum amount for an initial investment of $ 5 000 for an investment horizon of between 1 to 5 years.
Despite the friction, Beijing and Washington continue their reconciliation
Secretary of State, Hillary Clinton, received on Wednesday 11 March in Washington, his Chinese counterpart, Yang Jiechi, while a naval incident in Sino-American China Sea and the deep convictions of the "repression" in Tibet by the U.S. Congress have somewhat increased the climate between the two countries.
China and the USA, however, are engaged in a phase of rapprochement on crucial issues such as Iran and North Korea, even climate change, and neither Washington nor Beijing would like to see not derail their efforts. About the naval incident, which saw five vessels to pursue a Chinese vessel in the U.S. Navy in international waters last weekend, Mrs. Clinton said that both countries would seek to prevent such incidents reproduce and work for this latest "does not have unintended consequences." It was "satisfied" with the agreement reached with Mr. Yang.
Depending on the version given by the Pentagon, the U.S. building, the USNS Impeccable-, which was devoid of armaments, was harassed by Chinese five boats, one of which came within less than eight meters in the ordinary course of a "dangerous" intimidation. The U.S. Department of Defense has protested against the "harassment, in Impeccable crossing legally in international waters."
Chinese side, the response has been particularly virulent, the spokesman of Foreign Ministry, Ma Zhaoxu, replicating the U.S. claims were "totally inaccurate" and arguing that the building of the United States Navy had "violated the laws international and Chinese laws. " "China, he added, calls for the United States to end such activities." Questioned by journalists in Beijing, the same spokesman refused to specify what laws, exactly, the Impeccable had raped.
The American ship is a ship equipped with sophisticated sonar systems. He specializes in identifying deep submarine. His presence, some 120 km south of the Chinese island of Hainan, off the coast of Vietnam, is probably not unrelated to the fact that the Chinese are building the largest submarine base on this Island, Hong Kong press reports.
The incident comes within the broader context of a Sino-American competition in the region, where Washington, analyze specialists, aims to respond to the challenge represented by the rise of the Chinese navy and its allies to show regional East Asia (Taiwan, Japan, South Korea) that the United States are capable of ensuring their safety.
The arrival of the Chinese Minister in Washington the same day of the 50th anniversary of the failed uprising in Lhasa, could not also be absent from the conversation between Secretary of State and his counterpart. The commitment of the Obama administration in the defense of human rights around the world "is no doubt," said Clinton.
After the House of Representatives passed on Tuesday, almost unanimously, a resolution of support for the Tibetan people ", Beijing has reacted sharply, warning the U.S. that could lead to a deterioration of relations between the two countries.
The Chinese minister was to be received by Barack Obama Thursday, an honor that has not been hitherto ministers to move to Washington. The U.S. clearly attaches great importance to a good start with China. The American president would soon appoint a special envoy for Darfur, in which case he wishes to influence the Chinese intransigence.
The Special Envoy of Mrs. Clinton for North Korea, an ally of China, the diplomat Stephen Bosworth, has returned empty handed from his first tour in the region, while, "said Secretary of State, he stood ready to go "on the spot" to Pyongyang. Even if the North Koreans carry out a missile firing, as their intent is given, the United States continue to demand a meeting of the Group of Six (Russia, China, USA, Japan and both Koreas ), with the goal of denuclearization of the Korean peninsula. Mrs. Clinton said in this regard that China and the United States is "united" in opposition to any missile launch by North Korea and have agreed to discuss the answers to be given, if necessary .
China and the USA, however, are engaged in a phase of rapprochement on crucial issues such as Iran and North Korea, even climate change, and neither Washington nor Beijing would like to see not derail their efforts. About the naval incident, which saw five vessels to pursue a Chinese vessel in the U.S. Navy in international waters last weekend, Mrs. Clinton said that both countries would seek to prevent such incidents reproduce and work for this latest "does not have unintended consequences." It was "satisfied" with the agreement reached with Mr. Yang.
Depending on the version given by the Pentagon, the U.S. building, the USNS Impeccable-, which was devoid of armaments, was harassed by Chinese five boats, one of which came within less than eight meters in the ordinary course of a "dangerous" intimidation. The U.S. Department of Defense has protested against the "harassment, in Impeccable crossing legally in international waters."
The American ship is a ship equipped with sophisticated sonar systems. He specializes in identifying deep submarine. His presence, some 120 km south of the Chinese island of Hainan, off the coast of Vietnam, is probably not unrelated to the fact that the Chinese are building the largest submarine base on this Island, Hong Kong press reports.
The incident comes within the broader context of a Sino-American competition in the region, where Washington, analyze specialists, aims to respond to the challenge represented by the rise of the Chinese navy and its allies to show regional East Asia (Taiwan, Japan, South Korea) that the United States are capable of ensuring their safety.
The arrival of the Chinese Minister in Washington the same day of the 50th anniversary of the failed uprising in Lhasa, could not also be absent from the conversation between Secretary of State and his counterpart. The commitment of the Obama administration in the defense of human rights around the world "is no doubt," said Clinton.
After the House of Representatives passed on Tuesday, almost unanimously, a resolution of support for the Tibetan people ", Beijing has reacted sharply, warning the U.S. that could lead to a deterioration of relations between the two countries.
The Chinese minister was to be received by Barack Obama Thursday, an honor that has not been hitherto ministers to move to Washington. The U.S. clearly attaches great importance to a good start with China. The American president would soon appoint a special envoy for Darfur, in which case he wishes to influence the Chinese intransigence.
The Special Envoy of Mrs. Clinton for North Korea, an ally of China, the diplomat Stephen Bosworth, has returned empty handed from his first tour in the region, while, "said Secretary of State, he stood ready to go "on the spot" to Pyongyang. Even if the North Koreans carry out a missile firing, as their intent is given, the United States continue to demand a meeting of the Group of Six (Russia, China, USA, Japan and both Koreas ), with the goal of denuclearization of the Korean peninsula. Mrs. Clinton said in this regard that China and the United States is "united" in opposition to any missile launch by North Korea and have agreed to discuss the answers to be given, if necessary .
The crisis could bring the Chinese economy in the nails
American Financial - The financial crisis has the same effect as the mirrors of the fairgrounds. It gives national economies look unusual. In the case of China, it makes things ... can not be more normal.
Trade statistics which were published on Wednesday 11 March, show that in February, the Chinese trade surplus has shrunk to reach 4.8 billion dollars (3.7 billion euros). He had not been so low for three years. This sudden drop is impressive, but this time, any economy based on exporting cheap goods can only difficulties.
The idea that the surplus on its current protects China is attractive. It was a long time that the United States criticized for their partner to maintain a weak currency to boost its exports artificially.
If the spoils of exports were to disappear, it would no longer be necessary to prevent the Chinese currency to appreciate to preserve trade. In floating exchange rate regime, the yuan could vary smoothly rather than to blows.
This appearance of normality was perhaps a smokescreen. Plant closures in the period of Chinese New Year skew trade figures for January and February. Exports certainly fall quickly, but recent measures such as tax rebates, expected to boost production. Imports have declined less than exports, which melts the surplus. It is possible that this phenomenon reflects an adjustment of stocks rather than a structural change in consumption patterns.
Normality was still a chance to settle permanently, especially if 4 of 000 billion yuan (457 billion) plan to revive are employees. At the National People's Assembly, held the week of March 2, there has been talk of investing in research and development. And that is what China must do. A country with 1.2 billion consumers can build sustainable prosperity by focusing on value-added sectors where the market is domestic, rather than exporting the production of cheap labor.
All this is sad news for neighboring countries. India and Malaysia have at least fortunate to have resources that China can never produce itself. But Taiwan, South Korea, Japan and Thailand, all of whom have seen their exports to the Middle Kingdom down, have something to be worried. If China does not want to just be the factory of the world, this exceptional normality could settle permanently.
Trade statistics which were published on Wednesday 11 March, show that in February, the Chinese trade surplus has shrunk to reach 4.8 billion dollars (3.7 billion euros). He had not been so low for three years. This sudden drop is impressive, but this time, any economy based on exporting cheap goods can only difficulties.
The idea that the surplus on its current protects China is attractive. It was a long time that the United States criticized for their partner to maintain a weak currency to boost its exports artificially.
If the spoils of exports were to disappear, it would no longer be necessary to prevent the Chinese currency to appreciate to preserve trade. In floating exchange rate regime, the yuan could vary smoothly rather than to blows.
This appearance of normality was perhaps a smokescreen. Plant closures in the period of Chinese New Year skew trade figures for January and February. Exports certainly fall quickly, but recent measures such as tax rebates, expected to boost production. Imports have declined less than exports, which melts the surplus. It is possible that this phenomenon reflects an adjustment of stocks rather than a structural change in consumption patterns.
Normality was still a chance to settle permanently, especially if 4 of 000 billion yuan (457 billion) plan to revive are employees. At the National People's Assembly, held the week of March 2, there has been talk of investing in research and development. And that is what China must do. A country with 1.2 billion consumers can build sustainable prosperity by focusing on value-added sectors where the market is domestic, rather than exporting the production of cheap labor.
All this is sad news for neighboring countries. India and Malaysia have at least fortunate to have resources that China can never produce itself. But Taiwan, South Korea, Japan and Thailand, all of whom have seen their exports to the Middle Kingdom down, have something to be worried. If China does not want to just be the factory of the world, this exceptional normality could settle permanently.
Italy wants to entrust to the private sector for certain building permits
Silvio Berlusconi has chosen the occasion of a trip with some journalists in the streets of Rome, Friday March 6 to discuss the housing plan to be submitted Friday March 13 in Council of Ministers. He even said, in French: "Quand le bâtiment va, tout va", before explaining that he wishes to give the owners "whose family has expanded the possibility of adding a room or two in their residence.
Clearly, the government wants to allow homeowners (over 80% of Italians own their homes) to increase by 20% the surface of their homes, either by amending it or by building another if it was built before 1989 . The work permits will no longer be provided by municipal employees, but by a professional engineer or architect.
According to the entourage of Mr. Berlusconi, the plan should encourage the Italians to invest their savings in the important housing sector, reducing the discretion of council staff and potentially corruptible, and encourage greater respect for the environment.
Despite this argument, the left has denounced "a cimentification" of Italy, a country where "unauthorized building" are countless. Meanwhile, the Northern League is concerned that new residential areas built and being used to house ... immigrant workers. Greens alarmed by a return to the days of raiding the town. According to the estimation of a research center funded by the construction sector, this project could allow investment of 60 billion euros.
The center-left daily La Repubblica published on March 10, signed a short text of three major Italian architects (Massimiliano Fuksas, Game Aulenti and Vittorio Gregotti) to oppose a project that "may jeopardize the territory so final. In two days, the appeal was signed by 45 000 users.
"Architects and brilliant multimillionaires who do not know the real", he is an employee of Mr Berlusconi. If the proposal of the President of the Council raises the controversy, it is not unfounded. In Italy, where rents are expensive and tight rental market, young people must be very long (sometimes up to thirty years) with their parents before finding a home.
Mr. Berlusconi, who boasts of "feeling" Italy is convinced that, with this proposal, found a new political martingale. According to his entourage, the plan of interest to both those who will see the value of their property increase, those who want to expand their homes, the construction sector as a whole, where 200 000 jobs are threatened, and architects who must turn to other professions for their livelihoods. Two center-right regions, Veneto and Sardinia, have already said "yes" to the implementation of this project.
Clearly, the government wants to allow homeowners (over 80% of Italians own their homes) to increase by 20% the surface of their homes, either by amending it or by building another if it was built before 1989 . The work permits will no longer be provided by municipal employees, but by a professional engineer or architect.
According to the entourage of Mr. Berlusconi, the plan should encourage the Italians to invest their savings in the important housing sector, reducing the discretion of council staff and potentially corruptible, and encourage greater respect for the environment.
The center-left daily La Repubblica published on March 10, signed a short text of three major Italian architects (Massimiliano Fuksas, Game Aulenti and Vittorio Gregotti) to oppose a project that "may jeopardize the territory so final. In two days, the appeal was signed by 45 000 users.
"Architects and brilliant multimillionaires who do not know the real", he is an employee of Mr Berlusconi. If the proposal of the President of the Council raises the controversy, it is not unfounded. In Italy, where rents are expensive and tight rental market, young people must be very long (sometimes up to thirty years) with their parents before finding a home.
Mr. Berlusconi, who boasts of "feeling" Italy is convinced that, with this proposal, found a new political martingale. According to his entourage, the plan of interest to both those who will see the value of their property increase, those who want to expand their homes, the construction sector as a whole, where 200 000 jobs are threatened, and architects who must turn to other professions for their livelihoods. Two center-right regions, Veneto and Sardinia, have already said "yes" to the implementation of this project.
Delays in the A400 M weigh on EADS
The delays of the A380, the "giant plane" had "sealed" EADS in 2006. Three years later it was the turn of the A400M, a military transport plane with a European influence on the Franco-German aerospace and defense.
Tuesday 10 March, in Munich (Germany), Chairman of EADS, Louis Gallois, who presented the results in 2008, announced that the group would spend 704 million euros of provisions in its accounts, in addition to 2.1 billion euros already provided, to take account of significant delays in the development of this program.
But the final impact of the setbacks of this program of 20 billion euro, launched in 2003, is yet impossible to calculate, say the leaders of EADS. Everything will depend on the outcome of negotiations with client countries: Germany, France, Spain, United Kingdom, Belgium, Luxembourg and Turkey.
A meeting was convened Thursday 12 March in Prague by the French Minister of Defense, Hervé Morin. Participants will include six European counterparts. Mr. Gallois said on Tuesday he did not think the customers would take up the decision to abandon the project.
A complex device. The A400M is capable of providing transport missions to both civil and military flying at high altitude, high speed and can land or take off on very short fields.
The program delays. The first flight of this aircraft was originally scheduled for 2008. It was delayed last year due to the complexity of the program and difficulties. No new date has been given. Only accurate to the first deliveries will take three years after the first flight of the aircraft.
The project, signed in 2003, was ill-conceived financially. It was built as a commercial civilian, with a fixed price of EUR 20 billion for 180 aircraft. However, in all defense programs prices are reviewed periodically because of the slippage associated with the use of new technologies or sophisticated equipment.
On the technological front, the Europeans have decided to make their own engine propeller (four turboprop over 10 000 horses each) rather than buying those of the American Pratt & Whitney. This choice was motivated by political considerations: to regain a technological Europe, the latest engines of this type have been made in the 1960s.
Another difficulty, not tasked to a manufacturer, who was leader of a group, but to a consortium where each performs a part of the engine: it includes the French Snecma, Britain's Rolls-Royce ITP Spanish and German MTU. Today, it has problems with the regulator to drive the propellers. Once they are resolved, the date of first flight will be stopped and a fixed timetable.
Client countries are furious. Buyers of the 180 aircraft that are the seven countries (Germany, France, Spain, United Kingdom, Belgium, Luxembourg, Turkey), grouped in the Organization for Joint Armament Cooperation (OCCAR), are furious. London is even threatening to cancel their orders and Berlin lobbied for EADS commitments are respected.
Monday, Hervé Morin, announcing that it meet its six European counterparts in Prague, said that it found "a set that would allow us to continue together."
The seven countries have the option, from 1 April, to denounce the contracts. Such a withdrawal would cost 5.7 billion euros in EADS, the amount of advances received and would have to be repaid.
This possibility seems ruled out because it would require a unanimous decision. However, it is difficult to imagine Spain, where the A400M is assembled (in Seville), decide to close the assembly line. Over Berlin and Paris have expressed their desire to complete this program. Countries can, however, separately, demanding the cancellation of all the devices on a case by case basis.
Louis Gallois not expected to "off discussions." They focus on defining a precise timetable of deliveries, the specifications for the aircraft, but also on the updating of certain costs and also on penalties.
The urgency of a solution is even bigger than some European armies, such as France and Britain, need to replace their jets out of breath. And Boeing have begun to remind customers of the country A400M qualities of its transport aircraft the C17.
Tuesday 10 March, in Munich (Germany), Chairman of EADS, Louis Gallois, who presented the results in 2008, announced that the group would spend 704 million euros of provisions in its accounts, in addition to 2.1 billion euros already provided, to take account of significant delays in the development of this program.
But the final impact of the setbacks of this program of 20 billion euro, launched in 2003, is yet impossible to calculate, say the leaders of EADS. Everything will depend on the outcome of negotiations with client countries: Germany, France, Spain, United Kingdom, Belgium, Luxembourg and Turkey.
A complex device. The A400M is capable of providing transport missions to both civil and military flying at high altitude, high speed and can land or take off on very short fields.
The program delays. The first flight of this aircraft was originally scheduled for 2008. It was delayed last year due to the complexity of the program and difficulties. No new date has been given. Only accurate to the first deliveries will take three years after the first flight of the aircraft.
The project, signed in 2003, was ill-conceived financially. It was built as a commercial civilian, with a fixed price of EUR 20 billion for 180 aircraft. However, in all defense programs prices are reviewed periodically because of the slippage associated with the use of new technologies or sophisticated equipment.
On the technological front, the Europeans have decided to make their own engine propeller (four turboprop over 10 000 horses each) rather than buying those of the American Pratt & Whitney. This choice was motivated by political considerations: to regain a technological Europe, the latest engines of this type have been made in the 1960s.
Another difficulty, not tasked to a manufacturer, who was leader of a group, but to a consortium where each performs a part of the engine: it includes the French Snecma, Britain's Rolls-Royce ITP Spanish and German MTU. Today, it has problems with the regulator to drive the propellers. Once they are resolved, the date of first flight will be stopped and a fixed timetable.
Client countries are furious. Buyers of the 180 aircraft that are the seven countries (Germany, France, Spain, United Kingdom, Belgium, Luxembourg, Turkey), grouped in the Organization for Joint Armament Cooperation (OCCAR), are furious. London is even threatening to cancel their orders and Berlin lobbied for EADS commitments are respected.
Monday, Hervé Morin, announcing that it meet its six European counterparts in Prague, said that it found "a set that would allow us to continue together."
The seven countries have the option, from 1 April, to denounce the contracts. Such a withdrawal would cost 5.7 billion euros in EADS, the amount of advances received and would have to be repaid.
This possibility seems ruled out because it would require a unanimous decision. However, it is difficult to imagine Spain, where the A400M is assembled (in Seville), decide to close the assembly line. Over Berlin and Paris have expressed their desire to complete this program. Countries can, however, separately, demanding the cancellation of all the devices on a case by case basis.
Louis Gallois not expected to "off discussions." They focus on defining a precise timetable of deliveries, the specifications for the aircraft, but also on the updating of certain costs and also on penalties.
The urgency of a solution is even bigger than some European armies, such as France and Britain, need to replace their jets out of breath. And Boeing have begun to remind customers of the country A400M qualities of its transport aircraft the C17.
The number of unemployed could rise in 2009, 375.000 - 454.000
American Financial - After an increase of 217 000 in 2008 enrolled in class 1, which serves as a barometer Official (2114 million at end December), the number of unemployed could rise this year from 375 000 to 454 000, according to the scenarios considered by employers and unions at a meeting of office Unedic, Wednesday 11 March. These scenarios are based on assumptions of decline in GDP of 1.5% and 1.8% respectively.
The current government is building the first case while the European Commission favors the latter. On 11 February, the unemployment insurance had already issued a forecast darkened, but not as black, based on 282 applicants for 000 additional jobs in the event of a decline in GDP limited to 1% in 2009.
According to a trade union source, the two new scenarios have not been formally "booked", preferring the office "until April to take into account the situation in March, where we find the first ten days, a sharp deterioration of the situation employment. The President of Unedic, Geoffroy Roux de Bézieux (MEDEF), which held a press conference at the end of the office, for its part did not want to give a figure. "It remains at this stage of the scenarios has nothing official," he said in response to questions.
The Unedic continues for months to see darken the prospects of employment, which reduces the inflow of contributions and expenditures to increase unemployment. Although GDP had declined by 1.8% in 2009, the cumulative deficit of the end of 2010 would increase to 8608 billion euros, while a return to financial balance Unedic was still a few months ago for this horizon.
The current government is building the first case while the European Commission favors the latter. On 11 February, the unemployment insurance had already issued a forecast darkened, but not as black, based on 282 applicants for 000 additional jobs in the event of a decline in GDP limited to 1% in 2009.
The Unedic continues for months to see darken the prospects of employment, which reduces the inflow of contributions and expenditures to increase unemployment. Although GDP had declined by 1.8% in 2009, the cumulative deficit of the end of 2010 would increase to 8608 billion euros, while a return to financial balance Unedic was still a few months ago for this horizon.
A report is coaching sites e-commerce to protect customers
Cyberacheteurs reassure and encourage them to eat with confidence despite the crisis and the risk of "sudden disappearance" of companies e-commerce. This is the essence of the Federation of distance selling (Fevad) which was to deliver Tuesday, 3 March, the government's report on consumer protection.
On the same subject
The challenge is to avoid the recurrence of a scenario similar to that of Camif, a flagship company of the sector which the liquidation had provoked the ire of thousands of consumers who had not received products paid. François Momboisse, president of the Fevad, proposes to change the mode of regulation of products bought on the Internet. He suggested that a site will not debit the account of the user that the shipment of the product and not to the order.
The Fevad also proposes that the consumer can object to the speed of the card or check one month after the announcement of the opening of a collective society, which should reflect its difficulties on its site. More radical still, the State could "suspend the activities of companies with a clear risk of closure. Finally, the establishment of a guarantee fund, as there are for banks and insurance, used to compensate consumers.
"These are real answers very practical and very concrete problems of consumers," said Luc Chatel, Secretary of State in charge of industry and consumption, based on the latest barometer of claims from the Directorate General for Competition, Consumption and the Repression of Fraud (DGCCRF).
In the second half of 2008, the collapse of Camif, but also other companies selling at a distance, as Showroom in 2001, have in fact helped to jump by 23% the number of complaints in the area. Over the period, claims due to non-delivered, non-reimbursed exploded (1 + 714%) with 2 014 complaints against 111 six months earlier.
Apart from these incidents, the barometer of claims, established in July 2007, notes for the first time a slight decrease in the number of complaints - 1.2% with 140 average 000 claims per year. In addition, the complaints about the telephone sector, far ahead of the competition, fell by 22%, especially for requests for termination of the line (- 28%). In contrast, the survey identifies a dramatic increase in complaints in the energy sector (+53%) than DGCCRF attributes to the new competitive market.
On the same subject
The challenge is to avoid the recurrence of a scenario similar to that of Camif, a flagship company of the sector which the liquidation had provoked the ire of thousands of consumers who had not received products paid. François Momboisse, president of the Fevad, proposes to change the mode of regulation of products bought on the Internet. He suggested that a site will not debit the account of the user that the shipment of the product and not to the order.
The Fevad also proposes that the consumer can object to the speed of the card or check one month after the announcement of the opening of a collective society, which should reflect its difficulties on its site. More radical still, the State could "suspend the activities of companies with a clear risk of closure. Finally, the establishment of a guarantee fund, as there are for banks and insurance, used to compensate consumers.
"These are real answers very practical and very concrete problems of consumers," said Luc Chatel, Secretary of State in charge of industry and consumption, based on the latest barometer of claims from the Directorate General for Competition, Consumption and the Repression of Fraud (DGCCRF).
In the second half of 2008, the collapse of Camif, but also other companies selling at a distance, as Showroom in 2001, have in fact helped to jump by 23% the number of complaints in the area. Over the period, claims due to non-delivered, non-reimbursed exploded (1 + 714%) with 2 014 complaints against 111 six months earlier.
Apart from these incidents, the barometer of claims, established in July 2007, notes for the first time a slight decrease in the number of complaints - 1.2% with 140 average 000 claims per year. In addition, the complaints about the telephone sector, far ahead of the competition, fell by 22%, especially for requests for termination of the line (- 28%). In contrast, the survey identifies a dramatic increase in complaints in the energy sector (+53%) than DGCCRF attributes to the new competitive market.
The boss of Citigroup gives Wall Street a little heartened
American Financial - Vikram Pandit, the CEO of Citigroup, did not wait for the end of the quarter for the new claim. His bank, he said, Tuesday 10 March, is "beneficial in the first two months of 2009." She leaves five consecutive negative quarters. It has lost 18.8 billion dollars (14.24 billion euros) in 2008 and his action was dropped last week, under $ 1 (after peaking in 2006 over 60). It has so far received $ 45 billion of U.S. government that are fitted to 36% in the capital.
The fun could not wait for the title either, that Mr. Pandit was considered "under-rated" reflecting a "misjudgment" of the actual situation of the bank. The Citi has won 38% in closing on Wall Street. As a result, investors have favored all major bank shares: JP Morgan Chase has won 22.6%, 26.5% Morgan Stanley, Bank of America, the giant felt shaky, 27.7%.
In fact, Mr. Pandit may have also acted to prevent further negative rumor lighting a fire. That morning, the Wall Street Journal reported that the U.S. Treasury had negotiated throughout the weekend with leaders of Citigroup. Objective: To establish a "case of sudden turn for the worse." Last week the Federal Reserve chairman, Ben Bernanke asked Congress to give the U.S. state of a structure that allows him to resolve the case of a complicated international financial conglomerate, such as Citigroup, the insurer AIG or others, if that becomes necessary. " It can not be better to say that taking full control, even if it is not desired, is not excluded in Washington. Mr. Pandit wanted reassurance. After the last speech of the American state, his bank is "the best capitalized of the United States in terms of ratios."
Skepticism
Hiccups passenger or precursor to a stabilization? "One day does not a trend," said Kurt Karl, chief economist at Swiss Re, to Associated Press. Citi is not out of business and the prevailing skepticism remains. Many will recall that two weeks before the collapse of Bear Stearns, a year ago, the management of the investment bank said it had no need of recapitalization, its accounts are in green. But many on Wall Street, will also meet the rare good news, even in the form of official announcement. Tomorrow is another day.
The Dow Jones has therefore gained 5.80% Tuesday (highest increase in 2009), having lost some 20% over one month. In the meantime, we learned that United Technologies (aircraft engines, helicopters ...) would eliminate 11 600 jobs and Delta to separate from an unspecified number of employees by reducing its international flights.
The fun could not wait for the title either, that Mr. Pandit was considered "under-rated" reflecting a "misjudgment" of the actual situation of the bank. The Citi has won 38% in closing on Wall Street. As a result, investors have favored all major bank shares: JP Morgan Chase has won 22.6%, 26.5% Morgan Stanley, Bank of America, the giant felt shaky, 27.7%.
In fact, Mr. Pandit may have also acted to prevent further negative rumor lighting a fire. That morning, the Wall Street Journal reported that the U.S. Treasury had negotiated throughout the weekend with leaders of Citigroup. Objective: To establish a "case of sudden turn for the worse." Last week the Federal Reserve chairman, Ben Bernanke asked Congress to give the U.S. state of a structure that allows him to resolve the case of a complicated international financial conglomerate, such as Citigroup, the insurer AIG or others, if that becomes necessary. " It can not be better to say that taking full control, even if it is not desired, is not excluded in Washington. Mr. Pandit wanted reassurance. After the last speech of the American state, his bank is "the best capitalized of the United States in terms of ratios."
Skepticism
Hiccups passenger or precursor to a stabilization? "One day does not a trend," said Kurt Karl, chief economist at Swiss Re, to Associated Press. Citi is not out of business and the prevailing skepticism remains. Many will recall that two weeks before the collapse of Bear Stearns, a year ago, the management of the investment bank said it had no need of recapitalization, its accounts are in green. But many on Wall Street, will also meet the rare good news, even in the form of official announcement. Tomorrow is another day.
The Dow Jones has therefore gained 5.80% Tuesday (highest increase in 2009), having lost some 20% over one month. In the meantime, we learned that United Technologies (aircraft engines, helicopters ...) would eliminate 11 600 jobs and Delta to separate from an unspecified number of employees by reducing its international flights.
Relance World countries in the euro area are refusing to follow the USA
American Financial - Three weeks of the G20 summit on 2 April in London, the euro zone countries have rejected, Monday March 9, calls from the United States and Britain for further concerted measures to boost global . "Recent calls U.S. to require European effort, additional funds do not agree to the extent that we are not prepared to increase the economic package that we put together," said Jean-Claude Juncker, President of the Eurogroup, following a meeting of finance ministers of the area, in Brussels.
While Europeans argue G20 to reform the financial system, Washington wants to expand in the next summit, efforts to support consumption: "The G20 must focus on global demand. The world needs more demand and a special government, "said Lawrence Summers, the economic adviser to Barack Obama, in an interview with the Financial Times on Monday.
The United States decided in February to spend 787 billion dollars to support their economies. In December the Twenty-seven have agreed to spend up to 1.5% of GDP. But their finance ministers were to differ on Tuesday on whether to go further. Governments "should be prepared to do more," writes Alistair Darling, the British Minister of Finance, in an article in The Guardian newspaper on Tuesday. Before any new measure, "we have already put in place what we decided," says the contrary Peer Steinbrück, the German Minister of Finance. In the eyes of most Europeans, the automatic stabilizers play more in Europe than the United States, where the welfare state is less developed. In view thereof, the Commission considers that the various efforts in Europe account for about 3.3% of GDP, or about 400 billion euros.
Europeans do not sin over-optimism. Jean-Claude Trichet, President of the European Central Bank, had hoped Monday that the recovery could occur during 2010: "We have a number of elements that suggest that we are approaching the time when we have a remedy" , "said Trichet. But his own felt last week that GDP could fall between 2.2% and 3.2% this year. "The contagion effects between the real economy and financial markets exacerbate the situation. The financial markets remain volatile and the credit channels are still not functioning properly," says a document prepared for the meeting of finance ministers of Twenty-Seven, Tuesday. "The recession is deep and beyond in scope and force what we have experienced in the early 1990s," acknowledged Mr. Juncker.
Many European leaders do not want to dig more budget deficits likely to exceed the 4% of GDP on average this year. States, including Germany, fighting for an exit strategy from fiscal crisis, without being able to fix any date for return to equilibrium. "We do not believe that deficits add to deficits," said Mr Juncker. A concern that the United States do not share.
While Europeans argue G20 to reform the financial system, Washington wants to expand in the next summit, efforts to support consumption: "The G20 must focus on global demand. The world needs more demand and a special government, "said Lawrence Summers, the economic adviser to Barack Obama, in an interview with the Financial Times on Monday.
Europeans do not sin over-optimism. Jean-Claude Trichet, President of the European Central Bank, had hoped Monday that the recovery could occur during 2010: "We have a number of elements that suggest that we are approaching the time when we have a remedy" , "said Trichet. But his own felt last week that GDP could fall between 2.2% and 3.2% this year. "The contagion effects between the real economy and financial markets exacerbate the situation. The financial markets remain volatile and the credit channels are still not functioning properly," says a document prepared for the meeting of finance ministers of Twenty-Seven, Tuesday. "The recession is deep and beyond in scope and force what we have experienced in the early 1990s," acknowledged Mr. Juncker.
Many European leaders do not want to dig more budget deficits likely to exceed the 4% of GDP on average this year. States, including Germany, fighting for an exit strategy from fiscal crisis, without being able to fix any date for return to equilibrium. "We do not believe that deficits add to deficits," said Mr Juncker. A concern that the United States do not share.
Employment, AZF, pollution: the image of Total has never been worse
AZF - Total is likely to remain long the unloved French firms, as if she did everything to keep this unenviable status.
In announcing in crisis suppression by 2013 of 306 positions in the petrochemical and refining in the 249, the group has attracted Tuesday 10 March, angry employees gathered outside the refinery Gonfreville-l'Orcher (Seine-Maritime), which accused him of "lack of civility." ( azf toulouse )
Anger has been relayed within the government, which has made employment a priority. "That a group that makes billions of profit is not able at this time to be exemplary in terms of employment remains in my throat," was outraged Laurent Wauquiez, Secretary of State employment, considering the plan "outrageous."
The day of the presentation of the results of Total (13.9 billion euros in 2008), Martin Hirsch, High Commissioner for Active Solidarity, had requested an effort on the job. The group countered that the investment combined with the restructuring carried out in the sun to create over 1 000 jobs a year for its subcontractors and suppliers. AZF
The French do not care: 6 out of 10 have a bad image of Total, as the barometer Posternak Margerit / Ipsos, which ranks 30th in total and final ranking of large companies.
The appointment of Christophe de Margerie as Director General in February 2008, has not changed the situation. The man may be more media friendly and that Thierry Desmarest (now non-executive chairman), the capital of sympathy did not increase. ( AZF )
It is true, according to image, as Total from nothing and he needs to build everything. Opinion him to receive an "oil revenues" which grows at the expense of motorists, especially at a time when fuel prices at the pump soaring. ( AZF Trial )
Moreover, its activity is not neutral for the environment, even if the group invests heavily to avoid pollution around its wells. MEP (Green) Daniel Cohn-Bendit accused rejected each year as much CO2 as Switzerland, particularly because of its petrochemical business. And is now at the center of the trial AZF (30 deaths in September 2001).
In terms of communication, the group also made mistakes. Some of its leaders had advised Mr de Margerie not to appeal the decision of condemnation for the oil spill resulting from the sinking of the Erika in December 1999. The new boss had refused, saying he had been misled about the reliability of the Erika.
In announcing in crisis suppression by 2013 of 306 positions in the petrochemical and refining in the 249, the group has attracted Tuesday 10 March, angry employees gathered outside the refinery Gonfreville-l'Orcher (Seine-Maritime), which accused him of "lack of civility." ( azf toulouse )
Anger has been relayed within the government, which has made employment a priority. "That a group that makes billions of profit is not able at this time to be exemplary in terms of employment remains in my throat," was outraged Laurent Wauquiez, Secretary of State employment, considering the plan "outrageous."
The day of the presentation of the results of Total (13.9 billion euros in 2008), Martin Hirsch, High Commissioner for Active Solidarity, had requested an effort on the job. The group countered that the investment combined with the restructuring carried out in the sun to create over 1 000 jobs a year for its subcontractors and suppliers. AZF
FIRST GROUP OF FRENCH - AZF
Total is the first French group by turnover (180 billion) and market capitalization (89 billion). It is also one of the most international (present in 130 countries) and most efficient in the exploration and production of oil and gas. AZFThe French do not care: 6 out of 10 have a bad image of Total, as the barometer Posternak Margerit / Ipsos, which ranks 30th in total and final ranking of large companies.
The appointment of Christophe de Margerie as Director General in February 2008, has not changed the situation. The man may be more media friendly and that Thierry Desmarest (now non-executive chairman), the capital of sympathy did not increase. ( AZF )
It is true, according to image, as Total from nothing and he needs to build everything. Opinion him to receive an "oil revenues" which grows at the expense of motorists, especially at a time when fuel prices at the pump soaring. ( AZF Trial )
Moreover, its activity is not neutral for the environment, even if the group invests heavily to avoid pollution around its wells. MEP (Green) Daniel Cohn-Bendit accused rejected each year as much CO2 as Switzerland, particularly because of its petrochemical business. And is now at the center of the trial AZF (30 deaths in September 2001).
In terms of communication, the group also made mistakes. Some of its leaders had advised Mr de Margerie not to appeal the decision of condemnation for the oil spill resulting from the sinking of the Erika in December 1999. The new boss had refused, saying he had been misled about the reliability of the Erika.
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