Archive for the 'economic' Category
If the crisis is undermining the morale of French households as a whole, those who are wealthy are not immune, far from it. The TNS Sofres auscultates regular relations of people with a financial wealth than 75,000 euros-the tributaries in the jargon-marketing with their bank. The final component of this study in October with 500 people shows that they live particularly bad crisis make quick cash.
The stock market turmoil of recent months are probably a part of the explanation. Indeed, in the previous survey in May, 55% of wealthy households thought that the decline in the stock market was behind them, and 44% felt that there was no risk of another financial crisis …
Since then, things have changed dramatically.
Cuba is a small step towards a market economy. The island has in fact passed a law on the property that, for the first time, allow Cubans to buy or sell their homes according to market rules. The economic reform is the most ambitious ever attempted by the government of Raul Castro. It could have a significant impact both on the urbanization of cities as the class of the island, says the New York Times.
The new law should take effect on November 10 next, according to a newspaper controlled by the state. And while some details remain to be defined, the new device promises to revolutionize the current management of housing in Cuba. In fact, for the first time since the beginning of the revolution, the buyers and sellers of real estate will be allowed to freely establish prices.
The billionaire Mohammed al-Fayed and Ali were settled. After months of hesitation, the brothers launched heavy work at the Ritz. "We will close the entire hotel and early summer of 2012, says the management. We hope to reopen for Christmas in 2014 or, at worst, for couture fashion shows in January 2015. The exact schedule will depend on discussions with the social partners. "Mohammed al-Fayed, who calls himself" very attached to the Ritz and its 500 employees ", unveiled his plans at a works council on Monday. "His decision was not easy to take because it will have to part with a number of employees the time of the twenty-seven months of temporary closure, said a spokesman for the Ritz, but denied the figure of 500 layoffs.We hope that the reclassification will be facilitated by the opening of several hotels in the capital and postulates that our staff at the reopening. "In the luxury hotel business, and more at the Ritz, the regulars like indeed to deal with familiar faces.
Rooms, suites, gardens, restaurants, spa … everything will be redone and brought up to date. According to the architects of historical monuments which guard the classified parts of the Ritz, al-Fayed will benefit from the work to restore them. "In the parts not listed, there must be the recent demolition of buildings, explains Gabriel Matar, director of real estate consulting firm Jones Lang LaSalle Hotels. And refurbishment of public areas, such as the lobby. "Work on the Place Vendome should also help to link the car park, managed by Vinci, at the hotel.This luxury that did not exist at the time of Diana, the stars will come and go discreetly. As revealed in our survey ("The Ritz at the dawn of the Renaissance," our editions of 25-26 June 2011), the project was entrusted to architect Thierry Despont. Based in New York, the French had recently abandoned the site of the Peninsula, near the Arc de Triomphe. Reportedly, the work is estimated at 200 million euros. The exact bill will depend on negotiations with the unions.
Already in 1979, when he bought the Ritz to the heirs of the founder, Mohammed al-Fayed had invested 250 million euros in outstanding work, including the construction of the most beautiful pool in Paris. From 1980 to late 1990, the Ritz is true to his legend. Several elderly heirs live throughout the year and the stars of Woody Allen to Kate Moss, make it their preferred address.
A symbolic death
And then, the drama. On August 31, 1997, Diana and Dodi dined there the night of their deaths. Mohammed al-Fayed will never recover from the loss of his eldest son. Withdraws into the palace itself. As if the Ritz was also symbolically die. In spring 2011, the State denied him the new name "palace." The Ritz has to settle for a five-star rating. Mohammed and his brother, aged 80 and 78, have the choice of selling or investing. Bellehaven installed, an enclave for billionaires near New York, Ali al-Fayed is not passionate about the hotel, as his son, who created Bespoken, a line of clothing dandy. The fate of the Ritz was decided in London, home to Mohammed al-Fayed.
Everything changed in May 2009.To everyone's surprise, his youngest son, Omar, supposed to take over his father, resigned from his administrative positions at Harrods and the Ritz and disappears into the wild. Ten months later, the billionaire gives Harrods the royal family of Qatar. Therefore, Mohammed al-Fayed has the cash to replace the Ritz afloat. After some wrangling, he finally decided and for the delight of lovers of the Ritz.
From our special correspondent in London this small affable man with a mustache in suit and tie eight months ago was still at the heart of the Libyan regime of Colonel Gaddafi. Chokri Ghanem presided over the national oil company, NOC, key partner for foreign producers. Yesterday and Tuesday, Ghanem was in London one of the guest stars of the annual Oil & Money ("Oil and Money"). For in the oil industry, the former Libyan dignitary has always enjoyed a reputation as a respectable career.
Prime Minister of the Guide, he was the architect of the return of Libya in the comity of nations before being dismissed in 2006. He had the good sense to defect in May, and moved between Vienna (OPEC headquarters where he has long represented his country) and London.It was at Vienna that Chokri Ghanem was the guardian of one of Gaddafi son, Seif al-Islam, which was regarded as before the rebellion, modernization.
With this pedigree, the diagnosis of Ghanem on the prospects for black gold in Libya was carefully listened to by the cream together oil on the edge of Hyde Park. He said Libya will not return to its level of production before the war (about 1.6 million barrels per day) prior to eighteen months while the production may rise to 350,000 barrels a day currently to 500,000 in the coming weeks .
Workers protest
More than massive destruction, looting Ghanem evokes parts and piping of oil installations. Two thousand and 4×4 have gone, stolen by the rebels or simply stolen. But the main problem, according to the former official, is the lack of security of oil fields.Added a new unimaginable before the war: the oil workers increasing protests and claims.
A fellow Ghanem, Abdallah Salem el-Badri, the current Secretary General of OPEC, also present in London, is more optimistic. He expects a return to 1.6 million barrels per day within a year. Neither of the two Libyans anticipate any changes in short-term contracts with the "majors" Foreign strong support for Libya.
Chokri Ghanem there a future in the new Libya? "I do not think it's a good idea to go," says the former "Mr. Oil" Gaddafi by announcing months of instability. Far from Tripoli, he just turned 70 years old and aspires to peace.
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After Societe Generale and BNP Paribas, is the turn of Credit Agricole announced asset sales. The bank is expected to formalize the announcement today confirming the information in the Financial Times published on Wednesday that does not specify the amount that could take these asset sales.
Particularly exposed to the crisis in Greece with its local subsidiary Emporiki, Credit Agricole, was downgraded by one notch Mood'ys ten days ago, as its rival Societe Generale. By reducing the size of its balance sheet, the bank may, mechanically strengthen its financial soundness. BNP has already announced plans to reduce by 10% the size of its balance sheet by the end of 2012, while Societe Generale provides 4 billion of asset disposals.
This is also seeking to sell its stake in Newedge, the joint venture of Societe Generale and Credit Agricole specializing in derivatives low fee payday loans.According to a source quoted by Reuters, the bank will also consider transfer SGSS, its management subsidiary titles, but no decision had yet been taken.
Reorganization in North Africa and the Middle East
Tuesday, the head of Crédit Agricole in the UAE had told Reuters that the bank had closed its merger and acquisition in North Africa and the Middle East. "We want to focus on areas where we can create value for our customers," he said.
At the Paris Bourse, the Crédit Agricole yield 1.04% to 5.134 euros after climbing 13.10% yesterday, amid rumors of measures to support the banking sector in the euro area.
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After the 2010 reform, pensions should not be a real issue this year in the budget of the social security system. In fact, the main novelty of this result to come Woerth reform: the legal age will increase to 60 years and 8 months for those born in 1952. The other change was as expected since it corresponds to Nicolas Sarkozy's commitment to increase the "small pensions" by 25% during his five-year term: this will be done on April 1, with a final increase of 4.7 % of the minimum pension for single people.
But Thursday, François Fillon has caused confusion. Referring to the economic convergence between France and Germany, he said that things were moving in the field of corporate tax.He added: "It will take time to go to a joint work towards a common retirement age, to a gradual convergence of economic and social organization of our two countries." But the retirement age with full pension, except for long careers, will be increased to 67 years across the Rhine by 2029.
"Target needed '
Trial balloon of "Fillon-the-discipline"? Clumsiness (this passage was the only improvised his speech)? Applies to defuse his entourage: "Convergence is a general purpose necessary to maintain the competitiveness of France. The recent pension reform is an element of social convergence, and the government does not intend to go beyond in the coming months, "says an adviser.And up, tongue-in-cheek, that the barrier of 67 years had not been mentioned, and that convergence might as well be on "our" 62 years installment payday loans…
In fact, it would be difficult for the Prime Minister to explain that further reform is needed, a year after he hammered the previous balance the books. But in the midst of primary socialist and the day of the budget of the social security, his statement could hardly go unnoticed. For François Hollande, Fillon "revealed the program of Nicolas Sarkozy" in 2012. Segolene Royal accused her of "not being honest", the systems are so different that any comparison between the 67-year German and French 62 years is risky.Exact to the point that Valerie Pécresse also used the argument to play the controversy, noting that the retirement age without financial penalty for people without all their quarters of contribution, would be increased from 2023 in France … in 67 years.
These subtleties have also pushed Martine Aubry to say that the Prime Minister does "not know the subject" and "has a problem with the actual figures." What afoul of Xavier Bertrand: "She would have done better to remain silent. If there is one subject on which the PS has done nothing, other reports and reports of decisions, it's pensions, "responded the Minister of Labour.
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Lefigaro.fr – Can we say that Kweku Adoboli is "the new Kerviel"?
Frederic Boulier – It is true that there are many similarities with the Kerviel affair. The amounts are lost in the same order of magnitude. Jerome Kerviel lost 4.9 billion euros at Societe Generale, but before the "unwinding" of his positions, the loss amounted to 1.5 billion euros. In addition, two young traders of thirty years who do not leave the harem and who have a priori not studied mathematics attacks.If such solutions were introduced to Jérôme Kerviel, the fraud was detected nine months in advance.
The laxity of financial institutions will he accelerate the reform of British banking system?
I do not see because the British government stand by to this new fraud. Today, a single trader can place a financial institution to its knees if there is not an effective risk control upstream. It should probably expect the introduction of special measures to strengthen the role of authorities to monitor the control of financial institutions.Since the Kerviel affair and the "subprime" mistrust vis-à-vis banks is clearly went crescendo.
Why banks have not they learned from the Kerviel affair?
It is difficult to generalize and say that the lessons of the Kerviel affair were not included. This is not the financial system is to question, even if it is true that there are likely other fraud of this magnitude. Moreover, according to statistics, there are all two or three years. We can not avoid all financial frauds. However, one can detect some with software solutions that I advanced earlier and limit losses to a few million or tens of millions of euros.
Is it the fabulous bonuses which encourage traders to take risks as important?
It is true that greed can push market participants to take some unnecessary risks. But in 99% of cases of fraud, be aware there is no direct personal gain. Traders are sometimes victims of runaway losses due to the desire to "chasing" in the jargon of traders.
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»IN PICTURES – The largest financial fraud
The news gave a boost to Wall Street as the U.S. central bank (Fed), the economy across the Atlantic continues to grow. "Economic activity continued to expand at a moderate pace, although there is an activity in some regions hesitant or waning," the Fed said in its situation report published every six weeks on the basis information gathered by the regional branches of the U.S. central bank.
The recovery, however, has been no acceleration in recent weeks and has even slowed in some areas, according to the U.S. central bank. Growth was moderate or mild in five districts, while seven others have described the activity with words like "very low" and "slower". In the last Fed Beige Book, released in late July, eight regions believed that growth had slowed.This does not rule out further the risk of recession in the United States.
Anyway, the news boosted the U.S. stock markets on the eve of the speech of U.S. President, Barack Obama, who is expected to announce a 300 billion plan to boost employment in the United States. So much so that Wall Street has increased its earnings by mid-evening: The Dow Jones climbed 2.09% to 11,372.44 points, the Nasdaq was up 2.67% to 2539.88 points and the Standard and Poor's rose from 2 , 54% to 1194.88 points.
Like the Asian stock markets, although directed this morning with the exception of the financial center of Shanghai, is expected to open the Cac 40 up 1.5% above 3100 points, according to the indices "future" in the rebound in wake of U.S. indexes on Friday. The main European indices, with the exception of the London Stock Exchange will remain closed on Monday, are expected up 1.1% and 2%.
Friday, after a negative early trading, Wall Street has ended the session on gains of 1.2% for the Dow and the Nasdaq 2.5%, investors focusing on positive ads during the next meeting of the Federal Reserve in September, Ben Bernanke hinted at the conference of Jackson Hole.The anticipation of a further intervention by the Fed puts the dollar under pressure against a basket of currencies: the dollar is trading at 1.4537 dollar per euro.
And always in the context of the general economic meeting in Jackson Hole's new Executive Director of the IMF, Christine Lagarde, has urged this weekend to recapitalize banks. She said that the European institutions "need of urgent recapitalization." The former Minister of Economy and Finance believes that these measures are the "key to cut the chain of contagion." Blow to the banking industry, already largely weakened during the summer.
Pending on the details of the background of aid to Greece In Greece, aid modalities are not yet fastened.Negotiations were slowed by the requirements of Finland and the new challenges of Athens.
And referring to the financial crisis, Laurence Parisot estimates for its part, that "if Europe were attacked, not because it is weak but because it is strong, and if it is envy, c ' is because it is enviable, "In an interview with Le Figaro, the boss of bosses denounced a U.S. plot against the euro area.
Irene reduced cost
Other news of the weekend: the passage of Hurricane Irene passed through New York without drama. He also was demoted to a tropical depression. U.S. markets should open smoothly and Monday. Hurricane Irene would have between 500 million and one billion dollars in damage in the Caribbean and the United States, according to catastrophe modeling firm EQECAT.A figure below the most pessimistic forecasts considered before the hurricane.
The price of Brent was down, refineries and oil terminals on the East Coast of the United States seem not to have suffered major damage, easing fears of a supply disruption. In addition, Libya resumes oil exports within a month, according to the spokesman of the Arabian Gulf Oil Company (Agoco), controlled by the rebels. Crude oil production will resume in mid-September on two deposits in the country.
Still on macroeconomic markets will learn on Monday of income and household consumption in the United States in July and promises of home sales.
Banking supervision
As for values, the eyes of investors should focus on banking stocks, after the words of Christine Lagarde.
In addition, Ingenico said it had repurchased TNET, an Italian company specializing in payment terminals, for an amount that was not disclosed. According to Ingenico, TNET manages an installed base of 45,000 terminals in Italy.
APRR observe the re-opening until September 9 of the OPR launched by Eiffage and Macquarie. The toll road was also noted Friday that the evolution of traffic early in the second half was mixed for light vehicles, but remained well oriented for heavy vehicles.
In addition, ING has lowered its board to maintain, against buy Arkema on the title and reduced its price target on the value to 55 euros (as against 85 euros).
Canal + could push his plans for the IPO.While the ACC has lost nearly 20% of its value during the summer, analysts are skeptical of an imminent public offerings of media group, reports Les Echos. The listing of the 20% held by Lagardère has already been de-programmed, it could eventually sell its stake in Vivendi, the majority shareholder.
For its part Orange would be in conflict with the American Cogent. The U.S. operator has, according to La Tribune, filed a complaint against his French counterpart to the competition authority for "abuse of dominant position." Orange is accused of preventing users from accessing the site MegaUpload.the conflict began in January when Orange had decided to grant the account drop traffic from Cogent.
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The battle for clean cars through renewable energy. Volkswagen, at least, is convinced. The first European car manufacturer is preparing to allocate 1 billion euros to investments in wind, according to the Financial Times Deutschland. It is much more than the expected 600 million more in June by the German firm. Especially since Volkswagen is also pursuing projects in solar and hydropower.
Side wind, the manufacturer would consider equity participation in two offshore wind farms and a partnership with an operator in the industry. These investments contribute to the effort of the group, which wants to reduce its CO2 emissions by 40% in ten years. A concern of the entire industry, faced with the requirements of the Kyoto agreements.
Manufacturers are working extra hard.Volkswagen has completed an agreement in July with Verbund Austrian energy for the latter to furnish 10% of the consumption of its German plants from hydropower. Rival BMW, he has chosen to implement four wind turbines to meet the energy needs of its pilot plant in Leipzig. For its part, Renault formalized in mid-year launch of the biggest photovoltaic project in the world of the automobile easy payday loans. The diamond brand intends to equip its factories with solar panels and other sites handling, or 450 000 m2 the equivalent of 60 football fields. Renault also uses biomass at its plant in Tangiers. But the renewed interest does not end there for the automotive industry.Access to clean energy is one of the strategic equation as Volkswagen, Renault and Toyota are trying to solve other for electric cars.
Green Transport
It is not enough, in fact, to get rid of the gas pump for the valuable label "clean car". In particular, consumers want to ensure that the electricity powering the battery is of solar, wind and others. What strengthen the links between energy operators, be they producers or network operators, and car manufacturers.
Peugeot, which has just launched its electric car iOn, signed in early August a partnership with Iberdrola in Spain.The giant of renewable energy it sells a package "green mobility" where he provides funding to acquire an electric car charging stations and energy supply to 100% "clean". The two groups agreed to promote each other's bids.
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