Archive for the 'economics' Category
GDF SUEZ announced Friday in a statement that "the general meeting of shareholders of Compagnie du Vent has decided to replace" its chairman and founder Jean-Michel Germa by Thierry Conil, "over 30 years experience in GDF Suez ". "A major strategic dispute," the statement continued, between GDF Suez, which owns 56.8% of Compagnie du Vent and its founder Jean-Michel Germa, which owns 43.2% is the origin of this separation.
Problem: Jean-Michel Germa judicially contest his dismissal, even though he knew his scheduled departure. First on the form. Feeling the dispute with its powerful shareholder grow for months, Jean-Michel Germa had sought this week the protection of the commercial court of Montpellier (seat LCV).He had requested the postponement of Thursday's meeting but GDF Suez has received the same day, the Tribunal de Commerce "authorization" to conduct this meeting. Jean-Michel Germa considers that the meeting "was not held." The founder of the company that employs 156 employees (sales: 27 million) is "very shocked" by the group methods.
On the merits, the proposed wind farm on both coasts, off Tréport is at the heart of the dispute between the two parties. "I wore this folder on the baptismal font for more than six years," says Jean-Michel Germa. Since 2005, he sought a major partner, not being able to invest only 2.5 billion euros of this pharaonic site of more than 100 offshore wind GDF Suez said this in 2007.Only offshore project in France to have passed the stage of public debate and to have obtained permission trunking park on both sides to eventually be included in the five zones affected by the imminent bidding of the government. Germa estimated that his company could legitimately respond to the bidding as prime contractor, with GDF Suez and all interested partners.
Regain control
The group Mestrallet which just announced an alliance with Areva and Vinci to participate in the tender intends to resume the hand and accuses Jean-Michel Germa its "independent development approach." "We do not aim to be your bank, it is argued in the entourage of the group.GDF Suez eyes, only the creation of a true industrial sector will invest successfully niche offshore wind: "Between the amounts required and the risks to assume the financial stakes are so huge it takes deploy a comprehensive strategy. "
Other disputes have marked the common path of CTA and its controlling shareholder. Today, Jean-Michel Germa figure at 490 million euros loss suffered by his company, counting the resumption of the park on both sides by GDF Suez.
Energia says victim of the same strategy
While the government prepares to launch the tender on offshore wind farms and to renew some concessions hydraulic group Mestrallet began to gather around "a great center" activities in the Renewable France previously dispersed in several subsidiaries.The group, which currently has a portfolio of 1000 megawatts (MW) wind farm, wants to double within five years. The multinational company has invested 135 million euros in CTA believes it was time to take complete control. Jean-Michel Germa denounces what he sees as a strategy of GDF Suez, which is "to transfer the assets of companies that the group claims to have bought too much, empty them of their substance out minority shareholders on the cheap."
Fabrice Crobbedu, former head of Energia, a small business specializing in heating, acquired by GDF Suez in 2008 to 54% consider themselves victims of this same strategy. Revoked in 2009, it remained a minority shareholder. At GDF Suez, the response by explaining that Fabrizio Crobbedu is suspected of abuse of corporate assets. The judicial successive episodes.Until this year, going back to Friday when Fabrice Crobbedu grabbed the Commercial Court to challenge Nevers, too, holding a general meeting.
Jean-Charles Naouri, the head of the Casino Group, did not appreciate that Lars Olofsson, Executive Director of Carrefour merger talks with its ally Brazilian Abilio Diniz. "Casino was never informed of the existence of such negotiations, even though the agreements that bind us to the group Diniz (…) provide that both parties should take all important decisions by mutual agreement. Casino rights (…) are fully established, "wrote on Monday, Jean-Charles Naouri Lars Olofsson, and the chairman of Carrefour, Amaury de Seze.
This letter also stated that Casino has "received on the night of Mr. Abilio Diniz, a letter confirming the existence of contacts with Carrefour and expressed its willingness to abide by our agreements."Jean-Charles Naouri "draws attention" to its competitors on the fact that no negotiation can be initiated only with Abilio Diniz: Casino and he exercised joint control over the number one Brazilian sector, CBD. And his boss does not seem to consider a merger with number two, Carrefour Brazil …
Traditionally, the post of IMF Managing Director is awarded every five years to a European. Except that this time, the so-called "emerging", such as China or Brazil, hoping to appear in the landscape of global governance.
If emerging markets do not seem to agree on the way to propose a single candidate set, Europe, she intends to show its unity to maintain this position against the Americans, who they feel are the president of the World Bank. Especially since the situation of public finances in European countries, including South shudder markets for over a year. The Greeks, but also the Irish and Portuguese need a Fund that helps them, as was the case with Dominique Strauss-Kahn. Overview of possible candidates for the general direction of the International Monetary Fund, replacing Dominique Strauss-Kahn.
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Once is not custom, the International Monetary Fund is very optimistic about the growth of the Old Continent in 2011 and 2012, despite the debt crisis in the peripheral countries of the euro area.
Ignoring the slowdown in industrial production and inflation soaring, the Fund still expects 2.4% growth for the EU this year and 1.6% for the euro area in 2011, before 1.8% in 2012 . The IMF stressed the "strong private demand in France, Germany, Benelux, in the North, and" excellent performance "of the Germanic and Nordic exports.
The IMF is also very complimentary towards recovery "very robust" in the countries of Central and Eastern Europe, fearing even a risk of "overheating" in the East."Overall, Europe – both western and eastern – is doing well and our projections for the coming months are very very positive," said Antonio Borges, Director IMF Europe, which presented its report yesterday Frankfurt, the headquarters of the European Central Bank.
In unison with European leaders, the IMF rules out the option of a debt restructuring Greek. "Greece can support the weight of its debt," says Antonio Borges, contradicting the decision of a majority of bank economists surveyed by Reuters yesterday.
First creditor of Greece alongside the EU, the IMF is not neutral on the financial situation of the country. His view is nevertheless instructive, especially if the Fund participates in a second rescue, as he implies. "Their debts are substantial (350 billion euros in 2011, Ed) but also their assets," says Antonio Borges.
Housing wealth and earthly
The Fund estimates that 280 billion euros assets, including property held by the Greek State. These assets, which could serve as collateral for new international loans, including sites built for the Olympics – Olympic stadiums, marinas, racetracks – land, islands and beaches.
The Greek state remains the largest landowner in the country. Untouchables, the property of the Orthodox Church – not separate from the state – are alone worth over 700 billion euros. "The Greek government has an extraordinary portfolio of assets, far more important than many other European countries," he continues, suggesting the government to privatize Papandreou beyond the 50 billion raised."This is a difficult process, there is resistance and political union," says the IMF representative, but Greece must persevere on this path to increase its "credibility".
The IMF figure recession in Greece – 3% in 2011. "One year after the austerity plan, it is always the hardest moment: the country suffers all the costs of adjustment even without seeing the benefits," says Antonio Borges, who remains optimistic for the relief of Greece long term.
Only downside: the European banks to recapitalize called emergency response to a possible financial impact on State debts.
The Cac 40 will test its ability to safeguard the 4000 points on Tuesday. Having dropped 1.25% Monday because of the deteriorating financial situation of Greece, the Paris stock market should open up slightly. But this context of uncertainties could cause investors to be very cautious on Tuesday.
These follow closely the issue in six months in Greece amounting to 1.25 billion euros.
On the macroeconomic front, some indicators are on the program: industrial production in March in France (8.45) and import prices in April in the U.S. (1430).
Greece in big trouble, gasoline at record levels
Bank stocks could again battered on Tuesday after losing more than 2% Monday. The rating agency Standard and Poor's downgraded two notches sovereign rating of Greece.
Oil companies will still follow while gasoline prices breaking new records almost 1.55 euros on average.
BNP Paribas is expected to formalize Wednesday Pébereau departure from the presidency of the French bank at the end of the year or early 2012, and appoint in his place the current chief executive Baudoin Prot, the Financial Times.The latter should be replaced by Jean-Laurent Bonnafé, deputy CEO of the group.
JCDecaux has significantly exceeded its target on the first three months of 2011 by signing a growth of 7.8% of its turnover but it is more cautious for the current quarter assuming an increase of about 4%.
Safran and Thales should arrive this summer with a tentative agreement on an exchange of assets in the defense wanted by the government, as the chief representative of arming Laurent Collet-Billon, in an interview Tuesday at Les Echos.
Sales and general meetings in the program
The IT services company Atos Origin said Tuesday sales down 1.3% in the first quarter 2011 to 1.22 billion euros.For the first half, the group seeks an operating margin up 50 basis points, compared to 6% for the first half of 2010.
The investment company Eurazeo in the first quarter revenues stable at 866.8 million euros, but up 5.9% in not taking into account the base effect associated with adverse chain of budget hotels B & B Hotels, sold in 2010.
The turnover in the first quarter of Medica and Noble Age will be known before the opening of trading. And those of Maurel et Prom, Nexity, Ruby, Alten, Assystem, Devoteam and Eutelsat (third quarter), after market close.
Note that the general meetings of ArcelorMittal, Lagardere and Havas will be held Tuesday.
Hiring picked up in April in the United States. Based on the highly anticipated monthly report from the Labor Department released this Friday, 244,000 net jobs were created, when adjusted for seasonal variations, or 10.4% more than in March. It's the largest increase in employment since May 2009. The figure for March was also revised upward to 221,000 against 216,000 originally announced.
This acceleration was driven by the dynamism of the private sector has created 268,000 jobs, the highest since February 2006. Economists predicted, however, a plateau in improving U.S. labor market and had forecast 186,000 new jobs.
Unemployment rate to 9%
However, this improvement was not enough to prevent a surprise rise in unemployment.After four months of decline, it was 9% in April against 8.8% the previous month.
This rise, which goes against forecasts of analysts, was foreshadowed by the poor figures published this week: a monthly survey of firm ADP, released Wednesday, showed a slowdown in job creation in the private sector April. The next day, figures released by the Labor Department showed a surprise rebound in weekly jobless claims at 474,000 against 431,000 the previous week free online credit report.They thus reach a high of eight months.
This apparent distortion between the two statistics can be explained by the fact that the unemployment rate and the number of hires are made after two separate investigations, the first conducted with a sample of households, with the second of a sample of firms.
It could be a sign that the number of jobs created have benefited people who already have a job or it could signal an adjustment of the figures next month.
European stock markets have increased their earnings from these figures, a sign that the health of the U.S. economy is not as bad as that. In Paris the CAC 40 gained 1.26% in 4055 to 15 hours, 34 points. On the foreign exchange market, the dollar has increased its progress against the euro at 1.4547.
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After France, Germany. The support of Nicolas Sarkozy to Mario Draghi should accelerate an official position in Berlin, which will be decisive to the European Council in June If Angela Merkel Knights turn Mario Draghi, the Italian's appointment is granted. If she vetoes, even verbal, post escape him.
According to relatives of the Chancellery cited by the business press, Angela Merkel is more qu'embarrassée by the statement by Nicolas Sarkozy, who allegedly caught short once more."The government will decide on possible candidates in a timely manner," said the spokesman for the German government.
"The decision on the successor of ECB President Jean-Claude Trichet, will be taken at the next EU summit," said Steffen Seibert.
Contrary to his finance minister Wolfgang Schäuble, Angela Merkel believes that the arrival of an Italian to the position of treasurer general of Europe would be an indefensible decision against the German public.
"At any price this Italian!"
The popular press, leading Bild, has continued to point the finger at the overspending in the South."At any price this Italian! "Until recently headlined the tabloid Berliner, who does not hesitate to denounce tax evasion in Greece and the taste of the Italians for inflation.
The euro crisis has revived the Germans the trauma of abandonment of the Deutschmark, for countries of the "Club Med" they never considered worthy of the single currency. At the time of the creation of the euro, Germany was suspicious of accounts of Italy … In this context, the appointment of Mario Draghi, capable and respected as it is, at least appear iconoclastic in Germany .
However, the application of the Italian made his way into the German political circles. After having praised the German economic model in the press Frankfurt, Mario Draghi has managed to win support weight in the person of Wolfgang Schäuble, who has the ear of the Chancellor."Schäuble enjoys good reputation Draghi as central banker, his integrity and personality," says a senior official in the Handelsblatt.
More than the opinion of Wolfgang Schäuble, is the support of Nicolas Sarkozy puts Chancellor in a difficult position. Exercise a veto Draghi's candidacy to head the ECB might trigger a new crisis in the euro area and create a damaging conflict with France, even as relations between Paris and Berlin were severely affected by denial Germany to support the UN resolution on Libya.
Twitter to keep its territory, San Francisco has agreed to reduce its withdrawals. The dynamic Internet group threatened to leave town if he did not get an exemption from tax assessments. The municipality sold late last week. "The town where we grew up and started our next house will remain," announced on the blog's group communications manager, Sean Garrett.
Twitter threatened to move from Brisbane, a town in the suburbs south of San Francisco, closer to the heart of Silicon Valley, where the headquarters of many groups and start-ups on the web. The CFO of Twitter, Rowghani Ali, believed a move would allow the group to save 30 million dollars in taxes, rents and other expenses over the next five years. "A significant difference for a company our size," said Ali Rowghani.According to eMarketer estimates, the turnover of Twitter totaled $ 45 million in 2010.
San Francisco did not want to lose the company that is revitalizing its image. Twitter has played. "Our growth is able to generate the creation of a true business center in our area," argues Ali Rowghani. The municipality has decided to grant exemptions from social contributions for new employees for companies that locate in certain neighborhoods in decline pay day loans. Twitter, which has 400 employees, plans to have nearly 3,000 in 2012.
Tax on wages
The municipality, it is true, remains unwelcoming financially for Internet groups. It is the only California tax corporations based on employees' income.Companies paying more than $ 250,000 in payroll is subject to a fee equivalent to 1.5% of the sum. Moreover, this tax applies to all forms of income, including profits realized on the resale of stock options, says the New York Times. This form of remuneration is very popular with start-ups and other Internet groups.
After facing the group sold microblogging, San Francisco is now facing demands from other companies. Specialist Zynga games online community, which produces Farmville, complained of this privilege and threatens to turn to leave the city. The New York Times, "legal services in the city now planchent exemption from taxes on wages covering the whole surface of the city."
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The list of seven is finally ready. On Friday, the G20 meeting in Washington, have managed to agree on the seven countries whose impact on global economic imbalances are greatest. They are members of the old G5 70s: the United States, France, Germany, Japan and the United Kingdom, enmeshed in two powerful emerging economies, China and India .
These countries, which each weigh more than 4% of the global economy, "are clearly more systemic," according to the French Minister of Economy Christine Lagarde, who chaired the meeting. They will therefore be a "thorough assessment" of their finances to reduce the imbalances they create in the world.More concretely, the G20 will analyze the changes since 1990 and projections until 2015, several variables including their public finances, external accounts, savings and private sector debt.
Towards a global growth "balanced"
The objective of this approach is to deliver recommendations to follow for these countries. For the U.S., it will thus reduce the triple deficit, commercial and household savings. For China, it will move from growth to export-led growth fueled by domestic demand. Countries richly endowed with natural resources should also provide impetus to consumption.
On the part of capital flows in the international monetary system, emerging requested a strict evaluation of countries that are increasing the global money supply, as the United States or Japan.More broadly, the G20 also undertake to give more reliable figures and recent state of their oil production if they have one, or their stocks.
"It was a meeting of G20 subsided very, very constructive", welcomed the governor of the Banque de France, Christian Noyer. The G20 now hopes to finger the target at the summit in Pittsburgh in 2009: economic growth "strong, sustainable and balanced" for the world. A meeting of G20 finance on development issues, is scheduled for Washington in the upcoming meetings of the International Monetary Fund and World Bank in late September.
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The NYSE, returned to its levels before the earthquake in Japan after braving geopolitical tensions in the Middle East, nuclear crisis in Fukushima and threats to the eurozone, catch your breath. Very hesitant start, the indices have flirted with the balance throughout the session before finally closing down very slightly. The Dow Jones loose and 0.19% at 12,201 points, the Nasdaq lost 0.45% to 2731 points and the S & P coward 0.27% at 1310 points.
Yet, on the side of macroeconomic indicators, the positive news were chained:
– Household consumption has increased slightly more than expected in February, as consumers tapped into their savings while inflation accelerated at an unprecedented pace since June 2009, official data showed on Monday.According to the U.S. Commerce Department, spending rose 0.7% after rising 0.3% in January (revised from 0.2%).
– The promise of home sales rose against all odds over the month of February, according to data released Monday by the National Association of developers. One month to another, this increase amounts to 2.1%, while analysts expected a decline of 1% after falling 2.8% in January.
Employment at the rendezvous
But the caution was then that the main highlight of the week is expected Friday with the monthly figures of employment in the United States. These numbers will give "a fairly complete what happened in March for consumer spending, industry and economy, and give a good idea of the performance of the economy in the first quarter" , say the experts Hugh Johnson Advisors.The market expects the new posts at the same level as last month, around 190,000.
On the currency markets, the euro retreated against the dollar on Monday, suffering still concerns on the eurozone, while the dollar remained supported by comments from U.S. Federal Reserve (Fed) on a possible next policy normalization U.S. monetary. At closing, the euro stood at 1.4090 dollars against 1.4081 on Friday.
Time to "window dressing"
The side of values this week, while the month of March ends investors should conduct operations offs quarter-end or "window dressing". A system that is to buy at end of period shares that are doing well to present a portfolio more attractive to future investors.The values of energy, which, buoyed by rising oil prices gained 14% since the beginning of the quarter according to the S & P sector, the compartment is the most powerful moment for the first quarter. Marathon Oil is up 40% so far this quarter. El Paso 31% and 30% of Valero Energy, Chevron 17%. The latter is the value of Dow Jones, which displays the largest increase since January 1. Behind the energy sector, industrial arrive, up about 6%, consumer specialist, up 4% and technology (+3%). The second value is the best performing Dow Jones Caterpillar, up 16.5%.
Always on the side of values, an eBay (-4.29% to 30.34 dollars) has announced its intention to acquire GSI Commerce, a provider of marketing services for e-commerce. The transaction represents approximately $ 2.4 billion.
This weekend, AMR Corp. (2.62% to 6.67 dollars) could decide to split its American Eagle regional airline in May, according to information compiled by Bloomberg from the pilots' union.
The International Trade Commission (ITC) has rejected Nokia (4.67% to 8.74 million), accusing Apple (-0.31% to 350.44 euros) for having violated several of its patents.
Ford (-1% to U.S. $ 14.86) announced a cessation of production of five days at its plant in Genk, Belgium from April 4, following supply problems caused by the earthquake in Japan.
Netflix (3.18% to 237.32 U.S. dollars) have entered into a distribution agreement for a period of five years with the studio Miramax, for a total of more than $ 100 million (Reuters).
Greenstone, the branch of pharmaceutical giant Pfizer (-0.39% to 20.27 dollars) has recalled two drugs in the United States, and citalopram finasteride following a labeling error on the part of a supplier.
Research In Motion (-1.56% to $ 56) announced the acquisition of Canadian tinyHippos startup, mainly known for Ripple, its development platform and test mobile applications. The terms of the transaction were not disclosed.
Wal-Mart (-0.31% to 52.19 dollars) has announced the reopening of 12 Seiyu stores in the region of Sendai, Japan.
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