Archive for the 'economy' Category
The Paris Bourse is trying to make a new step forward. After three sessions of rise, the CAC 40 opened down. He then went up the slope ahead of 1.04% to 3058 points mid-session.
Operators welcome the announcements of leading finance ministers of the euro zone, Jean-Claude Juncker, made in the night. The latter warned that the Financial Assistance Fund (EFSF) would reach "probably not" the one trillion euros, as had been promised after the crisis summit last October. "The conditions have changed" in the financial markets, he said.
The euro area is turning to the IMF, whose resources should be increased "through bilateral loans" to the institution of Washington "could have adequately the same firepower as the EFSF and cooperate with him in an even closer, "said Jean-Claude Juncker credit reports free.In the process, BNP Paribas advance of 0.91%, 1.44% of Credit Agricole and Societe Generale 0.38.
Laurent-Perrier (4.96% to 68.75 euros)
The group announced on Wednesday champagne avoirtriplé profit in the first half of fiscal year 2011-2012 (ending September 30) through its exports and that he intends to remain cautious about the whole year because of economic context.
Publicis (-0.06% to 33.34 euros)
Maurice Levy, 69, was extended for four years as Chairman of the Corporate Executive Board advertising.
Bouygues (-0.36% to 23.30 euros)
The construction group Bouygues said Wednesday it has awarded two contracts for a combined total of nearly 160 million euros for the construction of residential buildings in Singapore.
Keolis is even better placed to inform Barbara Dalibard that until 2005, the private subsidiary of SNCF held 50% of Eurolines France alongside Veolia, now the sole occupant in France.
Coaches at a smart price that take hours to transport passengers where the TGV broke all records for travel time worrying they then SNCF to the point of removal from the train? "The supply of cars can be a real alternative to the lines used by TGV, says a consultant specializing in transportation. It allows people who do not receive discounts or take their ticket at the last moment to find places for cheap rates. "
Lines also inter-
It is true that the national fee schedule of trips offered by Eurolines is attractive: a Paris-Rennes coach costs only 24 euros when it costs from 55 to 72 euros for a trip by train.
What is the waiting period?
The waiting period is the period at the beginning of the sickness, during which Social Security does not compensate the employee. For those in the private sector, this period is currently three days. They are beginning to reach compensation only from the fourth day of absence. As part of the austerity plan, this period will be increased to four days in the private sector, and one day in the three public functions no fax payday loans. But in practice, only a minority of employees do not receive anything in the first three days, most companies shall bear all or part of the time (see below).
The waiting period have the same impact for all employees?
For many employees, it is painless. According to the Ministry of Budget, 70% of them are covered by a collective agreement that provides for the assumption by the employer of all or part of the waiting period.
Italy does approach the point of no return? Some finance ministers could not help looking up to heaven on Tuesday, after a new camera in Brussels, while two indicators concern for the future of the single currency were turning to red: the level interventions of the ECB to calm the markets and the cost at which borrows the European Financial Stability Fund (EFSF), which constitutes the first line of defense if Italy were to switch after Greece, Portugal and Ireland.
The ministers of the euro seems to have learned anything from their Italian counterpart Giulio Tremonti, who came to Brussels to plead the cause of a Berlusconi government now condemned. "Markets drink the cup for a week, but Rome means the same song," laments a spokesman. Italy, in turn, "enters the vicious circle", continues a senior official.On another front to defend the euro, the EFSF has faced 104 basis points above the rate paid on its debt (3.59%) to place its 3 billion euros of bonds. The bailout fund retains its AAA, but it seems already sealed by the ball Italian. "The cordon sanitaire erected around Greece is showing signs of collapse, 'says a senior official.
Specter of a meltdown
The establishment of the famous "firewall", arrested Oct. 26 at the top of the euro, was precisely the issue of the appointment of the Eurogroup in Brussels. After the political decision, it remains to fill the coffers of the EFSF new way: European budgets are already in the grip and large foreign investors reluctant to buy its bonds in an atmosphere poisoned by the specter of a collapse in Italy.
"One might think that more French people remained in the Hexagon this summer, which took the train," says David Azema, the Chief Operating Officer of SNCF responsible for the strategy. Between July and September, sales of the travel industry group, which includes the TGV and international routes operated by joint ventures (Thalys, Lyria …) jumped 8.7% in the summer of 2010. Since the beginning of the year, its sales rose 7.1% to 24.19 billion euros, up 5.2% at constant scope and exchange rates.Sales since the beginning of the year is progressing in all areas.
Near the branch, which includes regional trains and also houses Keolis, a subsidiary of public transport, has become the main contributor to the SNCF group with a turnover of over $ 9 billion over nine months, up 6.5% compared to last year. "Proximity" of benefits including state aid to bail out the trains balance of the territory (TET), these unprofitable lines that the state has agreed a year ago to subsidize.
"We are doing better in all branches thanks to the improvement of agreements signed with Réseau Ferré de France, for which the branch Infra work more profitable, but also with the state as part of the TET, said David Azema. Because trains balance of the territory we had last year a loss of 210 million euros.This year, we charge the revenues of the State by this convention. "
A flat on the side of freight transport
However, a shadow appears on the side of freight transport. If SNCF Geodis displays a nine-month increase of 3.8% of its turnover, the logistics sector was down 1.1% in the last quarter. "The activity of Transportation Commission, which worked very well, has declined by 8.7% during the last quarter which is a measure of slower traffic flows between Asia and Europe," says David Azema.
This performance should enable the group to achieve its margin, its leaders do not want to reveal.
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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.
The French, Belgian and Luxembourg governments announced Sunday mid-day they had found a solution for the bank Dexia, about to be dismantled. "The proposed solution, which is also the result of intense consultations with all relevant partners, will be presented to the Board of Directors of Dexia which is responsible for approving proposals", they said in a statement, without giving more details on how they have learned.
Sunday morning, Finance Minister Didier Reynders has indicated in an interview to the channel RTBF, as Belgium does not redeem all of Dexia Bank Belgium (DBB), the Belgian entity of the bank on track to be dismantled. "The state will rise sharply in power. If we were 100% (in the capital of Dexia Bank Belgium), I do not rule, we do not intend to stay indefinitely.This does not mean that we will stay three months or six months, "he said.
Given the scale of the debt crisis, "I do not exclude that in three years, five years, maybe more, we are still present" in the capital of DBB, the retail banking business of Dexia , said the minister.
The pattern of the decommissioning of the Franco-Belgian bank Dexia today favors nationalization of the Belgian entity and the creation in France of a new bank dedicated to local communities.
Board in 15 hours
The board of Dexia, the first victim of bank debt crisis in Europe, will meet this Sunday at 3:00 p cash advance no fax.m. (1:00 p.m. GMT) in Brussels, said a spokesman for the institution.
It will have to decide on the decisions taken by France and Belgium to break up the Franco-Belgian bank, in big trouble.A meeting will be held in Brussels between pre-Yves Leterme and François Fillon, the Prime Ministers of Belgium and French, in an attempt to complete the dismantling of Dexia.
The meeting between the heads of government must be "at lunch", told AFP a source close to the negotiations. However, no details were provided on the venue.
A Luxembourg delegation will also be present during these exchanges, while an international investor has manifested itself this week to resume the Luxembourg branch of Dexia present in the retail banking and asset management."We are ready to enter the final stretch of negotiations," said Saturday night the Belgian Prime Minister in charge of current affairs, following a limited cabinet meeting devoted to the case Dexia.
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From our special correspondent in Wroclaw.
The Europeans hoped "a dialogue between friends," the Americans had "no arrogance." Las. With the destabilization of markets and growing concern on both sides of the Atlantic, the U.S. Treasury Secretary, Tim Geithner, could not resist lecturing his seventeen counterparts in the euro area gathered Friday to Wroclaw (Poland).
The relief provided by five central banks – including the U.S. Fed – banks in the euro area will not long concealed the absence of concerted policy response to the crisis. On behalf of the Europeans, the President of the Eurogroup Jean-Claude Juncker declined projects Tim Geithner, citing "differences in approach with our American colleagues."Treasury Secretary, he has put his finger where the euro hurts: he publicly expressed concern "of the conflict between governments and the European Central Bank," a week after the sensational resignation of the Chief Economist of the ECB .
Barack Obama's America, soon launched a presidential campaign, fearing a collapse of Greece, a contagion to European banks and a possible fracture of the euro area. If the crisis deepens, it is the U.S. economy would suffer the backlash, shock reverse of that which had hit Europe after the collapse of Lehman Brothers in 2008.
The first message in Washing-ton is to push the Europeans to speak with one voice and act decisively. "Governments and the Central Bank should work together (…) to avoid catastrophic risks for financial markets," said Treasury Secretary.And he insists, denouncing the cacophony that destabilizes the common currency: "Everyone should also abstain from loose talk about the end of the euro area." Targeted: the proponents of expulsion from Greece …
Denial of a tax on financial transactions
The unprecedented invitation launched by Poland – host country because currently presiding the EU – Timothy Geithner had anything to embarrass, in turmoil, the finance ministers of the euro. We saw Baroin host the head of U.S. Treasury of a strong handshake in Wroclaw. But the Euro has carefully kept at a distance. He has not formally participated in the circle, but a "preliminary conversation" about an hour. Contrary to custom, he did not sent to journalists.To tell his truths to Europe, he preferred an audience of bankers in another part of town.
Some did not take gloves to say that Europe has no lessons to learn. The United States, collapsing under the deficits should put their own house, says the Belgian Didier Reynders. "America has nothing to dictate when the person refuses flatly our suggestions," added the Austrian Maria Fekter. It is true that Tim Geithner repeated Friday his opposition front to the tax on financial transactions carried to Paris, Berlin and Brussels.
Decisions deferred
For the second time in eight days, Treasury Secretary left Europe empty-handed. Friday, the Europeans have made a face at her suggestion to "leverage" means the EFSF, the bailout fund for countries of the euro in difficulty."This is not a subject that is discussed with a country outside the EU," Jean-Claude Juncker meant. Same end of inadmissibility of the American idea of supporting the growth of public funds "even a donkey does not stumble twice on the same stone, 'says Didier Reynders, convinced of the urgency to fight first against the deficits.
For the Americans as to Europeans, the European event in Wroclaw ends with a disturbing sense of incompleteness, even for emergencies. The Eurogroup has pushed to mid-October a decision on payment of 8 billion euros to Greece. He did not reach an agreement on guarantees that Finland requires Greece.
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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The question of the succession of Yves Carcelle, who turns 65 next year, Louis Vuitton, LVMH's flagship brand is a question that torments long time analysts. It's finally out that Bernard Arnault, chairman of luxury group and parent company of Louis Vuitton, has found a rare bird. The lucky winner is a 47-year Spanish, Jordi Constans, the current head of Danone's fresh dairy products. He worked in the group since 1990. He joined Louis Vuitton to discover the group during the year 2012 and succeeding Carcelle early 2013 at the head of the first luxury brand in the world.
Yves Carcelle take over the presidency of the "Louis Vuitton Foundation" which will open in early 2013 to the completion of the project designed by Frank Gehry. He will remain executive committee member of the LVMH group and be responsible for strategic missions to the President of the Group.
Bernard Arnault acknowledges the work of Yves Carcelle which, since 1990, "hosted the extraordinary journey of Louis Vuitton.".
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