Archive for the 'money' Category
At Paris Air Show, Airbus steals record after record. While the European aircraft manufacturer has been a landmark order yesterday with the Indian carrier IndiGo A320 on 180 – including 150 A320neo – a subsidiary of EADS could do better on Thursday with an order for 200 copies of the A320 NEO from Air Asia.
In addition, American Airlines is about to acquire from Airbus over 100 single-aisle A320 series, according to Bloomberg. The command would be a first for the company client of Boeing and usually represent a setback for the U.S. aircraft manufacturer, Airbus' main competitor. Boeing may well be pushed to max out its European competitor in some of its aircraft modernization, such as the famous 737.
Still according to Bloomberg, Frontier Airlines, parent company of Republic Airways has also signed a letter of intent for the purchase of 40 A320 and many NEO NEO A319.
In the military, the countries of the A400M buyers have signed a framework agreement on the development and maintenance of the fleet of the future military transport plane after signing an agreement on its funding, according to Gérard Longuet, Minister of Defense.
For now, the official death toll is over 700 orders and options, including 347 firm orders for Airbus in three days. The total amount of these orders, at list prices, at more than $ 65 billion. Boeing is so far below as the U.S. garnered 126 orders and options, including 61 farms, pour19 billion.
Airbus's success to its A320neo, which should cross the milestone of 1000, seven years after its commercial launch. Subsidiary of EADS has already exceeded its targets since was 500 A320 orders by the end of Bourget.
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The slump experienced by the Carrefour share in recent days is likely to facilitate even further the group's general meeting on Tuesday. Carrefour's shareholders must in fact decide on the demerger of Dia, the sign of hard discount group, the independent rating is scheduled for early July in the Madrid Stock Exchange. Carrefour's management motivates this project by the lack of synergies between Dia and the rest of the group, and a willingness to focus on Carrefour (Planet, Market, City, Contact …). If the split is approved, each shareholder will receive shares of Carrefour Dia, a company that alone could be worth at least 4 billion euros.
This vote, however, will crystallize the tensions accumulated during the past few months hectic for the distributor.The group has already had in early May, to bracket his other draft terms of division, the 25% stake in its real estate subsidiary Carrefour Property. This 100% Dia does not unanimously. The transaction is certainly strong, if not driven, by Blue Capital, the holding company common group Arnault and Colony Capital, which is the largest shareholder in Carrefour, with 14% of the capital and 20% of the voting rights. The fund Knight Vinke (1.5%) is also favorable.
What is the position of other shareholders? Halley family (founders of Promodes, which merged with Carrefour in 1999) owns approximately 10% of the capital. Some of its members would quietly campaigning against the split of Dia, creative in their view of a direct competitor to Carrefour Spain. Among the heirs of the founders of Carrefour, also head of more than 10%, Thierry Defforey took a stand against, but as individuals.Members of two families each vote as they wish: we can not speak or block in one case or the other pay day loans.
Appearance of floating
The question is how institutional investors vote, much in demand by both sides in recent days. The split must be approved by over 66% of voters to be ratified.
The vote of the General Assembly will determine the CEO Lars Olofsson, weakened by the disappointing results, but also for Blue Capital, the maneuver at Carrefour since his arrival in the capital early 2008 (at an average price per share of around 53 euros). For the holding, the division of Dia is a means to better demonstrate, finally, the share value Carrefour.
Shareholders, including those of employees, will benefit from the appointment on Tuesday to demand an explanation on the appearance of uncertainty that prevails at Carrefour.After two profit warnings last year because of Brazil, and another this year, the group said Thursday of bad news on the results in the first half.
The turnaround of Carrefour Property added to the doubts. Just as the instability of management. Several senior executives recruited by Lars Olofsson left the group. After the departure of James McCann, the chief had promised to be directly involved in the recovery, priority of the activity in France, before naming the day before yesterday a new boss … and financial communication is in keeping. Not to mention the open front in Brazil, where Carrefour seems to invite in Pao de Acucar, the partner of rival Casino.A move that could have been hailed as audacious, but was revealed at a time when the distributor promised to focus its forces on its French hypermarkets …
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The government is very worried by the drought that has spread to 61 French departments and is willing to provide aid to farmers. Nicolas Sarkozy, who is in the Charente on Thursday presented a plan to help farmers affected by drought which includes a "shift one year" repayment of loans granted to farmers in 2009, and waived the Tax on undeveloped land.
"It is essentially a cash flow problem is (…), you repay your debts, or you pay for your food animals," said Nicolas Sarkozy after visiting the operation of a cattle farmer Montemboeuf . "We will find you some leeway and we will shift all the payments of a year," he added. "Essentially this is a map of deferments," stressed the head of state.He stressed that the "encryption" of this measure, the state will take over the payment of interest owed by farmers, could not be established "now" does not exclude other measures if necessary .
A budget of 500 million
At a roundtable in La Rochefoucauld, the Head of State later clarified that this related only to the reimbursement of aid paid under the plan launched in 2009 Poligny (Jura). "I just do not tell the difference repayment of all loans in French agriculture, it must be serious," he said. During the roundtable, the president also said that "farmers in the affected areas would benefit from an exemption from tax on undeveloped land (…) which represents 300 million euros."
In the process, he said that the state would pay the national guarantee fund against agricultural disasters, mobilized by the Minister of Agriculture, Bruno Le Maire, a budget of around EUR 200 million to enable the payment Advance compensation "from the month of September business cards." "On 12 July there will be a first test session files (…) the first payments will be held in September," he said.
Facilities of National Defence made provisions
Finally, Nicolas Sarkozy has announced, next week, a meeting of professional agricultural organizations with the Ministers of Agriculture, Ecology and Defense, as well as the CEO of SNCF to adjust logistical problems posed by the movement of fodder from farmers in difficulty."The problem is less a production problem at those you book (fodder) that a massive logistical problem," he said, adding that "national defense facilities" will be made available to allow storage straw and fodder.
In his speech, the head of state has ruled out any direct assistance to farmers in difficulty. "Do not fall back into bad habits to give you benefits that would be declared illegal (by Brussels, ed) in a few months," he said.
In addition to these economic measures, Nicolas Sarkozy also announced the establishment of a five-year plan to create water reservoirs and reduced volumes of water used by agriculture. "We must learn how to use the water," he concluded.
(With AFP)
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Even in Italy, Credit Agricole is now playing sobriety. The French banking group in Milan on Wednesday presented the local version of its comprehensive strategic plan to 2014. No major operation is in the program, but a work of conquest picky customers and improve profitability. "Our selection of organic growth excludes acquisitions, said the group's CEO, Jean-Paul Chifflet. We need to digest what we have acquired in recent years. "The green bank will therefore invest 325 million euros by 2014 in its subsidiary, Cariparma to improve synergies with the group, developing multi-channel distribution (Agencies Internet and phone) and open a dozen agencies each year primarily in its home regions: Tuscany, Emilia Romagna, Lombardy and Veneto.
In 2014, barring accidents, should relieve Cariparma 2.2 billion and a net income of 417 million euros, up by 30% and 83% from 2011. Ambitious outlook remains difficult in the context through which the Italian banking market. Between 2007 and 2010, net banking sector has in fact decreased by 4 bad credit unsecured personal loans.2% – and 1% for Cariparma. But the subsidiary of Credit Agricole, which already has as the most profitable bank in Italy, believes it can gain ground by playing on the integration of its businesses. She intends to win 150,000 new customers, primarily among young people and SMEs, on a base of 1.7 million in early 2011.
Crédit Agricole is present in Italy since the 1970s. In 2011, all Italian activities (retail, insurance, consumer finance, asset management …) has reported a profit of 1 billion euros.The French group was able to hand over bank networks thanks to its historic capital of any bank who founded Intesa Sanpaolo. In 2006, the Mutual has first acquired regional networks and Cariparma FriulAdria and last year 172 branches of Intesa Sanpaolo. Under the agreements with the Italian Antitrust, Crédit Agricole has gradually decreased its stake in Intesa. It holds only 3.8%.
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This is unprecedented in the history of the prestigious American newspaper The New York Times, founded in 1851. A woman, Jill Abramson, will take the lead, at a time when the newspaper industry is undergoing a revolution. At 57, she succeeded on September 6 to Bill Keller, who declined to slow down but will remain a contributor to The New York Times Magazine and the weekend edition of the newspaper.
New York, Jill Abramson began his career as a journalist for Time magazine, while still a student at Harvard. From 1976 to 1986 she worked for The American Lawyer, a magazine for lawyers, before being appointed editor of Legal Times. From 1988 to 1997, she was a correspondent for the Wall Street Journal in Washington.
In 1997 she joined the editorial of The New York Times, still in Washington. Bureau chief of the Federal Capital in 2000, she became its editor in 2003.In his new position, she aims to make "The Gray Lady" nickname of the newspaper, a "multichannel media committed to providing excellence in journalism," as explained by Arthur Sulzberger, owner of the title.
One million copies a day
An 'ascension into heaven, "according to its own terms. Jill Abramson takes the reins of a newspaper sold nearly a million copies daily, which is speeding up the turn on the Web (31 million unique visitors per month).
The site was chosen in March for a mid-free formula, half-pay: After the free consultation of 20 articles a month, readers are offered Internet users to subscribe monthly or yearly.A "freemium" inspired from the Financial Times.
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The beautiful series continues to Xavier Bertrand, who six months after returning to the Ministry of Labour, shows a fourth consecutive month of decline in the number of job seekers registered at employment center. A performance that had not arrived since December 2007. According to data released Wednesday by the employment center, the number of unemployed registered in category A was down 10,900 in April, bringing to 53,400 the reflux recorded since early 2011. Either close to 1600, the total number of job seekers in less expected for the full year 2011 by employment center. In one year, the variation is almost stable, rising by 0.2% is far removed from + 25% recorded two years ago.In late April, there were 2.67 million unemployed was not active in France.
Labour Minister, Xavier Bertrand, welcomed the figures, which he had already unveiled the trend earlier in the day. "This fourth consecutive decline in category A is an important sign of crisis. We must now intensify. Margins for further exist because all the measures we have taken on learning or assisted contracts are not yet in application, "he said.
Rising unemployment part time
For the fourth time since October 2010, the number of jobseekers registered in categories A, B and C (including the unemployed engaged in a Pool) also declined from 6300 on a month to reach 4.04 million people.In other words, if the number of those unemployed decreased than those in reduced activity increased (from 4600) but to a lesser extent: impact of an economic recovery that is primarily through the development of small jobs and Part-time jobs, only opportunities available to job seekers so that switch of category A to B and C.
"We can only rejoice that the full-time unemployment is down but at the cost of increased insecurity and unemployment, part time," says Francois Chereque, secretary general of the CFDT, for which this new situation has important consequences. "Young people who alternate periods of unemployment and insecurity in early life will be dragged on for years and this will impact in terms of salary increases, career advancement or retirement rights," he justifies .If the number of unemployed in category A, B and C only increases by 3.3% over one year (cons progressions around 20% there are still two years), the increase in those engaged in a Pool of more than 78 hours a month is close 13% over the same period.
Youth down
The rest of the April data is consistent with trends observed in recent months. The number of registered voters under 25 years in Class A, B and C continues to decline (-0.5% on a month to -4% over a year) while those over 50 years continues in reverse to rise (+0.9% over March and 14.1% in twelve months). The horizon is not cleared for the 1.53 million long-term unemployed (unemployed for over a year), whose number swelled from 0.1% over one month and 11% yoy . It is especially bleak for those registered for more than three years are 18.4% more than a year ago to point to the employment center.Not since January 2000 to find such a level. As for the average length of unemployment, it rose by two days to 450 days.
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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 …
The reform bill just passed by the Council of Ministers, the debate continues on the creation of the famous tax on high salaries and bonuses. And the question that arises now is that the threshold will be taken.
Always opposed the creation of a new tax bracket, Nicolas Sarkozy, President of the Republic, in effect, gave the green light to Pierre Mehaignerie, Chairman of the Committee on Social Affairs, to think about it the establishment of an "outstanding contribution". Francois Baroin, the budget minister, was then referred to a $ 2 million to 3 million euros as the threshold for application of this new tax. But according to Les Echos this morning, a government source said that this threshold could be lowered.Also according to the business daily, Pierre Mehaignerie advance, meanwhile, the leveraging of income above 1 million euros.
The tax, originally scheduled to be exceptional, should also become permanent. It would be introduced through an amendment to the Finance Act amendment that members must consider from 6 June.
Debate in the fall
Chairman of the Committee on Social Affairs did not give further, creating a new tax bracket. It even has the approach of presidential elections in 2012 to convince the executive.
The battle is announced on this subject for the time referred to in fall. "This debate should be raised but it has its place in more finance law that at the collective (that is to say, the supplementary budget law) on the reform of the ISF, which is well balanced" , said the MP.
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Hotel Martinez divided into apartments or offices? One hypothesis is now possible according to Le Parisien in France today. The famous Art Deco hotel, which annually hosts the biggest stars of world cinema at the Cannes Film Festival, may soon be for sale by its owner, the investment fund Starwood Capital. Nearly six years after buying the group Taittinger, the American group, forced to reduce its debt, in effect withdraws progressively from the luxury hotel. After having yielded to the Israeli group Arlov Lutetia in July 2010, and the Crillon hotel to a member of the royal family of Saudi Arabia at the end of that year, Starwood Capital could be tempted to secede as the famous Cannes hotel .Bundling of several hotels including the Martinez, a $ 1.5 billion, had already almost completed in 2008.
This possibility seems this time even more credible, the newspaper said that the clause which requires the continued operation of the hotel business site has rightly expired last April 24. Imposed by the state group Taittinger redemption of the hotel in 1981, she ran that in thirty years. It is clear that if the hotel was sold to the cut, the fund Starwood Capital would clearly benefit much higher. Quoted by the newspaper, counsel for the heirs of the historic Martinez, Pierre Zeghmar, assesses the value of the total around 1 billion euros as qu'appartements separated, against only 300 million as a hotel.
If the mayor of Cannes denies fearing a possible sale, but it is going to take the precaution to enter the palaces in the local plan. A measure that would ensure their hotel assignment in assignments. But according to Pierre Zeghmar, "this measure will be effective after July 2011, leaving a window of the American group. Still, the Grand Hotel has recently invested, according to Deputy Mayor of Cannes David Lisnard quoted by Le Parisien – Aujourd'hui en France, five million euros to renovate the rooms before the G20, which will take place in Cannes in November. An "institution of this type, currently very profitable," is anyway always potentially for sale, "said the mayor.
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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 world economy is still" in crisis "
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