Archive for the 'resources' Category
Investment bank Morgan Stanley could lose nearly two-thirds of the 8.8 billion invested in global real estate fund, the Morgan Stanley Real Estate Funds (MSREF) VI International reports the Wall Street Journal. This loss represents about 5.4 billion dollars. If the information is confirmed, it would be the biggest loss ever by an investment fund specializing in real estate, the business daily said.
The losses would come from investments in such properties as the seat of the European Central Bank (ECB) in Frankfurt, an important project in Tokyo and Intercontinental hotels across Europe.
In the past 20 years, the real estate business at Morgan Stanley was one of the largest purchasers of goods in the world with $ 174 billion invested since 1991.This loss is even more of a challenge for Morgan Stanley, the bank tries to revive the industry. She has attempted to create a new fund to 10 billion dollars, the MSREF VII Global, but it could reap more than half.
At 24 hours of his arrival on the market, the iPad fever is at its height in the United States. If you believe the answer to preorders which started March 12, the new creation from Apple sensation. The first stocks are already exhausted, those who have not ordered their iPad before this week will receive nine days late, on April 12. Apple, which does not communicate its presales, would not produce enough to meet demand. On Saturday, the tablet will be available in Apple stores and Best Buy, and it will get up early to get his, because the rays could be emptied before the end of the day, according to the buzz on the Internet. The wireless models are $ 499 to $ 699. It was not until the end of April if we are interested to 3G versions, the price will go up to $ 829.
They are not only two signs that are preparing to light.Speculation is also rife on the Web according to PCWorld magazine. Taking advantage of the predicted shortage, some simple pre-booking their offer to $ 100 on sites like Craigslist, others have started their iPad on eBay at $ 700 instead of 500. These deals seem even more doubtful that Apple, as usual, organized the launch of its latest gadget in the greatest secrecy. The employees, including technicians to repair the supposed object in case of failure, had still not seen the tablet this week.
5 to 6 million sales?
The bookmakers are already on their paris sales volume by the end of the year: 5 to 6 million, maybe more. To entice buyers, Apple has guided the launch eleven new iPad applications on its site, including Safari, Keynote, YouTube, iTunes and irresistible iBooks, which may well dethrone the Amazon Kindle.If even two months ago, we doubted the potential of Apple's latest invention, now we only speak of it. Advertisers flock to the advertising pages of publishers whose applications will be available on Saturday, as Time Magazine, The New York Times or the Wall Street Journal. FedEx has purchased 90 days exclusively on applications of Reuters and Newsweek.
The reviews coming out are largely positive. A few handfuls of journalists across the U.S. have played for a few days in secret with the tablet. For most, the iPad is a single iPod or eBook. The New York Times predicted that the techies will hate but the general public will love.
In any case, Apple continues to generate humor. The tablet on behalf biased in English (mean pad pad) is suitable for two months parodies the most diverse.The latest is a "tablet" Doritos (the chips). A real hit on the Facebook page for fans of the true shelf.
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While leaders of the European Union meet in Brussels on Thursday and an extraordinary summit of Euro zone centered on Greece is explained, Portugal came unintentionally adding fuel to the fire uncertainties Helleno – European.
It was enough that the rating agency Fitch worse on Wednesday, the credit rating of Portugal's long-term "AA" to "AA-" for markets from Paris to Wall Street, a time switch in the red before to rebalance.
The CAC 40 eventually limit its losses, closing at equilibrium at 3950 points (-0.07%). He stumbled in the late morning, to -0.55%, and touched the lowest, the 3900 points, before rising over the afternoon.Towards 16h10, he lost more than 0.36% in 3938, 30 points in thin trading volume of 2.210 billion euros.
At the NYSE, disturbed by the creditworthiness of countries in the Eurozone, the Dow Jones lost 0.25% in session and the NASDAQ 0.51%.
The European markets are rebalanced
In London, the Footsie closed up 0.07%, while in Frankfurt the Dax took 0.36% to 6039 points. In Germany, the Ifo economic institute, has published an index of business climate better than expected.Portuguese Stock Index PSI 20 lost 1.77% on Wednesday at midday cheap payday advance .
In the wake of the Dow Jones lined up Tuesday night meeting of a 9th consecutive increase, gaining 0.95% at 10,890 points, the European benchmark indices were, however, these days very well oriented, including through the adoption of the reform U.S. health and the publication on Tuesday, a U.S. leading indicator of housing sales in the former less bad than expected.
But the downgrading of Portugal, followed by two disappointing U.S. indicators have weighed on the markets: the durable goods orders rose in February, 0.5%, while analysts expected 0.6%.But it is the new home sales in the United States who have cruelly disappointed: they fell in February to their lowest level since 1963.
Meanwhile, a few hours of Thursday's European Council, France and Germany are trying to tune their violins. European aid could be associated with the International Monetary Fund, to support Greece.
Meanwhile, the degradation of Portugal by Fitch has been a blow to the single currency fell more than 1% this afternoon against the greenback, to 1.3356 euro to 1 dollar. This is the first time since May 2009 that the euro develops below 1.34 against the dollar.
Normal gas emerging. This seems to be the new motto Aschenbroich Jacques, head of the automotive supplier Valeo. In an interview with Echos on Thursday, it announced a turnaround strategy that would push the group to increase the share of investment in these countries in two thirds of the total against 50% today. In his sights: China, India, South East or Turkey. "In 2013, automobile production in mature countries is less than or equal to the pre-crisis and we have the capacity to meet demand," justify "he said. This operation therefore tantamount to "minimize their investment in mature countries.
Jacques Aschenbroich sweeping indictment of any future relocation. "Valeo produces much more in France than it sells. And our research and development is mainly based in France, "says he.It benefits the transition to dent the French model: "What strikes me is that in ten years, the average hourly cost of France became higher than in Germany. It is a concern. "
Green energy and transfer program
In addition to this new direction for investment, the director of the OEM plans to put the package on green energy. According to him, "some 70% to 80%" of product lines will be affected. The group plans to focus on "vehicle electrification" or the "micro hybrid".
In this context, Valeo does not separate himself from some activities, after selling its range of weightings for lighthouses: "We are thinking whether we should we produce our own components or purchase them, which could result of disposals in the coming months, "explains Jacques Aschenbroich.The group envisages currently no acquisition, preferring to concentrate on organic growth.
Valeo, which aims a turnover of 10 billion euros in 2013 against 7.5 billion in 2009, also started to restructure its business through the elimination of the eleven branches and the creation of four main poles. A combination of flexibility resulting 600 job cuts on the 52,000 account that the group worldwide.
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LE FIGARO. – ArcelorMittal escapes shortly after the first loss in its history. Are you satisfied with this performance?
Lakshmi Mittal. – No, although, given the circumstances, we are very far out. We achieved all our objectives of lowering costs, reducing debt, adjusting our production, and have negotiated with the various unions in the world … while 2009 was one of the most difficult years for thirty years the capitalist world. The crisis is not over. The recovery will be slow and gradual. But we managed to overcome the crisis successfully.
Using your production capacity from 50% in late 2008, to 70%. Do you anticipate this year?
Our production planning is based on the request of our customers. In 2009, only 10 of its 25 blast furnaces were in production. Now, twenty are active.There remain four or five who are temporarily stopped and restarted when demand recovers. At the end of 2010, our plants should operate at 85% of their capacity. The automotive market is expected to improve slightly over fourth quarter 2009 in Europe and strong growth in emerging countries. We organize days of innovation with our major customers. We present our new products, our development programs. They are still waiting for better products, steel both stronger and lighter, and more services.
How do you make 5 billion cost-cutting announced in 2012?
This total includes 5 billion of the savings already achieved (2.7 billion Editor's note). We have implemented many measures to improve our productivity.ArcelorMittal is a great company so we can make a "benchmark" in the group! We have implemented a continuous improvement plan which aims to save $ 30 (or 20 euros) per tonne of steel produced. There were hundreds of initiatives in this area. In 2009, we managed to save 13 euros per tonne. We still have to win 7 euros. At group level, it will represent an additional saving of 1.4 billion euros. And we can still reduce our administrative costs and expenses. This will include a specialization of production sites that could be devoted to one type of product payday advance . That does not mean that we will close …
… Or that you will continue to reduce your workforce?
The group has 35 000 employees less in 2009 than in 2008.We have plans in place starting in early retirement, voluntary severance schemes … We have nothing planned as of this year. We have just completed what was started. There is no excess production capacity in Europe. In China, yes.
You also talked about the resumption of investment.
Yes. We will resume mining projects and investment in developing countries, including Brazil. We do not expect to make further acquisitions in the steel. The cost would be higher than the expansion of existing capacity. We focus on the latter solution.
The introduction of carbon tax is a threat to your business in France?
We will be less competitive in Europe. We are in discussion with the French Government, to explain the impact of this tax on our costs.I met President Nicolas Sarkozy a few weeks ago. He says he wants a strong industry in France. We'll have to find solutions. European policy in terms of CO2 is already a burden for the European steel industry, compared to our competitors in China or India. This clearly represents an additional cost, difficult to quantify but very real. Finally, the carbon tax would be inconsistent with a strong industry. But both will have to coexist.
Chinese production of steel which starts again on the rise is a threat to your industry?
Last year, net exports of Chinese steel amounted to 10 million tonnes. This year, they should not exceed 25 million tonnes. First, because the Chinese domestic demand has picked up.Then, because Chinese steel production depends on imports of raw materials, making it less competitive for export. Finally, China mainly exported to South-Eastern Asia. Nevertheless, we are always attentive. If China's exports, it can make European prices down, it already happened before 2008. There is always a risk.
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Nearly eight billion dollars. Or nearly 6 billion euros. In one week, traders and hedge-funds (hedge funds seeking higher returns, in particular through the options) were initiated some 40,000 contracts against the euro, according to the online edition of the Financial Times on Monday evening. Investors have decided to take so-called short positions on the euro, that is to say, bet down on the currency. In total, these investments "shorts" are a massive $ 7.6 billion, according to the website of the newspaper, stating that this is the first time such a sum is committed to bet on falling the single European currency.
The reason for this change of strategy: the loss of confidence in the euro, which no longer seems able to resist the contagion of the Greek debt on other European countries.Greece is central to the nervousness of financial markets, both on the Old Continent as the other major stock exchanges worldwide. And worries extend to serious budget situations Spanish and Portuguese.
Yesterday, Monday, Elena Salgado, Minister of Finance of Spain, and Jos? Manuel Campa, his deputy, flew to London to allay fears: They reiterated their goal of reducing by 3% budget deficit by 2013. It reached 11.4% of GDP in 2009.
The euro has won almost 10% in two months
On Tuesday, around 8:30 am, the euro regained some color since last night, going above 1.37 euros at 1.3728 dollar guaranteed approval cash loans . On Monday, the European single currency remained broadly under that threshold.There is still a week against the euro was trading more than 1.4 dollar.
The d?grindolage actually started last December. The euro was trading at nearly even $ 1.51. It is almost 10% more than two months later. Just this last month of 2009, the euro has won nearly 5%, losing 30 days that the currency had taken three months to win.
By touching a low at 1.3585 euros February 5, the euro has regained its level in May 2009 …. and August 2007.
For some analysts, the slide is not over, and the euro could well return to the threshold of 1.25 dollars, amid U.S. growth stronger than expected.
The political spotlight
Tomorrow, Wednesday, Ben Bernake, will explain why the strategy for ending the crisis that has put in place.Any speech that would imply a monetary tightening will cause the wrath of the financial markets.
Then, next Thursday, it was the turn of Europe to be in the limelight, with the meeting of heads of state of the eurozone.
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After the sharp market downturn in Paris last weekend, with the Cac 40 lost nearly 7% in 48 hours, optimism is in order at the beginning of the week Award paris.le CAC 40 is up 0.89% to 3595 points.
On the macroeconomic front, gross domestic product (GDP) of France is expected to grow by 0.5% in first quarter 2010, according to a first estimate of the Banque de France (BdF) on Monday.
The latest forecast from the National Institute of Statistics (INSEE) published December 17, the economic recovery in France will confirm in early 2010 but will be "laborious and delicate, with a growth of around 0.3 % to 0.4% per quarter until midyear.
The government recently revised upward its growth forecast for this year, rose 0.75% to 1.4% in the revised budget.
INSEE has published Friday its first figures on French growth in the last quarter of 2009. The government forecasts a GDP drop of 2.25% over the last year.
The detailed values to follow.
Medef to Unemployment Insurance, Union des industries and metal trades (UIMM) becomes very visible social issues. It has always been the heart of its expertise and sphere of influence, but the employers' federation was forced to the discretion, after revelations about the cash withdrawals from his former manager and his huge windfalls anti-strike . IAJ President since late 2007, Frederic Saint-Geours, 59, chief financial officer of SAP, warns against the risks of "clip the wings of the recovery", defends the need for strong industry and answered questions found on the ambitions of "Steelworkers" among employers.
LE FIGARO. – The latest unemployment figure is better. Is this a sign of lasting improvement?
Fr?d?ric SAINT-GEOURS.-feeling of our members on their activities is very varied.Capital goods or export sectors are still in great difficulty. Others are more like the automobile, with the premium snack, or remain at good levels as railway equipment. I have two concerns for the future. First, many companies have exhausted the means for maintaining the relationship with their employees, including partial unemployment. If their order book does not go back, they should ask themselves questions about their workforce. Therefore, the employment situation will not improve substantially until a few months. You have to look if it is possible to extend these devices. Second concern: in two or three months, the companies have completed their 2009 accounts, which are often degraded.If banks apply their analytical tools such classic figures, they refuse many loans – I am not talking about fund investments, but simply increasing needs for working capital resulting from a rebound in activity. The risk is to clip the wings of the recovery. We are working on this with the mediator credit, Gerard Rameix.
You have to participate in the States-General of Industry. The final report sets the goal of "restoring an industrial ambition" to France. Does it still make sense to argue at the national level?
Clearly, yes. Exports from France, this is 80% or 85% of industrial goods.However, if we had kept our market share of ten years ago in world trade, it would be 100 billion euros 'turnover' in addition to France, so perhaps hundreds of thousands of jobs, billions in tax revenue, R & D … But in France, the industry faces obstacles that are not specific to him: taxes, too focused on factors of production, education must increase training to new technologies, new businesses such as green growth, or difficulty in finding long-term financing. Now we need the conclusions of the General does not remain in the state report.
When it comes to the carbon tax, this time you prefer to speak to Europe!
Exactly.The business tax was a mistake French, it is deleted and that is not enough to put French industry at par with its rivals in terms of competitiveness – and I speak of our European rivals, not Chinese! Do not create another anomaly French with the carbon tax.
On behalf of the same desire to save France in the industry, the state interferes in the strategy of Renault and Total. Shoot there too far interventionism?
The State must play its role as guarantor, no manager. The dialogue, the contract may be more effective than law and regulation, because they give companies greater flexibility, flexibility.That is how the UIMM signed agreements on training, employment of older workers, after taking a diagnosis with the unions in the sector.
The Delegate General of the UIMM, Jean-Fran?ois Pilliard, took the head of the Social Protection Committee of the MEDEF. So, does it change the approach to the appointment pensions?
I recommend that we proceed at cross as we used to do in the UIMM: establish a working group, consult widely to build the position of business before entering the "hard" discussions. This must be done quickly, but there are already many tests. Finding a consensus will be difficult, but we must absolutely try.
Your annual convention, March 18, will focus on how employers' organizations can be useful to businesses.Three months after the start of the food industry, the MEDEF should it be seen as a veiled threat?
On the contrary! The subject is exactly one: from business needs and how to respond with a simple, cost control, and effective. Effective, that is to say, which makes a service to members (of the economy, tax, legal, social …) which allows them to best be heard locally and nationally. This suggests the most appropriate organizations. Asking these questions is not a threat, as an aid to employers throughout the world. How many times have we heard of the structural complexity employers!
Should we open the question of the employer's representative?
I can not imagine anyone not treated during the convention. I would add that the UIMM be extremely firm on the joint system: it must develop.We need stronger intermediary bodies to better address important issues, which must generate the widest possible accession. As to the joint management (Insurance Unemployment Agirc-Arco …), it must go further now that the new rules of representation reinforcing the legitimacy of unions. This requires changing the rules of governance, transparency, funding. It is possible the UIMM did in six months.
Do you agree with the criticism of the President of the MEDEF?
There is no question for us to weaken the MEDEF. Businesses need a strong employer representation and united.Our convention and the arrival of Jean-Fran?ois Pilliard as President of the Welfare Committee of MEDEF serve to strengthen it.
But when your delegate said that joining the team of Laurence Parisot does not constitute support for the renewal of its mandate, it is a sign of defiance!
Not at all. What is being done every day, Jean-Fran?ois Pilliard and me? We work. In UIMM and MEDEF. We are all employers who are negotiating delegations, which met the government. No confidence, we serve the cross. I do not say it was easy every day …
The present UIMM Does a candidate for President of the MEDEF?
We will do things in order. We will set our direction in our convention. We'll see if one candidate or another the endorsement.Otherwise, we'll see.
Where are your projects using your famous "kitty"?
Again, the idea is to use these reserves heritage as a service to businesses. What are their issues? Develop. In January alone, our system of capital development has taken investment decisions totaling 9 million euros, and these are multiplied by 4 to 10 other investors. Second issue, recruit. We will launch the next wave of our communication campaign in the spring, to show young people that may be realized in the industry. And we've released several million as part of our integration fund to help companies find skills, including among those furthest from employment. Finally last challenge, innovate.Our other endowment funds joint research projects university-industry or education programs that meet the needs of businesses.
The French group displays and street furniture, JCDecaux, released on Thursday its sales in 2009, amounting to 1, 92 billion euros, down 11.5% compared to 2008.
This figure reflects the sharp drop in advertising business, the more cyclical activity of the group and the only fully established in Europe. She has indeed recorded a decline in organic sales of 16.1%. Activities Furniture Urban Transport and proved somewhat more resistant, their respective sales down 12.1% to 934 million euros and 6.3% to 589.6 million euros. Organic growth at constant scope and exchange rates, amounted to -10.9%, while the group expected a decline of 12.5%.
"The reduction in advertising budgets and a strong pressure on prices led to a decline in global advertising market, including internet, expected around 10%," said Jean-Francois Decaux, CEO and Co-CEO JCDecaux.
2009 the worst year since 1964
The annual report for France, compiled Wednesday by Kantar Media Institute, revealed growth "historically low" advertising market (+1.4%), outdoor (posters and street furniture) is the medium most affected (-8.7%).
In the fourth quarter, sales fell by 7.2% to 561.6 million euros. A perimeter and constant exchange rates the growth was -4.9%.
"2009 is undoubtedly the toughest year that JCDecaux has faced since the inception of the company in 1964, said Jean-Francois Decaux instant payday loan . The reduction in advertising budgets and a strong pressure on prices led to a decline in global advertising market, including on-line, expected around 10%.
Sales in Asia and North America most resistant
Europe, excluding France and the United Kingdom, presented a decrease in turnover from 16.7% to 650.9 million euros. La France has decreased its turnover by 8.7%, despite a difficult advertising environment and a strong performance in 2008 (organic growth of 4.8%).
The United Kingdom is the area that experienced the largest decline in fiscal 2009 (-25.5%), improving economic conditions, however, clearly in the fourth quarter. Asia-Pacific and North America have been stronger with declines of 6.7% to 300.9 million euros and 6.5% to 146.2 million euros.
"The group has benefited in the fourth quarter with a slight recovery in advertising spending and increased its exposure to emerging markets. The more positive view of advertisers found on some markets in September, seems to continue in the first quarter of this year. This allows us to be, for now, confident in the ability of JCDecaux to reach a rate of positive organic growth in the first quarter of 2010, "concludes Jean-Fran?ois Decaux.
The annual results 2009 JC Decaux will be published pre-market March 10, 2010.
The United Kingdom is concerned that a boomerang effect will weaken his come back. On January 1, VAT is in fact rise to 17.5%, having been exceptionally lowered to 15% for a year to boost consumption. Economists from the Center for Economics and Business Research (CEBR) think again increase the VAT rate could be "stalling a recovery in its infancy."
The Center for Economic Research, which called in July 2008 a decrease of 5% tax, advance that have prolonged the VAT at 15% until July 2010. Joerg Radeke, economist at CEBR, said that the consumer will still need a boost in the first half. Inflation should indeed start rising, exceeding the 3%, which should lead to a decrease of 0.7% of household spending.In 2010, consumption would fall by 0.2%, according to economist.
The test balances
The effects of the rise in VAT rates could soon be visible through balances. If the high shopping season has started on the Bleeding Edge, economists fear it is only a deadweight, consumers rushing to the shelves before the tax goes back to 17.5 %. "They certainly have some early purchases in November and December," Analysis Caroline Newhouse-Cohen, senior economist at BNP Paribas.
The decline in consumption expected in early 2010 should still be written off by the pricing of retail giants such as Tesco. The largest British retail group has decided not to pass on the rising rate of VAT on certain non-food products.This should enable consumers to save another 12 million pounds (13.4 million euros), according to the distributor. The Sainsbury and Home Retail, among others, have also decided to sacrifice their margins.
Beneficial effects difficult to measure
In total, J?rg Radeke the CEBR believes that the rise in VAT rates, premature, and likely to "wipe out most of the benefits had been reduced fee. Still, it is difficult to estimate what were these "benefits" in 2009. According to the CEBR, reduced VAT rates contributed 0.5% to growth of British GDP.
The effect has not been miraculous. While passing the reduced rate, in the first quarter of 2009, "Private consumption fell 1.5% from fourth quarter of 2008, after a similar decline over the previous period," said Caroline Newhouse-Cohen.A decrease which stabilized until July. But economists agree that even if the measure has cost 4.3 billion pounds (4.8 billion euros) to the Treasury, the economic situation would have been worse without it.
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