From our special correspondent in London this small affable man with a mustache in suit and tie eight months ago was still at the heart of the Libyan regime of Colonel Gaddafi. Chokri Ghanem presided over the national oil company, NOC, key partner for foreign producers. Yesterday and Tuesday, Ghanem was in London one of the guest stars of the annual Oil & Money ("Oil and Money"). For in the oil industry, the former Libyan dignitary has always enjoyed a reputation as a respectable career.
Prime Minister of the Guide, he was the architect of the return of Libya in the comity of nations before being dismissed in 2006. He had the good sense to defect in May, and moved between Vienna (OPEC headquarters where he has long represented his country) and London.It was at Vienna that Chokri Ghanem was the guardian of one of Gaddafi son, Seif al-Islam, which was regarded as before the rebellion, modernization.
With this pedigree, the diagnosis of Ghanem on the prospects for black gold in Libya was carefully listened to by the cream together oil on the edge of Hyde Park. He said Libya will not return to its level of production before the war (about 1.6 million barrels per day) prior to eighteen months while the production may rise to 350,000 barrels a day currently to 500,000 in the coming weeks .
Workers protest
More than massive destruction, looting Ghanem evokes parts and piping of oil installations. Two thousand and 4×4 have gone, stolen by the rebels or simply stolen. But the main problem, according to the former official, is the lack of security of oil fields.Added a new unimaginable before the war: the oil workers increasing protests and claims.
A fellow Ghanem, Abdallah Salem el-Badri, the current Secretary General of OPEC, also present in London, is more optimistic. He expects a return to 1.6 million barrels per day within a year. Neither of the two Libyans anticipate any changes in short-term contracts with the "majors" Foreign strong support for Libya.
Chokri Ghanem there a future in the new Libya? "I do not think it's a good idea to go," says the former "Mr. Oil" Gaddafi by announcing months of instability. Far from Tripoli, he just turned 70 years old and aspires to peace.
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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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By opening 369 new tourist residences furnished this winter, Pierre & Vacances Avoriaz ever growing, the station founded in 1967 by its President Gerard Bremond. The group, which already operates a large proportion of accommodation in place, there were 925 apartments last winter in the resort. In one season, thus increasing its capacity by almost 40%! "The work was so important that the station was closed this summer!" Said Gerard Bremond. Closed? Not quite … From April to September, Pierre & Vacances has sold any stay in Avoriaz, but the owners of apartments in the resort have obviously been able to come.
The new residences will be paying trademarks of Pierre & Vacances Maeva Pierre & Vacances but Pierre & Vacances, offers the most upscale of the group that he arrived in Avoriaz.Count for 3 rooms (6 persons), from 1760 euros per week in December, February and March. Residences Pierre & Vacances offer spa, day care, bar lounge and larger apartments are equipped with home video and Nespresso coffee machine.
"There are 15 apartments for sale"
The ambitious expansion program of Pierre & Vacances Avoriaz to be completed next year: 104 new appartrements Pierre & Vacances will open in 2013 and a "Aquariaz", an area water park (with wave pool, slides, tree water ….) will be inaugurated next summer. In total, these studies represent an unprecedented investment of 200 million euros. But true to its strategy, Pierre & Vacances will do a small part (the Aquariaz a $ 12 million). The tourism group has in fact sold to private investors plan all new apartments."There are 15 apartments for sale", says Gerard Bremond.
The spirit of the resort, it remains the same. In Avoriaz, there is no car, we walk, especially ski or horse-drawn carriage (there are 100 horses). The clientele is international and 40%, led the largest group of foreigners, the English and Dutch.
The news gave a boost to Wall Street as the U.S. central bank (Fed), the economy across the Atlantic continues to grow. "Economic activity continued to expand at a moderate pace, although there is an activity in some regions hesitant or waning," the Fed said in its situation report published every six weeks on the basis information gathered by the regional branches of the U.S. central bank.
The recovery, however, has been no acceleration in recent weeks and has even slowed in some areas, according to the U.S. central bank. Growth was moderate or mild in five districts, while seven others have described the activity with words like "very low" and "slower". In the last Fed Beige Book, released in late July, eight regions believed that growth had slowed.This does not rule out further the risk of recession in the United States.
Anyway, the news boosted the U.S. stock markets on the eve of the speech of U.S. President, Barack Obama, who is expected to announce a 300 billion plan to boost employment in the United States. So much so that Wall Street has increased its earnings by mid-evening: The Dow Jones climbed 2.09% to 11,372.44 points, the Nasdaq was up 2.67% to 2539.88 points and the Standard and Poor's rose from 2 , 54% to 1194.88 points.
In the wake of Wall Street, the indices showed last green. The U.S. indices were offered a breath of oxygen, the ones who had suffered a Monday night session black. But did not count on the intervention of the Fed, which ended the great rebound: the Central Bank of the United States (Fed) announced Tuesday it would keep its key interest rate near zero " at least until mid-2013 "and that it was considering new stimulus package to help the economy. These ads have been justified by growth 'considerably slower' than expected and risks "have increased".
What investors consolidate their fear that the U.S. economy slow down seriously. Around 20:30, the Dow Jones clawing over 0.04% to 10,814 points, still below 11,000 points, after crossing the water line briefly.The Standard & Poor's 500 and 100 Nadsad, highly volatile, yet amounted respectively to 1.21% and 1.98%, whereas increases were much more frank queqlues minutes before the Fed speaks. The Fed should seek a delicate compromise between indications that reassure investors around the world, and a formulation that is acceptable to the enemies of inflation.
Also very anxious before the meeting with the Fed, the European and Asian stock market finally closed in the red after a session yoyo. In Paris the CAC 40 fell below 3,000 points for the first time since July 2009. But the trend seems to have subsided, the indices being pressed into the green in the afternoon.
Plummeting after the deteriorating U.S. debt rating last Friday, the Dow ended Monday down 5.55%, falling to 10,809.80 and the lowest level in 10 months. It dropped below the 11,000 points for the first time since October. The Nasdaq, dominated by technology, more copiously unscrewed further, down 6.90%. The speech of President Barack Obama yesterday at the meeting, has little reassured the markets, which have severely plummeted, from both sides of the Atlantic. Furthermore, degradation, on Monday, Standard & Poor's, unsecured notes of Fanny Mae and Freddie Mac, organizations refinancing home loans, a, yesterday, still darkened the picture.These organisms probably were punished because of their dependence on the U.S. federal government.
Global oil demand to decrease
The Organization of Petroleum Exporting Countries Tuesday lowered its forecast for growth in global demand for crude in 2011, citing deteriorating macroeconomic outlook in most advanced economies. In its monthly report, OPEC reduced its forecast of 150,000 barrels per day (bpd) now and plans for this year growth in global demand of 1.21 million bpd of crude.In financial markets, oil prices were up Tuesday at the opening in New York (13 cents to 81.54 dollars), offering an impressive rebound Oil prices were up Tuesday at the opening New York, offering an impressive rebound after falling to levels seen since September.
Earlier this afternoon, investors are aware of a new better than expected, but still not glorifying to the future of U.S. growth. Productivity, which measures hourly output per worker, fell at an annual rate of 0.3% over the period April to June after falling 0.6% the previous quarter (revised from 1.8%). The market expected it folds down from 0.8% in the second quarter.
Face communication at high risk of the Fed tonight, "it is clear that the average productivity of U.S. companies in the second quarter is very far from the concerns of the market and will go unnoticed" analysts suggest Aurel BGC. Especially since the figure is clearly negative, the victim of an increasingly weakened growth.
The market capitalization of U.S. computer maker Apple has briefly exceeded that of the oil giant ExxonMobbil Tuesday, becoming the most expensive company in the world, said a specialist told AFP. The market capitalization of both groups were around 340 billion dollars in the afternoon in New York, told AFP Volokhine Gregory, head of markets for the company portfolio management Meeschaert New York. That of Apple rose temporarily above that of ExxonMobil to 7:20 p.m..
Cyprus is on the brink both economically and politically. Many speculate that the country, which joined the euro in 2008 to become the fourth of the area to apply for financial support.
The situation worsened with the explosion on July 11 last of a shipment of arms on a naval base. The tragedy left 13 dead and destroyed the main power plant on the island that produced 60% of its electricity. Since the disaster, Cyprus is facing a government crisis. Daily demonstrations demanding the resignation of President Demetris Christofias. To calm discontent, the latter requested the July 28 resignation of the government to conduct a reshuffle.
In addition, the economy ends up weaker than ever. The rating agency Moody's has revised its forecast for GDP growth of 1.5% this year and 2.5% in 2012 down after the explosion.It provides stability in 2011 and a 1% growth in 2012. In addition to the cost of rebuilding the plant and import of electricity in the interval – valued at over one billion euros – daily cuts disrupt an economy already weakened by the crisis. As a result, Standard & Poor's and Moody's both lowered the rating last week in Cyprus due to budgetary concerns of the country.
The banks are the Achilles heel of the Cypriots. Bank of Cyprus, the largest financial institution on the island, called earlier this week the government in Nicosia to take prompt action to prevent the country does need a financial rescue plan. "Unless we act, we risk the ability of the state to refinance and the consequences will be immediate and serious," the bank said in a statement.
The deficit is widening
Especially since the official debt of Cyprus – which is about 61% of GDP – may actually be higher according to some experts. End of 2010, the agency Stock Watch estimates that the debt was around Cyprus 105% of GDP, if we include the debt of social security funds. Enough to feed all the speculation? The spokesman of the Commissioner of Financial Services, Chantal Hughes said Tuesday he was "no question of an assistance plan" because the country is "determined to do what is necessary in terms of fiscal consolidation" . However, the deficit in the first half widened sharply, reaching 3.5% of GDP against 1.9% a year earlier.
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Still no solution. The elected representatives of the U.S. Congress again tried Sunday to reach an agreement on raising the debt ceiling, but without success. Democrats and Republicans had themselves set a target to announce progress on a plan for deficit reduction before the opening of Asian financial markets on Monday morning. The disappointment of investors is large, the Asian financial centers such as the Paris Bourse.
Secretary of State Hillary Clinton sought Monday to reassure Asian markets: "I am confident that Congress will do what is needed and will come to an agreement on the debt ceiling, and work with President Obama on measures to improve our long-term fiscal outlook, "she said in the text sent in advance of a speech in Hong Kong.
Members of both parties decided to work separately on separate projects. The chairman of the House of Representatives, Republican John Boehner, now plans to announce a plan at 14 am local time (20 hours in Paris).
"Nobody wants a failure"
John Boehner told his troops last night that no breakthrough had yet been obtained to repel the specter of a failure of the United States after August 2. According to two officials, he would have repeated in a conference call that "no one wants a failure." But he also warned his party's elected they may need to make "sacrifices" to avoid it.
Twice since Friday night, the talks between the two sides have failed to unlock the status quo on the action to start to reduce the U.S. debt.Friday night, the country experienced a further escalation in the standoff between Democrats and Republicans, they refused to pander to Barack Obama. The Democrats call indeed now $ 400 billion of additional tax increases. A change of position is unacceptable, according to John Boehner, while the two sides had previously agreed to a ceiling of one trillion dollars in additional tax revenue bad credit payday advance. Saturday evening, the President was therefore convened in emergency to four White House officials Republicans and Democrats in Congress for a new emergency meeting. But no more successful in negotiations, after 50 minutes of discussion.
Democratic side, the president believes that the 1.6 trillion cuts represent an offer "extraordinarily fair".Republican side, these efforts remain insufficient to John Boehner, who wishes to bring to 3 trillion budget savings over ten years.
Critical deadlines
Given the failure of talks between the president and elected representatives of both chambers, the compromise could eventually go through further discussion within Congress. If a common ground on removing the ceiling on debt seems likely, no party could only be satisfied with this short term solution, and discussions on the reduction of public spending should be more difficult. One observation that seems to share Timothy Geithner.
The U.S. Treasury Secretary said yesterday that there would probably have two stages for an agreement, first raising the debt ceiling and an agreement on spending cuts and a second stage of higher taxes and reforms.Whatever the timing adopted, it was also described as "unthinkable" that the United States do not meet their debt obligations. And as Barack Obama, who does not want the thorny issue of debt re-emerged during the election year ahead, Timothy Geithner wants to avert the threat of a default for at least 18 months, but at nine days the deadline of August 2, the time is now critical.
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The French debt will be increased by about 15 billion euros by 2014 due to the implementation of the plan of aid to Greece reached Thursday night, Francois Fillon said on Friday.
The Prime Minister also called the agreement by EU leaders on a rescue plan for Greece to step absolutely decisive for the euro area.
This increase in debt could undermine the government's objective to begin to reduce the debt ratios of France from 2013.
The Brussels agreement, which owes much to the efforts of France and Germany, pemettra to avoid bankruptcy of some countries in the euro area, said the Prime Minister after explaining the decisions taken Thursday to French parliamentarians at Matignon.
The "golden rule" would entrench the need to reduce deficits in the French Constitution is more than ever, still says the head of government.
In the future, the quality of service to access the Internet at very high speed could be paid by consumers and Internet giants like Google and Facebook. Telecoms operators should therefore more profitable to make significant investments to connect at least half of Europeans in very high speed (100 Mbit / s) in 2020. This is one of eleven proposals submitted to Neelie Kroes on Wednesday in Brussels by three CEOs of large European companies that have telecom floor forty counterparts. In early March, the Vice President of the European Commission, responsible for digital strategy, had given three working groups to Jean-Bernard Lévy, Vivendi chief executive, Rene Obermann, CEO of Deutsche Telekom and Ben Verwaayen, the CEO of Alcatel-Lucent.She wanted to know their positions to achieve the objectives of the Internet of the future of Europe. But Neelie Kroes has given its green light. She noted that the discussion "has not led to a consensus."
Contribution of 9 billion
However, Europe has announced that it could contribute up to 9 billion euros for investment in telecom infrastructure. The total was estimated between 200 and 300 billion euros over the period 2010-2020 for the operators. The President of the European Commission, "Jose Manuel Barroso has made the announcement Tuesday night at a dinner.Wednesday, Neelie Kroes reiterated the proposed contributions to investment of 9 billion euros in European funds, "says Jean-Bernard Lévy, CEO of Vivendi.
In order to reduce investment, European players have suggested that the frequencies are shared for future mobile networks and that "investments are pooled, especially for civil works and the optical fiber," says Gabrielle Gauthey, Director of Public Affairs Alcatel-Lucent. For his part, Rene Obermann, head of Deutsche Telekom, has urged all sectors to agree on the creation of standards for interconnecting the next generation network.
But among all the proposals, which calls on Europe a "differentiation in terms of traffic management to promote innovation and new services and meet the demand for different quality levels" is to be the most difficult to be accepted by the giants of the Web. They should negotiate in secret affairs, with operators to deliver services to high-speed Internet users. Supporters of this proposal, it would not be called into question the "neutrality" of the Internet. Because Google and other Facebook would not have to sign these contracts.
The U.S. stock markets, should the open down on Wednesday. Future of Standard & Poor's 500 and Nasdaq 100, respectively, in fact retreating from 0.24% to 1333.50 points and 0.14%% to 2368.75 points. Tuesday, Wall Street ended the session in a disorganized manner. The Dow Jones lost 0.1% to 12,569.87 points while the Nasdaq 100 has been 0.35% to 2825.77 points. For its part, the broader index S & P 500 yielded 0.13% at 1337.88 points, in a low volume of trade.
Lowering the debt rating of Portugal four notches by Moody's is expected to weigh on investor sentiment on Wall Street.The rating agency has no confidence in the program "ambitious" in the words of the new government which includes to reduce the country's deficit from 9.1% to 5.9% this year, and 3% of 2013, and believes it is likely that Portugal needs a new aid in addition to 78 billion decided last May.
Also on the front of the public finance crisis in Europe, major international banks and insurers have an appointment in Paris today to discuss again the terms of their expected participation in the next plan of aid to Greece.
On the foreign exchange market, the euro fell sharply against the dollar on Wednesday, weighed down by renewed worries about the economic health of the most fragile countries in the euro area.Around 11:00 in Paris, the single European currency was worth 1.4359 dollars against 1.4418 dollars late Tuesday.
Warren Buffett eye on the activities of consumer credit from Citigroup
On the macroeconomic front, investors will be watching in the U guaranteed pay day loans.S., the ISM index of activity in the service in June in 16 hours and the weekly inventory of crude oil after half an hour.The main highlight of the week, however, is expected Friday with the employment figures.
The side of values, the U.S. investor Warren Buffett, through his holding company Berkshire Hathaway, is in line to take over the activities of consumer credit offered for sale by the bank Citigroup, the Wall Street Journal said on its website.
According to the Wall Street Journal, the micro-blogging site Twitter is finalizing a new round of finance which would raise hundreds of millions of dollars and the recovery to $ 7 billion.In December, Twitter announced that it has raised funds "important" from a group of investors who, according to a news site dedicated, focused its total value to about $ 3.7 billion.
Also note, investment banks Goldman Sachs and Morgan Stanley announced Wednesday it had placed with private investors 9.16% of Spanish giant Amadeus travel bookings, to 569.9 million euros.
In addition, DST Systems has announced the acquisition of IntelliSource Healthcare Solutions, a solutions provider operating in the field of health insurance. The terms of the transaction were not disclosed.
For its part, Pfizer has reported positive results for the phase III study conducted in Japan on Lyrica (pregabalin) for the treatment of fibromyalgia.
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