Meanwhile how OL GROUP, led by Jean-Michel Aulas, will provide funding for a new stadium, investors seem to be on the lookout for any new funding. On Monday, the track climbed nearly 2% to 5.90 euros after the announcement this weekend by the management of the signing of the syndicated loan of 57 million. The group currently holds the club's third championship in fact explains in a statement it had finalized with Credit Lyonnais, Groupe CM-CIC (as mandated arrangers) and BNP Paribas (as arranger) this line of credit a maturity of 3 years, "with an option to extend for one year." Other consortium members are bank Societe Generale, HSBC, Natixis and Banque Populaire Loire and Lyon.More than the mobilization of new financial, OL Groupe thus increases its flexibility by bringing together under a single credit to longer maturities and unique, its old lines of credit previously negotiated on a case by case and according to different timelines, with each bank . "The credit line is part of a substitute bilateral credit lines currently in place," said Chief Financial indeed.
Avoid tap into cash
Figaro.fr reached, the group does not want to give details of the use of these funds, but said "they will not be allocated to build the new stadium payday loans. They will secure the needs of medium-term funding to continue the group's strategy in avoiding the use of cash. " In late 2010, it (net debt) amounted to 8.2 million.The group said in a statement that the proposed new stadium will be dedicated funding, "under consideration". The latest plans known to management, project financing would be split apart roughly equally between bank loans, funds provided by the club itself, and commercial contracts. However, the project now appears stalled, while the group is still awaiting authorization from the Stadium of Light in the suburbs of Lyon. In 2009/2010, the net loss of one football club side at the Paris Stock Exchange reached 35.6 million euros, hit by a decline in product transfers of players.Last February, the club has however announced a reduction of 2 million euros of its semi-annual net loss to 6.7 million.
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It was only called reform, but the mobilization of EDF employees in particular have been enough to reverse the direction of the electrician.
Monday, LEU (French Union of Electricians), which represents an area heavily dominated by EDF and GDF Suez announced that it would not implement tariff reform agents put on the negotiating table last February. But on April 7, to call their unions, employees of the electrician had made a real show of force: almost 60% of them went on strike on behalf of the acquis, mobilization much higher than that observed during movement on pensions fall, for example.
Monday LEU advanced cautiously that "reform conditions were not met."Exit, therefore, the development plan benefit enjoyed today 300,000 homes for active and retired officers of EDF and GDF. Currently, their bill is 5% or 10% of the price paid by the general public. The proposed reform would not cause the end of February to catch up with, but at least to change the tariff agent in parallel regular rates. Ultimately, according to projections, an EDF employee would have paid its electricity around 20% of the price charged to the individual lambda.
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Still cautious various publications, U.S. markets open as expected on a slight rebound. Boosted by better than expected financial results of JPMorgan and rising retail sales in the U.S.: the Dow Jones gained 0.43% to 12,318 points and the Nasdaq 0.62% to 2765 points.
Wall Street resumes are a few colors after a session Tuesday marked by a sharp decline. Investors worried both the reclassification of the Japanese nuclear disaster at the same level as Chernobyl and disappointing quarterly published at the opening of the season results, the aluminum giant Alcoa.
Barack Obama facing the U.S. deficit
The International Monetary Fund (IMF) has also sounded the alarm about the U.S. national debt, stressing the lack of a sufficiently credible strategy to stabilize it.A lack of strategy could, in the global institution to present a small but real risk of further economic crisis.
According to figures released yesterday evening after the close of trading in Europe, the U.S. budget deficit reached because $ 188 billion for the month of March, 829 billion dollars over the first six months of the fiscal year 2010/2011. The 2009/2010 Budget posted at the same time, a deficit of 49 billion dollars.
Barack Obama also will speak in Washington in early afternoon on the subject. An exercise that looks dangerous. In presenting this Wednesday, its solutions against the deficit and debt, Bush will indeed have to refute the arguments of his Republican opponents, while maintaining a careful his Democratic electorate.The budget agreement with the Republicans against the balance of fiscal 2011 has not yet been formally approved in Congress.
Retail sales and the Beige Book Menu
Retail sales rose slightly less than expected in March in the U.S., higher gasoline prices accounting for a significant share of consumer spending at the expense of other purchases, according to data released Wednesday by the Department of Commerce payday loans no teletrack.Les retail sales rose 0.4% from February. Economists polled by Reuters expected a 0.5% increase. This is the ninth consecutive month of increase but also the lowest variation observed since June 2010, when sales fell 0.3%.
JPMorgan publishes its accounts
On the corporate side, banks are in the spotlight: JPMorgan (0.57% to 46.91 dollars) has announced a net profit before trading up 67% to $ 5.6 billion, under its first quarter.
U.S. bank Citigroup (-0.14% to 4.54 dollars) will pay a record $ 54.1 million to a small group of investors who accused him of having misled about the quality of loans' toxic "to local communities. In a decision of the arbitration body, one of U.S. authorities on financial regulation, FINRA, agreed that Citigroup should compensate an investor for 52 years, Jerry Murdock, and a retired lawyer of 69 years, Gerald Hosier, to height by 3.9 and 21.7 million.In addition, the bank will pay $ 8.5 million to an investment fund, Brush Creek Capital, said this ruling dated Monday and Tuesday consulted on the website of the FINRA.
Schneider and Tyco International
According to the Daily Telegraph, Schneider Electric, for its part would have sent a letter in which he manifested his interest in an offer of $ 30 billion on Tyco International, from the perspective of giving birth to the world's leading security systems. Relayed by Bloomberg a few days ago, this rumor was not convinced of market analysts. Some feared that the transaction is too large for Schneider, who, on Wednesday denied being "currently" in discussions with Tyco.
The capitalization of Tyco accounts for about half that of Schneider (31.7 billion euros). Schneider rebounded Wednesday on the Paris Bourse.The action Tyco, which rose from 7.41% late Tuesday on Wall Street could also react. In early trade, she dropped 1.19% to 51.71 dollars.
Portugal always pays more dearly for his obstinacy in refusing the help offered her the International Monetary Fund and the European Union. On Wednesday, the country has issued 1.005 billion euros of treasury bills (short term) to investors, who demanded interest rates high. One for the issuance of 455 million euros in 12 months stood at 5.902%, 1.5 points higher than during the previous operation. 550 million in vouchers to 6 months were issued against a rate of 5.117%, well above the 2.984% of the last similar exercise in early March.
Still, the government said for the first time since the crisis began, he was "able to ensure its financial commitments." Resigned, the Socialist Prime Minister Jose Socrates steadfastly refuses to resort to the European financial stability and the International Monetary Fund.And despite a high public deficit and growth conspicuously absent.
Borrow short term
In response, the rating agencies have deteriorated in recent days the debt rating of the country. Fitch and Standard & Poor's have now placed one notch from relegation in the category of "junk" that is to say, very risky. Markets are concerned that Lisbon can not repay large debt maturities in April (€ 4.2 billion) and June (4.9 billion).
To pass these tests without the need for European aid plan and while minimizing the invoice, Lisbon could be tempted to borrow in the short term (due within two years) payday loans with no fax."The Portuguese Treasury has recently presented its program of debt issuance for the second half: he confirmed that he wanted to sell 7 billion euros of bonds, short term, but has not announced anything on the bonds (maturity greater than two years, Ed), "said Cyril Regnat, strategist at Natixis.
Allies Lusophone
Portugal can count on allies to buy its bonds. Brazil has said it would support early April its former colonizer in turmoil. Macao, a former Portuguese property, said March 30 that it buys debt Portuguese (but its means are limited.)Gilles Moec, economist at Deutsche Bank, for its part suspected Portuguese banks under direct or indirect control of the state to be a strong incentive to buy down the national debt.
According to the Economist, the Portuguese authorities might be able to avoid resorting to the aid plan before new parliamentary elections scheduled for June 5. But, he warns, "after that date, Portugal should have much more in its coffers." Perhaps the country he has no time to wait that long. Thursday and Friday, the European Council of Ministers of Finance should, according to Reuters, consider the options "economic and legal" yet on this issue. The opportunity, once again, pushing Lisbon to accept the outstretched hand.
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Faced with pressure from parliamentarians, very angry against the simultaneous increase in fuel prices, gas and electricity, the Minister of Economy and Finance, Christine Lagarde, Minister of Industry and the Energy, Eric Besson, and Secretary of State for Consumer Affairs, Frédéric Lefebvre will meet Friday and discuss the solution to ease the surge of energy. While a further increase of 5.2% in gas prices comes into force today, bringing the rate increase on a year to 21% or even 61% since July 2005, the daily Les Echos revealed that the government could decide to freeze any further increase of gas by the Presidential in 2012. Soaring oil prices, which serves as a basis for setting gas prices, could indeed lead to a new rate increase on 1 July.A measure politically difficult to pass a year of elections.
Taking into account the actual costs
In addition to freezing outright increases potential, ministers are considering another option: the Revision of the method of calculating gas prices. For now, the formula considers only the volume purchased by GDF Suez via major supply contracts signed with suppliers such as Gazprom, Sonatrach and Statoil cash advance now. Now the operator has also signed contracts for short-term cost that took into account would lower the cost of supply of GDF Suez and therefore futures prices for consumers. It as found by the Commission for Energy Regulation in a resolution dated August 31, 2010.
Finally, the government should look at the price of electricity.The state must stop in the next few days the price at which EDF will sell part of its nuclear energy to its competitors. The conditions requested by the incumbent would result to increase rates for consumers by 5% per year until 2015. But Baroin, budget minister and spokesman of the government has already said he opposed such an increase.
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The NYSE, returned to its levels before the earthquake in Japan after braving geopolitical tensions in the Middle East, nuclear crisis in Fukushima and threats to the eurozone, catch your breath. Very hesitant start, the indices have flirted with the balance throughout the session before finally closing down very slightly. The Dow Jones loose and 0.19% at 12,201 points, the Nasdaq lost 0.45% to 2731 points and the S & P coward 0.27% at 1310 points.
Yet, on the side of macroeconomic indicators, the positive news were chained:
– Household consumption has increased slightly more than expected in February, as consumers tapped into their savings while inflation accelerated at an unprecedented pace since June 2009, official data showed on Monday.According to the U.S. Commerce Department, spending rose 0.7% after rising 0.3% in January (revised from 0.2%).
– The promise of home sales rose against all odds over the month of February, according to data released Monday by the National Association of developers. One month to another, this increase amounts to 2.1%, while analysts expected a decline of 1% after falling 2.8% in January.
Employment at the rendezvous
But the caution was then that the main highlight of the week is expected Friday with the monthly figures of employment in the United States. These numbers will give "a fairly complete what happened in March for consumer spending, industry and economy, and give a good idea of the performance of the economy in the first quarter" , say the experts Hugh Johnson Advisors.The market expects the new posts at the same level as last month, around 190,000.
On the currency markets, the euro retreated against the dollar on Monday, suffering still concerns on the eurozone, while the dollar remained supported by comments from U.S. Federal Reserve (Fed) on a possible next policy normalization U.S. monetary. At closing, the euro stood at 1.4090 dollars against 1.4081 on Friday.
Time to "window dressing"
The side of values this week, while the month of March ends investors should conduct operations offs quarter-end or "window dressing". A system that is to buy at end of period shares that are doing well to present a portfolio more attractive to future investors.The values of energy, which, buoyed by rising oil prices gained 14% since the beginning of the quarter according to the S & P sector, the compartment is the most powerful moment for the first quarter. Marathon Oil is up 40% so far this quarter. El Paso 31% and 30% of Valero Energy, Chevron 17%. The latter is the value of Dow Jones, which displays the largest increase since January 1. Behind the energy sector, industrial arrive, up about 6%, consumer specialist, up 4% and technology (+3%). The second value is the best performing Dow Jones Caterpillar, up 16.5%.
Always on the side of values, an eBay (-4.29% to 30.34 dollars) has announced its intention to acquire GSI Commerce, a provider of marketing services for e-commerce. The transaction represents approximately $ 2.4 billion.
This weekend, AMR Corp. (2.62% to 6.67 dollars) could decide to split its American Eagle regional airline in May, according to information compiled by Bloomberg from the pilots' union.
The International Trade Commission (ITC) has rejected Nokia (4.67% to 8.74 million), accusing Apple (-0.31% to 350.44 euros) for having violated several of its patents.
Ford (-1% to U.S. $ 14.86) announced a cessation of production of five days at its plant in Genk, Belgium from April 4, following supply problems caused by the earthquake in Japan.
Netflix (3.18% to 237.32 U.S. dollars) have entered into a distribution agreement for a period of five years with the studio Miramax, for a total of more than $ 100 million (Reuters).
Greenstone, the branch of pharmaceutical giant Pfizer (-0.39% to 20.27 dollars) has recalled two drugs in the United States, and citalopram finasteride following a labeling error on the part of a supplier.
Research In Motion (-1.56% to $ 56) announced the acquisition of Canadian tinyHippos startup, mainly known for Ripple, its development platform and test mobile applications. The terms of the transaction were not disclosed.
Wal-Mart (-0.31% to 52.19 dollars) has announced the reopening of 12 Seiyu stores in the region of Sendai, Japan.
The Minister of Youth and Sports welcomed us in adjacent rooms at the stage of Marrakech. Before answering our questions, he took a few minutes to finish a chat with young surfers on his Facebook page. "For nearly four months, it scans the current social, economic, political and sports every Tuesday from Morocco," explains Rashid Maaninou, Inspector General of Ministry of Youth and Sports. While the country is already host to the African Cup of Nations (CAN) in 2015, the Minister gave an update on the outline of the professionalisation project of Moroccan football.
Lefigaro.fr – Where is the professionalisation of African football?
Moncef Belkhayat – It is now clear that Africa is lagging behind. The only country on this continent is professional in South Africa, host of the last World Cup in 2010.In addition to Morocco, Algeria, Egypt and Tunisia are closer to get there. This requires a large dynamic range and great political will.
This political will is there she in Morocco?
Yes, and we now have a legal arsenal to create what I call a sports economics. With the Royal Moroccan Football Federation, we have prepared a bill with orders that will be applied on September 30. The Federation has in his possession a specification that will provide all clubs of first division football. We will then raise the clubs in this project and make them aware that they have until June to sign it.
Be considered as professional clubs will have a stadium of at least 15,000 seats, a budget of at least 1 million euros, a school for training and financial support of local and private investors . Those who do not meet these criteria will be demoted to the second division. The goal is that Morocco has its professional league in September for the 2011-2012 season.
What are the highlights of this professionalisation?
The department has launched many projects large stadiums. We inaugurated last January that the Marrakech which can accommodate 45,000 spectators and cost about 90 million euros. Stages of Tangiers and Agadir should be delivered respectively by the end of the month and in December for the reception capacity of 45,000 seats and investment costs of just over 85 million euros each.Finally, the chamber of Casablanca should break ground next May and have 80,000 seats. Its cost is around 200 million euros. We are now launching a second wave of stadium from 10,000 to 25,000 seats in smaller cities like Kenitra, Khouribga, Tetouan …
But do not forget training. The legislation thus provides for the mandatory school sports. We currently have 29 centers of local social and sports, 150 are under construction and we have signed with local communities to have 300 new. The goal is to have 1000 by 2016 50% funded by the state and 50% by local authorities.We will finally sign an agreement with the Union to create private Marrakesh soon a faculty of sports in Marrakech.
How to make sure the stadiums built in Morocco?
The stadiums built in Morocco are not exclusively dedicated to football stadiums. They all have an athletics track and can host events and international meetings in this discipline. They also feature a number of rooms and spaces covered in order to host conferences and seminars. In addition to football, we plan to organize a cultural event per month.
Finally, we will develop annual programs of sponsorship for each of our stages.Thus, the stage of Marrakech, the sponsors will give their name to one of the towers placed around the enclosure for 20,000 euros a year, buy VIP boxes for 40,000 euros per year or be visible through panel 5000 € 10,000 per game payday advance low fees.
The presence of the Moroccan State in football is it not a barrier to its development?
Indeed and that is why the law we will implement plans that clubs become sports companies held initially for up to 70% by private investors and therefore at least 30% by the government through associations. But once the clubs will be sufficiently well-structured is to say by the African Cup of Nations (CAN) 2015 that Morocco hosts – the state should gradually phase to enable them to become independent and thus finance their development on the financial markets or through the contribution of private investors.
For clubs to gain this maturity, we must develop more of an incentive framework that I discussed an appropriate tax. In other words, reduce their taxes, VAT exempt their sports equipment, giving them access to cheap land to the State, etc. …
Yet no bank or insurance company invest in Moroccan football. How to convince?
Banks want above all that we bring them some visibility on the return of their investments. These are players with a strong corporate culture. We must be as transparent and as professional as possible with them. But it is now sporting institution, advertisers and media need to put around the table to ensure that the Moroccan football becomes a unique platform for exposure.
For this, we draw a lot of European and American models.Today, football clubs are associations whose bylaws do not like companies holding the balance sheet, income statement, audit, certification of accounts. By initiating the transformation of these sports associations into commercial companies, this will allow them to present banks with a real record and thus be able to raise with them the debt.
Exactly, you complain a lot with this law does not take into account the specificities of Morocco and inspired the French model. What is your response?
Moroccan laws are historically based in France. I studied in English-speaking countries and I know the quality of other European models, including that of Germany, whose resources are very diversified.
Now, I realize that the more we advance towards the professionalization and transparency and the more people who feel aggrieved.But especially the greater our chances of clubs even more powerful, able to pull up all the Moroccan football.
Revenues generated by the Moroccan football clubs are they diversified?
Sponsorship and television rights revenues represent 60% of Moroccan football. With the professionalisation of football, we also established an exclusive TV rights with the National Society of Radio and Television for $ 60 million. As for the budget through sponsorship of football in Morocco, it accounts for 10 million euros.
We also have a background of sports development, which can help in different sports. This fund is financed by the Moroccan society and sports games (MJDS), an organization that depends on our sports department in charge of paris.With the new structure of this entity, revenue increases on a regular basis, so this allows us to develop different disciplines.
Morocco organizes the African Cup of Nations in 2015. The objective is it now to organize a World Cup?
CAN 2015 will be a first indicator of our ability to receive a great event. Then we can confidently consider us as a candidate to host the World Cup 2026.
But our goal must not only be a candidate, but to organize it. It is only then we can say that the Moroccan football was professionalised. South Africa did. Why not Morocco?
Is this a sign that the recovery takes hold in the U.S.? After several months considered disappointing, the U.S. economy created 192,000 jobs in February, according to figures from the Labor Department. Economists were expecting 180,000 new jobs, according to Reuters. While the public sector has destroyed 30,000 jobs, the private sector has created 222,000.
More good news, the figures for December and January were revised up sharply, from 121,000 to 152,000 in December and 36,000 to 63,000 in January. On the other hand, the unemployment rate fell to 8.9% in February against 9% in January, while economists expected a rise to 9.1%.
"This publication, with the acceleration in job creation is very good news," says Inna Mufteeva, economist at Natixis freecreditscore."The slowdown in temporary employment (16,000) is also reassuring, companies probably starting to hire more stable through contracts."
In detail, these are the construction industry who have contributed to the upturn in employment, with 33,000 net new jobs each, respectively, after a fall of 22,000 jobs in the first sector and a modest gain of 9,000 in the second. Services remained dynamic (47,000).
Finally, the number of unemployed "discouraged", who have given up looking for work, fell 184,000 in one year. But it remains at a high level (1 million).
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The Asian market ends week on a very tentative. The Tokyo Stock Exchange, closed Friday for a long weekend, is not there to give clear guidance to markets remained open. They follow in the footsteps of Wall Street, which closed yesterday at equilibrium.
U.S. investors have shown particular concern about the evolution of bond rates in Europe, and they were also suspended from the developments in Egypt where President Hosni Mubarak spoke not to announce his resignation but to state transfer his powers to Vice President Omar Suleiman. The voltage is therefore likely to rise a notch with protesters angry and disappointed by the announcements of the president.
Chinese markets are leading the dance
Egypt is this Friday at the center of attention of investors. But not only.A new measure of monetary tightening in China worried the markets. After raising interest rates, the Chinese central bank had indeed ordered some banks to small and medium-sized to meet their reserve requirements in order to control the volume of credit and inflation, according to Bao Zhongguo Zhengjuan ( China Securities Journal). The measure would be effective this week, according to business daily.
In Hong Kong, the Hang Seng 0.28% loose while the Shanghai Composite climbed 0.19%. The banking sector values are eroding. In Hong Kong, Agricultural Bank of China (-1.37%) and Cheung Kong Holdings (-1.57%) declines sharply while at the same time in Shanghai, AGBANK lost 0.4%.
These doubts have consequences for other markets in the region.
Three weeks after closing its only French base, Ryanair back in Marseille. In part. The low-cost airline, which had stopped most of its routes to and arrival from Marseille, and especially his four domiciled elsewhere had previously stationed permanently on the platform low-cost MP2 has announced Tuesday it reopened eleven lines for the summer season: Agadir, Brest, Eindhoven, Fez, Gothenburg, Lille, Marrakech, Nador, Nantes, Palermo and Tangier. One to two aircraft will be parked on the tarmac of Marseilles, from April 14 to September 4.
With 13 lines that had kept the Irish airline will operate are 24 rows from the Provence platform and hopes one million total passengers in 2011, said Michael O'Leary, boss of Ryanair.
The company still continued in France for violating labor laws and was under investigation."Ryanair has closed its base in Marseille in January following the unjustified legal proceedings seeking to require crews of Irish Ryanair to pay taxes and social contributions in France, despite EU regulations that allow members 'Ryanair crew pay taxes and social contributions in Ireland where they were employed, worked and were paid, "said the officer. This has opened legal proceedings before the European courts against the French decree of November 21, 2006 submitting the flight personnel of foreign companies operating in France to French law payday advance online.
A market which has shown its potential
Not to be disturbed again, the company will change each week the crews operating the flights from Marseilles.And aircraft being positioned only temporarily can not be regarded as based in France … "Ryanair bypasses the regulation of a less flashy, but he uses a new process illegal," said Mr. Rashid Brihi however, the Counsel for the Unac, a union of flight crews who has led the legal woes of the Irish company.
The leaders of the airport, which have tailored their platform MP2 needs of low-cost, do not conceal their satisfaction on Tuesday. But the return of principal client does not compensate for the time that 75% of the shortfall. And it's not Transavia, a subsidiary of Air France, or the national company itself with its proposed regional base in Marseilles, who will fill it.
Ryanair does not clearly overlooked a market that has shown its potential and leave the field open to a potential competitor.The CEO of Ryanair provides: "If the French decree changes, we will return. Not with four but probably with six or eight aircraft based. "
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