Archive for June, 2010
After only eleven of the twelve adminisitrateurs group had agreed in December last year, Accor shareholders adopted by an overwhelming majority (88.49%) splitting the group into two separately listed companies, at the end of a general meeting. A project that was focused by the fund Colony Capital and Eurazeo, who hold 30% stake between them. Conversely, he had raised questions with the Strategic Investment Fund (ISF) for which the merger was "too risky".
Gilles Pelisson "very happy"
The announcement pleased the markets because at the Paris Bourse, the Accor share gains 2.40% to 42.29 euros in a market down by 2.75%. She also meets Gilles Pelisson, CEO of the group: "I am very happy," he said after the vote.It simply means that the split is an idea that has much meaning.
During the meeting, issues of Accor shareholders have not dealt with the proposed demerger, except on technical tax issues.
One of the two entities retain the name of hotel and Accor, and the other called Edenred, takes over the prepaid (Ticket Restaurant, Ticket-food, gift certificates, Kadéos, Cesu …). On July 2, the two entities will be listed on the Paris Bourse. Consequence: during a trading session, the CAC 40 will be 41 values, do so before qu'Edenred index on July 5.This separation was made possible by the extensive development of the service arm that has doubled in size in four years and can become autonomous, "said Gilles Pelisson, Accor's CEO.
Technically, the division will lead the purge of the old order book Accor shares at the end of the meeting on 1 July instant payday loan. Shareholders who wish to sell their securities or those who wish to buy must act before July 2.On Friday, the shareholders of the "old" Accor will receive one share of "new Accor" Edenred plus one share for one share of the "old" Accor held.
For the CGT, the group only wants to make money on the stock market "
If this decision was thus obtained a plebiscite among directors and shareholders in Accor, this is not the case with employee unions, who see the split as a "dismantling of the group." They fear that the sale of hotels – Accor is to sell 450 hotels in the coming years – should lose benefits to employees.
In an open letter to shareholders of the Accor group, wrote that the CGT split "plunge the company and its employees in difficulty.""This is not for the good of the company that the group is divided by two, but only to make money on the stock market," says Angel Romiti, Secretary General of the Federation of the SGC services. Accor aims to open 40,000 rooms per year in France.
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The founders of Accor defend its division (December 2009)
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Standard & Poor's finally penalized AREVA, judging the profitability of the group "depressed" for two years. The notes of French nuclear group, which was under surveillance by the rating agency since April 14 last, was finally degraded Monday by two notches to 'BBB +, cons A.
The first reason advanced by the agency for "the provision of 400 million euros related to the recently announced construction of the Olkiluoto 3 reactor in Finland. The further delay of the Finnish EPR, one of four currently under construction by Areva (Flamanville with the Channel and two in China), forcing the group to a new provision that would cause a negative operating result for the first semester 2010. In total, the group has been provisioned 2.7 billion euros for this site should be completed in late 2012 with four years late.
S & P added that the profitability of Areva would also be affected by a "conflict" is contrasted with EDF about the Georges Besse enrichment plant, in the Drome. Both groups fail to reach an agreement to renew the contract which ensures the Areva uranium enrichment EDF.
The rating agency does have a stable outlook on the debt rating of Areva, the group believes that "should be able to implement successfully the remainder of the plan sales and its plan to increase capital , strengthening its balance sheet.
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The operation of rating agencies
The nightmare continues for BP. The oil group announced Friday that its expenses related to the oil spill in the Gulf of Mexico have now reached 2.35 billion dollars (about 1.9 billion euros). This amount includes all expenses incurred by the operations of oil recovery and cleaning the coast since the beginning of the disaster but also the drilling of relief efforts, aid already paid to the residents affected and the damage already returned to federal authorities . This Friday at the London Stock Exchange, investors punish: shares tumble from -6.84% to 303.10 pence in late morning. Their lowest level in 14 years.
This new drop is more than 50% during the collapse of the oil company since the sinking of the platform in late April Deepwater Horizon.Meanwhile, five-year CDS BP increased by 19 basis points to 555 points, according to Markit.
The fall in prices has been sharp end of April, when the collapse of the platform.
European markets should pause on Thursday after two sessions of sharp decline, which followed nine sessions of consecutive increase.
The CAC 40, which closed Wednesday were down 1.71% at 3641 points, due to start sitting up on Thursday, the CAC 40 index futures predicting a rise of 0.74%.
On Thursday morning, the euro is up 0.17% to 1.2333 dollars around 7:30 rating. The European currency resist despite lingering fears about the state of the economy of the Old Continent.
In an interview with Italian newspaper La Repubblica, Jean-Claude Trichet, ECB president, said it was unlikely that the risks of deflation to materialize in the euro area.
Employment on the radar screen
In France, INSEE unveil at 8:45 expenditure Household consumption of manufactured goods in MayAnd job center will provide 18 hours tonight the numbers of jobseekers registered.
In the euro area, new industrial orders in April will be known 11 hours.
In the U.S., at 14.30, the figures on durable goods orders in May are highly regarded, as usual. As the traditional weekly claims for unemployment benefits (same time).
Areva accrues $ 400 million more
The Group accrues 400 million euros more because of the further delay of the EPR. These delays have already cost the group 2.3 billion euros nuclear. And this new supply will cause the accounts into the red in the first half.
The Da Vinci company has signed an agreement for a proposed road tunnel in Vietnam, worth an estimated 600 million dollars.
Publicis Interpublic does not need to merge with Publicis, according to its CEO, Michael Roth.The fourth group in terms of global advertising revenues has been speculation about a possible merger with French group.
L'Oreal L'Oreal held yesterday, a presentation on New Markets, about their potential for growth, based on affordable innovations, development of new product categories and the acceleration of globalization. Natixis Securities appreciated and raised price target on the value of 92-97 euros.
The bank Societe Generale 4.9 billion calls to Jerome Kerviel. This sum is claimed as damages, the commitments of the former alleged fraudulent trader.
Vivendi, however, that without the word "relax" is heard, the prosecution did not request any penalty against former executives of Vivendi Universal.From the first day of the hearing, Jean-Marie Messier, former CEO, has expressed a mea culpa about its "excessive contact".
Casino New episode in the war of Nespresso. Nestle has obtained the high court in Paris to send bailiffs in Folliet and Vegeplast, the two suppliers to the manufacturer Casino pods compatible with Nespresso machines.
Air France-KLM 4,390 people have left the company without having been dismissed, by March 2013, according to an internal document quoted by La Tribune, on its website.
Compagnie des Alpes Compagnie des Alpes announced Thursday the launch of an increase in capital of approximately EUR 100 million with maintenance of preferential subscription rights.
The leisure group has also announced a refinancing of its debt in advance through long-term, secure the liquidity of the group for five years.He said in a position to make acquisitions.
Banks The president of the European Central Bank, Jean-Claude Trichet said in an interview published Thursday that the financial regulatory reforms are on track and that a number of important decisions are taken in November at the G20 summit.
TF1 elimination from the first round of the France squad will deprive TF1 more than ten million euros in revenue.
Oil drop
Crude prices have continued to drop Thursday (76.2 dollars) in electronic trading in Asia, driven by anxiety about U.S. demand, world's largest consumer.
The latest indicators of the U.S. Department of Energy showing an increase of two million barrels in crude stocks in the week concluded on June 18 have caused concern to investors, which projected a decline of one million barrels.The increase in crude inventories reported in effect a weakening demand.
Societe Generale on Wednesday asked the Criminal Court of Paris condemned his former trader Jerome Kerviel to pay 4.9 billion in damages in compensation for "injury" suffered in 2008.
"It is clear that Mr. Kerviel will not pay" such sum, said in his address one of three lawyers from the bank, Jean Veil.Mais amount is requested for the sake of "simplicity" and "understanding ", he said, adding that this sum represented only" a part "of the injury."You could charge interest, they could claim compensation for moral damage" also suffered, "he added.
The bank alleges that Jerome Kerviel, who faces further five years in prison and 375,000 euros in damages for having taken without his knowledge for tens of billions of dollars of speculative positions in financial markets, which resulted in January 2008 by a historic loss of 4.9 billion euros.
Jerome Kerviel, 33, disputes this analysis and refuses to take responsibility for this perte.Il says his superiors knew of his operations – what they denied in their testimony – and thinks he could have ultimately "chasing" if he had been given time paperless payday loans.
Under the old trader, the "unwinding" (liquidation) of the positions he had taken was done wrong at the wrong time, what still strongly disputed Mr. Veil. The bank was threatened, she had no choice, provided the lawyer.
Before Mr. Veil, François Martineau, another lawyer for the bank, explained that the "thesis of Jerome Kerviel" that Societe Generale "knew" what he was doing was "totally unbelievable. First, "why hide what is known? There is a major contradiction. Then, continued the lawyer, "he said, 'They let me win, and when I started losing I was arrested'."But, he said, "it began to lose in April 2007!" Redress the situation before the end of the year end 2007, then lost again in January 2008.
Martineau also recalled the "images" that have been raised since the beginning of this case: the "earthen pot against the iron pot," or "David against Goliath." But there are many, he said A victim who is the bank, and a "defendant" charged with three offenses of embezzlement, forgery and using false and fraudulent introduction of data into a computer system.
The draft law reforming the consumer credit which was adopted in late April by the National Assembly must be considered in the Senate Monday on second reading. This text, which transposes into French law the European directive of 23 April 2008 aims to better encadrerla distribution of these credits, advertising and strengthens consumer information to avoid over-indebtedness. "This legislation, once passed, will provide a protective base for consumer credit," says Minister of Economy Christine Lagarde. guard, who hopes that the text be adopted as early as Monday, said her commitment to the Senate on a timetable for implementation "very accurate".
No less than 14 decrees and orders will be four needed for its implementation. Christine Lagarde, wants everyone to be published before the end of the year."I intend that all texts are published by the end of 2010 to ensure that all stakeholders are informed of the publication of texts and measures to implement," said the minister at a press conference. The entry into force of the texts will then be scheduled through May 2011.
Division on the register of credits
The minister promised to create, upon promulgation of the text, the Committee shall deliver foreshadowing, over the next 12 months, a report on the establishment of a national registry of credits, also called positive file. This file would identify all loans taken by the French and could be accessed for each request for new credit.Christine Lagarde has ensured that the committee was established following the enactment of the law shows that it is not "being in time to push for it (the positive file, ie) becomes the Arlesienne."
The principle of this file, however, continues to divide and most consumer groups will remain opposed, citing an infringement of individual liberties and the fear of use of information by credit institutions. .
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"Over-indebtedness: magistrates critical
The banks lend to smaller purchases
After the European Council, the International Monetary Fund (IMF). On Friday, it was the turn of Dominique Strauss-Kahn, IMF managing director, said to be "very confident in the prospects for the Spanish economy in the medium and long term." The latter was speaking after a meeting in Madrid with Spanish Prime Minister Jose Louis Zapatero Rodrgiuez. The day before, Thursday, Nicolas Sarkozy, speaking on behalf of the European heads of state, also explained that there was no need to worry about the financial health of Spain.
That trust, however, is conditioned "to efforts must be made" by Spain, according to the IMF."What I see today is that these efforts are underway, however, found the director of the institution, referring to measures to reduce public deficits and structural reforms announced by the Spanish government.
Focus on employment
Dominique Strauss-Kahn in particular called "crucial" reform of the labor market. According to him, it is "incredible" that the unemployment rate is rising so fast in Spain each economic crisis compared to other European countries. Today, the Spanish unemployment rate reached 20% of the labor force, double the average for the euro area.
The parton IMF was satisfied that the reform of the Spanish government will lay "the foundations of the Spanish growth for the next two decades.""If done correctly, I am very confident," he repeated, adding that "the steps taken by Spain in recent days were crucial.
Maintaining growth
For its part, the Spanish Prime Minister has reaffirmed, after his meeting with the Director of the IMF austerity measures that his government had put in place should not affect the growth of his country."Fiscal consolidation, reduced public spending, if we conclude the reforms, if reforms are strong as we think and produce enough confidence, should not affect the economic recovery and maintain growth in prices since the first quarter "said Jose Luis Rodriguez Zapatero.
Always with a view to reassure the markets, the Spanish Prime Minister reiterated the importance of resistance testing (stress test) should be conducted on European banks. These must be published before the end of July, after Nicolas Sarkozy. "The sooner the better," said Jose Luis Rodriguez Zapatero, who considers the initiative "absolutely critical" to "recover market confidence.He said the results will be noted that "most banks are in a good situation."
Spain, described by speculation, is now back to the wall. The country has a deficit that exceeds 11% of GDP in 2009. But Jose Luis Rodriguez Zapatero is confident: "I would not be surprised if market sentiment changes towards Spain in the weeks or months to come," he warned.
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European Banks Are they healthy? The question that torments the markets will soon find an answer. Under pressure from Madrid, the results of resistance tests carried out by banking regulators to assess the soundness of institutions will be made public. Paris wants a publication "before the end of July." Christine Lagarde, French Minister of Economy, told Reuters: "I am very positive about this publication. There is nothing worse than the rumors and doubts about the banks. " The Minister is confident, remembering that French banks have so far yielded positive results. These displays of the solvency ratios for the time, satisfactory. In the opposite case, Christine Lagarde said the banks to recapitalize.
Madrid triggers debate
The day before, the Spanish central bank had announced the forthcoming publication of the results of these tests. El Pais had found the ad "unprecedented in the euro area. The Madrid Institute hopes to dispel the doubts now hanging on the strength of its banking sector. The Spanish governor of the Bank believes that the current rumors greatly amplify the difficulties of the Spanish financial industry. He hopes that the markets "are fully aware of the situation in the Spanish banking system."
Banks reluctant
Further to the announcement in Madrid, the German government long reluctant, finally decided to give him the green light too low fee payday loans. But Berlin has yet to convince its banks.German institutions showed far opposed the publication of these results.
Successful tests of Moody's
The European Central Bank will also favors the publication of these tests. In the eyes of the central bank, the operation of transparency is able to reassure the markets. And regulators have reason to be optimistic. Indeed, European banks have recently passed the tests of strength by Moody's. The rating agency has increased the stress tests to thirty European banks from ten countries, and concluded that they have a level of capital sufficient to take further losses.
On the menu of discussions in Brussels
The issue of stress tests for banks will be raised at the EU summit held this Thursday.The Twenty-seven were found initially to discuss "strengthening of fiscal discipline." But the agenda should also focus on Spain, which raises concerns. Some even wondered if Madrid does not seek help from its European partners. A line of credit from 200 to 250 billion euros was raised.
To forget the failure of the huge nuclear power plant contract in Abu Dhabi. It's a little obsessed with the French energy sector and particularly of GDF Suez, which relies heavily on the Middle East.
Tuesday, the group headed by Gerard Mestrallet did not hide his satisfaction at the announcement of the signing of a contract to build a gas power plant with a capacity of 1730 megawatts (MW) in Saudi Arabia. The operation is substantial. The future plant, which will be commissioned in late 2012, an output slightly above the EPR (1600 MW), for a price much lower: 2.1 billion dollars.
In reality, the bill for GDF Suez is approximately 400 million dollars. The group owns only 20% of the consortium.The balance is in the hands of Saudi Crown Corporation (SEC), at 50%, and two partners, the Saudi Aljomaih Holding Co and Japan's Sojitz Corporation, which share the remaining 30%. The operation for twenty years, however, is entrusted to the French energy company.
Competition relatively limited
With this operation draws a little more face GDF Suez on the world supply. Unlike EDF, which concentrates its production in Europe and especially in France where it holds a capacity of 96,000 MW, the group is growing strongly outside Europe.
In the Middle East, it will have in 2013 a volume of 17,000 MW, equal to its combined capacity in Belgium and France. The other major area of activity is in South America, and particularly in Brazil where he is expected to produce 11,000 MW within three years.In total, GDF Suez expects a capacity of 100,000 MW by 2013 against 72,000 MW currently.
Growth in these areas is even faster than the electricity needs are growing. Demand is growing 8% per annum in Saudi Arabia. Brazil must build the equivalent of two or three EPR annually to meet the needs of the population and industry. The bulk of the investments made in hydropower, which represents three quarters of the country's capabilities.
Another advantage, competition is relatively limited. None of the major European energy companies not participating in tenders in the Middle East. The real competitor is Western International Power, the English electrician that coveted GDF Suez earlier this year.It has 9000 MW of which 2,000 under construction in the Middle East.
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"It was a very important interview. Nicolas Sarkozy to thank you for coming. On Monday in Berlin, German Chancellor Angela Merkel wanted to put an end to persistent rumors of discord between France and Germany in the fight against financial crisis in Europe. During his joint press conference with French President in Berlin, Merkel stressed the need for both countries to give "impetus" to the European Union to "act operationally" and "the consequences of the crisis financial recovery '.
Determined to "speak with one voice", the two Heads of States announced it would set at G20 Toronto, the idea of a tax on financial transactions and a tax credit, " to be applied in the same way in France and Germany, "said Nicolas Sarkozy.
With Angela Mergel, the French president reiterated the need to strengthen the Pact of Stability and Growth. For the countries most lax sovereign debt, the two countries propose a penalty which would result in the suspension of their voting rights at the European Council. This proposal, which will be submitted to the European Council President Herman Van Rompuy, could lead to changes in the treaty which will be "in the near future," according to Angela Merkel.
A European economic government
Finally, Germany and France have discussed their desire to establish "an economic government of the 27" which would meet soon "on an operational and pragmatic." The two heads of states also want power, "in case of necessity, meet only the heads of only 16 states in the euro area. "There will be no country of first and second class.The idea is just to work quickly to problems concerning the euro area, "Angela Merkel stressed.
"Europe is not the most dynamic continent in contrast to the ambitions of the Lisbon Treaty. Do not create new institutions but to be more operational, has welcomed the Chancellor. Nicolas Sarkozy has reiterated his desire to "get out of ideological debates to make things happen quickly."
When asked about their respective visions rigors announced plans in both countries, Angela Merkel and Nicolas Sarkozy have remained elusive. The German Chancellor said that "Germany had done the right thing and not that France too." For its part, the French president spoke of "a matter of shared responsibility, trust and proximity.
Before the G20, Germany and France will defend their joint initiatives at the European Council meeting on Thursday.
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