AIG makes another important assignment. Delayed several weeks due to fiscal problems, the giant American Insurance American International Group and MetLife onday announces an agreement under which AIG will sell its branch at MetLife Life Insurance Alico for the equivalent of 15.5 billion, the Wall Street Journal.
The acquisition will be for $ 6.8 billion in cash and approximately 8.7 billion shares in MetLife.
Alico, and the Asian subsidiary of Life Insurance American International Assurance (AIA), had enjoyed a special status, allowing AIG to make these two assets as compensation and thus reduce the debt of the insurer to the Reserve U.S. Federal (Fed), although both companies are still controlled by AIG. This also allowed AIG to prepare these two subsidiaries for sale or an IPO.
At the edge of the termination payment in mid-September 2008, AIG was bailed out by the U.S. government who had to inject over 180 billion dollars in its coffers to keep the group afloat, the government now owns 80%.
AIG will make 32 billion dollars by the Fed
MetLife believes that the acquisition would boost earnings by 45 cents to 55 cents per share by 2011.Analysts expect 2011 operating earnings per share of 4.89 dollars.
With the sale of Alico, and after the agreement last week to sell its Asian branch of life insurance, American International Assurance, for 35.5 billion dollars to the group Prudential, AIG could make the Fed's New York 32 billion in cash in the coming months, if both operations are looped as expected by the end of 2010, says the WSJ.
AIG should also repay 19 billion dollars more in coming years, when he sold his shares in MetLife and Prudential.
If only Mickey and friends could all give a little magic wand on sales of Euro Disney! The site operator of Disneyland Resort Paris announced on Tuesday a drop in attendance at its parks by the end of the year: -10.5% in the first quarter of 2009-2010 ended in late December.
Result, the group reported a turnover period of 292 million euros against 326.4 million euros over the last three months of last year. The average expenditure of visitors, however, is stable, thanks to its pricing and promotional strategies.
"The decline in attendance at theme parks reflects a decrease in the number of English and French visitors," explains Philippe Gas, the president of Euro Disney."In the first quarter of fiscal 2009, the economic crisis had not yet fully impacted our revenues, mainly because visitors reserved well in advance of the dates of their visit," says the boss, stressing further that "now visitors reserve later while seeking promotions.
The group, which does not provide a quantitative forecast for 2010 indicates that it plans to launch three new attractions this summer, inspired by the movie Toy Story, Disney-Pixar. The group says the activity will take color "when the economic environment will give signs of improvement."
Title Euro Disney operates in negative terrain on Tuesday, down from 2.74% to 4.6 euros, about 11 hours, giving a market capitalization of just under 180 million euros.
ALSO READ:
"Euro Disney: visitors have spent significantly less (November)
"Euro Disney still attracts more (January 2009)
Dec
23
It must be with Air France, it will be finally on Tuesday with Trenitalia. Reportedly, the group Veolia is about to conclude an agreement with Trenitalia, the division of passenger transport operator of Italian public Ferrovie dello Stato, to ride the TGV in France in early 2012.
Neither partner can share in the unknown. The French group had initially started this project in 2008 with Air France before the airline waives last October. Veolia provides fruit and a year of joint discussions with Air France on the subject and plan of attack ready. For its part, Trenitalia is the first foreign operator to take advantage of the opening of international passenger traffic last December 13 to seek paths in France.The group is preparing to roll its TGV spring between Rome, Milan and Paris.
The liberalization of international trade makes it possible for an operator to run its trains in France if they have a path between two states. It is possible to make the Milan-Paris via Lyon and compete with SNCF on the Paris-Lyon section.
To ride the TGV early 2012, both partners are ready to draw: it takes at least six months to conduct the tender for rolling stock and nearly two years the builder to honor his order. Veolia should take over the project developed with Air France. It revolved around three TGV lines. An axis Brussels-Paris-Lyon which allows both to compete with the Thalys between Brussels and Paris and SNCF from Paris and Lyon. A Paris-London Eurostar rival but also competing with SNCF Paris-Lille.And finally, a Paris-Strasbourg line with after the Alsatian capital, a branch to Frankfurt serving lines Mannheim and Karlsruhe, and a branch to Basel with a stop in Mulhouse.
Ambassador of the French high-speed
With operating costs 30% lower than the station simply because of the social system of railway, Trenitalia Veolia and could become the low-cost airline of the TGV. Initial projections of rates which were estimated with Air France aimed at a Paris-Lyon to 30 Euros in second class cons 41 to 63.10 euros for the station (ticket Leisure in normal times), a Paris-Nantes to 22 euros second class cons from 36.50 to 56.80 euros for the SNCF and the Paris-Lille 19 euros against 25 to 38.90 euros for the station.
For Air France, this project means that the ally of yesterday will become a new competitor for its domestic flights.For the station, this is the end of a monopoly and the beginning of a battle that will necessarily lead the public company to lose market share.
For Veolia, the project is a first step since the group aims eventually to answer calls for tenders TGV abroad. The French would be very good in the role of ambassador of the French high speed in the world alongside the manufacturer Alstom. "To export the TGV, Alstom suffers from not being associated with an operator, said a close case. SNCF does not because she is not willing to take risks and cost of revenue abroad. "
The Chinese government had promised. The national growth would remain at 8% in 2009 despite the crisis. It is poised to succeed his bet. The figures, published yesterday by the National Bureau of Statistics (NBS) for the month of October, confirms the strong recovery of the economy.
Industrial production rose by 16.1% over the same period last year, against 13.9% in September. This is its biggest gain in a year and a half. Retail sales have, in turn, increased by 16.2% in the first ten months of the year, compared with an increase of 15.5% for the period January to September.
The trade balance has in turn recorded a balance of $ 24 billion or 11 billion more than the month before. This is an unexpected decline in imports by 6.4%, which largely explains this result.Exports, meanwhile, have slowed their little dip, down only 13.8% in October against a decline of 15.2% in September. These figures suggest now a recovery in foreign orders.
Know when to stop the infusion
Given all these positive signs, economists expect this to increase in China's GDP exceeds 8% for the full year 2009. But everyone is asking at the same time the question of a proper balancing of growth. "If you look at the figures for October, it seems that there is a trend in consumption that would further contribute to growth.And this should be confirmed in the fourth quarter, "says confidently, Sheng Laiyun, spokesman of the NBS.
China has most of his return to his recovery plan to 450 billion euro, launched a year ago to invest heavily in infrastructure.
And if the fixed investment has also continued to increase, from 33.1% in the first ten months of the year, it mainly benefits large public works (+ 76.3%), while investment in private projects fell by 12.9%.
The question now is to know when to stop the infusion. Some leaders expressed their fear that a sudden withdrawal of credit facilities, which boosted the plant workshop of the world. Chinese banks have lent 1 100 billion since the beginning of the year.Even if they have paid half in October than in September, the economy can not do without this liquidity.
The OECD sees "strong signal" of recovery
"The Chinese economy is running at full speed
A new tool to better meet in the jungle of tariffs. The National Ombudsman of Energy on Thursday launched a comparator offers, available on-site www.energie mediateur.fr. Totally independent providers, the service proposes to compare the various offers of electricity and natural gas, according to several criteria: annual price, type of proposed tariff (set by the state or not) or the share of renewable energy included in the tender. And the service is not superfluous. Two years after opening to competition of the energy market, the French are still struggling to find their way. Almost two thirds (58%), unaware that they can indeed leave EDF and GDF Suez, according to an LH2 poll, conducted for the Ombudsman and the Commission for Energy Regulation (CRE). And they are 77% did not know how to switch suppliers.
13,000 claims in 2009
In addition, the mediator of energy is overwhelmed by the claims: 13,000 in 2009, a tenfold increase over 2008! Rates opaque, or billing errors in the meter are the problems most often encountered by consumers. Hence the interest to compare this development which was attended by most energy suppliers at the national level: besides the two heavyweights EDF and GDF Suez, six other energy providers nationally have said yes to proposed: Direct Energy, Planet Yes, Poweo, Alterna, GEG Source of Energy and Altergaz. Only Enercoop declined the offer, saying that this tool does not put enough value in the specificity of its offer, according to the Ombudsman's services.
ALSO READ
"Energy suppliers: the number of disputes explodes
"Tariff of electricity: a report advocates more competition
"Electricity: Risk of cuts this winter
After hopes for a judicial epilogue is a cold shower for Jean-Marie Messier. Ten months after the Paris prosecutor's office requested a non-place overall in the Vivendi case, the examining magistrate Jean-Marie d'Huy decided to return to court Correctional seven people who were prosecuted in this case open in 2002 after the collapse of the group.
The judge accepted the facts of disseminating false or misleading information, price manipulation and abuse of social goods. In its order dated October 16, Le Figaro that could see the judge details the events of the years 2000 to 2002 charges against the former CEO.His trial before the correctional court of Paris could take a year to return in 2010.
"The false or misleading"
The skipper featured 2000s is accused of spreading in the public false or misleading information on the outlook for Vivendi Universal SA. In particular, singled out his triumphal statements on the group's treasury in the first half of 2001 while the finances of the media industry were already in the red.During the period immediately following the attacks of September 11, 2001 and the collapse of stock markets, it is also criticized the CEO for having manipulated the market price of Vivendi, the group has purchased in the market for more than one billion euros, including during periods when a company can not do transaction on its own securities.
Finally, in terms of abuse of corporate assets, the judge considers that Jean-Marie Messier has been granted to his personal benefit without prior approval of the board of directors, an agreement of termination (a parachute Golden, Ed) composed of benefits clearly excessive in relation to the situation at this time of Vivendi Universal.J2M had, following his departure in July 2002, received a driver of health coverage for five years and, according to the order of referral to the criminal court, a sum of 18 600 000 …
This charge is vehemently denied by the lawyer Jean-Marie Messier who said that his client, after an arbitration in New York, has waived this golden parachute. Me Olivier Metzner said most inconsistent "in that reference Corrections while the floor was estimated that the charges were insufficiently characterized.
In its referral decision, Judge d'Huy also aims for insider trading in Canadian businessman Edgar Bronfman Jr., heir to the Seagram empire, which had merged with Vivendi in 2001.Also referred to the court the former CFO of Vivendi Universal (VU), Guillaume Hannezo, former CEO of VU, Eric Licoys, Hubert Dupont Lhotelain, former treasurer of the group, Francois Blondet, a former assistant treasurer, and a former banker Philippe Guez.
In a statement Thursday evening, Vivendi has recalled its plaintiffs in this procedure from October 2002 and has fully cooperated with law enforcement authorities from the outset. The former group executives, J2M head, face sentences of up to five years in prison and huge fines.
Another trial in New York
The referral of Corrections Jean-Marie Messier comes in the middle of the trial, civil one, taking place right now in New York.Shareholders who feel cheated by Vivendi between 2000 and 2002 have filed a class action procedure called. They continue, in order to obtain compen-sation, both Jean-Marie Messier and Vivendi. The current leadership of the French group finds herself simultaneously accused of heading overseas, and plaintiff in France. Collusion schedules of the two procedures did not facilitate the task. In New York, the chairman of the supervisory board of Vivendi, Jean-Rene Fourtou said, October 14th last: "I have not watched any of the past. As I have not tried, I have found no irregularities, "he said, adding that" no one has reported having discovered something "since his appointment.
Another complexity of the case: the U.S. class action will be partly in Paris.Vivendi has asked the French courts to prohibit both shareholders and the French Association for the defense of minority shareholders to join the U.S. procedure. Answer November 25. If the Tribunal de Grande Instance de Paris ruled in the group, it will reduce significantly the amount he could pay if found guilty by the Americans. Y. The G.