Today Hot News

A little over five months after launching a takeover bid (OPA) on UTS, Total, through its Canadian subsidiary, Total E & P Canada has finally acquired the developer of oil sands in Canada, including its core asset, With the project mininier Hilles (Alberta). Total: 1.15 billion Canadian dollars, or 866 million euros. "The asset quality will enable us to consolidate and realign our portfolio of assets in Canada's oil sands," said Yves-Louis Darricarrère, president of Exploration & Production, said in a statement.

"The exploitation of tar sands – a mixture of sand and bitumen – is more expensive than crude oil but is very profitable when oil prices rise.This makes sense if you think that oil prices rise again, "said one analyst.

When Total launched its takeover bid for UTS, his spokesman said: "To acquire interest in UTS Fort Hills project fits with the strategy by enabling us to acquire at fair prices and a relatively strong position with attractive an oil sands project and a significant shareholder competent operational, "says Floren.

This asset will strengthen Total's existing portfolio in the region that includes the Joslyn Project and Northern Lights located near the Fort Hills project and which Total holds 74% and 60%.

Analysts at Morgan Stanley, this approach shows that Total is interested in trading in relatively small segment of the oil sands rather than the purchase of large groups, even if the rumor has expressed interest in the Canadian Nexen whose capitalization approach eight billion dollars.

Through this transaction, shareholders will receive 3.08 SWU Canadian dollars per share and a stake in the merged entity to exploration and development after the acquisition, SilverBirch Energy Corp., said in a statement UTS. "This transaction allows shareholders to realize immediate UTS bonus cash on the current course of action while participating in the SWU significant growth potential of SilverBirch," said John Watson, president of UTS.

At the Paris Bourse, Total shares lost 1.76% to 35.99 euros in a market that declined by 1.62%, to 12 hours.

In ten years the state has lost 100 billion euros in revenue. This figure results from the calculations of shock UMP Gilles Carrez, general rapporteur of the Budget, published by Les Echos. What set the scene while the deputies are to discuss Tuesday guidance of public finances, which will set priorities for the years 2011-2013. The challenge: reducing the government deficit of 7.5% in 2009 to 6% in 2011 and to 3% in 2013 to meet EU rules. And convince investors of the seriousness of France.

Since 2000, said Gilles Carrez, 70 billion euros of tax cuts have been granted by the governments of left and right. At the same time, 40 billion of revenue were donated to the Social Security and local authorities. The whole, "without these have been offset by lower expenses!" Gilles Carrez surprised in an interview with Les Echos.

The largesse of governments are particularly focused on tax cuts on income and on the proliferation of tax shelters. Then, down one point from VAT in 2000 has caused an erosion of 40% of revenues.

To redress the balance, the member calls for "an effort on tax revenues and social order of 15 billion euros is needed to demonstrate our commitment to reducing deficits and debt". The markets and rating agencies watch the France at the turn. If they judge announced that the effort is insufficient, the state will see its rating deteriorated and must borrow at higher interest rates.

Effort "just"

Still, the effort "must be fair," Eaton Gilles Carrez. Therefore, "the movement of the plane" tax "should apply to the broadest possible base."Income tax, corporation tax, solidarity tax on wealth, and even VAT should be reviewed.

For example, the 5.5% VAT on food is expected to increase to 12%, defends the member. A measure already excluded by Bercy. On the other hand, Gilles Carrez believes that the biofuel "is developed enough to no longer need to be subsidized.

The Dow Jones is expected to open up 0.67% at 10,206 points. The index futures are predicting a slight increase in opening of U.S. markets. Shortly before the opening of Wall Street, futures on indices Standard & Poor's 500 and Nasdaq 100 advanced 0.76% respectively at 1093.30 points from 0.65% to 1854.50 points.

Caution remains the watchword. The statistics emerged mixed Friday, with an index of consumer confidence than expected for the month of June, but the announcement of an unexpected decline in retail sales in May The Dow Jones closed up 0.38% at 10,211 points while the Nasdaq gained 1.12% to 2243 points.The three major U.S. stock indices ended the week in the green since the S & P 500 closed with a gain of 2.5%

In this session of transition marked by an agenda very quiet and a euro that has just crossed the $ 1.21 mark, investors could resume, however, slowly, some appetite for risk, encouraged by the improving market Asian and good consumption figures published last week in the United States.

Real estate, consumption and inflation on the agenda

They eagerly await the remarks on Wednesday held Federal Reserve Chairman Ben Bernanke on financial sector reform.We know already that the crisis of sovereign debt in Europe has pushed the timetable of the next Federal Reserve decision affecting its basic rate, as provided Monday James Bullard, president of Fed St. Louis.

Before that, the functions of building permits (Tuesday) and housing starts (Wednesday) will be monitored closely. But these indicators should have a real strong correction with the end of the tax credit.

On Wednesday, the industrial production should instead show strong growth for the month of May, while producer prices (same day), then consumer prices (Thursday), should confirm the absence of inflation United States.

Shortly loaded results, the agenda will be dominated by Wall Street setting CBOE Stock Exchange, the last U.S. platform independent.The price of the introduction should be provided on Monday night.

In addition, FedEx (Wednesday), the cruise Cardinal (today) and Best Buy (tomorrow) will publish their quarterly results.

Moreover, the U.S. administration is stepping up its action against the British oil and wants to confiscate the group dividends. A threat to the stock.

The addicted to gambling who resisted the temptation to bet online, on the grounds that the practice was not authorized in France, will be able to satisfy their passion.

According to the decree published in the OJ, the Regulatory Authority online games (Arjel), a specially created, issued 17 licenses, or "amenities" to 11 operators of online games to start from the Paris Global South Africa (June 11-July 11).

The Arjel had received 25 cases corresponding to approximately 35 applications for approval paris sports, horse or Poker. A figure that has evolved steadily, because there is no deadline for submitting applications. One thing is certain, there will be poor candidates because half of the applications have been reviewed by the Arjel. Moreover, the opening of online poker games has been delayed a month because of an obstruction of Malta.

"The educational services are not idle," says Jean-Francois Vilotte, Chairman of the Authority. A number of candidates will not obtain approval immediately, because they are incomplete, we need additional information or have been filed later. "

The Official Journal that published earlier in the night his decree, the lucky few can enter. Provided, said Jean-Francois Vilotte, that computer systems (including safes) are operational and that the game software have been certified by the Arjel.

Like its competitors, Philippe Germond, CEO of the PMU is in the starting blocks. "I feel like the boss of a shop where the shelves are ready, as sellers, there is more than the curtain open," says he.The first operator in Europe paris horse wants to be present on the fifteen licensed sports, from football to rugby to tennis, judo and rowing. He filed his May 18 request for approval for paris horse, and sports of poker. A pad 7400 pages!

Among the operators concerned by the decree, we find also the PMU, the French or Unibet Games, Beturf, BES SAS.

The competition will be difficult. All applicants expect a rapid concentration of the market. Philippe Germond table 4-5 major groups in Paris and a little more sport in poker. Starting from zero, Barrierepoker is 20-25% market share within five years. Marc Simoncini, 20% shareholder Winamax, a site 100% poker is more ambitious. "We want to stay in the top three poker sites in France, says he.I am convinced that those who succeed are the pure poker players. "

Setback to illegal sites

The success of the liberalization of gambling will depend on the state capacity to fight against the multitude of sites which remain outside the law by not asking for approval to the Arjel. They are 25,000 in the world, including 20% in French. On Thursday, the European justice has inflicted another blow. Two licensed operators in the UK, Ladbrokes and Betfair, invoked the freedom to provide services in the European Union to assert their license with the United Kingdom, they could market their offers in the Netherlands. The Justice has confirmed that it was legitimate for a country to ban them, to combat fraud and protect consumers.

The market for nuclear reactors following "an upward trend," according to Mitsubishi Heavy Industries (MIH). The conglomerate of Japan believes that dozens of these reactors should be located in Europe by 2030. And he does not miss the boat. The group is announcing Wednesday the signing of a letter of intent with the Spanish group Iberdrola Ingenieria y Construccion. His goal: to increase its chances of winning several bids for the construction of nuclear power in Europe. "We hope thus to accelerate the introduction of our advanced pressurized water reactors EU-APWR in European countries," MHI said in a statement.

Specifically, the agreement provides that if a contract awarded, MIH supports the manufacturing facilities and the provision of essential equipment.For his part, Spanish will be responsible to install, the grouping of devices and materials that their test. The offer of MIH is based on a pressurized water reactor of 1,700 megawatts (MW), whose rights have been designed for the Japanese market, and adapted to European standards and regulations.

MIH is not his first partnership with a European group. The Japanese already collaborating with the French Areva in a joint venture called TDD, which is developing a medium-power reactor for countries wishing to launch their first nuclear power.

ALSO READ:

"Areva and Mitsubishi strengthen their partnership in the nuclear

"World Nuclear: where is the selection of the Blues?

2010 may not advertise more gratifying that the 2009 pay plan. According to a study released Thursday by the auditing firm Grant Thornton, * 30% of French business leaders are planning not to increase any of their employees this year. France may yet consider themselves privileged compared to other countries like the United States, Ireland or the United States, where the change is even more radical one year to another: 40 % of U.S. companies do not want to increase their employees in 2010, against 15% in 2009!

While employees are still more than last year, pending revaluation salary, "2010 should be even tighter than in 2009" predicted Pierre Le Gun?hec, business manager, global compensation consulting at Hewitt France. "In 2009, companies are aware of the seriousness of the crisis once and within budget.In 2010, they will reflect "said he.

Increases of 2.6% on average

Caution should therefore be in order. The latest forecast made by Hewitt anticipated increases equivalent to 2.6% on average, against 2.9% last year. "The current economic fragility leaders to take caution," said Jean-Jacques Pichon, partner at Grant Thornton. "It seems that leaders prefer to remain vigilant and keep their employees, even without the increase, rather than dismissing them," analysis does.

Employees do not understand, however, none of it."The challenge for companies is to overcome the high voltage generated by conflicting interests," said Pierre Le Gun?hec.

* A study conducted among a panel of 7,400 private companies across 36 countries, representing 81% of global GDP.

ALSO READ:

"2010, crucial year for salaries

Very slight increase in wages over one year

Le Figaro. – Northrop and EADS waive answer the call for bids for the tanker to the U.S. military …

WELSH Louis. – We are not going as this tender is clearly in favor of the Boeing B767. The specifications are intended for a smaller aircraft than the Airbus A 330 without taking into account the superior capabilities of the latter. I regret, because we have the best aircraft, which has won every competition in the world, including Britain and Australia, against Boeing. It was useless to file an appeal. I'm not sure the American taxpayer will be a bargain for the U.S. military, it has a plane less modern, less capable than Great Britain, Australia, Saudi Arabia or United Arab Emirates.

You build a factory in Alabama?

The site of Mobile in Alabama would assemble the tankers.Therefore, this assembly project in the southern United States is no longer valid. This decision does not affect our overall interest to the U.S. market. We have to develop.

In what trades do you develop in the United States?

For now, we look rather acquisitions of medium size, including the United States, but not exclusively. As for trades beyond the defense, we bear a special interest in services and security. But everything is a matter of expediency.

The euro-dollar is she always so critical?

Of course! And the euro at 1.35 dollar remains strong. I remember I started Power 8 in 2007 to address just one dollar to 1.35. This is not because we went from 1.50 to 1.35 as the dollar problem is solved! EADS had 9.8 billion euros at end December 2009.

What will you do with that war chest?

The Net Cash position is considerable, but we will in the next four years, reaching a peak of investment on the A 350. We must maintain a sufficient level. It is essential to maintain the trust of our customers, who pay installments four to five years before delivery of their machines. The cash position is also an important component of our rating. It is therefore a priority for us to protect it. Airbus beats records of shipments, but profitability is average.

The economic crisis is still there.Are you planning to launch a new savings plan?

In 2009, our accounts are strongly marked by the provisions on the A 380 and above on the A 400M (1.8 billion euros) and by currency effects, whose overall impact is negative in 2009 2.5 billion euros compared to 2008! Apart from these "special items" Our operational performance is satisfactory. End of 2009, we completed a year ahead of the expected savings under Power 8, or 2.1 billion euros. Power 8 + begins now and will run until 2012. To date, I have no plans identified new savings plan, but I do not want to tie my hands and we must be able to react to changes in our environment.

How do you see 2010?

I remain cautious, but we now have better visibility and greater confidence in the robustness of our backlog.We send a strong signal by deciding to increase the production rate of A 320. They spend 34 to 36 per month from the end of 2010.

In which areas should Europe launch major projects?

We need a common vision that inspired the creation of Airbus and Ariane. Europe can raise it again this ambition? I am sure nothing better mobilize European public opinion that such programs, which embody the best that Europe all treaties and speeches. The subjects are not lacking. Of course, aerospace, defense and space: EADS was created to be the partner of such programs, but also in major projects in energy and environment. European countries face similar challenges.Why did they not meet together? It would be good for European industry.

How do you plan to revive the industry Nicolas Sarkozy?

I am grateful to the president to deliver the industry on the front of the stage. There is no strong, stable, independent, not industry, and the loss of industrial substance of our country is a major concern. I also agree with the diagnosis of the president on the loss of substance. It reached France more than Germany or Italy, but it actually concerns all of Europe. This calls for a clear industrial policy and European French. It is to reassess all policies: education, taxation and social security, hours of work on life skills, competition, money, support research and innovation, etc.. With the objective of strengthening the competitiveness industry.Such a policy must be based on a social dynamic for everyone to be involved.

Some of the decisions announced by the head of state will they have an impact on EADS and Airbus?

Here are two examples where the impact is direct. The first concerns the priority given to sectors and relations outsourcers / contractors: it is a major issue for us, which we are already working with our supplier. EADS buys each year for more than 10 billion euros in France. We signed a few weeks ago the charter of the subcontract. Second example: the national loan will support the technological developments needed for future generations of aircraft, helicopters or space launch.

ALSO READ:

"The A400M has sealed the results in 2009 EADS

"Supply Pentagon: Boeing only shortlisted

"A400M: A new contract signed before the summer

A plan to support French industry

Following an article in financial daily Les Echos, published on Monday, announcing the forthcoming elimination of certain routes deficit (axes Paris-Arras, Lille, Strasbourg, Nantes and Strasbourg), the Secretary of State for Transport, Dominique Bussereau said on RTL on Tuesday, ensuring that no TGV line would be removed. "The SNCF is a public company, it belongs to all French", said Dominique Bussereau. The state is 100% majority, and naturally she has goals of profitability, competition. Still it has a public service missions, missions planning.

A spokesman for the SNCF had indicated on Monday: "There is no specific plan for the removal of sailings," but a "matching supply with demand." A communication that does not convince Dominique Bussereau."I found the denial of the station a little soft, so I say things clearly," said Secretary of State.

No conflict with William P?py

Dominique Bussereau has refuted the idea that the future increase in tolls, to finance the renovation of the rail network and that the SNCF, could jeopardize the TGV model. "I said that if the state increases in tolls is that the first line paid by taxpayers are also used by foreign trains," he said. "It is that everyone pays, and that the French taxpayer does not subsidize one day railways German or Italian.

Secretary of State for Transport has also denied being in conflict with the president of SNCF Guillaume Pepy, hostile to the higher tolls. "Guillaume Pepy is an excellent president of SNCF, he said.Just when we increase the tolls, two-thirds to leave the station since RFF (Reseau Ferre de France) gives money to the station for which manages and maintains the infrastructure. It's give and take. "

To review the year ended and provide an outlook of the beginning. It is this traditional exercise – and a little tedious – that was delivered Friday the Minister of Economy Christine Lagarde, surrounded by his secretaries of State, on the occasion of greeting to the press.

The First Minister has taken the form of the president that "the crisis is not a parenthesis" developments which France needs.And said to have taken four resolutions for 2010 around four "r": the "recovery" to accelerate and bring in jobs, the "reforms" to continue the "financial regulation" to expand and the "restoration of public finances" implement to reduce the deficit below 3% in 2013.

Christine Lagarde took the opportunity to recall the devices it intends to implement in the next two months – ahead of regional elections traditionally put a brake on projects.

It particularly stressed the measures to be presented January 20 in Council of Ministers. First the national debt, which will be a supplementary budget, and would fulfill the government's ambition to intensify research efforts to "increase our sustainable growth rate" and the competitiveness of France .On the other hand, the reform of the French system of financial supervision and the creation of the new supervisory authority of banks and insurance companies, via an order. "We want to create a true watchtower without blind spot, able to monitor risks across the financial sector," said Christine Lagarde insisted.

The boss of Renault at the Elysee

The side agreed to the performance of Friday was a bit shaken by the news about the Renault group. Invited to speak on the subject, the Minister of Industry, Christian Estrosi, said that the choice of Renault on the possible production of the Clio IV in Turkey, would be made Saturday "at the Elysee, where Nicolas Sarkozy will receive the President's automotive group, Carlos Ghosn.

Christian Estrosi went so far as to say aloud what usually expressed in more muted terms: whatever the weight of the state capital – "we have 15% stake that we have 20% – or the number of directors around the table (there are now two out of eighteen) is the Elysee will determine the strategic choices and industrial enterprise. Despite the shade provided by Christine Lagarde – which was considered "legitimate" than the French state was "consulted and give its opinion" and that "then the appropriate body to take its decision." The board will assess …

The woes of Greece to the euro is the first real test of its young history. In ten years, the European single currency has successfully resisted the shock of a rare violence: attacks of September 11, 2001, collapse of the tech bubble, the subprime crisis … Nothing says that the franc, the lira or the peso would through free events such as the euro has done. But whenever these shocks, left the United States, came from outside. But now the danger lies within the zone itself. And gives rise to a nagging question: Greece will she forced eventually to leave the euro? A priori not. For a small country, belong to a large currency area is a rare opportunity. Until the stress becomes so high that it is cheaper to get out.

Athens faces a double challenge. First restore its credibility.Since its integration into the eurozone in 2001, the country has ceased to be faulted on the reality of its economic statistics. Showing at 6% in early years, deficits would in fact 12.7% of GDP, according to the latest tally of the national statistical office. A deception that shows Greece as a kind of "stowaway" in the euro area. And that makes it particularly difficult direct assistance from a European state. Public opinion of the most virtuous Germany, Netherlands or those worried about their own fate as France or Italy will struggle to agree to fund a country that gives the impression of not playing the game .

The second challenge for the Greek government is to prove its willingness to restore as soon as its public accounts.In theory, a State has two instruments to reduce its deficits: monetary policy and fiscal policy. Coin money helps finance its budget while offering the opportunity to play the currency markets by devaluing its currency to boost competitiveness. A move that boosts the growth and cause some inflation. The ideal instrument to reduce debt … by which Greece can not count because, like all countries in the euro area, monetary policy is the prerogative of the ECB in Frankfurt.

Leaves only the weapon strict budget. In this case, the organization of drastic cuts in state spending. The government of George Papandreou as he means? CRAs in doubt, especially as the social climate is strongly degraded in the country, making it particularly difficult acceptability of drastic measures.Failing to do so by itself, the Greek government will have only one solution: to put in practice under the tutelage of Brussels. In a carrot and stick, the European Commission could generate outside pressure strong enough to induce Greece to reform in depth, as the IMF has so often done in the past with countries in crisis. At the price, most of the time of painful adjustments. The question will then arise of how far the Greek people will accept sacrifices to stay in the euro area? The cost to benefit is not so obvious.

Today, the Greek state will refinance at a rate of 5.77% in ten years. A level closer to that of Hungary or Latvia as Germany. In other words, the protection offered by the euro area is almost over.Out of this system could, ultimately prove less expensive what remain, rising long rates may be offset by a devaluation immediately making the country more competitive. While giving the Greeks a sense of finding their democratic sovereignty to which they are so attached since the birth of their civilization.

ALSO READ

"The crisis in Greece are concerned about their sovereignty

"Brussels monitors near Athens

"Maximum alert for the debt of Greece