Feb 28 2011

Copper, a victim of the Libyan crisis

Tag: Uncategorized, economy, resources, technology, top newsadmin @ 10:08 pm

Copper back

Since the violence began in Libya, attention is focused on soaring oil which rattled equity markets. But the riots that shook the country Gaddafi also have visible consequences on other raw materials. Starting with the base metals. On the London Metal Exchange (LME), traders were massively diverted from these values that are at risk because very context-dependent economy. The possible spillover of tensions in the Middle East has again raised fears the worst for global economic recovery.

Result: the price of all metals have recorded huge declines. The copper market barometer, was particularly affected him since the end of 2010 which connects the records. The crisis in Libya has put a serious brake on the rise.On Tuesday alone, as violence soars the price of a barrel of crude over $ 7 in New York, copper prices tumbled nearly 4%. The red metal hit Thursday its lowest level since Jan. 26, at 9311 dollars per tonne. He lost nearly 2% in five days.

In his fall, he drives the nickel lost 4.5% on the week to finish at 27,710 dollars per tonne. Lead is 2495 dollars, dropped 4.6%. Aluminum has fared better: he loses "only" 1.15% and ended at 2558 dollars.

The situation shows no signs of improvements in Libya, the return of investors in this market should take some time. But China, whose imports are very important, could bring them back. Moreover, many traders were waiting for the decline of certain metals such as copper, before repositioning.The bargain-hunting could be quickly put together courses.

Gold, victorious

Risk aversion is, however, the happiness of safe haven. Gold, the most emblematic of them, is a perfect example. The yellow metal climbed back above Monday to $ 1,400 an ounce, the highest since Jan. 4 last. On Thursday, the yellow metal has even brushed his absolute record (1,431.25 dollars) to 1418.20 dollars. Gold has slowed the pace this weekend so that the lull was back on the oil markets and equity markets. It closed the week at 1402.50 dollars. The sequence of events should be interesting to follow because gold is correlated to oil fast payday loans.

In the wake of gold, silver is also mounted, touching 34.31 dollars per ounce on Tuesday, a level not seen since March 1980. Like gold, it cut its earnings over the weekend to finish at 32.54 dollars.

In the market for precious metals, platinum, however, are the red lanterns for their industrial applications. As base metals, they were penalized by fears of an economic slowdown. Tuesday, while the price of crude hit record highs, the price of platinum has plunged 70 dollars and that of palladium over $ 60. The international context was also been added in China, explaining his fears of slowing auto market. On the London Platinum and Palladium Market, an ounce of platinum finished Friday net decrease to 1791 dollars an ounce and palladium ended at $ 785.

Sugar falls further up the coffee

As for food, the week was marked by the continued decline in sugar prices.Investors noted that production volumes in Brazil and India could increase with the expansion of crop areas. In Brazil, the world's largest producer, output is forecast to increase by 5% to 35.2 million metric tons for the year 2011-2012. In India, production will jump 24% to 25.5 million. Result: New York, a tonne of white sugar for May delivery dropped to 27.64 cents while in London, it reached 699.50 pounds. Please note that hedge funds contribute to the overall decline. They have reduced their exposure long (buy position) of 7% in the second week of February.

In contrast, cocoa prices, affected by the Ivorian crisis, have hit their highest level in 32 years to 3666 dollars per ton in New York.

Their sides, coffee prices have been driven by renewed investor interest in hedge.In New York arabica climbed Tuesday to 278.40 cents a pound (not seen since late May 1977) and the same day, a tonne of Robusta reached in London in 2417 dollars (highest level since mid- March 2008).

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Feb 26 2011

Xynthia: figures of the storm, one year after

Tag: business, events, finance, international, specialadmin @ 4:40 pm

Xynthia is not a name as the Vendee and Charente-Maritime are nearly forgotten. The storm that hit the French Atlantic coast on the night of 27 to 28 February 2010, has killed 47 people, including 29 in the only common Vendée La Faute-sur-mer and Osten-sur-mer .


Feb 25 2011

General Motors released its first profit since 2004

Tag: finance, life, money, technology, top newsadmin @ 9:12 am

On his knees by the crisis, U.S. automakers rose. After Ford, who made $ 6.6 billion profit last year, General Motors on Thursday posted a net profit of $ 4.7 billion for 2010.

This is the first time the number one U.S. makes money since 2004. This is the same for its biggest profits since 1999. In 2009, the automaker had lost $ 4.4 billion between leaving bankruptcy in July and the end of the year, after accumulating 82 billion deficit in 2005-2008.

"Last year was a rebuilding year, welcomes Dan Akerson, chief executive of GM. "We are particularly pleased that GM has managed to generate continued profitability, while the sectoral cycle was near its floor."

The group has benefited from dramatic cost reductions made during its bankruptcy.Result, with a saving of about $ 2,000 per car, the Detroit giant has approached the production costs of its Asian rivals.

Meanwhile, the group benefited from the rebound in sales in the U.S. (+7.2%), and its strong position in China, where it sold 2.35 million vehicles.

Opel still losing

GM has not yet won that $ 510 million in the fourth quarter poor credit personal loans. The American, who had suspended some projects during the crisis has revived the model developments, which increased its costs. The recent launches of the Chevrolet Volt (electric) and Cruz have created other expenses.

The Achilles heel of the group remains Europe, where its subsidiary Opel has still not profitable: it lost $ 600 million last quarter."In Europe, we strive to continue to lower our breakeven point, with further cost reductions," said Dan Akerson.

Another concern: the surge in oil prices. During the crisis, the group had paid a high price for its reliance on big vehicles. Not wishing to commit the same mistake, since GM has invested in small cars. "Honestly, I do not know if American consumers want these models. But we must be prepared if the price of gasoline exploding again and tip the demand towards fuel-efficient models, "explained Steve Girsky in January, GM's vice president in charge of strategy and product development . Only problem, small cars are far less profitable than the 4 × 4 and the pickup.


Feb 23 2011

Natixis returns to profit and did better than expected

Tag: economics, international, people, resources, specialadmin @ 2:08 pm

The banks appear to have decisively turned their backs on the crisis. After Societe Generale and BNP Paribas, Natixis is now the group to post record profits for the year 2010. As expected, a subsidiary of Banque Populaire, Caisse d'Epargne (BPCE) recorded a profit of 1.7 billion euros, up sharply from last year. Natixis had published in 2009 a net loss of $ 1.4 billion. In the fourth quarter alone, profits of the bank owned almost 72% BPCE amount to 442 million euros, down 48% but above the 305 million euros expected by analysts.

Another pleasant surprise, the income of the bank are also above estimates. With revenues of 6.5 billion euros for its entire fiscal 2010, Natixis exceeded its own target of six billion euros of net banking income (the equivalent of sales for banks).

At the Paris Bourse, the figures are very well received: the action takes off from 6% to 4.37 euros.

Loss of illiquid assets less

The group's results were driven by favorable portfolio of illiquid assets (hard sell), mainly U.S. products that have become undesirable since the financial crisis. Then they generated a pretax loss of 2.863 billion euros in 2009, they were amputated as the result of 182 million last year. Through various assignments, the portfolio no longer weighed only 7.4 billion at end 2010 (weighted assets) against 29.7 billion at end June 2009.

Another positive outcome of 2010: the control of overheads. They grew more slowly than 4%, the net banking income up 10%.The group has managed to achieve cost synergies, as part of its strategic plan, called New Deal, to the tune of 142 million euros no fax payday loans. In addition, Natixis has also seen an improvement in the cost of risk, down 78% excluding portfolio of illiquid assets.

50% of net income redistributed

And although the bank account to benefit its shareholders of its good health. The direction that it pay a dividend of EUR 0.23 per share, or 50% of net income. This distribution will be accompanied by a payment option in action. A measure to strengthen the equity of the bank in the context of new prudential rules of the Basel Committee.

The bank also shows there is reassuring and a capital ratio under tough new rules of Basel III greater than 8% from 2013.She also reiterated they do not need a capital increase to meet new regulatory requirements.

BPCE poster 3.6 billion profits

Its parent BPCE also unveiled the results of good quality with a net profit of 3.6 billion euros for 2010, multiplied by seven over 2009. The property underlines the good performance of the bank financing and investment, savings and financial services specialist.

With this return, BPCE expressed its intention to fully repay the state before the end of the first quarter, a balance of 2.2 billion euros, said Chief Executive Perol.Initially, the group had set a target to repay the entire loan from the state $ 7.1 billion in late 2012.

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Feb 21 2011

Revolts: The raw material prices climb

Tag: Uncategorized, economic, economics, international, peopleadmin @ 11:04 pm

After the fall of the regimes in Egypt and Tunisia, tensions rise in Bahrain, Algeria and other OPEC member countries, especially Libya, the brink of "civil war" as a son of Colonel Muammar Gaddafi in power for 42 years, which would have left the country to seek refuge in Brazil or Venezuela, according to Al Arabiya.

On oil markets, the reaction is, as always, immediately on Monday morning. In Asian trading, a barrel of light sweet crude for March delivery gained 1.13 dollars to 87.33 dollars. As for Brent North Sea crude for April delivery, it took $ 1.02 to U.S. $ 103.54 or back to a high technical threshold. "The main factor (this flight) is the disturbed situation in the Middle East," said Victor Shum, an analyst in Singapore.He said that "Libya is a member of OPEC and although its oil production is modest at the global level, the country is near the main suppliers of black gold of the planet."

Renewed uncertainty requires the price of gold, a safe haven par excellence, also increased and currently process close to $ 1400, exactly at 1395.10 euros (+1.8%), and its highest Historical. Even tedance on silver prices, which hit a record last thirty years.

Finally, food prices are approaching the "level of alert," warned the World Bank on the sidelines of the meeting of G20 finance ministers in Paris, which revealed that between June and December, rising food prices have dropped 44 million people worldwide below the extreme poverty.

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Feb 20 2011

Ports: CGT on business and the way of an agreement

Tag: economic, events, opinions, publications, worldadmin @ 7:40 am

The CGT has accepted a compromise. The union, all-powerful in the ports of France, conceded that the early retirement of port workers increased to two years instead of four. But the mode of application, scope and funding of the agreement have not yet been released.

Negotiations between EU ports of France and the National Union of Industrial and handling on one side and the CGT on the other forward, but it was not until next Wednesday to discover their content. "An important step was taken, but no agreement has yet been concluded," accurate, careful, a negotiator.Secretary of State for Transport is more enthusiastic: "I welcome the draft agreement taking shape," said Thierry Mariani Friday.

After four days of talks described as "intensive" by the CGT federation for ports and docks, all welcomed "the willingness of all parties to end the crisis," the CGT said yesterday in a statement business card.

The activity of French ports has been paralyzed for over a month by social movements on the recognition of the arduous work in the early departure to the retirement of certain categories of dockworkers.

Strikes suspended

In late October, the employers had given an agreement for early retirement four years. But after the pension reform, the government asked to review this agreement on the basis of two years of anticipation.The CGT said yesterday "welcomed the recognition of the difficult trade port repaired by early termination of two years." It also suspends strike action. But it adds a focus on the monopoly of the CGT in ports, denounced the left and right. According to the federation, "diversity and pluralism are the union bosses."


Feb 18 2011

Bruno Le Maire denounces the campaign of FNE

Tag: international, life, news, opinions, specialadmin @ 8:48 pm

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Feb 17 2011

A G20 treacherous for France

Tag: business, features, life, special, technologyadmin @ 6:44 pm

Summit a few hours of the opening of the summit of finance ministers of the 20 richest countries on earth – Friday and Saturday in Paris – the negotiations are intensifying behind the scenes. Berlin has made several gestures of good will on Wednesday, indicating the voice of a senior official of the Ministry of Finance argued that Germany "active efforts of the French presidency." The change is noticeable on one of the flagship projects of Paris, which would result, by Saturday evening, a common definition of economic indicators to be shared within the G20.Last November, in Seoul, the U.S. Treasury Secretary Tim Geithner, had struck the Germans and the Chinese hostile to his proposal to limit to 4% deficit or surplus in the current account.

"Do not stigmatize the poor performers

Berlin now seems more open to this question, suggesting that an agreement could take place during the weekend. According to German government sources, the G20 countries have compiled a list of five indicators to measure imbalances: the current account balance, real exchange rates, budget deficits and debt, foreign reserves and rates of private savings. "It is likely that the ministers approved" list of indicators of economic performance, thermometer, the source said. Berlin considers that these indicators will be "to enjoy in their entirety, and in association with each other.However, Germany remains opposed to what the G20 sets quantitative targets specific to each country. Paris did not intend at first. "Fall first agree on the indicators, then it will be great to spend time each country to the screen, taking care not to stigmatize the poor performers," says Christine Lagarde, French Minister of Economy.

The United States, for now, are more reserved. "It was expected that during the first half of 2011, the IMF identifies those indicators. Then, during the following months, as we proceed to evaluate them … We should, in Paris, have an additional discussion on this topic at the technical level. But there will be no agreement so early in the year, "says one Washington.Tim Geithner should show booked, also on the question of regulation of commodity markets, the second major project led by France. "We are in ac cord to strengthen market mechanisms, but not to supplant the market," says one Treasury recalling that in the Dodd-Frank legislation on financial regulation (adopted last year) are already provisions helping regulators to ensure that markets are not manipulated.

On this question, France will find Brazil on its way. "Brazil is totally opposed to the mechanism of control or regulate the prices of commodities," said Finance Minister Guido Mantega during a press conference.He warned that even these measures could "adversely" by curbing supply.

Latest issue of potential conflict, the issue of currency, although it seems less sensitive that a few weeks. "Since the announcement by China of a gradual adjustment of the parity of the yuan, we see a bilateral real appreciation against the dollar at an annual rate equivalent to 10% … So yes, there is progress, but the Chinese currency is always underestimated, "admits one American side.

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Feb 15 2011

The advantage of EDF sealed by provisions

Tag: business, international, opinions, special, worldadmin @ 1:12 pm

Again, EDF should not reassure investors. In fiscal 2010, net income Electrician tricolor plunged 73.9% to 1.02 billion euros against more than 3 billion expected by analysts on average. Involved a heavy load and a provision for change in scope, which complicates the interpretation of results.

The group's profits have been sealed by a special charge of nearly $ 2.9 billion, including $ 1 billion in the United States and 915 million in Italy. EDF owns half of Constellation Energy's nuclear activities the United States and half of Edison in Italy. The provisions made in 2010 also cover the additional costs incurred by following the extension EDF in France transitory regulated tariff for market adjustment (Tartam), a specific tariff for businesses. Thus, excluding items, earnings would have the group rose 11.3% to 3.96 billion euros.

The annual operating results are thus more in line with expectations. EBITDA, the EBITDA, rose 4.4% to 16.62 billion euros, above the 16.45 million euros expected by analysts and objectives of the group was a Organic growth in EBITDA, of between 3 and 5% in 2010. Turnover is also in line with estimates to 65.16 billion euros where experts had forecast 64.98 billion euros.

Scope change

And, come under the group's financial situation has been improved. The debt was reduced by 42.5 billion end-2009 to 34.4 billion euro late 2010, encouraged by the change in scope.In fact, as highlighted in the CEO of EDF Proglio "2010 was the year of major projects, which enabled the group to find a healthier financial situation" before discussing the three "major operations" of the year . EDF sold its electricity distribution networks in the UK consortium of Hong Kong Cheung Kong and sold to the regional state of Baden-Württemberg (south-west Germany) from 45.01% stake in number three German energy EnBW. Finally, the public group has decided to allocate 50% stake in its subsidiary RTE portfolio of financing the decommissioning of nuclear plants.

Confidence for 2011

Management is confident and shows for the current year. The electrician is for 2011 organic growth of its Ebitda of between 4 and 6%. However, targets rely on a price of nuclear 42 euros / MWh in the framework of the law Nome.

The group also expressed its intention to propose a device to pay a bonus dividend to shareholders holding their shares for at least two years.

Faced with these conflicting signals, it remains to be the market reaction so that the title EDF posted the worst performance of the CAC 40 in 2010 with a decline of over 20% of its title.

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Feb 13 2011

London target assets Mubarak

Tag: Uncategorized, events, international, life, specialadmin @ 5:52 pm

Deprived of power in Egypt, Hosni Mubarak could soon be as his property. Barely half an hour after the announcement of the resignation of the Pharaoh, or at 17:30 on Friday, the Swiss government announced it was blocking all funds that may belong to the Egyptian president and his family in Switzerland. The Federal Council has issued an order to that effect asking the Swiss banks to search for and freeze the assets of the clan Mubarak. According to the Swiss National Bank in late 2009, the Egyptian deposits on accounts in Switzerland reached 3.6 billion Swiss francs (2.27 billion euros).

"President Hosni Mubarak has resigned today after weeks of mass protests. The Federal Council took note of this evolving situation, "it said in the text.The assets of Mubarak and his entourage were blocked with "immediate effect" and the order is "valid for three years," says the Federal Council. "In addition, the sale and disposal of assets – including property – belonging to such persons are prohibited. The Federal Council intends to take all necessary measures to prevent any possible misuse of public funds. "

London wants action "concerted"

For its part, the British Minister of Trade, Vince Cable, said Sunday that any assets held abroad by Egyptian President should be a "concerted international action." "I did not know he had huge assets here, but we have no doubt that there is an international action on this issue," he told the BBC1 channel, in response to a question about the possible presence of some of these assets in the United Kingdom, raised by the local press."It makes no sense for a government to act alone, but we must look into the matter payday loan. It also depends on how these assets were acquired, "added the minister.

Vince Cable has also warned that British banks the government would take action against any institution that would help the former Egyptian president to transfer funds. "One of the tasks which the Government has been working since coming to power is to terminate the operations of tax evasion on behalf of their clients, companies or individuals," he argues.

Between 40 and 70 billion

According to experts cited in the Middle East by the British newspaper Guardian, the Mubarak family fortune is estimated at between 40 and 70 billion dollars (29.5 and 51.7 billion euros).It would be divided as such: $ 15 billion for Hosni Mubarak, one billion to his wife Suzanne, eight billion for his eldest son, Alaa, and 17 billion for his second son, Gamal. By comparison, the couple's Ben Ali is estimated at five billion dollars, as ranked by Forbes magazine. And that of the richest man in the United States, Bill Gates, to 54 billion.

The Algerian newspaper Al Khabarprécise his side much of the wealth of Mubarak would be deposited in banks or invested in real estate. The Mubarak family would own and outside of Egypt, properties in the United States, Great Britain (whose son and mother hold the nationality), France, Switzerland, Germany, Spain and Dubai .Finally, two son, Gamal and Alaa created and taken stakes in many companies in Europe and the United States.

(With agencies)

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