International Headlines and Stories

When the European Commission is not happy, she indicated in a letter. According to sources, the States Dexia shareholders received one of these missives comminatory few weeks ago. Since then, the Franco-Belgian bank is boiling. The summits have intensified last week. A strategic committee of the board of directors was held on Monday, the eve of a plenary session where the accounts have been arrested in the first quarter. Reportedly, Pierre Mariani, Dexia's managing director, has called for an acceleration of sales of the group, the risk of large losses.

The European Commission accuses Dexia does not respect the roadmap that it had agreed lip service in February 2010, in consideration of state aid received in 2008. Brussels gives go to Dexia in June to come into compliance.The ultimatum is serious: the Commission has in its hands a "nuclear weapon" which would jeopardize state aid … His criticisms affect the balance of Dexia's balance sheet and profitability of own funds on certain transactions below target. "The Commission's complaints are very technical. But the tone makes it clear that the Commission wants a fight because she never believed in Dexia's business model, "recalls a close case.

Faced with this pressure, Pierre Mariani offers to settle permanently in the past. His plan: sell bulk whole sections of the 138 billion euros of assets under management now in extinction. In political terms, this would allow him to get out once and for all that power relationship with the Permanent Commission. Financially, the arbitration is to anticipate future losses and thus save carrying costs story boost future profitability.The Franco-Belgian bank can afford. It has, in fact, a thick mattress capital drives, with a ratio of 13.4%.

No recapitalization

The bank would therefore not need recapitalization whatever the magnitude of the purge restraint. Until then, sales of portfolio inherited from the past were carried out over the water, almost no impairment. But the debt crisis is not helping European Dexia. The bank just to give Crediop Sabadell and its subsidiaries specialized in the financing of local authorities in Italy and Spain.

Go faster? Reflection is ongoing. New decisive meetings are scheduled in two weeks. The acceleration advocated by Pierre Mariani may please the market, but it has a price.According to preliminary calculations, among many possibilities mentioned, the most radical scenario would result in a potential loss of 2 to 3,000,000,000 euros in 2011. The bitter pill for shareholders of Dexia, the Deposit and the state on the French side, Arco, and other Ethias Holding Communal Belgian side, who had subscribed to a capital increase to 9.90 euros per share in October 2008 – it is now worth less than 3.

Monday, Dexia declined to comment on the assumptions and figures, merely stating: "The group will continue to accelerate the financial restructuring while also investing in its franchises." And remember, proof of soundness, that Dexia has generated 280 basis points from Tier One ratio since late 2008.

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The restructuring announced by giant ThyssenKrupp has obviously taken over the political authorities in Germany. Christian Wulff, German Federal President, showed his annoyance by canceling his visit was to perform Sunday at the site of the new steel giant group in Brazil.

This production unit, located next to Rio de Janeiro is very important for ThyssenKrupp. It cost more than EUR 5 billion, making it the largest investment in its history. In addition, the visit must be conducted by Heinrich Hiesinger, the chairman of ThyssenKrupp. The refusal of Christian Wulff is a setback for the German group.

It is true that the political authorities, which are historically very close to the leaders of the steelmaker, may be concerned by the magnitude of the restructuring announced on Friday morning.ThyssenKrupp will sell or restructure almost a quarter of its turnover, more than 10 billion euros of business. 35,000 jobs are concerned, a little over 177,000 for the whole group.

Diversified industrial group

It's not about job cuts outright, but transfers or outsourcing. Nevertheless, all these activities are not profitable and negative consequences on employment in the future are possible. In addition, ThyssenKrupp executives have said for months that they wanted to improve their credit ratings by agencies. A will rarely compatible with social concerns guaranteed online payday loans.

The announced restructuring will not profoundly change the profile of ThyssenKrupp, which appears more like a diversified industrial group than as a pure steelmaker. In this activity, it occupies today as the twentieth largest in the world.But it is also present in the elevators, with a position of world number three, shipbuilding, automotive and construction of turnkey plants.

The new group's strategy is not to focus solely on the business of steelmaker. The announced measures do in fact only two activities: steel industry and automotive equipment. In this division, three companies, which together 2.2 billion euros in billings, will be transferred while two others, also posting 2.2 billion euros of turnover, will be met, before being eventually sold or find a partner.

The most important movement, however, concerns the branch "stainless steel", that ThyssenKrupp will transform into an independent company. This activity is the leading European, with a turnover of 5.9 billion euros.During the year ended last Sept. 30, it lost 57 million euros. Of the 35,000 people affected by restructuring the steel industry alone employs 11,000 employees. This activity is likely to be observed carefully by German politicians, because the area is known to concentrate in the coming months.

Second consecutive year of decline for the Nintendo group. The Japanese video game specialist has published annual results on Monday in freefall. Its net profit fell 66.1% to 77.6 billion yen (648 million). Its operating profit tumbled 52% to 171.1 billion yen (1.43 billion euros) in respect of the 2010-2011 year ending 31 March. Figures well below market expectations.

These poor results are explained by the slowdown in sales of the Wii home console blockbuster, but aging of Nintendo. The group has sold just over 15 million in 2010-2011, against 20.1 million the previous year. In addition, the launch of the new handheld 3DS relief was too late to be able to save the year of manufacturer.

The console manufacturer table for 2012 on the results up, but below analysts' forecasts.Nintendo says count on an operating profit of 175 billion yen for the year 2011-2012, against a consensus of 215.8 billion yen. "The market reaction should be bad," said Yusuke Tsunoda, a financial analyst at Tokai Tokyo Securities, quoted by Bloomberg. "Sales of Wii expected to drop as the group probably provides lower prices on the console."

"New Play"

The Japanese video game giant has tried to reassure. He announced the presentation of the successor to the Wii on June 7 at the electronics show in Los Angeles, E3. The group declined to give details, except that it will offer "a new way of playing at home," said CEO Satoru Iwata.

However, information already leaked to the press.Much more powerful than the Wii, it would be equipped with high definition, like its competitors Playstation 3 and Xbox 360. The Japanese group have also developed a new kind of controller, which is akin to a touch pad. One way to compete with smartphones that break into mobile video games. Nintendo's portable console, the DS has seen its sales plummet by 10 million units this year to 17.5 million.

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The Energy Minister, Eric Besson, who attended Friday at Matignon in a meeting on the theme of soaring energy was delivered this Sunday on Radio J, a change in the calculation of gas prices . Keeps the current formula, partly indexed to oil prices, should indeed lead to a further price increase on 1 July. An increase that could go wrong with consumers who are already undergoing an increase of 5.2% in early April, an inflation of 20% over one year and 60% since 2005.

"The government's objective is very clear: it is, in a context of rising energy prices at the international level to protect the purchasing power of the French," said Eric Besson, who considers "unacceptable" the continued the increase could reach 7.5% under the current formula.The new method of calculation should be offered "in the coming weeks" after the arbitral panel Matignon and the Elysee Palace.

Since early 2010, the energy group GDF Suez, owned 35% by the state, which offers fares. The Commission for Energy Regulation (CER) then verifies that the prices are consistent with the formula. But the government may "ask" GDF Suez does not apply the increase. The CRE has pronounced itself in recent days to a new formula for calculating rates to better reflect market prices (spot prices) at the expense of long-term price listed in the contract supply that GDF has signed with major suppliers. The spot prices now account for about 10% in the scale used.The regulator calls for increasing this proportion "as the market price continues to be lower than the average import price from the long-term contracts no credit check payday loans."

Curb rising fuel

Eric Besson else said the government was worried about soaring fuel prices. To curb the rates that affect the household budget, he plans to "make use" petroleum distributors.

He said he was "technically very difficult, if not impossible" to establish a "social tariff of gasoline, already ruled out last month by the Economy Minister Christine Lagarde. He believes, however, can mitigate the impact of soaring fuel prices, adding that discussions were under way but without giving further details on the nature of the contribution that would be applied to oil tankers.He also refused to talk to a tax on profits groups. "If we adopt a measure for the poorest households, it is necessary that, in one form or another, contribute to petroleum distributors," he said, referring only arbitration "in the days to come." Prices at the pump have been drawn up in recent weeks by revolts in Libya and the Middle East who have blazed the price of crude oil. In March, the super unleaded 95 had reached a high of 1.5179 euro parlitre.

(With AFP)

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At the gentle slope succeeds collapse. France 3 now flirting with the 10% audience share, against 14% three years ago. Last Saturday in prime time, the public channel regions is even symbolically passed below a million viewers, with the spread of the play One foot in the crime from the theater of the Auction of Marseille. A hearing to sentence the youth level digital television channels which now flirt with the 2 million viewers.

The staff of the chain relies on its public service mission to justify such a rout. But the argument is over when France 3 collapses to 4.6% audience share at lunch with "Midi in France, led by renegade Laurent Boyer M6, or Saturday night in second part of the evening when the series of disappearances is not taking off 4.4% audience share.Even the film loses its shine on France 3 since The Last Gang did not exceed 6.2% audience share last week.With the cost of grid that is around that of 2-France around 800 million euros, and 4800 employees, the decline of hearing begins to be disturbing.

Faced with scores, Corteel Lawrence, director of France 3 antennas, spoke Tuesday at the convention of executives of France Televisions, "the necessary regional reconquest," one of "information" concerning ", closer to the lived audiences, and "Wealth of twenty-four regional offices."

However, France 3 Must begin his Copernican revolution and lack of hearing, stop being a national chain, like Radio France Bleu (Radio France), be primarily a network of local stations ? For Francis Guilbeau, general manager of the chain, "the economic balance of the television does not allow it.This would mean having to increase the budget of the chain 24, the number of our local offices. ARD Germany has a budget of 7 billion euros. Our mission is not to make room for the local audience. "And remember that" no private regional channel has been a success in France, very centralized country. " However, the boss of France 3 recognizes the need to play more cards proximity, "which does not mean that Britons do not speak only to Britons no faxing pay day loans." "For now, he admits, regional programs are inconspicuous and do not have the success we expected." The documentary Xynthia after the storm, made in the region, has received a share of hearing by 7.1%. François Guilbeau does however borrow France Bleu her art "programs and services of local interest such as employment, real estate."Similarly, a "club of the regional press" should be created in the fall.

The radio daily

Playing the local map has paid for France Bleu. For three years, its audience grew. In the last survey Médiamétrie, the second general of Radio France slipped to RMC with 7.5% of total audience. Successfully initiated by Christiane Chadal, Network Manager from January 2008 to March 2010, with an editorial in August 2008 embodied in the slogan "From here". "Our position" From here "is anchored on the premises, but does not see the current national or international law, says Anne Brucy, director of France Bleu network. For example, the news in Japan and the crisis in Fukushima have mobilized our local near nuclear power plants (The Hague, Pierrelatte Fessenheim …).We take a comprehensive look from where our listeners. "These are major contributors of France Bleu. "The role of the auditor is at the heart of the program. It is about the listeners share and enrich the program information. Our expertise can enhance their contribution, "says Anne Brucy. A supply that feeds the antenna at a lower cost but is difficult to reproduce in television.

Similarly, through a nationwide network with 43 local Consequently, France Bleu can also actively participate in local life. What strengthen its position as "the daily companion."

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This Friday, the Paris Bourse has eroded slightly, following a session of sharp increase of 2.47%. The Cac 40, which was back above the 3900 points, stumbled again below that level: the index fell 0.30% to 3892.71 points. The mood on Wall Street Monday and Asian markets this morning did not allow the index in Paris to stay in the green, as he had opened in early trading. Indeed, by mid-afternoon, while Wall Street was operating in yo-yo around Logne flotation, CAC 40 was off balance and moved into the red.

Other European markets are also evolving in decline: in London, the FTSE-100 index fell 0.41% to 5762.71 points while in Frankfurt the Dax was 0.52% folded at 6780.97 points.

Yet the hopes surrounding the nuclear site Fukushima supported the markets.On site, the nuclear situation remains uncertain but appears to have stopped deteriorating. The operator of the plant, TEPCO announced that the work of rehabilitation of cooling systems had resumed Tuesday morning after being suspended the previous day following release of smoke.

In addition, a further intervention by the BoJ also came reassure investissuers. This last Tuesday, in 2000 has injected billions of yen (17 billion) more on the money market to support the Japanese economy. It has increased to 39,000 billion yen from the money released March 11. In this atmosphere a little calmer, operators go hunting for bargains.

Criticized the offensive in Libya

But the lack of macroeconomic indicators, like yesterday, failed to sustain the trend. And the situation in Libya is still worrisome.The international coalition, headed by the United States, France and Great Britain continued its operations in the night of Monday to Tuesday. Critics, from Germany, Italy or Russia, rise against, however, the intensity of the bombing in the West.

This tension plays anyway back on oil prices. In morning trading, a barrel of light sweet crude for April delivery took 19 cents to 102.52 dollars. That of Brent North Sea crude for May delivery, however, yielded 15 cents to 114.81 dollars.

As for currencies, the euro against the dollar still progressing on Tuesday operating above 1.42 dollar to levels not seen since November.Around 11:20 in Paris, the euro bought 1.4238 dollars against 1.4218 late Monday.

Values ​​need to follow

PSA Peugeot Citroën – 2.73% to 26.55 euros (largest decline of ACC)

The automaker announced Monday that the halt in production at one of its Japanese suppliers affected by the earthquake of March 11 would cause a decrease in its activity in diesel engines and probably induce measures layoffs.

Furthermore, SAP continues to lead the ranking of patents published in 2010 by the INPI.

Renault – 2.64% to 37.73 euros

The Chinese Ministry of Commerce has launched an appeal Tuesday for vigilance against the "vicious allegations" against China for stealing technology from foreign companies after the country has been implicated in the espionage case in the French group Renault .

Today, Dominique Gevrey, security officer of Renault indicted and jailed in the fraud case involving the builder, said he had done that "apply" the orders given by a management mode Management "paranoid."

Latecoere: + 8.51% to 9.69 euros, EADS: -0.72% to 19.43 euros

According to information of Figaro on Tuesday, Chinese Avic, Britain's GKN and the Dutch Stork Fokker-filed a complaint with a price estimate.EADS and Airbus are under pressure to attend a Franco-French solution.

Sanofi-Aventis – 0.70% to 47.65 euros

Merck and Sanofi Aventis announced Tuesday it had terminated the agreement in March 2010 through a joint venture in animal health, combining Merial Animal Health business of Sanofi, with Intervet / Schering-Plough animal health unit Merck.

Technip: + 1.80% to 71.41 euros

The group announced Tuesday it had won with TAQA Bratan installation contract for the development of Falcon Field, located in the North Sea about 560 kilometers northeast of Aberdeen (Scotland), for a water depth of 160 meters.

EDF – 1.42% to 28.46 euros

Edison, controlled jointly by the French EDF and Italy's A2A Monday issued an annual profit weighed down by asset writedowns and said it would not pay a dividend for fiscal 2010.

BNP Paribas: -1.15% to 52.57 euros

The bank granted a bonus of 1.67 million euros to its chief executive Baudouin Prot at the financial year 2010.

Audika: + 5.90% to 18.84 euros

Audika posted an operating profit in 2010 down to 17.55 million euros, against 18.76 million in 2009. The group's objective is a return to growth in 2011, with a turnover of at 115 and 120 million euros and an improved operating margin. It proposes a dividend of 0.42 euro no action.

SeLoger. com: 0.41% to 36.65 euros

The group announced Monday expect a double digit growth of its key financial indicators in 2011 thanks to record audience levels.

The amount is staggering. $ 70 billion social aid were announced by King Abdallah live on Saudi television on Friday. Therefore a figure for the 28 million inhabitants of the country, one third of the unemployed are young people aged 21 to 29.

The monarch has promised minimum wage increase to 800 dollars, the increase in premiums for unemployment up to 250 dollars, a premium of two months salary for each employee and a bonus of two months for student scholarships . But nearly $ 67 billion aid plan – almost all of the assistants will be devoted to the allocation of funds for the construction of 500,000 housing units across the country, and an envelope for the health sector. King Abdullah has proposed to inject more money into home loans by increasing to $ 128,000.

These injections of public funds came after the unprecedented announcement by the King on February 23 of a first action plan of 36 billion dollars. They should help diverdifier the Saudi economy, largely dependent on oil revenues.

Further monitoring

In his televised speech of three minutes, the sovereign has also announced the creation of a committee to fight against corruption, which will be under his supervision and could control all branches of government faxless cash advances. He also mentioned the creation of 60,000 new jobs security by ensuring that security forces will be ready to respond to "all those who intend to undermine 'the kingdom.

Fearing social unrest that the country earns from Bahrain, a neighboring country, where violent clashes between Shi'ite demonstrators and security forces took place this week, security forces were deployed en masse on March 11 in Riyadh, and in the eastern provinces, home to a strong Shiite community. However, according to some sources, the stability of autocratic rule of King Abdullah, from a prominent Sunni family, is not likely to be unshaken.

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Before settling in a small apartment in St. Cloud, just steps from the Seine, has Lagneau Lawrence thought he would never be able to leave Saint-Ouen. At issue: a "preemptive right" exercised by the mayor Audoniens when selling his old studio in 2009, and who has earned more than a year of court proceedings.

This right of preemption makes it possible for local authorities to be given priority when selling a property on any other potential buyer, and at a price generally below the claims of the seller. To exercise this right, the community must demonstrate a specific urban project (renovation, rehabilitation, etc …).But in Saint-Ouen, as in other suburbs of Paris run by municipalities left (Saint-Denis, Bobigny, Bondy, Montreuil, Les Lilas, Nanterre …), the right of first refusal is now held up for the sole purpose of discourage owners from selling their property at a price above the market, otherwise they would face lengthy legal proceedings …

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Consumers do not win, but dentists can rejoice. The senators voted Wednesday for the removal of the requirement for practitioners to mention the purchase price of prostheses they provide to their patients. This indication was made mandatory since the implementation of the "hospital, patient, health, territory" (HPST) in March 2010 and aimed to introduce more transparency in the prices charged by dentists.

For the price of hearing varies almost by a factor of two firms, analyzed the organization last February mutuelle.com. Rates that depend on several factors: the quality of the prosthesis, the reputation of the dentist, the neighborhood where he practices, but also the level of medical coverage for the patient."It is almost a rule that the physician inquires about it, so that the topping facto contributes to drive prices up and enjoy in good part to the care provider," noted the Court of Auditors A report published last year.

No effect on import prices

Disparate rates are also particularly high. Citing a 2005 report published in Belgium, the Court of Auditors noted that the price of a prosthesis in France is 2.5 times that of a prosthesis in Germany, itself 25% more expensive that 'in the Netherlands.

Aggravating factor for the French practitioners: the growing share of imported models (about 15% in 2010 according to the French Dental Association) has never passed on the average price charged by dentists.Yet the cost of dentures made in China, Madagascar and North Africa is three times lower (40 euros against 120 euros) than models manufactured in France.

Competition poor '

Accordingly, it is 10% of the French population is forced to give dental care because of cost, says the Institute for Research and Documentation in Health Economics (Irdes). Generally, dental costs alone constitute more than half of medical benefits to which patients give up that ground.

It is under these facts that the Court of Auditors argued last year that the quotation offered to patients include the purchase price of the prosthesis. "Improving transparency would help to remedy a lack of competition today," thought the institution.

"Intensive lobbying"

The senators, however, have decided otherwise Wednesday. Gilbert Barbier, behind the amendment removing this requirement, explains: "The text was virtually unenforceable. If you want to calculate the cost of a prosthesis, we must delve a lot of ancillary costs, "he explains. Furthermore, why impose this requirement only to dentists, not the garage for example? "He asks. "Dentists have had the feeling of being stigmatized. Let us keep right, "came Wednesday in support of meeting the Minister of Health Xavier Bertrand.

Another argument advanced by Senators: prices of acts called "conservatives" (scaling, treatment of caries, decay …) would be undervalued by social security. "For ten years they have not been adjusted.This explains that dentists sometimes compensate by increasing their margin on prostheses, "suggests Gilbert Barbier. Yet, according to the ECA, some of these rates were revalued by 30% in 2006. Meanwhile, prices of prostheses continued to grow at an annual rate of more than 3% …

For UFC-Que Choisir, the situation is clear. "The intensive lobbying professionals was correct in the interest of patients," said Cedric Musso Thursday, director of institutional relations within the association, in the columns of "Paris-Today in France. "The dentists are not commercial professions. As health professionals, they do not make a profit on hardware sales. "

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.