AIG takes a new step in its divestment strategy. The U.S. insurer announced Thursday it has signed an agreement with another American financial services company, Prudential Financial Inc.. Under this agreement, AIG sells two subsidiaries to Prudential Financial of Japan, namely AIG Star Life Insurance Co. and AIG Edison Life Insurance Company, detailed the group in a statement.
The amount of the transaction, expected to close in the first quarter of 2011, represents 4.8 billion dollars (3.5 billion euros), of which 4.2 billion will be paid in cash, says U.S. insurer . "Subsidiaries AIG Star and AIG Edison had an important role in the AIG family.Their strength and potential have generated great interest in the financial markets and, given our obligations to the U.S. government, AIG had to consider each offer carefully, "said Robert Benmosche, the CEO of AIG, quoted in statement.
Objective: To reimburse the U.S. government
So on the brink of insolvency, AIG was bailed out by mid-September 2008 the U.S. government, which had to inject $ 182.3 billion in its coffers to keep the group afloat. The U.S. government now owns 80% of AIG. "The sale of [these two Japanese subsidiaries] marks a new step in the program AIG to reimburse money to American taxpayers and an important step to achieve a complete withdrawal of government support," the group said.
A withdrawal also seriously considered by Washington.The U.S. Treasury, which holds 49 billion in AIG shares, would be about to announce the sale of its securities. The idea would be put on the market during the first half of 2011, Bloomberg reported Monday.
Option Exchange for AIA
The sale of AIG Star Life Insurance and AIG Edison Life Insurance comes after the failure last June, sales of AIA, AIG's Asian arm, Prudential PLC, the British insurer (which has no relationship with the U.S. group Prudential Financial). The negotiations, which lasted several weeks, eventually foundered on the issue price of AIA. AIG is now planning to introduce its Asian life insurance on the Stock Exchange of Hong Kong, October 29, and hopes to raise about $ 15 billion (11.5 billion euros), revealed sources close to the record last week.
In March, another major assignment had ended.AIG was then sold to MetLife's life insurance industry Alico for the equivalent of $ 15.5 billion, including $ 6.8 billion in cash and approximately 8.7 billion shares in MetLife.
Action AIG closed at 37.45 dollars Wednesday at the New York Stock Exchange, up slightly from 0.35%.
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The outline budget for 2011 Social Security will be unveiled on Tuesday afternoon. To keep the deficit target, the government considered a range of measures to cover sickness to save $ 2.5 billion. Concordant sources, it just quit one of them: the move from 70% to 69.5% of the reimbursement of medical consultations.
The measure would have created problems between rounding apparently insolvent "Safely" and complementary personal loans for people with bad credit. But the idea was to reach 200 million in savings. A surprise announcement is not negative to "offset", especially since the decline of 35% to 30% of the reimbursement rates for drugs sticker is blue, she confirmed return less than the 165 million first calculated
Green is still to be at the rendezvous at the Paris Bourse. On Monday, the CAC 40 starts on the day up 0.27% to 3796.53 points. He continues the momentum of Friday, a day on which he had jumped nearly 2%.
Investors Parisian trend driven suiventla speak Asian markets this morning and are all in positive territory, and stay on the good impression left by Wall Street Friday. The New York Stock Exchange closed sharply higher (1.86%) despite disappointing macroeconomic indicators.
Monday's meeting promises to be just very quiet due to a lack of publication of indicators.The highlights of macroeconomic news is expected for the rest of the week including the index of consumer confidence and U.S. investors (Tuesday), the index of business climate in the euro area (Wednesday), the final estimate of second quarter U.S. GDP and weekly jobless claims (Thursday) and finally the rate of unemployment in the euro area and the ISM manufacturing index in the U.S. (Friday).
As for currencies on Monday morning, the euro declined modestly from 0.05% in morning trading at 1.3471 dollar.
EDF and Areva hand in hand
As for values, the two French energy giants EDF and Areva, set up a strategic partnership. Following meetings between Henry and Anne Lauvergeon Proglio, six working groups were formed.The government wants the broad outlines of this partnership should be determined before the end of the year.
Sanofi-Aventis, which could eventually raise its takeover offer for Genzyme, currently $ 18.5 billion according to the Wall Street Journal. In this context, the French laboratory had made contact with Citigroup and Bank of America. Sanofi-Aventis has already said he provided financing for the transaction with JP Morgan Chase, BNP Paribas and Societe Generale.
Soitec confirmed in a statement on Monday its predictions for the second quarter. The group anticipates a consolidated turnover "virtually flat" at constant exchange rates and a decrease of 2% of total sales.Soitec confirms a sequential increase in sales of around 20% in the first half 2010-201.
Eurocopter, a subsidiary of EADS, is expected to unveil today a new high-speed device known by the codename X3.
In a "carrier tend sustainably," Naturex raises financial targets for fiscal 2010. The group aims to grow its sales by 10% to 15% at constant exchange rates against a rise of between 5% and 10% previously.
The Society of the seaside will not pay a dividend for the year 2009-2010 due to the slowdown in tourism activities and games.
Sopra GMT announced in a statement Sunday that it had strengthened its presence in Sopra Group, bringing to 34.6% control of the founders and leaders.
This Friday, the CAC 40 will be passed through all the emotional. After playing in the red all morning, the index in Paris rose sharply in early afternoon, boosted by U.S. exchanges. Less than an hour of closing, the CAC 40 climbed 1.85% to 3779.30 points.
This reversal follows the publication of a decline less than expected durable goods orders in the United States. The latter fell 1.3% in August against a 1.4% decline expected by analysts. This decrease is mainly due to fall from 40.2% of orders for non-military aircraft after a surge of 69.1% in July. Excluding transportation, orders for durable goods rose 2% in August after declining 2.8% in July. This is the biggest increase since March.
In addition, orders for capital goods excluding defense and aircraft, considered a barometer of business investment rebounded 4.1% after falling 5.3% in July.
Sales of new homes in the U.S. stood at 288,000 annualized rate in August as the previous month, while economists and analysts polled by Reuters on average had forecast 290,000 annualized sales figure of 276,000 after the originally announced for July .
Gust Statistics
In Europe, INSEE has unveiled details of national accounts for the second quarter. The gross domestic product (GDP) grew 0.7% in the second quarter, according to detailed figures from INSEE published Friday.The previous and first estimate, which already was a nice surprise, was counting on 0.6% growth, after 0.2% in the first quarter.
At 10 hours, the business climate in Germany, against all expectations, increased slightly in recent weeks show the results of Friday's monthly survey of the Ifo Institute. Its business climate index rose to 106.8 in September against 106.7 in August (as confirmed) while economists and analysts polled by Reuters had forecast decline to 106.2.
Early this morning, Asian markets have surged briefly thanks to a sudden drop in the yen at 6:22 am. According to Japanese media, the Japanese government would again intervened to bring down the currency.In addition, traders explain this slip by rumors – denied – of a resignation of the governor of the Bank of Japan (BoJ), Masaaki Shirawaka.
The euro, he, remains beyond online cash advance $ 1.34 on Friday. Analysts from Exane BNP Paribas have revised their estimate of the euro against the dollar at $ 1.35 over the next 12 months on average.
Gold has chained a new record of more than 1300 dollars on Friday afternoon.
Technip a contract with Algerian Sonatrach
Algerian state company Sonatrach announced that it has awarded a 682 million euros in the oil services group Technip French (-0.90% to 57.39 euros) to rehabilitate and modernize a refinery Algiers.
L'Oreal (1.23% to 83.01 euros) inaugurated its first plant in Russia.The group will produce cosmetics, shampoos, one product that sells best in this promising market that has suffered the crisis but increased 10% per year on average. CM-CIC has brought the value in its list of preferred companies.
In addition, Nestle said Thursday it would hold a press conference Monday morning in Lausanne, which has revived speculation that the Swiss group could make an announcement on its shareholdings in L'Oréal.
Behind, EADS (2.99% to 19.1 euros). JPMorgan raised its recommendation from "neutral" from "overweight" with a target price of 23.73 euros.
Analysts at Morgan Stanley lowered its recommendation on shares of French bank Natixis (+0.35% to 4.25 euros) and BNP Paribas (-0.48% to 53.64 euros).They went from "neutral weight" from "underweight" on the title Natixis, which has made its entry in the CAC 40 Monday, and "overweight" from "neutral weight" on the BNP Paribas.
PSA Peugeot Citroen (-1.01% to 24.12 euros) and Renault (-0.37% to 36.60 euros). Sales of commercial vehicles rose 5.4% in July and 10.1% in August in the European Union, giving up 5% over the first eight months of the year.
Vallourec (-0.32% to 72.21 euros) held today its investor day in New York.
Beneteau (4.89% to 13.08 euros) issued a turnover up 18.2% in 2009-2010 to 659.2 million euros, exceeding its own expectations.
Remy Cointreau (2.04% to 48.5 euros, one of the largest increases).JPMorgan raised its recommendation to "underweight" from "neutral."
The chemical group Arkema (-1.64% to 35.9 euros) to build a new plant in China will be manufactured acrylic latexes for the market of coatings and adhesives, according to a statement received Friday.
In two days, four countries deemed most vulnerable to the euro area, "PIGS" have recourse to the capital to finance the debt. After Greece, Spain and Ireland on Tuesday was the turn of Portugal on Wednesday, issuing 750 million euros of bonds to four and ten years. In total, over the month of September, Pigs have borrowed 21 billion euros. It's more than expected by markets. And a pledge of confidence for the euro area. "Overall, the southern states are ahead of their financing plan, over 90% for Ireland and Portugal, positive showing that they have no difficulties to refinance," says Cyril of Regnat Natixis.
In fact, emissions have all been "oversubscribed", that is to say, largely covered by investors. Wednesday, Portugal received 4.9 times more applications for its ten-year bonds, against 1.8 last month.Greece has won six times more requests than expected, Ireland and Spain five times, thrice. If states are able to place their debts, it also costs much higher.
Spain reassures
This time, especially Ireland, and uncertainties over the cost of bank restructuring its estimated $ 35 billion that undermine the sovereign risk and boosts rates. Tuesday, Dublin had to pay a high price, more than 6% for bonds to 8 years, against a little over 5% in June to the same maturity, reaching its highest level since 1997. Nevertheless, the success of the operation has reassured investors and led to an easing in the wake of rates. "The rumors unlikely to appeal to the IMF put pressure on rates," says economist of Natixis guaranteed online personal loans."But investors continue to purchase these bonds because they believe in improving the situation in the long term." Located also in the eye of the storm, Portugal has seen its rates go up these days: the return to ten years reached 6.24 on Wednesday against 5.97 earlier this month. In the Portuguese case, it is especially its ability to reduce the budget deficit, considered too slow, which is in question. In fact, the deficit in the first eight months of the year is higher than the previous year over the same period, 400 million euros.
Conversely, investors are more confident about Spain. As proof, the gap is reduced with reference to German rates and distances himself from Greece, Ireland and Portugal. Madrid has both good "stress tests" of its European banking and fiscal consolidation measures.The Spanish government has also welcomed Wednesday a good rating – triple-A rating on its debt – by the Japanese rating agency JCR. One source of satisfaction for the Prime Minister José Luis Zapatero, who said in an interview with the Financial Times that "the debt crisis that affected Spain and the euro area in general has increased."
In this view, the case of Greece, protected by a European until 2013, stands apart. Athens can emit only on short-term rates high. "It's extremely profitable for investors as they take no chances in three months!" Says Cyril Regnat.
The French industry is getting better but it has yet to return to activity level before the crisis, experts note WCC-Rexecode in a survey conducted for the GFI, the professional organization that brings together federations industry representing 85% of French industry. Industrial employment "does not shrink more. The business failures are stable. Entrepreneurs are less likely to experience financial difficulties.
But the industry remains fragile tricolor. His rebound boosted by exports has slowed since one or two months. The activity level is low. The rising cost of raw materials could weaken the firms' cash. The resumption of exports has benefited less than other French companies to European companies."It is worrying that the performance gap between France and Germany is rising again," said Denis Ferrand, CEO of WCC-Rexecode. "Our businesses, our industries located in France must regain a competitive level equivalent to that of Germany. We are still far away, "observes Peter Gattaz, elected president in June of GFI.
"Setting Innovation
The Stock Exchange of Hong Kong and the S & P / ASX Sydney retreat respectively 0.05% to 21,959.13 points from 0.38% to 4621.50 points. In India, the Bombay SE advance of 0.67%, to 19,725.17 points. And in Singapore, Straits Times Index 0.06% to 3078.16 gleaning points. Scholarships from the Asia-Pacific move in a disorganized while Tokyo's Nikkei 225 is closed at this holiday Monday. Wal lStreet had ended Friday night in the balance.
Note that the Chinese markets are closed this week between Wednesday and Friday, the stock of South Korea will close Tuesday through Thursday, and Hong Kong and Japan will not open again next Thursday.
Investors have sold their actions related to banking or commodities until the end of this week with days and holidays in the region before the next meeting of the Monetary Policy Committee of the Fed on Tuesday.Since the last Fed meeting, August 10, had already acknowledged the slowdown in growth and renewed monetary stimulus programs, the pace of activity has fallen further in the United States.
On Monday morning, they are mostly banking stocks which are heckled in Australia, National Australia Bank was down 0.69%, and China, ICBC fold from 0.84% and KB Financial Group (Hong Kong) gave up 0.44 %.
Side oil, crude prices were up Monday (73.9 dollars), marking a rebound from losses last week, but the recovery should be limited due to persistent concerns about the U.S. economy.
QR National Stock Exchange soon
The largest rail freight company in Australia will be floated in November, during an operation that should yield about 4 billion Australian dollars (2.89 billion euros), said on Monday the authorities of the State of Queensland .
Entries were open Sunday for local investors interested in buying shares of QR National, they noted. They expect a strong demand for this IPO will be one of the largest in the history of the country.
"We depend roughly 80% of the natural resources sector in Australia, a booming sector with demand particularly from China," and the rest are general cargo, which is expected to double by 2020 and triple by 2050, said Monday Lance Hockridge, CEO, QR National, ABC radio.
Pension reform is barely passed first reading in the House that the Senate already reflecting the improvements will be implemented. Driven by Nicolas Sarkozy, who assured on Tuesday that they would have a "margin" to amend the text, elected Upper House would like to improve the draft law on two aspects: the postponement of retirement age 65 to 67 years and taking into account the strain at work. The goal? "To reform the fairest possible," says its president, Gerard Larcher.
The first relaxation which reflect the majority of senators, with the approval of Gerard Larcher, aims to enable women to continue to receive full pension at age 65, not 67 years as provided by law.The mechanism under consideration is the book that progress to parents – fathers and mothers, so that the provision be considered discriminatory – three or more children who have interrupted their careers. So, in fact, for women only.
"We will discuss the issue of women with the senators," Does it confirms the Department of Labor, declined to comment further. "There may be adjustments for certain categories between 65 and 67 years," says one at the Elysee, but without mentioning the case of women with three or more children. Such a provision could involve 37,000 women and cost $ 500 million per year to run.It would have the big advantage to please the unions – including the CFDT – and public opinion largely opposed to the decline of the terminal 65.
Second softening of UMP senators are considering allowing the creation of early retirement in areas that have negotiated agreements for hardship. The idea, already suggested by Mr Denis Jacquat and Pierre Mehaignerie, is simple: the branches and businesses – as already Rhodia – which have concluded agreements on the adaptation of workstations at the end of career employees who have been exposed to heavy work may enable these employees to retire at age 60 payday loan. And without that disability rates have been found.If passed, this openness demanded by the unions could eventually cost 400 million euros per year.
Respect envelope
For now, the Ministry of Labour denies working on this, already rejected in the Assembly. "We did not refuse to allow the members to Senators, contends the near Eric Woerth. The text voted by the Assembly, which has already evolved considerably in the direction of women and workers, is now at an equilibrium. It has become unthinkable to recreate early retirement financed partly from public money. "No," we also at the Elysee, where it says that this option was never even discussed with senators. "You study it," says Baron, however, a majority.
There remains the question of financing these hypothetical measures."The head of state senators said that they will meet the overall reform," says Will we at the Elysee. So do not invent devices that would increase the need for short-term financing plans. "It could bring a little tax on bonuses and stock options, or shift one or two years for the return to equilibrium," suggests a majority leader. "We do know the solutions found until mid-October and the government will not disclose any of them before," says one at the Elysee. Except to send some trial balloons to test the reaction of public opinion and unions.
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"SPECIAL CASE – The challenges of pension reform
Christine La Gaffe under Jacques Chirac to the best Minister of Finance of the euro area, crowned by the Financial Times: the "learning curve" Christine Lagarde, some officials calling Bercy "zero" in its infancy, s is proved constant, even during the devastating crisis. Cyril and Mary Lachèvre Visot, editor and journalist with Le Figaro Economie, retrace the route of the "UFO politics" in a portrait at once political and personal, "Christine Lagarde, Survey of the most powerful woman in France" (Michel Lafon).
wmode = "opaque"
The beginnings of the lawyer in the department have not been easy. After leading one of the largest U.S. law firms, Baker & McKenzie, integrate the political prowess of the Paris shows. The first few months, Christine Lagarde is no miracle. She followed this blunder on blunder.Loose the word taboo of "rigor" on Europe 1. Advises French in Le Parisien, to take the "bicycle" to save fuel at more expensive.
"If I had known what would happen when they came to ask me to serve my country, I would certainly say no," she loose then in a moment of discouragement, reveal Lachèvre Cyril and Mary Visot . Chicago at Bercy, the road is long. The cultural gap that separates the two continents missing several times to be fatal to the Minister Delegate for Foreign Trade of Dominique de Villepin, then Minister of Economy of Nicolas Sarkozy.
The confidence of the Elysée
But it does not lead a large law firm by chance. Cyril and Mary Lachèvre Visot tell how "the minister," as she likes to be called, will tame Bercy.After three years at the Ministry of Finance, it appears to this day among the leaders of the ministers most steadfast to this strategic position. His mastery of the files makes it as quickly win the confidence of the Elysée and Matignon.
Still, Christine Lagarde is cornaquée by the Elysée and did not hand over the strategic direction of the Budget, a separate ministry under the Sarkozy presidency. So, after three years this coveted position, the authors write, "the fundamental question remains: Fortiche or vase?".
"She holds the pen"
One thing is certain: the crisis has revealed the qualities of Christine Lagarde. The bankruptcy of U.S. bank Lehman Brothers in September 2008 at the European level of 500 billion euros in May, it plays a decisive role in the negotiations.With its capacity of synthesis and reconciliation, "it's she who holds the pen," the authors reveal. Endurance during marathon meetings at night going to surprise a lot and allow him to take the bet.
But Cyril and Mary Lachèvre Visot also reveal some aspects of the privacy of the first woman to lead Bercy. The painful end of life of his father. His admiration for his mother. The secrets of his Olympic form. And journalists to discuss the ways prestigious and sometimes surprising that Christine Lagarde could borrow from Bercy.
Christine Lagarde, Survey of the most powerful woman in France, Cyril Lachèvre Mary Visot, Ed Michel Lafon
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In Pictures – Women in politics
While the government introduces new measures to reduce the budget deficit, a new study identifies a significant shortfall in the state: software piracy.
Published Wednesday by Le Parisien – Aujourd'hui en France, this study conducted by IDC for the BSA publishers association reveals a decline in the number of pirated software by 10% over four years tax-related 2, additional 4 billion euros. The same reduction carried out in two years would even lead to 3.4 billion euros of new recipes no fax cash advance.
Another significant consequence: it would decrease the creation of 14,600 jobs in technology.
Piracy is particularly widespread in France, accounting for 40% of software against a European average of 34%.By 2013, a decrease of 10% of unlicensed software would inject 6.5 billion euros into the economy.
