In search of money, and anxious to give pledges of liberalism to the business community, the Russian state will sell $ 29 billion 22 billion euros of assets over the period 2011-2013. It is the largest wave of privatization initiated since liberalization of the chaotic Russian economy in the 1990s.
Investors were on the verge of losing patience. Ten months have passed since the announcement last September of a privatization plan. Wednesday, cutting short the rumors, the finance minister, Alexei Kudrin liberal, has finally confirmed: "We will sell a significant portion of our assets in state enterprises, while keeping the blocking majority."
The choice of companies is not yet finalized. The government is working on a list of eleven companies, including banks VTB and Sberbank and Rosneft, Transneft and oil.The Russian railways have been removed from the list at the request of Alexei Kudrin.
According to Russian media, the government must decide between the Ministry of Finance, ready to keep only 51% of assets, and the Ministry of Economic Development, which denies that the state ownership falls below 75%.
Reducing the budget deficit
Therefore unlikely that privatization begin "by the end of the year," warns Elvira Nabiullina, Minister of Economic Development: "We are working to accelerate and increase the volume of privatization," she explained yesterday emerging from a cabinet meeting devoted to the 2011-2013 budget bad credit pay day loans.The transfer of assets should be done gradually, the pace of 9-10000000000 of $ 8 billion euros per year for three years.
According to the Ministry of Finance, the privatization plan is to reduce the budget deficit from 4% in 2011 to 3% in 2012 and 2% in 2013.
But according to some, this is not the main reason: "To curb its deficit, Russia has its sovereign wealth, she did not need privatization. This is done for the Government to send a signal to markets, to show them that the plan to make Moscow an international financial center is taken very seriously, "says Natalya Orlova, chief economist at Alfa Bank.
Since the establishment, on July 7 by President Dmitry Medvedev, a group working on the creation in Russia of an international financial center, the business does not rustle as this: "This is to give investors the opportunity to get used to Russia, "said Natalia Orlova.
According to Alexei Kudrin, Russia's potential is comparable to that of "Dubai, Beijing or Shanghai" and is well placed to trade titles: "The MICEX Stock Exchange held, according to various indices of places from 10th to 19th, RTS Stock Exchange and is ranked ninth for trade in products, "he recalled in June.
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Fears of a slowing global economy and optimism of the encouraging results of some American companies, the Asian markets do not know where to turn. The uncertainty has clearly won the Asian market. Despite opening up 1.1%, the Nikkei has disintegrated as the yen strengthened. The benchmark index of the Tokyo Stock Exchange lost a few minutes from 0.45% to close 9,258.41 points. The euro was worth 112.28 yen to 7:00 (-0.48%).
In other areas of the region, the mood is mixed. The Hang Seng in Hong Kong gained 0.52% to 20,370.35 points, the CSI 300 Index of Shanghai shows a slight increase from 0.06% to 2743.14 points, the Seoul Stock Exchange was up 0.65% 3659.85 points, the Sydney Stock Exchange ahead of 0.14% to 4409.80 points, and Mumbai was up 0.42% to 17,953.31 points.In contrast, the Singapore Straits Times Index lost 0.32% to 2939.08 points and Taiwan was down 0.12% to 7702.43 points.
Oil prices were slightly higher Wednesday in Asian electronic trading before the release of oil reserves in the United States, dealers said. In morning trading, a barrel of light sweet crude for September delivery was taking 5 cents to 77.63 dollars a barrel, while Brent North Sea with identical maturity, gained 9 cents to 76.31 dollars . Investors await the release Wednesday of weekly report on the status of stocks in the United States.According to analyst estimates, the reserves of crude will drop by 1.1 million barrels.
With the rise of the yen, export values are again in trouble, including automakers Toyota lost 2.55% to 3,055 yen, Nissan loose 0.65% to 609 yen or Honda was down 1.81% 2605 yen.
LE FIGARO. – RTL ended the season with 12.1% audience. The media is 80.9%. Is not it a little low?
Christopher Baldelli. – The radio has a very good season from September to June with a small decline in April-June RTL is an excellent survey. It confirms two points, observed since January: our audience is progressing and RTL accentuates the gap with the second. This had not happened for two years. Our radio division overall is doing very well. Fun Radio even recorded the strongest growth of all radios throughout the season.
RTL is not followed by NRJ, a musical, but by the France Inter generalist. How do you change the competition?
I come from television. I found the radio, fierce competition. It is multiple, strong, and has talent. The performance of RTL is to have strengthened its leadership this season.Having a generalist such as France Inter behind us is exciting. But I do not choose the number 2. What matters is the performance of RTL, its audience and the gap to the next.
France Inter is leading in some quarters of an hour of the morning, between 12:00 and 2:00 p.m., and 18 h 45-20 h 15. What is your parade?
RTL is the undisputed leader on the morning throughout the season. However, we will intensify our efforts to return in the morning, with Yves Calvi, and lunch with Laurent Bazin and Elizabeth Martichoux.
You just changed the schedule for the 2009-2010 season.The next will Does your brand?
The schedule of RTL is both mine – I made some changes in September with Bixente Lizarazu and Eric Zemmour in January – as it is Axel Duroux, my predecessor, and that of his predecessor, Robin Leproux. If we have been active in the transfer market this year is because our grid is strong and there were points to be strengthened. This is not about egos but effective. There are a lot of our competition and offer must be constantly improved. Thus, the arrival Flavie Flament help to feminize our audience. We want to make a popular radio quality and also of interest to AB +. All our hires are part of this logic.
What will the impact of these arrivals gate at your cost?
I announced that we would be active in the transfer market.The cost of the grid RTL enrich well will be nearly identical to last season. We have begun a savings plan for 20 million euros over three years but we do not rule out investing in the grid at constant cost. Thanks to good audiences and advertising revenue growth, particularly in the second quarter, our profit margin will increase from 2010. This will be a double-digit growth. We aim to improve profitability on all radios without sacrificing programs. We are not in a purely managerial logic but first performance.
What are your goals for long-term stations?
Fun Radio has already made a nice progression of Hearing. We must now expand the total supply, with major events such as Starfloor at Bercy. This allows work on the brand and diversify our sources of income.I have no other target audience for RTL to be the best. We will launch in September a new website rtl.fr, which will more room to podcast and video. The mark must be alive and present in almost-French. We can not measure the impact on the audience, but it contributes.
This is the most reassuring news announced by the U.S. authorities for more than two months. According to Coast Guard Admiral Thad Allen American to oversee cleanup operations in the Gulf of Mexico, BP should be able to contain 100% the gap in the well from which oil flows to by Monday. A new funnel, bigger than previous ones, is currently installed by the British oil.
This funnel, called "Top Hat Number 10", should recover up to 80,000 barrels of oil per day (12.7 million liters), against 25,000 now. The authorities are optimistic that based on their assessments, the well lost more than 60,000 barrels per day. The previous dome will be first removed. A large quantity of oil escape so well for 48 hours.But once the new funnel posed, the results will be immediate, promises Thad Allen.
Since April 20, the day of the explosion of the Deepwater Horizon platform off the coast of Louisiana, BP has increased its attempts to clogging, all unsuccessful.
No stop before August
BP was more cautious in its forecasts. Bob Dudley, responsible for managing the disaster, spoke of another scenario where difficulties in installing the new funnel could delay the time from Monday to Thursday.
But authorities are confident: "We have the climate we need," said Thad Allen. The admiral, however, required to calm the enthusiasm that followed the announcement. "I used the word 'contain' and not 'stop'," he commented. According to him, the well would not be closed as well as two-pass will not be completed.These wells, dug deep to inject cement and mud, should not be installed until mid-August. Once the leak stopped, the extensive cleaning and restoration of the ratings will continue.
Anadarko does not pay
On this last point, BP was again struck Friday denied Anadarko Petroleum. The company, which owns 25% of wells responsible for the spill, said she would not pay the $ 272 million that BP is asking her to cover their share of cleanup costs, according to U.S. law known pollution.
On June 18, the tension was raised a notch between the two partners lorsqu'Anadarko stated that the explosion of April 20 on the platform Deepwater Horizon, "was preventable and was a direct result of decisions and actions BP unthinking.
In another e-mail sent Friday, a spokesman for Anadarko, John Christiansen, however, felt that his group remained "committed to working in good faith with BP to reach a satisfactory resolution."
BP is now awaiting the response of Mitsui, which owns 10% of the wells. The British oil giant is claiming $ 112 million for cleanup costs. The company has not yet made its position.
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A draft "courageous, necessary and just." After the day of action against the pension reform, which drew between 797 000 and nearly two million people across France, Economy Minister Christine Lagarde, has defended the government's project on air in France Inter Friday. "Our priority is to protect the retirement plan division," she insisted.
While Prime Minister Francois Fillon has expressed this morning, Christine Lagarde said that "the government is not obtuse", and that "dialogue will continue. Discussions will be limited to "some point" in the text of the government, confirmed the minister."President Nicolas Sarkozy said on the issues of hardship, of polypensionnés and long careers, there is room for negotiation," she added.
"The message we give is our determination to continue to reform in serene courage and wherever necessary," said Christine Lagarde, who emphasized "the urgency" of the situation of public finances France. Asked about the signal that the French government would provide the markets with pension reform, Christine Lagarde did not deny the need to 'send a message of safety "for those who invest in the" France risk. However, the triple-A rating enjoyed by France, which is the best possible debt rating is "stable," Plassnik said.
Safeguarding the employment of older
While the unions believe the government bill "unfair" to employees, the minister said on France Inter radio that "high income will contribute" to the overall effort while "capital income will be taxed" payday loans . She also stressed the government's job to safeguard the employment of older workers. Two directions are preferred, namely training and alternate agreements with the companies on hiring senior employees.
"Delaying the age of retirement must be accompanied by measures to prolong the careers of seniors," the minister reiterated. According to figures released Thursday by the employment center, the seniors have been recovered on May 1 sharp increase in their number of registered unemployed (ranging between 1.3% and 1.4% by categories).That was several months that such progress had been achieved.
The discussion of the severity and recovery
For Christine Lagarde, these figures are "bad". And all the more reinforces the government's reform policy. A policy which it defines as "a subtle exercise" between the need to support recovery and the imposition of austerity measures. "On one hand, it is engaging the major investments planned under the Big Loan. On the other side, be careful not to spend any how, "says Minister of Economy.
A debate that should rightly be exported this weekend in Toronto at the G20 summit. Recovery plans for growth and fiscal restraint? The choice to divide Europe and the United States, the International Monetary Fund and World Bank.Relativizing discord among summit participants, Christine Lagarde nevertheless called for a "more collective work.
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Five days after the beginning of the G20, which will be held in Toronto, France and Germany called on Monday to unity. In a joint letter to Canadian Prime Minister Stephen Harper, Nicolas Sarkozy and Angela Merkel, calling on the G20 to "remain united to face the new challenges." A call that came after Russia was added, this Monday, the list of opponents to the introduction of a tax on banks.According to Arkady Dvorkovich, the Russian sherpa, other countries as "Canada, Australia, China and India" share the fears of Russia.
Penalties "proportionate and coordinated"
As they had said after their meeting early last week in Berlin, France and Germany believe that much remains to be done to ensure financial stability, "while the economic recovery could be threatened by new financial strains "
Among the many issues discussed, the issue of sanctions against countries "uncooperative" in the exchange of tax information or suspicion of money laundering.In this area, France and Germany want the G20 to go further this time by defining sanctions "proportionate and coordinated" against those countries and asked the OECD, which was published in early 2009 a list of countries targeted, the update in time for the summit in November 2011 in France.
They also want the Financial Stability Board (FSB) broadcasts before the end of 2010 a list of financial "who refuse to cooperate and comply with international standards for prudential" bad credit payday advance.
Nicolas Sarkozy and Angela Merkel address two other issues of topical hottest, new prudential regulations for banks and regulation of financial derivatives markets over the counter.
Prudential "selected and calibrated"
For the former, they believe they should be "selected, calibrated and implemented so as not to jeopardize the economic recovery." They wish they were not introduced before the end of 2012, "by leaving adequate transition periods and appropriate protective clauses.
Derivatives was, they called for an acceleration of "the implementation of strong measures" to improve transparency, notably through mandatory reporting of all transactions in central databases, trading on regulated markets and use of clearinghouses.
They also want an answer "coordinated" with the specific challenges posed by the markets of CDS (credit default swaps), derivatives used to hedge against risks of default of a borrower whose responsibility has been questioned by politicians in the debt crisis in Greece.
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For its centennial, the fund invests Strategic Investment (ISP), launched there just eighteen months, has chosen to support CGG Veritas. This intervention takes place through the acquisition of the group's shares listed in Paris and New York, up from just over 170 million euros, or 6% of capital. The fund, which became the largest shareholder of the company, ask an administrator to the council table. "This is a significant commitment of ISPs, says Gilles Michel, Director General of public funds. One of our three missions is to strengthen the capital of companies listed on major technological potential. Upon entering the capital of CGG Veritas, we conduct our sixth investment of this type. "
This, incidentally, the third stake in an oil company, after Vallourec and Technip.With a market capitalization of 2.7 billion euros, CGG Veritas is smaller than the other two groups supported by the funds, but the company employed 7,500 strong positions in its areas of specialty. It is a world leader in providing services in imaging for identifying hydrocarbon reserves, both onshore and offshore, it is also the world leader in seismic equipment.
"We are proud to be regarded as a business with great potential by the ISP, and it does not mark a turning point for the company, but it will allow us to further develop the technology to improve the image of the basement" , commented the President of CGG Veritas, Robert Brunck.
Long-term shareholder
The entry of ISPs also aims to secure a capital highly fragmented.IFP (French Petroleum Institute), long the largest shareholder, holds only 4.2%. And the company has 700 funds in its capital.
With the strategic fund, about 10% of the capital are now in the hands of public shareholders and long term. "The presence of ISPs in the capital makes CGG Veritas attractive for other long term investors," said Gilles Michel. For him, securing the capital enables these dynamic companies to focus on growth rather than spending time managing financial issues.
Problem even more crucial that CGG Veritas is an average actor in a sector parapetrolic won by a movement of concentration. Schlumberger has made two acquisitions in quick succession.The industry giant has launched at the end of winter a bid of 11 billion dollars on Smith International, before you spend a few weeks later, one billion euros to afford the French Geoservices. Many observers consider that competitors, including Halliburton, would replicate …
Red, green and blue: a parade of 1300 tractors brand new, red lights lit and flags fluttering in the colors of the FNSEA and JA flooded streets yesterday in eastern Paris. At the wheel, the grain of fourteen French regions accompanied by 10,000 farmers from manifest their anger. A resounding success despite a period conducive to field work.
"The mobilization is at the height of the crisis across the world of agriculture today, said Dominique Barrau Le Figaro, number two of the majority union. Farmers expect concrete action from Europe and the French government, including a plan to lower taxes, social and environmental ".
A double shock
Even if they are not the worst off, farmers crops are facing a dual shock. The precipitous drop in market prices since 2008.Thus a loss of 80-90 euros per hectare of European aid after their redistribution last year, to the most needy in the Health Check of the CAP. A very easily accepted by those farmers who apply, however the government to intervene immediately in the markets to send prices back.
"There are currently 4 to 5 million tonnes of wheat in excess inventory that could not be 0 because of the damage in rail freight and port. They must elapse before the next harvest if prices will continue to decline, warns Michel Masson, vice president of the FNSEA and co-organizer of this event.
A request that the Minister of Agriculture, Bruno Le Maire, and he has heard this morning reiterating the European Commissioner, Dacian Ciolos, visiting Paris."I asked the Commission to intervene on the grain market and make prices go up," he said yesterday at the outlet of the Council of Ministers while urging farmers to "not lose hope."
For beyond this manifestation of discontent, many farmers are going through very difficult times to the point of suicide in extreme cases the rate of one per day is an act of recognition among urban populations they had sought in Paris yesterday. And on this point too, their operation is a success.
"It warms my heart to see Parisians applauded us," says J?r?mine, Young Farmers."They are the ones who feed us and they were not there, we would not be much," says Monique, a passerby who took up the cudgels for the farmers.
The question is whether this mobilization will be more than a flash in the pan and tangible effects. Upcoming dates: May 6 for the first committee to follow up major crops before May 22 and the reunion of all the productions that will invade the Champs-Elysees.
LE FIGARO. – In late 2006, EADS gave the go-ahead to the A350 XWB for its first delivery in 2013. Where is this program? The timetable will be respected there?
Didier Evrard. – Developing a new aircraft is flying a program of high technology, so managing risk. And there, on an ambitious project which has as many technological innovations, particularly with 53% of composite materials.
Until the end, it will be a marathon, and we have to face challenges. When we encounter problems, we find solutions. In 2009, I decided to give three months more to our team compared to the original schedule, for some elements such as design, or for critical parts such as the junction between the wings and fuselage and the points where systems will be hung in the carbon fuselage.This decision reduced our margin of safety and caused a delay of three months to start the final assembly plant in Toulouse, in the third quarter of 2011 instead of the second quarter of 2011. Part of the margin for flight testing has been "consumed", and we have redefined the planning of these tests over 12 months.
Can there be a delay of the delivery schedule?
No, this does not affect the first delivery is scheduled for mid-2013 with Qatar Airways, one year after the start of flight testing and certification campaign. We entered the second phase of the program, the manufacturing and kitting.Steps have been taken to secure this crucial stage.
Which exactly?
We have built physical models and demonstrators that enable teams and our industry partners to train, whether in Broughton for the wing to the fuselage in Hamburg or in Nantes where employees of our subsidiary Aerolia M?aulte train on the manufacture of composite parts first cash advance payday loan. We worked on the ramp-up production, which will start in 2013, reaching ten A350 XWB monthly maximum activity. It is a difficult phase because while assembling the first aircraft, we continue their development during flight tests.We have taken steps to be able to integrate at this stage, changes.
No wiring problems for the A380 like?
No. The A350 XWB is the first aircraft from the "New Airbus", an integrated company has consolidated its industrial organization through Power8. Once the development phase, the program was conducted by an organization with its integrated and transnational centers of excellence: fuselage, cabin, composite … From the beginning, 1,000 engineers from across Europe have worked together on a Toulouse "plateau" central to the definition and harmonization of methods and tools. All facilities use the same machines, the same types of tools, consulting firms use the same tools for planning and design (PLM to manage the complete cycle of the product). Meanwhile, we have overhauled our relationships with our suppliers.We have assigned 50% of the aerostructure instead of 25-30% previously. Our suppliers have systems for their part received lots of work with more complex integration of sub-assemblies.
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The students' favorite businesses large schools do not change much from one year to another. For the fifth consecutive year, LVMH and L'Or?al share in this order the two top spots Universum of the most attractive employers *. Canal +, also acclaimed for many years, retains its fourth place in 2010 behind … Google. The arrival of the famous search engine in the top three ranking is however one notable development of the charts.
Since joining two years ago, Google continues to gain momentum, reflecting the interest of students for high tech companies at the expense of the automotive sector.Michelin loses in effect eight places from last year, six-seater BMW, PSA four … The result of Google also rewards, according to Julie Giraud Avril, chief marketing officer, Universum, "The financial strength of a company that is everywhere that communicates a lot, and led a marketing strategy that works. "In point qu'Universum anticipates the arrival of the U.S. leading the rankings in 2011.
"Students expect a return on investment"
Another surprise of the charts, revealing the impact of the crisis on student preferences, the surge in banks. BNP Paribas is ranked in 9th position, 11th in HSBC, Societe Generale and Goldman Sachs in 21st and 22nd … "In times of crisis, banks have moved away from students for the consulting firms and audit," explained Julie Giraud Wednesday -April on BFM.Stigmatized in 2008 and 2009, banks would have at this time lost their aura of future graduates of top schools.
But once the economy improved, the students seem to plebisciting new banks as ideal employer, mainly due to the financial security they offer to their employees. "Students in high schools have often led to costly studies. They expect their work a return on investment "analysis Julie Giraud-April.
* Of 20,693 students surveyed between November 2009 and February 2010.
