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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The decline in registrations in France in June already gave an overview of the state's automobile market throughout the European Union (EU). The European Automobile Manufacturers Association (ACEA) has confirmed on Thursday the downward trend by announcing a 6.9% decline in registrations in the EU. In total, 1,341,092 vehicles were registered in June
For June alone, the largest drops are collected by Slovakia (-40.6%), Greece (-39.3%) and Bulgaria (-32.1%). In addition to these countries is Germany, the largest European car market, with a decrease of 32.3% to 289,259 vehicles registered. France, second largest market, recorded a decline of 1.3% lighter.To explain this phenomenon, ACEA highlights the end of support measures for the sector, including the scrapping bonus.
The largest increases were reported in Ireland (75.8%), Portugal (62.5%), Finland (54.6%) or Spain (+25.6%) and United Kingdom (+10.8%).
INFO LE FIGARO – The defense saved the day during the budgetary decisions. According to our information, the budget of this department will be frozen in 2011. But it will increase by 450 million euros in 2012 and 500 million in 2013. From 2011 to 2013, allocations to the Defence grow by 3.1% in value, while the overall amount given to departments fall of 0.2%.
However, the Defence should have more, $ 3.5 billion over three years if the military budget law, which was planning an increase in expenditures had been met. But the roadmap is no longer tenable given the magnitude of deficit payday loans for self employed. In addition, Defence will recover about $ 2 billion windfall, thanks to the sale of real estate and radio frequencies.Result, the department will not have to increase efforts at downsizing. Neither cutting into programs renegotiated in 2009 as the multimission frigates Frem or equipment Felin infantry (even if the payment could be later). However, some programs not yet started should be deferred. And the operating budget will be reduced.
Unoccupied for ten years, the site of the former Laennec Hospital in Paris will be revived. Saturday, Cogedim Altera marketing program will launch the most ambitious of the seventh arrondissement last fifty years. The site covers almost 4 acres close to the Bon Marché in one of the smartest districts of the capital where the promoter included the creation of 191 homes and 17,000 m2 of offices, all on 14,000 m2 of green space.
The difficulties of implementation have been the height of the project. It took ten years for the developer to start marketing. Meanwhile, he faced a succession of setbacks, including cancellation of permission by the administrative court finally allowed reinstated last year by the Court of Appeal.
The nine square meter the most expensive in Paris
Originally, the land was purchased for 80 million euros.On this site, twelve buildings will be constructed along the streets of Sevres and Vaneau. The size of apartments range from slightly less than 30 to 240 m2 and prices cover a wide range: they start at 9700 euros per m2 to over 20,000 euros per m2 for the most prestigious apartments. What constitutes a record in the new in Paris. "In contrast to traditional family apartments one hundred square feet, prices are equivalent, once updated, with programs of the sixth or seventh districts at the end of the previous cycle," notes Christian de Gournay, the chairman of Executive Cogedim. Delivery is expected in the third quarter of 2013.
Two buildings housing must be built and a student residence, a residence for the elderly (EPAD) and 4200 m2 of shops.The historic buildings, including the two wings of the old hospital, which represent cross of Jerusalem, will be converted to office with the insurance group Allianz owns. As for the hospital chapel built by Louis XIII and classified, it will be exhibitions or host events.
Fifty or advance bookings have already been made. "These are French, including provincial seeking a pied-à-terre. We have virtually no advance bookings by foreigners, "says Christian de Gournay. The left bank of Paris 7, the official name of the program, wants a "new neighborhood in the city."The former home garden of 3500 m2 will also traveled to Paris and open to the public.
In 2010, Cogedim launch 84 programs in France and expects 350 new homes sold in Paris, a sign that the stone is once again a safe haven.
Christian de Gournay, who wants to make the third Cogedim French promoter, provides 1.2 billion euros of reservations this year (+80% compared to 2007). Prospects that delight its shareholder. "We welcome the redemption Cogedim three years ago. Our presence in the residential property market contributes significantly to the cash flows of the group, "said Alain Taravella, the founding president of the land Altarea Cogedim.
Some creditors of Lehman Brothers International Europe could be reimbursed for money they are owed more quickly than expected. PricewaterhouseCoopers (PwC), the firm responsible for the liquidation of the defunct bank, has announced on Wednesday he would propose a "consensus approach" to the creditors 'ordinary', that is to say those who do not receive any priority. This approach would allow administrators PwC to assess themselves the debts of Lehman Brothers Europe instead of letting each of the 6,500 creditors of the bank with it according the approach known as "bilateral."
This method would pay most creditors in 2011 instead of 2013 at the earliest if each application was treated separately.But Steve Pearson, a partner at PwC and co-director of Lehman Brothers Europe quoted by the Financial Times on Wednesday said that in return, most creditors will expect reimbursement below their expectations.
A novel approach
Steve Pearson stressed that the consensus approach is a first, necessitated by the complex situation of Lehman Brothers Europe overnight pay day loans. It will save "a lot of time and money to both creditors and to Lehman Brothers International Europe. "What we wanted to do was something ambitious to make their money from creditors who need it," he said in the Wall Street Journal.
The sudden bankruptcy of Lehman Brothers September 15, 2008 has trapped some 6,500 creditors, mostly banks and insurance companies.Some estimate that the total amount owed by the bank amount to 22 billion dollars (about 17.9 billion euros). Aware that his proposal would probably not win the votes of creditors of the bank, Steve Pearson said that the consensus approach would be adopted only if 90% of unsecured creditors gave their consent.
In addition, the Financial Times reveals that Ernst & Young is under investigation in the United Kingdom on the audit that the firm conducted at Lehman Brothers before its bankruptcy. Ernst & Young has announced that it was cooperating and he reaffirmed that "the balance sheets of Lehman this year were relatively consistent with accounting standards.
Inflation has remained virtually unchanged in May The price index rose 0.1%, after rising 0.3% in April, INSEE reported Friday. Over one year, the labels have increased 1.6%.
In May, the index was pushed up "by the new rising energy prices and the seasonal increase in prices of fresh products and some services, including insurance, says the National Institute of Statistics. In contrast, prices were dragged down by lower seasonal rates for heating and promotions on cars and telecom is INSEE No teletrack payday loans. In clothing, labels do not change, remaining stable on the month.
In detail, oil prices rose by 0.9% (+13.6% yoy), as a result of rising oil prices.In services, the insurance rates also appear to increase: 1.5% for the automotive (+7.6% YoY), 0.8% for health (+5.1% over one year) and +0.4% for residential (+4.2% YoY), details the INSEE. The food prices have also increased by 0.3%.
Its cost justifies his epithet "superniche. Since 2007, companies no longer pay tax on gains on the sale of their subsidiaries, provided that they have held at least two years. However, this exemption – also known as "niche Cope" according to the budget minister at the time – has generated a shortfall for the state $ 3.4 billion in 2007, 12.5 billion in 2008 and 6.1 billion in 2009, according to figures from Bercy. And it is only the crisis that has lowered the rating last year, companies unwilling to yield to loss of equity.
"With this measure, the state subsidizes big businesses that do not need. 22 billion in three years, it's insane! "Protests Jerome Cahuzac, President of PS Financial Committee of the Assembly took up arms launched by his predecessor, Didier Migaud cons niche Cope.In fact, as revealed by the magazine Marianne, Danone has saved in 2008 500 million corporate tax (IS) on disposal of Danone Biscuit conducted in 2007 (IS being paid one-year lag) . For Suez, the time still married to GDF, the rebate was $ 800 million. Other big winners: LBO funds (leveraged management buy-out), companies that buy and resell a few years later.
Still, this reasoning boosted Philippe Marini, the UMP rapporteur of the Finance Committee of the Senate and growing end of 2004, the amendment creating the niche Cope: "The debate on the shortfall is nonsense. If capital gains were taxed in France, transfer operations would be from Belgium or the Netherlands, through holding companies located there.Or even sales would not do at all! The French State would recover nothing in taxes. "An argument given in Bercy where it does not reach this niche. In fact, in the OECD, 21 out of 29 countries practice the exemption of capital gains payday loan. "And it is very easy for a French company to create a holding company elsewhere in Europe," the entourage of Christine Lagarde, Minister of Economy.
That's exactly what happened in the early 2000s, when France was one of the few countries to tax the capital gains. "Many French companies have established overseas holding companies which carried the titles of their various subsidiaries. Thus, they could sell securities without paying taxes, "said Jean-Yves Mercier, partner at law firm CMS Bureau Francis Lefebvre.And two reports, one from the Council tax burden (CPO, an offshoot of the Court of Accounts), had sounded the alarm. "A holding company relocated, the risk of losing ultimately a decision center," says Philippe Marini.
More holdings in France
The final report of the 2009 OAC welcomes the end of the French exception. And Bercy unsheathed his statistics: since the gains are exempt, believes the number of holdings in France (1 112 in 2007, 1 276 in 2009). On the side of the MEDEF, it was noted that while the economic fabric wins. "Today, companies must adapt, evolve their business heart, which can pass through acquisitions or disposals of subsidiaries.Fortunately, the French companies may, like their European counterparts, do not brake tax, "explained Marie-Christine Coisne Roquette, Chairman of the Committee on Taxation Medef and CEO of Sonepar.
Finally, the cost itself of the niche is overvalued. Because, by convention methodology, it is calculated by pretending that capital gains were taxed at 33.3% standard rate of tax. However, they were only 19%. The loss caused by the exemption rather turn around 12 billion over three years.
"It's not good at the right time, and for good reason." Dieter Zetsche, CEO of Daimler, welcomed its strategic agreement with Renault-Nissan, during a press conference held Wednesday in Brussels, attended by Carlos Ghosn, CEO of the French group. "The benefits of this alliance are immediate and lasting. Renault and Nissan, synergies with Daimler net present value of at least 2 billion euros in terms of cost reduction and sales opportunities over the next five years, "said Carlos Ghosn. Synergies will be equal between Renault and Nissan.His German counterpart expects earnings "of the same magnitude as that listed for both Renault and Nissan," 2 billion euros.
The two leaders, who returned in detail on the industrial structure already known of this cooperation, reiterated the importance of this type of alliance in a competitive environment tense. "This partnership will enable us to expand our product portfolio, reduce costs and increase capacity," noted Dieter Zetsche. "We must take advantage of such cooperation to create added value for customers and a sustainable future. This is the key in the car market today, "said Carlos Ghosn.
No increase in participation
Both groups confirmed a mutual stake of up to 3.1%. Renault and Nissan will respectively 1.55% stake in Daimler. The latter take 3.1% in both groups.According to the leaders, this exchange of shares is purely "symbolic" and reflects "a fundamental reflection on cooperation. Alongside the conference, the Ministry of Economy renewed its "satisfaction" for this partnership by announcing its intention to take 0.55% stake in Renault Nissan, to maintain its participation at 15.01%, which gives the status of shareholder.
For now, any increase in participation between the two protagonists is excluded. "We needed a number that has a symbolic value, hence the 3%. We do not have much cash to inject into this type of structure. We therefore have no idea of extending the cross-shareholdings. Our goal is first to identify concrete results, "said Carlos Ghosn.No merger is also in the agenda.
Extend Cooperation
The two CEOs have confirmed that this partnership was a starting point. The two companies intend to "explore opportunities ahead" by expanding their strategic cooperation in the years to come. An exchange of modules and components between the Infiniti and Mercedes-Benz is expected, as well as an expansion of regional cooperation in the U.S. and in emerging countries, "which play an important role with great potential." China is particularly in the viewfinder of the two groups."It must be everywhere," said Carlos Ghosn.
In the long term, Daimler as Renault-Nissan expect a positive impact on employment, thanks to "better use of industrial capacity in France and Germany.
In this video, shot by Renault, Carlos Ghosn talks about the overall benefits of signing such a partnership:
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The last drug against heart rhythm disorders produced by Sanofi-Aventis, the Multaq, is far from unanimous. A report from the Institute of Cardiology at Cedars-Sinai in Los Angeles concluded Monday that he was ineffective. It would be even less effective than 50% compared to the generic name already used, amiodarone.
The report, based on a study of 30,000 patients treated with Multaq, indicating that the drug "should only be used as an agent of the second or third line ' cheap payday advance.
Basically, the Multaq was developed to reduce side effects of the credit, which ultimately is not the case, said the report's lead author Dr. Sabnjay Kaul. He also believes that amiodarone has an advantage in cost compared to Multaq.What stopping just over the reputation of the drug from Sanofi-Aventis, also criticized in France.
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The group Orpea, manager of nursing homes and clinics average stay and Psychiatry, has published its 2009 results on Wednesday. All of its performance indicators are up. Its turnover grew by 20.1% on year to 843.3 million euros in operating income up 25.1% to 133.8 million euros.
Net income reached 61 million euros, an increase of 26.1%. The Board of Directors will propose at the general meeting a dividend of 0.15 euro per share against 0.10 in 2008.
Optimistic outlook for the next three years
The group says it plans for the next three years, sustained growth in its turnover.For 2010, it hopes to reach 960 million euros in sales and $ 1.1 billion in 2011 and 1.225 billion in 2012 "while maintaining solid profitability, growth in cash flow from operations and debt ratios controlled.
For Dr. Jean-Claude Marian, CEO Orpea, the group will "continue its dynamic development pace of about 3 fast cash without a hassle.000 beds per year, both by creating new institutions, through the obtaining additional authorizations in the context of calls for projects that through targeted acquisitions.Indeed, in France, as in other European countries where the group, there is still considerable potential of an aging population, and offers a notoriously insufficient. "
Orpea available in March 2010 with a network of institutions spread over 300 sites in Europe for 28,073 beds, 22,892 beds in France on 252 sites, the rest spread between Spain, Belgium, Italy and Switzerland.
The title Orpea the Paris Stock Exchange climbed 2.79% to 31.35 euros to 9:05 Wednesday.
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