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%).
Brussels unveils Wednesday morning the first tools to enhanced budgetary discipline, but a return to social and political sensitivity, the eyes of many European leaders have already turned to the next step: how to reduce public deficits without killing one fragile recovery in short, prevent the patient from dying European healed.
Rigor or growth, the controversy Twenty-Seven do not extinguished with the final summit which has a fiscal tightening priority number one, are privately EU officials. Rather, the debate may resurface in the fall when the purge has hit the pockets of Greeks, Spaniards and Portuguese. It is also the time when France – soon followed by Italy – the first budget scenarios draw a crucial election year.Orthodoxy dictated by Angela Merkel and Jean-Claude Trichet to "save the euro, is probably not the last word.
"There is much talk of economic government, but except to despair of hundreds of millions of Europeans, this can not be reduced to handle the stick, says a prime minister. The EU must express a more positive discourse. "Behind the facade of unanimity, the summit of 17 June has seen crack consensus on the severity. Behind closed doors, elected by a large country has told his peers that he would not go to elections on an austerity program. A head of government has launched neighbor that he cared more for his popularity figures that the percentage of public debt.
Belgium, which takes the presidency tomorrow "rotating" of the EU and is found to manage the discussion, already began work clearance.The idea, pushed by Finance Minister Didier Reynders, is (re) launch a series of European projects clearly identified, to support investment and growth fragile. "States should certainly spend less, but they can also spend more," they said in Brussels.
The European tax, a topic still taboo
The new president was careful to mention a program of "great works" in the Keynesian mode. But he is making concrete and go beyond the pale "Strategy 2020" established by the Commission and just confirmed the summit. Several tracks are proposed, such as the integration of national networks of high speed trains, the interconnection of gas pipelines, or a coordinated plan for European manufacturers for an electric car general public.
In lean times, is to find public funding.Seen from Brussels, one or more of the taxes in gestation could find was a second use: the tax credit, the tax on financial transactions, or the carbon tax. This does not transform one of these tax levies national European topic still taboo in the EU. Each nation would undertake to devote part of its revenue to a new coordinated investment effort. This is the kind of government economic component.
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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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Washington wants to reduce public expenditure
Barack Obama on Tuesday gave members of his Cabinet until Sept. 13 so they identify reductions of 5% of funds in their agencies and departments. That extra effort the White House to reduce spending in response to American concerns before the expected surge in debt to Uncle Sam more than 100% of GDP in 2012. However, the actual impact of this initiative looks marginal. It will only result in recommendations to Congress may be accepted for fiscal year 2012, not before. In addition, over 60% of federal spending by definition beyond these potential restrictions. These expenses called "automatic" which include debt service, expenses of the pension plan and those of public health systems.
In February, Bush has already requested a freeze for three years (after inflation) of many public spending "not automatic". But the categories have been added untouchable military spending, those relating to civilian security and international aid. But the Pentagon budget alone is $ 700 billion, or half of total discretionary spending. Moreover, the Congress, including Republicans, routinely refuses the few savings proposed by the White House in weapons programs. In point lead Barack Obama now threatening to veto the budget law drafted for the Pentagon by Congress.
Moscow is 20% of staff within
The ad has a taste for rigor, but it is not formally rigorous.Russian President Dmitry Medvedev on Tuesday ordered his administration to make proposals to reduce by 20% the number of officials in the country. "It is obviously, a far too severe, which can not be made mechanically or on the basis of purely financial criteria. We are talking about the fate of people, "said the head of the Kremlin, which gave no further details. Already last week, during a cabinet meeting, Finance Minister Alexei Kudrin had discussed such a proposal would lead to the elimination of 120,000 jobs and would save 43 billion rubles (1.13 billion ' euros). In contrast, half of this allocation would serve to increase the salaries of other cadres of the public.Despite the beginnings of the European crisis that could hit Russia, the government continues to boast its program of social spending that benefits particularly to retirees. In the past, such cost-saving measures have already been proposed, without being acted upon.
Germany on the wagon
Monday is a detailed history of savings – 80 billion euros by 2014 – announced by German Chancellor Angela Merkel. In order of priority expenditures of the federal government. Number of allocations will be scaled down and almost 15,000 jobs disappear in the civil service by 2014.The removal of 40,000 soldiers in the Bundeswehr is also under consideration.
New sections in Hungary
After his rescue in late 2008 by the IMF, the World Bank and the European Union, Hungary had announced an initial dose of austerity with a wage freeze for two years in the public and the removal of the 13th month for pensioners. Prime Minister Viktor Orban on Tuesday a detailed budget which provides, in addition to creating a financial tax, further cuts in public spending to the tune of 425 million euros. The revenue cap leaders and the public is considered a strict examination of spending to purchase a car or phone service.
Elsewhere in Europe
It is not good to be official now in Europe.Down 5-15% of wages in Ireland, abolition of 13th and 14th month and down 7% in Greece pensions, freeze wages and non-replacement of a staff of two in Portugal, wage freeze in Italy, Spain, hiring freeze in Great Britain … Besides the cuts in operating expenses that are spreading.
We thought the matter carefully crafted, but Germany poses new threats to the Greek question. Uncertainties that could affect the markets in Paris, on Monday, including bank stocks. The index futures rose 0.43% to 3895 points.
On the macroeconomic front, no significant statistical indicator is expected, both France and the United States.
Air Liquide has posted a quarterly net sales up 5.2% to 3.1 billion euros.
Accor has also published its sales for the first quarter, pre-market Monday.
Other Value to follow Air France payday loans. The inquest into the crash of Flight AF447 in June 2009 confirms that the speed sensors have contributed to the crash but also puts into question the maintenance, so that will continue research to find the black boxes.The Airbus A330 Air France was on the route Rio-Paris crashed into the Atlantic on June 1, making 228 deaths.
The AXA Rosenberg Investment Management, AXA Investment Managers company revealed it had discovered an error in a modeling program that may effectively reduce some risks in his system to optimize its portfolio.
The index futures are predicting an opening up U.S. markets. The Nasdaq 100 index futures and Standard & Poor's 500 index advancing 0.14% respectively at 1 994.55 points and 0.11% to 1 193.90 points. The Tokyo Stock Exchange also closed up 0.42% at 11251.90 points on Monday, supported by positive indicators published this weekend in the United States and by higher metal prices that has benefited the trading companies.
The U.S. stock markets have recently experienced six consecutive weeks of increases, an unprecedented series from the lowest 12 years and a half touchdowns in March 2009. On Friday, the Dow briefly crossed into the symbolic meeting of 11 000 points to finish at a cable that level at precisely 10 997.35 points. For its part, the Standard & Poor's 500 took 0.67% to 1 194.37 points and the Nasdaq Composite Index advanced 0.71% to 2454.05 points.Since its low point of March 9, 2009, the S & P 500 has now increased by 75%.
On the foreign exchange market, the euro is rising against the dollar this morning after the announcement yesterday by the countries of the eurozone plan the details of aid to Greece. The European currency was trading at just below $ 1.37.
The week will be decisive for the U.S. markets. Investors will receive the first quarterly results of major public companies faxless pay day loans. As usual, the aluminum giant Alcoa will kick off the season of publications, on Monday after the close of Wall Street.The coming week will also be driven by quarterly results from Intel, Google, General Electric and JPMorgan Chase & Co. banks among others.
On the macroeconomic front, the week will be marked by several important indicators, as the index of consumer prices, retail sales for the month of March, industrial production, housing starts and the first estimate of the confidence index Reuters / Michigan.
The markets will also follow the hearing of Ben Bernanke, chairman of the Federal Reserve, the Congressional Joint Economic Committee on Wednesday and will monitor closely developments in the case of the Greek debt.
On the side of values, the oil sector should also facilitate the session. Chevron Friday, without giving a figure, has announced an increase its refining margins in the first quarter.The band thrives on rising oil prices and a possible improvement in its refining margins. The major U.S. must publish its accounts on April 30.
According to the press, the merger between United Airlines and U.S. Airways should be performed exclusively by exchange of shares.
Shipyards Couach gently back later. Their new "Pasha" since the summer, the industrial Fabrice Vial, the cap is fixed after the takeover of bankrupt: a first yacht was delivered in September2009, three others will be by June The best is yet to come to these sites Gujan-Mestre, near Bordeaux, specializing in powerboats.
Couach recently signed two new contracts. The first of 15 million euros for fifteen coastguard patrol boats ordered by the Indian Navy, whose assembly has just begun, the other an unknown amount, for a yacht of 50 meters for a Ukrainian Industrial anonymous.
To celebrate this good news, Fabrice Vial has offered advertising space. "You have to tell the good news, says the Figaro industrialist Marseilles. Couach The brand has great potential.It is necessary to capitalize. "These ads also help reassure the financial community and potential clients.
Couach offers at least a new beginning. Fabrice Vial took over last June at the helm of the Tribunal de Commerce de Bordeaux Business centennial whose name rhymes with "quack" in recent years. Suspended from quotation on the Stock Exchange in late 2008, the stock has been delisted December 31, 2009. Didier Cazeaux, the former boss had left a liability of 55 million euros to banks and 5million to subcontractors.
New call for tender in India
Fabrice Vial pledged to retain 300 jobs, $ 1.5 million for the repurchase, and provide 6.5 million in capital. A gamble that seems crazy, so much so that the pontoons rumor: Fabrice Vial included these sites would not lose a deposit of 3 million euros it would have paid on a "Couach.The complainant denied, but confirmed to be an aficionado of this cult brand, weakened by its diversification and costly in megayacht.
The 2008 crisis dealt the coup de grace: the few customers able to spend 20 million euros for a yacht were made discrete. In 2009, the craft market has dropped 50%, Genmar the U.S., the No. 2 worldwide, was placed under the protection of Chapter 11 in June. The French Rodriguez has been placed in backup procedure …
Today, the billionaires seem a little more comfortable. The revival of Couach can begin. "Fiscal 2009 was recipient provides Fabrice Vial, resolutely optimistic. The customers are there and we see momentum of recovery. We knew the restart of construction activity was the most difficult.A helping hand Bankers would be welcome. "
The captain keeps in focus a future order of 80 patrol vessels to the Indian Navy, but he is not alone in responding to the call for tenders. "If delivery of the first patrol went well, I am hopeful that we not only retain the 300 employees, says he, but in addition we are able to hire fifty people." With work for 5 years.
Consolidation of DTT channels requires the Bollor? group Lagardere and entered into exclusive negotiations for the acquisition of Virgin 17, the music channel of Lagard?re.
The sale comes as seems acquired the amendment to the agreement of the chain that ultimately could be more musical but mini GP. However, it is not sufficient to date to pull the string to a value comparable to that of NT1, one of its competitors whose value was set at its sale to TF1 between 100 and 150 million payday advance Low fees . Sources familiar with the matter speak for a recovery of about 70 million euros for Virgin 17 half high.
It remains to be seen whether the sale of Virgin 17 will be a good financial transaction knowing that the loss of the channels are estimated between 20 and 30 million euros for 2009.However, the Bollor? Group is a good move in expanding its presence on DTT now with two strings which can organize spending.
Louis Welsh, president of EADS, on Tuesday presented the results of fiscal 2009 marked a net loss of 763 million euros, with heavy consequences including increased provisions under the Airbus A400M and the effect of exchange Euro-dollar negative (1 billion euros for the third consecutive year).
But observers have in mind the case of U.S. tanker. The defense giant Northrop Grumman American announced that he would compete to win a contract for 35 billion dollars to provide 179 refueling aircraft to the U.S. Army. This is the first installment of a giant order of 500 aircraft for 100 billion dollars. Northrop said that the criteria of the tender favored Boeing, also nominated. Consequently, EADS, his partner had no choice but to throw in the towel.
The news caused an outcry in Europe.«(…) During the current crisis, the smallest signs of protectionism are harmful, "accused Br?derle Rainer, German Minister of Economy," even in the field of defense, free competition should not be hampered unilaterally. The Foreign Office warned that "France, with the European Commission and its European partners concerned will proceed to the consideration of this new development and its possible implications.
A complaint before the World Trade Organization (WTO) seems to be excluded because it is not competent defense. And it can not intervene following a sovereign decision taken by a private company, namely Northrop. Louis Welsh did not want polemics or insult the future: "I am not a politician but an industrialist. I am part of a fact.The U.S. market remains a priority for us. "He was careful not to comment on the decision of its American ally. Northrop could have filed an appeal before a federal judge because he had a strong case. He preferred to drop and de facto release EADS. For the Democrats who control Congress have pushed the message. We must leave the field open for Boeing needs this contract to stay in the field of military aviation. Boeing, whose headquarters are located in Chicago, a stronghold of President Obama. Northrop would have been assured of being able to catch up on other contracts. He could not alienate its biggest customer, the Pentagon, who can not stand to see its decisions appealed to the GAO, the U.S. equivalent of the Court of Auditors. This was the case in early 2008 when Boeing was denied victory by Northrop and EADS.And succeeded.
Result, the U.S. Army for ten years waiting for its new tanker. Today is back to square one with, as in 2001, only one bid. It is possible that again the Republicans react as they reject the absence of competition.
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March 10th,2010
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