Nexans did not lodge a bid for the Dutch group Draka become the object of a bidding war between the Chinese and Italian Tianjin Xinmao Prysmian. The regulations in force in the Netherlands required the French group confirmed it by November 24 its intentions vis-à-vis Draka.
Nexans (…) his intention, in light of current circumstances, not to file a document relating to such offer from the Dutch Financial Markets Authority, "wrote the French group in a brief statement. "We will remain attentive to developments in the case Draka, then said a spokeswoman of the group.
Nexans, the worldwide cable, announced October 18 a proposed bid for Dutch rival the price of 15 euros per share in cash.But Drake had rejected this proposal and recommended Monday a rival bid by Prysmian at 17.20 euros, divided in half in cash and securities. A few hours later announced a higher bid Xinmao offering 20.50 euros per share Draka.
A spokesman said the Xinmao minimum value of the offer would be five billion yuan, representing approximately 560 million euros, the value of 48 instant credit report.5% owned by Draka in very discreet fund Flint Beheer, family Fentener van Vlissingen.
While doubts were cast on the feasibility of Xinmao, his consulting firm said on Wednesday that funding had been secured with a major Chinese bank.
According to Joseph Krant, firm Catalyst Advisors based in Amsterdam, the company Xinmao submitted a letter of commitment on the part of a "major banks in China to provide the funds necessary" for the proposed takeover.
The parent of Xinmao was founded in 2000 by a former officer in the Army Air China and employs approximately 30,000 people.
Draka-Prysmian marriage would create a new world leader in the cable. Xinmao for his part confirmed Wednesday its intentions vis-à-vis the Dutch group and ensured that funding had been secured with a major Chinese bank.
(With Reuters)
Twice canceled, postponed again … The contract for the renewal of the fleet of refueling tankers for the U.S. Air Force, which pits Boeing and Airbus, a subsidiary of EADS, will not be awarded until early 2011. The Department of Defense had initially announced its decision in late December. Involved, the renewal of 179 tanker aircraft for the U.S. Air Force, 35 to 40 billion dollars.
"Some aspects of selection took longer than anticipated," commented soberly Kodlick The Colonel, a spokesman for the U.S. Air Force. According to the newspaper Defense News and the Seattle Daily Times, the Army has committed a blunder. She sent her to Airbus technical assessment of the offer from Boeing. And vice versa. Once they have discovered, both companies have warned the Pentagon.
The confusion will come from a "secretarial error," according to the USAF.Airbus and Boeing "has explained the blunder indirectly that they thought was an honest mistake," according to Defense News, which says it is not certain that error calls into question the selection process.
The price disclosed
This confusion "does not question the timing" has secured for its part, the spokesman for the U.S. Air Force (USAF). At this final stage of bidding, the two manufacturers can no longer modify their technical proposal. According to one analyst interviewed by the Seattle Times, however, manufacturers may still change their prices.
However, as the Seattle Times, the transmitted data include vital information on the price of aircraft. "Knowing the price of the opponent, then everyone can adjust to his role," the paper suggests. At the very least, the information disclosed by this blunder could fuel a potential complaint of the loser, the newspaper said the United States.
A series of incidents
From the beginning, the tender has been peppered with incidents. First awarded to Boeing in 2003, he was once canceled for conflict of interest. Then awarded to Boeing in 2008 and his ally while Northrop Grumman, the contract was broken by the U.S. Court of Auditors noted that there are errors.
Boeing proposed a modified version of its long-haul B767, EADS a modified version of the A330 Airbus. The U.S. Air Force wants to rejuvenate its fleet of 500 Boeing KC-135.
In different registers, the first technical and policy for the second, Jean-Claude Trichet, Dominique Strauss-Kahn on Friday put the European politicians to account. They were speaking at conferences that were held bank in Frankfurt.
While Ireland is reluctant to accept financial assistance from its partners for fear of losing its independence, the president of the European Central Bank has been threatening. The ECB, he said, must guard against "the risk that the necessary measures in times of crisis lead to addiction when conditions normalize." Jean-Claude Trichet alluded to refinancing facilities exceptional "fixed-rate and unlimited volume" available to commercial banks since October 2008 and the Irish institutions are currently excessive use i need a payday loan immediately.
According to a note from analysts at Morgan Stanley, Bank of Ireland – a country of 4 million people – are refinancing with the ECB to the tune of 120 billion euros. This represents almost as much liquidity that institutions that German and French get together now the ECB.
Bernanke defends himself
These figures speak volumes about the weakness and hypertrophy of the banking system of Eire. Jean-Claude Trichet that the ECB considers may continue to hold at arm's length institutions in difficulty. He had expressed the day before his "deep concern" about how the euro zone manages its economic and budgetary problems.
Dominique Strauss-Kahn, who attended the same meetings this Friday Frankfurt's, was equally incisive.The European Union must adopt "a strategy of shared growth" if it wants to "break the chains of its low growth," launched the IMF chief. He blamed "the deliberate social choice to work less (Fewer hours in English). He suggested creating "a single labor market," because, he says, "The euro can not reach its true potential with segmented labor markets." In all areas, "cooperation is moving too slowly" in the EU, said DSK, which criticizes "the slow repair of the financial sector fast cash for people with bad credit."
Ben Bernanke, the Fed chairman, also came in Frankfurt, has defended its quantitative monetary easing measures. "If they continue on their current trajectory, the United States run the risk of millions of people unemployed or underemployed for years," was it justified, shamelessly assuming a political role.
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The United States spared no effort to defend their monetary policy. The chairman of the Federal Reserve (Fed), Ben Bernanke, on Friday a conference held in Frankfurt alongside the President of the European Central Bank, Jean-Claude Trichet, the director of the International Monetary Fund, Dominique Strauss Kahn, president and Brazilian Central Bank Henrique Meirelles.
The Fed chief will explain in particular the $ 600 billion of liquidity into the banking system decided in October "aims to support economic recovery, promote faster growth of employment, and reduce the risk of deflation. " "The commitment of the [Fed] to ensure price stability remains unwavering," he adds, as the text of his speech released Thursday in Washington.
Ben Bernanke wants to demonstrate, moreover, that this move widely criticized internationally, is to support the global economy. He will call and its counterparts around the world "to work together to achieve common benefits, including a solid recovery, sustainable and balanced economy."
Attacks overseas and the U.S.
The Fed policy has been accused of stopping outside the dollar to promote U creditreport.S. exports, and the United States to sow the seeds of inflation control. United States, the decision of the central bank is also debate: Republicans and economists accuse him of sowing the seeds of a return of inflation and a weakening dollar and believe it diverts the mission support the economy that normally accrues to fiscal policy, so political power.
Obama also goes to the plate
For his part, Barack Obama will attend the summit Europe and United States. The U.S. President will attempt to dispel the discomfort associated with the falling dollar and the Fed's monetary strategy. The White House has also made it clear that the issue of European debt crisis will be addressed while reaffirming its confidence in the ability of Europe "to solve the Irish crisis."
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Aziz Senni once said "If I must be the service beur, beur I will be the service." He kept his word and created an airline ATA collective side of Mantes-la-Jolie after a BTS and a few months in business. Since then, the young man from Val-Fourre has come a long way and created an investment fund turned to the suburbs – Business Angels Cities – with, among others, the support of Claude Bebear, former chairman of Axa and Michael David Weill, chairman of Lazard.
Aziz Senni was quick to mention him by publishing the social elevator is broken, I took the stairs (Archipelago). He advocates a proactive vision of integration and invites young people from immigrant footholds in networks where they are traditionally excluded. This he did in canvassing the cream of French capitalism to create its investment fund.The young man is ambitious, interested in politics, he joined the New Center. He has published Monte your biz, the 10 commandments of the contractor cited in Pearson and founded the National Association of Young Entrepreneurs.
Networking, Aziz knows. He started fast but not stable woven its web. Just visit the website dedicated to him to understand that one is never better served than by yourself. Facebook page, Twitter, associations or companies which he founded … In our video, Aziz invites young people from cities to lie Pierre Bourdieu and to build social capital which they lack at birth.
You could say he has succeeded in implementing the advice he gives to the camera: "Enter the encrusted in meetings and groups of contractors."
Just (re) appointed to the Ministry of Labour, Xavier Bertrand has been working on the formation of his cabinet. And future ex-boss of the UMP – the transfer of power with Jean-Francois Cope should take place this weekend – was selected as Chief of Staff, Marguerite Berard, 32, who officiated until then to Elysee where she seconded Raymond Soubie, the social adviser of Nicolas Sarkozy, in charge of employment issues and welfare.
He holds a Master of Public Policy and Economics (Princeton, USA), former student from IEP-Paris and ENA – she went out Staff of the promo-Leopold Sedar Senghor in 2004, Marguerite Berard is known for his fine grasp of the issues and discretion paydayloans. She began her career at the General Inspectorate of Finance to the Ministry of Economy in 2007 and joined the presidential staff three years later.A coherent choice, which should appeal to social partners.
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"Our French partners play a key role in the B787 Dreamliner program. They met our criteria with a quality level of 99.89%, slightly above the average of our other suppliers, and a degree of reliability in deliveries of 97%. " Stan Deal, the director responsible for "supply chain" of Boeing Commercial Aviation (BCA), proves the benefits of praise for French equipment. It plans to expand this partnership on other upcoming programs by bringing up six new partners alongside the 14 companies that form the "Glossary Boeing team."
For over thirty years, France's relationship with Boeing has focused on engines via joint venture between General Electric and Snecma (Safran group) that is, with the CFM-56, the sole supplier of engines of the B 737.The French suppliers have benefited the general strategic shift made by Boeing in the early 2000s. The manufacturer changed the industrial model, is focusing on design and assembly. He decided to outsource parts of its business by reducing the number of first-tier suppliers. "They were 200 for the 777 program in the 1990s and are 18 for 787," said Stan Deal.
23,000 direct and indirect jobs
In 2005, the Boeing team Glossary is created to provide the 787 with 7 players, Messier Dowty and Messier Bugatti, Thales, Dassault Systems, Labinal, Zodiac, and Liebherr Aerospace. Today they are 14 in total, with their own subcontractors, it is a hundred French companies with 23,000 direct and indirect jobs as part of Boeing's supply chain. An ecosystem which has 5400 factories with their 505,000 employees worldwide."The B 787 851 copies of which were ordered by airlines to date will generate annual sales of $ 4.325 billion in France or 9.6% of sales of French aeronautics," said Yves Galland France and president of Boeing Boeing initiated the French team.
Passenger doors, seats, emergency systems, software, computer design, brakes, tires, equipment cabin or flight simulators and cockpit (Thales) … the French are installed aboard the 787.
The volume of business conducted in France by Boeing is expected to grow. Already strong position on the B787 program, the French won new contracts in other programs over the past year. Of these, Messier Bugatti was selected to provide carbon brakes of the modernized version of the B737 in 2011.
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The currency war takes a new turn. More violent. It is a world war between Americans, Europeans and Asians. Instead of weapons, fighter jets, the central banks operate declines in interest rates and inject liquidity into mass. Precisely what did last week the Fed (Federal Reserve), buying for $ 600 billion in Treasuries.A start at full speed, printing money, supported by Barack Obama, but perceived by the international community as a time bomb because it threatens the global economic balance.
So, answer the G20, which begins its long-awaited meeting tomorrow, Thursday, and after tomorrow in Seoul: "We will guide us toward systems of greater exchange rate determined by the market and increase their flexibility to reflect economic fundamentals "should be read in a statement that the G20 and prepares the agency has purchased Dow Jones Newswires. Heard a speech three weeks ago at the G20 Finance, still in South Korea.Christine Lagarde, economy minister, who had raised the end of the war of currencies, believes that eventually it will "not be set to G20" holding that it is "a matter too complicated" for be resolved in a summit.
Until a clearer picture on the common desire to establish a new monetary system, the dollar seems to be showing signs of firming. A wave of dollar buying has indeed made this night while yields on U.S. Treasury bills have soared, and that gold and silver recovered their breath. Such a jump in the dollar contributes mechanically to a decline of the euro. But the single currency is also suffering from the debt pressure on European comeback.
The difference in yield on Irish and Portuguese have reached new heights ever recorded since the inception of the euro against the German debt.The European Commissioner for Economic and Monetary Affairs, Olli Rehn, continues to support Ireland, which, he says, will arrive to overcome the crisis. On Wednesday, Portugal has raised 1.242 billion euros in bonds to 6 and 10 years at a rate of 6.806%, 6.242 cons in a similar program on September 22. The application was 2.1 times greater than supply, but much lower than in late September.
On Wednesday, the euro is trading under $ 1.38.That has not happened since a fortnight and while the exchange rate had climbed to over $ 1.42, its highest level since last January, just after the Fed's decision to support its economy.
Australian dollar and New Zealand were down
The Aussie (Australian dollar) has also dropped against the dollar, rising briefly below parity this morning while the New Zealand Dollar (Kiwi) unscrewing of 1.3% but resumed after the comments of the governor of the central bank stating that the current strength Kiwi could reduce the need for a future increase in interest rates.
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1. MACRO ECONOMIC COORDINATION: To be continued …
The G20 has agreed to make concerted fiscal stimulus to London to avoid depression. It was a success. In Toronto, the G20 has endorsed the post-crisis differentiated, giving the green light to the rigor in Europe, without preventing the widening deficits in the United States. But macroeconomic coordination tightly decided in Pittsburgh, with a communication to the G20 economic policies proposed by different countries, and monitoring of targets by the IMF, has remained a dead letter. The United States hopes to rehabilitate, Seoul, through close monitoring of current account imbalances.
2. REFORM OF IMF AND WORLD BANK: Acquired
Emerging markets have gained representation in the IMF and World Bank.The IMF Board approved on November 5 the doubling of the voting rights of China (2.9% to 6.1% of total) and increased voice of India and Brazil inexpensive business card. The United States, France and Britain have agreed to reduce their quota shares. The reform will take effect in late 2012. The IMF will also double its resources to reach 534 billion euros, a decision taken in London G20. Reforming the World Bank endorsed the G20 Toronto, will see emerging and developing win votes 3.13% to 47%. The boss of the Bank, Robert Zoellick, called for 50%.
3.BANKING REGULATION: Basel IIII will be endorsed in Seoul
Ten years to draft prudential standards called Basel II, two years to give birth to Basel III: Angela Merkel does not fail to recall the enormous work done by regulators to increase the quality and quantity of bank capital – 2% to 7% – while creating a liquidity ratio and debt. Two questions remain daunting. First, if Europe has promised to implement these rules, the question remains as regards the United States. Then the debate is raging over whether or not to require from the systemic institutions even more capital. A topic for Seoul and 2011.
4. BONUS HEDGE FUNDS: Better boxes
Bankers overpaid. It was one of the priorities of the G20 in London. On this point, Europe has made great progress.Too even consider European banks who feel disadvantaged relative to their American or Asian. The bonus cap was passed by the European Parliament and the Committee of European Banking Supervisors board for accelerated reform on 1 January 2011. A tax on the bonus was introduced in Paris, London and Frankfurt. The United States themselves are content to "frame" bonuses without taxation. They chose to monitor the activities of hedge funds by limiting the amounts that banks can invest, while Europe has decided to submit them to leave best business card .
5. TAX HAVEN: monitored
The G20 in London marked the departure of the great crusade against tax havens, led by Paris, Berlin and Washington, which in turn sway the strongholds of bank secrecy.Switzerland, Austria, Monaco, Liechtenstein … decided to comply with the OECD standard on exchange of tax information. Result, a year and a half later, the list of uncooperative jurisdictions OECD now has only ten small countries. More than 600 bilateral agreements were signed and the French-Swiss tax treaty enters into force in January. States have also initiated through the Global Forum on transparency of the OECD, a process of peer review of progress, which must be completed by end 2011.
The Minister of Agriculture, Bruno Le Maire, received Tuesday morning the players in the sector of the beef to try to resolve a dispute over prices between producers and processors. A meeting announced on the bottom lock, which began Sunday night by farmers, nine of the ten slaughterhouses Company Bigard (Cholet, Metz, Castres, Cuiseaux …). This family is the number one French slaughter, with 42% market share. Central claims: the revaluation of prices paid by manufacturers.The beef is currently paid to farmers between 2 and 2.40 euros per kilo for the carcass of a dairy breed (cow "reform") and around 3 euros for beef breeds.
Health Standards
"Currently between 3 euros and 3.10 euros per kilo, my meat is valued at the same price there are more than ten years while expenses have increased significantly since then and that we find between 3 and 6 times more expensive in radius, laments Michel Amiard, breeder of Red Meadows at Two-EVAILLE in Mayenne. I am forced to dip into my reserves to plug the losses. "This situation is not isolated."A quarter of the 80,000 French farmers are on the brink of the abyss and should increase 20 to 30% depending on the breeds they head out of water," says Peter Knight, president of the Federation Nationale Bovine (FNB , the branch of FNSEA to lead this movement) payday loan.
Specifically, the majority union requests an increase of 60 cents per kilo. This would allow farmers, he said, to cope with increasing costs. Increase that figure to 40% over the past ten years, under the impact of higher food and strengthening of food safety standards.
A request that the Minister of Agriculture, Bruno Le Maire, considers admissible. "I understand them, because producers of meat and especially beef in France are not paid enough," he told Europe 1 on Monday, but did not condone their methods.We must quickly come up with a better price for producers. "
The meeting with the processors will power: farmers announced on Tuesday blocked the seat of Bigard, Quimperlé to that of his rival Jean-SVA Rozé in Vitre, and that of a slaughterhouse Leclerc, still in Britain.
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