New onset of fever to SNCM. During one week, a dozen sailors were delayed for one hour each day the ship departs The Corsican liaising Nice L'Île Rousse. They demanded an adjustment of their pay with that of other marine company. They succeeded, and The Corsican found Thursday its normal pace.
This social movement falls at the worst time, tourist season and while the company controlled by Veolia has also lost market share in the first half. Its traffic decreased 7.1%, one of Corsica Ferries increased by 17.5%. Moby Lines, the latest newcomer, received nearly 33 000 passengers in three months.
"Our main concern is with Moby Lines are denied benefits that help the passenger, and Corsica Ferries.With the current system, they can only gain additional market share, "worries Alpozzo Frederick, Secretary General of the CGT SNCM seafarers. For the union, the welfare system to the passenger distributed by the local authority Corsican airlines operating out of Nice and Toulon is "antagonistic" to that of the public service delegation (PSD), benefiting SNCM and CMN from Marseilles. "This is not a compensation of public service but a premium for social dumping," Frederick Alpozzo ton.
Risk of losses in 2010
A report commissioned by the government pointed the problem. The ball is in the camp community Corsican. A special session is scheduled in September to review all aid to maritime transport. "SNCM is in a delicate position.She could ask to not go after the convention of CSP, which expires at the end of 2013, we recognize the Corsican Transportation Agency (CTA). Out of the red in 2008, SNCM has gained nearly 18 million euros in 2009 thanks to a gain on disposal of a vessel (26 million). The CTA believes that the company's losses could reach 20 million this year. To make matters worse, if a new DSP is launched, the agreement could exclude ferries operating at peak periods. She would come into force in 2012. Suddenly, the reduction plan envisaged by the SNCM fleet in February, dropped after the strikes of the CGT, may become relevant.
"We need things to change and we stop losing money.Either we reorganized the DSP is still there and it will be dramatic, because it will break everything, "Frederick alarmed Alpozzo who admits fear a scenario where the SeaFrance 725 employees will be dismissed.
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What do you think of austerity plans adopted in France, Great Britain and Germany? Are they sufficient?
Targets chosen are appropriate. When started in 2011, for the most part, they reflect the forecast growth will remain weak in coming months. The credibility of the measures announced will have a positive impact on the economy over the medium term. It will also look favorably on the interest rate will be long term downward trend and therefore promote growth.
These plans are they in line with OECD recommendations?
Overall, yes. In all three countries, governments have chosen to cut public spending to reduce deficits, which is a good thing.The experience of OECD countries shows that fiscal consolidation based on expenditure reduction is generally more efficient and more sustainable than those based on a tax increase. Yes, we need to use the weapon of taxation, but if it has a limited impact on growth. In this case, we must emphasize the taxes related to climate change – CO2 tax – or indirect taxes on consumption – VAT – the property rather than income households or businesses.
In Britain, the specific measures such as increases in VAT or tax on capital gains in the right direction.
In France, the pension reform is essential, we must reverse the age of retirement at least 62 years because many European countries are already beyond this level.It is also important to address the budgetary rules to strengthen the credibility, setting goals of stabilization. As has just done in Germany out in the Constitution a ceiling for public debt by 2016 paydayloan.
The OECD has launched Wednesday a new warning on unemployment will remain high and the risk of falling into structural unemployment. What do you think, in this context, cuts aid to employment, in particular France and Germany?
Our position is that we must change the orientation of employment policies, by investing more in the long term. Countries should abandon the measures adopted early in the crisis to keep costs the employees in their jobs, promoting the reduction of working hours to avoid layoffs.Policies should be more targeted for career change into areas more vibrant and productive. This requires investment in training, education, innovation.
Yet France removes 16,000 teaching posts …
It may be more effective in education. But it is clear that there is not enough money to do everything! Times are difficult and involve choices. Must be cut, reduce deficits and debt while stimulating growth, promoting employment and education. This must remain a priority.
Is there a risk of falling into recession?
We maintain our forecast last month. The recovery will continue at different speeds, slower in Europe than elsewhere, but we see no risk of double dip recession.The real issue in the medium term is to find a good balance between sustainability of public finances and economic growth.
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EDF restructures its financial management. The electrician is preparing a comprehensive plan public savings on purchases that came with the creation of a new division "synergies and transformation" in the CFO, said on Monday, Les Echos.
This new direction will be entrusted to Christian Fontanel, Director of Audit, and attached to the new CFO, Thomas Piquemal. Its mission is to "optimize the group's international scope, particularly in procurement," the newspaper said. While Les Echos reported that EDF has made last year to 11 billion euros of purchases – in France, but also in the United Kingdom, Germany and Italy – the savings on the position of the purchases can achieve 10% of the total, according to analysts. That's more than 1 billion euros in the case of EDF.
Another post where the group seeks to achieve economies: investment.Last year, EdF has spent over 12 billion euros over the budget line. And again, EDF plans to make some adjustments. The Finance Department will assist the operational divisions in the management of investments. This mission will be headed by Stéphane Tortajada, currently deputy CEO at Casino Development. From mid-July, so it will also be in charge of fundraising and investment of EDF, replacing Anne Le Laurier.
Finally, in terms of its debt, the newspaper wrote that EDF "will allow one more month to decide whether to sell its UK distribution network, estimated at 5 billion euros. If this solution was not ultimately successful, the group would consider making other assignments.
The U.S. investment bank is once again slammed. After being accused of fraud by the SEC, the policeman of the American Stock Exchange, Goldman Sachs is now summoned by an American committee. The Commission of Inquiry on the financial crisis (FCIC) which, by its investigations, seeks to identify the roots of the financial crisis, accuses Goldman Sachs of failing to comply in a timely manner to requests for disclosure and interviews.
The institution would, according to the FCIC, responded voluntarily incomplete and unsatisfactory to queries. Members of the Commission indicated that, after having asked some very specific, it had received investment banking unreasonable volume of documents, nearly 2.5 billion Web pages without an index, which does not meet questions."Our view is that they were very unhelpful, they do not provide us the documents we requested," said its chairman Phil Angelides.
The leaders of Goldman Sachs categorically deny these accusations. A spokesman for Goldman Sachs said the bank "continues to provide the information requested FCIC.
The number one worldwide in street furniture, JC Decaux SA, published its 2009 results on Wednesday. Its sales are down 11.5% to 1.919 billion euros owing particularly to the fall of the advertising market. At constant scope and exchange rates, turnover is down 10.9%. Its net profit after minority interests fell to him, from 77.3% to 24.5 million due primarily to lower operating margin.
The group's operating margin has in fact declined from 28.7% to 392 million euros. It reduces the overall activities of the group: -24.8% in urban furniture, -32.6% in transport and 46.1% in display.Despite this sharp decline in operating margin and the impact of the acquisition of an additional 49.2% stake in Wall AG, JCDecaux has reduced its net debt at December 31, 2009 of 36.6 million euros to $ 670 million payday loans for bad credit .
A 2010 uncertain
For the year 2010, the Chief Executive and Co-CEO, Jean-Francois Decaux expects "organic growth of around 5% in first quarter 2010. Nevertheless, the market continues to be characterized by reduced visibility and the possibility that we are at the beginning of a sustained recovery in the advertising market remains uncertain. "He adds, the Supervisory Board will also not pay a dividend in respect of 2010. "
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This is without state support that Ford has managed to overcome its difficulties. The U.S. manufacturer announced Thursday it had made a net profit of 2.699 billion dollars over the full year 2009. A performance to be compared with the heavy loss of 14.766 billion harvested in 2008. Over the year, turnover was down to 138.1 against 118.3 billion in 2008.
The group included supporting a very successful fourth quarter. Over this period, the second largest U.S. behind General Motors reports net earnings of $ 868 million against a loss of about 5.978 billion dollars a year earlier. The per share earnings is 25 cents, hardly less than the 26 cents analysts who had forecast. Over this period, revenues totaled $ 35.4 billion against 29 billion a year earlier, an increase of 22%.
Before the opening of Wall Street, the title jumped 2.68% to 11.86 dollars.
$ 500 million quarterly savings
To obtain this result, Ford has relied on reducing structural costs of automotive operations payday advance . A total of 500 million dollars were saved in the fourth quarter. The group did not hesitate to pursue a higher price for its vehicles. His arm Ford Motor Credit has contributed to higher profits in this period with a profit before tax of $ 696 million against a loss of 372 million in 2008.
Ford is the only manufacturer of the "Big Three" of Detroit (with General Motors and Chrysler) have not gone bankrupt. It is reassuring for the future and plans to write "a profit before tax and excluding exceptional items for 2010, without specifying numbers.In addition to profitability, the group is including a U.S. car market between 11.5 and 12.5 of vehicles this year. In the year 2009 in the United States, sales at Ford fell 15.4% to 1.68 million units. Note that, after hesitating a large part of the morning, the Paris Bourse is moving more strongly in the green then qu'affluent results of U.S. companies show no surprises.
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U.S. exchanges are connected to the cautious mode. At the opening, the Dow Jones earns a "small" 0.01%, before the publication of statistics of disappointing, while the Nasdaq lost 0.18%.
The expectation results from Intel, which will be announced tonight after-hours trade, is felt. The day before, markets have been supported by financial stocks and ended the session up support. And this morning, Asian stock markets ended in green.
According to the Fed, interest rates remain permanently low. The Minutes of the FOMC have confirmed a continuing recovery in economic activity, but the country still convalescing.On Wednesday, the United States has issued a budget deficit widened in December, reaching 91.85 billion dollars.
In Europe, the ECB left its key interest rates to 1% on Thursday.
Disappointments side statistics
The number of registered unemployed in the United States was up more than expected during the week ending January 9, according to figures released Thursday by the Labor Department. In data adjusted for seasonal variations, these weekly applications for unemployment benefits rose for the second consecutive week to 444,000 against 433,000 (revised) the previous week.
Another disappointment, retail sales in the U.S. fell against all odds in December, according to official figures released Thursday in Washington, but this masks a bad performance review of their surge up the previous two months.
Sales at retailers and restaurants fell 0.3% in November (data seasonally adjusted), said the Commerce Department, while analysts were waiting up 0.5%, according to their median consensus .
And import prices in the United States remained stable in December compared to the previous month and rose 8.6% over the whole of 2009 due to high prices of energy, according to figures released Thursday by the Labor Department.
Mixed opening for banking
President Obama should present today (noon, local time) measures to facilitate the repayment of public aid for banks and given guidance on the new tax credit. Shortly after opening, JP Morgan Chase gained 1.06% to 44.73%, Bank of America 0.54% to 16.71 dollars. In contrast, Morgan Stanley sells 0.83% to $ 31 and Goldman Sachs 0.69% to 167.90 dollars. Wednesday at the close, Bank of America gained 1.6%, 1.8% JPMorgan Chase, Morgan Stanley 0.4% Goldman Sachs 0.7%. To recall, JP Morgan Chase will release Friday.
Hershey (-3.02% to 36.61 dollars) has proposed a new offer to buy Cadbury, the Financial Times. Off-exchange, as Hershey sells nearly 3%.Cadbury breath as he seeks another buyer that Kraft Foods.
Rio Tinto (+2.54% to 233.94 dollars): the Australian mining group columbia unveiled its production of iron ore rose 49% in the last quarter of 2009, over one year.
The company Zale Jewelry (2.54% to 3.23%, having lost 8% non-Exchange) has seen three of its senior executives leave the group.
Intel (+1.71% to 20.96%) publish, after market, its annual results.
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The stock exchanges of Dubai and Abu Dhabi are still in turmoil, falling heavily at the opening of markets on Tuesday, fell by 6.25% and 5.91% to slightly back end of the session and closed at -5.61% and -3.57%.
This new day stock market plunge came after a particularly rough session on Monday, which could be termed "Black Monday", Dubai has recorded a decline of 7.3% and Abu Dhabi 8.3%. On two days, the decline was 13% for the first and 14% respectively.
The decline came despite Tuesday's announcement in the night by the conglomerate Dubai World for a forthcoming restructuring of some of his companies, including real estate giant Nakheel.
The award of the emirate of Qatar Gas, the Doha Securities Market, saw its index plunged by 8.3% in the wake of awards the UAE.The Kuwaiti market followed the trend, more moderate decline of 2.7%. Both stock markets experienced their first trading session since the announcement late last week by the emirate of Dubai on the difficulty of paying debts.
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The commodities market is particularly volatile in this weekend. The request by Dubai World, the principal holding company of the emirate, delaying the maturity of its debt worth 59 billion dollars fueling fears of a collapse of the emirate.
Oil prices fall on Friday in the opening exchanges in New York, the price dropping 4.81 dollars to 73.15 dollars, traders worried about the consequences of financial difficulties of the emirate of Dubai on economic recovery .
The announcement by Dubai has cast a pall over the entire finance, equity markets falling heavily Thursday (-3.36% on the European index EuroStoxx50) on all seats worldwide (-3.22 for the Nikkei Friday).Meanwhile, the dollar went back over 1% against the euro to 1.4867 as investors signaling a sudden aversion to risk.
The weaker dollar boosted oil prices and vice versa
It turns out that the dollar and oil, which is priced in U.S. currency, maintain an inverse correlation. A rising dollar is falling and oil prices and other commodities, which is currently the case.
The soaring price of black gold in recent weeks was also based on a general positive sentiment shared by investors in financial markets.Fears emerged with the financial problems of Dubai logically entail a sudden loss of attractiveness of oil.
"Crude oil is still grappling with fundamental bearish, despite the weekly statistics on stocks issued in the United States," said Darin Newsom, an analyst at DTN Telvent on Market Watch. Data released Wednesday showed an expected increase in oil inventories higher than expected.
The ounce of gold was also affected by the downturn in the commodities market, falling 3% to 1157.40 dollars to 10.30.
Banks represent a risk that ultimately the States are obliged to assume, especially when it comes to very large financial institutions. This fact, proved from bank rescues of 2008, coupled with the poor state of public finances in major western economies, has given birth to the idea of additional taxation of the banking sector.
This Friday, the president of the U.S. Federal Reserve has certified the principle. "Any cost incurred by rescue of the government should be covered by a levy on the financial industry, not taxpayers," said Ben Bernanke.
Today, there are already in the United States a fund federal deposit insurance, the FDIC is funded by premiums paid by banks for deposit.The organization monitors the credit risks taken by banks and traditional acts to seize and liquidate those who make the balance sheet (hundreds since the beginning of the year). Not only did the FDIC reached its limits in terms of resources, but it has no counterpart for investment banks, specialized crafts markets, which do not collect public savings. Ben Bernanke would therefore address this deficiency.
The statements by the Fed chief may find an echo in Europe, where governments, or parliaments, are weighing the idea of charging the banks a kind of "insurance premium" in exchange for funding last spring that the State gives them, even implicitly. The Belgian federal budget was the first to explicitly.The United Kingdom is considering the at least one major institution, the Lloyds Banking Group.
In France, the same argument that has been brandished by members (see sidebar). At European Commission Tuesday urged that a dialogue on ways of resolving banking crises, has indicated its preference for funding by the "private sector".
Equity strengthened
In Washington, the debate focuses on the legal means available to the authorities to treat cases of collapse. This Friday, Ben Bernanke highlighted the adoption by Congress of the proposed reform of finance presented by the White House is pressing. The plan for accreditation before the end of the year is not acquired, would allow federal authorities to seize troubled financial institutions, even if they do not have the status of banks.The lack of a framework for such intervention was sorely felt last year when the insurer AIG found itself on the brink of bankruptcy.
Occasionally, this Friday, a conference organized by the Boston Fed, Bernanke also defended the principle of minimum capital requirements more stringent for banks whose health is essential to the stability of the financial system. The Federal Reserve, in consultation with its foreign counterparts, is working to develop rules requiring these banks to raise capital in the form of shares. In all cases, the idea is to shift priority to shareholders and creditors of banks that take risks, to reduce the likelihood of injecting public funds. Bernanke also promised that the Fed would sanction the compensation that would encourage taking undue risks.
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