Dubai wants to extend the maturity of its debt

For the first time since the announcement of the moratorium on its debt, which had rocked markets last November, Dubai World this week should initiate discussions with its creditors. Discreetly. According to the Financial Times quoted sources close to the negotiations, the conglomerate dubaïote must submit to its main banks with a proposal to reschedule $ 22 billion of debt.

A spokesman for the Emirate of Dubai, questioned by AFP would not confirm the information daily from the City. This is a "confidential process," he has merely said, adding that "a formal proposal will be presented by Dubai World to creditors in March.

Dubai World could offer, understands the Financial Times, two alternatives to its creditors. Either the banks want to be repaid over several years, but cover the full amount owed.Either they agree to reschedule the debt over the longer term, with the state guarantee, not losing a penny. Still, "according to sources familiar with the matter, nothing is certain" shade the Financial Times.

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Proglio combining work and retirement

Proglio The file is still not closed. The CEO of EDF, Henri Proglio, should combine their boss salary (1.6 million euros, Ed) and a retreat from Veolia. Since March 2009, this operation is legal, no limits from more straitjacket overlapping-retirement employment.

According to Le Parisien, retirement Veolia would exceed 1 million. It would consist of retired Safely Agirc-Arrco of around 90,000 euros per year, and three retreats "houses" retaite a defined contribution pension and two hats.

These four elements can not exceed 50% of average earnings the last three years, the total amount of this pension would be between 1 million and 1.15 million, according to the daily instant payday loan .According to an actuary AG2R La Mondiale, the largest pension hat could reach 700,000 euros.

Not being an agent EDF, Henri Proglio not collect retirement hat at EDF.

Quoted in Le Parisien, Stéphane Fouks, director of Euro RSCG, responsible image of the boss of EDF, said "until now Henri Proglio had no euro.

The CAC 40 starts sitting in the green

The CAC 40 starts the session in positive territory. The flagship Paris takes Index 0.46% to 3705.79 points. Markets welcome the extension to the head of the Fed Ben Bernanke. In choosing the U.S. Senate is also banking on a continuation of the current monetary policy, marked by very low rates. The news is welcome.

But the extreme volatility of the day calls for caution. Already at 10 minutes of opening the future of Paris showed an increase of 0.61% when they were -1.97% an hour ago … The day in Paris, the meeting was marked by the 'indecision. Opening up, balanced mid-session, then heavy fall at the close (-1.89%) ACC 40 do not know what direction to take. This Friday, the meeting should be similar.The closing in the red on Wall Street Thursday (-1.13%) doing nothing to fix things.

The Asia this morning ruled clearer. In Tokyo, the Nikkei ended in sharp fall of 2.08%. Furthermore, all financial markets in the region have followed the trend.

The markets will remain very nervous before the publication of a series of important statistics on Friday. The U.S. will unveil their highly anticipated first estimate of GDP for the fourth quarter to 14.30. At 15.45, the PMI Region Chigaco for January will be announced. Approximately 10 minutes later fall index of consumer confidence as measured by the University of Michigan (second estimate for January). As for American publications before market, Chevron, Honeywell and Mattel will unveil the fourth quarter.The day before, the number of good publications (Ford, AT & T, Procter, Colgate, etc..) Was used to support an increase in the CAC 40.

Before that, in Europe, markets will learn in 10 hours of the M3 money supply and credit to the private sector in the euro area. At 11 hours, they will know the rate of unemployment in the area and the first estimate of inflation for January.

Telecommunications on the alert

According to the Tribune on Friday, the mobile operators must pay at least 120 million euros for one of the last two blocks of frequencies available yet for the fourth license for 3G mobile freecreditscore . A follow therefore, the reaction of France Telecom, Vivendi and Bouygues Going into battle.Iliad, which has won through its subsidiary Free the fourth license for mobile telephony in December, will be observed.

The bank should also react to the reappointment of Ben Bernanke to head Fed. The Senate of the United States confirmed Thursday its new term as president of the U.S. central bank (Fed) for four years. Highly criticized by politicians for his supposed links too close to Wall Street, Ben Bernanke should ensure the continuity of the current system for rates. The announcement added that Chinese leaders in Davos that offer a monetary policy "more flexible depending on circumstances." The reaction of banking and finance sector is expected: BNP Paribas, Credit Agricole, Societe Generale, Dexia and Axa

JC Decaux on Thursday sales down 11.5% in 2009. This is less than expected.The group plans a return to organic growth in the first quarter.

Areva said Thursday sales rose 5.4% to 8.5 billion euros for 2009 and forecast in 2010 a significant growth of its backlog and its turnover .

Fleury Michon has also published its results yesterday. The group reported an increase of 8.8% of its turnover in the fourth quarter, to 138.1 million euros.

Carbone Lorraine also posted lower sales in the fourth quarter of 2009 but 17% said to have enhanced growth markets like Asia.

Beneteau said Thursday targeting a turnover up 20% in 2010-2011 and an operating margin of more than 9%. For 2009-2010, the group announced that its turnover is expected to grow by 17% to 771 million euros.The group will hold a general meeting this Friday at 14.30.

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Lefigaro.fr / jdf.com – From a financial standpoint, that is the Apple iPad?

Virginia Laz – First, it reinforces the paradigm shift from Apple: the group has grown from a niche policy to a policy of mass with the iPhone. Hence the $ 50 billion in sales, on an annualized basis, which surprised Steve Jobs himself! Then, the results of the first quarter of 2009-2010 show that volume sales of the iPod falling, while sales of computers do not know the same growth as the Iphone. So the iPad is a growth driver for both products. This is not a revolutionary product range. Both the iPod and the iPhone were new engines of growth, as the iPad is a substitute.

What is the point for Apple to launch in early 2010?

We must understand that growth does not draw more American market.This is ripe, people have their Mac, their iPhone, iPod. It should now launch a product to boost envy. Another important element: the Amazon Kindle. It works quite well. The iPad is a way for Apple to remain competitive in this segment because there will be needs in this market. The electronic book will become a reality. More newspapers seek a digital business model. Apple has chosen to launch this iPad, which is actually an iPod Touch with an extra dimension.

Why the interest in exchange for Apple has been moderate on Wall Street yesterday, winning the title by 0.94% closing, when the Nasdaq advanced 0.8%?

The title is up, so this is not a launch failure. However, investors have realized that this was only a growth driver and not a revolution for the brand, so the courses will not explode in the coming days.We can expect a nice way of stabilizing the stock market.

Apple can expect a big performance on images?

The tablet will be sold until March. It is unclear whether it will sell well. I can hardly see the genius in there, I am doubtful. But there is an interesting position on the huge market for netbooks. And people are "wired", which have their iPhone, will be interested because they are accustomed to handling. Moreover, since Apple entered the market for mass consumption, he chose the right price ($ 499) is relatively low. So it can play. The only obstacle is the performance of the iPad: it only handles one application at a time. Those looking for a netbook will be disappointed because the iPad actually a super basic netbook.But ultimately, it can encrypt so interesting for Apple.

What are the prospects of the group including this new product?

I think the iPad would boost figures for Apple later this year. But in parallel, slowing iPod will continue, netbooks will be cannibalized by the iPhone and iPad will falter, as it will be impossible to rebuild a 100% growth in this product, because of market saturation . So we can expect growth, but that is not very important.

Can we expect more launches of this type?

Apple's interest to do so. But according to Steve Jobs himself, is his most impressive. Many say it is the latest innovation from Apple CEO.I also think that there will be improvements on the products but not to launch new concepts in the short term.

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USA: Banks in full uncertainty

Following the proposals made by Barack Obama in order to limit both the size of banks and their risk-taking, the banking and financial markets have reacted badly. In exchange, the bank shares continued to tumble yesterday began to regard the U.S. markets. Do not panic however, as the project of U.S. President does not imply that the industry feared most: a dismantling of the largest U.S. banks. However, fear of an escalation, particularly during the passage of these proposals to Congress was clear Friday.

Eager to appear aggressive towards large banks unpopular elected officials of both parties could, for example, insist on a return to the previous rules in 1999, prohibiting commercial banks from entering the market trades.This would lead to force a breakdown of major banking groups like Bank of America-Merrill Lynch, Citigroup and JPMorgan Chase.

This is not the will of the White House. But Republican John McCain and his Democratic colleague Maria Cantwell nevertheless, for several days, submitted a proposal to that effect. "It seems that many proposals of President Obama going in the right direction," said former Republican candidate for the presidency. "Let's try to solve problems," commented his hand to his Republican colleague from Arizona, Jon Kyl."Do not seek a scapegoat that diverts attention from the mistakes of this administration," stated the curator.

New Principles

The Democratic chairman of the Committee on Financial Services of the House of Representatives, Barney Frank is aware of the danger of an escalation to develop free business cards . While he endorses the new principles set by Barack Obama, seven months after the introduction of the reform project finance. But he said he is not totally prohibit the "own-account trading 'of the banks.

While banks such as JPMorgan Chase and Goldman Sachs would be proposed by the White House forced to get rid of some of their activities in the capital and to abandon some of their own trading account.But Barney Frank said, "it would be wrong to demand that banks are withdrawing quickly from all hedge funds and private equity funds involved." The influential Democrat feared the consequences of massive sales made in an emergency.

Tim Geithner, Treasury Secretary, has lost influence in the White House in this case. He was dismissed in June, the approach taken today by Barack Obama to reform Wall Street. He feared that it unnecessarily complicates the debate. Before a group of bankers, closed Thursday night, he confirmed his reservations. Geithner seems to feel that the activities listed are not those who most leaden banks.

The immediate fate of the reform is in the Senate. Other more fundamental questions remain to be resolved.Within both parties, Senators remain divided, for example, on the same principle to let the Fed any role in banking regulation.

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Thomson: the debt restructuring approved

The Thomson group, experiencing great financial difficulties, has obtained the agreement of all its creditors to reduce its debt by nearly half, according to a statement.

After the Committee of suppliers and the Committee of the bank creditors on Monday, the Committee of the bond (bond holders of the Company) has approved almost unanimously the plan released December 9. The plan aims to transform part of the debt capital via a capital increase of 348 million euros – and bonds: the objective is to reduce it to 1.55 billion, a decrease of 45%. The debt of the company amounts to 2.84 billion euros.

But there are still some hurdles for the group. The restructuring plan must be submitted to a vote of shareholders of Thomson at the Annual General Meeting and extraordinary will be held January 27, 2010.

Thomson, which employs some 20,000 employees worldwide, intends to rename the name of one of its subsidiaries, Technicolor, and focus on services for film and television, getting rid of other activities, including its subsidiaries Grass Valley (professional video equipment) and Screenvision (advertising for the film).

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Paris wants to regulate CO2

"Whatever the outcome of negotiations in Copenhagen, carbon finance will grow," asserted Friday Augustin de Romanet, director general of the Caisse des Depots (CDC), central player of the CO2 market in France. Europe, pioneer, has held his Fellowship in 2005. Over 62 billion it traded in 2008, three quarters of global transactions. But Japan, Taiwan and South Korea will begin their Fellowships, followed in 2012 by the United States. Three days before the opening of the UN conference on climate change, Ministers of Economy and Ecology, Christine Lagarde and Jean-Louis Borloo, inaugurated on Friday the "Committee established France Carbone" . This instance of consultation will propose rules for the third phase, 2013-2020, to avoid, including the VAT fraud. The Franco-British rivalry also affects the CO2.Bluenext, the platform for exchange of Paris handles 80% of European spot market, but London (platform ECX) dominates the futures market. Pace "our friends across the Channel," says Christine Lagarde, "our intention is to regulate."

Order Cancellation A 400M: EADS-cons attack

Nothing goes between EADS and South Africa. After the cancellation of an order for eight aircraft from Airbus military transport by South Africa, and the claim of 250 to 300 million euros donated by the South African state as an advance, EADS could jeopardize the partnership with industry in the country.

According to the Tribune on Thursday, the European aerospace and defense "seriously considering to terminate most commands already signed, worth about 400 million euros, in partnership with industry the country (including groups with Denel and Aerosud) and was related to the purchase agreement of the eight A400M.

According to business daily, EADS has also asked the missile manufacturer MBDA, in which it holds a 37.5%, to freeze talks with Denel.MBDA has been negotiating for two years with the South African group to take a 51% in the group.

The difficulties accumulate for EADS while Malaysia Airlines (MAS) announced on Thursday that Airbus had an eight-month delay in delivery of first A380 in a series of six that she had ordered. The company now take delivery of its first A380 in August instead of January 2011. Information which has been confirmed by a spokesman for Airbus. In early November, before the "cost escalation" of the order, South Africa had canceled his order. A new blow for the European group whose competitiveness is already weakened by the weak dollar, which is delayed by at least three years from its original delivery schedule.

At the Paris Bourse, EADS shares fell 2.5% Thursday. The day before the title had already declined by 3.8% and again from 2.09% Tuesday.In case the postponement to 2013 of delivery of 54 Airbus aircraft, commanded by U.S. Airways a big Airbus customer. In the process, Natixis Securities has lowered its price target to 10.50 euros against 13 euros, while remaining "ease" of value.

Air France-KLM and Delta Airlines eyeing Japan Airlines (JAL)

The maneuvers began in the Japanese skies for control of Japan Airlines (JAL). Friday, CEO of Delta Airlines has announced that the SkyTeam alliance, which it is party (including Air France-KLM), was prepared to increase its offer of one billion dollars (670 million euros), released Wednesday at JAL to ensure that the competing Oneworld alliance. These bids were preceded by a discrete and intense lobbying effort.

Anne-Marie Idrac, Secretary of State for Foreign Trade, and the CEO of Air France-KLM, Jean-Cyril Spinetta, and have met the Minister of Transport of Japan, Seiji Maehara, early November, in Tokyo, in a given secret. The plan includes an investment of 500 million dollars of SkyTeam, 300 million guaranteed revenue from Delta and 200 million of funding also Delta.It follows the announcement last week by American Airlines, a partner in JAL Oneworld, a possible alliance with the investment fund TPG to invest 100 billion yen in the company.

In almost bankrupt

JAL, the dire financial situation aroused the envy of all foreign terror of the Japanese, but they do not yet agree. Foreign carriers wishing to seize the "slots held by JAL in Japan (60% domestic) and the rest of Asia. Implicitly, we imagine the ongoing discussions between the Japanese and U.S. governments for open sky agreements expected next year. "An open skies agreement in which the airways are traded either state to state but from airport to airport always gives a boost to traffic between its participants.It could make the Tokyo hub between the U.S. and Asia that has never been, "said a representative of a European airline in Japan. But the Japanese government remains reluctant to involve a foreign takeover of a national treasure.

An actor negotiations carried away: "Tokyo does not study the offers of foreign companies. They still think they will pull all alone! "JAL is the subject of trench warfare between the Finance Ministry, which maintains the company under infusion of public money, the Transport and that of the Industry. The parties have differing views on this issue, plus those of the pilots' unions (the company counts seven), who are asked to sacrifice pensions of their members.JAL The record was finally entrusted to a public body, the Etic, which has a staggering 1 600 billion yen (12 billion euros) to finance. It must make yet another audit of the company in January. During the fiscal quarter from July to September, JAL was losing 355 million yen per day.

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The airline JAL in turmoil

Proglio will upset the French nuclear

Henri Proglio has been elected head of EDF in order to make up the numbers. In an interview with the newspaper Les Echos published on Wednesday, the current boss of Veolia Environment is the message. Wishing neither more nor less EDF restore its historical role as leader of the French nuclear Henri Proglio calls into question the particular model implemented in the early 2000s with the creation of Areva, even before taking official functions to be held November 25.

"My ambition is to have a French nuclear industry works" says the outset this graduate of HEC. "This means rethinking the whole sector, particularly the roles of Areva and the CEA (the public pole of Nuclear Research)," he adds.

Henri Proglio has expressed disappointment and delays now being experienced in both projects Areva EPR (Finland) and EDF (at Flamanville).The same applies to the management of the bidding in Abu Dhabi for the construction of nuclear plants: the offer of the French consortium (composed of Areva, GDF Suez and Total) illustrate in his lack of consistency and efficiency of the French nuclear industry.

For an opening capital of Framatome

Having undertaken a review to say the least contrast of French nuclear Henri Proglio considering including the opening of the capital of Framatome, a subsidiary of Areva reactors and the role that EDF could take if this were to be conducted. "Sounds of having a Framatome strong, backed by other French and foreign," says he.Regarding the merger of Framatome and Cogema conducted in 2001 by Anne Lauvergeon to create Areva, the future boss of EDF is going to think it was "probably a mistake."

This vision of the French nuclear industry will probably not suit the current boss of Areva. Anne Lauvergeon has indeed developed a strategy to integrate activities of his group, which would be totally undermined by a detachment of its subsidiary Areva NP (formerly Framatome).

Among the dissatisfied, we may also find Gérard Mestrallet, CEO of GDF Suez, which might not enjoy the hegemonic intentions of EDF on the French nuclear. The two groups may well refer to Henri Proglio fundamentals, namely improving the rate of use of nuclear power plants at present very weak.The announcement yesterday by RTE EDF could not provide enough power in October they will no doubt arguments.

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