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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Total: 500,000 tons of oil blocked

Employees of the Total refinery at Dunkirk, under threat of closure, blocked Friday tanks containing 500,000 tons of crude oil, by removing the pumping mechanisms, three days of a meeting to decide their future.

"We want to refine. We do not want this (oil) crude go away from here, "said Philippe Wullens, Steward South (majority site), evoking a" war chest ". He said Total has made a profit of 200 million euros from the time of purchase of this oil in the fall and today, due to the increase in prices. The employees also say they have learned that the management of Total planned to ensure that oil can be loaded on ships to other refineries."This oil should not leave the tank so that things do not stop," he said, estimating that 400 million euros worth of stock.

Several dozen employees from the site of Flanders, in the case since September, traveled Friday to dawn on the storage area of crude oil located at Gravelines, and disassembled electronic components essential to the operation of pumps used to extract the contents of the tanks. Some components will be given to state services, another in the region and a third in the urban community of Dunkirk, knowing that all equipment is necessary to restart the pumps, said Marcel Croquefer, secretary of the cluster Chemistry CGT Dunkirk payday advance lender .

A radicalization of the movement evoked

Employees are then symbolically held a lock port of Dunkirk.They wanted to question management port, 18% of turnover depends on the refinery. "This refinery can and must restart now", even if a mutation of the site must be decided for the future, said Croquefer, suggesting a possible "radicalization" of the movement.

If farmers spread manure or milk to express their discontent, "in the refinery there are petroleum products," he warned.

Proposals for the future of the Flanders refinery, which employs 380 employees and 400 people from sub-contractors, should be announced Monday at a central works council (CEC). Employees are expected to travel to many in La Défense on Monday to be heard.

The threat of closure had resulted in late February several days of strikes in all French refineries group.Unions had set an end after the guarantees provided by Total on the future of refining activity in France. Since then, employees of Dunkirk only continue their strike began January 12.

The euro area is about to rescue Greece

Facing speculative attacks against the single currency, countries in the euro area were preparing to fly to the aid of Greece. According to a source close to the German government, they would be agreed in principle to help Athens on the eve of a special European summit, convened Thursday evening in Brussels. The information was however not confirmed on Tuesday. "The reports that the euro area has taken the decision to help Greece are unfounded, said Tuesday, a spokesman for the government.

The terms of the rescue would not be arrested, but he could take the form of bilateral aid that is to say, special loans from state to state. Several countries would be involved, including Germany, the largest economy in the euro area, and first funder of the European Union."Whether bilateral or collective aid to Greece will be under strict conditions," warned Michael Meister Tuesday, elected a German conservative party (CDU), quoted by Bloomberg.

So far reluctant to rush to the aid of a country that has lied about its statistics and squandered public finances for years, Germany was forced to intervene again, because it is the unity and stability of the euro area is now in danger. "Germany has a special responsibility vis-à-vis the euro," said German Finance Minister Wolfgang Schäuble, who will make a statement to the government in Berlin today on the financial situation of Greece.

Trichet advance his return

Persistent for several days, rumors have quieted rescue markets. The euro, which fell to $ 1.34 last week, was pressed Tuesday to over $ 1.38.The Athens Stock Exchange has for its closed up 4.96%. In Paris the CAC 40 finished + 0.15%. Rating agencies, very nervous these days, calmed down. Fitch said Tuesday that there was no reason to degrade the notes of Spain, who still enjoys an AAA, but is affected by contagion from the crisis in Greece.

Tuesday morning, the sudden return of Jean-Claude Trichet in Europe that fueled speculation of a European intervention in favor of Greece. The President of the European Central Bank had to spend two days in Australia to attend a meeting of central bankers. He advanced his departure not to miss the extraordinary EU summit Thursday called by the President of the Union, Herman Van Rompuy.According to the German press, experts from the ECB participate in secret for several days in meetings with representatives of countries in the euro area are working on the rescue of Greece. Two options are under consideration: the conditions under bilateral aid or loan guarantees for Greece in the framework of a European fund.

The treaties prohibit any of these options.Just came into force, the Lisbon Treaty provides in Article 122-2, "the Council on a proposal from the Commission, may grant, under certain circumstances, financial assistance from the EU Member State is in difficulties or a serious threat of serious difficulties caused by exceptional occurrences beyond its control.

Speculative attacks of recent days against the euro, and debt to Member States the most vulnerable have been a trigger for the policy decision.

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Renewed weakness in Europe's stock exchanges

In the wake of Grants in Asia this morning, the CAC 40 on a downward trend during the early exchanges. It lost 0.53% to 3669 points before embarking on his decline of 1%. Elsewhere in Europe, the trend is downward as well.

The concerns are global investor sentiment is sealed by the debt problems of Greece, Spain and Portugal, "said Marcus Droga, associate director at Macquarie Private Wealth in Sydney, quoted by Dow Jones Newswires.The Stock Exchanges of Madrid and Lisbon have plunged Thursday, respectively, nearly 6% and 5%, because of the finances of Spain and Portugal.

For several days, observers and analysts worried about the state of public finances of these two countries, waving the specter of Greece, whose deficits and debt are so high that the European Commission decided Wednesday to put the country under a quasi-trusteeship.

Investors were also looking towards the United States.The employment figures in the United States will be published in early afternoon U.S. investors unwelcome Thursday announced an unexpected rise in the number of new entries to unemployment, to 480,000 last week, this which portends bad monthly statistics of employment, to be published Friday before the opening of Wall Street.

Finally, the finance ministers and central bankers of the G7 meet in Iqaluit, Canada.

Values automotive and banking suffer

In this context, only a few values derive their game well like France Telecom (+0.85% at 16.67 euros) and Suez Environment (+0.56% at 16.09 euros).

Conversely, values auto penalized by bad news on Toyota: Renault, Michelin and Peugeot respectively yield 2.22% to 32.98 euros, 2.05% to 54.86 euros and 1.97% at 22 42 euros.The finding is similar to banking stocks, the minister of New York accusing Bank of America to have hidden accounts of Merrill Lynch to obtain public assistance cash advance america . Dexia (-3.02% to 4.11 euros, Societe Generale (-1.78% to 39.35 euros), BNP Paribas (-1.40% to 49.14 euros).

LVMH (-4.28% to 77.96 euros), said that addressing the Year 2010 "with confidence", saw its sales fall by 4% on a comparable basis in 2009 to 17.053 million euros, with a return to organic growth (1%) in the fourth quarter alone.

Nexity (-3.20% to 26.35 euros) anticipates a fall in its turnover to around 2.5 billion euros in 2010, having recorded an unexpected increase of 6% to 2.838 billion in 2009.

EDF (-2.43% to 38.28 euros) has announced the formation of a tighter management, including the arrival of Thomas Piquemal, who leaves his post as CFO of Veolia Environnement to occupy the same positions within electrician.

Bureau Veritas, stable at 34.80 euros, would use its "strong cash flow generation" to make acquisitions in the first half of 2010 and it plans a gradual return to organic growth in the second half. The world number two of the certification issued a turnover in 2009 rose 1.9% to 2647.8 million euros.

Teleperformance (-2.12% to 24.48 euros) issued a turnover up 3.5% in 2009, but said that its sales had declined sharply in the fourth quarter, mainly because of degradation of its business in Europe.

Hermes (+1.51% at 98.55 euros) grew by 8.5% of its turnover in 2009 to 1.91 billion euros. In 2008, the French luxury group had a net profit of 290.2 million euros. Net income in 2009 will be released March 25.

Two other companies publish their turnover for 2009, Friday: Eiffage, stable at 37.14 euros, and Bongrain (-0.21% to 58.18 euros).

The Paris Bourse widening losses

The fall continues at the Paris Bourse. After opening down 0.73% at 3779.24 points, the CAC 40 plunged more sharply in the red circles in the morning. Around 11.10 pm, the benchmark DAX index lost 1.37% in Paris to 3754.93 points.

And pessmisme wins all European markets.The London Stock Exchange fell 1.03% to 0.91% at 5179 points while in Frankfurt the Dax loose 0.89% to 5618 points.

"The results of U.S. companies in 2009, better than expected, are completely ignored by markets that focus on three issues: Obama and his banking project, the re-appointment of Ben Bernanke to head the Fed and the organization of economic slowdown China by the Beijing authorities, "said Xavier de Villepion, fund manager at Global Equities.

This decrease in the overall rating takes place amid concerns over banks, while in Davos, experts discuss the modalities of regulation put in place in this sector."Investors fear that they reduce their size or they are prohibited from carrying out activities on their own funds," says Alice Lhabouz, manager Turgot Asset Management.

The morale of French is improving but not market

The publication this morning by INSEE for stabilizing the morale of French households had no impact on investors. The moral of households has remained virtually unchanged in January, the indicator is measured taking 1 point to -29 points, sharply up from the lower reaches in late 2008 but still below the average of the last fifteen years.

From the industry side, INSEE also announced that "the balance of opinion on the overall demand in the fourth quarter picked up strongly, thus approaching its long-term average.For the first quarter 2010, demand prospects remain however below the average long-term view of industry expectations.

The corporate failures of August 2009 will, they are known in 12 hours. After Exchange, 18 hours, Pole employment must disclose the number of requests and offers of jobs in December. Internatinal level in any case, the International Labor Office (ILO) has provided figures on the depressing job in the world. "The number of unemployed worldwide reached almost 212 million in 2009 due to an unprecedented increase of 34 million compared to 2007, the eve of the global economic crisis," says the ILO.

In the United States, all are attentive to the conclusions of the Monetary Policy Committee of the Fed that interest rates will at 20:15.Before that, the U.S. will unveil the promises of home sales in December (16 hours) and the weekly oil inventories (16:30) Payday Loan for Bad Credit .

Risk arbitrage STMicroelectronics

As for values, STMicroelectronics reported Tuesday after market loss of $ 70 million in the fourth quarter, or 8 cents per share, against a loss of $ 366 million (42 cents per share) a year earlier. But this figure is below expectations of analysts. In exchange, however, the title is one of only 40 to the ACC receive up even very small: 0.02% to 6.10 euros.

All eyes will also be turned to Apple must introduce a new product on Wednesday the United States. It should be a new eBook reader electronic touch and connectable to the Internet.France Telecom (-1.01% to 16.69 euros) through Orange and Vivendi (-1.13% to 19.32 euros) via SFR should look at the new "toy" of the Apple brand.

Thomson (-1.13% to 1.05 euros) meets on Wednesday a special general meeting to discuss the restructuring of its debt and the adoption of its new name, Technicolor.

Spir Communication (-0.36% to 21.90 euros) on Tuesday reported a further decline in sales in the fourth quarter, down 11.4%.

Rusal, the Russian mining group, is listed first in Paris and Hong Kong. The group was not well received on the Chinese markets. He lost 10% in early trade.Investors have booked him in Paris the same cold reception: the title lost 11.35 euros to 17.65 euros.

Areva (+ 0.03% to 345.85 euros) and GDF Suez (-0.46% to 28.08 euros) would be full discussion for several months to conclude a partnership in nuclear power, confirming a report in Les Echos. Cependat No information has been taken in this regard.

Klepierre (-0.82% to 27.24 Euros) Tuesday announced a turnover in 2009 increased by 22.6% to 246.5 million euros.

AXA (-2.03% to 15.2 euros) recorded an increase of 11% of its turnover in 2009 to 24.5 billion euros.The growth was 14.5% in life insurance.

Inter Parfums (+1.56% at 18.25 euros) for its part, announced a turnover down 6.2% at constant rates for 2009 to 259.2 million euros.

M6 (-0.5% to 19.03 euros) Lafuma (equilibrium) must publish their figures for the fourth quarter after market close.

Eiffage (-1.10% to 39.60 euros) will publish its balance sheet in 2009.

Note that the banking and financials this morning are especially misguided: AXA (-2.35%, second worst performance of the CAC), BNP Paribas (-2.03%), Credit Agricole (-1.73%) and Societe Generale (-1.72%) saddled the index.

The remaining values to follow shortly …

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Cetelem creates an ombudsman

BNP Paribas, Societe Generale, Credit Agricole … banks have several years of mediators, solutions of last resort for customers unhappy or distressed. But, strangely, none of the institutions that specialize in consumer credit does not comply were risky. BNP Personal Finance, known in France under the brand Cetelem, just take the plunge.

"There is a big lack of image of the profession. Our image is very sharp contrast to how we work, "explains Thierry Laborde, deputy director general of BNP Personal Finance has chosen Marie-Pierre de la Gontrie to perform this function. A lawyer by training, vice-president of the Regional Council of Ile-de-France, Councilor of Paris, it is also national secretary of the PS in charge of civil liberties and justice."We chose Marie-Pierre de la Gontrie because we wanted an independent person and we are sure it will be," adds Thierry Laborde.

"The group has taken a very strong commitment, he pledged to follow the advice that I will. The company agreed to expose themselves, to stand under a light outside. It's an interesting move, "said the mediator who has just taken office.

The customer dissatisfied, troubled or having a particular application will turn initially to the service consumer payday loan companies . It receives about 800 applications per month.Only in a second time that the mediator will intervene if no common ground was found.

A record three refused

"The creation of the ombudsman is not a gimmick, it is a substantive approach, tangible proof that we still develop our customer relationships," says Thierry Laborde. A number of consumer credit in Europe, he faces a sharp decline in its market. The group, which currently refuses to apply for credit in three, is determined to remain selective. "Sometimes you say no in the interest of the client. Have a responsible approach to credit is knowing renounce the production of credit too risky for the borrower as the lender, "says Thierry Laborde. To grow, it relies on the pension, savings, credits for e-commerce and products designed for bank and insurance partners.Consumers themselves, the law still waiting on consumer credit which must include review of the wear rate and the revolving frame.

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The Paris Bourse marked time

The 4,000 points away gradually. The CAC 40 in mid-session, is down 0.71% to 3932 points in a volume of exchanges low of 443 million euros. Other major European markets also receding, with a decrease of 0.5% in London and 0.9% in Frankfurt. As for the European indices, the Euro STOXX 50 yields 0.8%.

After recording several records in closing on the year, the Paris market shows signs of slowing, affected by the slight decline on Wall Street Tuesday night, but especially by the lack of which can give him momentum. The public debt of France has reached a record $ 1457.4 billion at the end of 3rd quarter (29.4 billion compared to end June), or 75.8% of GDP in France.The number of building permits for new buildings has fallen by nearly 18% in one year.

Apart from the index which measures economic activity in the Chicago area, at 14.45 GMT, no statistics would be published before the end of the year.

The euro is almost stable against the dollar (-0.08% to 1.4334 dollars). Gold recorded a second session in a row downward (-0.49% to 1091 dollars per ounce).

The defensive stand out

In France, most CAC 40 values are in red, with the exception of securities considered to be very defensive, like Carrefour (+0.94% at 33.82 euros) and Pernod Ricard (+0.48% at 60 , 28 euros).

The title of Unibail-Rodamco, Europe's leading commercial real estate, was leading the CAC 40 (+1.27% to 151.20 euros).

Conversely, ArcelorMittal (-1.83% to 31.96 euros), biggest drop in the CAC 40, suffered profit-taking.

The cement manufacturer Lafarge lost 0.62% to 57.79 euros.Its Director General, Jean Desazars of Montgailhard, quoted in the Financial Times says the group does not yet feel the effects of rising construction expenditures of U.S. and European governments.

Areva (-0.57%) announced it has signed with Fresno Energy Group, a letter of intent for the construction of one or two EPR nuclear reactors in California.

GDF Suez (-0.38% to 30.10 euros) announces tie at Stord in Norway, a platform for oil and gas field Gjoa in the North Sea, during a complex operation for on behalf of the operator Statoil. The energy group has formalized the signing of the public service contract with the State covering the period 2010-2013.

Oil has spent the 80 dollars

On Tuesday oil has exceeded the threshold of 80 dollars per barrel in the Asian market for a few hours before declining to 79.75 dollars, a level that had been achieved over the past year amid a weak U.S. currency.

"Once again, these spectacular gains have been driven so far mainly by financial factors and the optimism of the market rather than supply and demand, and consider analysts JBC Energy in Vienna. "We see no reason that would prevent the money back within the range of 65-75 dollars. The production capacity dormant reached 6 million barrels per day in OPEC countries, refiners receive very low margins, demand remains sluggish in industrialized countries, "they say.

The forward price of black gold has accompanied a sharp slide in the greenback against other currencies.The euro / dollar on Tuesday still flirts with the symbolic threshold of $ 1.50 for 1 euro to 1.4970 dollars exactly 12:00, always on levels 14 months ago, triggering a wave of purchases of materials materials.