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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Barack Obama addresses with its budget deficit in 2011

He had made his election promise. Controlling the deficit of the federal state is at the heart of the proposed 2011 budget that will present U.S. President Barack Obama to Congress on Monday. The White House announced that the budget for the biennium 2010-2011 (late October 2010 to end September 2011) is forecast at 3.834 billion dollars. A budget of expenditure of 3% higher than the current biennium (2009-2010), who is expected to reach 3.721 billion dollars, according to latest estimates, the official said of the budget at the White House, Peter Orszag, the margins the presentation of Barack Obama.

In parallel, the White House has raised its growth forecast for 2010 to 2.7%, against 2% originally planned. In the fourth quarter of 2009, U.S. GDP grew at a record pace of 5.7%. In 2011, the U.S. administration expects a rise of 3.8% of GDP.Unemployment, however, will remain at 10% on average in 2010, before declining slowly to 9.2% in 2011 to 8.2% in 2012 and 7.3% in 2013. Other forecasts underlying the budget 2010-2011, inflation should remain below 2% in 2010, before falling to 1.5% in 2011.

A record deficit amid recession

Upon his election, Barack Obama had pledged to reduce the U.S. deficit in half by the end of his term in 2013. According to the White House, the deficit would be reduced to 1.267 billion dollars, or 8.3% of U.S. GDP, against a record $ 1.556 billion (10.6% of GDP) expected for the year 2010. It would fall to 828 billion (or 5.1% of GDP) in fiscal 2012 and 727 billion (4.2% of GDP) in 2013.

To achieve these objectives, the executive put on a 19% increase in tax revenue in 2011 to 2.567 billion dollars, with the return of growth.But not only. Rigor requires the White House has confirmed a spending freeze for three years, excluding programs and social security. "The president told his team the task of budget line by line look at the federal budget to see where we can save money," said communications director of the White House, Dan Pfeiffer. A senior U.S. official had assured last week that the budget would propose a "strict freeze" spending "not essential".

Cutting waste is launched

Among the victims of budget cuts, the program of manned space Constellation, which was to send astronauts back to the Moon, will be discontinued no teletrak payday loan . Launched in 2004, this program was highly symbolic for NASA and widely supported by Congress.According to estimates, the U.S. space agency has already spent just over $ 9 billion as part of Constellation. Peter Orszag provides, however, that other investments will be made in research and development.

A budget that reflects "serious difficulties" current

Another priority of the proposed budget for Barack Obama, employment will be stimulated by tax cuts. "We are at war," said Bush, after unveiling his budget proposal to Congress. "Our economy has lost 7 million jobs over the past two years, and our state is heavily in debt after what can only be described as a lost decade."

Unemployment has passed the 10% mark since October and that for the first time since 1983, said Peter Orszag."The budget provides $ 100 billion for immediate investment creating jobs through tax cuts for small and medium enterprises, infrastructure and green energy," said the White House. Tax cuts for the wealthiest households, decided by the predecessor of Barack Obama, George W. Bush, expire, however.

A commission created to achieve balance

Moreover, other sectors will no longer be subsidized, particularly fossil fuels."This budget contributes to lay foundations for long-term economy (…) and examines challenges long neglected, including health, education system, and the move towards Clean Energy, summarized spokesman Dan Pfeiffer.

Finally, the White House has confirmed the creation of a commission composed of eighteen members of Democrats (10 members) and Republicans (8), whose mission will be to examine ways to bring forward a balanced budget, excluding repayment of debt.

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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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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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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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Hugo Chavez expropriated a subsidiary of Casino

After the oil, energy, steel and telecommunications, Hugo Chavez continues its process of nationalization of enterprises. The socialist Venezuelan president ordered Sunday the expropriation of the hypermarket chain Franco-Colombian Exito, owned by Casino, which it accuses of having increased its prices for "speculation." Until when will we allow a multinational come to that here? This should go under control of the nation, "Chavez said during his radio program broadcast weekly" Alo Presidente (Hello President).The Venezuelan president had already used this forum a year ago, to threaten international companies, namely Nestle and Parmalat, which he considered responsible for the shortage of milk in his country.

Following the devaluation of the bolivar, the local currency last January 8, Hugo Chavez had threatened that any company would increase its prices by improperly expropriation. The bolivar is trading now at 2.60 Bolivars to the dollar for imports of commodities (health, food, equipment) and 4.30 Bolivars for others (cars, telecommunications, electronics, tobacco, beverages … ).

The Casino Group is present in the Venezuelan market since 2000 through Exito hypermarkets but also Cada supermarkets, leaders in their segment.In total, 60 stores in Venezuela owned by Casino have achieved in 2008 a turnover of 741 million euros, or about 2.6% of total turnover of the group.

The Casino must submit on Monday after-hours trading, its annual sales and one for the fourth quarter of 2009.

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The cold and snow and disrupt the distribution industry

The snow and ice blocking roads and large parts of the French economy. Shipments delayed at stores, industrial production lagged, frozen agricultural products, sites blocked, no area is immune. The lack of salt in some areas may aggravate the situation.

• Transport

"We sold out of salt in Britain. We need between 4,000 and 5,000 tonnes, said yesterday morning the prefecture of Côtes-d'Armor. A freighter was delivered yesterday 400 hundred tons of salt in Saint-Malo. The motorway companies claim to have sufficient stocks of salt, but are not certain of being able to deliver.

The trucks – including those transporting salt – should get up to three prefectural authorities to travel in snowy areas. From his side, Eurostar has restricted the movement of Saturday's train.The main airports remained open, but traffic remains disrupted, with delays and cancellations.

• Agriculture

Agriculture is doubly affected by the weather. The cold wave disrupts production. Leeks, caught in the frozen ground, are difficult to uproot, salads, even in greenhouses, are unusable. Small consolation for the vegetable: the prices of fruits and vegetables are on the upside.

Dairy producers are also victims of bad weather, the milk collection is rendered impossible, especially in Britain. The roads are blocked by snowdrifts. Producers are forced to dump their milk.

• Building

"When temperatures are near zero, it is virtually impossible to sink a concrete" classic ", says one expert.Traditionally, sites are interrupted when temperatures become negative.

This data is taken into account when setting schedules. But this year, the duration of the episode is likely to exceed estimates.

• Distribution

Deliveries are not guaranteed, especially in Britain. For the moment, no shortage is feared, but supply problems are starting to be felt in the spokes.

Fortunately consumers are reluctant to run the stores, despite sales. Declining attendance reaches 60% depending on the charge of a Carrefour in the Toulouse region.

In contrast, the Printemps Haussmann in Paris, he sold a jacket every 7 seconds!

• Industry

Plants PSA Peugeot Citroën, Sochaux and Mulhouse have stopped production Friday night to Saturday because it was delivered in pieces. Trucks suppliers could not move. This represents a lost production of about 2,000 cars.

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Wall Street opens this year in green

Wall Street started the first meeting of the year on a positive note, while Ben Bernanke and Donald Kohn, respectively president and vice-chairman of the Fed (U.S. central bank), who spoke yesterday, stressed that the rate of interest should remain near zero in the months ahead.

The index futures on Dow Jones are 0.87%, to 10,518.28 points. The Future S & P 500 gained 1.02% at 1126.5 points, and Nasdaq 100 future, less shy, wins 1.37%, to 2300.13 points points.

Earlier this morning, Asian stock markets have evolved piecemeal. But the Nikkei in Tokyo was able to distinguish themselves, rising 1.03%, buoyed by the rebound of Japan Airlines.Manufacturing activity in China continued to rise in December for the 10th consecutive according Index Purchasing Managers (PMI) Chinese official on Friday.

Wednesday Specifically, the ISM will release the same survey the rest of the economy.

During the rest of the week, investors will turn their attention to the minutes of the Fed in December. The debate could be sharp: the report should provide explanations on the choice of means and proposed guidance on the timing of the implementation of drainage of excess liquidity."Considered the first phase of" normalization "of monetary policy, removal of masses of liquidity injected to address the financial crisis will be interpreted as a scout for the first increase in rates," continued strategists.

Will also be peeled, the employment figures in the month of December (Thursday), following the upturn in November.The state's housing market (sales promises Tuesday) and construction costs.

The euro accentuated its gains against the dollar Monday amid European exchanges in a renewed interest in risky investments, while confidence in the strength and sustainability of the economic recovery is enhanced by a good indicator for Europe.

Lower costs at Wal-Mart

The oil companies Chevron (1.89% to 78.45 dollars) and ExxonMobil (1.02% to 68.88 dollars) involved in the rise in the Dow Jones, while a barrel of oil rose from 1 about $ 60 on Monday to 81.46 dollars.

Alcon (-2.64% to $ 160): The Swiss pharmaceutical group Novartis announced this morning have purchased an additional 52% stake in Alcon from food giant Nestle for $ 28.1 billion.

Chesapeake (+5.49% to 27.3 dollars), which was created with the French Total group a joint venture through which Total will contribute to Chesapeake for the acquisition of 25% of the portfolio in the U.S. the Barnett Shale, a $ 800 million to finalize the deal, signed December 30.

Kraft Foods (+0.18% to 27.23 dollars): The giant U.S. food would consider raising the hostile bid it has made since last November 9 to get their hands on Cadbury, the British weekly Britain's Sunday Times.

Wal-Mart (2.12% to 3.86 dollars). The head of Wal-Mart's Eduardo Castro-Wright, has announced its intention to reduce its costs in the Financial Times. The official estimated that the costs could be reduced by 5% to 15% in five years.

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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