The first German bank Deutsche Bank (Xetra: 514000 - news) has reassured Thursday in announcing 2007 results better than expected and now in the wake its 2008 targets, despite the risks to the crisis in mortgages risk to the USA.
Last year, its net profit hit a new record, to 6.5 billion euros, an increase of 7% over a year. His taxable income, which serves as a yardstick to the bank to its estimates, has increased by 5% to 8.7 billion.
Unlike many of its rivals, the Frankfurt institution has managed to remain relatively immune to the crisis mortgages at risk Americans.
After having had to spend impairment of assets of 2.2 billion euros in the third quarter, they remain "less than 50 million euros" in the fourth quarter, according to a news release.
None are directly related to mortgages at risk American ( "subprime"), said Deutsche Bank. It is structured credits that have suffered from the turmoil in financial markets.
"We're beaten," said his boss Josef Ackermann, during a press conference. His strategy remains "unchanged" and he confirmed the targets for 2008 of a taxable profit of 8.4 billion euros.
"Tensions on the financial markets will still take some time and could also feel the effects on the real economy. (...) Something in the financial system is on through," admitted Mr. Ackermann.
But Deutsche Bank is "confident" and rely in particular on emerging countries, like China, where it has strengthened recently.
It is also "open to additional acquisitions in its core business, he stressed, while rumors of a rapprochement in retail banking with Postbank return regularly.
"The Deutsche Bank (...) has good chances to emerge stronger from a difficult phase for the financial sector," he said.
During the last quarter of 2007, she still saw its net profits melt by 47% over one year to 969 million euros. But it is better than expected by analysts.
In the last quarter, the investment bank - more sensitive to turbulence in financial markets and the first division of Deutsche Bank - has particularly suffered, with a taxable income that fall of 43%. But the group has benefited from other pillar, private customers.
This trend is reflected in the annual report. In 2007, the net decline in investment banking (CIB), whose taxable profit reached 5.1 billion euros (-15%), was partially offset by the sale of stakes in several industry groups, including the chemistry group Linde (Xetra: 648300 - news) and by private clients of Deutsche Bank.
The division dedicated to private clients and asset management (CPTED) saw its taxable profit rise 6% to 2.1 billion euros. The "private and business customers" (PBC) has increased by 10% over the year to 1.1 billion euros.
Under the fiscal 2007, the institution of Frankfurt will propose a dividend increase of 12.5% to 4.50 euros per share.
Rassurée, the Frankfurt Stock Exchange gratifiait action by an increase of 1.53% to 76.15 euros to 09H00 GMT, while the DAX index Features (Xetra: news) fell by 0.83%.
Maintaining forecasts 2008 has pleasantly surprised. "We believe that this is an ambitious goal, but the result of the last quarter of 2007 showed that the bank can achieve good results even in these difficult times", said Konrad Becker, an analyst at Merck Finck.
Kazakhstan, a former Soviet republic in Central Asia is rich in oil and minerals, wants to break contracts for exploitation of raw materials whose investors have not complied with the conditions, announced Thursday the Prime Minister Karim Massimov.
"On all deposits of natural resources where the contractual obligations were not met, under the order of the Head of State, these contracts will be broken and (deposits) will return to the fold of the State" , Said Massimov at a meeting at the Ministry of Energy.
The head of government, however, has not indicated what agreements were covered, while most Western majors have deposits in the country.
The Minister of Energy, Saouat Minbaïev, announced that 97 contracts - non-specified - had already been "broken" and a "note" had been sent to 180 companies who have committed "crimes" not respecting terms of their contracts, including their investments.
Mr. Massimov said his announcement followed the speech on the eve of President Nursultan Nazarbayev to Parliament in which he called a "reinforcement of state influence in the strategic sector of energy."
Kazakhstan has adopted in autumn 2007 a law allowing it to cancel or modify any contract with investors on the exploitation of raw materials if the economic interests or national security were threatened.
Astana had threatened a Western consortium operating the Kashagan oil field to cancel their contract. But a compromise (increasing the State kazakh in the draft) is finally intervened in January.
Kazakhstan, world number eight in terms of oil reserves which the basement is full also of metals, was until recently set an example in the eyes of foreign investors.
But since this summer, Astana has raised the tone against the majors, including condemning a company controlled by the U.S. giant Chevron (NYSE: CVX - News) to more than $ 300 million fine for non-compliance with the environment.
This week, the giant copper kazakh Kazakhmys (London: KAZ.L - News) also announced the purchase for 1.5 billion dollars in a coal mine and the main powerhouse of the country to American AES ( NYSE: AES - News), which was threatened with a fine of $ 200 million for abusing its dominant position.
Inflation decelerated more than expected in April in the euro zone, according to preliminary data released by Eurostat, but the economic sentiment has deteriorated faster than expected, which is in line with a weaker economic growth.
The rate of inflation in the euro zone was reduced to 3.3% in April to an annual rate, after rising by 3.6% in March, according to Eurostat's flash estimate.
It focuses only on the evolution annualised rate and the European body of statistics does not provide detailed estimates.
Economists were expecting an inflation rate higher by 3.4% for the month of April on annual basis.
"The decline in inflation in April should not lead the European Central Bank to lower significantly its guard on this front for the moment," commented Howard Archer, chief economist at Global Insight, noting that inflation remains well above the 2% ceiling set by the ECB.
"The bad news is the overall economic sentiment which has touched a low of 32 months in April," he stressed, "indicating that the euro area economy is increasingly affected by the tightening credit conditions and volatility in financial markets. "
The European Commission Wednesday published its monthly surveys on business climate and economic sentiment are marked in April by a deterioration stronger than expected.
The economic sentiment index fell to 97.1 in April after 99.6 in March, while economists were expecting, on average, an index to 99.0.
The index of business climate - to 0.44 for the month of April after 0.79 (revised 0.80) in March and while economists were expecting 0.70 - comes about him at its most low since January 2006, there are more than two years.
According to data published elsewhere by the European Commission, the retail price of a basket of foodstuffs reference rose in the euro zone in recent months faster than the prices of raw materials corresponding food.
The price of the basket - including bread and cereals, meat, oils and fats, milk and dairy products - a augmeté 7% during the twelve months to end February 2008, a figure compared to a 5% increase estimated on the basis Commodities correspondent.
Euro area: inflation is decreasing slightly, but confidence falls
Inflation slowed in April, falling to 3.3% after 3.6% in March. Unemployment remains stable but the confidence of both consumers and industry, declines sharply.
The rate of inflation in the euro zone was reduced to 3.3% in April to an annual rate, after rising by 3.6% in March, according to preliminary data released on Wednesday by Eurostat. Economists were expecting an inflation rate higher by 3.4% for the month of April to an annual rate.
At the same time, the European Commission published its monthly survey on business climate that is marked this month by a deterioration stronger than expected. The economic sentiment index, which summarizes the views of entrepreneurs and consumers, fell to 97.1 in April after 99.6 in March, while economists were expecting, on average, an index to 99. A year trôt, it still amounted to 110.4 points.
On the industrial index of business climate - to 0.44 in April after 0.79 in March and while economists were expecting 0.70 - lies about it to its lowest level since January 2006, he there are more than two years.
Finally, the unemployment rate in the euro zone stood at 7.1% in March, unchanged compared to the previous two months, according to corrected data (CVS) Eurostat. The unemployment decline since the beginning of the year in the euro zone, but it remains at its lowest level since the creation of statistics for the area.
A year ago, in March 2007, it was still 7.5%, and then decreased to reach 7.2% at the end of last year. For the whole EU, unemployment stood at 6.7% in March, was also stable compared to February.
The Netherlands showed the unemployment rate the lowest in the EU, at 2.6%, while the highest levels were recorded in Slovakia (9.8%) and Spain (9.3% ). In France, unemployment stood at 7.8%, unchanged from February. In Germany it is 7.3%, a slight decrease compared to 7.4% in February, according to Eurostat.
elgium, 1st euro area economy by slowing down
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BRUSSELS ( - Economic growth in Belgium has slowed in the first quarter, figures published by the central bank, which provided the first figures indicating the deterioration of the situation in the euro area over the first three months of the year.
The gross domestic product (GDP) of Belgium has increased only 0.4% compared to fourth quarter 2007 and 2.1% over the first quarter of last year, announced the central bank, confirming figures the fourth quarter (+0.5% and +2.4% respectively).
Belgium is the first euro-zone countries to publish an estimate of its growth in January-March. Estimates of growth in Germany, France, the Netherlands and throughout the area are expected May 15.
The Belgian central bank forecasts growth of 1.9% over the whole of 2008 after 2.8% last year.
Peugeot Motorcycles: less than RTT or the door?
The last manufacturer of scooters french asks its employees of its two plants to forego 11 days of leave, failing which it will manufacture its new 125 cm3 Taiwan.
Blackmail according to the unions, economic realism dictated by the global market for direction. Today, the central committee of company Peugeot Motorcycles will decide whether the approximately 1,000 employees in its last two French factories, Mandeure (Doubs) and Dannemarie (Haut-Rhin), relinquishing half of their days RTT (22 days at present).
In case of refusal, the direction of the last french scooter manufacturer warns that it will entrust the future production of 125 cm3 of the mark lion at its plant in Taiwan. What prevents Peugeot Motorcycles, would hover serious threats to the durability of employment in both french sites. Sites that have absolutely need new activities to continue to exist.
Competitiveness insufficient
To encourage its employees to return french agreement on reduction of working hours signed in 1999, management of Peugeot Motorcycles argue that its plants and Mandeure Dannemarie are in bad financial situation because of a insiffisante productivity and costs manufacturing facilities in France about 10% higher than those of Asia.
Sub-heard addresses of employees french: either you work more for the same salary and you become competitive, either you keep your holidays but in the end perhaps not your job.
"We expect more guarantees'
A "blackmail" which is not among unions. "In the current state of things, we will vote again against [the issue of reducing RTT]," said Emmanuel Guillier, delegate central CGT, the site Usinenouvelle.com. We expect more guarantees on maintaining long-term employment. We are ready to discuss the revision of working time, but not without consideration. "
In late 2007, the unions had refused the revision of the agreement and called RTT two-day strike last February.
This renegotiation of 35 hours in enterprises is not unprecedented, far from it. In 2004, Doux, a leading European breton poultry, had removed 23 days RTT its employees in full crisis poultry. At the computer Hewlett-Packard, employees had dropped to twelve days of RTT. This was nevertheless not enough to save all the jobs french.
The Dow Jones lost 0.3%, the Nasdaq took a 0.07%
NEW YORK (AP) - The New York Stock Exchange finished down 0.3% Tuesday, penalized by values of the pharmaceutical sector as Merck.
The Dow Jones index of 30 industrial ceded 39 points to 12.832,75. The S & P-500, broader, lost 5.25 points, or 0.38% at 1.391,12.
The Nasdaq Composite has gained 1.70 point turn (+0.07%) at 2.426,10.
These data are likely to vary even slightly.
CORRECTION - - The increase of 5.5% in the price of gas will be effective on April 30
The increase of 5.5% of gas tariffs for individuals will enter into force Wednesday, 24 hours after publication of the corresponding decree of the Ministries of Economy and Ecology in the Official Journal.
The government has justified this by further increase in oil prices which are indexed natural gas prices.
The proposed increase of 5.5% rate of Gaz de France had been submitted to the Regulatory Commission of Energy (CRE) in early April.
This represents an increase of 0264 cents per kWh on average.
According to Christine Lagarde, this decision will mean a monthly increase of four euros TTC for a home.
. The sanction stock market was so tough on this issue in recent months should be relative reactions of the exchange on this issue in the short term. Organic growth this year 2007/2008 is, admittedly, not very high, but the performance is quite flattering, while carmakers, which still constitute the majority of customers are experiencing a mixed picture . After some trouble, activity services restart and shows a growth of 20% in volume. Industrialists have a need for assistance increased with the complexity of the solutions.
Marge. Sales of licenses show moderate growth while it is in transition with simulation software for a new generation. The company has increased its staff within geographical areas offering low labour costs. These countries are also under the influence of the greenback, it helps to evacuate part of the problem of exchange rate fluctuations. The operating margin declined slightly but remains comfortable to 8.2% of sales ... The program displayed for the year which starts is attractive with the benefits of commercial investment and an operating margin in double digits.
Action. The title had "dropped" Cap over 35% in one year, despite a good fundamentals. The recovery now seems totally disconnected from fundamental as it should retain the tens of millions invested in 'R & D' since the inception of the company. The products are developed with high added value and would issue a long-term profitability significantly higher. If Mr. adventure De Rouvray, founder and president, decided to sell his company, there is no doubt that the course would be retained well beyond current levels. We therefore remain positive on ESI.
Christophe Voisin
German automotive supplier Continental announced Tuesday an increase of 29% of its operating profit during the first quarter and confirmed its objectives for the full year, following the warning of Michelin , Its main competitor's tire market.
Continental has done on the first three months of the year a profit before tax and financial charges (EBIT), excluding the accounting impact of the acquisition of VDO, 569.5 million euros.
The first quarterly results since the consolidation total VDO, bought last year by Siemens, are in line with the median estimates of analysts compiled by Reuters.
"Based on strong results from the first three months, we are confident in achieving our objectives for the full year," said in a statement the chairman of the board, Manfred Wennemer.
The group, which has disbursed over 10 billion euros for VDO, adding that its net debt reached 11.22 billion euros, bringing its debt ratio (gearing) to 162%.
"By the end of the year, we expect a significant reduction of our debt," acted as chief financial officer Alan Hippe.
Continental maintains its forecast of 2008, namely a turnover of over 26.4 billion euros and an EBIT margin of more than 9.3% excluding costs related to the acquisition of
VDO.
At the general meeting of the group met Friday, Wennemer suggested that the turnover could exceed 30 billion euros in 2011 and that EBIT could reach three billion euros.
At the Frankfurt Stock Exchange, Continental action yields 1.26% to 75.79 euros to 7:40 GMT while the DJ Stoxx European car sells approximately 0.7%. At the same time in Paris, Michelin fall of 9.5% after the downward revision of its annual forecasts.
The demand overall as foreign, remained "relatively strong" in manufacturing in France in the first quarter but is expected to slow in April-June, according to the quarterly survey of economic conditions in the industry published by the 'INSEE.
"For the second quarter of 2008, manufacturers anticipate a slowdown in overall demand. Foreign demand could also be moderate, though less pronounced," writes the National Institute of Statistics in its April survey.
The indicator for aggregate demand expected in manufacturing (the difference between the percentages of "up" and "down") to +7 fall when he was revealed to +13 three months ago.
The indicator of overall demand for the whole industry is declining similarly to +8 against +13.
The foreign demand expected to fall moderately over 13 (+16 against the previous quarter) in manufacturing and +14 against +16 across the industry.
In manufacturing, the production has been less sought during the first quarter: the proportion of companies mentioning bottlenecks production fell by four points, as during the fourth quarter of 2007 (indicator 28 against 32 ).
Meanwhile, the rate of capacity utilisation fell slightly to 85.2% against 86.1%, while remaining above its long-term average.
According to entrepreneurs, lower staffing industry has slightly increased over the first quarter, and it could still grow over the next three months.
"The recruitment difficulties in manufacturing grew for executives," said INSEE.
The selling prices in manufacturing rose by 0.6% in the first quarter. Manufacturers expect an increase in the same order (+0.5%) over the period April-June.
The food industry are part of a much larger increase of 3.4% in the first quarter and a forecast of 1.8% in the second, said INSEE.
The U.S. markets widen their losses after a hesitant opening. Investors repeat caution on the eve of the decision by the Fed on interest rates. Economists hope that it will be the last act of the cycle of monetary started mid-September, thus proving that the worst of the financial crisis is past. On the values front, Merck (MKGAY.PK - News) continues its descent into hell after the rejection of permission to file a new drug by the FDA. At 17:30, the Dow Jones (news) lost 0.40% to 12820.13 points while the Nasdaq Composite (NASDAQ: news) lost 0.24% to 2418.67 points.
Merck plunged this afternoon from 8.66% to 37.85 euros, realizing the worst performance of the Dow Jones. The title of the American pharmaceutical company is affected by the refusal of the FDA to authorize a new anti-cholesterol treatment. For Merck as for investors, the coup is rude. A few weeks earlier, the U.S. drugs agency had expressed serious doubts about the effectiveness of one of its flagship treatment, Vytorin. Result from the beginning of the year, the action accuses a fall of over 35% and brokers display their caution.
The macroeconomic figures
The consumer confidence index measured by the Conference Board rose to 62.3 in April, its lowest level since March 2003. It emerged to 65.9 in March, revised 64.5, after 76.4 in February. Economists polled by Reuters tablaient on 62 points.
The values to follow
HONEYWELLHoneywell announced the signing of the definitive agreement to acquire Metrologic Instruments, technology specialist at the scanner, for 720 million dollars. The deal should be completed in the second quarter. Metrologic has made in 2007 a turnover of approximately 246 million dollars.
MERCKMerck announced that the FDA had refused to grant it permission to market a new treatment against cholesterol called Cordaptive. A few weeks ago already, the U.S. drugs agency had doubts about the effectiveness of Vytorine, another anti-cholesterol developed in partnership with Schering-Plough. "We plan to meet with the FDA and to submit additional information to enable it to assess more thoroughly the risk / benefit ratio of MK-O524A," said Peter Kim, president of the Merck research.
OFFICE DEPOT (NYSE: ODP - News) Office Depot recorded a profit of 69 million dollars in the first quarter, or 25 cents per share, against 154 million or 55 cents per share a year earlier. The number two U.S. office supplies explained that the difficulties of the real estate sector in the USA had penalized sales in its main markets.
TAKE-TWOTake-Two has put on sale ® video game Grand Theft Auto IV ¯. This game is the flagship franchise of the group has received very good reviews and could see record sales. ® Grand Theft Auto 4 ¯ could generate a turnover of 400 million dollars in one week. The group is currently the subject of a bid for Electronic Arts (NASDAQ: ERTS - News) at a price of 26 dollars per share Take-Two, which represents a total of 2 billion dollars. A proposal deemed insufficient by the publisher of video games.
U.S. President George W. Bush said Tuesday that economic activity of the USA was "very slow" and that this would be reflected in the figures of growth expected Wednesday, although it has carefully avoided talk of recession, in a press conference .
"I think they will show that this is a very slow economy," he replied to a question about what he expected the figures of Gross Domestic Product (GDP) for the first quarter to be published Wednesday.
But "I can not guess what will be the figure" of growth, he added, asserting that had not been informed in advance of the contents of this report.
Analysts expect a very low growth, of around 0.5% (annual rate), and this report is eagerly awaited by economists who believe in their majority that the USA are already in recession.
To cope with this threat, the central bank should lower its key interest rate a quarter point Wednesday to further reduce it to 2%.
Mr. Bush reiterated that times were "tough" for the economy while refusing to say whether or not it met the criteria of the recession.
"We will leave economists define what it is," he said.
The threat of recession has already pushed the administration to launch a massive relaunch plan, providing some 152 billion dollars of tax rebates for the single year 2008. The first transfers were made Monday and M. Bush has been cautious on whether a new plan.
"Wait and see what effects," he said.
Mr. Bush has ruled out stopping to fill strategic oil reserves, believing that it "would not affect prices on the market.
"We buy about 67,000 barrels of oil per day (...). The global demand is 85 million barrels per day," he stressed.
"I do not think it will affect prices, when you touch a tenth of 1%," he added, judging that it was "in our national interest" to fill these reservations "where there would be a major disruption of crude oil. "
He also refused to comment on the idea of a moratorium on taxing gasoline during the summer, put forward by the Republican John McCain and Democrat Hillary Clinton in the race for the White House.
"I am open to all ideas. And we will analyse everything that is presented to us," he said.
On the international level, Mr. Bush has advocated diplomacy faces serious challenged.
Two weeks before travelling to the Middle East, he said continue to hope for a peace agreement between Israelis and Palestinians before the end of the year, despite the limited time remaining, the lack of progress in negotiations and continuing violence.
He suggested that the initiative of former President Jimmy Carter to speak to the organization radical anti-Israeli Hamas no point in his eyes, because Mr. Bush "(see) no Hamas change" and they "say one thing and do another."
He again denounced the actions of Iran, Syria and the organizations they support in the Palestinian Territories, Iraq and Lebanon.
Thus the "revelation" last week that North Korea, another pet peeve of USA, had helped Syria to build a nuclear reactor that could be used for military purposes should not only force North Korea to show d 'complete good faith in its process of denuclearization, he said. It should also show that Iran could also conduct a clandestine nuclear programme but nobody knows nothing, he said.
British bank HBOS announced plans to increase capital by issuing subscription rights for a total of 4.0 billion pounds sterling (5.1 billion euros) to strengthen its balance sheet weakened by impairment of assets.
The number one mortgage credit in the United Kingdom will provide two new shares for five existing shares at a price of 275 pence, representing a discount of 45% over the closing price on Monday (495.5 p).
HBOS said that its depreciation since the beginning of the year so far amounted to 970 million pounds on its trading activities and 1.87 billion pounds after tax on its banking activities.
She adds that it will reduce its dividend payout ratio of dividends to 40% and the 2008 interim dividend will be paid in shares.
Wall Street opened down after the disappointing results of the giant Visa and rejection by the FDA of the new treatment from Merck (MKGAY.PK - news) against cholesterol. In contrast, Office Depot (NYSE: ODP - news) is being sought through an earnings per share above expectations.
Investors stand on their guard pending the publication of an index on consumer confidence. The other element of uncertainty related to the attitude of the Fed on rates. If a majority of economists predicts a drop of a quarter-point Fed funds rate tomorrow, some believe that the central bank could end tomorrow in its cycle of monetary relaxation.
At 9.45 am local, the Dow Jones (news) yields 0.05% to 12.864,83, the S & P 500, 0.15% at 1.394,21 points and the Nasdaq Composite (NASDAQ: news) 0.21% to 2.419,19 points.
In terms of statistics, the market is waiting to 16.00 index of consumer confidence as calculated by the Conference Board for the month of April. Analysts assume a new downturn after the lowest in five years struck in March.
The Fed on Tuesday began a two-day meeting of its board of monetary policy.
The barrel of WTI crude quality fell by 2.56 dollars to 116.19 after touching a record $ 119.93 Monday.
Merck & Co. abandons 7.65% to 38.26 dollars. The pharmaceutical group announced that the Food and Drug Administration (FDA) has rejected its new drug to increase HDL or "good" cholesterol. Merck did not provide details regarding the reasons given by the FDA to explain its refusal. In Paris, Action Merck fell by 7%.
Visa fell by 4.36% to 72.33 dollars. The first U.S. network of credit cards announced a growth of 28% of its net profits to 314 million in the second quarter of its 2007-2008 fiscal year. It is the first publication of the group since its entry on the stock market, last month. Excluding exceptional items, the result is clear to 52 cents per share, below the 55 cents anticipated by the market. Revenues rose by 21.8% to 1.45 billion dollars.
Office Depot rose by 8.78% to 13.01 dollars. The number one U.S. office supplies saw its net profit fall by more than half to 69 million dollars, the crisis of real estate have weighed on sales of its main markets. The result adjusted per share amounted to 29 cents against 22 cents estimated by analysts. Sales fell by 3% to 3.96 billion dollars.
Take-Two Interactive Software takes 1.02% to 26.74 dollars. The director general of the group believes that sales of game "Grand Theft Auto IV", whose output world takes place this Tuesday, are expected to exceed analysts' forecasts.
Avon Products (NYSE: AVP - news) is gaining 1.47% to 40.69 dollars. The world's number one direct sale of cosmetics products registered a jump of 23% of its net income to $ 184.7 million in the first quarter, the growth of its business in emerging markets and developing offsetting the weakness recorded in USA. Excluding restructuring costs, profit reached 47 cents per share, 3 cents better than expected by Wall Street. The turnover increased by 14% to $ 2.5 billion. Avon said he was confident in its ability to achieve its target operating margin of approximately 14%.
Finally, Corning (NYSE: GLW - news) wins 2.96% to 26.44 dollars. The world's leading manufacturer of glass for flat screens announced a tripling of its net profits to 1.03 billion dollars in the first quarter, boosted by strong demand for laptops and LCD televisions. Excluding exceptional items, profit was 44 cents per share, against 42 cents expected by operators. The billings rose by 24% to 1.62 billion dollars. For the current quarter, Corning expects a profit of at least 47 cents per share excluding exceptional and on a turnover of 1.71 to 1.75 billion dollars, respectively, against 43 cents per title and 1.68 billion dollars estimated by the consensus reached by Bloomberg
Alstom chosen for a tramway project in Dubai
Alstom announced that he had won in a consortium Phase 1 of a tramway project in Dubai.
"The Authority of Roads and Transport of the Government of Dubai (RTA) announced Tuesday, April 29, have attributed the ABS consortium consisting of Alstom, Besix and Serco, Phase 1 of the tramway Al Safooh in Dubai and an option for phase 2 ", the group said in a statement.
"Phase 1 of the project represents more than 500 million euros, with a share of Alstom of around 280 million euros," says Alstom.
The project, whose implementation is scheduled commercial service in 2011, includes in its first phase the delivery of 11 trams, and the construction of a 10-km and 13 stations.
Phase 2 provides 14 additional trains, as well as 4 km of track and six stations. "This grant will allow the opening of final negotiations before signing the contract."
Alstom Transport will provide Citadis trams type 402 equipped with the technology of ground-level power supply APS, as well as signalling systems and distribution of tickets.
In service since 2003 in Bordeaux, and chosen by the cities of Reims, Angers and Orleans, APS technology is "a system without catenary, which helps preserve the urban setting and the historical city centres."
Dubai will be the first city in the Gulf region to install a tramway
- The president of the Ark of Zoe, Eric Breteau, maintains in a book that the Elysée and the Ministry of Foreign Affairs knew from his July 2007 draft exfiltrer children described as orphans Darfur, for which they even expressed "interest".
According to his story "The Ark of Zoe, below the case of States", to be published Friday, Eric Breteau met at the Quai d'Orsay on July 4 Laurent Contini, an adviser to Bernard Kouchner, who assured him that the minister considered the project "politically interesting" because that could revive its own action at the UN in favour of an operation to support the people of this Sudanese province ravaged by a civil war. The advisor referred to the risk of a hostile reaction from Khartoum but concludes the interview by explaining that "it would not oppose the project and to ensure a" benevolent passivity, "said Eric Breteau. In the same day, the latter written thank Laurent Contini-that he calls her by name-for his "excellent reception", according to a copy of the letter presented in the appendix. Bernard Kouchner had said in early April that his ministry was considering prosecution after called into question raised by Eric Breteau in the media. In his book, the president of the Ark of Zoé also evokes a role played by "the assistant Catherine Pégard", a close adviser to Nicolas Sarkozy, which he said he had explained the project in mid-July during a dinner, and who, according to him, said he was "convinced of its merits." The "contact élyséen" (never named) suggests "putting Cécilia Sarkozy on the front of the stage", considering his presence at the arrival of children on the french soil. On 8 April, had denied the Elysée qu'Eric Breteau could have "any contact" with "Catherine Pégard, advisor to the President of the Republic".
mall children with a dog at home would be less likely to develop later respiratory allergies, according to a German study to be published in the May issue of European Journal of chest
For years, the question of benefit in terms of protection against allergies, contact with a pet-haired (dog or cat) from the earliest age, is regularly raised, but the studies have been able to make a definitive answer . Joachim Heinrich (Helmholtz Zentrum, Munich) and his team have followed from birth to 6 years some 9,000 children already included in two cohorts German research on allergies. Parents have been subjected to comprehensive questionnaires, while blood tests have been performed in more than 3,000 children to seek specific antibodies of an "allergic sensitization." The "awareness" is an immune response, distinct from an allergy declared. The researchers found that possession of a dog during early childhood was not related "to a specific awareness hair dogs". However, "the presence of a dog at home was clearly associated with a rate significantly lower awareness pollens and allergies inhaled." The protective effect was not seen among children in regular contact with dogs, but who did not among them. The researchers did not find either of correlation between the fact of owning a dog (a family of ten) or to rub regularly and development of diseases or allergic symptoms (asthma, eczema, allergic rhinitis). Should we recommend to parents to buy a dog 'Researchers believe it is too early to draw that conclusion, insofar as they have not established a clear mechanism that would explain their results . According to Joachim Heinrich, protection could be indirect, including a high exposure of small dog owners to a number of germs that their four-legged companions harvest outside and carry on their hair. The early exposure to multiple infectious agents could stimulate the maturation of the immune system. To check whether this beneficial effect on awareness of respiratory allergens is maintained over time, researchers have provided new analyses when children included in the study have reached the age of 10.
Agreement between principle and Tunisair Airbus firm order for 13 aircraft
The national carrier Tunisair, and the European aircraft manufacturer Airbus have reached an "agreement in principle" for the delivery of thirteen aircraft with three options for a total catalogue of one billion euros, It was learned Monday with the French Presidency.
The contract should include a firm order for 10 single-aisle A320s and 3 long-haul A350s with options on 2 A320 and A350 additional, it was clarified same source. It also provides an "industrial package" which would link the national airline Tunisair the French aerospace industry, "said the French source without giving further details. Representatives from Airbus and the Tunisian Ministry of Transport continuing negotiations on the "finalization" of this contract Monday evening, the first day of the state visit of forty-eight hours of Nicolas Sarkozy in Tunis, said the French presidency . The aerospace equipment french Latécoère, the main supplier of Airbus, announced in February that he was preparing the establishment of a subsidiary low-cost installed in the Maghreb. One of the oldest in Africa (founded in 1948), the Tunisian company operates a fleet of 30 aircraft, Airbus and Boeing, whose average age is seven years. She shares the Tunisian market with two private charter companies, Karthago Airlines and Air New.
Spanish Prime Minister Jose Luis Zapatero said Monday evening that he believed an agreement between political parties in the fight against the basque separatist organization ETA and terrorism, in an interview to public television TVE.
"A form of agreement would be quite welcome, we are setting reasonable goals and limited between all political forces in the fight against ETA and against terrorism. It seems possible, we must work and, of course We must all take a responsible attitude, "said the head of government. However, there will be "no dialogue with the terrorist band ETA. In the end, the only path that remains to be ETA is to abandon weapons," said Zapatero, extended the Spanish head of government after its victory in parliamentary elections on March 9. ETA, listed as terrorist organisations by the European Union, is held responsible for the deaths of more than 800 people in Spain in 40 years of "armed struggle" for independence of the Basque Country.The singer of the band Stone Temple Pilots Scott Weiland was sentenced Monday to eight days in prison for driving under the influence of drugs on recidivism, it was learned judicial source in California ( west).
On 21 November, the musician 40 years had evaded detection by the police after being intercepted at the wheel of his car on the highway junction north-west of Los Angeles. He pleaded guilty Monday and, because of a previous conviction in 2004 for the same reasons, was sentenced in the wake eight days in prison by a judge, who has accompanied his sentence of four years' to ' test and 18 months of detoxification programme. Shortly after the indictment of Weiland early March, members of the group Velvet Revolver, which was part since 2002, announced they had separated from him. Since then, the singer took part in the reformation of Stone Temple Pilots, the group that he had drilled in 1992.
The leadership of Coca-Cola made Monday morning unblock access to the plant Grigny (Essonne), on strike since April 17 for salaries, it was learned source of association and with the direction.
A dozen cadres site Grigny, which produces plastic bottles, have released the access blocked by cans, using forklifts, while a dozen employees were picketing since the morning of Monday is usually a half-day working week, according to Hamid Benahmed, central CGT delegate. There was no incident, "it was not in our mind to go to physical contact," he continued. In addition, invitations to interview prior to redundancies have been issued, said the same source, who was unable to specify the number. Management has confirmed these summonses. The latter confirmed that access to the site was now free, after 11 days during which "we were very ready to listen, and we have tolerated an illegal blocking of the site by a minority". A spokesman insisted that the right of strikers as non-strikers should be respected. "For us, there will be no agreement to end the conflict", told AFP M. Benahmed, who believes that the signing of an agreement tantamount to "surrender". He said there is "little hope" that the movement continues, strikers must meet in the afternoon. The CGT denounced increases "at the mouth of the customer", while the direction of its claims that its proposals later lead to an increase in average wages between 5 and 6.5%. Employees of the production site Coca-Cola de Clamart (Hauts-de-Seine) did strike last Wednesday to Friday and obtained an overall salary increase of 4.5%
More than half of adolescents between 14 and 17 years removed from a polygamous sect of Texas (south) are already mothers or are pregnant, reported Monday social services of that State.
Since early April, 463 children 5 to 17 years (250 girls and 213 boys) have been withdrawn from a huge ranch where recluse living in the community of followers of a sect (FDLS), excluded from the Mormon church and suspected d 'Sexual abuse of minors. According to social services, girls were conditioned to accept from puberty to have sexual relations with their "husbands spiritual" mature and boys of the sect were indoctrinated to perpetuate such practices. The protection services and family have identified 53 girls apparently 14 to 17 years. "We believe that 31 out of 53 already have children or are currently pregnant", told AFP Patrick Crimmins, spokesman for the Department to protect the family from Texas (south). All children removed from the ranch, with the exception of six of them who are sick are now in facilities in Texas, he added, noting that social services were trying to leave all the brothers and sisters and focus on large groups of children. A host has been reserved for 17 women with children under one year. Teenage mothers are not separated from their children and others have a right of access. Further hearings of children should begin in mid-May and no long-term decision has yet been made for their placement. In addition, the Police said the call for help from a teenage girl explaining be pregnant with her second child, who had been behind the raid on the ranch, April 3, could have been a hoax. Investigators say, however, have discovered in the ranch compelling evidence of sexual abuse of minors.
The Argentine government announced Monday the signing Tuesday of contract award, amounting to nearly four billion dollars for the realization of the first high-speed train in Latin America between Buenos Aires and Cordoba, located 700 kilometres north-west.
The signing will take place on Tuesday at mid-day in the presence of the Argentine president Cristina Kirchner and representatives of Veloxia consortium led by the French firm Alstom, which had won this award in January, said the Ministry of Planning in a statement. The Argentine government announced in January have chosen this consortium, the only candidate nominated for this high-speed link, through the pampas, between the Argentine capital and two of the largest cities in the country, Rosario and Cordoba. The corridor Buenos Aires-Rosario-Cordoba is the axis of communication the most important in Argentina. These three cities, with some 15 million people are at the heart of the agro-food Argentina, booming the past five years thanks to the sharp rise in agricultural raw materials. Alstom planned to travel on this route up to eight double-decker trains per day.
Wall Street ended Monday on an indecisive note, investors hesitant between the pessimistic prognosis of the investor Warren Buffett on the U.S. economy, and the good news of redemption stock market confectioner Wrigley by March, for the occasion associated with the same Warren Buffett.
The Dow Jones thirty core values closed down by 0.16% or 20.11 points to 12.871,75 and the index expanded Standard & Poor's 500 Index lost 0.11% (1.47 points) at 1.396,37.
In contrast, the Nasdaq composite market, a strong technology component, has managed to climb 0.06% (1.47 points) at 2.424,40.
The billionaire Warren Buffet has douché the optimism of investors by reiterating that the U.S. economy was in recession in his eyes, and especially adding that it would be more severe than most people anticipate.
"My general feeling is that the recession will be longer and deeper than most people think," he said on CBNC television channel. "It will be neither short nor superficial."
The prognosis came to stoke the fears of investors while looming on the horizon the first estimate of GDP growth in first quarter U.S., Wednesday, and the same day the prospect of a monetary relaxation of only 25 basis points to might augur the end of the cycle of declining rates by the Fed.
COUP FOR THE THUMB OF M & A FIRE IS LONG
No comment could be obtained in immediate with Buffett on his remarks on the economy, but they broke at the end of the meeting momentum on Wall Street by a resurgence of activity on mergers and acquisitions .
The place was so far supported by the announcement that the March confectionery group had joined with the same Warren Buffett to buy Wrigley, world's leading manufacturer of chewing gum, for $ 23 billion (14.7 billion ' euros), and thus form the world's number one confectionery.
The new Wrigley has been burning of 23.15% to 76.91 dollars, and resulted in its wake the competitor Hershley, which took 4.63% to 36.35 dollars. Speakers have also deduced that the share price had perhaps become interesting, and that the time purchases cheaply might have sounded.
Ford was awarded his side 9.47% to 8.21 dollars, another billionaire, Kirk Kerkorian, who announced through his company Tracinda's intention to launch a bid on some of the actions of the carmaker.
The airline U.S. Airways flew about it by 20.39% to 8.62 dollars, sources had indicated that it was in advanced discussions with United Airlines for a merger.
In technology, Microsoft has dropped 2.82% to 28.99 dollars, Yahoo had left past the deadline for its response to draft a possible unfriendly takeover of the giant software without visible new development. The two rival groups, Google took the opportunity to s'adjuger 1.48% to 552.12 dollars.
The unions opposed the move to 41 years of contributions
Reuters
Xavier Bertrand has presented the social partners its pension reform, confirming the gradual shift of the contributory period of 40 years to 41 years in 2012 which unions are opposed.
Considering the Government's plan "serious", the secretary general of the CGT, Bernard Thibault, called for "mobilization of magnitude, starting on 1 May."
"It will in the future for employees work harder, work longer and earn less," he argued.
François Chérèque, leader of the CFDT, said for his part that the government was "not at stake."
"We'll see depending on final decisions, but for now it seems that the government is not ready to change many things in its proposals," he said.
Before receiving the unions, the Minister of Labour had sent Sunday evening a working document of trade unions and employers in which he defends a "balanced package" of areas for reflection and action "fair, generous and expected" to ensure financing of pensions and restore the balance of accounts.
For the government, extending the duration of contribution is the only valid response to increased costs associated with longer life.
All employees' unions oppose this measure, contained in the 2003 law, which stipulates that "unless new element" the duration of contribution will increase to 41 years in 2012, explaining that it would weigh on a small number of workers.
They are a priority of the rising employment rate of 55-64 years, much lower than in France to the European average, which is a precondition for extending the duration of contribution.
"You can lengthen the contribution to 41, 42 years, but if you can not work if you're not in a position to extend your right you will have a decrease your level of pension is therefore a market of dupes ", said the first secretary of the Socialist Party François Hollande on i-Tele.
In the document entitled "Rendez-vous 2008 on pensions," Xavier Bertrand stressed that it "does not claim to be exhaustive and does not include discussions on the future of our pensions".
The Government confirms that the duration of insurance required to qualify for a pension at full rate "will be increased by a quarter per annum to 41 years from 1 January 2012".
TAXER THE STOCK-OPTIONS?
It also provides for the adjustment of the rate of pension will be increased to three times (56% from 1 January 2009, 58% from 1 January 2010 and 60% from 1 January 2011) and 5% per annum of the minimum age by 2012.
To take account of accelerating inflation, the government will carry out a further revaluation of all pensions to 1 September 2008.
For "confirm and amplify the mobilization for employment of older workers," Xavier Bertrand propose to liberalize aggregate employment and raising retirement age gradually to be excused from seeking employment.
Companies will open negotiations on the employment of older workers in order to reach an agreement, including a quantified before the end of 2009.
Those who fail would impose sanctions "from 2010 in the form of additional retirement contributions."
The CGPME, the first organization to be received by the Ministry of Labour Monday morning, hailed a "project broadly balanced".
Jean-Claude Mailly, general secretary of FOR, who called for demonstrations on May 15, expressed concern for its part of a reform which would "gradually towards a system of individual retirement".
The document "maintains some points which are unacceptable for us" including 41 years of contribution, "he said before meeting Xavier Bertrand. Moreover, "in the scheme which has been distributed, which is doing well? Employers, it demands nothing to businesses," he said.
Banks exchange of claims against the capital of Colonial
MADRID (Reuters) - The banks that have lent the principal shareholders of the Colonial equivalent of three billion dollars have begun to sign agreements to exchange their claims against equity participation of Spanish real estate group.
La Caixa, Banco Popular, Bankinter Bancaja and announced that they had restructured debt with the former president of Colonial Luis Portillo and they take a portion of their payment in the form of shares. Others were to follow in the day.
Several Spanish real estate groups, victims of the bursting of the bubble after a Spanish real estate boom which lasted ten years, conducting discussions on restructuring their debts with their creditors.
In the case of Colonial, it will be the first time that banks take direct stakes in the debtor rather than renegotiate the terms of credits or lengthen the maturity of the debt.
Portillo and Luis Nozaleda control 42% of Colonial, which almost all served as collateral for loans but the banking syndicate will be less than 30% of Colonial and will therefore not obliged to launch a takeover bid in good and due form .
La Caixa will hold 5.4% Colonial in partial payment of a loan of 161.3 million euros. Popular will be 9.15%, Bancaja Bankinter 2.77% and 0.46%. Natixis has already exchanged claims against 5.4% stake in Colonial, which derives the bulk of profits from the rental of offices in Paris, Barcelona and Madrid.
Citroën would market a "mini-ludospace"
- Citröen market in December a "mini-ludospace" called the Nemo, urban-oriented, said La Tribune in its edition on Monday.
This little vehicle is spacious and original product in Slovakia and annual volumes could turn around 100,000 units, said the daily.
Although Citroën rejects the term minispace, "this vehicle to the new forms will indeed hunt on the land of the Renault Modus," he says.
It will be a monospace C4 Picasso reduction in developed on the platform 1 of the PSA group (Citroen C3, Peugeot 207…).
The second vice president, Pedro Solbes, who stayed during the interview with the Cedena Ser en la que dijo que la del review in the low growth of the economy is hará "very ready" and considered that the figures of the Bank of Spain, which provides a increase of 2.4 percent of GDP for 2008 and of 2.1 percent for 2009, are "a good
Corbacho cree que el desempleo en construction will increase. Economy
The Central Executive has encrypted economic deterioration that the country suffers. The Minister of Economy, Pedro Solbes, has admitted today that the national economy no pasa por su mejor momento, por eso estimates that the economy crecerá en torno al 2.4% of GDP this year and a 2.1% for 2009.
OTR / PRESS The minister assures that costará time digest the "atracón of the construction" and that the deterioration of the situation that could cause llegue el alza del paro to reach up to 10% of the active population. The minister assures that Spain recover its growth in a couple of years.
The legislature comienza which has a major economic ante la desaceleración that afrontan Spain and its European partners. Thus the second vice president of the Government and Minister of Economy and Hacienda, Pedro Solbes, assured this morning in the Cadena Ser that the deterioration of international la coyuntura faster, it provided al Gobierno ha ha obligado rebajar seven tenths in its initial projection of growth which situaba en el 3.1%.
Solbes indicated that his department "is ending the last numbers" to conduct a review of the figures. "The analysts used systems previsión quite similar. The figures that salieron del Banco de España creo que hare unos days are a good reference", required the vice president, who añadió that the consensus of the analysts located el crecimiento de la economía en el 2 , 3% for this year and in the 1.9% for the next exercise.
In an interview in the program "Hoy por Hoy 'assured that this rebaja de las previsiones has seen a major affected by the crisis financiera registered in the United States, though the high-risk mortgages they have had a direct impact on the national economy, although it did in its level of liquidity and growth.
"It is difficult to give a concrete figure, but at the end of the analysts used systems previsión quite similar. Therefore, if the figures of the Bank of Spain hablan del 2.4% for 2008 and 2.1% for the year that comes, I think is a good reference ", afirmó Solbes.
In their opinion, the Spanish economy is "living a desaceleración economic, that a certain degree was planned after thirteen years of growth, as a consequence of desajuste between the supply and demand in the construction industry, we had a supply excessive and that has pasar a season to digest the atracón y eso going to affect us a couple of years. "
The economic plan del Ejecutivo port, according to the deputy chairman of the three tenths al crecimiento del GDP. Each tenth, explained, supondrá 1,000 million euros more than economic activity, which is traducirá in employment and in a higher quality of life for the citizens.
SUBIDA DEL PARO
The minister, assured the Spanish banks in hidden losses by the subprime, has defended the sanitation and the soundness of the financial system of Spain and the validity of provisiones system of "higher" than the rest of their members.
Besides, Solbes has ensured that the surplus of State, which last year exceeded the 2% of GDP, could soportar the foreseeable increase of stop that, in the worst of cases, could rise 8.6% now to 10% of the active population, although some will be more of 9.5%, ha apuntado.
In this context Solbes has reiterated the need to involve changes in the labour market within the framework of social dialogue and has defended the moderación pay for atajar la inflación strong, but has stated that "if a company is productive in the hay no problem" in climb los sueldos "because going after taking the same costs."
"Until now, the evolution of the teaching profession has been greatly correct and we have avoided the effects of the second round" of the rise of oil, has stated before apuntar que las previsiones enumerate to close the year with a inflación close to 3%.
In relation to publication of balanzas Tax, the minister insistió en que aún quedan unos months to ultimarlas y pidió que no se las balanzas confundan with needs of funding. "No issue is a simple, donde las cosas son blancas the black the amounts indiscutibles. Hay quien piensa que la balanza tax should bring with it a transfer of resources y eso no es well", advirtió.
The vice president also economic confió en que el nuevo modelo de financiación autonomic pueda cerrarse this year. Currently, the Executive has committed to designing the "major political lines" of al summer here and want to begin the contacts with the autonomous governments to see "hasta dónde se puede llegar."
About las presuntas differences that Solbes maintained by aquel entonces con el jefe de la Oficina de Moncloa Economic and current Ministerio de Industria, Miguel Sebastian, the vice president has admitted that although discreparon in their day on topics such as tax reform to the energy sector, " now there are more approach "and in economic policy" no hay que les separen too many things.
The pilots of Air Europe convocan five days of strike
El Español Union of Pilots of Air Lines (Sepla) has convened five days of Air strike in Europe for the days 5, 6, 7, 8 and 9 de mayo, considering that the company vulnerará part of the convention Collective to create a new company .
The spokesperson of union Sepla-Air Europe, Luis Crespi, has said that during five months have been agotado con los responsables group Globalia, owners of the company, all the ways possible to prevent the negotiation of the mobilizations. The Convocation of strike was also develops, si no hay acuerdo, 22 days after the start of the next month of June, all the lunes, miércoles y viernes de manera indefinite though is so scrupulous respetarán los servicios minimum.
Jaime Garrido, responsible trade union of Air Europa, ha dicho que para la huelga cuenta con el respaldo del cien por cien del collective and that the "the strike is the only way that we leave." It also has highlighted that have avoided el puente de mayo y que realizan The Convocation of strike in two legs in order to arrive before the agreements with the company.
The responsible of Sepla have shown that the company has benefits and that the decision to create a new company, which llamará Universal, for most small aircraft flights in the low occupation, involves "decapitar part of the convention of Air Europe."
Sepla considers that the direction of the business group wants with the creation of the new company Air Europa sin dejar part of their production, with the subsequent risk for los puestos de trabajo y la vulneración de lo pactado en el convenio.
Air Europe, open to the negotiation
For its part, the spokesperson of the company Air Europe has shown that no entienden the reasons for the Convocation of the strike or why have been raised from the table of negotiations, ya que la voluntad de la empresa es llegar a acuerdos y la achieve peace company.
It also found that Air Europe, with a fleet of 33 aircraft and 527 pilots, is the only Spanish company which at present is not free of problems of purchases and sales and that remains stable and that the new company is a personal project of Juan Jose Hidalgo, president of Globalia, even without concretar.
Health raises the alarm of the food consumed, girasol accepted after finding a departure contaminated
Bernat Soria cometh in the morning Congress to explain how his department has directed the alert for the commercialization of this product
Rellena the following fields to send this information to other people.
Health raises the alarm of the food consumed, girasol accepted after finding a departure contaminated
Health guarantees that fall without effect the recommendation to the population to avoid the consumption of oil, girasol lanzada el viernes. / Reuters
The Ministry of Health and Consumer guarantees that fall without effect the recommendation to the population to avoid the consumption of oil, girasol and that "all of the accepted girasol that morning will be a la venta en los establecimientos distribution of the proceeds of Ukraine."
In spite of requesting the interruption of the consumption and the sale and distribution of oil, provided they girasol knowledge, this Friday, the existence of a departure with trazas of contamination by hydrocarbons coming from Ukraine, Health has informed that night that "the health authorities and those responsible for the sector have successfully completed the process of collection and replacement of insurance product in the chain of distribution. "
The Minister of Health and Consumption, Bernat Soria, ofrecerá una rueda de prensa morning on "the process that has puesto fin a la food alert issued el viernes." Also this week in the full Congress to own request to explain how his department has directed the alert for the commercialization of this accepted, sources have announced that this department.
Health has pointed out in its release that "both los responsables del Ministerio de Sanidad y Consumo as quieren los representantes del sector emphasize the total coordination with the one that has been developed this process under conditions of speed, efficiency and transparency". In every moment has acted with the only goal of "the protection of the health of consumers from exceeding any other interest and under the strict principle of precaution," added the ministry.
A departure coming from Ukraine
La Agencia Española de Seguridad Alimentaria developed el pasado viernes a los ciudadanos the consumption of oil, girasol after having detected contamination by hydrocarbons in llegadas departures of Ukraine.
The European Commission (EC), which confirmed the existence of accepted in France, Italy, Netherlands, United Kingdom and Spain, explained that, according to the analysis carried out, the risk ante if their consumption situaba en el nivel bajo most of the European scale, pues no pone en peligro human health.
The company was the French Saipol that importó by the French port of Sète sureño a departure of 2,600 tonnes of oil-contaminated girasol coming from Ukraine, which sent them to Spain 125, according to French official sources.
A spokesperson of the Directorate-General of the Represión fraud explained that Saipol supo que ese el pasado martes Loading-who had arrived in the Sète in the February-March was adulterated, and it comunicó al siguiente day after French authorities, which block decidieron immediately all the lots.
American talks with Continental Airlines and U.S. Airways
The U.S. airline American Airlines has conducted preliminary discussions for a merger with his counterpart and U.S. Airways also has advanced discussions to form an alliance with Continental Airlines, said sources familiar with the situation.
The discussions with American Airlines Continental focus on an alliance that could go through sharing agreements passengers, in the style of the SkyTeam alliance that brings together including Air France, Delta Air Lines and Northwest Airlines.
United Airlines is also at the same time in advanced discussions over a merger with U.S. Airways and will choose soon between the latter and Continental, have added to these sources, which state that all these talks have taken place since January, when discussions between Delta and Northwest have become serious.
Delta and Northwest have just announced their proposed merger, in an operation while shares.
Continental is also in advanced discussions with United Airlines for a merger also in action, according to the same sources, adding that the CEO of Continental, Larry Kelner, could be the new package and that of United, Glenn Tilton, chairman of the board of the merged entity. The operation would also be carried out while shares.
United and Continental together form the first global airline, ahead of Delta-Northwest, with 35 billion dollars in turnover and nearly 100,000 employees.
A UNITED ALLIANCE / U.S. AIRWAYS LESS COMPLEX
Some analysts have held that a merger between United and U.S. Airways would be less complex as a combination United / Continental.
Jamie Baker, an analyst at JP Morgan, said recently that an agreement United / US Airways could be easier to align the salaries of pilots of both companies and combine their fleets.
He also recalled that the two groups were already part of the same alliance, Star Alliance.
All airlines concerned have refused to comment on the case.
The U.S. airlines, which face increases of kerosene and an economic slowdown in the USA, rely on a consolidation of the sector to be better able to reduce their costs.
Air Europe surprised by Seplan precision that keeps stoppages in June
The airline Air Europe is' surprised and upset 'by new precision made today by the pilots' union (Seplan) that are maintained to convene from June 1.
The spokesman for the company told Efe that yesterday afternoon agreement was reached to release a joint communiqué between the union Seplan-Air Europe and the company for desconvocar the stoppages, for what he said did not understand 'why now is A new version is not reflected in the statement agreed by both sides'.
The new precision only sowing unrest among the passengers' free ', added the spokesman, who said that next Monday starts a new negotiation, and therefore considered that the statements of Seplan' does not seem a responsible attitude '.
Seplan sources confirmed today that the Efe desconvocatoria the strike was only between 5 and May 9, but remained the second tranche to convene with undefined character on Monday, Wednesday and Friday from June 1.
The strikes were called in protest at the possible creation of a new airline for smaller aircraft on flights of low occupancy, which in the view of pilots, would behead part of the collective agreement of Air Europe.
Today ends the application deadline retail investors buying OPV ops and Itinere
Today concludes the period of purchase applications for retail investors in the initial public offering (IPO) and the public offering of subscription (ops) from the highway concessionaire Itinere.
After closing date of acceptance for retail investors, on Monday April 28 will determine the final sales prices and entities placement may exercise its right to buy or 'green shoe', as has today confirmed the company said in a note sent to the Commission Nacional del Mercado de Valores (CNMV).
On April 30 the process will culminate put into circulation at 150 million shares for the IPO and 88.2 million-ops to 32.2 percent of capital of the company.
These titles will be divided into three tranches, one retailer, which will be allocated 83.37 million shares, 35 percent of the bid and another for foreign institutional investors, who have won titles 119.1 million, 50 per percent of the placement, and for other major Spanish investors, with 35.73 million shares, 15 percent of the bid.
In addition, these titles will be added to the intended placement entities (Caja Madrid, Citigroup, JP Morgan, La Caixa, Santander and UBS Investment), which may exercise their right on the 2.93 percent of the company, 23, 82 million shares.
After placement, 58.98 percent of capital Itinere will be held by Sacyr Vallehermoso, while advisers and senior management of the company controlled 6.71 percent, and the rest of the shareholders will own 34, 31 percent.
Income from PAHO was intended primarily to cancel debt of the company Sacyr amounting to 191 million euros, as well as to fund an expansion plan, which set aside 146.4 million and another 70 commitments to cope with existing investments .
Itinere Infraestructuras, a company born of the merger last December 31 in Europe and the former Itinere Infraestructuras, is listed on the market continuously.
The company is dedicated to manage administrative concessions transport-as highways, railways, transport interchanges or airports and hospitals.
At present participates in 43 concessions (35 highways, three hospitals, two interchanges, one subway line, a concession area of services and an airport) and is present in seven countries (Spain, Chile, Brazil, Costa Rica, Portugal, Ireland and Bulgaria), although 80.5 percent of its revenues come from Spain.
The titles of Itinere rose 1.21 percent yesterday on the Stock Exchange, up 4.89 euros.
Microsoft insists on Yahoo to accept its "generous" offer
1. • Ballmer shortens the time to give an answer to the multinational
The minister of Industry, Miguel Sebastian (left) and chairman of Microsoft, Steve Ballmer, yesterday. Photo: David Castro
The minister of Industry, Miguel Sebastian (left) and chairman of Microsoft, Steve Ballmer, yesterday. Photo: David Castro
Carmen Jane
Mother
Microsoft has not given up on buying Yahoo and thinks impress upon the shareholders of the company next week if this weekend did not receive a response from the board of directors of the company. This was said yesterday by the chairman of the multinational software, Steve Ballmer, in Madrid, where he insisted that his offer is "quite generous" because it represents "80 times the profit" from Yahoo and that its strategy on new business models and shift towards advertising can continue even without the Internet company.
Free program
Ballmer, with over 400 businessmen of the Association for the Advancement of Management, acknowledged that his company has been engaged in a strategic shift in technological developments, the importance of Internet distribution in computer science and competition from Google in consumption, Apple in equipment and software as free business model. "Our main competitor is how it is changing the software industry. I had not believed that anyone had told me 10 years ago that my opponent was going to be free software ... We must add value," he confessed. "We want that 25% of our revenue comes from advertising. Now bill 3,500 million dollars by ads. It's less than Google and Yahoo, but it is significant and has to grow," he said.
To combat them, and as visionary, Ballmer drew a picture where the video and images become increasingly important as advertising and the media. "In 10 years there will be no paper. We will go with screens everywhere and we will have more electronic devices in homes, including domestic servants," he announced, although a little later defended that the mobile and PC have different uses and that is when Mail to write long, he prefers the keyboard altogether. He criticized the business model of the iPhone because "basa at high rates to operators by telephone and low-volume market," while hers is "more volume and less profit."
Randstad, which is being acquired its competitor Vedior to create the second group of Acting World, announced a net profit up slightly in the first quarter and foresees a slow growth of its turnover, a consequence of general economic slowdown.
Net earnings rose by 3% to 73.3 million in first quarter (Reuters consensus: 75 million euros).
Vedior has announced an increase of 5% of its net profit in first quarter to 46.9 million euros (Reuters consensus: 48 million euros), thanks to the strength of its main market, France.
* TURNOVER. It grew by 6% in the first quarter against 9% in the fourth quarter of 2007.
* OPA.
Randstad offers 9.50 euros and 0.32759 per share Vedior share, valuing the latter at 3.1 billion euros. The operation has already been endorsed by the European Union and shareholders.
* BACKGROUND.
Randstad produces 12% of its C.A. in North America and said that the market remains difficult. The Acting is very subject to economic conditions and, during digging, companies tend to rely less on temporary staff.
Last week the U.S. competitor Manpower reported a sharp decline in operating income for its activities in the USA but the opposite result of a sharp rise in international markets. Adecco, the first group of interim world must publish its results on May 6.
* FORECASTS.
The group believes that the trend of weaker growth will continue in the second quarter. "There is no reason for it to go better," said Reuters chief financial officer Robert Jan van Kraat.
Randstad anticipates for the second quarter gross operating surplus (EBITDA or EBITDA) at least equal to that of 130.9 million euros reached a year ago. This projection does not include the contribution of Vedior.
According to its chief financial officer, Randstad is very interested in small acquisitions in Japan and Germany but not in the quarters ahead.
* ANALYSTS.
"It is clear that markets Randstad continue to falter," says Frank van Wijk, an analyst at SNS Securities.
"The prospect is reassuring," said Marc Zwartsenburg, an analyst with ING.
Wall Street closed slightly higher Friday, continuing the rebound in financial values, including through American Express, which eventually eclipsed the disappointing results from software giant Microsoft.
The Dow Jones index of 30 industrial won 42.91 points, or 0.33%, to 12.891,86. The S & P-500, broader, took 9.02 points, or 0.65% at 1.397,84.
The Nasdaq Composite had dropped 5.99 points (-0.25%) at 2.422,93.
On the week, the Dow rose by 0.3%, the S & P 500 by 0.5% and the Nasdaq by 0.5%.
The specialist credit card American Express has supported the trend and rose 5.73% to 47.77 dollars, after a decline weaker-than-expected earnings in the first quarter. The group also confirmed Thursday evening its annual forecasts.
The financial giants as Citigroup (+3.26% to $ 26.60) or Bank of America (+1.14% to 38.30) have also rebounded.
The credit agency semi-public property Freddie Mac has gained 7.38% to 27.94 dollars, after having been at the forefront of redemptions of mortgages to stabilize a market in crisis. His counterpart Fannie Mae has gained 10.35% to 30.93 dollars.
Côté results of companies, Goodyear Tire & Rubber rose 6.09% to 28.91 dollars, after being the beneficiary in the first quarter, and have exceeded the consensus, thanks to higher prices of tyres and a FX favourable.
OUTBREAK OF CRUDE
In the fall, Microsoft has weighed on the index and Nasdaq plunged 6.19% to 29.83 dollars after disappointing sales of Windows and a target profit corresponding to the lowest expectations.
Apple is reached him surnager and won 0.47% to 169.73 dollars.
The diversified industrial group 3M has limited the advance and the Dow fell by 1.66% to 77.82 dollars after announcing Thursday evening a net profit better than expected for the first quarter of 2008, but also a challenge to its goal of turnover, which has disappointed investors.
For indicators, the fact that the index of consumer confidence from the University of Michigan is the lowest for 26 years did not support the indices, which remained in the red much of the session before bouncing back, for the Dow and the S & P 500.
The markets have also suffered from the coup accelerator in oil prices in late afternoon, which saw the Brent North Sea enter a new record at 117.56 dollars a barrel, driven by fears about the supply in Nigeria and the North Sea, and by the increasing tension between the USA and Iran.
With energy prices and real estate, the U.S. consumer remains under pressure and investors remain cautious.
The banks that have lent the principal shareholders of the Colonial equivalent of three billion dollars have begun to sign agreements to exchange their claims against equity participation of Spanish real estate group.
La Caixa, Banco Popular, Bankinter Bancaja and announced that they had restructured debt with the former president of Colonial Luis Portillo and they take a portion of their payment in the form of shares. Others were to follow in the day.
Several Spanish real estate groups, victims of the bursting of the bubble after a Spanish real estate boom which lasted ten years, conducting discussions on restructuring their debts with their creditors.
In the case of Colonial, it will be the first time that banks take direct stakes in the debtor rather than renegotiate the terms of credits or lengthen the maturity of the debt.
Portillo and Luis Nozaleda control 42% of Colonial, which almost all served as collateral for loans but the banking syndicate will be less than 30% of Colonial and will therefore not obliged to launch a takeover bid in good and due form .
La Caixa will hold 5.4% Colonial in partial payment of a loan of 161.3 million euros. Popular will be 9.15%, Bancaja Bankinter 2.77% and 0.46%. Natixis has already exchanged claims against 5.4% stake in Colonial, which derives the bulk of profits from the rental of offices in Paris, Barcelona and Madrid.
Jane Barrett, French Wilfrid Exbrayat
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American Airlines in talks with Continental and U.S. Airways
NEW YORK (AP) - The U.S. airline American Airlines has conducted preliminary discussions for a merger with his counterpart and U.S. Airways also has advanced discussions to form an alliance with Continental Airlines, according to sources familiar with the situation .
Continental is also in advanced discussions with United Airlines for a merger.
Jui Chakravorty, French Stanislas Dembinski
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Francois Fillon said in turn take a share error
The Prime Minister, Francois Fillon, recognizes, as President Nicolas Sarkozy has done this week, having committed errors in government communications during the past year.
"I assume my part of error," he said in an interview with the Journal du Dimanche, arguing that the government should have shown more combative face criticism from the leftist opposition.
"I particularly regret not having been at that time, more offensive facing a left travestissait truth with numbers and false arguments architecture," says Francois Fillon.
"We would have had to fight this false and irresponsible speech with more firmness. I thought it was so far removed from reality that it would not take in public opinion. I have been wrong," he said yet.
New record oil prices, above $ 117 a barrel of Brent
The price of Brent North Sea has reached Friday for the first time 117 dollars a barrel. A strike planned Sunday in Scotland posing threats to production in the North Sea.
The Brent exceeded 117 dollars a barrel
The Brent exceeded 117 dollars a barrel
The price of Brent North Sea has exceeded Friday for the first time 117 dollars a barrel, climbing to unprecedented price of $ 177.51. Oil prices have also grimpés above 119 dollars a barrel in New York at 119.10 dollars, without exceeding their record of $ 119.90 set on Tuesday.
The British Secretary of State for Energy, Malcolm Wicks, admitted that the strike of a refinery Scottish scheduled Sunday could affect the timely distribution of fuel. He said that oil reserves were sufficient, but that the main problem was to deliver to distributors.
Nevertheless, investors s'inquiétent threats on the supply of prétrole in the North Sea, as well as possible violence in the Gulf. Beyond the risks of spot shortages in some fuel stations, closure of the refinery at Grangemouth, Scotland, could affect the operation of the terminal neighbouring Kinneil, controlled by the group BP and its energy supplies. This could lead, therefore, the closure of the Forties pipeline.
The British oil giant BP said Friday that the Forties pipeline, which carries a large portion of oil from the North Sea (700,000 barrels per day) was still running, and no decision about its possible closure had been taken, even though it stood ready to do so if the situation required.
FLNC-UC: seven under investigation including two for attempted murder
Sept militants suspected of FLNC-Union of Fighters (FLNC-UC) have been placed under investigation Friday, including two attempted murders in the wake of two attacks in Ajaccio: a jet grenade against Prefecture last December and mitraillage courthouse in February, it was official sources said.
They must be submitted at the end of the day a judge liberties and detention which must rule on their provisional detention. The Paris prosecutor has taken requisitioning of warrant against the seven men, it was said that judicial source.
Investigators believe they have dismantled a cell of the FLNC-UC in the area of Ajaccio composed of a "boss", aged 27, helped by a "second", aged 20 and described by judicial sources "hard" and "uncontrollable". The other five people are aged twenty years. This divestiture is the first of its kind since 2002, when one of the cells of the FLNC Anonymous said had been brought to light.
The head of the cell of the FLNC-UC and his assistant are indicted for the attack against the prefecture of Ajaccio on December 20, 2007, when a grenade was thrown into the court and the court mitraillage high forum on February 19, where a burst of projectile had on file in the portfolio of one faction of CRS in front of the public building.
The first is being prosecuted for "complicity in attempted murder" and "management and coordination of a terrorist enterprise", the second for "attempted murder". With the exception of the head of the cell, the first minor Corsican to have been sentenced to two years' imprisonment for acts of a terrorist nature in 2000, the others are unknown to police departments, it was clear from the same sources.
The prosecution, arguing that there is clearly a willingness homicide in the attacks against the prefecture and mitraillage of TGI in February, opened a judicial investigation for "attempted murder". The five others are under investigation for criminal association in relation with a terrorist crime. The first two face rigorous imprisonment for life and the remaining 20 years of imprisonment.
"In the progression of the attacks, there are more risks taken," it was said judicial source. On the night of 19 to 20 February, the CRS faction on courthouse Ajaccio had suffered several shots fired up to humans.
The seven suspected militants were arrested Monday on rogatory commission investigating judges Thierry Fragnoli and Gilbert Thiel, as part of an investigation initiated in early February on a suspected weapons cache in a box in Ajaccio. Five people were identified by investigators in monitoring this box.
During their custody, these seven people have recognized very quickly their participation in various attacks, it was said judicial sources. This cell seems to have been put in place before autumn. Its members, through their statements, were informed of the existence of other cells of the FLNC-UC in Corsica. It seems that the recruitment had been made at the request of the leadership of the FLNC-UC, it was clear from the same sources.
In addition, two other people were arrested Thursday and Friday in Corsica and should be presented Monday to magistrates.
Last December, the FLNC-UC, a Corsican underground organizations, had claimed some twenty attacks have targeted buildings both public and private. In February, this small group, at the approach of municipal elections, threatened the "non-Corsican voters" in advising them not to take part in polls
