The discontent is growing in the world facing higher gasoline prices in the wake of the oil prices that have exceeded $ 135 a barrel this week, demonstrations and strikes are multiplying.
The french fishermen who have obtained their government aid to cope with the rising price of diesel, have been emulated in Spain and Portugal.
Operation 'full free' by fishermen angry, May 23, 2008 in Morlaix
Enlarge photo
The Spanish fishermen have announced a demonstration in Madrid in late May and threaten to stop fishing in June if they receive no assistance. "We are calling for measures similar to those taken in France, with reductions in social charges or taxes," said Jose Antonio Suarez, head of an association of shipowners.
In Portugal, fishermen have announced a strike for May 30. "Our business is more profitable. In three years, we supported only increases in fuel prices without any government support," said the chairman of the owners of the port of Peniche (centre of coastline), Humberto Jorge.
Also in Europe, the Bulgarian bus drivers who demonstrated Friday and threatened to strike. The bus is very developed in Bulgaria (70% passengers) because of its competitive price, while the population is the poorest in the EU, with an average salary of 285 euros.
The price of diesel (1.30 euro), is currently higher than in nine other EU countries, according to a comparative table published in the Hungarian press.
It remains however below the Italy (1.53 euro), the Netherlands (1.44), Belgium (1.40), Germany (1.38), Finland (1.36) and France (1.35), according to figures for the week of May 18 to 24 collected by the International Road Transport Union (IRU).
In Moscow, hundreds of demonstrators gathered Saturday to denounce the rise in prices while Russia ranks second worldwide for the production and export of oil. Have Similar rallies were scheduled in at least 47 cities across the country.
A liter of gasoline cost an average of 21.25 roubles (0.57 euro) in Russia on May 12 and a litre of diesel 21.94 roubles (0.59 euros), according to figures from the federal statistics office Rosstat , Respectively, representing an increase of 9% and 12.2% since January.
In the USA, for the first time since the oil crisis of 70 years, data from the Ministry of Transport show that motorists have rolled 4.3% decline in miles (1 mile = 1.6 kilometers) that a year ago.
The average price for a gallons (3.8 liters) of gasoline in the USA reached $ 3.91 this week, up 21% over a year, according to figures from the American Automobile Club (AAA (Xetra : 722800 - news)).
In Asia, many governments are cutting back subsidies that allowed them to limit the rise in fuel.
The Indonesian authorities announced Wednesday that their prices would soon rise by 28.7%. "There is no guarantee that prices will not be further increased," said Vice President Jusuf Kalla. "But, again, it will not affect the poor," he continued.
Indonesia is the fourth most populous country on the planet and a producer of oil. To compensate for the increase, the government plans to distribute 1.5 billion dollars in grants to the poorest. But thousands of Indonesians are down this week in the streets to demand that the government waives the increase announced.
In India, a price increase is "inevitable" to help public companies that sell fuel at prices heavily subsidized, "said Minister of Petroleum MS Srinivasan Friday. According to the Indian press, the increase could exceed 20% for petrol and 16% for diesel.
Date Number of action constituting the capital Number of voting rights exercisable in the General Assembly on April 30, 2008 2 400 760 054 2 349 405 983
The total number of voting rights attached to these 2 400 760 054 shares sélève to 2 610 558 630 voting rights (called 'voting rights theory "), Brazil is taken into account: 200 662 536 voting rights attached to 100 331 268 shares held by subsidiaries of TOTAL SA which can not be exercised in the General Assembly under Article L.233-31 of the Commercial Code, 60 490 111 voting rights corresponding to 60 490 111 shares held by TOTAL SA deprived of voting rights under Articles
French
The Franco-Dutch airline Air France-KLM has reached an agreement with the Dutch technological society AlgaeLink for the production of fuel-based algae for airplanes, said Monday a spokesman for KLM. The company AlgaeLink located in the southern Netherlands, announced it had signed an exclusive agreement with KLM last April on the development of an alternative fuel made from seaweed, as COO of AlgaeLink Peter van den Dorpel. The latter has also indicated that the project was currently gaining momentum with the culture of algae in the Netherlands and Spain, in the perspective qu'AlgaeLink begins to deliver fuel to KLM by the end 2008
A TROUBLING, CRISPATION RENEWAL OF OIL AND UNDER PRESSURE OF INFLATION HANTISE ... MARKET UNDER INFLUENCE!
A TROUBLING ...
After having started the week with an increase of 16% compared to the low point of 17 March, the Bombay Stock Exchange then, like other places, returned ending a sequence of seven meetings beyond 5,000 points to complete a weekly decline of -2.8% to 4933.74 points CAC40 is a lowest since April 24 and an annual retreat back to -12.1% -18.4% year over year.
The SP500 has experienced its worst week since three months abandoning -3.5% or -6.3% over the year and -8.7% over the last twelve months.
... RENEWAL OF CRISPATION ...
The winds have certainly not lacking. There was first a series of indicators and statistics bleak in Europe, with the notable exception of Germany whose economy reaps the fruits of reforms carried out since 10 years as illustrated by the IFO index while in France the new stall consumption augurs badly performance of the second quarter.
Wednesday, the USA strong downward revision of growth forecasts by the Fed in a range of 0,3-1,2% versus 1,3-2% previously contained a scenario of near-recession in the great displeasure of Observers who have received this information as a cold shower as it was accompanied by an assessment of prospects for inflation. As if this were not enough, sales of old houses have continued to decline but more importantly prices also -8% over a year without it prevents stocks to grow by +10.5% and settling at the highest past 20 years, it has led to the idea that real estate crisis pace.
This combination of threats to economic activity caused a renewal of tension investors especially as fears about inflationary s'exacerbaient with oil prices.
... OIL UNDER PRESSURE ...
The surge in oil prices has accelerated with the reappearance of the theme of the shortage or at least the fragility of the current balance between supply and demand to thank you for any accident or incident seriously. The barrel was chained record after record (135 dollars a barrel Thursday) to finish the week at 131.7 dollars, up +30% over the year to a near doubling in a year, the average price reaching 2007 to 72 dollars.
This surge in prices is feared about its multiple consequences. Dores and already, for example, ocean freight rates are at the highest historical and sometimes exceed the value of the cargo as in the case of iron ore (X10 to 5 years). The outbreak of pressure gross household spending forced to arbitrate their spending while companies have to cope with their rising costs and sluggish demand often prevented from passing.
In this context, analysts face the warning signs of a chain they fear, namely: lower demand, higher costs, not price elasticity and ultimately lower margins ... and profits. Investors, for their part have conducted arbitrations sector, identifying the most vulnerable sectors such as aviation, automobiles, food, even distribution and enhancing their investment on raw materials (mines ...) oil sector and para-oil.
... THE HANTISE OF INFLATION ...
The high cost of energy and food prices affect the price indices and economists wonder about the risk of contagion on underlying inflation so far limited. Should it be otherwise, arbitrations consumer purchasing power packed afffecteraient many sectors and weigh on activity where renewed fears of stagflation, disaster scenario that appears unlikely but whose mere mention poisoning a climate already degraded.
As always in troubled times, markets LT rates have regained their role as a refuge. The 10-year rates have fallen to 3.83% in the USA and 4.26% in Europe while expectations of interest rate cuts by central banks refluaient for the Fed and were even up for the ECB to a probability increase towards the first quarter of 2009.
In this context, the rebound in the dollar was not sustained, the euro being determined +1.2% on the week (euro / dollar: 1576) is +8% over the year and +17.4% one year.
... MARKET UNDER INFLUENCE.
The rebound in risk aversion was brutal drop in equity markets, increased volatility, reflux dollar appreciation bond markets. The week ahead will be abbreviated to the USA because of Memerial Day and the United Kingdom but will be listened to the oil and its impact, particularly on prices.
The economic publications in Europe we learn about trust and economic sense but also on retail prices. In the USA will focus on indicators of consumer confidence (Conference Board and Michigan) while we take cognizance of the second estimate of GDP for the first quarter Friday and then spending and household income along with the index PCE price preferred by the Fed.
Markets should evolve under the influence of the evolution of crude and its effects especially since the few publications results of U.S. companies relate mainly distribution companies.
Oil prices were on the upside Monday while a new attack in Nigeria has targeted a site of Shell (London: RDSB.L - news) and that, as the president of OPEC, courts should not fall soon.
The oil company Anglo-Dutch confirmed to AFP Monday that an attack had been carried out the previous night by armed men in southern Nigeria against a pumping station that she had to stop to stop the flow of oil .
Oil wells in North Dakota, USA, in May 2007
Enlarge photo
Shell states also have "stopped a portion of production to avoid the continuation of these flows" after the attack claimed by the Movement of Emancipation of the Niger Delta (MEND), the main armed group in the Niger Delta, the area oil production.
The announcement provoked a new pressure on oil prices even in a volume of electronic transactions very reduced because of public holidays in the USA and Great Britain.
Around 15H00 GMT, the price of a barrel of light sweet crude for delivery in July gained 71 cents to 132.90 dollars per barrel in electronic exchanges morning, having closed at 132.19 dollars a barrel Friday in New York. The barrel of Brent oil for delivery in July rose to 1.12 dollar to 132.69 dollars.
"Today, the market development is limited to not much, so I'm not sure that it is significant much in terms of trend," Frederic Lasserre noted, however, the General Company (Paris: FR0000130809 - News).
A pipeline installation oil Shel to Awoba in southern Nigeria, September 25, 2005
Enlarge photo
The incidents in Nigeria "may explain the 90 cents or dollar increase, it said the news on Nigeria are still recurring, therefore it is not a new + + as such," he said.
Since May 19, prices have gained nearly six dollars for light sweet crude and more than seven dollars for Brent.
The Algerian Minister of Energy and current president of the Organization of the Petroleum Exporting Countries (OPEC), Chakib Khelil, has not hidden Monday he did by relaxing next.
"We are going to see a price increase, particularly if the economic situation the USA is maintained and that the dollar continues to devalue, he said in an interview with Spanish national radio.
Echoing themes known to OPEC, he blamed the increase on the speculators, geopolitical unrest and the weak dollar, all "factors beyond the control of the organization."
"If OPEC decides to increase production, (...) because of speculation, this increase will not really bring down prices," said Algerian Minister.
Oil prices had accelerated their climb last week crossing the symbolic threshold of $ 130, then $ 135 before slightly reflux.
According Nathalie Alazard-Cough, director of economic studies at the Institute french Petroleum (IFP) players in the oil market "anticipate a difficulty to increase production capacity at a rate which increases the demand" but "that does not mean that there are more resources in the basement. "
In the meantime, higher prices affects the price of gasoline at the pump. In France, fuel prices have reached last week to new highs for the seventh consecutive week, including fuel oil crossing the threshold of 1 euro per litre, according to figures of the French Union of Petroleum Industry (Ufip) published Monday.
The Indonesian President Susilo Bambang Yudhoyono has also been forced to postpone a tour of Europe scheduled for early June because of events caused by the decision of his government to reduce subsidies on petrol. This will induce an average increase of nearly 29% in fuel prices. Indonesia is an oil-producing country and belongs to OPEC.
The international community has urged Burma Sunday to save survivors of Hurricane leaving, as promised, enter all humanitarian foreigners at an international conference where the junta hoped billions of dollars for reconstruction.
"We must all keep their eyes riveted on the immediate objective: to save lives," launched the UN Secretary General, Ban Ki-moon, at the opening of the meeting.
When the conference had been announced last week by the United Nations and the Association of nations of Southeast Asia (Asean), Burma was estimated at 10.7 billion dollars the damage caused by Nargis.
But the debate closed Sunday, no figure was provided on pledges to this poor country, ravaged 2 and May 3 by one of the worst disasters of recent history.
Nargis has already claimed at least 133,600 people dead or missing and 2.4 million people were affected.
Burma: donors' conference, urging the junta to save survivors
© 2008 AFP
Burma: donors' conference, urging the junta to save survivors
"Our immediate challenge is humanitarian," pleaded Mr. Ban, which provides that "relief will last (...) probably at least six months to feed and care for those who have lost everything."
Of course, "infrastructure must be rebuilt" but "this can not be our main concern," warned the secretary general.
For the head of Humanitarian Affairs of the United Nations, John Holmes, "we are clearly still in the emergency phase of this crisis".
The Burmese military leaders are well aware of "the need to act urgently", assured Ban Ki-moon, although the last three weeks, the humanitarian drama is played virtually closed.
"I hope and believe that any hesitation that the government of Burma has had (...) could soon be a thing of the past", he said, hoping that "this marks a turning point for overcoming the challenges is facing this country. "
With wanting positive, M. Ban praised the "new spirit of cooperation" between the junta and the international community.
Even China, neighbour and ally of the regime of the generals, supported a "greater role" for UN in Burma, said its Foreign Minister Yang Jiechi.
Burma: donors' conference, urging the junta to save survivors
© 2008 AFP
Burma: donors' conference, urging the junta to save survivors
Ban Ki-moon won Friday in an interview with the exceptional Burmese leader Than Shwe, the green light to the arrival of "all international humanitarian workers".
The generals are "totally in line with the agreement" Friday with Than Shwe, assured Mr. Ban.
But in the first direct statement from the authorities, Prime Minister Thein Sein has cautiously indicated that Burma was "ready to accept these groups (humanitarian) interested in the reconstruction and rehabilitation, according to our priorities and scope Labour has to be done. "
"We will examine the possibility of letting them (come)," he added. Ban Ki-moon expressed "very encouraged" by this statement.
The agreement in principle is a general apparent concession after weeks of stalemate on the part of a junta to suspicious against Westerners and jealous of its sovereignty.
NGOs and diplomats are nevertheless warned against excessive optimism, waiting to see on the ground if the regime keeps its commitments.
Car for the international community and humanitarian organizations, it is important above all to access the faster the delta of the Irrawaddy (south-west).
Burma: donors' conference, urging the junta to save survivors
© 2008 AFP
Burma: donors' conference, urging the junta to save survivors
"The rapid implementation and complete (the commitment of the junta) will be crucial," admitted Ban Ki-moon, promising to be "closely, continuously and personally engaged" in this case.
The "conference participants want to see the promises translated into action," added Mr. Holmes.
The USA, who sent more than two dozen airplanes assistance to Burma and 20 million dollars "are ready to offer much more," assured their charge d'affaires, Shari Villarosa, who wants to "act quickly to avoid further casualties. "
For the Ambassador of the European Commission, Friedrich Hamburger, the conference is "a step in the right direction" while France has held that a "free access of international humanitarian workers in the area of the delta remains indispensable."
Last Updated: Sunday, May 25, 2008
Concerns about oil overshadow the performance of Air France
Air France-KLM has published Thursday a record operating profit (1.4 billion euros) for the year 2007-2008, and its title fell by 10.24% at the close in Paris. His performances were erased by concerns over soaring oil prices. The CEO Jean-Cyril Spinetta has recognized that "the difficult years ahead," before revising the group's profitability to decline, stress Les Echos.
The fee will not increase
Eric Woerth has promised Thursday: "there will be no increase in fees" to fill the lack of funds after the elimination of advertising on public channels. It will therefore remain at 116 euros per household, note Le Parisien. The Minister of Budget has therefore rejected a tracks made by Jean-François Copé, chairman of the Committee on New public television.
Coup de theatre at the AG Atos Origin
Sometimes nothing goes as planned and events go wrong. Example with the general meeting of Atos Origin as its chairman of the board, Philippe Germond, has adjourned. The reason, said the British business daily Financial Times, the statement by the Chairman of the Supervisory Board, Gérard Guerguerian, eventually supported some proposals investment fund Pardus and Centaurus. "Traitor," shouted some shareholders, anxious to see these companies take control of the group. Atos should convene another meeting in early June.
GDF in the line of fire from Brussels
The European Commission opens an investigation into Gaz de France, which it suspected of anti-competitive practices. She suspected the gas lights of "pre-empting any available space in the pipes (gas transmission; ndlr) to the detriment of its competitors and, in addition, not to develop other pipes," says Liberation Friday. GDF provides him never to have received complaints from its rivals and risk a fine of 10% of its annual turnover.
Equal opportunities for growth!
The World Bank and Nobel laureate Michael Spence studied 13 countries whose economic growth has increased by 7% on average since the end of the Second World War. The Asia largely dominates the rankings (Japan, Hong Kong, China, Thailand ...), a classification whose experts have learned several lessons. These "economic miracles" all have in common, writes La Tribune (paid), a "country-specific strategy", "savings rates and high investment" and "the interests of ensuring equal opportunities" .
A report blames the management of the Company General
The colossal loss suffered by the firm in February and charged the trader Jerome Kerviel may not be the work of one man. The U.S. daily International Herald Tribune back on a report by international experts which involves the management of the French bank. The establishment has dismissed two of his superiors and his assistant.
.
In Paris, about 50 000 people paraded yesterday. In the procession, few retirees were present but public officials and employees of private cotoyaient.
In Paris, about 50 000 people paraded yesterday. In the procession, few retirees were present but public officials and employees of private cotoyaient.
The unions have gathered between 300 000 and 700 000 persons against the passage to 41 years of contributions. They have not yet defined their strategy for further movement, in the face of the strong government.
Neither a wave nor a failure. The demonstrations against the pension reform yesterday attended by some 300 000 participants across France according to police, between 430 000 (FP) 700 and 000 (CGT), according to the unions, which targeted 500 000. The processions were particularly provided in Marseilles, Toulouse, Lille, Nantes and Grenoble.
In the capital, about 50 000 people paraded. From Bernard Thibault (CGT), Bernard Van Craeynest (CGC), François Chérèque (CGT) Gerard Aschieri (FSU), Jean-Claude Mailly (FP) Jacques Voisin (CFTC), Alain Olive (Unsa) Annick Coupe (Solidarity) trade union leaders marched together behind a banner "for the defence of retirement solidarity." In the procession, some retirees, a majority of public officials (8% officials have made about strike, according Bercy), but also employees of private (Air France, banking, food, metallurgy…). Polo red and CGT cap on his head, Claude, 52, an employee at an American manufacturer of computer servers, explained his presence with a bitter smile: "37 and a half years, 40 years, now 41 years: I have the impression that I run behind retirement and I wonder if j'arriverai to catch up! We are asked to work longer but in my company, which makes profits, it puts everyone outside to 58 years. "
Some took the opportunity to advance other demands: higher wages for this steward of a hospital, abandoning the deletion of posts for a handful of students, regularization of undocumented workers for several groups.
This day will be enough to make it the government? The unions know that not "The mobilization is a little disappointing," acknowledged even aside a trade union leader. But they recall that in 2006 they had managed to return to the attack, with demonstrations increasingly powerful, to get the head of PBS. "Turnout was fairly good in private, although we did not really called for the strike. It was therefore had reservations on that side, "says Jean-Louis Malys (CFDT).
Leading reform "quickly and well"
However, unions were kept from yesterday to announce a new day of mobilisation. "The ball is in the government," said the CGT. "We will rapidly. A phone call is quick, "says Jean-Claude Mailly (FP).
Yesterday evening on France 3, Labour Minister Xavier Bertrand, merely repeating that the government's project was "balanced" and should "protect the retirement of all French." At the Élysée, we intend to carry out reform "quickly and well" in consultation with the unions on specific issues to implement (including the employment of older workers plan), but without seeking the signing of this or that organization after a negotiation Solemn impossible to obtain, estimated at approaching elections for industrial relations which promote the bidding.
Mobilization reduced teachers, students, parents
housands of people marched Saturday in major French cities against the 11200 job cuts planned this year in National Education, which the Minister of Education remains inflexible.
The FSU, the first union of National Education has announced about 40,000 demonstrators, including 7,000 to 8,000 in Paris. The Interior Ministry has accounted for its share 18,400 demonstrators throughout France.
With 6,500 participants according to police, Nantes event has attracted the most, followed by Paris (4000), Toulouse (2000), Rennes (930) and Lyon (800).
On 15 May, 50,000 to 60,000 people had marched in Paris, according to the unions, which had announced several hundreds of thousands of demonstrators in total.
"This is less than 18 or 15 but obviously it is the fourth day of action in ten days", told Reuters the secretary general of the FSU, Gerard Aschieri.
"In these circumstances, we are satisfied, it makes us think there is a mobilization that is able to endure," he added.
The unions are to meet early next week to decide on the action of the movement, probably Tuesday, he added.
"With the tray and the holidays approach, we have a forced timetable but there is space to do things", said Gerard Aschieri. "The discontent and expectations are still there and will be there at the beginning unless the government moves."
"THRESHOLD CRITICISM"
Nineteen organizations, unions, teachers, students and parents associations had called a scroll in major cities.
To the question of job cuts has grafted the announcement of a possible generalization of a "minimum service" host in schools, seen by unions as a violation of the right to strike.
The secretary general of the Unsa-Education, Patrick Gonthier, had called on union members to "increase pressure", holding that the abolition of posts reached a "critical threshold" and that "the functioning of institutions is reached."
The fear of a deterioration of education-related non-replacement this year of 8,800 professors from colleges and high schools starting to retire prompted thousands of schoolchildren in the streets. But the movement has délité in mid-May after the announcement by Education Minister Xavier Darcos, assistance to students.
Since the conflict began, the minister says that the quality of education does not depend on the number of teachers.
A high school student french cost 22% more expensive than the average for OECD countries and follows 30% of class hours over but the results remain poor, he stressed on many occasions.
In a letter to unions, Xavier Darcos assured Monday that reforms to come, including that of high school, would result in better service to students and improved career development and working conditions of teachers.
In late 2007, the Ministry of Education had 1065 million civil servants, including about 840,000 teachers. Among them are 415,000 teachers in secondary schools and 320,000 in the primary.
A
fter the fishermen of Sables d'Olonne (Vendée), the fishermen of Saint-Gilles-Croix-de-vie (Vendée), meeting Sunday, May 25, decided to lift the blockade of that port, started eight days earlier. "The proposals by Mr Barnier [Minister of Agriculture and Fisheries] are likely to ease things and we provide diesel to 40 cents" per litre, against 75 currently, "said Francis Charrier, secretary of local committee Fishery. Some 70 trawlers and nets were to resume Wednesday in the day, "said Charrier, stating that Saint Gilles was the only port des Pays-de-la-Loire that has not yet decided to lift the blockade or strike.
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"Michel Barnier promised to fishermen diesel fuel at 40 cents permanently"
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The facts fishermen from the port of Sables-d'Olonne "suspend" their strike
Facts On fuel prices, major problem for the Elysée
Télézapping The fishermen want to be heard
The facts carriers, farmers and fishermen mobilized
A Cherbourg (Channel), fishermen have decided Sunday to maintain the blockade until another meeting Monday, but "it s'apaise slowly," according to the chairman of the local fisheries, Daniel Lejuez.
In Calvados, "all ports remain blocked from Port-en-Bessin, where stalls were empty, however, the Sunday market port Sunday morning," said a gendarme of the operational centre of the department. "Ouistreham, Grandcamp and Courseulles - on-sea, the fishermen leave boaters return to port but not out. A Ouistreham, they control systematically seeking fish all trucks fridges are descended from car-ferry which accuse some delay but are not blocked, " he added.
The general meetings are planned Monday in particular in Boulogne-sur-Mer (Pas-de-Calais), the first french fishing port, Le Guilvinec (Finistère), the first artisanal fishing port french, Lorient (Morbihan), the second fishing port french tonnage, Saint-Malo (Ille-et-Vilaine), Granville (UK) or La Rochelle, ports still on strike or blocked
Anti-immigrant violence has spread to Cape Town where mobs attacked Somalis and Zimbabweans, and looted their homes and shops, the police said today.
Hundreds of African migrants were evacuated overnight from a squatter camp near Cape Town, the hub of South Africa's tourism industry. Somali-owned shops also were looted in Knysna, a resort town on the south-western coast.
One Somali died overnight but it was unclear whether the death was linked to the attacks.
At least 42 people have been killed and more than 25,000 driven from their homes in 12 days of attacks by mobs that accuse African migrants of taking jobs and fuelling crime. More than 500 people have been arrested.
The unrest began in the Johannesburg area but has spread to other provinces. Authorities warned more attacks were expected over the weekend and said that they would seek additional assistance from the military, if necessary.
ust months after putting his £40-million house at Bishops Avenue on sale, Indian steel tycoon Lakshmi Mittal is said to have splurged £117 million to buy a new mansion here — making it possibly the world's costliest home.
Britain's richest man Mittal has purchased the palatial home on Kensington Palace Gardens, a street dubbed Billionaires' Row in West London, fully furnished and with an art collection for his 32-year-old son Aditya, leading tabloid 'The Sun' reported today.
However, according to the tabloid, Mittal — who moved into the half-mile, tree-lined private avenue four years back after paying £67 million for a 12-bedroom house — has denied buying the residence which works out at an astonishing £8,000 per square foot.
Mittal had recently put his 11-bedroom Summer Palace — one of Britain's most expensive homes — on Bishops Avenue on sale after one of his neighbours, the Barratt family, got approval from the civic authorities to build luxury apartments next door.
The 57-year-old world's largest steel maker, whose fortune is estimated at £51 billion, had earlier led an unsuccessful attempt to prevent the builder getting the permission from the local city council which outrightly rejected his appea
A Canadian hairdresser who claimed substantial damages for having suffered severe depressive disorders affecting his sex life after having found a dead fly in a jug of water he had purchased, was dismissed Thursday by the Supreme Court of Canada.
Waddah Mustapha had found a dead fly and the remains of another fly in a jug of water still sealed delivered to his home in 2001 and had initiated proceedings against the bottling company.
He said "having suffered severe depressive disorders accompanied by phobias and anxiety", according to the expectations of the Court.
Mr. Mustapha had also argued that his phobia of flies after the incident had affected his sex life and professional and it was difficult to take showers.
While considering its response "objectively bizarre", a judge granted him about $ 341,000 damage. The decision was reversed on appeal, confirmed Thursday what the highest court in Canada.
The Supreme Court has recognized that the complainant had suffered "debilitating psychiatric disorders who had a considerable impact on his life."
But she considered unanimously by its nine judges, that the manufacturer could not be sentenced to pay damages because he could not have foreseen such a reaction of the complainant.
Mr. Mustapha "has not established that it was foreseeable that a person with an ordinary resilience suffer serious harm in seeing the remains of flies in the water bottle he was preparing to install," writes the Chief Justice Beverley McLachlin.
"Unusual or extreme reactions to events resulting from negligence are conceivable, but it is not reasonably foreseeable," she says.
The popularity of President Nicolas Sarkozy is down one point to 35%, Prime Minister Francois Fillon also losing one point to 51%, according to an IFOP poll to be published in the Journal du Dimanche.
The score of 35% of favourable opinions is the lowest registered by the Head of State in the investigation IFOP-JDD since his election in May 2007.
Some 64% (unchanged) of respondents said they were "dissatisfied with Nicolas Sarkozy as president of the Republic". 1% had no opinion.
The president is ahead by 16 percentage points of popularity by his head of government, a gap unchanged compared to April.
Mr. Fillon is seen favorably by 51% of respondents, against 45% (-2) of negative opinions. 4% do not.
Poll conducted by telephone from 15 to May 23 with a nationally representative sample of 1,865 people aged 18 and above (quota method). Detailed available from the National Commission polls
The environment ministers of the G-8, and those of eight developing countries, began Saturday a three-day meeting in Kobe, in west-central Japan, to discuss new ways to fight against the global warming, while new data indicate a worsening situation.
During a panel discussion devoted to this issue, environmentalists have called for an intergovernmental rapid action to address the effects of rising temperatures, scientists' advice, could lead to the extinction species, increased flooding and droughts, and reverse economic development.
The rapid melting of ice in the Arctic and the decline of biodiversity are all effects of global warming on a global scale, said Bill Hare, an expert at the Potsdam Institute for Research on the impact of climate.
According to him, soaring oil prices could have an accelerator effect on climate change. A barrel growing up, above the bar $ 130, also has the effect of encouraging the use of coal, fuel much cheaper but also more polluting.
"Recent developments in the energy sector, particularly high oil prices and the intensive use of coal, include the risk of emissions most important greenhouse gas," he told ministers. "It is too early to determine whether it is a sustainable pattern of change (...) but it is certainly a risk factor."
The Kobe meeting is held within the framework of the process initiated by the United Nations to achieve by December 2009 to conclude a new pact on global warming, known as successor to the Kyoto Protocol, whose first phase ends in 2012.
Yvo de Boer, executive secretary of the Framework Convention on UN Climate Change, said on the sidelines of those discussions that the environment ministers of G-8 should decide to decisive action at the summit of Toyako in July.
The Group of Eight (USA, Japan, Russia, Britain, Germany, France, Italy and Canada) must decide objectives midterm in its ambition to reduce CO2 emissions by 2020, transfer of "clean" technologies to developing countries and dialogue with nations like China, alongside the UN process.
"I expect the G-8 leaders that they now go into higher gear, the deadline of December 2009 was very close," said de Boer.
The first exchanges in Kobe, however, have revealed persistent divisions on how to combat climate change. Representatives of the Japanese employers have called for commitments from developing countries present (South Africa, Australia, Brazil, China, South Korea, India, Indonesia, Mexico), while Brazilian officials voted for massive transfers of technology and assistance to poor countries.
While continues at the Bonn Conference of the Parties to the Convention on Biological Diversity, the ministers were also to reaffirm in a "call Kobe" their commitment to slow the loss of diversity of living by 2010
The hierarchy of Jerome Kerviel, the trader of the General Company on suspicion of forgery which have been losing nearly five billion euros to the French bank, was "failing in its oversight activities" reveals the internal report published Friday.
The Inspectorate General of the League General has also noted "evidence of complicity" of an "assistant trader."
Jerome Kerviel, March 18, 2008 when it was released from prison on Health
Enlarge photo
"The fraud was facilitated or delayed its detection by weaknesses in the supervision of the trader and device control market activities," says the report.
"The hierarchy of the trader, who was the first level of control, has proved to be defective in overseeing its activities," the document.
Indeed, the immediate supervisor of Mr. Kerviel "has demonstrated a tolerance inappropriate to take positions" unauthorized M. Kerviel on the markets.
According to the report, he "lacked experience of trading and has not been sufficiently box in his new functions".
Regarding the alleged complicity of an assistant, the report notes that "many transactions are fraudulent Jerome Kerviel were seized by the assistant trader."
The Inspectorate General, which also mentions "an electronic message which appears to establish" that this wizard "had knowledge of the result achieved" by M. Kerviel "on its fraudulent transactions."
In addition, the inspectors have not identified confirmed "evidence of diversion from" Jerome Kerviel.
In the wake of other European markets, the Paris stock exchange closed Friday down 1.89% at 4.933,77 points, the price of oil have weighed heavily on financial markets of the Old Continent, which also unpopular deceleration sharper-than-expected activity in services in the euro zone.
The pan-European Eurofirst 300 index lost 3% on the week, its worst performance since early March.
In Paris, the CAC 40 ended down 1.89% at 4.933,77 points. The market has misunderstood hosted the failure of household consumption french, which was confirmed in April.
On the week the index in Paris lost 2.84%.
The Europe's stock exchanges have increased their losses in the afternoon, the negative direction of Wall Street feeding the pessimism.
"The markets are shaken by the rise in daily oil prices, which has become unbearable. This is a real threat to growth and a big problem for inflation," commented Jean-Claude Petit, Barclays Wealth Managers France. However, "this week looks more like a healthy correction after weeks of gains and there is no reason why the indices fall further next week."
EADS (-4.36%) registered the second largest decline of the CAC 40 after the vote the U.S. House of Representatives of a military budget with a series of objections on certain credit facilities provided by the House Blanche and the opening of an investigation into the impact of foreign subsidies in the allocation EADS ally in the U.S. Northrop Contract 35 billion dollars of new tanker aircraft to fly the U.S. Air Force.
Louis Gallois, CEO of EADS, has raised a delay of three to four months of deliveries of the aircraft very jumbo jet Airbus A380.
Gaz de France has lost a lost 3.3%. The group assured have many competitors in the market french natural gas after the opening by the European Commission a thorough investigation to determine if the group was abusing its dominant position. .
In addition, the Tribunal de Grande Instance in Paris dismissed the CGT secretary of the Central Committee of enterprise (CCE) GDF its request to postpone the CEC, scheduled Monday and which must give its opinion on the proposed merger with Suez.
The latter has sold its 3.08% later. The group said to have terminated the discussions under way on a possible offer on British Energy, explaining that the UK rules regarding takeover prevent these talks to resume before the completion of its merger with GDF
The ruling party of President Mikhail Saakashvili Wednesday won a large majority in parliamentary elections in Georgia on Wednesday, according to nearly complete results.
The Leader of the Opposition united, Levan Gachechiladze, announced that the opposition bloc boycott Parliament to protest against the elections he considers rigged. He also called for demonstrations Monday, the day of the anniversary of the independence of Georgia.
The National United Movement of the president should get around 120 of the 150 seats in Parliament, according to Zurab Kachkachishvili, spokesman for the Electoral Commission of Georgia.
In the Georgian electoral system, 75 seats are allocated by proportional representation at national level, and 75 others in local elections. According to these results nearly complete, the United National Movement won 60% of the vote nationally, and 71 seats in local elections.
Observers from the Organization for Security and Cooperation in Europe (OSCE), for their part, suggested that Wednesday's elections were "irregular and incomplete", which, however, report progress since the presidential January.
Some 3.5 million Georgians were called to the polls for this election seen as a test practices Democrats of President Saakashvili, who is supported by the USA and the European Union, and hopes to bring his country into NATO
Sanofi-Aventis confirms forecast for 2008 growth in earnings per share, adjusted outside elements, around 7%.
This forecast is based on a euro / dollar parity constant 1371 dollar for one euro, "said Gerard Le Fur, Director General of World No. 4 of the pharmacy, at the general meeting of shareholders.
He also reiterated that the laboratory could, before the end of 2010, to submit applications for placing on the market of nearly 30 new treatments.
For the single year 2008 it plans to submit the Multaq in atrial arrhythmias, Eplivansérine (maintenance of sleep), Aflibercept (treatment of ovarian cancer), the S-1 (gastric cancer), Sarédutant the (depression) and Amibegron (depression).
STUDY PUBLISHED ON THURSDAY MULTAQ
Regarding Multaq, Gerard Le Fur said that the results of the study Athena on the efficacy of this treatment on morbidity (cardio vascular hospitalisation) and mortality would be published on Thursday.
"We see no reason to be pessimistic about these kinds of results," he said, noting that the cardiac rhythm disorders related 5 to 6 million patients in Europe and the USA.
Questioned on the risk of Germany copy of Plavix, an anticoagulant flagship of the group, he reiterated the determination of Sanofi-Aventis "very vigorously defend" its industrial property on the medicine.
He refused any further comment, citing the lack of information on the case of the Swiss group Schweizerhall.
The latter s'apprêterait to launch a generic Plavix competitor on the German and Luxembourgish.
In addition, Gerard Le Fur has reiterated that Sanofi-Aventis would continue this year "adaptation measures selective."
He said that the group had been able, as he was considering, make an acquisition in Japan, but he had taken in this country the rights of some of its drugs until then entrusted to third parties.
"We'd love to buy a Japanese laboratory if an opportunity presented itself," he added.
Sanofi-Aventis has also announced its shareholders setting up a "strategic committee" chaired by Jean-Francois Dehecq, the chairman of the group, whose mission is to propose "broad guidelines for enterprise development" .
Finally, the General Assembly has voted a new share buyback program after the completion of one of about three billion euros in 2007.
Wall Street returned from its highest today, but has regained ground Wednesday, rising less than expected in consumer prices in April the USA away with the dual spectre of an acceleration of inflation and higher interest rates.
The sectors of distribution and construction, more likely to receive a boost of maintaining even a lower cost of borrowing, recorded the best performance of the meeting.
After sold 0.34% Tuesday due to fears raised by the new record crude, the Dow Jones gained 66.20 points, or 0.52% to 12898.38 points, a level nearly 100 points below record day of 12.993,15.
At a meeting characterized by low volumes, the S & P 500, broader, advanced 5.62 points to 1.408,66 and the Nasdaq Composite has won only 1.58 point (+0.06% ) At 2.496,70 points.
The results and outlook tried reassuring distributor Macy's and the loss less strong than expected by Freddie Mac, the number two U.S. mortgage refinancing, have also supported the document.
Macy won 3.6% to $ 24.93 and the S & P in the distribution sector 1.6%. Freddie Mac, considered a barometer of the housing market, jumped 9.2% to 27.25 dollars and the Dow Jones in the construction sector grew by 2.7%.
"The speakers were concerned before the inflation figures. Once it turned out that they were better than expected, the market began its march forward," noted Eric Kuby, in charge of investment in North Star Investment Management.
Wall Street erased some of its gains in the last trade "because another locomotive", said Eric Kuby.
Consumer prices rose by 0.2% in April to the USA, an increase slightly below expectations, thanks to stable energy prices, showed the statistics released Wednesday by the Department of Labor.
Economists polled by Reuters were anticipating an average increase of 0.3% of the index. The core index, which excludes energy and food costs, rose by only 0.1%, twice less than expected.
The Nasdaq was sealed by a decline of 3.3%, to $ 52.78, the video game publisher Electronic Arts, who announced Tuesday evening of the annual forecast below expectations.
Deere, the first global manufacturer of agricultural machinery, fell 9.9% to $ 81.25 after it warned that its result for the full year would be affected by rising costs of materials and possible shortages components.
The number of shares that changed hands was only 1.19 billion on the New York Stock Exchange, the second lowest level since the beginning of the year and a figure well below average estimated at 1.9 billion per day.
The army was trying to find survivors Wednesday, May 14 amid the rubble of the city of Dujiangyan.
The China meeting "serious problems" on the security of water facilities in south-west of the country after the earthquake on Monday, said Thursday the Minister of Water Resources Chen Lei, quoted by China New Agency.
"China will encounter serious problems of security and prevention of floods in reservoirs, hydroelectric plants, dams and other facilities in the earthquake zone" in Sichuan Province, said the minister.
The Chinese government has accepted Japan's offer to send a team of experts to participate in relief operations in south-west China devastated by the earthquake, announced Thursday the spokesman for the Ministry of Foreign Affairs, Qin Gang. It is the first team of foreign experts allowed to travel on the ground.
The earthquake that struck south-west China, the most violent since more than thirty years, has officially made nearly 15,000 deaths and tens of thousands of missing, as the army tried to regain Wednesday amid the rubble.
"The Chinese government has agreed with the Japanese government about sending a team of experts (Japanese) in Sichuan Province to participate in relief operations after the earthquake," said Qin in a statement. He said that sixty specialists would probably be sent to China, but the need to explore the best route to arrive on site as soon as possible. China had so far declined all offers to send experts, arguing logistical problems, but has accepted aid in kind and money.
Wednesday, in Tokyo, a senior official of the Ministry of Foreign Affairs had insisted on the need to act quickly. "The possibility of finding people still alive decreases three days after such a catastrophe," he said, stressing that Japan was able to quickly send 80 rescuers with dogs, nurses and doctors. Australia and South Korea are also teams of specialists ready to leave.
China has so far allowed only volunteers a Buddhist foundation in Taiwan and a team of the Red Cross of Hong Kong to participate in relief in Sichuan. Volunteers from the Army Hi Hong Kong have joined the province of Yunnan, neighboring Sichuan, but they were asked not to go further until the roads are released, according to Simon Wong, l 'Army Hi.
The last review, prepared Wednesday at 14h00 (06h00 GMT), was 14,866 dead, 14,463 dead in Sichuan Province alone, devastated Monday by the earthquake of magnitude 7.9 on the Richter scale. This assessment was still very tentative, not taking into account some figures at the local level, as in the city of Yingxiu where 7,700 dead have been identified.
In addition, tens of thousands of people were still unaccounted for, as in Shifang city, located near the epicentre of the earthquake, where more than 30,000 people were reported missing or injoignables, according to official media. The casualties are steadily worsened as manage information from the most remote areas.
Earthquake in China: the hydraulic threatened
© 2008 AFP
Earthquake in China: the hydraulic threatened
According to the police army, attached to the Ministry of Defence and quoted by the official media, several cities around Wenchuan, epicentre of the quake, were completely razed. " "There are more houses in several towns and villages. Everything has been razed," said Wang Yi, head of a unit of the armed police, quoted by a website.
Earthquake in China: the hydraulic threatened
© 2008 AFP
Earthquake in China: the hydraulic threatened
A Yingxiu, cries amounted to piles of concrete and steel beams at the scene of a school totally destroyed. But the inhabitants of the village in the mountainous district of Wenchuan, were reduced to rummaging through the rubble with bare hands, told the official news agency Xinhua (New China). "The situation is worse than what we feared," said a local official, arrived at the scene by climbing the mountain.
Earthquake in China: the hydraulic threatened
© 2008 AFP
Earthquake in China: the hydraulic threatened
Most roads have been damaged by earthquakes or rendered impassable by landslides and mudslides. The rescuers were forced to grow up to access locations scattered around this mountainous area of Sichuan, which limits the volume of food and medicines carried.
Near the school in Dujiangyan, Li Jun, a steel worker of 20 years, watched the families who watched the dead children. "I have no more home, she collapsed, there's nothing more, now I expect that the Government will come to rebuild," he said in an AFP journalist. Li Haijun, 29, whose younger brother was under the rubble, complained about the slow pace of work and relief, apostrophant the military. "We need water, food, there was more place to live," he said.
Bad weather has again slowed down the work of rescuers and the delivery of essential goods and materials excavation.
In the first line on the relief front, the People's Liberation Army (PLA) has nevertheless managed Wednesday to send helicopters in charge of food and medicine to these areas, as the city of Wenchuan, and carried out airdrops. Xinhua announced that the PLA had made Wednesday its largest air transport operation on a single day, with 79 flights and around 11,500 soldiers carried.
The Chinese television broadcast continuous images of the body removed from the rubble, but also survivors, often seriously injured in the collapse of schools, factories, hospitals and housing. A 3-year girl was found alive after spending more than 40 hours under the bodies of his parents buried under tons of rubble. According to websites, a woman eight months pregnant was located in Dujiangyan and rescuers s'activaient Wednesday to remove debris.
The earthquake was the worst ever experienced China since that of Tangshan, near Beijing in 1976, which had 242,000 dead according to official results.
The California Supreme Court has invalidated Thursday the ban on homosexual marriage in that state. The California could become the second State of the USA where two people of same sex can marry.
The judges felt by four votes against three that the civil partnership was not a satisfactory substitute for marriage.
The U.S. equity markets closed down Friday, penalized by the new historic high oil prices to 126 dollars a barrel. The trend has also been affected by financial stocks after the announcement of a record quarterly loss of the first global insurer AIG Thursday evening and the decision of Citigroup (NYSE: C - news) to sell for $ 400 billion of assets non-strategic in order to cope with the credit crunch. The Dow Jones (news) closed down 0.94% to 12745.88 points and the Nasdaq Composite (NASDAQ: news) lost 0.23% to 2445.52 points.
New wave black for the American banking sector. Yesterday, after the close on Wall Street, American International Group (-0.91% to 41.34 dollar) announced need raise 12.5 billion dollars after posting its second quarterly loss record in the first quarter of 2008. For its part, Citigroup (+1.24% to 24.40 dollars), the largest global banking group, confirmed an information ¯ ® Financial Times that he intended to sell about 400 billion dollars' non-strategic assets within two or three years.
THE FIGURES MACROECONOMIC
The trade deficit shrank to U.S. 58.21 billion in March. The month of February was revised to 61.71 billion dollars.
THE VALUES TO FOLLOW
ACTIVISION (NASDAQ: ATVI - News) Activision unveiled quarterly results above expectations grƒce the success of the video game Guitar Hero ® ¯ 3. In the fourth quarter, the American group reached a net profit of 44.2 million, or 14 cents per share, against a loss of $ 14.4 million, or 5 cents per share, a year earlier. Excluding exceptional items, earnings per share amounted to 17 cents, compared with a Thomson Financial consensus of 12 cents. Turnover grew by 93% to 602.5 million. Analysts on average were aimed 369.1 million.
AIG's largest insurer American announced need raise 12.5 billion dollars after posting its second quarterly loss record in the first quarter of 2008. American International Group (NYSE: AIG - news) (AIG), reported a net loss of 7.81 billion dollars over the first three months of the year, against a gain of 4.13 billion a year earlier . This against-performance due to the 15 billion dollars of depreciation recorded by the group over the period.
CITIGROUP The first U.S. bank confirmed the words of the daily Financial Times ® ¯ and announced its intention to sell about 400 billion dollars of non-strategic assets within two or three years, according to documents posted on the website group. Today, Vikram Pandit, the CEO of the largest financial services group in the world meets its shareholders. It will expose them the ins and outs of his plan drastic reduction in costs to restore the financial balance of the facility.
WACHOVIA Kennedy Thompson, chairman of the board of directors of the fifth U.S. bank abandons his post to devote himself to operations on a daily basis. Lanty Smith, CEO of the bank Tippet Capital and board member of Wachovia (NYSE: WB - news) will resume the post of non-executive chairman. This year, Ken Thompson had recognized that the acquisition of Golden West Financial in 2006 to 24 billion euros had intervened at the wrong time for the group. Wachovia reported a loss of 708 million dollars in the first quarter.
its Chairman Eric Schmidt said that discussions were continuing with Yahoo! about their possible collaboration in the field of research sponsored. In April, the search portal conducted a limited test of the system to associate Google advertisements to research on the Internet. This test has proved conclusive. The increased efficiency of the platform would search engine Yahoo! generate additional cash flow which could reach up to one billion dollars, according to an analyst at CitibanktT
all Street is progressing despite the publications "mortgage"
Wall Street is focused on the rise on Monday, while a barrel of crude consolidates in New York to $ 125. The operators are aware this day of quarterly results without relief of many players mortgage, but the market seems to try once again that the worst is over for the sector. Similarly, warning FedEx (NYSE: FDX - news) on the outcome is accepted without panic. The Nasdaq Composite (NASDAQ: news) currently earns 0.83% to 2,466 pts, while the DJIA takes 0.56% to 12,817 pts.
A follow this week, the U.S. economic programme ...
On Monday: - U.S. Budget. 20:00. Month of April. Department of the Treasury. Tuesday: - Stocks of companies. 16.00. Month of March. Department of Commerce. -- Prices for import and export. 14:30. Month of April. Department of Labor. -- Sales of detail. 14:30. Month of April. Department of Commerce. Wednesday: - Reports of weekly U.S. oil stocks. 16.30. According to the Department of Energy and the API. -- Index of Consumer Prices. 14:30. Month of April. Department of Labor. Thursday: - Index "Empire State". 14:30. Month of May. New York Fed. -- Registration weekly unemployment. 14:30. Department of Labor. -- Index of the property market. 19.00. National Association of Home Builders - Wells Fargo. -- Production & Industrial capacity utilization. 15.15. April. According to the Fed. -- Index of the Philadelphia Fed. 18.00. Month of May. Friday: - Starts of housing & building permits. 14:30. Month of April. Department of Commerce. -- Index of consumer sentiment. 16.00. Month of May (preliminary). According to the University of Michigan.
VALUES OF THE DAY
PMI Group (+2%). The California Walnut Creek active in the mortgage insurance and financial security has published its accounts for the 1st quarter of 2008. The Group has received a net loss of $ 274 million and $ 3.37 per title, against a profit of $ 102 million and $ 1.16 per title (diluted EPS) on the same period last year. The Group has suffered from charges related to credit enhancer FGIC and the increase in reserves for losses. The quarterly sales were $ 316 million, against $ 294 million a year earlier.
MBIA (+10%), credit enhancer American Armonk, New York, published on Monday, for its 1st quarter 2008, a net loss of $ 2.41 billion and $ 13.03 per share, against 198.6 Millions of dollars of profits and EPS of $ 1.46 over the same period last year. Group revenue was negative by almost $ 3 billion on non-realized losses on derivatives of some $ 3.6 billion. Revenues for the 1st quarter of 2007 were housed at $ 730 million.
FedEx (-1%). The leader of deliveries and transport based in Memphis, Tennessee, announced Friday evening a new revision of its financial outlook. Over the period close at the end of May, the 4th quarter of fiscal 2008, FedEx, a victim of oil prices still high and growth without U.S. relief, now anticipates a diluted EPS of $ 1.45 to 1.50, against 1, 60 to $ 1.80 previously and $ 1.96 last year. Since the previous forecast provided in March, FedEx notes that the estimated costs of fuel have increased even more than 7%, or $ 100 million, while economic weakness continued to affect domestic demand. These revised estimates do not include further increases in fuel prices or a further weakening of the economy.
Sprint Nextel (NYSE: S - news) (+3%). The U.S. wireless telecom operator issued on Monday new losses for its 1st quarter 2008. The deficit has now reached $ 505 million and 18 cents per share, against $ 211 million and 7 cents per title a year before. The EPS excluding non-recurring items and before depreciation and amortization was 4 cents, against 18 cents the previous year, representing a decrease of 78%. Revenues totaled $ 9.33 billion, down 8%, against $ 10.09 billion last year. The capex is revealed to $ 1.36 billion (-15%) and free cash flow to $ 170 million (-66%). The wireless revenues fell by 9% to $ 8 billion, with the decline in the average price of services per customer. The adjusted operating loss was $ 181 million, against $ 315 million profit last year.
IndyMac (-9%). The provider of mortgage services in Pasadena, California, on Monday unveiled its accounts for the 1st quarter of 2008. IndyMac posted a net deficit of $ 184.2 million and $ 2.27 per title on credit losses of $ 249 million segment on the MBS (mortgage backed securities), against a profit of $ 52.4 million and 70 cents per title last year. IndyMac also eliminates its dividend, and confirms that it strengthened its reserves to credit approximately $ 2.7 billion, against $ 2.4 billion the previous quarter. The Californian expects new quarterly deficits in 2008 and did not return to profitability before the resumption of price of U.S. property. The Group has raised $ 97 million this year after $ 676 million last year, and feels well capitalized.
The aid between in dribs and drabs in Burma, but lack of potable water and emergency health measures, the toll of Hurricane Nargis could widen up to 1.5 million deaths, warned Sunday the NGO British Oxfam, when a boat carrying basic necessities for survivors was sinking off Bogalay.
As for further complicate the task of relief and humanitarian assistance which is only modestly the Irrawaddy Delta (south), the region most devastated by heavy rains are expected on Burma in the coming weeks.
The two-level boat which sank early Sunday struck a tree trunk, announced the International Federation of Red Cross and Red Crescent, which was the first shipment in the disaster area. Party Rangoon, the largest city in the country, destined for Mawlamyinegyun he had boarded the aid for more than a thousand survivors.
"This is a big loss for the Red Cross in Burma and for people who need help urgently," commented Htut Aung Kyaw, the coordinator of the local Red Cross.
The four crew members were rescued but, as acknowledged by Michael Annear, head of the International Red Cross in Rangoon, this accident brings a "hard blow" to the organization of relief, already criticized for its slow.
"In addition to the delay in the delivery of aid, we now have to reassess how to carry it," he explained, while the Burmese junta continues to filter extreme relief from the abroad.
In this dramatic context, state television announced Sunday that 5,000 additional deaths had been recorded, bringing the official record 28,458 deaths, the number of missing down to 33,416. International NGOs in agreement, that the real balance of the May 3 hurricane could reach 100,000 dead, living conditions are deteriorating every day for the survivors.
More alarming still, the British organization Oxfam warned that if relief did not arrive shortly in the sectors most affected, it should perhaps be increased by 15 stock, bringing the number of deaths 1.5 million and result in a medical disaster.
"It is really crucial that people have access to drinking water and sanitation to prevent deaths and unnecessary suffering," said Sarah Ireland, regional director of Oxfam, to the press in Bangkok.
For now, the junta has prevented most foreign aid workers to come into Burmese territory, claiming to be able to distribute the aid pledged by the international community. Meanwhile, shipments of relief still s'amasser in Rangoon and in several countries, pending the green light from authorities.
The airport in Rangoon, the largest of Burma, can not manage that five flights per day on arrival, while according to estimates by humanitarian NGOs for children PLAN, it would take an hour to allow the delivery of necessary assistance.
"The logistical situation is particularly problematic," noted the British organization in a statement. "In short, they have only one airport congestion, inadequate facilities to cope with an influx of cargo, little fuel and no truck."
Against the backdrop of war visas between NGOs and the Burmese authorities, progress was reported by the United Nations in the arrival of aid. The junta has authorized the delivery to the World Food Programme (WFP) of 38 tonnes of high-energy biscuits confiscated Friday. A gesture described as "very positive" by Marcus Prior, spokesman for the WFP.
Still, many survivors were Sunday unaided for more than a week after fleeing their flooded villages to seek refuge in monasteries and schools. Everywhere floated a terrible smell of death, fueled by the corpses of humans and animals decompose in water, while long waiting lines were formed in the relief camps for a meager ration of rice and 'oil.
The U.S. equity markets may fluctuate within a narrow band this week in the face of soaring oil prices and economic uncertainties.
The markets have lost ground last week with soaring oil prices - the Dow Jones has sold 2.4%, the S & P 500 1.8% and the Nasdaq 1.3%. However, he managed to keep its April gains while corporate results for the first quarter have not created major disappointment despite the credit crunch and economic slowdown.
The three major stock indexes were even close to surpassing their moving average at 200 days, a level that signals a positive trend.
"It is the yardstick by which we measure the overall trend. Stock markets attach great importance", said Bill Strazzullo, head of investment policy at Bell Curve Trading.
But while the period of publication of results coming to an end and that important economic indicators are expected, investors may be inclined to reap gains on paper from the trough of March rather than waiting for see what are the indicators to come.
"We are doing that has been a sharp rise and we will go beyond the positions where you are comfortable. The rising market has attracted a lot of skepticism," Bill Strazzullo. "The volumes on the rise were not the best, indicating that many people have never believed that things really improved."
INFLATION AND CONSUMPTION
The consequences of the sharp rise in oil prices and gasoline consumption will be better evaluated Tuesday with the publication of retail sales for the month of April.
We know the state of morale Friday with the consumer confidence index Reuters / University of Michigan. It is expected to decline to 62 in May, after 62.6 in April.
During the past week, several distributors have published their sales figures for April, the majority of them reporting an improvement over last year. The discount retailers were particularly well maintained, the consumer becoming increasingly sensitive to price.
It is expected for Tuesday quarterly accounts of the number one distribution Wal-Mart Stores, traditionally published at the end of publication of results.
It will be followed Wednesday by the chain of department stores Macy's and competitors JC Penney and Nordstrom Thursday.
The market is also concerned about inflation. He wondered if the rise in energy prices and food affects the prices of other goods. It will be set Wednesday with the consumer price index.
Economists polled by Reuters target a price index up 0.3% in April compared to March. Excluding energy and food prices are expected to increase by 0.2%.
In this context, the Federal Reserve USA might be tempted not to lower its interest rates and maintain its main rate to 2%.
"Many people say that the Federal Reserve has gone too far in distributing cash in abundance and it embarked on an inflationary monetary policy," Lincoln Anderson, managing director and head of investments at LPL Financial Services.
"I do not share this concern. For the moment, the inflation data are correct. But the uncertainty is such that is difficult to see the market make a big breakthrough."
With three bottles of drinking water and a few boxes of food, Remigio Ramos had held Saturday as long as possible in his house stone Futaleufu, a small town of Chilean Patagonia buried under ash from the volcano crachée Chaiten nearby.
"I will not go even by force. I will not leave my house and my only horse," said the carpenter 63 years before the house he built himself and he shares today, hui with Melba Ibanez, 55 years.
A 150 km away, the volcano spits Chaiten last week thick clouds of ash that covered a large part of the region, including neighboring Argentina.
A Futaleufu, about 280 of the 2,000 people in total, have chosen to remain under constant threat of the volcano and without drinking water or food.
The ash is everywhere in the streets, on roofs of houses, branches of cypress stands and shops deserted, s'insinuant into houses.
After more than a week's eruption of Chaiten, the town is still covered with a grey jacket, similar to the snow a little dirty, which gives the appearance of a ghost town. All around, the landscape is lunar, invariably gray where green pastures in this region of agriculture and tourism has almost completely disappeared.
Most women and children have left the village to seek refuge in the region or in Argentina, whose border is located ten kilometers away. But many men have preferred to remain to take care of livestock.
"The government people are asking us to go, but we are not going to abandon our animals," says Jose Garcia, whose wife and children have found refuge in Puerto Montt, Chile town farther north.
The Chilean government has not ordered the evacuation of Futaleufu, but Chaiten, a small town at the foot of the volcano eruption entered into on May 2, 4000 people have all left their homes.
Jose Garcia was able to move around fifty of its cows to the south of Chile and sell the rest of his livestock. But it does offer half the price he had spent to buy them. Together with other farmers, they negotiate with the Chilean authorities to pay compensation to offset the shortfall.
In the village, residents, masks on their faces, are wisely tail in the gym to withdraw drinking water and food distributed by the Chilean military.
"Many people have left, but I still, even if I die here," said Toribio Baeza Miranda, 52 years, his face covered with ashes, perched on a cart loaded with hay and driven by a horse. He owns a dozen horses and during the austral summer, from December to March, it usually takes tourists to the mountain to save his life. But this year, he fears the consequences of the awakening of Chaiten
A narrow majority of French (51%) intends to reduce its budget devoted to the summer holidays, reveals a CSA poll to be published in the Sunday edition of the newspaper Sud Ouest.
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To the question "Do you increase or decrease your budget for your summer vacation compared to previous years", 51% of respondents replied "reduce", 26% "neither one nor the other", 16% "increase" and 7% do not.
Youth (under 30 years) are least likely to consider reducing their budgets (49%) and more likely to think the increase (30%). In addition, left-wing sympathizers are planning a 57% cut corners on costs, when they are 39% right and 44% among centrists.
Finally, 61% of workers and employees are planning to reduce their expenses, against 51% of managers, the professions and occupations intermediaries. It is also the case for 56% of employees, including staff (59%).
The survey was conducted by telephone on 6 and 7 May on a national sample of 1,006 people aged 18 and older, established after the quota method.
The American values close the session down against a backdrop of concerns related to the financial crisis and the impact of higher prices for raw materials. On the side of the news companies, American International Group (NYSE: AIG - News) sells more than 8% after publishing records losses and have shared attention to waive 12.5 billion dollars of capital. In the field of video games, Activison is well oriented after publishing quarterly results above expectations. On the side values the Internet, Priceline.com wins 12% after folded the same year. Finally, in the distribution sector, Longs Drug Stores is a slight increase after published for the month of April, disappointing attendance figures. On the front of the economy, the Commerce Department reported that the U.S. trade deficit shrank to 58.2 billion dollars in March against 61.7 billion in February and 61 billion dollars expected on average by economists.
The Dow Jones (news) to close down 0.94% to 12 745.88 points. The Nasdaq Composite (NASDAQ: news) dipped 0.23% to 2 445.52 points. The broader index S & P 500, meanwhile, abandons 0.67% to 1 388.29 points.
On the side of values, on retiendra American International Group, which fall of 8.77% to 40.28 dollars. The insurance company announced in the first quarter, losses of 7.8 billion dollars against a profit of 4.13 billion postponed a year earlier. Back to action, the loss amounted to 1.41 dollar against 76 cents expected by investors. AIG also indicates that it will raise 12.5 billion dollars, in order to strengthen its own funds. In addition, AIG said that his board of directors voted in favour of an increase of 10% of its quarterly dividend by 22%, the group's director Martin Sullivan stating that the core of society, namely insurance business continues to perform satisfactorily. Finally, the rating agency Fitch lowers his note on the company's debt from AA to AA (5GZ.SI - News) -.
In the field of video games, Activison jumped 14.22% to 31.64 dollars. The publisher announced for the fourth quarter, profits of 44.2 million against a loss of 14.4 million dollars recorded a year ago. Excluding exceptional items, earnings per share amounted to 17 cents, significantly higher than the 4 cents approached by the market. Revenues were up 93% to 602.5 million. For the current quarter, Activison indicates rely on a turnover of around $ 500 million and earnings per share excluding charges of 13 cents.
In the pharmaceutical sector, Mylan Laboratories yields 8.35% to 11.42 dollars. The laboratory specializing in generic drugs has seen the first quarter, its losses widen to 443.9 million against $ 71.3 million a year ago. Excluding exceptional items, earnings per share amounted to 9 cents, a penny better than forecasts of operators. Revenues for the period were up to 1.07 billion dollars against 487.3 million dollars last year at the same time, but slightly below the 1.13 billion expected by the market.
In the semiconductor sector, Nvidia increased by 2.64% to 22.53 dollars. The maker of graphics components saw in the first quarter, its profits grow to 176.8 million dollars against 132.3 million dollars last year. Excluding non-recurring items, earnings per share amounted to 36 cents, or 2 cents less than projections of stakeholders. Revenues were up to 1.15 billion dollars against 844.3 million one year earlier.
On the side values the Internet, Priceline.com wins 12% to $ 138.63. The site specializes in selling products based travel reported for the first quarter, 18.2 million profit against a loss of 14.2 million deferred a year earlier. In pro forma basis, earnings per share amounted to 76 cents, significantly higher than the 51 cents approached by analysts. Revenues in the quarter were up to 403.2 million dollars against 301.4 million dollars last year. Priceline.com benefits to indicate that it anticipates for the current quarter, earnings per share excluding exceptional items of 1.25 to 1.40 dollar and 5.25 to 5.65 dollars for the whole year against, respectively, 1.17 and dollar $ 4.67 expected by operators.
Finally, in the distribution sector, Longs Drug Stores closes the session on a gain of 0.46% to 43.90 dollars. The drugstore chain has published its figures for the month of April. The turnover was up 0.4% to 366 million dollars with a decline in sales on a comparable basis to 1.5% against an increase of 0.5% expected by investors.
On the foreign exchange market, the dollar finished the session down in the wake of the decline in equity markets. The European currency closed the session up and back above the threshold of 1.54 to 1.5482 against 1.5394 the previous day. Even trend for the Japanese currency, which remains above the threshold of 103 yen to the dollar at 103.01 against 103.70 on Thursday.
On the bond markets, rates relax with the decline in equity markets and as concerns related to credit markets are resurfacing. The 2-year finished the session at 2.21% 2.22% against the previous day. The 5-year finish the session at 2.97% against 2.98% on Thursday. The 10-year, for its part, relaxes by 1 basis point to 3.78%.
Oil closed up and recorded its strongest growth weekly for over a year. Traders were concerned about violence in Nigeria that could disrupt U.S. supplies of crude oil, while the summer period, synonymous with consumer approach. The price of WTI barrel on the New York Mercantile Exchange on June deadline closing up, above the bar $ 125, 125.96 dollars against 123.69 dollars the day before and after testing a new highest historical 126.25 dollars.
The U.S. bank, hit hard by the financial crisis and already recapitalised, seeks to reduce its costs. She accused the first quarter a net loss of $ 5.1 billion and conducted impairment losses for 14 billion dollars.
The U.S. bank Citigroup said Friday would yield approximately $ 400 billion of non-strategic assets "during the next two-three years", which represents approximately 20% of its assets. The bank, one of the hardest hit by the crisis of "subprime", has identified these assets among a tranche of $ 500 billion of assets "historical" can be read in the presentation it made to the community analysts Friday.
Citigroup also stated aim, by 2-3 years, a growth of about 9% of his income in private banking, 7% in credit cards, 8% in retail banking, 9% in the investment bank and 14% in services related to financial transactions.
Vikram Pandit, the CEO of Citigroup, has detailed the financial community its strategy based on three pillars: a "fitness", which includes the disengagement in 400 billion of assets, a "restructuring", providing for recast strategic economic model, and a "maximization of Citigroup, which is based on a culture of performance, innovation and implementation of the economic model.
Citigroup has lifted since November more than 42 billion dollars of funds from various investors from all walks of life, particularly in the Gulf and Asia, having had to depreciate almost 35 billion. His action has fallen by 55% for 12 months. The bank, which will reduce its workforce by 16,000 jobs in the first half, has accused the first quarter a net loss of $ 5.1 billion and conducted impairment losses for 14 billion dollars.
Ebranlé by bad news from the banking sector, the fall of Sanofi-Aventis and the soaring oil prices, the Cac 40 experienced a very difficult meeting. At the close, the index of Paris cedes 1.88% to 4.960,56 points.
A picture of the main squares of the Old Continent, the Cac 40 closes down 1.88% at 4.960,56 points, in a transaction volume of 5.2 billion euros over the index values. - At the bottom of the meeting, the Paris Bourse has yielded 2.58%. In London, the Footsie yields 1.05% to 6,204 points, and Frankfurt, the Dax abandons 0.97% to 7,003 points. A downward trend which is also reflected in the USA, where the Dow Jones and Nasdaq fiche_bourse NASDAQ, Paris fell respectively by 0.87% and 0.41% to 12,753 points and 2,441 points, 17 to 55 hours.
At the root of this correction, the accumulation of bad news on the financial sector, the outbreak of black gold and the rise of the euro against the U.S. currency. Regarding financial values, Dresdner, a subsidiary of Allianz, AIG and American have both unveiled accounts below expectations. The first is facing an operating loss of 453 million euros in the first quarter, against a deficit of 398 million expected by analysts. As to the U.S. insurer AIG, he accused the largest loss in its history in the first quarter, and simultaneously announced its intention to raise funds, amounting to 12.5 billion, to strengthen its funds own. In addition, the first U.S. bank Citigroup has announced that it planned to sell for $ 400 billion (258 billion euros) to non-strategic assets in a vast operation aimed at refocusing improve its financial health.
Other factors affecting the trend, soaring oil prices. The barrel of crude has repeatedly burst of new ceilings today, crossing the threshold of 125 dollars and that of 126 dollars this afternoon to 126.25 dollars. At the close in Paris, a barrel of oil is trading $ 124.78. The sabotage on installations in Nigeria and renewed tensions between the West and Iran are behind this mad rush for black gold. Finally on the foreign exchange market, the euro stood at 1.5451 dollar.
On the front of values, financial severely punished according to the quarterly accounts below the expectations of Dresdner, a subsidiary of Allianz, and the American AIG. Morgan Stanley is also risen to "underweight" on HSBC. Competitive lost 2.03% to 72.60 euros, Axa 1.87% to 23.57 euros, BNP Paribas 2.10% to 67.44 euros and Credit Agricole 1.81% to 21.12 points.
Sanofi-Aventis fall of 5.84% to 47.50 euros. The Swiss group Schweizerhall has filed an application for marketing a generic Plavix in Germany and Luxembourg, Sanofi-Aventis organise his defence.
Finally EDF closed up 0.29% to 66.90 euros. According to the news agency Reuters quoting sources close to the case, the electrician french has submitted its own bid on the participation of 35% of the British state with a capital of British Energy at a price "substantially lower" 700 pence per share.
The Frankfurt Stock Exchange is expected to pick colors after a difficult week, marked by the publication of quarterly results of many companies and new record oil prices.
The Dax index, which includes the values of the thirty largest German companies, ended Friday at 7.003,17 points, down 0.57% over a week. It is ironed during the meeting to below 7,000 points for the first time since the beginning of the month.
But the stock market should recover, said Markus Reinwand, an analyst at Helaba, in a note. "The recovery of financial markets has been hampered by new highs in oil prices," he says. Nevertheless, the uptrend remains intact ", supported by the prospect" of an anticipated end of the credit crunch, "he says. Some banks have reported an improvement in the markets in April.
It will still time to restore investor confidence, yet warns Mr. Reinwand.
The beginning of the week should be calm, while Whit Monday is a public holiday in Germany, even if the Exchange will be open. Wednesday will instead charge into new businesses, with the publication of the quarterly results of Deutsche Post, the energy giant EON, the construction group Bilfinger Berger, steelmaker ThyssenKrupp and media group ProSiebenSat.1
Thursday will be issued a provisional estimate of Gross Domestic Product (GDP) for the first quarter. According to analysts Dekabank, it should have risen by 0.7% compared to the previous quarter, despite the financial crisis. In the fourth quarter of 2007, it had increased by 0.3%.
On the same day will be announced the results of energy group RWE, and a series of smaller values, among them Salzgitter, Hochtief, Arcandor and Premiere. The final figures for inflation in April will also be published.
Deutsche Telekom and Metro should be under pressure on the occasion of holding their general assemblies, which will be followed by the payment of dividends for 2007, resulting in a generally declining stock price.
