Greece has more than two billion euros in its coffers. It is little, if it wishes to continue paying the salaries of its 800,000 civil servants – who were only 400,000 in 1981 to the arrival of the ruling Socialists. To meet its deadlines, the State was to receive in June a slice of eight billion euros of European interest loans. Under the agreements signed, this tranche would be released only after a finding by representatives of the Troika (ECB, IMF, EU) promised that structural reforms were indeed made. As the country is paralyzed by its electoral process since two months, nothing has been done. The financial situation of the Hellenic Republic is particularly critical, and could be declared bankrupt soon June 30

During the week following the elections on May 6, the only ones who seemed not to realize that the country was on the brink policies were, obsessed with their electoral interests. And Alexis Tsipras, the local Mélenchon, who polls promised an increase of his party Syriza three points for a new vote, has consistently refused to make any concessions that would allow a government to obtain a majority in Parliament. "The question now arises that history to each of our politicians is: its priority is it the future of Greece or only the electoral future of his party?", Told us Monday afternoon, the political journalist George Vlavianos.

Fortunately for the country, there is a man who understood that Greece could not afford new elections and the need to try everything to find him a government: President of the Republic payday advance. Skilled negotiator – he was foreign minister from 1985 to 1989 and from 1993 to 1996 – Karolos Papoulias on Monday night proposed a new idea to the leaders of three parties of the center of the political spectrum – PASOK, New Democracy (ND) and Democratic Left (GD) – he had summoned in his office: the formation of a government of technocrats. Fotis Kouvelis, the head of GD, has one condition: an ecumenical support in Parliament, which would include the leftist Syriza.

As he is not sure Tsipras, whose office is decorated with a portrait of Fidel Castro agrees to support such a pro-European government, President Papoulias has reserved two options for the day Tuesday, May 15 At 13 hours, he will receive one on one, Kamenos, the leader of the nationalist right-wing party of "Independents" to try to snatch a possible participation in a government with PASOK and ND. But at 14 hours, he summoned the leaders of the five parties representing the new Greek electoral spectrum – with the exception of KKE Communists and neo-fascist Golden Dawn – to offer them support in Parliament a Government technocrats.

Clearly, this second option, if it was validated, would be better able to calm markets and reassure a little bit of a troika increasingly exasperated

.

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Inflate his resume … "inadvertently"? It is possible, according to Yahoo!, which has adopted this line of defense when one of its shareholders accusing its CEO had lied on his resume.

The investment fund Third Point, which is mounted to 5.8% stake in Yahoo! in a few months, denounced in a letter to the Board an anomaly on the resume of Scott Thompson, CEO of Yahoo! since January.

In the financial records of Yahoo!, Carol Bartz's successor is introduced as a degree in accounting and computer science from Stonehill College. Now the university has begun offering this course in 1983, four years after Scott Thompson finished his studies there!

For Third Point, this embellished resume "undermines its credibility as an expert in technology" and gives a poor impression when his "character" bad credit personal loan lenders. Incidentally, it also tackles the activist fund board, which would not properly investigated and considered the nominations for the position of CEO.

The risk oversight, however, be difficult to argue, to the extent that this error has been made several times on the resume of Scott Thompson. Previously President of the payment service Paypal online, a subsidiary of eBay, it is always presented as a computer science graduate of the Australian editions of these two sites

.

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Louis Welsh, CEO of aerospace group EADS, Airbus' parent company, for another few months, had assured him a few weeks ago the BBC: "We will continue and we will resist external interference." The confirmation of the German Ministry of Economics of a possible rise of Berlin the capital of the group could make the mission more difficult. The German government has indeed made a provision that could be used to repurchase additional shares of EADS.

Last November, Berlin had confirmed the recovery of half of the shares of the automaker Daimler, or 7.5%. The aim of the German government was not to lose ground against the French government retaining these shares in the lap of Germany.

But Berlin could therefore go beyond. The government has made a provision so that the public bank KF – who had already intervened in the case Daimler – can optionally be able to take additional units, the ministry said. In Focus, 4.5% stake now held by a group of private investors, shareholders also 60% of a consortium named Dedalus. This last group of public and private investors, includes, alongside great names of German finance Deutsche Bank, Commerzbank and Allianz, regional states in which EADS operates in Germany (Bavaria, Baden-Württemberg, Hamburg and Bremen ). Dedalus has a total of 7.5% of the aerospace group payday loan lenders.

Power relations

By the end of the year, the consortium Dedalus might decide to sell 4.5% stake. If he offers to the German State, it will be obliged to redeem them, the ministry said. Deutsche Bank and Allianz, who took 10% of each Dedalus at the time of formation of the structure in 2007, did not comment. According to the Financial Times Deutschland, the provision of government reach 1.6 billion euros. The new acquisition would amount to 12% of Berlin's participation in the capital of EADS. According to Les Echos, it could reach 13% if we add the 1% held by the public bank KfW in Dedalus. In front, France has 15% stake, and Lagardère 7.5%.

The balance of power at EADS are a sensitive subject. Recently, the German government has expressed its fears of excessive weight of France in his eyes in the division of roles and assignment of key posts, including the changeover from the center of gravity of EADS in Toulouse. Thomas Enders, Airbus President and current successor of Louis Galois, had proposed to his headquarters in Toulouse.

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The year 2011 was tumultuous for CMA CGM. While in 2010, the third world shipping company had posted net income of $ 1.62 billion, in 2011 she accused a net loss of $ 30 million. Revenues increased 4% from last year to $ 14.8 billion, but its profitability has declined. Operating income from CMA CGM has increased from 2500 to 711 million dollars. "That's because the economic environment has become difficult as we have in place operational partnerships with our competitors MSC and Maersk," said Rodolphe Saade, chief operating officer of the Marseille group.

Clearly, the three major groups pool their fleets on certain routes to amortize the high cost of fuel. It is true that rising fuel prices accounted for an additional cost of one billion dollars in 2011 for CMA CGM. The French group has implemented a program to slow the speed of its container to reduce its consumption. The rotation between Europe and Asia should thus lie in seven days.

A debt of $ 5 billion

The company also suffered from extremely low freight rates. Since the beginning, however, the different maritime groups have all revised upwards their prices. On the road between Europe and Asia, the price of shipping a forty foot container expected to rise from 1200 dollars to 2700 dollars at CMA CGM.

But the group that came close to defaulting in 2009 continues to be weighted by a debt of $ 5 billion. 'E have met Tuesday with banks to reschedule debt, says Chief Operating Officer payday loan lenders. We were not able to meet financial commitments whose ratios were established according to the year 2010 was historic. "The negotiations with 72 banks, led around a creditors' committee of a dozen French banks and international, should continue into late June. The call for strategic investment fund (FSI) could also be considered even if the previous call to the ISP of the foot had resulted in a setback. "We had realized that we did not need the ISP finally, remember Rodolphe Saade. The door was not closed and this could be a possibility again. "

The difficulties do not prevent the group's leaders to consider in 2012 with optimism: "The worsening economic situation in Europe was offset by strong performance of South America, Africa, Russia, the India and even the Americans on the transpacific route. We plan to return to profit in 2012, "said Rodolphe Saade.

In the longer term, the leaders of CMA CGM could even go to the market: "To sustain growth and development of the group, we will need funds and as banks are very reluctant to invest in shipping, we plan, if the market permits, an IPO in 2014, "said Rodolphe Saade. It would be a turning point for the family group.

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In a mobile market completely disrupted by the arrival of Free Mobile, Bouygues Telecom said it had lost 159,000 customers, of which 134,000 went to Free Mobile. This represents 1.4% of its fleet of 11.3 million mobile customers. Last week, Orange announced that it had lost, for its part, 201,000 mobile customers in total, or 0.7% of its fleet.

Result, Bouygues Telecom expects a decline of 10% of its turnover in 2012 to 5.14 billion euros. The arrival of Free Mobile is not the only cause. Martin Bouygues, CEO of the group, also cited pell-mell "regulation, the end of the differential termination, terminal costs, Chatel law which is one of the most protective for the consumer."

To resist, the group announced a plan to reduce costs this year. "Our goal is a plan to save 300 million euros, which will be achieved in part through new commercial offerings but also using our flexibility on external loads," said Martin Bouygues. The group, which has 9,800 employees in late 2011, should not undergo abrupt reduction of the workforce. "By cons, what is clear is that staffing levels, recruitment Bouygues Telecom are completely blocked (…). We will let the natural decline to do, "he said, adding that cost savings could affect contractors, subcontractors and suppliers.

"Free Mobile makes the cuckoo"

Bouygues Telecom is also focusing on innovation. The group decided to have a strong positioning in the offers "bare" (without telephone and commitment, 100% web) with B & You, and with the offers services through Eden. It will market its new box with the Sensation "the most powerful processor market and offers the largest VOD thanks to agreements with TF1," said Martin Bouygues. He announced that the band would embark on the next generation mobile (4G) this year and was pleased to have obtained frequencies' en o "- in the band 800 MHz – stressing" they allow a very good coverage inside buildings. "

Martin Bouygues has admitted that the offer of Free Mobile was very aggressive. "But it is by no means a reflection of its production costs. Free Mobile is the cuckoo on the Orange network, he said. The telecom industry is a fixed cost. If someone could have a variable cost structure, if there was distortion of competition, it would in my view extremely serious, "he added, without elaborating.

On the roaming agreement that allows to use the Free Mobile network Orange, Martin Bouygues considers it "would not be unusual that this contract be made public, since the two competitors know, and two others not." All these topics should be discussed at the meeting between Martin Bouygues Telecom and Constable (ARCEP). "If we must suffer and die, it will be the fault of the regulator," he concluded.

Yesterday, Bouygues share lost 2.09%, to 23.88 euros, while the action Iliad (Free) clôturait on a record 99.55 euros, up 2.10%.

]]> http://schulemitbiss.com/134-000-bouygues-telecom-customers-left-at-free/feed/ 0 http://schulemitbiss.com/the-billions-in-property-sales-of-state/ http://schulemitbiss.com/the-billions-in-property-sales-of-state/#comments Mon, 27 Feb 2012 11:44:03 +0000 admin http://schulemitbiss.com/the-billions-in-property-sales-of-state/  

Barracks, land, old prisons, offices, mansions, forest houses, homes: the state gives each year hundreds of properties it no longer use. These sales it earned 590 million last year. This policy will continue. The State expects to sell 1,870 properties in 2012, 2013 and 2014, for 2.2 billion euros. And everywhere in France (see map).

If sales have accelerated since 2007 (2.8 billion in revenue since then, against 1.8 billion from 2002 to 2006), this is a result of the restructuring of the state initiated by Nicolas Sarkozy. Especially at regional and departmental services of various departments were grouped into two or three entities. Enough free space over the years. The merger of Taxation and Treasury Bercy has the same effect, as the consolidation of the judicial and military maps.

However, over 85% of the gains from these sales were used to renovate or construct public buildings. Only the balance, under 15, reduced the state debt. Playing rules will change, however. Starting this year, 20% of sales (excluding Ministry of Defence in particular) will go to debt reduction. The proportion will reach 30% in 2014.

Another downside: it is often other public, and especially the municipalities, who acquire the assets transferred by the State. Of Commons that value then the operation. Example: the city of Versailles, through the establishment of public land Yvelines, bought at the army barracks in 2011 Pawn in Versailles. The city will create on the site of activity areas and housing. The subject has also become political, presidential forces. Francois Hollande suggested that the state sells its land free of charge to municipalities so that they will develop social housing. Nicolas Sarkozy denies the charge assignment and advocates an acceleration of land sales.

Foreign investors

In Paris, foreign investors are also part. Thus, the former headquarters of Météo France, near the Eiffel Tower, was sold for sixty million to the Russian state, which will build an Orthodox cathedral. Yves Deniaud, UMP deputy chairman of the Real Estate Council of State, has openly on the Qataris, the Russians and Chinese to buy four mansions for sale in the seventh arrondissement. Individuals who are interested in goods, cheaper, in the province can learn about the site of France Domaine which lists properties for sale.

Hard times for the 380. After the case of microcracks detected in the wing of the superjumbo, Airbus will he deplore a new problem, this time in the "nose" of the device? The European Aviation Safety Agency (EASA) is interested in any case the rivets of radom, that is to say the cover that protects the radar of the aircraft.

The authority may decide to issue in the coming weeks an airworthiness directive (AD) requiring the change of six rivets aluminum rivets titanium stronger. The 19 airlines that operate the world's fleet of 69 A380, eight months have to do this for an average of 3:30. Clearly, they would have time to schedule it as part of their regular maintenance schedule.

After the decision to order the Efsa a general inspection of the planes of A 380 in service and production, totaling one hundred aircraft, the image of the A380 takes another blow. However, this type of airworthiness directive is very common in aviation. All aircraft receive throughout their careers.

Two types of directives

"The FAA, U.S. aviation safety authority, has issued more than 830 airworthiness directives for Boeing B 747 in forty years," says one at Airbus headquarters in Toulouse. "For an airplane, receiving such a directive is as ordinary as to think about changing the wiper blades on your car or an oil change," says one.

The Aesa issues two types of directives: the current, AD, and urgent, called "emergency AD." In the case of microcracks, the two directives were common. The agency goes up a notch when it considers that the subject can affect flight safety. In this case, companies have little time to react, sometimes not even 24 hours.

In the case of rivets, flight safety is affected in any part, Airbus insists. The manufacturer points out that these are not structural elements. Six rivets 40 to 50 by radom "are not likely to blow up" the unit cover.

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Kellogg's takes its revenge. After being out of the game last year, the world's leading cereal offers Pringles potato chips, for $ 2.7 billion. It takes advantage of misadventures of the seller, Procter & Gamble (P & G), which had entered into negotiations in April 2011 with fellow American Diamon Foods for the sale of Pringles.

These negotiations were unsuccessful, the purchaser being mired in a huge accounting scandal. Within months, the stock price Diamond Foods has lost half its value. But the company had committed to spend $ 2.4 billion, mainly in equities, to get their hands on Pringles. In early January, Diamond Foods announced it would need to reassess its accounts the past two years, following an internal investigation into its accounting practices. Hours later, P & G said look for an alternative.

Kellogg's and P & G should complete the operation by the summer. The withdrawal of Diamond Foods will not result in financial compensation for P & G.

By offering the brand of chips, which generates about $ 1.5 billion in sales and employs 1,700 people, Kellogg's is a giant step for the future. "Pringles has a global presence that propels to Kellogg's second in the world of crackers, helping us achieve our goal of becoming a real business of cereals and snacks," says John A. Bryant, CEO of Kellogg's, which topped last year's $ 13 billion in revenue.

PepsiCo, the leader

Sold in over 140 countries, produced in Belgium and the U.S., the Pringles potato chips become the second brand of Kellogg's Special K behind The U.S. giant has already Keebler cookies and crackers and Cheez-It Townhouse. The group also sells cereal bars and fruit snacks. But he has to go up a gear abroad.

"The acquisition of Pringles it provides a platform for international distribution of its products ready for snacking," analysts said BernsteinResearch. This should lead to synergies, particularly in Asia, where Kellogg's is still low.

Dominated by PepsiCo, the snack market, with sales approaching $ 65 billion, grew twice as fast in the last five years in emerging markets (+9.6% on average) than in mature markets. The sale of Pringles brand disengagement of P & G's food, a segment where the world's leading consumer products had tried to diversify in the 1990s. In 2004, he had already sold its Sunny Delight juice. It intends to focus on cosmetics, personal care and cleaning products.

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To this end, she had set the goal of lowering rapidly than 5% of the costs CIB. Plans job cuts had been launched in Romania, Poland, Egypt and Russia.

Before the General Society, Italian UniCredit, the British HSBC and Barclays, Credit Suisse or Bank of America announced this summer plans job cuts payday loans guaranteed no fax.

Employees of BNP Paribas will be set for their Wednesday morning on their fate: the management of the bank called a central works council (CEC) to present its own special plan to cut staff in France.

The body responsible for regulating the banking sector would have directly challenged the previous management but also the leaders still in office. The report was quoted as saying, "number of findings concerning mechanisms for managing derivative positions are likely to contravene the regulations." Regulators cite "in 2007 and until 2008, the disclosure of Dexia Credit Local has remained evasive about the increasing risks, including the CEO and directors were aware. She ignored the violations of regulations and monitoring liquidity risk. "And the report says "the information to the public was not accurate, precise and sincere."

These omissions or falsehoods for the purchase of a portfolio of bonds and speculative securities amounting to 100 billion euros, an "illogical financing local government, the report quoted by Liberation. Regulators also suggest a failure on the part of the Dexia value of this portfolio of assets, both at the time of purchase as to resale. Worse, the leadership in place deliberately magnified the value of assets. The "overvaluation is estimated at at least 2 billion euros." Auditors such as Deloitte and Mazars have closed their eyes, the report said.

Loans to shareholders to purchase securities

The management team in place is also not spared.In a letter dated September 4, 2009, the report stresses that "the director of the institution has provided an underestimation of the volume of transactions."

Meanwhile, the Financial Timesaffirme that Dexia has paid 1.5 billion euros in its first two institutional shareholders before 2008 so that they carry out acquisitions of securities of the Franco-Belgian bank. But Dexia would, at the time, not breaking the law then in effect. The question is whether the court will examine the case Dexia.

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