World Economy

Bank of America ,U.S. industrial activity continues to deteriorate.Economy,

2009-01-02T08:50:00.000-08:00

U.S. industrial activity continues to deteriorate. Manufacturing activity has deteriorated again in December in the United States, according to the index of purchasing managers published by the Institute for Supply Management (ISM) showed that at 32 , 4 in December against 36.2 in November. This is the lowest level since June 1980, when the index reached 30.3. An index below 50 indicates a contraction of activity: it is more down below this bar, over the pace of deterioration is strong. By sub-index, the new orders and production fell by 5.2 and 6 points respectively, that of employment fell by 4.3 points and the price dropped by 7.5 points . Bank of America The number one U.S. banking sector in terms of deposits, Bank of America, completed the acquisition of Merrill Lynch. The U.S. bank stressed that it now has the largest wealth management with about 20 000 financial advice and more than 2000 billion dollars in assets under management. Under the agreement, each shareholder of Merrill Lynch received 0.8595 share Bank of America per share Merrill Lynch. With this transaction, Bank of America expects to achieve savings of $ 7 billion before taxes in 2012. In December, Bank of America announced the abolition of 30 000 to 35 000 posts in three years. These job cuts, which corresponds to about 10% of its workforce, are justified by the "bad economic climate" and the desire to eliminate duplication resulting from the absorption of Merrill Lynch. It was not until the beginning of 2009 to have a clearer idea of the number of posts, had said Bank of America. The institution added that all societies and all branches of activity of the bank will be affected. Economy Wall Street opened slightly higher for the first meeting of 2009, investors primarily in mind the plan for the new U.S. administration must implement soon to try to revive the economy. President-elect Barack Obama, who will take office on January 20, is scheduled to meet Monday the leaders of Congress to discuss his plan which provides for massive investments in infrastructure. The markets also expect the release at 15:00 GMT sole indicator of American days, the ISM manufacturing index could fall to 35.5 and sinking lower and still under the threshold that delineates growth and contraction in activity. Volumes should remain weak, many investors making the bridge in the aftermath of New Year In the early exchanges, the Dow Jones index gaining 23.74 points or 0.27% to 8800.13 points while the S & P 500 took 1.32 point or 0.15% to 904.57 points. The Nasdaq composite yields 1.47 point or 0.09% to 1575.56 points. Later values, banks Bank of America and Wells Fargo cede every two 0.64% Thursday after concluding the acquisition of Merrill Lynch for the first and Wachovia Wednesday for the second

Obama will submit its response to the economic crisis

2008-11-07T09:24:00.000-08:00

Barack Obama was preparing Friday to present its response to the economic and financial crisis during his first press conference since his election as head of the United States, which seemed to come a little closer to recession.

The task is immense. The market for U.S. jobs has deteriorated again in October: unemployment jumped to 6.5%, its highest level in more than 14 years. Wall Street nonetheless rebondissait Friday, after two meetings in free fall.

The elected president should give at the first press conference, scheduled for 19H30 GMT from its stronghold of Chicago (north), the outline of his plan of action, in response to the worst financial crisis since 1929.

He had to meet before its main economic advisers, including former secretaries of the Treasury Bill Clinton, Lawrence Summers and Robert Rubin, the former boss of the Federal Reserve Paul Volcker and the boss of Google, Eric Schmidt.

It should not announce the name Friday eagerly awaited the next Treasury Secretary, according to his team.

Four are in line for this crucial position which will oversee the implementation of the rescue plan of 700 billion dollars in October adopted by Congress: MM. Volcker, Summers (now a professor at Harvard), Rubin (director of the bank Citigroup) and Timothy Geithner, president of the Federal Reserve in New York.

Before his appointment to the crucial day, Barack Obama Friday morning to attend another important meeting ... a meeting between parents and teachers at the school of his daughters, Malia, 10, and Sasha, 7, with his wife Michelle.

The 44th U.S. president, 47 years, will take office on January 20 but began this week to set up its management team, appointing one of its Thursday close, the pugnacious Rahm Emanuel, 48 years, as Secretary General to the White House.

The elected president spoke by phone with leaders of several countries - Germany, France, Great Britain, Israel, Japan, Mexico, South Korea, Canada and Australia - rushed to mark the distance with the policy Past President George W. Bush.

The financial crisis, but also Afghanistan, global warming and the nuclear issues of Iran and North Korea have dominated these discussions.

The reform of financial system has been at the heart of Mr. Obama talks with French President Nicolas Sarkozy, British Prime Minister Gordon Brown and Prime Minister of Japan Taro Aso.

Many of these heads of state and government are expected on November 15 in Washington for a summit of G20 on the financial crisis and bringing together the leaders of industrialized countries and emerging economies.

The Bush administration calls for short-term measures to increase financial transparency and risk management. Europeans, beginning with the French, demanding that the summit would produce more substantive results.

The Democratic chairman of the House of Representatives, Nancy Pelosi, voted Friday in the Wall Street Journal for a quick vote of a plan to revive the U.S. economy in two areas: 60 to $ 100 billion in the first Meanwhile, in November, then a measure early next month which could include a "tax cuts permanent."

Mr. Obama must also receive Friday its second daily report of the CIA, ultra-secret and reserved exclusively to the President on the situation in the world and the dangers that threaten the United States.

President Bush, who will meet Monday at the White House with his successor, warned Thursday against the risk of terrorist attacks in the United States during the transition period.

U.S. promises of lower sales in September.

2008-11-07T09:22:00.001-08:00

- The index of promises in real estate sales in the U.S. fell 4.6% to 89.2 in September, according to figures published today by the Association of Promoters American Realty (NAR).

The index announced for August 2008 was revised to 93.5.

The Association said in a statement that it was a difficult for sellers than for buyers.

'It is for this reason that funding affordable, reasonable prices and professional expertise are the success factors in the market', says Richard Gaylord, president of the NAR.

General Motors may be short of cash in early 2009

2008-11-07T09:20:00.000-08:00

General Motors may be short of cash in early 2009

The U.S. automaker General Motors announced Friday that it might find itself at the beginning of 2009 with a level of liquidity does more to allow its normal operations.

"The estimated cash for the remainder of 2008 approaching the minimum required to run the company. For the first two quarters of 2009, even with the planned measures, liquidity will fall far below this level, except the strong recovery market or foreign aid, the manufacturer said in a statement.

This grim diagnosis was provided during the publication of losses much worse than expected for the third quarter.

Net loss for the number one U.S. amounts to 2.5 billion dollars for the three months completed by the end of September. But excluding the favorable impact of an agreement with the UAW union, the loss of manufacturer stands at 4.2 billion dollars, while a year ago it was limited to 1.6 billion.

Turnover has flowed from 13% to 37.9 billion dollars, slightly less than expected by the market waiting 39.41 billion.

Sanofi Aventis: challenges and a new strategy.

2008-09-17T11:35:00.002-07:00

In mast in the image of all pharmaceutical values for months ..., Sanofi Aventis was buoyed this week by the appointment of Chris Viehbacher the post of director general. In the wake of this shock, the title has jumped more than 7% in the space of a meeting. In charge of pharmaceutical operations at GlaxoSmithKline for North America, Chris Viehbacher take up his duties with effect from 1st December.

Aged 48 years and having dual nationality Canadian and German, the Anglo-Saxon will succeed Gerard Le Fur whose appointment ago just 18 months at the helm of the pharmaceutical group has not convinced Total and L’Oreal, the two main shareholders of the group. Neither the Exchange. In two years, Sanofi Aventis and unscrewed by 30%.

Four years after the merger between Sanofi-Synthelabo and Aventis, the goal is to reinvigorate the strategy of the pharmaceutical company, which has been badly affected by the refusal in June 2007, U.S. health authorities, the FDA (Food and Drug Administration), to authorize the marketing of the treatment against obesity by Sanofi Aventis, Acomplia (Rimonabant). This decision was all the more unexpected that Acemplia is a genuine star in Europe.

These setbacks could have weighed in the decision to replace Gerard Le Fur whose skills have been widely shown in the research departments of Sanofi and Rhone Poulenc ... His detractors argue against it is not a big sponsor, which has been able to play against the group ...

Sanofi Aventis is more generally deal (like the big pharmaceutical companies) to lower drug prices and the loss of patents, including growing competition from generics. Moody’s has indicated early September that the European sector of the pharmacy could lose 18% of its turnover over the next three years.

Drug flagship of the group french used against arterial complications in the case, for example ... infarction, including Plavix will face from 2012 the marketing of several generic drug competitors. The Taxotere, used to treat breast cancer and lung cancer, for its part will lose its patent from 2010 in Europe and the USA ...

Sanofi Aventis was therefore obliged to react as quickly as possible to prepare the response to these deadlines ...

At the appointment of Chris Viehbacher, the Board of Directors of Sanofi-Aventis has recommended a strategy articulated around three pillars: (1) the search for innovative products better suited to the new regulatory and economic market (2) strengthening the position of the group on growth markets and (3) the further development of other activities in the fields of medicine and health.

For the new CEO of Sanofi Aventis, will therefore find a successful attempt at redemption, so far failed, laboratory Czech Zentiva, which has the double advantage of being specializes in generic drugs and strengthen the presence french group in the country to strong growth.

In early September, the direction of Zentiva, which Sanofi Aventis already holds 24.9% of the capital, in any case rejected pleas to the offer of french, which enhances the approximately 1.6 billion euros.

Sanofi Aventis intends to put a new string to its bow, by engaging more actively in health foods, such as Danone Actimel ... The first stone of the building has already been raised with the completion of the purchase of the Australian Consumer Symbion for an amount of 560 million Australian dollars (about 340 million euros) at the beginning of the year ...

Maybe you just have that Sanofi Aventis reaches to strengthen in what remains its core business, namely the ‘major’ drugs ..

The Cac 40 in lowest since May 2005, saves 4,000 points

2008-09-17T11:34:00.001-07:00

What meeting! What volatility! Once again, the magnitude of change in the Parisian market of over 169 points between the two demonstrates the extreme volatility of investors to any news. In increase of more than 1% in early trade, the Paris market has quickly risen to 4.160,26 points before returning test on several occasions the helm of 4,100 points. It will ultimately not be required! Emportée by the stall Wall Street, bad news from industry (Arcelor-Mittal), with American technological Nortel, new doubts on the side of the bank (HBOS confirmed consider a rapprochement with the British Lloyds), the Stock Exchange Paris flanché. However, AIG is saved, Morgan Stanley issued reassuring results but doubts remain, the crisis persists. At the close, the CAC 40 Index falling 2.14% to 4.000,11 points in a significant volume of 7.66 billion on components of the index. At worst time of the meeting, the market fell to 3.990,86 points. In Frankfurt, the Dax lost 1.75% in London, the Footsie fell by 2.25% and Wall Street, the Dow Jones abandons 2.71%. Oil prices leave from the front, a barrel of WTI October delivery stood at 93.79 dollars, up 2.61 dollars compared to its closing levels of the previous day. After two days of plummeting prices of black gold, this movement occurs naturally on the bottom of allaying fears about the U.S. banking sector. It is expected this afternoon the U.S. oil stocks. The greenback is for its part resistant facing the European currency, trading at 1.4149 dollar. On the statistical front, housing starts of housing for the month of August the USA emerged a decrease of 6.2% annualized pace of 895,000 units, far below that of 950,000 units expected by analysts. Compared to August 2007, housing starts fell by 33.1%. On the side of values, Alcatel-Lucent fell by 8.43% to 3.15 euros after the words of Nortel Networks. The United States has reduced its forecast for the third quarter of 2008 and for the full year, due to a decline stronger than expected investment of its major customers. Also attacked, ArcelorMittal stumbles by 7.96% to 39.67 euros. The group announced a plan to reduce costs for a total of $ 4 billion over five years. The plan economies of the world's largest steel producer, will focus on increasing staff productivity, reducing energy consumption and lower production costs, to increase efficiency and d ' improve product quality. " Capgemini won by 7.30% to 32.75 euros. The title suffers from lowering the target over the firm. The intermediary buyer rest of the file but does more than 45 euros against 48 euros. As far as financial values are experiencing mixed fortunes. Dexia lost 5.64% to 8.22 euros while BNP Paribas was down 3.27% to 56.19 euros. The bank has estimated at 400 million its total exposure to Lehman Brothers, including 200 million in net claims arising from derivatives transactions and 180 million corresponding to a bank loan. General Company (-2.86% to 54.37 euros) to evaluate its share to 479 million euros, 76 million of senior debt and 400 million potential replacement on return. Finally, the exposure of Credit Agricole (-2.52% to 11.77 euros) to the bank put under the protection of Chapter 11 bankruptcy is less than 20 million euro for the debt, but 250 million for the risk of replacement counterparts. Outside the index, concedes Natixis 0.4% to 2.49 euros. The capital increase of the subsidiary of Banques Populaires and Caisses d'Epargne ends tomorrow evening. Alstom Hydro, the joint company Alstom and Bouygues has won a contract of 500 million euros in Brazil. The group will provide the electromechanical and hydraulic equipment for hydroelectric power Santo Antônio. The title resists, it concedes that 0.3% to 62.14 euros.

The info Forex of the week

2008-09-14T21:41:00.000-07:00

While the situation in the USA seems to be improving, with many figures released better than expected in the euro zone prospects appear increasingly poor. Taken by the German indicators, the economic climate in Europe darkens over the week. An example: the Ifo index on business climate in Germany is a sharp decline during the month of August to 94.8, down from 97.5 in July. As a result, the euro lost ground against the dollar and the yen last week.

The USA are undergoing a fairly complex situation: economic indicators are good but many pressures persist. The equities market is still shaken by the bank values, the price of a barrel of oil is subjected to threats of Hurricane Gustav approaching American interests in the Gulf of Mexico but also the Lousiane and New Orleans, where 'On fears a new Katrina. However, the greenback has managed to maintain against the euro last week with convincing figures. Already Monday and Tuesday, the figures on housing reassured: sales of dwellings for July came out a sharp rise to 3.1% -2.8% against the month before, and sales of new homes have experienced same fate (2.4% in July vs -2.1% in June). May consumer confidence, confirmed by the Michigan Friday, was far better than analysts' forecasts to 56.9 against 53.0 expected. But the release of U.S. GDP which has allowed the greenback to remain despite the threats.

In the euro area, many announcements last week were disappointing. Already Tuesday, the Ifo index has set the tone for the week. Exited well below forecasts, this figure, very watched by the market decline was the single currency. Only a good figure may be chosen: the consumer price index (CPI) German has slightly declined, it rose to 3.1% on annual basis (against 3.3% in July). In this context, figures to be published this week are to follow closely, including the announcement of rate of the ECB and the European GDP. It will also look at the evolution of oil prices which remains very correlated to the EUR / USD.

In Japan, several good grades are noted: firstly, the CPI fell by 1.6% to 1.3%, which bodes well for inflation. Household spending fell less than expected to -0.5%, while analysts predicted a drop of -1.8%. The retail, industrial production and business confidence SMEs are also out above expectations. The lights are green for the yen, which is also the concern in markets that leads to a decline in operations carry trade. The Japanese currency is bought and therefore appreciated against the major currencies.

Trade of the week: Short EUR / CAD

The price of EUR / CAD continued its upward movement that had begun early last week. The evolution of 330 pips the increase is easily explained. We have on one side a euro remains stable. In addition to the German CPI published better than expected, no figure has actually influenced its course. In contrast, the Canadian dollar has a strong current. Rumors of recession plainaient on Canada have not been finally confirmed. The contraction in GDP of 0.8% in the first quarter has not renewed the second (+0.3%). But this development remains weak, and analysts predicted an increase of 0.6%. More broadly, the Canadian finance minister says that the foundations of its economy are stronger than those of the rest of the G8 countries to cope with the current slowdown. In this context, forecasting a growth rate of 1% over 2008 is maintained. So there are strong signals retreat on this pair.

The expectations for this week

EUR / USD: the price stabilizes around 1.47 last three weeks. The technical analysis gives us a signal to buy following testing support oblique on a weekly scale (see chart below). Besides, this Monday, new threats to the spread of Hurricane Gustav, Louisiana, New Orleans and the Gulf of Mexico. These threats to push the price of a barrel could play on gender and back to 1.50. If the situation calms down, following the bearish trend is expected on parity. The ECB is expected to announce a status quo on Thursday.

GBP / USD: The cable continues its fall. Following the difficulties facing the British economy, we must be attentive to the announcement of rate of the Bank of England on Thursday. If threats to the USA are confirmed, the price could recover significantly, even consolidate just above 1.80.

USD / JPY: The cross has undergone a correction last week from 108.43 to 107.71. In the current configuration, it should continue its decline as the yen is in great demand in situations of concern in the markets. A first media can be identified at 107.30 and a second at 106.70.

Euro, yen jump vs dollar on Lehman unrest

2008-09-14T21:37:00.000-07:00

The euro jumped to a 10-day high against the dollar on Monday while the yen seemed set for its biggest daily gain since early 2002, spurred by the prospect of the collapse of U.S. investment bank Lehman Brothers
The moves came as Lehman's troubles pushed U.S. yields down and as the Federal Reserve and major U.S. banks tried to boost liquidity and mitigate volatility.
"If the market is dropping its assumption that the Fed's next move will be a hike, then euro / dollar starts to look oversold," Sean Callow, a strategist at Westpac Bank, said.
By 0330 GMT, the euro was quoted at $ 1.4453 per dollar, just off a high of $ 1.4479 and nearly 1.7 percent higher than Friday's close of $ 1.4227.
The yen was quoted at 105.50 per dollar, taking its gains since Friday to 2.25 percent.
Analysts said the steps to calm markets, which are braced for the collapse of Lehman Brothers, underscore the depth of the financial market problems and could reverse the dollar's rally since July.

"Tamoil has always supplied the fuel Switzerland in a reliable and will continue"

2008-09-14T21:33:00.000-07:00

Sirous Ammar was appointed to head the Collombey refinery (VS) last July. The huge industrial site at the end of the lake has found the heart of the diplomatic crisis between Switzerland and Libya this summer, because of its dependence vis-à-vis the Libyan crude supplies. A crisis "policy" which, he said, came hide the enormous investment made by Tamoil in Switzerland - almost a billion euros - to develop and adapt the facility since its acquisition in 1990.

Le Temps: The crisis this summer and the evocation of threats on Libyan crude oil supplies have they threatened your business?

Sirous Ammar: This is an issue foremost policy, which has nothing to do with the refinery. The site provides Tamoil 2.2 million tonnes of oil annually, the fifth of Swiss needs, a level that represents dependence on Libyan crude. However, we must keep in mind that since the resumption of the site in 1990, Tamoil has always provided a reliable supply without any interruption, and wishes to continue.

-- You can not transform the Libyan oil?

-- From the beginning of its operation, in 60 years - ie well before Tamoil being the owner - the refinery was "set" to work on Libyan crude oil, light and low sulphur. It can also work for minor Algerian, Tunisian or North Sea. However, this facility is not suited to Iranian oil or the Gulf, much sulphur. The light will also get a better return. The black [ie: the residuals of the distillation] is limited to 30% of the original volume so that it can achieve more than double in refineries dealing with the heavy oil.

-- What is behind this presence of Tamoil in the Chablais?

-- At the end of 80 years, NOC, the oil company of the Libyan State, wanted to invest in an industrial tool and seized the opportunity to buy the refinery - and a network of service stations - for sale in 1990 Gatoil, the firm of Lebanese businessman Khalil Ghattas. The latter had himself taken control with a consortium of a dozen oil companies, including Esso, a majority. The refinery was called South-West was built in 1963 before coming under the ambit of these majors three years later.

-- The refinery, however, failed to be sold last year ...

-- It has been put up for sale during the summer of 2007, discussions were held with the investment fund Colony. They were unsuccessful because of the financial crisis, and the fund Libyan ruler has finally regained control.

-- What were the investments made by Tamoil since the acquisition of the refinery in 1990?

-- At the time, it did not contain a single column and a line treatment of gasoline. With current standards, the refinery could simply no longer exist if it had not been updated. We have invested enormously: In total, with other activities such as marketing, the envelope reached nearly one billion francs. The gas lines were completed, the hydrotreater kerosene for aviation fuel - and that of light diesel oil to make diesel - put in place. We also coupled with energy savings. The last phase of this modernization has focused on the conversion of heavy residue, which exported so far: In 2004, we have started a cracking unit, whose construction has cost nearly 500 million francs. This has enabled us to increase our production capacity to over 60000 barrels per day currently.

-- And what is your economic clout in the region?

-- We employ 265 people on the site and do work number of subcontractors Chablais, a height of more than 50 million francs per year.

-- Despite this economic clout, the presence of a refinery causing a steady opposition from local residents ...

-- Noise is our horse battle. We have reached the current technological limits in this area: a refinery can not be completely silent, its facilities to remain in the open air for security reasons.

-- What about emissions of harmful products that worry much more?

-- Initially, the Swiss limits are the strictest in Europe. We have made enormous efforts in environmental investing 30 million euros simply for the treatment of smoke. In a radius of 1000 kilometers, I do not know a refinery which would have made such efforts.

Our activity has also changed. Twenty years ago, heavy fuel oil with 1% sulphur, accounted for about one third of our production, against 2% today. Thanks to the hydrotraiteur put in place one can extract sulphur to be sold to the chemical industry, to be converted into fertilizer or fungicide. Same for heavy metals. Collombey can recover 95% of sulphur content in the crude entering the refinery! These efforts are often not recognized. But we must admit that the refinery has emerged as an intrinsic reducing pollution of what remains - whether we like it or not is another problem - the primary source of energy always used ...

-- Europe suffers from a shortage of refining capacity, particularly in the diesel. How did you come here?

-- First, many refineries have been closed for twenty years. The concept for 60 years, that small refineries could supply local networks simply did not survive the introduction of fuel increasingly complex, the environmental requirements become more stringent: absence of lead in gasoline, less and less sulfur in diesel.

An example? At the time, the oil could contain up to 1% sulfur, whereas today a proportion of 50 ppm (parts per million) shocked! And I am not talking about the viscosity, density, octane ... Problem, crude, he always arrives with 2% of sulphur, and this transition in its treatment demand huge investments. Today, the construction of a new refinery outgoing 100000 barrels daily cost 1.2 billion euros. This does not include many major groups have sold their small sites for investing in giants in Antwerp, Rotterdam and Marseille producing 200000 or 400000 barrels per day. Either three to six times more than Collombey! These sites often operate with the same number of people, and are therefore more profitable.

-- A refinery as Collombey thus appears to be an incongruity?

-- Not as able to produce locally 50000 to 60 000 barrels per day of the most complex provides access to lower prices than just relying on imports. Especially when the two refineries in the country [ie: the second being that of Petroplus in Cressier (BN)] supply 40% of the market. It is a matter of proximity, integration in the distribution network. Besides industrial activity generated by these sites.

-- What is the impact of the soaring price of crude oil on your business?

-- We buy crude 2 months in advance. Its price per se affects us somewhat, because ultimately postponed on prices of products: one works the same way if the barrel is stable at 80 dollars or 100 dollars. What disturbs us on the other hand, the sharp fluctuations that we have seen in recent months, which can be disconnected commodity prices and make us lose money.

-- These violent cycles explain the under-investment which has long suffered the sector?

-- Yes, because refining is a difficult profit margins are low, even ... negative, as has already happened in the late 90. If this sector is viable since 2003, it has never been a gold mine economically: a few tens of dollars per tonne.

"Tamoil has always supplied the fuel Switzerland in a reliable and will continue"

The Collombey refinery, which is responsible Sirous Ammar, found itself at the heart of the diplomatic crisis between Switzerland and Libya. (Photo: Keystone)
Sirous Ammar, head of the refinery at Collombey Tamoil (VS).

Pierre-Alexandre Sallier
Saturday, September 6, 2008

Sirous Ammar was appointed to head the Collombey refinery (VS) last July. The huge industrial site at the end of the lake has found the heart of the diplomatic crisis between Switzerland and Libya this summer, because of its dependence vis-à-vis the Libyan crude supplies. A crisis "policy" which, he said, came hide the enormous investment made by Tamoil in Switzerland - almost a billion euros - to develop and adapt the facility since its acquisition in 1990.

Le Temps: The crisis this summer and the evocation of threats on Libyan crude oil supplies have they threatened your business?

Sirous Ammar: This is an issue foremost policy, which has nothing to do with the refinery. The site provides Tamoil 2.2 million tonnes of oil annually, the fifth of Swiss needs, a level that represents dependence on Libyan crude. However, we must keep in mind that since the resumption of the site in 1990, Tamoil has always provided a reliable supply without any interruption, and wishes to continue.

-- You can not transform the Libyan oil?

-- From the beginning of its operation, in 60 years - ie well before Tamoil being the owner - the refinery was "set" to work on Libyan crude oil, light and low sulphur. It can also work for minor Algerian, Tunisian or North Sea. However, this facility is not suited to Iranian oil or the Gulf, much sulphur. The light will also get a better return. The black [ie: the residuals of the distillation] is limited to 30% of the original volume so that it can achieve more than double in refineries dealing with the heavy oil.

-- What is behind this presence of Tamoil in the Chablais?

-- At the end of 80 years, NOC, the oil company of the Libyan State, wanted to invest in an industrial tool and seized the opportunity to buy the refinery - and a network of service stations - for sale in 1990 Gatoil, the firm of Lebanese businessman Khalil Ghattas. The latter had himself taken control with a consortium of a dozen oil companies, including Esso, a majority. The refinery was called South-West was built in 1963 before coming under the ambit of these majors three years later.

-- The refinery, however, failed to be sold last year ...

-- It has been put up for sale during the summer of 2007, discussions were held with the investment fund Colony. They were unsuccessful because of the financial crisis, and the fund Libyan ruler has finally regained control.

-- What were the investments made by Tamoil since the acquisition of the refinery in 1990?

-- At the time, it did not contain a single column and a line treatment of gasoline. With current standards, the refinery could simply no longer exist if it had not been updated. We have invested enormously: In total, with other activities such as marketing, the envelope reached nearly one billion francs. The gas lines were completed, the hydrotreater kerosene for aviation fuel - and that of light diesel oil to make diesel - put in place. We also coupled with energy savings. The last phase of this modernization has focused on the conversion of heavy residue, which exported so far: In 2004, we have started a cracking unit, whose construction has cost nearly 500 million francs. This has enabled us to increase our production capacity to over 60000 barrels per day currently.

-- And what is your economic clout in the region?

-- We employ 265 people on the site and do work number of subcontractors Chablais, a height of more than 50 million francs per year.

-- Despite this economic clout, the presence of a refinery causing a steady opposition from local residents ...

-- Noise is our horse battle. We have reached the current technological limits in this area: a refinery can not be completely silent, its facilities to remain in the open air for security reasons.

-- What about emissions of harmful products that worry much more?

-- Initially, the Swiss limits are the strictest in Europe. We have made enormous efforts in environmental investing 30 million euros simply for the treatment of smoke. In a radius of 1000 kilometers, I do not know a refinery which would have made such efforts.

Our activity has also changed. Twenty years ago, heavy fuel oil with 1% sulphur, accounted for about one third of our production, against 2% today. Thanks to the hydrotraiteur put in place one can extract sulphur to be sold to the chemical industry, to be converted into fertilizer or fungicide. Same for heavy metals. Collombey can recover 95% of sulphur content in the crude entering the refinery! These efforts are often not recognized. But we must admit that the refinery has emerged as an intrinsic reducing pollution of what remains - whether we like it or not is another problem - the primary source of energy always used ...

-- Europe suffers from a shortage of refining capacity, particularly in the diesel. How did you come here?

-- First, many refineries have been closed for twenty years. The concept for 60 years, that small refineries could supply local networks simply did not survive the introduction of fuel increasingly complex, the environmental requirements become more stringent: absence of lead in gasoline, less and less sulfur in diesel.

An example? At the time, the oil could contain up to 1% sulfur, whereas today a proportion of 50 ppm (parts per million) shocked! And I am not talking about the viscosity, density, octane ... Problem, crude, he always arrives with 2% of sulphur, and this transition in its treatment demand huge investments. Today, the construction of a new refinery outgoing 100000 barrels daily cost 1.2 billion euros. This does not include many major groups have sold their small sites for investing in giants in Antwerp, Rotterdam and Marseille producing 200000 or 400000 barrels per day. Either three to six times more than Collombey! These sites often operate with the same number of people, and are therefore more profitable.

-- A refinery as Collombey thus appears to be an incongruity?

-- Not as able to produce locally 50000 to 60 000 barrels per day of the most complex provides access to lower prices than just relying on imports. Especially when the two refineries in the country [ie: the second being that of Petroplus in Cressier (BN)] supply 40% of the market. It is a matter of proximity, integration in the distribution network. Besides industrial activity generated by these sites.

-- What is the impact of the soaring price of crude oil on your business?

-- We buy crude 2 months in advance. Its price per se affects us somewhat, because ultimately postponed on prices of products: one works the same way if the barrel is stable at 80 dollars or 100 dollars. What disturbs us on the other hand, the sharp fluctuations that we have seen in recent months, which can be disconnected commodity prices and make us lose money.

-- These violent cycles explain the under-investment which has long suffered the sector?

-- Yes, because refining is a difficult profit margins are low, even ... negative, as has already happened in the late 90. If this sector is viable since 2003, it has never been a gold mine economically: a few tens of dollars per tonne.

Diving in the bowels of the beast of Collombey

Collombey is just his machine. Twenty-nine years to go corridors of steaming maze of tubes and pipes, enrolling as the ivy between the metal towers burning and flowering in hundreds of engines, pumps, compressors whistling night and day. Since the takeover of this gas plant by Tamoil in 1990, Ashok Koul-Watt, head of production, was all stages of modernization. The distillation column and the four "are of origin (ie: 1963), an extraordinary quality," boasts the Switzerland of Indian origin. This is not to say that the gas plant has been neglected. Every four years, it is completely dismantled. Dozens of inspectors inspect parts scattered on the ground for weeks.

Behind the interminable bleached concrete wall surrounding the site, a large machine in shades of ochre lights up, so oil terminal in the Persian Gulf, chablaisiennes Alps as a backdrop. Couronnée by the flame of its flare, the subject of all suspicions. "In reality, the remains lit to burn gas - butane and propane - could break the installation is a security issue," the man replied calmly to the orange helmet. As a brand match near a gas cooker, in order to avoid any incident.

At the peak of "cracking"

The basic principle seems simple: the crude distillation arriving in Genoa by a tube through the tunnel du Grand Saint-Bernard. The boil over 400 ° C. Get the precious vapors. The challenge is to replicate the "manip" large-scale, in order to remove every hour 100 m3 of gasoline and more than 150 m3 of diesel and fuel oil.

The great pride Ashok Koul-Watt? The cracking unit installed in 2004; "dual regenerator, the top of the technology." An installation of 450 million francs, the size of a building, to restate the "bottom of column." This black and viscous residue of distillation is sprayed to 30 metres high to meet for two seconds the flow of sand 160 tons of alumina turning point in the circuit. "In the end, we end up with 10% residue heavy arms, against 35% four years ago," boasts the chemical engineer. Despite the growing popularity of diesel engines in Switzerland, gasoline still represents a third of the liquid leaving the site, against fourth distillates (heating oil and diesel) and 15% of kerosene. The bulk is intended to Switzerland, but some products could not find taker - as LPG very green - are exported.

Sus Sulphur

A refinery does not produce that fuel and handles virtually all sulfur, nitrogen and metals contained in the rough. More than 12 tonnes of sulphur (once considered an impurity left in the heavy fuel oil ...) start each day by truck to nearby chemical plants.

The machine operates through Collombey energy provided by its own functioning. It gets in stacks of four (20 tons of steam per hour) or cracker (35 tons) in order to run generators. "Autonomous electricity, we provide the same 15MWh local network," said former student in chemistry. Nearly 265 employees are needed to heat the human beast, adjust, measure his pulse, monitor its products: single operators monitoring facilities, laboratory technicians, electricians, or computer operating the new checkpoint computerized.

In wheezing and aromas reminiscent of the airport tarmac, Ashok Koul-Watt apologized almost an aspect brown rust heart of the machine. "These are the walls of the oven, inside the crude oil is heated to 400 degrees, we tried all kinds of paintings, they do not."

Bio Express

On the Iranian origin, Sirous Ammar has come as a student in Paris at the end of 70 years to graduate out of high school French engineers Central in 1984.

He then directly joined the site as an engineer Collombey production - well before the site goes under the control of Libya. After a short transition in 80 years at Ciba - whose plants are adjacent to the refinery in the Rhone Valley - it was all stages of the transformation of the refinery in Tamoil, including the leader of a startup unit "conversion" of crude oil.

In recent years, this man the imposing stature of 53 years had made his behalf, the amount an oil consultancy firm involved including the United Kingdom and Iran. Married, father of two children, he returned last July in Collombey, the refinery where he began his career there are twenty-eight years, in order to take the lead.

USA. Election against a backdrop of economic crisis

2008-09-14T21:31:00.000-07:00

Rising gasoline prices, the collapse of the real estate market, massive debt overhang ... It is in a context of severe economic crisis that runs the campaign for U.S. Presidential November. The capital of the USA was more animated than usual, July 4. Usually, this national holiday, many residents are leaving Washington to go to the beach, either on the Chesapeake Bay, which is far only a few tens of kilometers, or by the sea, a journey less than three hours by car. But in the month of July 2008, gasoline prices had exceeded four dollars a gallon.
Households shake belt
For a European, this award is quite a good deal since it lies below one euro. But for Americans, accustomed to gasoline at very cheap, and which often lead monsters car whose consumption reached 20 liters per hundred kilometers, it was, and is still today, despite a relative decline in oil prices, a real disaster. Many of those who were accustomed to leave the city on that day, are therefore left, choosing to hold a barbecue in their gardens rather than the water's edge. Even the menu for this barbecue was rather tristounet. This year, in backyards over the homes of the middle class, the hamburger made its reappearance. Not because the U.S. population has suffered the crisis of real estate to the point of being forced to drastically change its way of life but the concern about the future sometimes leads to take precautionary measures which may seem excessive. "A few years ago, we were optimistic, saying Paul and Kris Richardson who, fortunately for them, have more than three years of credit to pay for the purchase of their home. We thought that every year, it would be better. Now, we believe that our generation will be the last to have experienced a prosperous and powerful America. " The motorist who left the capital to the west could fall to mid-July on an amazing spectacle. The self-convener of a small town in Maryland, Rocky Twyman, organized prayer sessions in front of service stations to bring down gasoline prices.
Increasingly indebted
The dream of every American, like almost all French, is to have a comfortable house. However, the USA, downtowns have not always good reputation. They have long been neglected and even in the eighties the crime rate was very high. Suddenly, in the few areas considered safe, the price of real estate prices reached extravagant. Everything is done by banks to facilitate real estate credit and gasoline prices being at a reasonable level, employees went live increasingly far and are increasingly indebted. The housing boom suburbs allowed emergency resell quickly empochant his house in a good profit. This system could collapse and the fall already partially recorded causes great anxiety in much of the population. Many commuters would sell cars too greedy to share against smaller models. But this market then collapsed. Pages of newspapers are filled with ads offering big cars at prices broken. "I have a Hummer (big vehicle-style armoured), confesses Raymond Dionne, who lives in Virginia. I would like to get rid of, but there is nobody to buy me. It consumes too much and then, especially at the beginning of the Iraq war, it was a patriotic look as much today as an enemy j'apparais for environmentalists. "
A hope for change
A 300 kilometres away in the industrial suburb of Pittsburgh (PA), Ed Moore, a trade unionist, representative of the so-called "Reagan démocrats", ie workers Caucasian committed to their traditions, those who have assured the success of the Republican Party since 1980, summarizes his vision of the situation: "Look what area, these houses are not all in good condition. You may be a little difficult to understand why so many people here have voted Republican since Reagan, and even for George W. Bush has made so many tax gifts to his friends billionaires. But is that the Republicans spoke a language they understand, patriotism, the right to bear arms. Here, you go out hunting, advocates traditional values while Democrats they appeared too frivolous. They have, moreover, during the primary preferred Mrs. Clinton to another, which seems too show-biz and too tanned. But now, I do not expect them to come back, obviously not all, to the Democratic Party. The price, and not only that of gasoline but also those of food, left to rise while the hourly wage has not budged and, worse, the number of hours worked decreases. Around them, they see plants that reduce their staff and they say that the election is perhaps a way to change things. Mostly they do not at all the positions taken by McCain in favor of free trade. "
Severe recession in road
In 1992, the battle cry of the election campaign of Bill Clinton, the only Democrat who has managed to interrupt the lease Republican in the White House was: "The economy, stupid! "(" The economy, stupid! "). At the time, USA lived, following the first Gulf War, a recession may be less serious than that potentially is under way today. It remains to be seen whether Barack Obama will be able to show the same energy and the same determination that the husband of Hillary.

inflation measured by the producer price reached 9.8%, the highest level

2008-09-14T21:30:00.001-07:00

Wholesale prices jumped in July to the USA, posting a year on their strongest increase in 27 years, which rekindled fears about inflation even as real estate continues crack on all sides and threatening the overall economy.

Producer prices rose by 1.2% in July compared to June, while the core index (excluding food and energy) accelerated to 0.7%. The increases are much larger than what analysts predicted.

The real shock, however, comes from the evolution over one year: inflation measured by the producer price reached 9.8%, the highest level since June 1981, and 3.5% for the index base, which is the greatest rise since 1991.

The index was highly anticipated after the disturbing figures on consumer prices published last week, which had highlighted in particular an increase of 5.6% inflation over one year.

"It will be difficult for the Fed (the central bank, Ed) to ignore these figures at its next meeting. That said, and recent signs of economic weakness ahead make it unlikely this year increased its key rate," currently set at 2%, said Kenneth Beauchemin the firm Global Insight.

In July, energy prices and food were packed. But outside those volatile sectors, increases were recorded for prices of machinery, transport equipment and food packaging.

"The surge of base can not be explained by a single category, indicating that manufacturers meet the rising costs upstream by raising their own prices", said Aaron Smith of Moody's economy.com.

This is the great fear analyst: that companies, by dint of their bill to see an increase in raw materials, not pass the increases on their own customers.

Generally, companies prefer to trim their profit margins, especially in a slowing of demand as is the case with the current economic crisis.

The determining factor of this crisis is real estate, and Tuesday brought its share of bad news on this front as well.

Housing starts of dwellings fell by 11% in July compared to June, and building permits by 17.7% - cuts expected after the atypical bond last month, which saw developers rush to launch yards before entering a new code of urban planning in New York.

But the weakening remains Manifest: housing starts fell to their lowest level since March 1991, when the previous real estate crisis.

"We remain around levels that are not expected to be seen outside major recessions," said independent economist Joel Naroff.

The figures are very real estate followed while the sector accumulates setbacks.

The president of the Dallas Fed, Richard Fisher, ruled Tuesday that "the worst is yet to come in the correction of property" and warned that the U.S. economy might find themselves at a standstill in the second half.

The difficulties of the sector débordent indeed heavily on the rest of the economy and condition restart.

Tuesday, the banner DIY Home Depot reported a profit decline of 24%, because of declining consumption.

And the refinancing of mortgage giants Fannie Mae and Freddie Mac peinaient to recover the head, after falling by over 20% on the stock market the previous day on rumors of threats of bankruptcy for recapitalization for the government.

Bank of America agrees to buy back Merrill Lynch

2008-09-14T21:26:00.000-07:00

The first U.S. bank in terms of deposits, Bank of America, agreed to buy the investment bank Merrill Lynch for about $ 50 billion (34.6 billion euros), thus saving the first brokerage in the world of bankruptcy, announced a person close to the negotiations.

The Bank of Charlotte, North Carolina, holds the largest number of deposit accounts of the USA. Combining the two issues one of their specialty gives birth to a new banking giant, able to compete with the first bank of the USA by market capitalization, Citicorp

Bank of America agrees to buy back Merrill Lynch

2008-09-14T21:22:00.000-07:00

One year after the two-man management, EADS works better but ...

2008-08-26T00:10:00.000-07:00

Abandoning a year ago of the two-man management of EADS has improved the functioning of the European aerospace and defence, but Franco-German tensions remain within the company also faces a bleak future of air transport, according to analysts.
"It is good for the company. But I think the subject of integration and the question of how to overcome cultural differences are far from over. This will certainly last for years or even decades "Observes an analyst German.

On 27 August 2007, the French Louis Gallois took sole command of EADS that he shared previously with German Thomas Enders, appointed him to head the aircraft manufacturer Airbus, the main subsidiary of the group. A decision announced a month earlier, during a meeting in Toulouse between the french president Nicolas Sarkozy and German Chancellor Angela Merkel.

Established in the interests of balance between the two founding nations of EADS, France and Germany in 2000, the two-headed leadership group was blamed setbacks industrialists very jumbo jet Airbus' A380, and incessant friction within the management.

This reform governance structures EADS is "a step quite positive" for the group, which will allow it to become "a truly integrated with a" unity of vision ", said Welsh had become a single leader . "We must continue to build the new Airbus, integrated and more efficient", was expensive for his part Mr. Enders.

"From the viewpoint of strict management, it works well. Louis Gallois done a good job, it seems to be appreciated by all", said Nick Cunningham, an analyst with Evolution Securities in London.

But the Franco-German tensions have not completely disappeared. Upon arrival of Mr. Enders at Airbus, some french unions worried of a "control" of Germany. And last spring, many voices were raised in Toulouse, headquarters of Airbus, to assert that the region was a disadvantage compared to the German sites, as part of restructuring plan for the aircraft manufacturer, Power8.

A critic who had pushed Mr. Welsh to meet in person Airbus executives and local elected officials and affirm that there was no imbalance between France and Germany.

In addition, the presence of 2,000 German expatriates in Toulouse until the end of the year to address the delay of the A380 has been a source of tension with french staff. So much so that Mr. Gallois said last June "like improving the climate in Toulouse."

German side, many see the French investigation for alleged insider trading in EADS involving several leaders still in office, as a political manoeuvre to undermine Mr. Enders, itself concerned, was last June the daily Financial Times Deutschland. In July, Mr. Enders, had called the investigation "trial played in advance."

But "the biggest problem EADS is actually outside", said Mr. Cunningham: Victims of oil prices and a sluggish global economic environment, many airlines, Airbus clients start to show signs of weakness, which could lead some of them to deferrals of orders or cancellations.

The Russia takes the risk of delaying its entry into the WTO, according to USA

2008-08-26T00:06:00.000-07:00

The Russia takes the risk of further delaying its entry into the World Trade Organization (WTO) if it should revert to some of its commitments, commented Monday the services of the Office of the United States Trade Representative (USTR).
"If Russia decides to go back on commitments necessary for its accession, it will still push its goal of joining the WTO," said an official of the USTR under cover of anonymity.

"Through its recent decisions, Russia endangers its aspirations" to integrate the international organization, he added.

The U.S. official was reacting to the decision, announced a few hours earlier, the first vice-Russian Prime Minister Igor Chouvalov, to denounce trade agreements deemed contrary to the interests of his country.

"We intend to continue negotiations within the framework of the working group for accession to the WTO, and to inform partners of the need to get out of some agreements which currently go against the interests of Russia" , Had said Chouvalov during a government meeting.

"It is reasonable", had immediately approved the Prime Minister, Vladimir Putin, according to Russian agencies. The government has subsequently approved these measures, without delivering detail, which is part of secret negotiations.

Mr. Chouvalov has subsequently confirmed that this decision was the Russian response to recent threats of U.S. Secretary of Commerce Carlos Gutierrez, to block the process of accession of Russia to the WTO.

Large enterprises entering the era of communication

2008-08-25T23:56:00.000-07:00

Large Chinese enterprises have entered the era of communication with the Beijing Games, alongside the multinationals that have assimilated since lurette beautiful, the virtues marketing major sporting events.
"It was expected that international development of Chinese brands. The Olympic Games are the platform that allows them to bounce back," said Antoine Bourdeix, Beijing representative of Publicis Consultants.

"They have recognized the importance of communication and image. It is for them a natural development," he adds.

The computer manufacturer Lenovo has launched this internationalization in 2004 by buying the PC division of U.S. giant IBM. Haier and Tsingtao have followed in 2005 by becoming sponsors of the Olympics, in line with Coca Cola, McDonald's or Adidas.

"We wanted to take this opportunity to consolidate our brand as a global brand," said Diao Yunfeng, a director of Haier, Chinese giant, world number four appliances and electronics.

In contrast, foreign companies took the opportunity to specifically target the vast Chinese public and its emerging class of consumers, associating their image with the greatest sports stars of the country: the basketball player Yao Ming, Liu Xiang athlete or diver Guo Jingjing.

Some have even made the choice to devote all their resources as Samsung Electronics, of which 80% of marketing budget in 2008 has been injected into the Asian giant.

"China is so great and represents nearly 25% of our worldwide sales. So we preferred to adjust our target," explains Gyehyun Kwon, vice president of the South Korean who says he saw its market share in the mobile telephony from 14% in 2007 to 20% this year.

The Chinese advertising market, growing 20 to 25% per annum by profession, has become a market leader.

According to estimates by ZenithOptimedia agency, a subsidiary of Publicis, the Summer Olympics in Beijing are expected to generate $ 3 billion in advertising investment, of which 1 billion in China.

This momentum is expected to pass the Chinese advertising market in fifth place worldwide, ahead of Italy.

"For its size and growth rate, the Chinese market is unique. There was no such enthusiasm for investment in China a few years ago. For foreign companies the Games were a great opportunity to inform the Chinese Consumers who they are, "says John Davis, director of marketing department at the University of Management in Singapore.

Chinese or foreign, however, no company is willing to disclose the cost of these years of campaigning.

According to Chinese media, the biggest of the sponsors, like Coca Cola, McDonald's and General Motors, would pay $ 65 million of rights.

At Coca Cola, sponsor of a multitude of sporting events, said modestly that "sport is a big component of the marketing program" of the company.

But the benefits "worth every penny of investment," said Petro Kacur, spokesman for the American giant of the drink, a far cry from the cold sweat of sponsors last winter when China was caught in the maelstrom of events in Tibet or taken to task for its support to Sudanese regime.

An opinion that seems to share Tsingtao: The brewer announced Saturday he went for a tour and became a partner of the NBA China.

The euro goes below 1.47 dollar, victim fears of recession

2008-08-25T23:49:00.000-07:00

The euro has stumbled against the dollar and the yen in Asian markets Tuesday, against a backdrop of concerns about the health of economies in the euro area and the Georgian conflict, said traders.
Around 06H00 GMT (08H00 in Paris), the euro went below 1.47 dollar at 1.4689 dollars against 1.4751 dollars Monday to 21H00 GMT. This does not happen it was since February 18, 2008.

The European currency fell slightly longer face the yen at 161.13 yen against 161.25 yen Monday. The dollar instead took the field the Japanese currency at 109.69 yen against 109.31 yen the previous day.

The single currency found itself under pressure from lending to speculation the European Central Bank (ECB) attempts to lower its rates in the coming months to stimulate economic growth amorphous, explained the analysts.

The euro was also sealed by the consequent concern to the Russian military intervention in Georgia, said Saburo Matsumoto, chief strategist at Sumitomo Trust Bank.

"Personally, I think the euro is most striking (as other currencies) by the growing dispute between Russia and Western countries about Georgia", he said.

Russia is a major energy suppliers in Europe and Georgia, a key crossing point for crude oil and gas extracted in Azerbaijan to Western markets.

The yen was relatively stable after the mobilization of the day, renewed concerns about the U.S. financial sector, encouraging speculators to reduce trade risky credit-based Japanese cheap.

The market was awaiting the publication in the day, sales of new homes in the USA as well as the barometer Gfk morale of German consumers, the first euro-area economy, have recalled the forex.

The figures published Monday on property sales in the USA gave a glimpse trouble for the sector already plagued by the crisis.

The National Association of Realtors reported a 3.1% increase in sales of real estate old in July. Sales remained 13.2% lower than a year ago.

The pound sterling still suffering the backlash of the publication Friday of figures for growth in Britain, which was zero in the second quarter, the worst performance since the kingdom sixteen years.

After being moved during European trading below the symbolic 1.85 dollar (1.8474 dollar exactly) for the first time in over two years, the pound was installing them lying on Tuesday to 1.8443 dollar. It remained almost stable against the European single currency, to 79.65 pence against the euro.

The Swiss currency was conducted against the euro at 1.6157 Swiss francs to one euro, but not face the U.S. currency at 1.0999 Swiss francs to the dollar

world economy

2008-08-25T02:10:00.000-07:00

The American aircraft manufacturer confirmed that it had requested six-month delay in the Pentagon, because otherwise it will have "many more options than nothing present."
Boeing has explained, Friday, August 22 evening, he would need time to respond to the bidding of the U.S. Air Force tanker planes. Dan Beck, a spokesman for the company, has indeed explained that Boeing had requested an additional six months the Pentagon to submit its proposal, and would in the immediate future "plus a lot of options from nothing present." In support of its request, the aircraft manufacturer said that the tender revised request a new aircraft, since it will be more fuel efficient.
Meanwhile, the Pentagon would have given an additional period of only fifteen days. The priority of the Air Force would "grow quickly and efficiently", in a folder that is bogging the past five years.
Northrop Grumman, EADS ally in this matter, for his part indicated that any further delay would be "harmful" to the program and could "lead to an escalation of costs for government and the taxpayer."
The mega-tanker contract, covering 179 aircraft for a sum of 35 billion dollars, is being a real "drama" to the USA. It was originally awarded to Boeing, before the tender is cancelled at the request of Congress (including John McCain, the current Republican candidate for the White House) because of irregularities, it was then assigned to Northrop Grumman and EADS, in February, before the bidding was also cancelled because of errors in the evaluation.

world economy

2008-08-25T02:05:00.000-07:00

The chairman of the board of Alcatel-Lucent, Serge Tchuruk, who is leaving his post in October, "assume" his record as head of the group, claiming in particular the focus on telecom merger Lucent with the U.S., he says in an interview with the Figaro on Monday.

"I assume. This is my state of mind when leaving my duties. I assume and I demand the strategy that has made Alcatel-Lucent a great world leader in information technology," said Tchuruk .

Serge Tchuruk, CEO of Alcatel from 1995 to 2006, in 2006 became chairman of the board of the new group Alcatel-Lucent after a merger with the American company Lucent Technologies, and was replaced as CEO by Patricia Russo.

Both have announced their departure in July, following sixth quarter of losses for the group and in a context of degradation accounts for the telecom equipment supplier hit by fierce competition.

For Serge Tchuruk, the "difficult period" through Alcatel-Lucent is now behind us "and" the group has been remediated. "

Recognizing have "perhaps" underestimated the difficulties of the merger, the former CEO of Alcatel stresses that, despite "difficult times", the "cultural problem" of "two systems bring different management" been resolved.

"We have emerged from the telecoms crisis with a strengthened position compared to our competitors in North America," he feels.

Questioned on possible new deletion of posts, Mr. Tchuruk believes that Alcatel-Lucent has now reached "a situation that is balanced in terms of jobs," recognizing that employees in the group had "considerable efforts" . Since the merger, Alcatel-Lucent has conducted several restructuring plans, with thousands of job cuts in the world: 16,500 in total by 2009, more than 1,800 in France.

Returning finally on the strategy of refocusing the group on telecoms, the leader said he had to "take drastic decisions because the difficulties are specified everywhere." "It was gather our forces in the central sector of telecom, which showed a strong growth potential," argued t
French » English Translate

world economy

2008-08-25T02:00:00.001-07:00

The second German private bank should meet its supervisory board to decide on a takeover.
IKB Berlin could sell three times more expensive
Commerzbank is expected to deliver its verdict this week on a possible takeover of Dresdner Bank. The second private bank in Germany because, according to the Financial Times Deutschland on Monday 25 August, convened an extraordinary meeting of its supervisory board for the weekend.
After months of negotiations, Commerzbank would not have taken a decision on the case. Indeed, the two institutions have still not reached an agreement on a number of issues, particularly on the recovery of the Dresdner Bank and the assessment of risks on both sides.
According to the daily Die Welt, the two sides would come to an agreement on the fact that the transaction will not be a merger of equals as originally envisaged, but a takeover of Dresdner by Commerzbank. Allianz would retain a slightly less than 30% of the new bank.
According to the Süddeutsche Zeitung on Monday, the selling price of the Dresdner Bank could oscillate between nine and ten billion euros

world economy

2008-08-25T02:00:00.000-07:00

world economy

2008-08-25T01:38:00.000-07:00

The transport of aid workers decided in September
The Minister of Budget, Eric Woerth, said this Monday, August 25 that the modalities for transportation assistance will be decided "during the month of September" because "it is difficult" to reach agreement with social partners.
The arrangements for transportation assistance will be decided "during the month of September". The Minister of Budget, Eric Woerth, said Monday, August 25 on Europe 1 that it will integrate this measure the finance bill 2009.

The difficulty in gathering all the social partners prevents Eric Woerth give a specific date. But the government gave them until September 15 to make proposals on the aid for employees faced with the cost of travel between home and work.

The Secretary General of FO Jean-Claude Mailly asked the government Monday in an interview with the Parisien / Aujourd 'hui, to implement "now" its proposal to transport aid, the president of Medef Laurence Parisot had For its part said Sunday "very reserved" on a takeover by companies, in an interview with the JDD.

The Minister of Budget provides several options to finance this aid, as "the possibility of exempting from the payroll taxes paid by enterprises in transport costs, costs of transport (...) or transport costs under certain conditions his car. "

The U.S. unemployment rate rose to the highest level in more than four years as employers cut jobs again in July,

2008-08-16T09:54:00.000-07:00

Payrolls fell by 51,000, less than forecast, the Labor Department said today in Washington. The jobless rate rose to 5.7 percent, from 5.5 percent the prior month. As recently as April, it was 5 percent. A separate report showed that manufacturing stagnated in July as companies were hit by rising raw-materials costs and slower spending.

QUOTATION OF THE DAY: McCain uses the latest Indiana Jones to display his optimism

2008-08-16T09:53:00.000-07:00

QUOTATION OF THE DAY: McCain uses the latest Indiana Jones to display his optimism

"I have so loved. The old type wins."

John McCain, 71, candidate for the U.S. presidential election, responding to the magazine Entertainment Weekly (WE) the question of what was his last film seen in cinema: the new episode of the saga of Indiana Jones. And adding a small weight comment.

Published in 17:40 QUOTATION OF THE DAY | Permalink | Comments (0) | Send this note
Obama and McCain: everyone's tastes and colors in terms of popular culture

The U.S. weekly "Entertainment Weekly (EW) - magazine on cinema, television, music, entertainment in general, books and DVDs - published this week interviews with two candidates in the American presidential election. Under the under "My Favorites Pop-Culture", Barack Obama and John McCain each reveal a corner of their preferences, tastes and colors regarding popular culture.

Where one learns pell-mell that Batman is the hero favorite of the two senators, Obama also cites Spiderman, as U.S. President fiction preferred McCain is David Palmer in the TV series "24 hours time", than Obama east Jeff Bridges in the film "The Contender" that McCain listening pleasure ABBA, the crooner Roy Orbison and country singer Linda Ronstadt-rock but also the young singer Usher RnB, rather qu'Obama loves Frank Sinatra, John Coltrane, Bob Dylan and Sheryl Crow but also listening to the flute Javanese and African dance.

The two candidates also mention their films and television series favorite, those who scored when they were children, about who is it that takes control of the TV remote at home, a family. They are also questioned on a variety shows over the winter followed by spring the USA: American Idol (style Star Academy). In short, while some answers are contained in the sum already partially on different profiles of their election campaign (official website, Facebook, etc..) Magazine EW offers a few new answers and even more personal. As a small parenthesis apolitical!

A Las Vegas, a bus driver who spit his venom on U.S. policy

2008-08-16T09:52:00.000-07:00

A Las Vegas, a bus driver who spit his venom on U.S. policy

That did not last long. But then what density angry, what verbal aggression. I did not see the coup coming ... of mouth. At first I even thought that there would be nothing travel time. Although he did not look friendly, much less talkative, not convenient at all. Renfrogné. Mal luné, even without saying anything. Of these persons known intuitively that there is absolutely no distractions. Do not ask questions. Even the rain and the weather seemed appropriate evil. Yet it is 41 degrees. There would otherwise be discussed. But no. Not today. Or even forever. So we are silent. It is expected to leave the airport and is expected to arrive at New York New York. Day summer regular in Las Vegas for a bus driver.

I finally a question anecdotal. He answered, but no more. It will be one of my only two questions of the journey. Then, to my great surprise, it loosens the jaw and asks us (I am with friends) from where we come from. I explain. Woe to me to have uttered the word journalist, Woe to me to have referred to the U.S. presidential election. Although down in his seat, rather shack, fifties, gaze dislike, the taxi driver does lâchera more piece to the hotel. He asks me what the USA. Three, four times, very offensive. Asked so open and vague that I am caught off guard, looking beyond the mountains of Nevada.

In fact, it does not seem a question, but really an attack. He insists he mitraille: "eh, tell me, what's the USA for you, you can explain what it is, eh, what is it?". Many answers are possible. I have no energy. Then he answered my place, interspersing each argument between a new question, almost methodical, as if to lead me somewhere. It lasts no more than ten minutes. But its venom, his bitterness, his écoeurement voltigent in the bus. Very long as I did not attend such a unpacking angry and outraged regards politics, a political system, politicians.

The journalist that I was irrespectueusement his eyes took as long as George W. Bush, Dick Cheney, Barack Obama, John McCain, Republican and Democrat parties, money in politics, the American institutional system, and so on. All involved, all accomplices. Vomiting classical elite politico-media corrupt. But here, man-in bus imposed by his physical and aggressive bitterness. I tried to put a few sentences too feeble to draw up a critical portrait of America and its government. Impossible. Never quite critical. I was grilled at the outset of my job.

He screamed over the media who did not speak enough of the "monarchy", the "kingdom", the "oligarchy", "dictatorship" American. It fusait in all directions. It climbed one step further when I asked him if he had a preference between Republicans and Democrats. It made me repeat several times these two words. Style: what you speak, but what you talking about? Republicans Republic, Democrats, Democracy. The media should be ashamed unnamed still use words like that to talk about American policy, "he said in substance.

Elite rich, silver, oil, manipulation of public opinion, contempt, corruption, etc.. Of course, everything has happened. What to do, what to say in such an intelligible when verbal spat. I dared a "calm down". Do not remember if I did. Arriving at the New York New York, unloading baggage for us, he died in one fell swoop. No smile, a wave grommellement without doubt a hello or a "take care". The storm stopped at once. Still: unpleasant impression of having taken a sacred spanking. Verbal.