International News

An oil close to $ 100

Oil markets have returned to their highest in the summer of last week. In New York, a barrel of light sweet crude for December delivery ended the week and to 93.32 dollars, pocketing 11.5% in five days, while in London, Brent crude gained 4% over the same period at 110.02 dollars. These levels were no longer observed since last August.

This surge is due to the euphoria that followed the agreement on a plan to end the crisis in Europe. As the equity markets, the announcements of European leaders were welcomed by a jump in current operators rejecting the idea of ​​"economic calamity," said John Kilduff, of Again Capital. In addition, China's second largest consumer of oil in the world, issued a manufacturing PMI at highest level in five months.U.S. GDP also rose by 2.5% yoy in the third quarter and increased consumer spending by American households has accelerated in September to 0.6%. Another factor is bullish: "There are investors who claim that the Americans withdraw from Iraq, it will add to the volatility in the Middle East. It was also the new regime in Libya during a test, "noted Rich Ilczyszyn, MF Global no faxing payday loans.

The higher prices could have been even stronger if there had been publishing a weekly report on bad stocks Wednesday. Surprised, analysts questioned the causes of such weekly increase, especially imports have continued to slow in recent weeks. Phil Flynn, analyst at PFG Best Research, put forward a hypothesis: "the oil accelerated their pace to arrive before the hurricane Rina.The metal was also supported by the ongoing tensions in the global supply. Thus, the American Freeport-McMoRan said Wednesday the "force majeure" for its Grasberg mine in Indonesia (site producing between 3% and 4% of world supply), paralyzed from mid-September by a violent strike.

Aluminium was supported by a decline in world stocks (5% in September, its lowest level since December). The course is finished in 2221 dollars per tonne (3.6% for the week). Tin is always paid by the interruption of exports from Indonesia (30% of world production of tin), decided in early October by domestic producers in order to trace the course. The stocks of this metal on the LME have since decreased by 21%. Classes end at 21,870 dollars (0.55%).

In the third five-day strike of cabin crew of Air France, the company hopes to provide 85% of the flights scheduled that day, she warned this morning, while a strike notice was filed until Wednesday, November 2 included. Sunday night, Air France said it had secured 88% of its flights of the day, and sent 120,000 passengers.

Remember, the movement is to protest against the proposed reduction in the number of cabin crew in some aircraft, as well as against a reform of the evaluation of these same individuals. The conflict has generated over the weekend a battle of numbers between unions and management. According to the latter, there would be 30% of strikers. The UNSA has instead assessed the proportion of strikers to 65% Sunday, after 50% Saturday payday loan.

"Management is currently parades, but it can not hold the road in five days," said Gaëlle Sibril, steward of Southern Air. "That's why we filed a notice of strike for five days because we know they can be organized over two days but no more," she added. Didier Foussat union FO-SNPNC, "the strike will ramp up because all the volunteers PNC reserves are currently using." For him, "we arrive at a peak" from Monday. "From experience, the third day, ie Monday, which will be very complicated," Judge Philippe Sports Meanwhile, the UNSA.

Player Figaro BFM

The draft budget for 2012 Social Security will be voted on Wednesday by the House, before leaving the Senate. But a detailed examination of the text was to end Friday night. The Assembly amended several key points … until they know the consequences of the revision to 1% of projected growth. Lack of knowledge, "the dice are loaded," protested the Socialist Marisol Touraine. The rapporteur of the text, Yves Bur (UMP), was estimated at 1.5 billion shortfall, the government does not confirm.

Half a solution for excess fees

MEPs adopted an amendment to try to remedy the excess fees excessive. They left until the end of January to physicians, the social security and complementary health for themselves conclude this endless soap opera.

These doctors are the "fall guy," said Yves Bur UMP. Xavier Bertrand has promised, without further detail, to consider their case, "that they are not satisfied with a handshake." The Minister of Health has recognized, with several members of the left and right, that the real problem was the insufficient appreciation rates Safely surgeons for years low fee cash advance. But open the sector a future system would have displeased the French Mutuality and part of the majority. The Bloc, the majority among specialists involved, says it is ready to discuss, exchange, regulation of excess fees in sector 2.

Abandonment of the CSG on parental leave

The idea was unanimously against it: the government has decided not to submit to a CSG 6.2% of compensation paid in case of parental leave.And are defrauded to the detriment of social organizations will be excluded from debt cancellation plans in case of insolvency.

Cooling-off period on sick leave benefits

The government had reduced by 6% allowances of sick leave, saving 220 million. Outcry, including the right, Yves Bur proposed an alternative: a fourth day waiting period before paying those benefits. It would cost to low-wage "twenty euros, once a stop, instead of 30 or 40 euros a month," he said. People in long illness would be less penalized, unlike those that increase stops short. Xavier Bertrand has promised to think about before the final vote of the text.

"It will take place, and this is probably a matter of months, the issue of financing of our welfare. It will probably include the participation of imports. "In two sentences, the head of state made it clear that social VAT probably figure prominently in its program during the next presidential campaign. The mechanism is to fund Social Security by a consumption tax, so among other products imported from countries practicing "social dumping". In exchange, the contributions that affect the cost of labor is lightened, in order to gain competitiveness – a leitmotif of the presidential intervention on Thursday night. Social VAT is not exactly a topic that shares the political class on the line right to left as usual low fee payday loans.Manuel Valls, only the PS, is favorable, as the centrist Jean Arthuis or UMP Jean-Francois Cope and Valérie Pécresse, Xavier Bertrand and others in the majority are reluctant, fearing an inflationary effect, so a loss of purchasing power of households.

The president has however ruled out any attempt at protectionism to fight against offshoring. Establish tariffs would "make sense", he decided, in a clear allusion to the "de-globalization" praised by Arnaud Montebourg.

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Many individuals prefer to keep their cash rather than warm place in the markets. The storm was the market could only reinforce this position. However, taking the trouble to dig a little, there are various investment avenues to explore. We offer three, through ETFs and funds.

Corporate bonds, small return for a limited risk

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The high yield, large compensation for significant risk

The junk bonds, as they are called the Anglo-Saxons have a bad reputation. Yet they can be very profitable in the long run. Indeed, the annual yield is greater than 9%. In addition, the risk is often exaggerated on these bonds. After degradation, Peugeot and Lafarge are after example in the category high efficiency. To invest in these securities, we recommend again to go through a tracker. The Lyxor on 30 bonds seems ideal. It provides immediate liquidity and management fees ridiculous, which is far from the case for other funds. ISIN code FR0010975771 is.

Shares with high dividends for the long term

It is hard to miss the action with a strong performance. On average, the CAC 40 shares of 5% relate. It is not uncommon for actions bring more than 6% as Total, Vivendi or property. Choose a fund comprising shares with good dividends ensures more consistent performance. Many funds have forged strong reputations. Indeed, in this case, talent managers can make a difference as it is to ensure that dividends are regular and, as far as possible, guaranteed. Among the funds that have caught our attention, citions Pictet-High Dividend Selection (Code: LU0503634221).

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Liquidation or recovery? The future of the ferry company SeaFrance, SNCF and property loss for over ten years, is played in two stages this week. The European Commission must give its opinion on Monday the recovery plan presented by the company management.

It is financed recapitalization to the tune of 160 million euros provided by the station, its parent company, and a loan of 99.9 million euros was also granted by the SNCF "market conditions" as Ministry of Transport, at the forefront of negotiations with the Commission.

Three candidates for the recovery

On 19 October, Brussels decided to give a stay of several days the French government for an independent investor that is able to replace the station to inject 100 million euros.This loan is indeed the point of blocking the bailout.

Allocated by the SNCF, it is similar to State aid. But the Ministry of Transport, we do not believe in miracles. "In the current situation, no bank is willing to release 100 million euros to support SeaFrance," says a close case.

Tuesday, it was the turn of the Commercial Court of Paris to decide: the liquidation or takeover by one of three candidates. In addition to a mystery buyer, called "Being Bang," Louis Dreyfus Armateurs is associated with the Danish DFDS in a consortium. Another offers more unusual is in the running. This is a cooperative production (Scop) carried by the CFDT.

512 employees have already raised a finger to enter the capital of the SCOP which will take back almost all of the employees but is seeking another 20 to 25 million euros.SeaFrance has 880 employees.

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Almost non-existent on the high end, Renault plans to return in the race with his partner allemandMercedes, one of the kings of that class. So far, we knew that French was working with his ally on a Nissan platform technique to manufacture both its future high-end, but the Megane compact, and vehicles of similar size in Japanese. But this platform – which targeted 1.5 million cars a year, will be extended to Daimler, the maker of Mercedes. "There will be a common platform between the three: Renault-Nissan and Daimler," said Thursday Carlos Ghosn, the CEO of Renault-Nissan, during a dinner with journalists.

Result, "you move from one platform from 100,000 to 200,000 cars a year" for the high-end Renault, "a platform of 2 million cars.It is no longer the same challenges: cost, quality and performance are not the same, "says the owner of the manufacturer. On this platform, Renault will build the replacement of Space and the Koleos 4 × 4, but also a "range" is replacing both the Laguna and Vel Satis. Laguna does not know the fourth generation: the new vehicle still under wraps, will be greater. These cars are mainly produced in the factory in Douai, France, but also outside Europe, possibly in Korea. They emerge from late 2014 and 2016.

Meanwhile, Renault plans to launch "a vehicle developed with Daimler," on a platform of German, said Carlos Ghosn."I do not think it would be very realistic to say that Renault, which has the ambition to develop a more expanded upper range, will not consider one way or another with some potential collaborations Mercedes for at least one model so ", he had already slipped to Frankfurt Motor Show in September savings account payday advance. Renault-Nissan and Daimler already designing future joint small Twingo and Smart (set in 2014) and a commercial vehicle for Mercedes. The construction of a compact Infiniti, Nissan's premium brand, based on an architecture provided by the group to the star, is also seriously considered.

Amortization of costs

With Mercedes, Renault hopes to succeed where he failed himself. The launch of a vehicle requires high-end development costs very high, particularly disappointing that the volume of Renault failed to dampen.After stopping production in 2009 of the Vel Satis, the diamond was sold last year that 53,000 Laguna, Koleos 39,000 and 17,000 area.

While the three champions of the category-BMW, ​​Audi and Mercedes-emit spectacular margins, the high-end Renault "is the weakest part of our operation, which is not normal," says Carlos Ghosn, who believes that in this area, the French "can hardly do less."

Carlos Ghosn, the partnership between Renault-Nissan and Daimler-each holds 3.1% of the other-is an "opportunity" not to let go upmarket. Daimler, "very smart", is contributing "to the maximum" French in the development of Smart, as the engineers' know we will do better than them. " Conversely, "do not say is that we can do it all on the high end. You must use the skills of Mercedes, "he says.

"The euro is a rock against the crisis. "This declaration of Gylfi Arnbjornsson, President of Iceland's largest union, released in turmoil in the euro area, out of place. "While a small floating national currency increases the flexibility and affects employees," he insists. Bryndis, she does not believe more in the EU and the euro area. "It does not work. The crown, however, allowed us to emerge quickly from the crisis, "said the young woman, who works in a bookstore, very committed to the sovereignty of his country. These two strong views illustrate the gap between pro-and anti-Europe.

Iceland began on June 27 last formal negotiations to enter the European Union. At the end, Icelanders will vote in a referendum.The challenge for the small island in the far north that is just three years of severe recession, is to join the single currency.

The debate in Reykjavik is far from settled, including the center-left coalition government, like the Minister of Economy Social Democratic supporter of the euro and its counterpart of Finance defends the virtues of the crown.

"The devaluation of over 40% has boosted the competitiveness of our exports. The gain exceeds the final cost. Unemployment would have been much worse, "says Green Minister Steingrimur Sigfusson. With two key economic sectors: aluminum and fishing account for 80% of exports. In this land swept by the waters and winds so imposing nature, the farm lobby and fishing make their voices heard. They reject the decisions of Brussels and its quotas.Yet, in fact, Iceland is already integrated into the European Union.

The case "Icesave" three years ago that poisons relations with Great Britain and the Netherlands also maintained Euroscepticism. The State has spent 15% of GDP to save its national banks but refused to compensate the foreign customers of the bank Icesave, bankruptcy. An early decision of the European Court of Justice could force Reykjavik to set the slate of 8 billion euros. "The bank Landsbanki has the means to repay by selling its assets revalued since the crisis," said the minister.

Indebtedness

Three years to regain control of the IMF, the economy drastically, radical restructuring of the banks have put the country on track for growth, helped by a crown devalued no faxing pay day loans.In the field, if the maintenance of a welfare state and the strength of social ties, related to the geography of the place and its small population, have reduced the impact, the crisis is far from over. Reflecting Hildigunnur Sverrisdottir, 35, architect, married with three children. "We are living a nightmare, every month, our debts pile up, we have no visibility and perspective," she confesses.

This family alone synthesizes all the symptoms of the crisis Iceland: Hidlig lost his job after the explosion of the housing bubble, the couple bought a house at full price. They chose a loan in foreign currency – yen, Swiss franc and euro – more attractive as deemed stable and offering lower interest rates. This not to mention local specificity to index mortgages on inflation, which reached its highest, 18%.Result, many Icelanders have seen the value of their loans soar. "In my generation, everyone has lost an average of 10 million crowns," says Hubert Koziet, who suffered a pay cut and an increase of one third of its credit.

Unable to repay their credit, Hidlig and her husband were offered a government program, reserved for owners 13 .500, which is to cap credit 110% of the value of the dwelling and convert crown. "We do not know what to do, we are still negotiating with our bank, we do not rule out leaving the country. Many of our friends, architect, engineer, accountant … went to Denmark and the United States. "

Counter the brain drain and attract new investment, are the future challenges for sustainable growth in Iceland. Because the economy remains crippled by capital controls and political instability.Ironically, today is not money that is lacking in the small island – banks are full of capital that the Icelanders and businesses could exfiltrer abroad – but it suffers from a lack of confidence in the future and the political elites.

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The Board of Directors of Dexia again go on Wednesday night to approve the one hand, the nationalization of its Belgian subsidiary, and secondly, to approve the terms of the transfer to France of its business loans to local authorities . Other operations will follow shortly, including the sale of Turkish subsidiary Denizbank that interested, too, Qatar, already the official buyer of private banking BIL.

Regarding the French part, the financial terms of the transaction is blocked. The company refinancing of loans to local authorities, Dexia Municipal Agency (Dexma), 65% will be taken by the CDC, 30% by Dexia and 5% by La Banque Postale (LBP).

Six weeks after the start of negotiations, all is not settled. It remains to define a framework for partnership in the business side.Now, the production of loans to communities will take place through a new bank, majority owned by LBP associated with the CDC. At the request of Philippe Wahl, chief executive of the subsidiary of La Poste, Dexia is not associated to thoroughly immunize the future against the troubles of the past. A real humiliation for the group and a cause for concern. "Uncertainties remain about the new role of Dexia Credit Local and a possible transfer of activities from DCL (the new location)," the CFDT warned Tuesday, recalling that the former Crédit local de France employs 1340 employees.The unions have asked to meet Dexia Baroin, the Minister of Finance.

Risk of breakdown of funding

Several hundred people being responsible for monitoring the loans and Dexma residual portfolio management, the debate is about the teams likely to be transferred to the new bank. "La Banque Postale does ensure that some of the activities undertaken by DCL, eg excluding short-term funding, social housing or health," warns one close to Dexia. Already some experts warn against the fact that local authorities will find themselves running out of funds. While production of Dexia – 3 billion euros this year – was already insufficient, the new bank plans to ramp up gradually. "It's open. If it is possible to produce more profitable loans, we will do, "cautions one close to the negotiations.

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