International News

It is expected that Monday morning, important announcements of Government of Dubai, after the panic that swept over the markets last week following the announcement by Dubai World to a deferment of six months minimum payment of a debt of 3.5 billion. The reaction of local exchanges, after four days of closure because of the Eid holiday, was also highly anticipated.

It seems that support the day by the Central Bank of UAE, which has decided to provide creditors with more cash, has not reassured investors. The Exchange has unscrewed from 8.31% in Abu Dhabi and Dubai lost 7.3%. "The security of the Central Bank is limited to banks to avoid a systemic effect.But this does not solve the crisis, "notes Pascal Devaux, economist at BNP Paribas.

Duba?otes authorities have not made this Monday in response to a specific exit strategy. The only communication came through the Ministry of Finance, who said that the emirate would not assume the liabilities of the conglomerate. "It is for creditors to assume their own responsibility in the decision to lend to businesses," said Abdulrahman Al Saleh, director general of the ministry on the television channel Dubai TV. "The creditors believe that Dubai World is part of the state, which is incorrect.The State owns the company, but since its creation, it is determined that the company is not guaranteed by the state, "he added.

Lack of transparency

By disconnecting and Dubai World, a huge conglomerate that has a dozen subsidiaries and displays 59 billion in debt, including 25 billion for real estate division Nakheel, the emirate is likely to worsen the climate of uncertainty and lack of investor confidence. Just as many experts criticized the lack of transparency and communication, particularly on economic issues in the emirate.

The target for Dubai is to prevent contagion to the entire economy of the region. "He actually tries to distinguish the business risk of sovereign risk," says economist of BNP Paribas.This to avoid that risk assessment has a negative impact not only on the sovereign risk of Dubai but also in its larger neighbor Abu Dhabi. For, while suggesting that the rescue medium term can only come from the oil revenues of big brother.

Besides this solution, Dubai has little alternative to overcome the crisis. Either the conglomerate renegotiate its debt with the risk of a higher price if the markets continue to fall. The other option is to sell off its property assets that have lost much value with the crisis. If this seems impossible at this time, Dubai will not be shy of a restructuring.

Finally, one thing is certain: by the agency Moody's, the impact of the crisis "could be disastrous" for the confidence of investors by pushing interest rates upward.What curb heat recovery of an economy still recovering and setting appropriations for the restart.

"In town, ruined speculators cross workers unemployed

Thiery Morin returns to the front of the stage, eight months after his departure thundering Valeo. To recall, the former CEO had a lot of talk, taking his ouster in a check for 3.2 million euros, equivalent to a "golden parachute" when at the same time, the group lost 287 million euros over the full year 2008 and disband as many as 5,000 employees worldwide.

The latter has recently entered the industrial tribunal to get compensation after a judge dismissed it "unconscionable" and "without real and serious cause". He estimated the damage suffered to some 2.5 million euros, according to RTL radio.

This amount would be added and the 3.2 million already received in March by Thierry Morin, snubbing it in the request of shareholders who wanted to see the money returned to the group.

But Thierry Morin did not stop there.The former CEO also claimed a medal of honor labor to recognize the quality of work for eight years as head of Valeo.

The management group, which recorded 209 million euros in losses since last January, has politely turned down his request.

Malaise in the drafting of TF1 and LCI. During these two days, a petition full of anxiety concerning the working conditions of editorial running in the first group of television. The fear expressed is that of seeing down the "information quality" of the first media of France, given the new organization that is gradually established. This should lead eventually to a complete merger of the newsrooms of the two channels.

In this document signed by all the trades the group's information, the signatories say loud and efforts on behalf of the savings plan of the chain. Nonce Paolini, CEO of the group, has promised to market savings of some 70 million euros to spare no one. Thus, the wording has already recorded a score of departures on its total to 330 journalists. Or 200 and TF1 and LCI 130.But it is also the organization of work teams worried: less time to subjects, and especially fewer people to make reports.

"Standing"

TF1 teams are restricted to two instead of three. Pell-mell added demands on the growing intensity of the pace of work and wages deemed insufficient and that some classes require to upgrade. "We do not BFMTV, whispers it in Backstage. TF1 has a luxury it must keep. The restrictions must not impair the antenna. "

A position that is far from denying Catherine Nayler, director of information of the first string of France: "This document from an Inter-five organizations including the apparent desire to maintain the quality of work. It is a concern that I share too.As a major general news channel, TF1 must absolutely and always respond to this need and keep its label. No reform will be to the detriment of the quality of the newspaper, "says she. "The questions that arise so concentrated in this text today, we talk every day together. We are facing a double challenge: that of an economic crisis affecting all media, forcing them to reorganize and that of the pooling of resources between the two antennas.The organization of TF1 was frozen for twenty years, I understand evolve is not clear. "Not to mention that November 25 will be holding elections to appoint professional staff delegates.

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