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Occur again and again, to meet global demand for oil as the International Atomic Energy Agency (IEA) has revised upwards, to the tune of 89.3 million barrels per day (bpd) for 2011. To cope, the majors are concentrating their efforts on exploration and production, which represents on average 70% of their investments. "This is an area ultracapitalistique, which also means taking risks," said Pierre Terzian, editor of the weekly special Pétrostratégies. Some new sources turn out to be less promising than expected.

In 2010, capital expenditure of ExxonMobil, the world leader in the industry (with annual revenues exceeding $ 105 billion), reached a record $ 32.2 billion."As resources are increasingly difficult to access, large companies have limited resources to become leaders in other segments energy," insists a study by consulting firm Strategy Sia Council. The particular demands of offshore exploration technologies increasingly sophisticated. As for heavy oils, in areas often extreme climate, their production is profitable from $ 90 a barrel.

They limit spending on alternative energy

In the early 2000s, the giants of black gold loudly asserted their determination to focus on alternative energy. A few years later, this policy sketched above dashed. Sia Council recalls in particular that in 2009, Shell decided to freeze its investments in wind, solar and hydrogen.Its new priority, biofuels, is actually quite close with his heart craft. Ditto for ExxonMobil, which has pledged up to $ 600 million along with Synthetic Genomics to develop a new generation of biofuels from algae low rates payday advance. In general, large companies invest only timidly in green industries: a few hundred million dollars, compared with several billion in profits."Today, they rely on partnerships to actively monitor the various alternative technologies while limiting investment amounts and risk," says Sia Council.

For Pierre Terzian, even if the majors are still facing the post-oil era, we must go beyond these minimal efforts made to promote renewable energies, "Tankers are on the lookout for a jump technology that will allow for example for solar to become competitive.Now the search is not always greedy investment: it took less than 100 million dollars to develop this energy revolution that is the production of shale gas. "

They remain wary of big acquisitions

According to most experts, the time of mega-mergers, with operations whose ticket is trading at very high levels, is over.

The faults of BP in terms of security would be due to growing much too fast. "Before the race for size, the majors are asking the question of the effectiveness of integration, even if the example of ExxonMobil, three times larger than Total, is compelling," said Pierre Terzian.

They serve shareholders still hungry

The company repeated it in chorus when the benefits are significant, it is natural that their shareholders benefit greatly.In 2009, for example, ExxonMobil has distributed some $ 26 billion. And the annual loss endured by BP in 2010 because of the oil spill did not stop to announce a dividend.

Objective: to distance vis-à-vis the City. While the controversy bounces across the Channel on lavish bonuses bankers, the government of David Cameron has chosen to burden of 800 million pounds (942 million) the new tax basis on the balance sheets of banks. London is well draw now £ 2.5 billion, when its previous estimates had forecast 1.7 billion. The levy, which applies to UK banks and UK subsidiaries of foreign firms, will bring another 2.5 billion in 2012 and 2.6 billion thereafter.

At first, George Osborne, Chancellor of the Exchequer, had planned a gradual rise of the levy, the successor to the windfall tax on the bonuses that had generated 3.5 billion pounds of revenue in 2010.The idea was to allow banks to replenish their equity perspective of European regulations Basel 3. But the good results of HSBC and Barclays more – 24 billion pounds expected by UK credit institutions – have changed the situation. This tax is "a fair contribution to reducing the budget deficit," said George Osborne.

Waiting for the Merlin Project

Downing Street hardens tone vis-à-vis banks just before the season officially starts do bonuses. Some see a sign that the government has little hope of obtaining commitments of moderation in this respect, as he hoped.Already, information published in newspapers across the Channel on the 9 million pound bonus Advance Bob Diamond, Barclays' chief executive, and Stuart Gulliver, head of HSBC, revived the controversy on recurrent variable remuneration.

To reconcile the financial sector in general with the public, banks and government have been trying for weeks to complete an ambitious, dubbed Project Merlin. Among its requirements, Downing Street wanted the large banking institutions limit bonuses. With an expected budget of 6 billion pounds of variable remuneration provided, the City does not seem to have listened to the dictates of moderation."It would have been better, when we save the banks, to secure something in return," coward George Osborne: "Unfortunately, I was not the chancellor at that time" …

Westminster also asked HSBC, Barclays, Lloyds and RBS in banking to provide SMEs about 190 billion pounds of loans, just like what the Elysee had negotiated with the French banks to finance the economy. In addition, the British bankers are asked to develop a £ 1 billion fund to build capital for small businesses.

"The discussions are not completed," admits George Osborne, who hopes to increase "substantial and significant" loans to businesses.And say: "I am always confident about the fact that we can reach an agreement with banks expected to increase loans to small businesses and lower bonuses."

Relaxed, listening, taking time to look at him and try to farm products, the president visited for three quarters of an hour on a farm in Lower Rhine Mittelhausen located at 23 km northwest of Strasbourg. "I know I'm late," he said on leaving Goehry Matthew, a young 31 year old farmer, whose farm was chosen for the presidential visit. A modern operating from 75 dairy cows, production of hops and sugar beets. Here you are looking to the future and modernity, "said the head of state before going vows to rural France not far away in the ballroom Truchtersheim arch-height, 15 km west of the capital of Alsace. He was barely 13 hours and the head of state, who apologized to his audience, more than 1,500 people, had almost an hour behind the official program."I will continue in 2011, structural measures to upgrade the income of our farmers and ensure they can live decent price. This calls for strengthening the competitiveness of agro-food by better economic organization at national level, "he said in the introduction.

Do not fall under the yoke of commercial diktats

To achieve this goal, he wants to pursue three axes. The first is contracting, which will apply in the chain of fruit and vegetables from March 1 and in the dairy industry one month later. This also applies to meat producers. "I do not accept that their average annual income ceiling to 12,400 euros. We must fight the fight against the volatility of the cost of feed is now dangerous for farmers.Is it normal that 40% of grain produced on our territory are sold to farmers without any price guarantee, where countries such as Mexico with a guaranteed purchase price for several months, imports of corn? "Asked Nicolas Sarkozy . A contractual relationship which also allows the world farmer to assert his independence. "Agriculture has not lost its old masters, two centuries ago, that globalization gives him new ones. The French peasantry did not burn a thousand years of feudal rights to fall under the yoke of commercial diktats, "he denounced.

The CAP must support food production

Second axis for the growth of farmers' income, that of sustainable development."A new tariff will be implemented in the coming weeks to purchase gas and electricity produced by anaerobic digestion to ensure better utilization of waste from farms and rural communities," said President of the Republic. While also indicating that the decree authorizing the transport up to 44 tonnes was released Tuesday morning. An old demand of the agricultural world which will carry at least 10% of expenses and be more in harmony with European neighbors.

Finally, the third axis passes through the maintenance of the CAP budget, and some 10 billion aid to French farmers. "The budget of the CAP must be maintained at that of 2013. We are opposed to a re-nationalization of the CAP. I want the CAP support food production, "insisted the tenant of the Elysee.Not to mention his role in the G20 where he wants to support the regulation of agricultural markets to reduce price volatility. He also asked Bruno Le Maire, at her side and that has not stopped making special praise for his speeches, "meet in the first half of the agriculture ministers of the G20 to improve transparency in agricultural markets. " What solicit even more a Minister of Agriculture to become the head of the UMP presidential draft 2012 and which also tackle the challenges of rural life! What a program to regain popularity with farmers who in 2010 turned their backs on the presidential party at the regional. We'll see at the cantonal next March if the presidential greetings were well received!

Apple will once again have to operate without the presence of Steve Jobs on a daily basis. On Monday, the founder and CEO of Computer announced he was returning on sick leave for health reasons which were not specified. "At my request, the board gave me a medical leave so I can focus on my health," he wrote in a letter to its employees. "I remain CEO and involved in strategic decisions are most important to the company," says he. But it is the COO Tim Cook who will ensure the smooth running of daily business.

This is the third time that Steve Jobs was forced to distance itself with the direction Apple for several months. He was absent for the first time in 2004 to treat pancreatic cancer.Then it became very thin during the various presentations of new Apple and had to take a leave of six months in early 2009, to undergo a liver transplant. The lack of transparency from Apple, which had first suggested a "hormonal imbalance" Benin, was then criticized by the press and certain minority shareholders, to trigger an investigation Exchange Commission following the publication of information deemed too reassuring.

A destiny linked to Apple

The fate of Apple is intimately linked to the personality of its charismatic leader, now aged 55, who came to embody fully the company he founded in 1976 in his parents' garage in Cupertino , California payday loan lenders.Presented as a visionary of the personal computer after the launch of the Macintosh in 1984, Steve Jobs saved Apple from bankruptcy when he returned to command in 1997. For ten years, he has a lot of success with the iPod, iPhone and iPad. Under his leadership, Apple has become the third largest stock exchange in the world. She now weighs 320 billion dollars, ahead of Microsoft and Google.

Shortly after announcing the withdrawal, the Apple stock plunged more than 7% in Frankfurt, while the NYSE was closed for the holiday in the United States. In his letter, Steve Jobs says it is certain that Tim Cook and his team "will work great for putting into practice the very exciting plans we have for 2011." One way to understand that the road is already paved for the next few months, while the output of an iPad 2 and 5 are specified an iPhone."I hope to be back as soon as possible. But in the meantime, my family and I greatly appreciate that our privacy be respected, "he concludes.

"Activia Payable" will be sold plain or vanilla in a Tetra Pak one liter credit report.

Taxing wealth, not what he produces seems to be the philosophy adopted by the Elysee. Photo credits: MELANIE FREY / Le Figaro Magazine

lefigaro.fr / jdf.com – Unemployment remains very high, growth for this year looks soft (OECD expects U.S. GDP growth of 1.5% in 2010, Ed). Could we expect that?

David Kalfon – It's a real disappointment given the amounts that have been injected into the financial system, that is to say, the $ 800 billion in the TARP (Troubled Asset Relief Program or TARP – Name Secretary to the Treasury of the United States – implemented from September 2008 to address the financial crisis) and the many unconventional actions taken by the U.S. central bank. The difference with the resumption of U.S. corporate profits have rebounded strongly since 2008 is obvious. However, if we analyze the situation correctly, this gap between macroeconomics and microeconomics is not so surprising as that.

To restore their operating margins, companies have been very aggressive in their restructuring costs declined sharply. What was the logical consequence of increasing the rate of unemployment (two years, from about 5% to 10%, Ed). Today, financial markets do not know who to trust. They oscillate between good corporate health and chilling the speech of the U.S. central bank.

Next Wednesday, the Fed should just announce in detail the measures it intends to take to support the economy. What should you expect?

I think that financial markets expect the Fed probably too much and its measures to support the economy. One can wonder about their effectiveness. Indeed, this "Quantitative Easing 2" (monetary easing) is the recognition of the failure of the Quantitative Easing 1 ".This monetary easing is likely the specter of deflation, but at what price? In reality, everything will depend on the tone adopted by the Fed than the amounts it will announce.

If investors and households feel its determination to support the economy, it could anchor inflation expectations in the minds of various economic agents. They will then be convinced that we must invest, borrow and consume now, because tomorrow, inflation will result in higher prices and higher cost of credit to what we enjoy today. A virtuous circle can be a lasting positive impact on the U.S. economy.

Next week will also feature the midterm elections in the United States. What should you expect as well?

If the Republicans win, the constraints on budget spending will be more stringent.From there, the dollar should strengthen the American economy and be penalized in the short term, a weak dollar is helping U.S. exports.

How are financial markets behave?

With these two appointments of monetary policy and fiscal stance, we should expect that financial markets are very volatile. One might wonder with an increase of 13% S & P 500 in a straight line on the last two months how the rates are not already incorporate a favorable outcome. If the news is disappointing, there is no doubt that the U.S. indices will consolidate. However, given the recent behavior of the indices, even with good news, it is not obvious to see the S & P 500 continue to rise unabated.

What attitudes must take investors?

I advise investors to remain relatively cautious and not take excessive risks. After thoroughly enjoyed the upward movement of the markets, and particularly the technology sector, we have decided to take a portion of our earnings and reduce our exposure somewhat action pending announcements next week, leaving to reposition itself quickly once the uncertainty lifted.

A cordon citizen "of about 80 people, residents and activists of other corporations, attempted to prevent early Friday morning requisition refinery Grandpuits (Seine-et-Marne) ordered by the prefect.

The police, acting with his bare hands, pushed the protesters to clear the gate of the refinery, and it was during the stampede that people were slightly injured.

The law provides that "in cases of emergency when the interference found or expected in good order, cleanliness, tranquility and public safety requires it", the prefect can "commandeer any property or service, require any person required to operate this service.

The 12 refineries in the country are paralyzed and several blocked fuel depots, sometimes temporarily, in actions which have become the main means of pressure in the protest against the reform plans to reduce the minimum retirement age to retirement from 60 to 62 years.

The CAC 40 moves upward slowly but surely the psychological threshold of 3800 points. Today, the trend is in effect an opening in decline, despite the close up on Wall Street, supported by good results from Citigroup, Apple or IBM. But industrial output unexpectedly fell and Asian stock markets move in a disorganized Tuesday morning.

On the macroeconomic front, the number of start-ups in September will be announced at 8:45 by the National Institute of Statistics and Economic Studies. The European Central Bank will present the balance of payments Euro area (10 hours). Around 14 o'clock, the European Commission in Brussels will present proposals on reforming the EU budget.The idea of a European tax could be revived.

In the U.S., one indicator is on the agenda this Tuesday: the housing starts and building permits in September (1430).

On the currency markets, the euro remains below the $ 1.40 to precisely 1.3903 (-0.44%).

Computers and power supervision

As for values, investors will follow especially energy companies, after France began to dip into its oil stocks to compensate for disruptions in fuel supplies caused by strikes at refineries, including those of Total.

The markets will also be attentive to the values computer, after the publication of results from Apple and IBM.

PSA and BMW are expanding their cooperation in hybrids

PSA Peugeot Citroën and BMW announced Monday night that they would extend their cooperation in hybrid vehicles but did not disclose financial details.

Havas reported Monday in an acceleration of its business in the third quarter thanks to a rebound in France and a return to positive growth in the Asia Pacific for the good performance of China and India.

Aeroports de Paris said Monday it posted a 5.2% increase in passenger traffic in September, driven mainly by flights in association with the Middle East and Africa make quick cash.

Soitec said Monday expect a net operating profit on the entire first half of 2010-2011, following a sustained demand in the second quarter from the automakers and manufacturers of mobile phones.

Steria has revised its annual goals down on Monday night, relying on organic growth in sales of around 1% in 2010 against an earlier indication of 1.4%. Services company in computer engineering is now targeting an operating margin of around 7% this year, against 7.3% previously.

Compagnie des Alpes announced Monday that it would take an approximate 45% stake in the Futuroscope, for 63 million euros, becoming the largest shareholder in the third largest leisure park in France.

April Group on Monday issued a revenue decline in the first nine months of the year, hit by weakness in the segment of insurance. Sales of the insurer are listed down 9.8% to 556.5 million euros.

Results: the turn of Radiall Edenred and Pierre et Vacances

Guyenne et Gascogne reported Monday in a persistently sluggish consumption for the third quarter, although its network of French supermarkets pulled the pin of the game franchise of Carrefour believes that its Spanish subsidiary will release for its "no problem majority "of the recent crisis.

Transgene Monday issued a turnover in nine months by 11.1 million euros.The biotechnology company, which states have a cash of about 194 million euros at end September, confirming it was on track to bring to market its first product in 2015.

Cellectis has signed, through its subsidiary Cellectis Plant Sciences, a license agreement with Midwest Oliseeds for the plant transformation technology of the American.

Radiall, before trading, and Edenred, after market, will publish their turnover for the third quarter. Pierre et Vacances will present the fourth quarter after-hours trading.

Anglo Irish Bank is "too big to fail". So the government is mobilizing to help him, at the cost of deteriorating public finances. The Irish Finance Minister Brian Lenihan warned that the cost of the bailout AIB will raise the government deficit in Ireland to 32% of Gross Domestic Product (GDP) this year.

"There will be a very important leap in the public deficit in 2010 because of our support to the banking system, which will total nearly 20% of GDP," the minister said in a statement, adding that this would bring the deficit public "about 32% of GDP" this year, instead of the 11.6% forecast last December.

And the Irish government debt will also soar to 98.6% of GDP this year to raw data, against 64% in late 2009, the minister said.

However, the minister wanted reassurance and he said that the state would not need to borrow additional funds to cover this deficit exorbitant because it has sufficient cash reserves.But he added that the government should further savings next year, beyond the 3 billion euros minimum on which he already foresaw.

Brian Lenihan has also ensured that Ireland remained "firmly committed" to bring its deficit below 3% of GDP in 2014, as she had promised the European Commission announcing that he would present "early November" a plan fiscal consolidation over 4 years to fulfill this goal.

Rescue Anglo Irish 34 billion

It must be said that Anglo Irish bank is a real money pit. The Irish Central Bank has estimated 34 billion cost of the rescue of Anglo Irish Bank, in the worst case scenario and to 29.3 billion euros in the best case payday loan lenders.

Anglo Irish Bank addition, the state will also help the Allied Irish Banks group to recapitalize more than expected, becoming its majority shareholder in passing. The Central Bank has calculated qu'Allied Irish, who had already increased its capital by 7.4 billion euros this year, should raise an additional 3 billion by the end of December.

Never two without three! The Irish government will also have to increase its aid to the mutual bank Irish Nationwide (INBS), nationalized in the spring and had already recapitalized to the tune of 2.7 billion euro, said Brian Lenihan.The state will pay an equivalent sum, subject to the Brussels agreement, bringing to 5.4 billion euros are pumped into the facility.

No help from Europe

Ireland may solve the problem bank "without recourse to the European rescue, said Thursday the leader of the finance ministers of the euro area, Luxembourg Jean-Claude Juncker.

Already yesterday, the European Commissioner for Economic and Monetary Affairs, Olli Rehn, said that Ireland must do without any emergency financial aid from the European Union and the International Monetary Fund, and recalling the EU position .The Commissioner had also said the country should undertake reforms to achieve savings of several billion euros by 2014.

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