The number one European military shipbuilding organized to address the decline of its activities with the Navy. The group wants to go for growth internationally and into new businesses such as civilian nuclear energy and marine renewable. In an interview with Le Figaro, said Patrick Boissier issues of its strategic plan to 10 years.
Le Figaro .- Eleven months after taking the helm of DCNS, how do you establish diagnosis of the situation now?
Patrick Boissier
The troubled conglomerate Dubai World announced on the night of Monday to Tuesday a forthcoming restructuring of some of his companies, including real estate giant Nakheel, which could include the sale of assets.
In his first statement since the crisis began Wednesday, Dubai World said that "the process of restructuring will involve World Nakheel and Limitless World" but not other group companies, including the giant Port DP World, "who are in financial stable.
The conglomerate said that "the restructuring process will include several phases which (…) evaluation of options, including asset sales.
He asked the bondholders to appoint Nakheel "an authorized representative with whom discussions can begin.
The Dubai authorities have announced November 25 their intention to request a six-month moratorium on the debt of Dubai World. The moratorium on the payment, provided December 14, 3.5 billion of Islamic bonds by Nakheel.
"Dubai can not stem the crisis
Lehman Brothers estimates have been robbed. Lawyers for the holding company representing the defunct U.S. bank filed a complaint against the British bank Barclays in order to recover billions of dollars wrongly attributed to it at the sale in secret activities of brokerage Lehman in September 2008. In a complaint filed with the U.S. Bankruptcy Court in Manhattan (New York), Lehman believes that the sale was "secretly arranged at the outset to provide a benefit that Barclays was not expected" and that the bankruptcy judge has not been informed at the time.
Lehman Barclays accuses of having been awarded some $ 7 billion of assets in excess of the transaction, plus 5 billion once the sale is concluded.
In its complaint, the U.S. bank, which had declared bankruptcy in September 15, 2008 following the subprime crisis and the refusal of the U.S. state to help, now wants to make as Barclays Lehman "all profits obtained improperly, and damages. Among its charges, including Lehman puts into question the role of several of its leaders at the time who took part in the transaction before joining Barclays Capital.
Dark period for producers of solar energy. Q-Cells, one of the world's leading manufacturers of solar cells, reported a loss of nearly 1 billion euros over the first nine months of the year, against a profit of 150 million euros over the same period in 2008. Its turnover in nine months has, meanwhile, fell sharply by 40.9% yoy to 550.3 million euros.
The group Q-Cells said the decline coupled turnover and results by falling prices of photovoltaic cells, a background of economic crisis and increased competition from Chinese manufacturers, which enjoy much lower costs and massive government aid programs.
The Conergy Group, number two German industry has recorded its share down 41% of its sales in the third quarter while its counterpart Phoenix Solar, which specializes in installing solar panels on the roofs of buildings, revised downward its forecast for growth in turnover.
The Chinese group JA Solar is one of those who profit from the current weakness of its European competitors. With a volume of record quarterly shipments, the Asian group could return to profitability in the third quarter.
To adapt to this changing market, Q-Cells, as rival Norwegian Renewable Energy, has already started to transfer Asian part of its production to reduce costs.
Listed on the Frankfurt Stock Exchange, the action Q-Cells lost 3.86% to 10.93 euros in mid-session while Phoenix Solar yielded 4.88% to 35.10 euros.Conergy was also in the red, falling 2.53% to 0.77 euros.
Consultation on priorities for the future that could benefit from the large debt are increasing in all directions. Just last week, the Labor Minister, Xavier Darcos, and his colleague on the Budget, ?ric Woerth, has received the social partners to discuss it. Meanwhile, contributions from corporations, professional associations, political parties or departments have been compiled by the government: markets of the future, health, eco responsibility, education, telemedicine, high-speed … all proposals abound.Latest, on Monday: France Biotech, the association of biotechnology companies has suggested that 15 billion euros are earmarked for "life sciences", including research on vaccines or stem cell.
The Head of State himself, in his interview with Le Figaro on Friday 16 October, citing the university, the capital of SMEs, renewable energy, research on the degeneration of cells … The tracks confirmed by one of Co-Chairs of the Committee Juppe Rocard-loaded by the Elysee to reflect the priorities of large loan: "We have four main themes: research, university, broadband and green growth," said Monday the former Socialist Prime Minister to Echoes.
The debate should continue in the coming days. This morning, the UMP will hold a convention devoted to the subject.And this week the Prime Minister, Fran?ois Fillon, will receive the representatives of political parties to gather their views. It should be against an end of inadmissibility of the first secretary of the PS, Martine Aubry.
Manage investments
Beyond the choice of sectors, the thinking is now entering a second phase. The only Matignon called "governance" of the big loan. In other words, how to manage investments? How to raise private funds for public funds abound? How to ensure the profitability of projects, both in growth and jobs? How to distinguish between projects which receive loans or advances repayable those who will receive grants? This question is not neutral."If public money is abundant private programs, it is legitimate to ask whether companies who will or will not reimburse a part," says one banker who has been heard by the committee.
The other issue to be decided on the terms and amount of the loan. Many people refer to a figure well below the 80 or 100 billion by the Elysee imagined initially. For Christian de Boissieu, President of the Council of Economic Analysis and member of the committee, the critical mass of future debt is between 20 and 60 billion euros. More precise, Michel Rocard evokes, in Les Echos, an amount which shall not "be too far above 30 billion. Additional constraint: since Nicolas Sarkozy announced the principle of the loan at Versailles in June, the bad news accumulated on the public finances.The debt of France should reach the record level of 91% in 2013, according to the latest estimates of Bercy. Finally, the question of opening the loan from individuals and seems well and truly departed yet. Privately, Alain Jupp? said he also reluctant to appeal to the public. "We prefer to use a traditional market," confirms Michel Rocard.
The great debt is expected to approach 30 billion euros
Aubry: "For Sarkozy, it's time failures"
The Dow Jones gained 0.80% to 9864.94 points with the momentum indicators and corporate earnings better than expected, published in the week. This is its highest closing level since October 6, 2008. The Nasdaq gained 0.72% turn to 2139.28 points.
The U.S. trade deficit declined by 3.6% in August to 30.7 billion dollars against 31.9 billion in July, data adjusted for seasonal variations. This decline is due to higher exports and lower imports. The market was waiting to turn an increase in the deficit to 33 billion.
Traders expect the status quo of U.S. interest rates for a few months after the speech of Ben Bernanke yesterday. This indicated that the Fed would be "ready" to act in time to return to a normal monetary policy."When economic prospects are sufficiently improved, we are ready to tighten monetary policy to eventually bring our balance to a more normal configuration," he said.
The values of the day
In a statement Chevron (1.83%) indicates that its results "should be better in the third quarter than the second. The results of exploration and production are expected to rise sharply, reflecting rising prices for crude oil, as well as some 400 million of gains from asset sales and tax revenue.
The Chinese Tengzhong will redeem 4×4 Hummer brand from General Motors today. The amount would be some 150 million dollars. Sichuan Tengzhong Heavy Industrial Machinery was in talks with GM since JuneIn addition, sales of General Motors in China and its joint ventures are around 1.3 million vehicles in the first nine months of the year.
The Wall Street Journal, the bookstore chain Barnes & Noble (-1.33%) is about to sell its own electronic reader, Kindle competitor to Amazon. Com.
The government wants to encourage companies to early negotiations on stress at work. Introducing an emergency plan after the highly anticipated series of suicides among France Telecom, Xavier Darcos acknowledged that governments had "underestimated" the issue and requested that "each company will grasp the subject." According to a poll released this week, 66% of French assets say they feel more stress in their profession.
Specifically, the Minister of Labor hopes that discussions begin before February 2010 in the 2,500 companies with more than 1,000 employees. He also expects that "either declined the inter-national agreement, signed in late 2008, which aims to" increase awareness and understanding of workplace stress, employers, employees and their representatives. "An initial assessment will be completed in February 2010, said Xavier Darcos to the sides, meeting within the Council guidance on working conditions (COGT).
Denunciations Internet
Even if "nothing is excluded, the appeal of the Minister of Labor is however subject to any affirmative duty, regretted the unions. "The first penalty is transparency," said Xavier Darcos justified. "We publish on the Internet list of companies that have negotiated those who did not negotiate, if any, but I would not recommend, and the results of these negotiations and good practices" to implement, he said."Given the pressure of public opinion, transparency is a very good solution," he still tried.
The government has not provided real steps beyond the business of more than 1,000 employees, hoping that their actions will serve as a model for others. Xavier Darcos however called for "shares information on the psycho-social risks" within the SME and SOHO. "For companies engaged in a process of restructuring, the ministry requires however taking into account psycho-social risks. And a monitoring unit will be established to "coordinate" and "impulsive" actions to prevent stress at work.
These different elements will be incorporated under the Occupational Health Plan to be developed "by the end of 2009."