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The Director General of Swedish Automotive, which owns the Swedish automaker Saab, said Friday it had rejected a takeover offer of 100% of capital from Chinese groups Zhejiang Youngman Lotus Pang Da Automobile and Automobile Trade.

"(…) The offer was unacceptable because it would have resulted in the modification of all control clauses, which would have wanted to cause the end of Saab, "he told Reuters at Victor Muller of a telephone interview.

Thursday, Swedish Automotive received a lifeline from North Capital, an investment fund and U.S. hedge fund manager, who made $ 10 million in capital and a loan of 60 million to fund activities Saab.

After opening down more than 10%, the Swedish Automobile action, very volatile, losing to 8:50 GMT, 2.35% to 0.83 euro. Since the beginning of the year, it fell some 75% due to severe cash flow problems of the group.

Victor Muller did not disclose the amount of the offer of two Chinese manufacturers, adding that they were still interested in Saab, they must abide by the terms of the agreement signed in July, stating that they all take 53.9% stake in Swedish Automobile.

Saab went from crisis to crisis this year. It closed in April, unable to pay its suppliers to whom he owes more than 150 million euros.In August, it was no longer able to pay salaries.

Saab was bought by the Dutch Spyker, now Swedish Automobile, General Motors in early 2010.

Since 21 September, Saab has been under the protection of its creditors pending bailout Youngman and Pang Da, who had committed 245 million euros in July.

SAAB can be profitable

A Swedish court has said that he had received a request for release of Saab's system of protection for creditors.

This prospect does not frighten Mascioli Alex, an avid race car, which confirmed to Reuters that his company North Street Capital LP was well invest $ 70 million for Saab to continue operating.

"I expect that the transaction is done. I am ready to do what I can with my resources for Saab," he said by telephone.

The Swedish court said it did not decide on Saab on Friday, adding that he would decide on the reorganization of the manufacturer at the end of next week, at least before a meeting of creditors scheduled October 31 .

Victor Muller said that the Swedish government was not interested in buying Saab.

"There's always a plan B," he said when he was asked what would happen if Chinese automakers abandoned their project.Asked about the plan, Victor Muller said he would reveal "only if we use them."

"It was Victor decide. He struggled a lot to try to save the company. For now, there is an agreement with the Chinese," said Alex Mascioli for his part in response to the question of whether he was willing to invest in the place of Youngman and Pang Da.

Saab is an undervalued asset that will survive and which could generate profits, Mascioli Alex continued, adding that North Street could afford to take Saab if the manufacturer wanted.

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European banks need a hundred billion of fresh capital to strengthen their balance sheet and address the current turmoil, said Thursday the Austrian Minister of Finance, Maria Fekter.

The issue of recapitalization of banks is a major enrolled in the agenda of the EU summit scheduled for Sunday, expected to make a comprehensive response to the debt crisis.

"Thank God it's not as high as suggested by the media.What is needed for the recapitalization is about 100 billion (euros), "said Maria Fekter at a conference.

Banking sources and the European Union had earlier told Reuters it would take 90 to 100 billion euros to recapitalize banks in the EU.

This amount, which is the subject of an agreement on the part of Twenty-Seven, should cover about sixty of the largest banks in the EU, the sources said.

"The amount was discussed by member states, it is now acceptable for everyone," said a source told Reuters the EU.

"The amount could exceed 90 billion euros," said a banking source.

The envelope must be added to the 50 billion already raised by European banks over the period from January to April and the funds raised on the market for which the sum is not yet precisely known.

Sovereign debt valued in "MARK TO MARKET"

It takes into account a requirement of capital adequacy ratio "core tier one" of 9% and retains the same definition of this ratio as that used in the last series of stress tests in July, despite protests from some countries.

Germany will for example not allowed to consider in its bank holdings "silent" they hold in other institutions and, in the same way, Spain will not recognize additional reserves of capital that Bank of Spain requires national banks.

As expected, the amount also takes into account a value to market value of sovereign debt held by banks.

This exercise of "mark to market" will cover not only the securities issued by the peripheral countries of the euro area but also those known as the center, who sometimes treat the secondary market at above face value, as the case for German Bunds.

"There is no reason that we inflicted only the negative aspects of this exercise without taking into account the positive aspects," said one source, but said it would have a positive impact on the envelope eventually required for such recapitalization.

This amount must now be discussed by finance ministers and between heads of state and government of the euro area and EU, who meet from Friday to Sunday in Brussels.

France should maintain its valuable credit rating "AAA" Despite the security which would make Paris a portion of the bond portfolio of troubled bank Dexia and a possible capital injection into banks, analysts said a Reuters poll .

They point out that this type of guarantee, recorded as an off-balance in the public accounts, and a possible capital investment banks, which could eventually generate a profit, do not pose a risk to the sovereign debt.

But the rescue of Dexia, which should be formalized on Sunday, and a new injection of public funds in other banks will form a new constraint on the flexibilities of the French government, which announced a few weeks ago to 12 billion euros of savings in order to preserve the triple "A" credit rating the highest possible.

Analysts point out however they can not confirm their hypothesis that once the details of the dismantling of Dexia are known.

The Belgian, French and Luxembourg reaffirmed Sunday after a meeting held at midday in Brussels their solidarity in the search for a solution that ensures the future of Franco-Belgian bank.

In a joint statement, the Belgian Prime Minister Yves Leterme and French François Fillon stated that the three governments give their full support to the proposals of management of the banking group, presented at a Board of Directors scheduled to begin at 15:00 in Brussels.

The activities of the Franco-Belgian bank, first bank in size in Europe to be a victim of the crisis of sovereign debt in the euro zone could be split and the most risky assets confined to a separate structure.

Brussels and Paris are trying to agree on the guarantees afforded by the two countries to the hive to accommodate the bond portfolio of 95 billion euros in Dexia, hoping not to aggravate the situation of public finances .

The rating agency Moody's has also increased pressure on the Belgian camp Friday night: it has placed the sovereign rating of Aa1 by explaining kingdom under surveillance will include assessing the costs and liabilities that the state could play in supporting Dexia.

The growth slowdown coupled with the dynamism of the labor force will not help to reduce the number of unemployed, estimated employment center in its economic outlook. Agency employment center in Nice

Employment center does not provide for improvement on the unemployment front table and at best a stabilization of the number of job seekers in 2011 and 2012 and, at worst, a deepening if growth turned out lower than forecast government. "The slowdown in job creation combined with the dynamism of the labor force should not be allowed to initiate a decline in unemployment," said employment center in its economic outlook published Tuesday, October 4.

For 2011, the Agency plans to increase the number of job seekers without any activity of 5000 and 78,000 by including persons who have reduced activity.These predictions are based on a growth assumption of 1.75%, made by the government. Next year, "unemployment started to decline," if growth remained at 1.7% (assuming the government), with a decline in the number of job seekers with no activity on the order of 5000 and 12,000 by integrating people with reduced activity.

However, "if growth slowed in 2012, unemployment would continue to grow," said employment center. Based on a growth assumption of 1.4% (the IMF), the number of job seekers with no activity would increase by about 27,000.The prospect of a "stabilization of unemployment seems reasonable, except major accident" by the end of the year, said at a press briefing Christian Charpy, general manager of employment center.

Job creation is not strong enough to absorb the increase of the labor force

But, "unemployment will not reach the level it had before the entry into recession in early 2008," noted Bernard Ernst, director of studies of employment center who recalled that in previous crises of 1974 and 1992 the Unemployment had found "quite quickly" its pre-crisis. These forecasts are more optimistic than those of UNEDIC (unemployment insurance) that, based on growth in 2012 of 1.2% (consensus of economists) has provided an increase of 36,700 unemployed with no activity this year and 55,500 next year. "At this stage, a forecast of 1.2% in 2012 seems overly pessimistic," said Mr.Charpy.

Employment center provides, in addition, 130,000 net new jobs this year by companies affiliated with unemployment insurance, but the momentum is down (44 000 in the second half, against 96,000 in the first). In 2012, job creation should remain the same (126 000) if growth remained at 1.7% but reach only 101,000, with growth slowing to 1.4%. These new jobs do not seem sufficient to reduce unemployment because they are less than the increase in the labor force estimated at 140,000 or 150,000 per year.

According to Bernard Ernst, the labor force could grow more than expected after the announcement by INSEE in mid-May to strong growth in first quarter (0.9%).The prospect of an upturn in the economy brought on the labor market of people (youth, women etc) that were not previously found that increased enrollment in the employment center lists the "first mover" and people signing up for a "return to work," he said. "Registration for employment center are not independent of the economy" said Mr. Charpy.

Airbus wants to sell the Airbus A320 or A321neo, remotorisée version of its single-aisle aircraft at Royal Air Morocco and will remain alert to the intentions of Boeing, said on Wednesday sources close to the European manufacturer.

The Moroccan company in trouble last week announced its intention to sell ten aircraft, including four Airbus A321s, five years after their purchase, and five Boeing 737-500, to raise one billion dirhams and bring to five the The average age of its fleet.

According to La Tribune, Royal Air Morocco plans to build a 15-year exclusive contract with Boeing.

The subject could be discussed during the visit of Nicolas Sarkozy to Morocco on Thursday, Reuters said the source close to Airbus.

"It's surprising, given the investment they have made to operate the fleet, but Airbus will be particularly vigilant," she said. "Airbus is working with Royal Air Morocco on providing A320neo or A321neo".

Neither Airbus nor Boeing have to comment this information, while Royal Air Morocco was not immediately available.

The Moroccan government proposed last week to inject 1.6 billion dirhams (142 million) as part of a program of 9.3 billion dirhams by 2013.

These measures aim to strengthen the finances of Royal Air Morocco undermined by increased competition and oil prices and the impact of revolutions and the Arab attack in Marrakesh in April.

Philips reported new measures of cost reductions on Tuesday due to weak demand for its products, an ad that has boosted the title of the Dutch in early trading before it turns into a context of new sharp fall in European shares.

One who is both a world leader in lighting, one of the top three global manufacturers of hospital equipment and the European leader in consumer electronics is affected by higher commodity prices, from budget cuts in the Health and by sluggish consumer spending.

Philips said it had increased to 800 million its goal of cost reductions, which represents a 60% increase compared to $ 500 million announced in July.

The group also expressed confidence in its ability to meet financial targets for 2013, despite the uncertainties surrounding the global economy.

By 10:35 GMT, Philips yielded 0.78% to 12.13 euros after gaining about 7% in early trade. However, the value is better than the AEX index of the Amsterdam Stock Exchange (-1.6%) and the index grouping the European values ​​of consumer goods and luxury.

The Tokyo Stock Exchange ended sharply lower Friday, with a decline of 2.51%, instead accusing a Japanese third session down due to renewed fears of a return to recession have pushed Wall Street and stock markets Europe the day before.

The Nikkei lost 224.52 points to 8,719.24 and the Topix, broader, sold 15.62 points (-2.04%) to 751.69.

Financial analysts believe it is unlikely for there to be a real rebound in shares before Ben Bernanke, the chairman of the Federal Reserve, is expressed on Friday at a conference in Wyoming.

"The measures to be taken by the Japanese government are limited and the current market weakness is mainly due to concerns about overseas markets," said Takahide Kiuchi, chief economist at Nomura Securities.

"Investors will mainly focus on whether the Fed will suggest that it could take further monetary easing."

The decline occurred on Friday in a trade volume rather low, below the average of the past week.

Car manufacturers, a strong presence in the United States, fell sharply due to concerns about the sharp slowdown in the activity of the world's largest economy, losing 1.39% Toyota, Honda and Nissan 3.34% 4.39% .

The French dairy group Lactalis to take control Tuesday of his Italian rival Parmalat, after months of battle against the Italian government, which wanted to keep one of its flagship food in domestic capital.

The entity resulting from merger-Lactalis Parmalat is the world leader in dairy products.

"Lactalis will take control of the board, allowing it to impose its policy to the group," said an analyst in Milan, on condition of anonymity.

"There was a verbal battle in Italy, but the market has won," he added.

Lactalis has launched a bid for all of Parmalat, and the share of 28.97% of the capital accumulated since March should give sufficient weight in the General Assembly on Tuesday to win a majority on the board.

The fact remains that the subject is sensitive in Italy in March after the absorption of the jeweler Bulgari by LVMH, and with the prospect of a possible takeover of Edison by EDF.

In addition, the press has mentioned an interest in BNP Paribas for Banca Popolare di Milano.

A PATRON OF DEPARTURE

The General Assembly on Tuesday will also be a turning point for Parmalat in that it marks the end of the reign of seven years of the CEO Enrico Bondi, the Italian employers figure regarded as a Rectifier of ailing companies.

76 years old, Enrico Bondi is expected to leave the company, having lost the support of the shareholder Intesa Sanpaolo, which has no opposite-Italian offer against the application filed by Lactalis.

Enrico Bondi was criticized for its conservative policy with regard to dividend, and for not having spent the cash reserves of 1.4 billion euros to acquire new targets.

Among the potential replacements, the Italian press and analysts spoke of Franco Tato, former CEO of Enel, and Antonio Sala, head of Lactalis Italia.

Promising to guarantee jobs and maintain the seat of Parmalat in Italy, Lactalis has secured the support of unions Alps.

The French offered 2.6 euros per share to acquire 71% of Parmalat that it lacks, for a total of 4.3 billion euros. The offer runs until July 8, but the board of Parmalat was found to be unfair.

Take control of the board considerably simplify the task of the French group.

Wall Street started the week on a slightly positive note, the decline observed in U.S. equity markets over the last six weeks, offering interesting opportunities for investors.

Minutes after opening, the Dow Jones 0.23% 27.47 points to 11,979.38, the S & P 500 gained 2.54 points, 0.20%, to 1273.52 and the Nasdaq advanced of 4.45 points, 0.17%, to 2648.18.

"The market was oversold in the past six weeks, a rebound in the short term is not excluded," said Chad Morganlander, portfolio manager at Stifel, Nicolaus & Co.

According to him, up 1% from current levels would be quite normal as it did not impact the general trend.

"I increase my exposure around the range of 1,200 points" on the S & P 500, he said.

The low valuations raises some offensive on the front of M & A. Allied World Assurance has proposed $ 3.2 billion in shares to take over Transatlantic Holdings. The first yields 1.46% while the latter jumped 12.45%.

Deutsche Boerse and NYSE Euronext have proposed on Tuesday to pay a special dividend to persuade shareholders of the combined group to approve their merger.

This dividend of two euros per share will be paid shortly after the conclusion of the agreement, which must give birth to the first global exchange operator.

It was decided despite the withdrawal of the competing offer submitted by Nasdaq OMX and IntercontinentalExchange.

Deutsche Börse's shareholders should hold 60% of the combined entity, which will be chaired by the current CEO of the German operator, Reto Francioni.

The CEO of NYSE Euronext, Duncan Niederauer, will retain that position in the new company.

"The ability to pay a special dividend demonstrates the strength of the combined group," he said.

In addition, Deutsche Boerse said Tuesday it had signed an agreement for a complete takeover of the electronic platform of the Eurex derivatives market by purchasing the shares of the co-owner SIX Swiss.

Under the agreement, Deutsche Börse will buy 50% of Eurex for 590 million euros, half in cash and half in shares of the new entity resulting from the merger with NYSE Euronext.

The transaction must be completed by 1 January 2012.