Pierre Mariani, who arrived in October 2008 to save Dexia strangled by a need for short-term funding of 265 billion euros of assets impossible to meet, had done everything to reduce the group's balance sheet. In three years, he was able to reduce the need for 96 billion.Las! With sovereign debt crisis, which has again closed the valve finance is still far too. And states can no longer play the firefighters.

Thus, Pierre Mariani resolved to opt for an orderly liquidation scenario. Instead of sales, the Franco-Belgian group prefers to speak of "backing of (its) business franchises." Retail banking in Belgium, the Turkish subsidiary Denizbank, asset management and private banking: all subsidiaries of Dexia will seek and lessee in the coming days. According to one familiar with the matter, some sales process is well underway. Britain's Standard Chartered, in particular, did not hold in recent months to report its interest in the coveted Denizbank.

However, if the Franco-Belgian group has some beautiful assets, some remain unmarketable.Difficult indeed to generate interest for Italian or Spanish Crediop Sabadell open doubt about the state of public finances in Italy and Spain. Initially, according to our information, Pierre Mariani had planned to build packages of assets, including both of the jewels and lame ducks, so as not to keep the latter in his pouch. But this option proved too complicated to implement. However, it is urgent if we are to preserve the clients who are starting to worry greatly poor credit personal loans.

Political issue

This sense of urgency felt this weekend in Paris. After weeks of tension, the Deposit, the Postal Bank and Dexia reached an agreement after final dealings these days under the blue helmet René Ricol.The portfolio of loans to French local authorities and will be taken over by an entity owned by Caisse des Depots et La Banque Postale.

The operation has, as revealed Le Figaro (our editions of September 24), an interest factor: out of stock of Dexia about 80 billion euros of assets, primarily loans to French local authorities to transfer them to the new entity. For the Franco-Belgian bank, it will be much less to refinance. Dexia Municipal Agency, the company that issues mortgage bonds on behalf of Dexia, also switch into the orbit of the CDC and the Postal Bank in order to maintain the AAA rating necessary for its operations.

With this scheme, Dexia will be able to blow some time, time to complete the rest of his program.The creation of the "bad bank", in particular, may be difficult, given its political and financial stakes. French and Belgian States, indeed, should be asked to give their guarantee for installation of such defeasance. In other words, adding safeguards in a situation where all states are seeking to reduce their debt instead is far from a challenge.

On Monday evening, the Minister of Economy, Baroin, met his Belgian counterpart Didier Reynders, in conjunction with the meeting of finance ministers from the euro area. The French and Belgian governments "do the right thing" to support their banks, said Didier Reynders.

The financial restructuring of Dexia, finally, could have serious consequences for Belgium and its banking system.Some Belgian shareholders of Dexia, as the Holding Communal, would have difficulty recovering from an operation on the truth value of their assets. Relations between France and the United will play at the moment.

ALSO READ:

"Thousands of French municipalities indebted

"Since May, the board revisited the hotel and on the basis of new evidence, he said that George V was worthy of having the distinction," said Le Figaro academician Dominique Fernandez, his President. "We did not submit a new folder and nothing has changed in the hotel since last May," says the other hand a spokesman for George V.

The regulations governing use of the brand palace provides that a losing candidate to stand again (not three), without having to create a new folder.The jury, which decides on subjective criteria, is not required to explain his motives. Wednesday again, he was careful not to do so, despite the misunderstanding brought about by its decision to dismiss the first George V, before finally considering the palace, in a very short time. "This award palace, far from being an end, only reinforces the motivation of all employees to go deeper into the quest for perfection to continue to the Four Seasons Hotel George V reference in the Hotel World, "responded Christopher Norton yesterday, its chief executive.

A small score in the long term

A new session is scheduled for late November. Two hotels in Saint-Tropez, the Château de La Messardière and Byblos, are still candidates, and The Reserve at Ramatuelle. New applications are expected in January."The appointment of George V delights me, says Michel Jauslin, general manager of Park Hyatt Paris-Vendome. With us, the distinction has received a lot of the hotel, the echo went deep into China and Latin America. We have created interest because we are in an unexpected segment, the palace today. We saw this happen was a new customer, in addition to our loyal customers. Our occupancy rates are in the average Parisian palaces and the average price of our rooms – suites out – is 800 euros. "

Ultimately, how many hotels could become palaces? "We heard everything and anything. Given the excellence of this initial list of nine palaces, there should be a small twenty palaces in France in the short and medium term, providing Christian Mantei, director general of Trump France. Before the distinction is, too many luxury establishments said they were palaces.It ended happily. It is too early to measure the economic impact of the distinction on prices and attendance. "

These rates are still the subject of a bitter battle between the SNCF, which reiterates that these tolls threaten its business model, and RFF, who needs financial resources to sustain a railway network in poor condition quick payday loan. The increase was 6.4% in 2009 from 11% in 2010 and 11.7% in 2011.

For regional express trains (TER), the increase in tolls is generally softer: it should reach 2.5% in 2012 and 5% in 2013.On average, the increase should be 4.3% in 2013, while "inflation rail" suffered by RFF is 5.8%, says the network manager.

These proposals will be discussed until the end of October and will then be submitted to the Regulatory Authority rail operations (Araf).

The agreement first announced by Prime Minister Vladimir Putin states that "approximately $ 3.2 billion will be spent in exploration blocks in the Kara Sea in the Arctic and a block in the Black Sea "said the two groups in a joint statement. These two regions "are among the most promising areas offshore and least explored in the world, 'the two partners. The area under the Arctic ice is released almost a hundred days a year, Moscow had absolutely need the contribution of Western technology to carry out its work cash advance payday loan.

Meanwhile, the Russian group wins the opportunity to participate in exploration work conducted by Exxon in North America, particularly in the United States in the fields of offshore Gulf of Mexico and Texas. This alliance could represent direct investment up to 200 to 300 billion dollars.

If the CEO of Rosneft Khoudaïnatov Edward points out that the agreement "is the result of years of cooperation with ExxonMobil," it comes just months after the Russian giant has turned the page of a strategic alliance with BP, which provided an exchange of shares weighing 16 billion.

ALSO READ:

"Russia: € 3.6 billion of recourse against BP

This period will provide an opportunity for banks to prove to investors that they are doing well. Starting with Societe Generale, whose share price has further declined by almost 16% last week."We will have the opportunity to communicate to the market that the bank has no liquidity problems, its activity is healthy and that its investment capacities are intact," says Frédéric Oudéa, who had made similar remarks after that his institution has been a rumor about his health.

Wait and see

According to the head of the French bank, the sector is the first victim "of downward revisions of global growth prospects" and "doubts about the debt of the euro area". Markets therefore expect political decisions from the United States, France and Germany. But these "slow" because of the elections in these countries prepare themselves."You can see a waiting period," warns the leader then.

This will be even greater that there is a lag time between taking a political decision and its implementation, said the head of Societe Generale. For Europe in particular, "the area in need of economic convergence, integration of tax policies. That will not happen as fast as the markets want. "

According to Frédéric Oudéa, global stock markets in any case "slipped into excessive pessimism." The fear of a global recession, which shook investors, moreover, has no place: "What we see confirms our expectations. The second quarter marked a break. We said that growth in developed countries would be moderate. Things will balance but it will take time. "

No takeover bid for SocGen on

In this interview, Frederick Oudéa also ensures that the bank he heads will not be the subject of a takeover bid, despite the sharp drop in its share price. "I see no looming strategic move," said he. "It will happen in Europe if the bank nothing is happening in Europe at all. Industry consolidation will not intervene if the situation does not change. There should be no movement before attending two or three years. "

ALSO READ:

"Euro area: new fears of bank liquidity

"The banks again in the heart of the storm

"The authorities want to limit stock market speculation

"SPECIAL – Depression, fear of debt

"Payments from the Structural and Cohesion Funds should be suspended in the countries of the euro area that do not comply with the recommendations of the excessive deficit procedure", suggests the president of the French Republic and the German Chancellor in a letter Communication to the European Council President Herman Van Rompuy.

All states of the European Union benefit from the funds created in the 1990s.The three main funds (European Regional Development Fund, European Social Fund and Cohesion Fund) are paid to countries that request it. Any region whose gross domestic product is less than 75% of the EU average receives these subsidies with the aim to help them develop.

Thus, 49 billion are paid each year as part of regional policy for 2007-2013 fast cash loans. In total, 347 billion euros, or 35.7% of the total budget of the European Union, which are allocated to regional aid policy.

20.4 billion for Greece, 21.5 billion for Portugal

To critics of these funds, the aid is ineffective: among the first beneficiaries are precisely the most indebted countries in the euro area.For 2007-2013, Portugal and must receive 21.5 billion euros from structural funds and cohesion, Greece 20.4 billion, Italy and Ireland 28.8 billion 901 million.

By transforming this aid as an instrument of pressure to encourage States to more fiscal discipline, the EU could further depress the areas most in need. But the idea is gaining ground as European leaders explore all the ways out of the euro zone debt crisis.

The idea is not new, and Germany is also one of the strongest promoters. The proposal in that the Franco-German duo at the end of the meeting Tuesday she will succeed in finding support among other member countries? The Dutch Prime Minister Mark Rutte has also expressed Tuesday in favor of these sanctions.

ALSO READ:

As tradition dictates, S & P has informed earlier this afternoon the Treasury's decision before making it public. This is usually an opportunity for the government to point out any factual errors. At this meeting, U.S. officials soon discover that the projections of S & P over ten years the budget deficit and public debt do not coincide with the figures of the executive, from the work of the Office of Congressional Budget (CBO).The U.S. public debt stood at 93% of GDP in 2021 instead of the expected 85%, a difference of two trillion dollars.

Standard and Poor's emphasizes the "political risks"

Faced with protests from the government, the rating agency starts with defense. She claims to be part of the work of the CBO, a retaining projection "alternative" of government spending, considered more realistic. After discussions, however, she agrees to return to the initial forecasts. The Treasury advised her to give himself time to review the numbers cold.

Far from judging, Standard and Poor's does not reverse its decision to lower the rating of the United States to "AA +" with 'Negative' outlook. The agency submits a new version of its release to focus on "political risks" to see the country taking insufficient measures against its budget deficit.In another statement released at night, she explained that the correction of the error has changed only marginally forecasts of debt in 3 to 5 years to come, "decisive" for its decision. "This is a technical error, no serious consequences," says one within the agency payday loans for bad credit.

According to S & P, the political debate on these issues in the United States is indeed not up to the problems caused by a debt of more than 14,500 billion.According to a U.S. government source quoted by CNBC, this episode proves that the decision by Standard and Poor's was taken regardless of the numbers, while revised data showed that the deficit would be sustainable over the next ten years.

"Latest victim of the failure of Obama's economic"

The rating agency had in fact warned in mid-July the Obama administration she wanted a deficit reduction of 4 trillion dollars over ten years to maintain the triple-A, instead of hard-won 2.1 trillion. John Chambers, President of the Evaluation Committee of S & P, also found on CNN that Washington could have prevented the lowering of the notes within the ceiling as soon as the statutory debt.He said the responsibilities were shared by the Administration and Obama, but also "the previous administration."

The first political reaction in Washington have shown just block pointed to by S & P. Mitt Romney, candidate for the Republican primary for the 2012 presidential election, has described the downgrade of American "latest victim of the failure of Obama's economic" and the Republican president the House of Representatives "consequence of uncontrolled spending in Washington in recent decades."The Senate Democratic leader, Harry Reid, has instead called for "a balanced approach to deficit reduction," with lower costs but also increases targeted taxes, it rejected the Republicans, under pressure ultra-conservative "tea parties" in the recent discussions on the debt.

(With branches)

ALSO READ:

"Standard & Poor's removed the" AAA "rating from the United States

Active in offshore wind

The operation mounted by Neoen and AXA PE is around 50 million euros, according to Xavier Barbaro, CEO Neoen. The two buyers will share the assets of Green Poweo.Neoen take possession of 14 megawatts (MW) of photovoltaic systems in operation in France and a portfolio of projects. Totaling 50 MW in solar and wind power and 70 MW biomass project in the state approved.

Neoen also retrieves the trash from Poweo installed in the consortium recently with EDF to meet the tender of the State on the first offshore wind

This young company, founded in 2008 in the lap of Direct Energy, is now a "sister company", sharing the same shareholder, namely Jacques Veyrat.As part of his departure on June 30 of the Louis Dreyfus, one that Robert Louis-Dreyfus regarded as his spiritual son got in exchange of its shares in the group of trading, more active and which Neoen 39 2% of Direct Energy.

Supported by its new shareholder, the small Neoen sees far. With the acquisition announced Monday, "we will double our sales power," said Xavier Barbaro. And "it is only a first step," said the leader of this company recently opened an office in Portugal for investment in solar.

Xavier Barbaro time opportunists in photovoltaics in France is over. To evolve and grow in the highly capital-intensive renewable energy, whether solar or wind, "you have to reach critical mass."

ALSO READ:

"France gives the start of offshore wind

The project, detailed by Nicolas Sarkozy last January after being repeatedly postponed, for the first phase is to establish 600 wind turbines with an installed capacity of 3,000 megawatts (MW) in France. By 2020, the government is a target of 6000 MW of offshore wind, or 1200 units to be built.

In detail, EDF EN and DONG Energy would create a joint venture majority owned by EDF Energies Nouvelles. This new entity will offer a special place in the Danish group in the race to the contract and will allow EDF EN to join a specialist offshore wind. In fact, DONG Energy already operates eleven offshore wind farms in Europe. The Danish group have been very courted, especially by GDF Suez.

In contrast, the subsidiary of EDF is still not present in the field of wind energy at sea, but EDF EN goes into working order. Having established a partnership with Alstom to supply him the offshore wind, he offered the services of three groups who worked on the project.

DONG Energy and EDF EN, associated with Alstom, is positioned on the five areas covered by the tender in competition with Areva / Iberdrola on two areas and three areas with GDF-Suez, Areva Vinci.Other contenders could also decline by 11 July.

ALSO READ:

"Sarkozy launches offshore wind in France

"Offshore Wind: Areva applies for the project to 10 billion

Total Call

We are far from the early 2000s, when Bertrand Piccard was looking for funding – 100 million Swiss francs – to launch the project after the Ecole Polytechnique Federale de Lausanne was funded and entrusted to André Borschberg the first feasibility study. But the duo sticks to the motto of Jules Verne: "All that is impossible to follow."

In 2004, Dassault Aviation hear about the project. The aircraft manufacturer will not money but the brains of its best engineers to the project, becoming the "manufacturer's advice business cards.""Dassault was the guardian of the real aircraft," says Bertrand Piccard.

Today, the project entered a new phase. The assembly of the second device begins next week in Duebendorf, near Zurich. "It looks like the first by its general shape and appearance. Its scale will be greater, between that of A 380 and B 747-8. It benefits from technological advances, a new engine, a different type of solar cells, "says André Borschberg.This engineer, former fighter pilot and businessman, pilot of Solar Impulse, alternating with Bertrand Piccard, a psychiatrist by training, aeronaut – he managed a tour of the world by balloon in 1999 – and a descendant of a pioneer family in the air and under the sea

Solar Impulse with the second, they hope to make long flights in stages over four to five days in a row, with the ultimate goal of a successful world tour "without fossil fuel or pollution." "The world is full of big problems that are costly and discourage," said tandem. "Aviation can provide innovative solutions by showing that renewable energy is possible. They are a source of diversification for the oil and future growth, "Bertrand Piccard is developing. The Solar Impulse is "the best vehicle for that message."The recent acquisition by Total of Sun Power, the California company that produces solar panels of the Solar Impulse, "is a good sign," said he calling Total to partner.

ALSO READ:

"Solar Impulse flew to Le Bourget