Bucks Bunny

Sugar: the way of falling between demand and the increase

2012-02-06T07:40:00.001-08:00

The price of sugar has declined sharply this week, while impacted by both estimates abundant crops and a decrease in supply.

The price of this commodity remains in effect greatly dependent on the economic environment, a slowdown in global growth is therefore likely to weigh on consumption of agricultural commodities.

Investors expect to surpluses indeed offers this season at the major producers (India, Thailand, European Union, Russia).

Volumes that should more than offset the disappointing harvest on a scale in Brazil, the world's largest exporter.

New element: the weather improved in the main producing area of Brazil, which could limit losses.

Meanwhile, India is examining the possibility of increasing its exports of 1 million tonnes, if any, further inflate the supply available on the world market.

On the London Liffe, a tonne of white sugar for March delivery was worth 629.20 dollars at 1030 GMT Friday against 653 dollars the previous Friday to 1:00 p.m..

On the NYBOT-ICE U.S. a pound of raw sugar for March delivery traded at 23.61 cents against 24.82 cents a week earlier.

Africa: capital flight promoted by Global Financial Integrity

2012-02-05T05:15:00.000-08:00

If the financial woes of Greece appear to be largely due to corruption, small shenanigans with friends, favoritism and remittances to regions more "friendly", last December, Global Financial Integrity (GFI) indicated that the capital flight in Africa amounted to 854 billion between 1970 and 2008, an amount four times larger than the continent's external debt.

Food for thought ...

Moreover, according to GFI, much capital flight could not have been recorded. Some estimates transfers to 1800 billion.

Regions of West Africa and Central would be most affected by the phenomenon. In mind: Nigeria and Egypt respectively with 89.5 billion and 70.5 billion transferred in this way.

This is followed by Algeria (25.7 billion), Morocco (25 billion) and South Africa (24.9 billion).

According to GFI, the amounts associated with the illicit capital flight would be equal to twice the amount granted as part of official development assistance.

According to a report by Global Financial Integrity, developing countries would lose $ 10 in the form of capital flight out of every dollar received as foreign aid.

Reasons and means of a gigantic scam: an international system opaque and riddled with loopholes, or almost free rein in tax havens, secret agencies, disguised corporations, anonymous trust accounts, foundations and other fictional techniques of money laundering, analysts said.

The study is alarmed at last, stating: "As the bleeding continues over the long term at a rapid pace, efforts to boost economic growth will be hampered to the extent that income distribution is more skewed "resulting in more economic and political instability.

Capital flight is a major obstacle to the mobilization of domestic savings for its part considers the United Nations. She said the phenomenon significantly reduces the resources available for investment for development in LDCs.

Platinium and Palladium continue to rise

2012-02-04T06:29:00.000-08:00

Metals prices PGMs (platinum, palladium) continued to rise this week.

They remain supported by ongoing concerns about supply from South Africa (world's largest producer of platinum), while the country is affected by strikes in the mining sector.

Satisfactory figures for auto sales in the U.S. in January (11.4% in annual moving) have also attracted investors to the commodities whose main market is located in the automotive industry.

Friday, an ounce of platinum rose to 1,637.25 dollars, which corresponds to its highest level for two and a half months.

Meanwhile, an ounce of palladium climbed to 715.75 dollars, unmatched value since September 21.

On the London Platinum and Palladium Market, an ounce of platinum finished the week in 1630 against $ 1608 dollars last Friday.

The ounce of palladium finished for his part to 711 dollars against 684 dollars last weekend.

Deficit of France Bercy revises the figure rising to 2012

2012-02-03T08:29:00.000-08:00

While France is uncertain as to whether or not Sarkozy has used the extras as it moves on a construction site in Mennecy (Essonne), the financial condition of the country he leads is not pleasing ... The government deficit has indeed been revised upwards for 2012, according to figures released by Bercy. An "extension" of some 6 billion euros has indeed been added by the department, which now expects 85 billion amount of power in 2012.

Reasons given to justify this by Bercy "development": the endowment fund of permanent emergency in the euro area. In an attempt to reassure investors, the government also states that this new estimate does not challenge his government's commitments.

Recall that the public deficit - which includes accounts of the State, Social Security and local - must be reduced to 4.5% of gross domestic product (GDP) by year-end 2012, against 5.4 % or 5.3% expected in 2011.

"The capitalization of 6.5 billion euros from France to the future European Stability Mechanism (MES), supposed to be operational in July, will increase the budget deficit but, for accounting purposes, will have no impact on government deficit calculated using slightly different criteria, "he said is .... not without ambiguity.

Portugal: BPI bank sick of Greece

2012-02-02T09:06:00.000-08:00

When the huge financial problems of Greece reflect upon the entire European Union ...

The phenomenon was predictable: like a house of cards, Portugal - already strong in bad shape - is now directly affected by health status of the Greek state.

The bank BPI (Banco Português de Investimento), the fourth Portuguese financial institution, announced Thursday a net loss of 204 million euros for 2011. A first for this institution.

Primary reason for this situation: impairments on its portfolio of Greek sovereign bonds (-339 000 000 euros) and the transfer of retirement savings of its employees to the Social Security (-71 million euros).

Excluding items, net income totaled 115.9 million euros, against 154.9 million euros in 2010, said the third Portuguese private bank.

End of 2011, BPI had a capital ratio (Core Tier One) of 9.5%. Which allowed him to reach without a capital increase of 9% threshold required by the Bank of Portugal under the financial bailout granted by the EU and the IMF.

Estimates by the European banking regulator EBA, the BPI will now increase its capital to the tune of 1.389 billion euros, and before the end of June 2012.

So far, officials have ruled out the BPI to dip into the envelope of € 12 billion included in the plan obtained using 78 billion last May to cover its financing needs until 2013 .

"For Portugal, the important thing now is to reduce external pressure resulting from a contagion of the Greek situation," admitted Monday the Portuguese Prime Minister Pedro Passos Coelho, after the EU summit.

Given the concerns of a possible contagion of the Greek debt to Portugal, the interest rates on Portuguese bonds in recent days have reached new record highs, and Tuesday showing a rate of around 16% to 10 titles years.

The Bank of Portugal already provides for its a recession "unprecedented" 3.1% of GDP.

Another disturbing development: the slowing global economy, particularly that observed in the euro zone, is likely to restrict the Portuguese exports, Lisbon unfortunately relying on this engine to boost growth.

According to Cristina Casalinho, bank BPI, "structural indicators place the Portugal midway between Greece and Ireland," and it is "premature" to Lisbon to consider a new aid plan or a restructuring its debt.

Central Fukushima leak of radioactive water from a reactor

2012-02-01T09:16:00.000-08:00

The Fukushima plant has not said its last word ... or rather has not delivered its last gasp. According to Kyodo News, nearly 8.5 tons of radioactive water leaked from a reactor at the nuclear plant in Japan. Recall that it was seriously damaged after an earthquake and tsunami in March 2011.

The plant operator, Tokyo Electric Power Company (TEPCO) said that the leak had occurred in reactor number 4. The reasons for this "incident": the termination of certain pipes inside the building housing the reactor. The leak was detected late Tuesday on the first floor by the plant personnel. Ten minutes later, closing a valve would have to stop, thus the water would not have left the reactor containment.

From the measured radioactivity levels, TEPCO has also been able to establish that it was indeed water from inside the reactor. Currently, the plant operator tries to find the reasons why water lines were damaged.

Degradation could be related to very cold temperatures in recent days, the latter being lowered to below -8 ° C. The investigations conducted after the tsunami of March 11 could also be causing the problem.

Monday, TEPCO has also acknowledged that there were 14 points of leakage at the site of the nuclear plant in Fukushima No. 1. Recall that in March 2011, what may be be the worst nuclear disaster since Chernobyl, Ukraine, in 1986, had hit Japan .... or even much of the planet.

After the earthquake, March 12, 2011, a first reactor had exploded, causing the collapse of the roof of the building. March 14, the reactor 3 also had exploded, while on March 15, a fire had started at reactor 4.

The plant operator, Tepco, had then pour tons of seawater and fresh water to stop the melting of fuel rods. Causing a wide water contamination, air and food.

Tunisia: the key under the door for travel agents?

2012-01-31T09:58:00.000-08:00

The Director General of the Moroccan National Tourist Office (ONMT) Abdelhamid Addou, recently said that Morocco is expected to tourism year "very difficult" in 2012, things are not much better in Tunisia, it would become even worse.

President of the Tunisian Federation of Travel Agencies and Tourism (FTAV), Mohamed Ali Toumi and said Monday that dozens of travel agencies in Tunisia were likely to soon put the key under the door, in the absence immediate reaction from the government.

Dozens of agencies could be forced to cease operations in the coming days if any-urgent solutions to their difficulties were not found at the earliest, and says the President of the Federation.

During a crisis meeting held Saturday, January 28, 2012 in Gammarth (Tunisia), with more than 250 travel agencies adhering to the federation, the gravity of the situation was confirmed by industry professionals. The latter are unanimous in revealing to sound the alarm about the risks of bankruptcy that awaits them.

The situation is even more "catastrophic" than 700 travel agencies that are the most important link in the tourism chain, employing some 8,000 people, also stressed Mohamed Ali Toumi.

Is wanting can not be more alarming, the President of the FTAV wanted to warn that if the closures would result in de facto forced layoffs of several hundred employees, or even thousands in the coming months.

Worse, no visibility on the future of tourism in Tunisia in 2012 is available now. The situation may even worsen.

"We are threatened with extinction if the government does not support us and continues to ignore our requests," again warned Mohamed Ali Toumi.

The reasons for this situation: travel agencies - which are the majority of SMEs - have been heavily impacted by the tourism crisis that erupted after the fall of President Ben Ali.

Remember that February 7, 2011, filed FTAV the Ministry of Tourism a folder containing proposed interventions, including creating a crisis for the rescue of ailing travel agencies.

Also requesting a financial and social support and streamline administrative procedures.

Note that the Tunisian National Tourism Office has set the Tunisian travel agencies a deadline of January 31, 2012 to fulfill a financial guarantee in the amount of 50,000 dinars for Class A offices and 25,000 dinars for Agencies category B. Otherwise, agencies may an administrative closure. FTAV therefore call on the ONTT to make them eligible for a further period of two months to find a solution to the problem legally and sustainably. The Federation has also proposed the government to reduce the amount of taxes.

Note also that the travel agency specializing in tourist transport land have been hardest hit by the drop in tourism. Many of them see themselves unable to pay their debts to leasing companies. Which are beginning to implement retaliatory measures by confiscating vehicles. FTAV call those companies to be flexible vis-à-vis the agencies until next summer.

The release for the benefit of private travel agencies of pilgrimage to Mecca, juqu'à monopolized by a public company this close to the Ben Ali Trabelsi clan, are also among the proposals FTAV.

Avtovaz: towards a takeover of the Renault-Nissan

2012-01-30T09:55:00.000-08:00

The Franco-Japanese alliance Renault-Nissan plans to take control of the first Russian manufacturer AvtoVAZ in the first half of 2012.

In any case, announced Monday Sergei Chemezov, director Rostekhnologuii (Russian Technologies), Russian holding company which owns 25% of AvtoVAZ.

M.Tchemezov also confirmed that Rostekhnologuii plans to sell 4% stake in AvtoVAZ this year.

Recall that Renault-Nissan, the investment bank Troika Dialog and holding Rostekhnologii each hold a blocking minority (25% plus one share) in the capital of AvtoVAZ.

The alliance already assembles some of its models on the site of AvtoVAZ in central Russia. She already has the green light from Prime Minister Vladimir Putin to take control of the Russian group.

Last November, a source close to negotiations announced that Renault-Nissan had completed the acquisition of the controlling block of AvtoVAZ in 2012. Sharing then envisaged: 35% stake in AvtoVAZ to Renault and 15% for Nissan.

In February 2011, already, the Renault-Nissan CEO Carlos Ghosn said the alliance had to take control of the Russian group.

In June of that year, the Japanese newspaper Nikkei indicated that after the conclusion of the agreement, the alliance plans to assemble a compact car 2012 Nissan plant in Avtovaz of central Russia, while projecting to build another production site in the Russian Far East.

The three manufacturers could also make a car at very low costs for emerging markets, in a factory Avtovaz, also stated the newspaper.

In late 2008, the diamond brand had paid about $ 800 million to acquire a quarter of the capital of AvtoVAZ. A few months before the outbreak of the financial crisis ... which caused a drop in sales of the Russian group, forcing the Russian state to get their hands in their pockets.

Currently, the Group's market capitalization is around 850 million euros.

Finally, the new entity AvtoVAZ-Renault-Nissan would be the third global manufacturer of vehicles behind the Japanese Toyota and General Motors.

Platinum and palladium supported on a weak dollar and fears of supply

2012-01-29T10:02:00.000-08:00

Prices of platinum and palladium increased this week, the weakening dollar led investors to turn to commodities.

Concerns about the offer may also partly explain this upward trend.

Thursday, an ounce of platinum even reached 1,621.12 dollars, corresponding to its highest level for two and a half months.

Meanwhile, an ounce of palladium reached 700.69 dollars, something that had not been seen for four and half months.

The decision of the Federal Reserve to maintain an exceptionally low rate until the end of 2014 or beyond should lead to a very low yield bond market, prompting investors context in search of profits to turn to more risky assets such as raw materials.

Disruption of supply from South Africa are also fears while many mining activity was stopped by authorities for security issues.

Finally on the London Platinum and Palladium Market, an ounce of platinum finished Friday in 1608 against $ 1,517 dollars the previous week.

Meanwhile, an ounce of palladium finished at 684 dollars against 669 dollars last Friday.

Senegal: Opposition calls the people to rise up against Wade

2012-01-28T10:39:00.000-08:00

While the Constitutional Council has - to the chagrin of the population - to validate the application of Wade in the upcoming presidential elections in February, the Senegalese opposition called on the Senegalese to rise.

Objective: To prevent the president regain access to power.

Is wanting can not be clearer, the M23 Coalition, which represents the main opposition candidates in the presidential election of 26 February, says the Constitutional Council has betrayed the people by validating the candidate Abdoulaye Wade.

In a statement released Saturday, the coalition M23 emphasizes that "a black page has been written in the history of our country by the decision."

Story drive the point home, the opposition candidate Macky Sall, former prime minister Mr. Wade said that they had given "order" people to take to the streets.

The situation remains tense in Dakar, when violence erupted in the night from Friday to Saturday to protest against the validation by the Constitutional Council of the candidacy of President Wade.

The latter seems to interpret the election code in its own way and in his favor ... The aim is for him to seek a third term ... to ultimately provide a royal road to the presidency to his son Karim, already minister in the government and still has four portfolios.

Interpretation is disputed presidential opposition, which condemned a coup.

Speaking in a speech to the nation, Abdoulaye Wade has called for "an end to these events in a bad mood that leads to nothing." "I did not ask, than the law. And it is the law that has been expressed," he argues.

The European Union said on the other hand follows "closely the conduct of the electoral process" adding that he "noted the publication by the Constitutional Council, the list of candidates for the presidential election.''

The EU calls on all candidates'' challenging the merits of the decision to use the remedies provided by the electoral legislation and calls on all political forces to avoid any decision and act of violence likely to affect prejudicially voting rights of Senegalese citizens in accordance with the deadlines, and maintain a climate of peace''. The EU also underlines the absolute necessity'' that the vote reflects the will of the Senegalese people''.

Mid-session CAC: pause or beginning of consolidation?

2012-01-27T11:02:00.000-08:00

After its sharp rise yesterday, the CAC will pause today and appears to have eased slightly, yielding 0.39% to 3350 points today. After opening the 3340 area, the CAC has gradually returned towards its closing levels of the day, pushing slightly in the green until 3365/3370 at the stroke of noon. He's back from the red, catching her breath after yesterday's upward recovery.

From a graphical point of view, the market continues to report, however, a nice upward force, and remains in a favorable configuration, at least as long as it remains above the 3340. Below, the situation could weaken, especially as the CAC as Wall Street would need to consolidate. Therefore be monitored carefully the evolution of this afternoon, and the possible breakdown of 3335/3340, which could refer initially 3320/3325 on the market before other media mentioned last night. On the upside, this is a crossing of the highest in the past and present, in 3365/3370, which would allow the market to continue growing.

Side values of the CAC, Vallourec is responding well after a few sessions of declines. The title contains 1.9%, to Cap Gemini which won 1.4% and +1.2% in EADS. Side folds, there are the financial constraints on the market, with BNP which yields 3.2% after a deterioration from a broker. Credit Agricole lost it 1.9% and Societe Generale 1.4%.

Currencies and commodities side, finally, the trend is slightly upward, with an increase of 0.2% joint the euro at $ 1.3137, oil at $ 100 a barrel, or gold, at $ 1,724 an ounce. Movements which, however, remain moderate, and tip the balance for a simple consolidation of the market before the weekend.

How can Information Technology help in your career?

2012-01-27T10:06:00.000-08:00

Investing in your career is the best type of investment that you can make. IT is one such career enhancing study which can be a good investment too. This is because; if you study IT or Information Technology you may be able to get good jobs after completing the education.

It and your career

As the computers are gaining importance every day, the need for increased qualified professionals in order to cost-effectively handle and dish out the IT solutions continues to grow. So, an IT course can help you in increasing your chances in getting good jobs in the computer industry.

You can study about the Microsoft platforms and gather certain certificates on the Cisco systems, the Java scripts and such kinds of other applications. A good thing about this is that you can even start working in this same field while pursuing the degree. In order to study IT, it is important for you to study about the IT industry and the industry trends.

Based on the research works, plan what level of IT knowledge is required by you and then research on the IT courses offered by different colleges. This will help you in joining the right college and attaining the right kind of education. This will again help you with your career and in getting good jobs as per your quality.

The computer industry is always going through an ongoing change and so you to will have to prepare yourself likewise.

Venezuela: a goal of increasing oil production in 2012: Bluff or reality?

2012-01-27T06:34:00.001-08:00

Venezuela announced Wednesday the establishment of a plan to increase 40% crude oil production in the oil of the Orinoco Belt. Stated aim: to bring domestic production to 3.5 million b / d in 2012.

"We're following a plan that will increase the national production" at 3.5 million barrels per day (bpd) in 2012, an increase mainly based on the contribution of 470,000 barrels of oil produced in the belt” , has announced to the press on oil minister, Rafael Ramirez.

Currently, the country produces 3 million barrels daily by governing bodies. Purpose of the ad: certainly attract investors. The transition from 1.16 million bpd to over 1.6 million bpd, which must necessarily involve the companies twenty countries involved in the activities of oil production in this region.

According to official figures, Venezuela in 2011 produced an average of three million bpd. The Organization of Petroleum Exporting Countries (OPEC) for its part says that the supply of the country's gross $ 2.3 million bpd. According to the cartel, Venezuela has the largest world oil reserves, with 296,500 million barrels, ahead of Saudi Arabia.

Recall that in 2007, President Hugo Chavez ordered the nationalization of oil resources through the establishment of joint ventures in which foreign companies are in the minority, the Venezuelan oil company PDVSA public to hold a minimum of 60% of assets.

The Orinoco Belt, one of the largest deposits in the world, is operated mostly by lPDVSA. The latter are currently pumping 1.15 million barrels per day (bpd).

A development plan production areas in Carabobo and Junin, which are currently extracts 430,000 and 265,000 bpd, is underway. The work should be completed by June, with the ultimate aim to achieve in a December 2012 production of 20,000 bpd for each additional zone. Further research is being funded by foreign companies.

Bolivia / Gas entry shares of Pan American Energy in the site Caipipendi

2012-01-26T11:03:00.000-08:00

To be followed closely, the case could set precedents, all of which are symbolic of strengthening the policy of the Bolivian government.

This last Tuesday announced Tuesday the seizure of 25% of shares held by the Argentine group of oil Pan American Energy (PAE) in the Gas Caipipendi site. Reasons: EAP failed in its investment obligations.

A government decree has decided the compulsory transfer of the shares of Pan American Energy Group at public Bolivian YPFB oil. The latter will carry out an evaluation of investments made to date by the Argentine group, to compensate him.

The measure, adopted at the first meeting of the government revised Monday, "sanctions the breach by Pan American Energy to its investment obligations," further explained the Minister of Hydrocarbons, Juan Jose Sosa.

Recall that Caipipendi Gas Project is a an initial investment of 1, 6 billion, operated by a consortium of EAP, the Spanish Repsol, at 37.5%, British Gas and British, 37.5 % as well.

Caipipendi production of 3 million cubic meters of days is primarily intended for export to neighboring Argentina, the second client of Bolivian gas. YPFB aims eventually to triple the production level of the site.

Note however that in January 2011, a report of the House of Bolivian hydrocarbons (CBHE) indicated that the oil fields of Bolivia may well dry up by 2016 to 2017.

The main reasons given then: a natural decline accompanied by a lack of investment.

Let us recall that Bolivian oil production is declining for ten years, national political crisis and global financial crisis did not help the matter.

If Bolivia is a regional gas power, oil production is marginal at present. The country has produced only 5,000 barrels of crude in 2010 against 10,200 in 2006.

Beginning in November 2010, the President of YPFB confirmed for his part that the amount of proven reserves of natural gas in Bolivia was halved compared to official estimates five years ago.

According to Carlos Villegas, these reserves would be only 360 billion m3, a figure well below the official volume of 700 billion m3 put forward by Bolivia since 2005.

Pipeline War: Russian double its purchases of gas from Azerbaijan

2012-01-25T09:36:00.000-08:00

This may seem innocuous or even trivial compared to the magnitude of the crisis in Europe, yet the event has major strategic importance in the global gas scene. While the Russian energy giant Gazprom announced last Friday that the launch of the South Stream gas pipeline would be held in December 2012 and not 2013 as planned, Russia now says it will double its purchases of gas in 2012 at the Azerbaijan.

History in particular to reduce the volume of oil available to fuel the European project Nabucco competitor to South Stream, the Azeri production is not elastic and can easily supply the two pipelines. Gazprom CEO Alexei Miller and the CEO of the Azeri public company Socar, Rovnag Abdullaev, have indeed signed on Monday an amendment to their gas contract.

The volume of gas purchased in 2012 in Azerbaijan is expected to increase from 1.5 to 3 billion cubic meters to over 3 billion cubic meters per year from 2013. The agreement between Gazprom and SOCAR may ultimately deprive Nabucco - the very strategic pipeline project intended to pass through the continent of Europe gas from the Caspian Sea - a part of the gas from Azerbaijan .

Recall that the Nabucco pipeline - designed to reduce the dependence of Europe vis-à-vis Moscow - must send to Europe to 31 billion cubic meters of gas annually from the Caspian. It stretches over 3,300 km through Turkey, Bulgaria, Romania and Hungary, bypassing Russia and Ukraine. At an estimated cost of 7.9 billion euros, the project is supported by a consortium of RWE (Germany), OMV (Austria), MOL (Hungary), Transgaz (Romania), Bulgargas (Bulgaria) and Botas ( Turkey).

Recall that in April 2010, Romania, Azerbaijan and Georgia signed an agreement to build two liquefied gas terminals along the Black Sea, one in Romania and one in Georgia. A project called AGRI that is "complementary" to that on the European Nabucco pipeline. As part of this project, the gas from Azerbaijan should be routed through Georgia and Romania to Western Europe. According to the Secretary of State for Economy, Tudor Serban, terminal capacity will be about 7 billion cubic meters of gas, while the cost of the project should be included in a range of 2 to 4 billion euros.

But in February 2010, Azerbaijan had hinted that he might participate in the project of Russian-Italian gas pipeline South Stream, a competitor of the European project.

For many months, indeed seems to Baku with the hare and cabbage, also supporting the Nabucco project whose main objective is precisely to bypass Russia, trying to get rid of its "parent". At least that Azerbaijan does not want to simply "eat all the racks" and monetize its stake ...
Nevertheless, the country has a position could not be more strategic is well aware that the two projects are highly dependent on his will to power one or other of the pipeline .... The real sinews of war.

"Azerbaijan does not participate" in the South Stream project and had indicated in 2010 the CEO of the public energy company Socar, Rovnag Abdullayev, the house journal of the Russian giant Gazprom. But Rovnag Abdullayev had also said, however, support "all projects that meet the economic interests of Azerbaijan". The message is clear ... trying to attract the highest bidder.

If Azerbaijan had repeatedly expressed its support for Nabucco - which is supposed to be a leading supplier of gas - in October 2009, Moscow signed a contract with Baku providing long-term supply of gas to Russia. The two countries also agreed to increase volumes in 2010 and 2011 ... elements when making a grave threat to gas supplies for the Nabucco project.

As part of this agreement, the supply should be ensured by the first phase of Shakh Deniz and Shah Deniz in Azerbaijan, led by companies BP and StatoilHydro.

On 21 January 2010, the Russian gas giant Gazprom had promised the Azerbaijani state oil company to buy one billion cubic meters of Azerbaijani gas in the same year. In 2011, gas exports to Russia is even double to 2 billion cubic meters.

In late January 2010, alongside the World Economic Forum in Davos, Switzerland, Azerbaijani President Ilham Aliev announced that Azerbaijan would deliver more gas to Gazprom if the realization of the European Nabucco pipeline project was postponed. "Gazprom said it would buy as much gas as we deliver. If stalled Nabucco, we will sell more gas to Gazprom, it is clear," said Aliyev was well in an interview with Wall Street Journal.

Recall that the second phase of operation Shakh Deniz field, whose estimated cost is around $ 10 billion (7.1 billion), is considered the main potential source of supply for Nabucco.

Discovered in 1999, the field of Shakh Deniz, an area of about 860 km2, is located 70 km off the coast of Azerbaijan in the Caspian Sea, one of the most gas-rich of the world. Its reserves are 1200 billion m3 of gas. Gas production began in December 2006.

Oil down due to profit taking

2012-01-24T08:23:00.000-08:00

One day up, the next day down in the meantime: profit taking. Leverage used: Iran.

It is almost exactly the pattern seen in the oil markets from the day on Monday and Tuesday.

Oil prices have in fact completed in fall Tuesday in New York, investors are inclined to take profits, while the Iranian threat does not carry out his threat to block oil transit the Strait of Hormuz. This is despite the measures taken by the European Union to implement an oil embargo.

A barrel of light sweet crude for March delivery fell 63 cents as compared to the end of the day, finishing the day at 98.95 dollars on the New York Mercantile Exchange.

Meanwhile in London, a barrel of Brent North Sea crude for the same term ended at 110.03 dollars on the Intercontinental Exchange (ICE), down 55 cents from Monday.

Other bearish factors: the rising dollar. Indeed, the price per barrel of crude is denominated in U.S. currency, while a stronger dollar penalizes investors provided with other currencies.

Greece also worried investors, intensifying the pressure on banks and the government of the country under negotiation on the debt restructuring.

Content of Stéphane Richard

2012-01-23T10:03:00.000-08:00

It is essentially about the content of Stephane Richard in an interview with Journal du Dimanche. Responding to the buzz created by the arrival of the Free Market of mobile telephony.

Medium-term brunt of a new war in his low cost: consumers, businesses and employees.

Because according to the leader of the operator, who said low low cost service, and low work. Even in the 21st century there are no free lunches, and the Economic miracles do not exist, especially when it comes to technology sector inducing major investments.

Stephane Richard says loud and clear: "the real risk" according to him "that all operators would become low cost", saying that Orange will also align "never on the price of Free."

In a speech not without economic foundation, the CEO of Orange also believes that the arrival of Free Mobile "will move the balance, which allowed us to create jobs, lower prices."

"The real risk is that all operators become low cost, which means less investment, fewer services, fewer jobs," he says.

For the CEO of Orange, "it now includes a telephone network is not limited to great prizes," adding that "there is always cheaper but often less." "We never will match the price because we offer safety, reliability, innovation," he said.

It is true that in the field of telecommunications, it is not enough to sell ... it is also run and operate a network. While the techniques are becoming more complex - for the operator - sometimes forget that a certain network does not mount the day or next day. Need the knowledge, skills, financial and human resources and infrastructure.

Platinum and palladium prices increased

2012-01-22T11:48:00.000-08:00

Metals prices such as platinum, palladium increased this week.

Improved liquidity in the markets and investor sentiment they have been beneficial.

Renewed market optimism has indeed led to a new craze for equity instruments backed by physical stocks of metal associated with the palladium, if one believes the industry analysts such as Barclays Capital.

Thursday, the price of platinum rose to 1,539.75 dollars per ounce, something that had not been seen since Dec. 5.

Meanwhile, the price of palladium rose to 681.17 dollars an ounce, reaching a highest level since Dec. 12.

On the London Platinum and Palladium Market, platinum ounce finished the week at 1517 against $ 1479 dollars the previous week.

The ounce of palladium on the other hand finished to 669 dollars against 627 dollars last Friday.

Libya / Italy: new political

2012-01-21T09:16:00.000-08:00

It is well known, oil settles it! .... or so. It is indeed the issue that emerges half-word of the new political pact signed Saturday between Italy and Libya. Recall that the two countries are closely linked for many years ... and the Italian Eni oil is itself highly dependent on oil production in Libya. This could explain that ... To mark the first visit of Italian Prime Mario Monti in Tripoli, the two countries signed a new deal Saturday.

The latter should be a policy framework for their relations after the fall of Muammar Gaddafi. "The Tripoli Declaration aims to open new horizons for cooperation between the two countries, strengthen friendship and cooperation within the framework of a new vision of bilateral relations" and "respect for national sovereignty" and said the text of the agreement. Also be noted that Mario Monti arrived in Libya at the head of a large delegation including the ministers of Foreign Affairs and Defense ... and the leader of the Italian oil giant ENI, Paolo Scaroni.

It has "taken advantage of the opportunity" to indicate that the company was almost back on Libyan territory to its level of production before the war, with 270,000 barrels per day currently against 280,000 before the revolution. Coincidence of timing? Recall that in mid-week, rating agency Standard and Poor's has downgraded the long-term debt of the ENI Group by one notch to A + A against earlier decision resulting in much of the recent deterioration in the sovereign rating of Italy. This note comes with a negative outlook, meaning that the agency could lower it back to medium term.

Degradation of ENI following notation and that of its 30% shareholder, the Italian Republic, the sovereign rating was lowered two notches to BBB +. Monti for his part said his country was ready to support Libya in its reconstruction and democratic stabilization, while declaring that he would revive the cooperation between the two countries in the fight against illegal immigration.

However, difficult to know precisely at the moment, if the Tripoli Declaration will replace the treaty of friendship signed in 2008 between Colonel Gaddafi and Italian Prime at the time, Silvio Berlusconi.

The treaty provided including Italian investments in Libya to the tune of $ 5 billion including construction, for about $ 3 billion, a highway of 1,700 km coastline. In return, the regime in Tripoli pledged to reduce illegal immigration. The treaty led to a fall of 94% of illegal immigration to the south of Italy.

CAC mid-session: 3310 test

2012-01-20T08:12:00.000-08:00

After a sharp upward acceleration of yesterday, and achieving this morning at the opening of the gap of 3333, the ACC consolidates logically, one might be tempted to say. So he quickly moved into the red in the first minutes of trading, to come to rest on the 3310, corresponding to the bottom of the old gap in early November, but at the pivot point of the day. A threshold which is good since 9:45, despite repeated assault on the market, and two aborted attempts to rebound on the 3325.

For the next hour, we will monitor the preservation of this area of support. Under the 3305, ACC should quickly reach the zone of 3290/3295 which had long held the market yesterday. This will be the last short-term support for the market: below, the bullish momentum is interrupted, and consolidation would be likely to place them in the direction of the gap opened Tuesday.

For now, the 3305/3310 is good, with a CAC currently 3312, down 0.51%, which is moderate in terms of higher yesterday. On the upside precisely, the board should consider returning to 3325/3330 on the highest of the day, and eventually achieving new highs to 3350.

Side values of the CAC, the financial market as yesterday take up, with Societe Generale wins again 4.1%, or +1.2% for BNP. Danone is interposed, with an increase of 1.6%. Side folds, there is profit taking on Alcatel (-2.7%). Safran also decline (-2.4%) and Arcelor Mittal (-2.3%).

Currencies and commodities side, finally, the euro pauses after sharp rise yesterday. He returns to $ 1,291, down 0.4%. Same trend for crude, with a barrel that falls below the $ 100 99.8 $ (-0.70%). The ounce of gold remains stable at $ 1653.

Bond purchases of EFSF: Japan persists and signs

2012-01-19T02:44:00.001-08:00

No offense to the United States, the recent demotion of the Support Fund of the euro area (EFSF) is not cold in the eyes of Japan.

The Minister of Finance of Japan, Jun Azumi, has said his country would continue to buy bonds from the Fund support the euro area (EFSF), ignoring the withdrawal of the AAA rating assigned to it by the agency Standard & Poor's (S & P).

Recall that in 2011, Japan has bought between 10 and 20% of the amount of emissions from various EFSF, transactions involving bonds in the short, medium and long terms, which were intended to support the countries of the eurozone in trouble financial.

"We bought obligations that we consider important assets for the safe management" of foreign exchange reserves of Japan, also held to clarify M. Azumi. "This is a valuable asset, and there will be no immediate change in our thinking," he further added.

Words and a position come as the debt crisis currently prevailing in the euro zone helps to increase the cost of yen, giving it all the qualities of a "safe haven".

The current Japanese policy also allows the EU to provide subsidies to ensure that its businesses and consumers can buy Japanese products.

One way for Tokyo to "ensure" growth ... in every sense of the word. Boosting its exports in its own way.

The decline of the euro "has a major impact" on earnings and competitiveness of Japanese exporting firms engaged in Europe, has himself acknowledged Mr. Azumi.

Also recall that last January and in mid-June, Japan - the second largest holder of foreign currency world after China - has bought almost two billion euros of bonds in the two programs initiated by the EFSF. The funds raised by this organization has been allocated to Ireland and Portugal.

Valeo: placement of 500 million euros 5-year bonds

2012-01-18T10:49:00.000-08:00

The French automotive supplier Valeo said Tuesday it had successfully placed 500 million of 5-year bonds.

He also made a purchase of other bonds already issued and maturing in 2013.
Bonds due 2017 were issued at a rate of 5.75%, Valeo believes that conditions be "favorable."

The group also announced the results of its bid for bonds already issued and expire in 2013.

Some 22.2% of shares were tendered to the offer, valued at 88.862 million euros in the total nominal amount of ME 600 issued in June 2005, including about 400 ME were still outstanding.

These operations allow Valeo to lengthen the average maturity of its debt and to smooth the profile of its debt.

Israel investors keen on government bonds

2012-01-18T09:28:00.000-08:00

The exception that proves the rule? The world upside down? While European investors shun government bonds in the euro area, Israel is currently the scene of a completely opposite situation. The Israeli Treasury and comes to know a great success for its first bond issue of the year.

A good result all the more to emphasize that the operation had two key novelties: a particularly long duration of 30 years and a fixed interest rate of 5.5%. Do not worry! Demand was so strong that all potential buyers could not be satisfied. Judge for yourself: more than 1.1 billion shekels asked to invest in this new obligation, or 5.7 times more than the offer of the Treasury.

Note that the Israeli Ministry of Finance took advantage of the uncertain situation in the bond market to launch its own obligations. He has raised 200 million shekels (50 million) by issuing bonds for a lifetime of 30 years instead of the maximum 15-year fixed yet.

The fixed interest rate of 5.5%, based on an estimate of the annual inflation rate of 2.5%, has also attracted investors. The latter taking the risk that inflation is higher than expected.

According to the General Treasurer, "the success of this program long term is the result of fiscal policy government official, and it is a sign of investor confidence in the stability and financial sustainability of the Israeli economy."

Anyway, this bond issue would allow the Treasury to meet the repayment of public debt in the course of the year.

Last September, Standard & Poor's had raised the level of a note of the long-term debt of Israel. Reasons then given: improving the country's economic health.

S & P also had noted that over the last five years, the per capita growth rate had reached 2.4% in the Jewish state, and this, considering the recession in 2009.

The rating agency then expected however that the rate is more than 2% in 2011 and 0.7% in 2012, before returning to a level between 2% and 2.5% thereafter .

Recall, however, Israel has faced this summer by social protest movements of large-scale, leading hundreds of thousands of middle-class Israelis in the streets to protest against the high cost of living and achieve social justice .

Last September, the agency estimated, however, that the protest would have only limited effects on the 2011-2012 budget with a deficit of 3% in 2011.

Accor: no division of property in the immediate

2012-01-17T20:37:00.000-08:00

The hotel group Accor does not operate as a real estate division. In any case, what he just said Monday, responding to an article in Les Echos saying it was considering whether to create an entity property comprising the walls of its hotels. A strategy that, according to the business newspaper, it was suggested by its largest shareholder, Colony Capital.

"The question of a split legal (or capital) of its activity between Accor hotel management and real estate activity is not valid", told a spokesman for the group, speaking to the press .

However, the group concedes in its accounts will separate property management hotel management. Arguments: "greater efficiency". This leaves you will admit the field open to all possible interpretations.

According to Les Echos, in mid-December at a Board of Accor, the boss for Europe of Colony Capital, Sebastien Bazin, proposed to the hotel group would have to go in that direction.

A strategy that would be close to that if implemented by the U.S. Marriott in late 1993 through the creation of Host Marriott.

Stated goal by Colony: trying to straighten the Accor share price, down over 40% last year despite good financial results.

According to information provided by Accor, the value of the walls of the hotels was recorded at 3.3 billion euros at June 30, 2011.

Russia: Fitch lowers the perspective of credit rating

2012-01-17T20:18:00.000-08:00

The rating agency Fitch downgraded Monday the perspective of the sovereign credit rating of BBB from Russia, bringing a "positive" to "stable". Reasons: political risk, while the Russian leaders are accused by the people of falsifying the results of recent elections.

The weakness of Russian growth and increased dependence of the economy to high oil prices have also been singled out. If Fitch table certainly a return to the presidency of Vladimir Putin next March, the rating agency believes, however, that the events taking place on a recurring basis since the last parliamentary elections are generating new political risk in Russia.
However, political uncertainty "increases the risk of capital flight from the country," the agency said. Over the whole of 2011, the net outflow of private capital in Russia amounted already to 84.2 billion, a value twice as large as that recorded in 2010.

"While Fitch believes that the current Prime Minister Vladimir Putin is still highly favored to win the presidential election on March 4, there are still uncertainties about how the authority will address the unexpected wave of protest provoked by the election in the Duma (lower house of Russian parliament, Ed), and more generally on the political landscape, "said the agency also.

Which also considers that the "popular pressure" could deter the government to tighten fiscal policy, making it unable to reduce its deficit, excluding oil, below the 4.7% target set before the crisis.

Certainly, the country whose resources come largely based sales of oil, has for the time high oil prices. Its large reserves have enabled him to record a growth of 4.2% in 2011. But downside, Russia remains highly vulnerable to a sharp fall in commodity prices, which could result from the current global crisis.

Recall that if the parliamentary elections of December 4 certainly have been won by the party of Vladimir Putin, United Russia, with nearly 50% of the vote, observers and the opposition on their part believe that the voting was marred by numerous fraud.

"In the event of another recession in the global economy, Russia would have less flexibility to implement a tax package as in 2008," also warns Fitch.