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Condemned worldwide, the coup of Cristina Kirchner in Repsol has not affected the Argentine government. Quite the contrary. According to survey, 6 out of 10 Argentines approve the expropriation of the oil company Repsol by the government on April 16, the operation was brutal.
To believe the latest details, disclosed by the press, President Cristina Kirchner had not finished his speech on Repsol, broadcast live on television that a delegation led by Minister of Planning Julio De Vido and vice Minister of Economy Axel Kicillof suddenly landed at the head of YPF in Puerto Madero, the business district of the capital.
Argentine officials have scarcely left time for the Spanish leaders in shock, to take their belongings and leave. "They have not even had time to finish their lunch!" Says an industry leader offended. Some company executives subsequently undergo intense interrogation by the police.
While Spain, Europe and the U.S. protest against the nationalization of another age, questions remain: how did we get here? Why the expropriation?
In Argentina, the wild rumors circulating in the oil industry. Some saying it would be the fear that the Chinese buy YPF (groups Sinopec and CNOOC are already present in Argentina) and Argentina over the oil that would have prompted the government to act, with the blessing of the United States.
Seriously, Repsol, we are persuaded that the discovery of huge deposits of oil and gas shale Vaca Muerta, in the province of Neuquen (South West) was the trigger operations. This discovery, announced in November by the CEO of Repsol, could propel Argentina's third largest reserves of oil shale, behind China and the United States.
Resources would be estimated at 22.8 billion barrels. What the future of Argentines, although this scenario not totally convinced the experts. "The existence of these deposits has been known since 1984! The only difference is that today the technology exists to exploit them, but it takes a lot of capital that the government alone is not able to provide, "said oil consultant Eduardo Barreiro.
Energy deficit
Another scenario, more credible reports of negotiations for several months with the Spanish government to finance part of the country's fuel bill, up 110% in 2011 to 7 billion euros instant credit report. For the first time in years, the Argentine energy balance is in deficit of 2.27 billion euros, beating down the accounts of the nation.
In Argentina, more than elsewhere, the external deficit is problematic as it is to be financed without recourse to foreign capital, the debt markets are closed to the country since its bankruptcy in 2001. Accusing Spaniards of being responsible for this deficit, for not having enough invested in oil production, the Argentine government did not hesitate to ask Repsol to use its profits to finance energy imports rather than repatriate dividends in Europe.
Already forced the government to sell its oil at half price in the Argentine market – 42 dollars a barrel – Repsol would have raised an objection of inadmissibility to this formal request. "Repsol YPF, which held 60% of deposits in the country rejected the government's terms, and it has broken down the bridges," says the lawyer for a U.S. oil company established in the country.
According to former Secretary of Energy Emilio Apud, the takeover of YPF may represent "a very good deal for the government who will have access to a" cash "equivalent to more than 11 billion euros in turnover business year, "to finance its oil imports.
Buenos Aires seems to also want to seek help from new investors to boost oil production nationally. Pending the adoption of the bill of expropriation by Congress, the Planning Minister Julio de Vido, interim head of YPF, met executives of Conoco Phillips, Chevron and Exxon. He met with Vice President of Total America, the second largest gas producer in Argentina. On leaving the meeting, he announced an agreement on an increase in production on two million cubic meters in the deposits of Neuquen (South West). Evidence that the government does not get angry with everyone.
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The efforts made by Belgium are unprecedented in history. The Socialist government led by Elio di Rupo announced this Sunday the adoption of additional measures of rigor. To 11.3 billion euros in savings adopted at the end of 2011 have now been added 1.82 billion euros of provisions negotiated into the night from Saturday to Sunday, and 650 million reserve if growth is below expectations. It took six days at Belgian coalition, which brings together six parties, the center-left to center-right, to agree on this new package, which aims to limit the budget deficit to 2, 8% of GDP in 2012. In 2011, it reached 3.8% of GDP.
"With this budget, our country is one of the best students in Europe. We considered the possibility of an economic situation even worse, "justified the Prime Minister Elio Di Rupo. The government is based on a forecast of almost zero growth for 2012 at 0.1% against 0.8% previously, as recommended by the European Commission.
No VAT increase
After the austerity measures announced in November – limiting the use of early retirement, decrease the duration of unemployment benefits, taxation of stock and stock options … – Prime Minister also wanted to convince voters of the fairness of the new train measures. "It is an effort fair and balanced. The government is making an effort in structural terms, both in expenditures and receipts. [...] But the new measures do not touch many citizens. "
Most of the additional revenue will come from an announced increased repression of the black, and a tax increase on tobacco and stock transactions. However, the minimum wage, the amount of family allowance or the retirement pensions will not be modified downward. "We do not touch to VAT, it does not touch the savings accounts. [...] Despite a very challenging environment, the purchasing power of citizens is preserved and the competitiveness of companies saved, "said the Prime Minister.
Last November, the rating is downgraded sovereign debt by the Belgian credit rating agency Standard & Poor's had precipitated the adoption of an austerity plan of great magnitude. The rating agency, which matched its rating a negative outlook, particularly doubted the ability of Belgium to break the political deadlock and to present a credible budget.
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Kick-off auditions today by the Higher Audiovisual Council (CSA) of candidates for six new free DTT channels. The wise will consider 33 draft lines, from both large media groups as mere associations. Team HD, sports newspaper chain, is the first to be presented on Monday morning. Honey HD channel project for women of NRJ Group, will close the hearings on March 14. The selection of the top six will be known in mid-March for an effective start chains expected to fall.
The candidates will each have 45 minutes to convince the nine members of the CSA. Most cases are planning to develop channels, some of which already exist. Among the suggested topics: the nature and animals (TV Friends of the 30 Million Friends Association), the art of living (or Via Stylia), religion (Catholic channel KTO), theater and entertainment (L NWE rm-TV), music (Ofive TV) and even French excellence (Cocagne).
TF1, M6 and NRJ each have three projects
Large groups of television and radio will be very present during these hearings. TF1, M6, NextRadioTV (RMC BFMTV …) and NRJ Group will each present three projects. The group will present its TF1 channel dedicated to the art of living Stylia and a home shopping channel (Trends 24) and another devoted to fiction TV (HD1). M6 also offer a shopping channel (Shop & Co) and two projects at this stage undisclosed (Hexa and 6TER). The group of Alain Weill, NextRadioTV, will defend his side of his proposed RMC Sport HD sports channel than face Team HD, which officially supported by the National Olympic Committee and French sports (CNOSF), but also a RMC Discovery documentary channel, in addition to its economic news channel BFM Business. As for NRJ Group, he will detail his chain for women Girl HD, a channel dedicated to youth (My NRJ) and another on the heritage (Nosta the TV).
In the press sector, another project supported by the Nouvel Observateur group, associated with Fleurus Presse and Media Participations, bet on creating a chain of knowledge (360 TV). For its part, Lagardère Active TV it will defend the case. Finally, Pascal Houzelot, the founder of Pink TV will present tYou, defending a string of "diversity" and its capital account in Francois-Henri Pinault (PPR), Xavier Niel (Free, BBC), Matthew Pigasse (Les Inrockuptibles BBC) and Jean-Charles Naouri (Casino).
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Apple promises to all iPhone users: using its Safari browser, they will escape hyperciblées advertisements on the Internet. The firm at the apple has, indeed, with his navigator, also available on Mac computers, an automatic locking mechanism that prevents the specialists in online advertising to place cookies on websites and thereby to determine an Internet user who accesses a merchant site is also a frequent visitor to a site about golf.
But a computer science researcher at Stanford University, California, has just discovered that Google has bypassed this protection system and collected data on the browsing habits of users who use Safari. The Wall Street Journal, which revealed the findings of this research, the Internet giant has "used a special computer program that leads the Safari browser software to allow tracing of many users."
"The Wall Street Journal distorts what happened, was immediately defended by the voice of Google's director of public affairs, Rachel Whetstone. We used a technical device known Safari to provide functionality that Google users logged into their accounts were activated. "It allows, for example, to store the click of a surfer on the button" 1 "or Google the "Like" Facebook as a Web content. This data is stored within a day on Google's servers payday loan.
Involuntary collection
But by putting a temporary marker to operate the "a" in Safari, Google has also opened a breach through which have slipped a variety of other markers that sought, them, to collect information on what users were on the Internet. These data are valuable to Google then to offer targeted advertising to users. Google defends itself by providing not have intended to collect these data.
From the revelation of the findings of this study, the giant search engine has disabled the technical device that has "opened the door" to the navigation information of Safari users. The group also noted that no personal data (identity of persons in particular) has been captured in this case. Apple, for its part, says "work to end" to this flaw.
But this incident is indicative of two forces that traverse the Web today: on the one hand, the giants of the Web, always seeking to target users more precisely, increasing the risks to the data they handle. The other, players such as Apple took the opportunity to surround their consumers ever higher walls.
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The scandal could not have been worse. While Air France is embarking on an extensive and highly unpopular savings plan, the unions of the company revealed Monday that their former boss Pierre-Henri Gourgeon was preparing to travel to destination in Mauritius with its Women in business class for 24 euros.
This trip was to take place almost free along with two relatives also enjoy preferential rates. These tickets are embargoed during the school holidays, Pierre-Henri Gourgeon had to obtain special approval of the new CEO of Air France, Alexander Juniac, to lift the embargo and travel to this destination.
"It's scary to work in this context, a sorry part of the company. Our company is mired in research and maintenance of personal advantages. How do you get the support of employees and pass a savings plan? ". Given the excitement that the information generated internally, the former boss has finally given up the tickets at unbeatable price and opted for traditional GP tickets entitlements in the company's employees and retirees.
The ex-boss will have to pay 745 euros to get to Mauritius in business class or about 1500 euros for a round trip ticket worth from 3000 to 6000 euro at full price. "When traveling in GP, the former executives often take tickets in economy class, or 400 euros round trip to Mauritius, calculates an employee of the company paperless payday loans. Once on the plane, they do outperform if space is available at the front of the camera. "
"A trip to the Air France lounge"
Like many companies, employees of Air France benefit from preferential rates on their business activity. Like the employees of the car who pay their car cheaper, the Air France employees benefit from GP notes (Free partial), a valid right to life from 15 years of seniority. "I travel regularly to New York, welcomes a former executive of the company. It cost me about 200 euros in economy class, but in general I do upgrade and I manage to go on a trip to the Air France lounge. "
As a former senior executive, Pierre-Henri Gourgeon does not need to go through the system of GP tickets. Like other executives recently departed from the leadership, the former boss has negotiated a confidential volume of ticket prices almost free.
These benefits may soon be challenged. Juniac Alexander, the new leader of the company, has announced an overhaul of the benefits enjoyed by current and former executives of Air France. "Such benefits are not unique to Air France, says aviation expert. All major companies are considering a historic reform of the preferential fare tickets costing them too much. " And have less and less supported by employees who request efforts increasingly harsh.
The biggest shop shows the world may soon see the day in Paris. The luxury group Richemont actively preparing to open a palace watches of 2250 square meters on two floors, which would be represented as 60 brands ranging from entry level to luxury. This store may be substituted for the brand Old England, old shop of the 19th century, strategically located between the Opera and the Boulevard Haussmann in the heart of the capital. According to the website dedicated businessmontres.com, Richemont should benefit from the commercial end of the lease granted to the current property owner to get their hands on the site. Neither the luxury group, nor the SFL, owner of the walls has to comment that "rumor".
Sources close to the discussions say, however, that the real estate transaction is scheduled for over a year.Richemont has even approached the great names in luxury and watch as LVMH, Swatch and Rolex to tell them about the operation. If the participation of the latter to the final draft to be confirmed, Richemont has already convinced major retailers such as Audemars Piguet Breitling or to be part of.
The Swiss group is currently in discussions with Bucherer, another big name in the jewelry and luxury watches, in order to leave the management of this huge store. Few in France, it has been favored by Richemont because of its extensive experience in managing multi-brand stores. In addition to his label, Bucherer has a network of 15 stores which are marketed brands Rolex, Piaget, TAG Heuer, or Longines. It also has other stores in Austria and Germany.
Released in early 2010, a year and a half of recession caused by the bursting of the housing bubble, Spain could plunge into the red. Supported by the only engine of exports and tourism, the economy will suffer from the international slowdown. And domestic demand – consumption and investment – remains stalled, weighed down by record unemployment. Economists forecast a decline in activity over the next two quarters. For the full 2012, Natixis expects an increase of GDP, limited to 0.2%, even more severe, Bank of America Merrill Lynch expects a fall of 0.7%. Two days before the election, the government had to accept lower growth for 2011 at 0.8% against 1.3%, less than half that expected by Brussels in the euro area.
Occupation: the red lantern of Europe
This is the black point of the Spanish economy guaranteed online payday loans.Toxic assets that are concentrated in the "cajas" (savings banks).
Increased risk for public finances
Spain has embarked on the path of fiscal consolidation since 2009. The great austerity plan dating back to May 2010 combining lower wages of civil servants, cuts in social spending, increase tax and pension reform. After a budget deficit rising to 11.2% of GDP in 2009, the stated objective is to reduce it to 6% this year. It is not clear as far as Madrid to keep, given the downward revision of growth. On the front of the public debt, Madrid pre-crisis low, 40% of GDP. It has since risen sharply, it should peak around 72% in 2013 before declining.
Greek heavy bill for Credit Agricole. The mutual bank spent in the third quarter of 905 million euros before tax provisions on its portfolio of debt securities of states of Athens.
Following the example of BNP Paribas and Societe Generale, has increased the discount on these bonds at 60%, more than 50% recommended by the Europe Agreement in Brussels on October 27. In the third quarter, the group is issuing a very amputated profit of 258 million euros, down 65% year on year, well below analysts' expectations.
In a rising market, fell Thursday morning as the stock market of more than 3%. For six months he has lost over half its value no fax payday loan. Like all French banks, Crédit Agricole was caught this summer by the crisis in the euro area."The situation remains complex." The Group is particularly strong presence in Italy, where it has 1.7 million customers.
The group shall have for the time noted "no particular sign of weakness" that would signal a possible rise in bad debts. The bank has given the Italian public debt markets to reduce its exposure in four months to 8.73 billion euros to 6.75 billion.
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After weeks of procrastination, Silvio Berlusconi now seems to want to accelerate the implementation of reforms in Italy. The panic that gripped the markets on Tuesday following the announcement of a referendum in Greece, weakened still further the country's situation. The President of the Council has convened yesterday a special cabinet meeting to approve the emergency plan for submission to the G20.
This meeting was preceded yesterday morning by a preparatory meeting involving key ministers.A tax on wealth was also considered.
For its part, the Bank of Italy said yesterday, after completing a "stress-test" on the public debt (equal to 1.9 trillion euros, or 120% of GDP), it was "sustainable and expected to remain stable or decline slightly over the next two years, although rates on government securities amounted to 8% and that growth is zero. "
"Be responsible"
Silvio Berlusconi pledged Tuesday to Angela Merkel to present the stimulus at the G20. The stakes are high for Italy, when the borrowing rate to ten years the country approaching the "point of no return."