Business & Financial News

The French Competition Authority on Monday announced the opening of a detailed examination phase of the proposed merger between Veolia Transport and Transdev.

Last August, the European Commission has partially approved the merger between the two companies but had referred to the Competition Authority's examination of the impact of the operation on the French market.

This will include whether the transaction "is likely to affect competition in the sector including urban transport and intercity passengers," says the Competition Authority in a statement payday loan lenders.

This review is made in principle within 65 working days after the initiation of the investigation, this period may be extended if necessary.

Last May, the Caisse des Depots (CDC) and Veolia Environnement announced their agreement to harmonize their respective subsidiaries Transdev and Veolia Transport, to create a global leader in passenger transportation.

Dubai World announced on Friday it had signed a formal agreement to restructure approximately $ 24.9 billion (19.5 billion euros) in debt, alleviating some of the concerns surrounding the budgetary situation in the emirate.

If an agreement between the conglomerate and most of its creditors is seen as a positive step for the emirate of Dubai, it comes just days after the announcement by a subsidiary of Dubai Holding, the conglomerate owned by the sovereign, delaying repayment of a loan of 555 million dollars.

This is the second time that Dubai Holding lack the maturity of a refund.

"Most participants expected such an outcome, and that the restructuring to be completed by October or November," said Andre Andrijanovs, credit analyst at Exotix in London.

"It is surprising that it happened so quickly and that an agreement was reached this week, it should generate positive momentum in Dubai (…) It remains to solve other problems, such as Dubai Holding ".

Dubai World has found common ground with more than 99% of its creditors in terms of values for the restructuring of approximately 24.9 billion debt, said the Dubai government in a statement.

Dubai World said in a separate statement that the restructuring could be completed in "coming weeks".

"The agreement formalizes a solid consensus on a restructuring proposal fair and balanced and leads to significant milestone for Dubai World in return a healthy financial position and stable," he said in a statement Sheikh Ahmed bin Saeed al Maktoum, Chairman of the Budget Committee Supreme Dubai, the equivalent of the Ministry of Finance.

According to a document on its proposed restructuring by the conglomerate to its shareholders on July 22 and was obtained by Reuters in August, Dubai World advance the date of October 1 for completing the transaction, if approved by creditors.

Moreover, the leading real estate developer in Dubai, Nakheel, a subsidiary of Dubai World, which is also heavily in debt, is separate negotiations to restructure its debt.

The Conservative government announced Friday the filing before the end of a bill on the privatization of British postal service, despite the hostility of the opposition Labor Party and unions.

This decision was taken on the basis of an independent audit conducted by Richard Hooper, a former mediator, which determines the need to inject private funds into the Royal Mail to ensure the survival of public service.

"He (Hooper) describes a situation very clear.Royal Mail faces a potentially fatal set of challenges: declining mail volume, low investment, low efficiency and a very difficult financial situation relating to pensions, "said a statement from the Minister of Industry, Vince Gable .

"We propose a new law in the fall.It will draw heavily on the analysis and proposals for Hooper and broader objectives of government, including the need for employees to have a real stake in the future of the industry, "he added.

According to Hooper, the volume of mail handled by mail should decrease by 40% within five years because of the use of more and more emails and SMS fast cash.

The deficit of the pension fund of Royal Mail continues to deteriorate and has reached eight billion pounds (9.7 billion euros) in March this year.

The state postal services also face increasing competition from deep in the part of private groups such as UK Mail and TNT, a firm specializing in packages and considered a potential acquirer of Royal Mail.

The previous Labor government had planned to sell 30% stake in private, before giving the project last year because of poor market conditions at that time and union opposition.

"Privatization is the policy to the former. It is, in history, synonymous with failure causing damage to utilities and railroads as well as an astronomical increase in prices for users, "said Friday Billy Hayes, general secretary of the Trades communication.

"Privatisation would be catastrophic for Royal Mail and postal services throughout this country," he added.

EADS is to get rid of its last national symbols by exchanging the logos of its founding French and Germans against a new identity, it was said sources familiar with the matter.

The Director General of the European Group Louis Welsh did not comment on the matter at the annual summit of aeronautics, space and defense of Reuters being held this week.

The new logo will be released next week and reflects the efforts of Louis to banish all Welsh nationalist group that has often suffered from infighting Franco-German since its inception in 2000.

"We have created an atmosphere much more peaceful society in recent years," he told Reuters."The famous face-to-face Franco-German EADS is no longer a problem for us, at least at the highest level.

The design of the new group symbol follows discussions between parts such as Airbus, including circular logo is visible in the world, and EADS, which is identified much less than its principal subsidiaries or its main competitor Boeing.

The group's image is seen as a sensitive issue because, somehow, it is the standard of European efforts to create an identity for the industry that is creating the single currency.

The present logo, the fruit itself in tough negotiations at the birth of EADS, has a star and a double arrow whistling respective heritages of both parents EADS: German DASA and the French Aerospatiale Matra.

Unveiled in 1999, this logo was not the taste of Spain because it was not changed when it integrated the European consortium through the company CASA.

The new logo based on the letters E, A, D and S, but each division will retain its own identity.

Its cost was not disclosed, but the official emphasized that it will cost less than renaming the group, still called EADS European Aeronautic Defence and Space Co.

A spokesman for EADS declined to comment.

Ryanair may order up to 300 planes, said its chief executive Michael O'Leary.

Ryanair had failed in 2009 discussions with Boeing on the purchase of 200 aircraft.

In an interview published Wednesday by The Financial Times, Michael O'Leary said it is still possible to buy not only the 200 planes from Boeing a contract worth around 15 billion dollars, but until to 300 units in total either Boeing or Airbus.

A Boeing spokesman declined to comment on these remarks, but said that discussions with customers were confidential.

Michael O'Leary, who has built over the years a reputation as a difficult negotiator, said in December that the command was aborted because Boeing had decided to change its methods of delivery.

The aircraft were delivered between 2013 and 2016.

FT Wednesday, Michael O'Leary also said that there is no airline in the market attractive to buy.

He also said that authorities asked permission to have only one pilot on board, a measure to reduce costs.

"It would save a fortune in the industry," he argues.

Barack Obama will announce Monday an ambitious plan to renovate the infrastructure of $ 50 billion (nearly 40 billion euros) over six years to boost job creation in the U.S., we learn Monday authoritative source the White House.

The American president is committed to working with Congress to ensure that the program is fully funded.The plan also includes a proposed bank specializing in infrastructure that would work with private capital, it adds.

The official announcement will be made in Milwaukee, Wisconsin during a speech by the Head of State in this public holiday of Labor Day marks the unofficial launch of the campaign for the midterm elections to the Congress.

While the unemployment rate is around 10% of the workforce, the Democrats would lose seats.Barack Obama will have to convince voters that only a Democratic political operative is able to pull the country out of its worst crisis in 70 years.

At the White House, it was clarified that the proposed program includes the construction or renovation of roads, railways and runways.

The bank proposed ad hoc "work with public and private capital to invest in major projects for our economic progress," says one.

U.S. stocks finish higher again Friday, the publication of positive indicators for the economy continuing with the monthly figures of employment considered reassuring.

The Dow Jones gained 127.83 points or 1.24% to 10,447.93 points, while the Standard & Poor's 500 took 14.41 points or 1.32% at 1104.51 points.

The Nasdaq Composite was awarded 33.74 points or 1.53% at 2233.75 points.

For the week, the Dow gained 2.9%, the S & P 3.8% and Nasdaq 3.7%.

The S & P index fund managers, has realized its best weekly performance of the past eight weeks.He did not rebound above 1,100 points since Aug. 11.

For the Dow Jones and Nasdaq, it is their best week in the last six.

Equity markets had fallen sharply in August, investors fearing a recession in the fallout world's largest economy.However, information released Wednesday, showing stronger growth than expected in the manufacturing sector in August, sparked a rebound in stock market values to post their biggest gain in eight weeks.

New indicators, including real estate, went to the same effect Thursday and rebound continued Friday with the announcement of monthly figures of employment.

THE FINANCIAL SOUGHT

The U.S. economy still has destroyed jobs in August for the third consecutive month, but significantly less than expected.In addition, the private sector has created more jobs than expected.

In this context, the announcement of a greater than expected slowdown in growth of activity in the services sector in the United States in August has left investors of marble.

"Equity markets were considered non-negligible probability of a relapse there is now an output of this fear factor," said Mike Dueker, at Russell Investments.

"The recovery will be slow but at least we can count on. This should provide a wind stern values for the remainder of the year."

Sensitive sectors such as business cycle and financial technology have been particularly sought after. The S & P financials gained 2.15%.Goldman Sachs was awarded 5.4% to 147.29 dollars.

Home Depot, the world of DIY and interior design, has gained 1.5% to 29.85 dollars, boosting her up yesterday.

Take-Two Interactive soared 7.34% to 9.50 dollars after the publication of a quarterly profit – investors awaited a loss – and raising expectations of the group.

Campbell Soup has however declined by almost 3% to 36.21 dollars, investors punishing quarterly sales below expectations and a revision of objectives.