Business & Financial News

The airline Thai Airways International announced Monday it had approved the purchase of 37 new aircraft to 118.6 billion baht (3.9 billion euros) over the period 2011-2017.

Fifteen of these aircraft will be purchased for $ 49.5 billion baht, while the remaining 22 will be acquired through a leasing agreement for about 69 billion baht.

The command, as expected, was split between Boeing aircraft with 14 lines 777 and 787, and Airbus, with 23 series units 350 and 320.

Lot of fifteen units will include six Boeing 777-300ER will be delivered between 2014 and 2015, four Airbus 350-900 delivered between 2016 and 2017, and five Airbus 320-200 delivered between 2014 and 2015.

Thai Airways also plans to buy leased to International Lease Finance Corporation, six Boeing 787-8 delivered between 2014 and 2015, and two Boeing 787-9 delivered in 2017.

Six A350-900 delivered between 2016 and 2017 will be leased to Aviation Lease and Finance and two other CIT Aerospace International.

Finally, six A320-200s will be leased to RBS Aerospace Limited from 2012-2013.

These 22 orders leasing will be spread over twelve years.

Thai Air is valued at 2.1 billion, and belongs to the Thai state to 51%.

No consensus emerging on a single candidate, the duel for the succession of IMF management should compete to see Christine Lagarde and Mexican Agustin Carstens. The French Christine Lagarde toured the world to seek support for his candidacy to head the IMF. Thursday, June 9, she was in China.

The International Monetary Fund was heading Friday, except surprise to a duel between the Mexican Agustin Carstens and the French Christine Lagarde to take the post of Director General of the institution. Friday is the last day to submit his candidacy to succeed the French Dominique Strauss-Kahn. It must arrive before midnight Washington time (0400 GMT Saturday). Entered the lists early, and M. LagardeCarstens will compete in all likelihood the votes of 24 members of the Board of Trustees.

Christine Lagarde overwhelming favorite

"We clearly have two outstanding candidates," said Domenico Lombardi, an economics professor and former adviser to the IMF. Lagarde, finance minister for four years, may claim a solid experience in the G20 and the euro area. The support of seven directors of the European Union it is acquired.

Carstens, who combined four and half years as head of the Ministry of Finance and Central Bank of Mexico, "has more experience" in international financial institutions, said Fred Bergsten, director of the Peterson Institute, a center Research of Washington on the global economy.He assumed the position of Assistant Chief of the IMF (or its number three) in 2003, when Ms. Lagarde was still a lawyer.

A third declared candidate, the president of the Central Bank of Kazakhstan Grigory Marchenko, should not make them shadow. Designated by several countries of the former USSR, including Russia, he learned his candidacy on May 19 by a message on his mobile phone, has not campaigned since then, and said Thursday that Britain's Daily Telegraph that he was "more or less accepted" that Ms. Lagarde was to be designated. Mr. Marchenko regretted that the major emerging economies have been able to agree on a single candidate capable of representing them, which opens an avenue to Ms. Lagarde. "Another thing obvious, and unfortunate, is that developing countries are not able to present a single candidate.If they had gathered behind a candidate, I was delighted to support it, "he said.

Member States among the most important first and foremost the United States, Japan and China will give more time to decide. The IMF has set a goal to appoint a new leader on June 30

The IMF plans to publish the names of candidates early next week, if there are three or fewer candidates. Mr. Marchenko has hinted that he might not be included. If there were four or more candidates, the board will give one week to agree on three people, the best position, he wants to hear in Washington. Colin Bradford, economist of the IMF, "it would be a surprise that a candidate appears at the last minute" and starts a campaign with three weeks late on M.Carstens and Lagarde.

Africa is calling for a non-European to head IMF

The United States and Europe share, in the words of an unwritten convention, the direction of the IMF and the World Bank presidency since 1946. Tradition could last a little longer. The EU has pushed hard for his candidate and "in these circumstances it is difficult to win against Christine Lagarde," says Bradford.

But this tradition is widely criticized. "It is time now for a non-European, especially an African, to head the IMF," the AU said in a statement dated Wednesday. "Selecting a non-European, and especially someone from a developing country, would amplify the voice and representation of these countries within the IMF," she adds."The fact that Africa is increasingly recognized as a new growth pole for the world, with enormous potential (…) also raises the question of an African Director of the IMF," argues the AU. "Without doubt, the developing countries including African countries, have many highly qualified and credible candidates for the post of IMF Managing Director and the appointment of one of them would give credibility to the IMF and legitimacy, "she says.

Former Finance Minister Trevor Manuel of South Africa was the only African city as a possible candidate.Apply "is something that our government is still considering," he said Thursday at the BBC the current Minister of Finance of South Africa, Pravin Gordhan.

East Asia and South America, despite its dramatic emergence in the global economy, is likely not to present a candidate.

Christine Lagarde household already emerging

In an optical assembly and consensus, Christine Lagarde argued Thursday night on Twitter for an IMF "more representative" of its members. "There should be a distribution (more) appropriate and proportionate staff (to the IMF) to represent and respect both the diversity and universality" of this institution, which has 187 member states, she said, " tweeting "in English.Reform "of governance and ongoing staff to improve representativeness (IMF) must continue to ensure its legitimacy," insisted the French Minister of Economy. Asked what she could bring to the IMF, Lagarde argued his "ability to understand, build consensus, to mediate when necessary to give confidence and to reach out to governments."

Citigroup said Thursday an attack against computer networks, allowing hackers to access data on some 200,000 cardholders in North America.

The hackers had access to customer names, account numbers and contacts, including e-mail, said the bank.

Other information, such as dates of birth, social security numbers and expiration dates and PINs of bank cards have not been compromised, however, assured Citigroup.

"We contact customers whose information has been affected.Citi has implemented improved procedures to prevent such events from happening again, "said the email spokesman Sean Kevelighan.

"For the safety of these customers, we will not disclose more details," he added.

In the brief statement issued by the bank, how hackers managed to penetrate the network is not specified.

Another spokesman for the bank, James Griffiths, said from Hong Kong that the intrusion had affected 1% of customers in North America, numbering 21 million according to the latest annual report from Citigroup.

According to the Financial Times, the compromise of data was detected during a routine check in early May.Citigroup could be criticized for not informing affected customers earlier.

Many companies have been hit by cyber attacks lately, like Lockheed Martin, sony, or Google.

European shares ended stalls Tuesday, after falling during the four previous meetings, pending a second bailout plan for Greece.

Professionals, however, believe that we must expect more setbacks in the future because the crisis of sovereign debt in Europe is still there and feeding global growth concerns.

In Paris the CAC 40 shows a gain of 8.52 points (0.22%) to 3871.92 points.Regarding the other major European markets, London has gained 0.03% and Frankfurt was up 0.26%, while the Eurofirst 300 fell 0.08%.

The IMF said Tuesday that the release of its share of a new tranche of aid for the benefit of Greece implies that difficult decisions are taken in Europe.

"One can easily imagine a decline of 10% more for the stock market and it would give me a good opportunity to buy. Policies are not yet dealt with the issue of sovereign debt. All these bailouts are only delaying the inevitable, "said David Coombs (Rathbone Brothers).

The mining and values ​​of the utilities sector recorded the strongest gains. The first index gained 0.65% and 1.24% that of the second.

Eurazeo announced Monday the acquisition for 418 million euros from 45% of the French specialist in luxury clothing Moncler became its largest shareholder.

The redemption of Moncler, whose enterprise value of EUR 1.2 billion represents 12 times its Ebitda reached in 2010, should be completed in the third quarter, Eurazeo said in a statement.

Remo Ruffini, president and artistic director of Moncler, will retain 32% of Carlyle Capital and 17.8%.

Founded in 1952 in Grenoble, Moncler develops five brands: Moncler, Henry Cotton's, Marina Yachting, Weber & Ahaus Coast, and a license 18CRR81 Cerruti.

Originally a technical brand specializing in down jackets, Moncler has a network of 55 stores in Europe, Asia and North America in 2010 and achieved a turnover of 429 million euros. It employs over 1,000 employees.

Greece will probably in July a new tranche of aid from its international donors, enabling it to avoid default, in exchange for a new package of austerity measures.

After considering for a whole month implementation by Greece of the first rescue plan 110 billion euros decided in May 2010, inspectors for the Commission, the International Monetary Fund and the European Central Bank said Friday that Greece had made considerable progress but need to accelerate structural reforms.

"From the decision on the overall plan, discussions on the financial terms of the economic program of Greece should be held in the coming weeks.Once this process is concluded and after approval by the IMF executive board and the Eurogroup, the next installment will be available, most likely in July, "declared in a joint statement the European Union, the International Monetary Fund and the Bank European Central Bank.

The Greek Finance Minister George Papaconstantinou had indicated that Athens would be unable to meet its obligations from mid-July if the government did not get the next tranche of 12 billion euros under the plan Rescue of the EU and IMF, which was originally to be released June 29

In addition, Jean-Claude Juncker, chairman of the Eurogroup of finance ministers from the euro zone, has raised the prospect of additional funding of Greece beyond the current bailout. He gave no figure.

"I think that will accept that the Eurogroup is brought to Greece a financial supplement attached strict conditions", for his part, said Jean-Claude Juncker to the press after meeting with Greek Prime Minister George Papandreou.

THE PRIVATE SECTOR WILL BE REQUESTED

One of the conditions for continued aid will be that holders of private sector bonds also help Greece, but on a voluntary basis, "said Jean-Claude Juncker. He did not say how.This matter is the subject of heated debates.

According to the Greek newspaper Kathimerini, the new rescue plan for three years for Greece, which will therefore go up to 2014 will amount to 85 billion euros, slightly less than half will be provided by the EU and IMF.

The prospect of a second rescue of Greece has calmed the bond markets, which feared a default and has eased the pressure on other southern countries of the euro area, considered vulnerable, too. Yields on government bonds Greek and the cost of insurance of the Greek debt against default fell sharply.At the Athens Stock Exchange, Greek banks have gained almost 9%.

The Greek government has outlined a draft medium-term budget which provides for additional spending cuts, measures to increase state revenue and a faster sale of public assets.

This is the plan that George Papandreou presented to Jean-Claude Juncker during their two-hour meeting.Athens in particular agreed to create an independent agency to handle privatization.

Athens could not fully comply with the rescue program last May because of declining revenues due to the recession settled in the country and rampant tax evasion.

The idea of ​​a new austerity program has attracted strong opposition from trade unions and youth and some members of PASOK, the ruling Socialist Party of George Papandreou.

Demonstrators unfurled a huge banner on the building of the Ministry of Finance to protest against a policy which, they say, "transforms the workers into modern slaves."

Moody's downgraded Wednesday sovereign debt rating to Caa1 Greek cons B1 with a negative outlook.

In its statement, the rating agency said the risk of degradation by the increasingly important to see Greece fail to stabilize its debt level without its debt is restructured.

The reduction, says Moody's, also reflects the possibility of growing to see the European Central Bank, the International Monetary Fund and the European Union claim the private sector to restructure.

These risks imply that there is a probability of at least 50% to see Greece default.