BP said Friday that the cost of oil spill in the Gulf of Mexico reached eight billion dollars and he would need another two weeks to completely seal the well to the source of this pollution.
BP also reported that there had been no major upward revision in the amount of compensation paid to victims of the spill.
The compensation fund for victims of 20 billion dollars, called Gulf Coast Claims Facility (GCCF) and active since August 23, pays about 3.5 million per day.This figure is broadly in line with what BP paid himself before the fund takes over.
Under pressure from the White House, the British oil giant pledged in June to fund an escrow account of $ 20 billion over four years.
Lagardère was shown on Thursday determined to see Canal + France go public by March 2011 because of disagreement on the sale of its 20% stake in Vivendi, the controlling shareholder group of pay TV.
Shaken last spring with a campaign of shareholder activist Guy Wyser-Pratte, the media group accelerates the sale of its minority, who constitute a conglomerate discount to its stock price.
Arnaud Lagardère, general partner of the group inherited from his father, was more cautious for the next big sale expected by analysts, that of its 7.5% remaining in the group of aerospace and defense group EADS.
During the presentation of interim results of his group, Arnaud Lagardere seemed more eager than ever to clean up these minority, among which 25% of Amaury, the owner of Parisien and L'Equipe, and 42% of media group Marie Claire.
He particularly stressed his determination to introduce Canal + France in stock while analysts saw it as far a new negotiating tactics of Lagardère, began several months in a poker game with Vivendi, which owns the remaining 80%.
"We go through the process (…), we will not turn on the road," he said during a conference call during the half year results.
GO QUICKLY TO CANAL +
Arnaud Lagardere wants to move quickly to avoid being caught by the tender provided during 2011 for the rights of Ligue 1 for the period 2012-2016, during which an initial public offering by Canal +, the main stakeholder, would the least sensitive.
The chief financial officer Dominic D'Hinnin, responsible for leading the operation, said that if it was not buckled before the end of the year, should wait until March because investors would know the results of Canal + in 2010 before committing.
Lagardère values in its accounts its 20% interest in Canal + France to 1.5 billion euros, or the proportional value of sales options exercised this year by TF1 and M6, which together held 15% of Canal + France.
Analysts doubt that Lagardère, which has no option, can achieve such a valuation at an IPO.
Under a shareholders agreement forged in 2007 when the merger between CanalSat and TPS, without an agreement between two parties on the price of participation, Lagardere could sell its shares on the market.
The Figaro had been reported that Vivendi had refused an offer of 1.35 billion euros Lagardère. Neither group had reviewed the information.
Vivendi has not made any proposal when we gave them (our) money.Their response was: we prefer to keep our money and invest in telecoms, "said Dominic D'Hinnin.
MORE TIME TO LEAVE OF EADS
Regarding EADS, the equation is more complicated. The action has returned 27% since the beginning of the year to close at 17.95 euros on Thursday, but still low and many analysts are convinced that Lagardere will not sell to under 20 euros.
Arnaud Lagardere also said he wanted to first ensure that the program of the future Airbus A350 was well underway before leaving the group's capital.
"There may be delays, or maybe not, we know nothing," he explained."But to be in position to sell those shares in EADS, we want to be 100% comfortable with the development of this aircraft, which means a little more time."
He added that he had the green light from the French government to withdraw and that the issue of the French-German balance in the capital of EADS was not within its jurisdiction.
"I do not expect sales at the end of this year, but if we have an opportunity, it is clear that we will seize this opportunity," he added.
Arnaud Lagardere also said that his discussions with Marie-Odile Amaury, which owns the namesake newspaper group, for a withdrawal had not been completed, while hoping to achieve in 2011, see this year.
He argued that a sale of the Parisien and Aujourd'hui en France, refocusing the group on the organization of sporting events and L'Equipe, increase conflicts of interest with Lagardere, also present in this area Marie-Odile Amaury placed in an "awkward position".
"It is important that we sell," he said. "We're trapped in a company we have no control and which we do not draw virtually no dividend".
The European financial stability, to assist Member States in the euro area experiencing solvency problems, became fully operational Wednesday after weeks of uncertainty about the ratification of its Statute.
European fund, which can now raise up to 440 billion euros with the security of countries in the euro area, is part of an overall mechanism developed in the emergency early May, during the debt crisis of the European and capable of raising up to 750 billion euros with the involvement of the IMF.
The mechanism became fully operational on August 4 when Italy has confirmed its commitment to provide its guarantee for any loans issued by the Special Purpose Vehicle (SPV or "mutual fund assets"), said the representatives of the European Stability financial (FESF).
'I am pleased that Member States of the euro area have reached the final stage in the development of FESF, said in a statement Klaus Regling, Director General of the fund.
"The FESF is now fully operational and can if necessary, issue bonds with the assistance of the Office of the German debt, which would be guaranteed by member states of the eurozone."
No financial score has yet been assigned to the SPV, based in Luxembourg.This step constitutes an essential element for the cost it would have to agree to issue debt, if ever he has to do.
The funds should in theory receive the maximum "AAA" by the major rating agencies, the same rating as that assigned to debt securities issued occasionally by the European Commission with support from EU Member States.
END OF THE PROCESS OF RATIFICATION
The mechanism of financial stabilization, which had been agreed by Heads of State and Government of the eurozone at a special summit in Brussels on May 9, would then be transposed National in each participating state.
Its application has been suspended, however long the ratification of Slovakia, who was crossing a tense election period in which the issue of financial support to Greece's participation in the stabilization fund arose as European.
The new Slovak Minister of Finance appointed in early July has finally ratified the European Agreement on July 16.The surprise of the notification without approval of Italy August 4 marks the end of the process of ratification of 16 member states of the euro area.
After the recovery of financial markets, halting the fall of the euro and the favorable report of the EU and the International Monetary Fund on Greece, it is possible that the Fund, whose life is in principle limited 3 years, will ultimately not used.
Zurich Financial Services, Fourth European insurer, has seen its profits decline by 10% in first half as a result of provisions for defective mortgage loans and an increase in claims, including the earthquake in Chile.
The net profit of down 16% to $ 1.64 billion in the first half, against $ 1.97 billion during the corresponding period of 2009, Zurich Financial announced Thursday, said in a statement.
Operating profit activities (Business Operating Profit, BOP) declined 10% to 2.23 billion against $ 2.55 billion.
These declines are attributed to 330 million of provisions recorded in the second quarter in commercial real estate in Great Britain and Ireland.
In the first quarter, the group had recorded $ 200 million because of the earthquake in Chile.
Total depreciation amounted to 763 million during the first six months of 2010.
Zurich Financial has, however gains in net capital investment and depreciation of 418 million.
As usual, ZFS did not provide guidance for the full year.
The combined ratio deteriorated to 98% at end June 2010 against 96.2% a year earlier, and return on equity has deteriorated to 11.5% after 17.6%.
The solvency ratio has however improved to 232% at the end of the period under review.
Business volumes have expanded from 3% to 34.9 billion dollars, and 1% in local currency.
Tokyo stocks ended virtually unchanged on Tuesday (-0.07%), caught between downward pressure related to the strength of the yen and satisfaction related to solid quarterly results and found the stronger than expected for Sales of new homes in the United States.
The Nikkei index closed at 9496.85 points while the broader TOPIX, took 0.03% to 846.12 points.
Home sales in the nine to the United States jumped from 23.6% in June is, in percentage, the stronger rebound since May 1980, reassuring investors about the risk of a relapse of the U.S. economy.
In terms of value, the manufacturer of household products Kao Corp. gained 1.1% to 2.111 yen after the announcement of an increase of 34.6% of its operating profit for the period April to June, to 26.17 billion yen (231 million euros).
In contrast, the continued strength of the yen continues to handicap the exporting groups.
The semiconductor equipment supplier Tokyo Electron, the semiconductor maker Advantest, and the carmaker Honda and decreased from 0.42 to 1.62%.
Unilever said Monday it completed the sale of its Italian subsidiary specializes in the Findus frozen food products to Birds Eye Iglo to 805 million euros.
Birds Eye Iglo is for the private equity firm Permira.
It involves the sale of Unilever's recent activities in Europe frozen.
Permira will bring Findus and Birds Eye Iglo to the old pole of Unilever's frozen foods, he had acquired in 2006 for 1.73 billion euros.
In a statement, Unilever said that about 650 people Findus, whose turnover reached 462 million euros in 2009, will be transferred to the new owner.
Reuters reported last week that Permira was elbow to elbow with Lion Capital in the race to buy Findus, to BC Partners.
In London, Unilever gained 0.74%, to 1.896 pence to 9:45 GMT.
Mattel announced Friday a lower than expected earnings in the second quarter, a weak euro offset the benefits of licensed Toy Story 3 and strong sales of Hot Wheels.
The manufacturer of the Barbie doll has reported a profit of $ 51.6 million, or 14 cents per share, against 21.5 million (six cents) a year earlier.
Turnover increased 13.4% to $ 1.02 billion but the effects of unfavorable exchange slashed three points to this growth.
The Thomson Reuters consensus I / B / E / S gave an EPS of 15 cents and revenue of $ 1.02 billion.
Sales in the U.S. increased by 17% and 9% in the rest of the world.
Sales of Barbie and Hot Wheels were up 6% and 11% respectively, while those of American Girl fell 4%.
European shares ended slightly lower Wednesday, ending six consecutive sessions upward, banking stocks have suffered from the perspective of capital rules and more stringent risk for banks.
The increase of the high tech, according to results from Intel, however, helped to significantly reduce losses. Without appease investors who wait with some anxiety the results of stress tests of banks, July 23.
In Paris the Cac 40 index loses and 0.13% to 3632.98 points.The FTSEurofirst 300 index, which gained 8.2% over the previous six sessions, do likewise yields only 0.14%.
The European banking index, which lost more than 1% in session, ended the day on a decline of 0.42%. This is the second segment loss of the day and not as the first meeting. On the contrary, it confirms the high techs gain the most important day of 1.21%.
For banks, BNP Paribas, HSBC and Societe Generale have lost 1% to 2.7%.
For the high techs, ASLM Holdings gained 3.05%. The world leader in machine lithographed raised its revenue outlook for 2010, strong demand for its machines that allowed him to achieve results better than expected second quarter.
The International Monetary Fund (IMF) estimates that the economic recovery of the United States proves stronger than expected but still weakened by high unemployment and a moribund housing market.
The IMF has slightly raised its outlook for U.S. growth to 3.3% for 2010 and 2.9% for 2011, but he added that unemployment would remain above 9% for two years, with inflation still low.
In a statement released Thursday after annual consultations with the U.S. authorities, the IMF considers that the recovery from the recession is affirmed by an efficient reaction of the authorities in monetary and fiscal policy.
"The outlook has improved with the recovery but weaknesses remain in household balance sheets and financial services, combined with high unemployment may slow private spending," observes the Fund.
INSEE confirmed the modest growth of 0.1% of GDP in the first quarter but revised the figure up in the fourth quarter 2009 to +0.6% +0.5% instead announced May
The figure for all of last year remains unchanged at -2.5%, the worst recession known the French economy in the postwar period.
In late March, the acquired growth for 2010 came to 0.8%.
Consumer spending by French households have stagnated in January-March when they were up 1.0% at end 2009 (0.9% in the previous estimate) before the reduction of vehicle scrappage.
The total investment fell by 0.9% (after -1.1% in the fourth quarter), with declines of 0.6% for household investment and 1.0% for non-financial firms.
The government spending stagnated after rising 0.6% in late 2009.
The total final domestic demand (excluding inventories) contributed negatively to growth (-0.2 instead of -0.1 points initially estimated), after +0.5% in October to December.
Changes in inventories also contributed negatively by 0.2 percentage points (instead of -0.1) to the growth in the first quarter as foreign trade contributed positively to the tune of 0.4 points.Exports increased by 4.1% (instead of 3.9%) in the quarter, almost twice more than imports (+2.1% instead of 2.0%).
Detailed results of the national accounts also reveal that the disposable income of households rose 0.4% in fourth quarter, after rising 0.2% in the previous three months.But the benefits have slowed, increased taxes and inflation accelerated, so that the purchasing power of disposable income fell 0.1%, after stability in the fourth quarter.
The savings rate has meanwhile declined slightly to 15.7% from 15.8% in late 2009.
Last indication given by INSEE, the margin of non-financial corporations increased by 1.2 points to 30.5%.
