LyondellBasell group wants to close its refinery in Berre, in the Bouches-du-Rhone. If the project is completed, France will have lost three refineries in a year. The number of hexagonal site will be increased from 23 to 10 in the space of 40 years. Employees of the LyondellBasell refinery in Berre, in a social movement in 2010.
The carnage continues for oil refineries. Total after Dunkirk in 2010 and Petroplus to Reichstett (Bas-Rhin) in June, the American petrochemical company LyondellBasell announced Tuesday plans to close its refinery in Berre, in the Bouches-du-Rhone, which it considers unprofitable .
The site employs 370 employees in a petrochemical complex in 1270 employees will lose 120 million euros a year depending on the direction. But the group failed to sell it. No less than "85 entities around the world were approached during the sale process, to no avail.The refinery has in fact been no bid "has he explained. This ensures that only 370 jobs are directly affected refining risk. But unions argue that the loss of jobs could extend to the entire complex.
In response, nearly a thousand employees voted in a general meeting Tuesday the start of a "strike hard" for 48 hours. Wednesday, the entire petrochemical complex was shut down. Between 200 and 300 employees are present for locking, according to unions. The next general meeting is scheduled this Thursday at noon. Those decisions involved a year to the day after the start of great social movement that paralyzed almost all French refineries and caused a fuel shortage.
General meetings in nine out of ten sites
And the risk of a new scale strike is beginning to emerge.The movement of employees of LyondellBasell could spread, even if solidarity is shy at the moment. Employees of nine of the ten French refineries have held general meetings on Wednesday. And could lead to possible actions. But for now, only employees of the Total refinery at Donges, Loire-Atlantique, voted in favor of an immediate movement but symbolic: a decline in production to a minimum flow for 24 hours.
On the side of the Total refinery in Gonfreville l'Orcher, near Le Havre, general meetings were also held. But only a third of the participants voted in favor of a strike and the unions did not consider the results sufficient to initiate an action. A Fos-sur-Mer, in the ExxonMobil refinery, there was no general meeting.
The situation could change Friday.A meeting of employees of the four sites in the area of Berre be held and could lead to possible actions. If the strike is decided, it could spread to other refineries.
France lost 12 refineries in 40 years
The future seems to darken French refineries from year to year. There were 23 in the late 70's, there are no more than 11 still active today. And the closure of the Berre could add to this sad list. Refineries "are in excess production capacity, and do not have sufficient opportunities" because of "demand is very sluggish," said Jean-Louis Schilansky President of the French Union of Petroleum Industries (Ufip). It will even "operating loss of several hundred million euros" in 2011, a trend in "neighbor" of 2009, when they lost 1 billion euros, "he added.According to Les Echos, refining margins, which represent the difference between the price of refined products and their production costs, decreased by 60% between 2008 and 2009. And are now at a "crisis level".
French refineries were in effect in 2010, almost 82 million tonnes of petroleum products like gasoline, diesel or fuel oil. But demand remains well below capacity. Consumption in France in 2010 reached 33.6 million tonnes of diesel and 8.2 million tonnes of gasoline. "Since 2007, there was a drop in consumption in Europe related to energy conservation, and the phenomenon is exacerbated by economic crises," said Constancio Silva, an economist at the French Petroleum Institute-New Energies.
"The divestitures or closures inevitable"
He said the refiners were not able to adapt to changes in demand.They suffered from the rise of the French nuclear fleet. This has indeed led to a decline in demand for heavy fuel oil, which was used previously to operate power plants.
In addition, refiners have invested in the 70 and 80, in units of gasoline production, then the fuel most consumed in France. But they were surprised by the explosion in demand for diesel, accentuated by a favorable tax and lower consumption of diesel engines. The sale of diesel fuel currently represents 75% of fuel sales in France. Motorists consume 33 million tons, but French production capacity amounts to only 20 million. Refineries hexagonal therefore find themselves being forced to export 30% of its production of gasoline, including the United States where, again, demand has slowed.According to the Professional Committee of oil, gasoline sales abroad have in fact fallen by 20%. And Parellel, oil companies are forced to buy diesel fuel abroad, which increases their expenses.
In this context, "ultimately, disposals or closures will be inevitable," says the Ufip. Pessimism that refuses to admit the unions. In response to the closure of the Berre, CFDT and CGT federations in the industry, oil chemistry yelled "stop the slaughter." "This announcement is unacceptable. For it is not linked solely to the problems of weak refining margins and the inadequacy of the means of production with the market, the surplus of gasoline and diesel deficit" Have they denounced.
According to them, refinery closures meet market logic and a lack of investment.The FNIC-CGT calls "a multi-year investment" on the basis of the report of the French Institute of Petroleum, which presented June 22, through investment, featured tracks of development for French refineries.
An argument shared by Thomas Porcher, PhD in economics author of "A barrel of oil against 100 lies." He said the lack of investment to change the production structure of French refineries explains their lack of profitability. "Despite the record profits from the price effect of rising oil prices, these investments were ousted in favor of a preference for investments in refineries near the mining areas. This is the case Total in Saudi Arabia with the Jubail refinery example. It can produce low-cost, because of its proximity to the deposits.But it is especially with a modern production system to adapt the ratio diesel / petrol desired. The problem of refining French could no longer be similar "to a lay-sector" including the means of production have become unsuitable as a problem of competitiveness. While the first causes the second "he says.
The state has proposed 10 to 15 billion euros to French banks to strengthen their capital in the same way as in 2008 but the project was buried because of the opposition BNP Paribas, wrote the Journal du dimanche.
Citing unnamed sources close to banking and the Elysee, the Sunday newspaper added that this proposal was made at a meeting on September 11, between the Director of Treasury and leaders of BNP Paribas, Societe Generale, Credit Agricole, People's Bank, Savings Bank, and Credit Mutuel.
Approached by Reuters, the Treasury has made no immediate comment. The governor of the Banque de France, Christian Noyer, assures him in an interview with JDD that "there is no plan.And besides we do not need. "
He emphasized that "the only thing that exists is the mechanism 2008 of a public company may purchase securities in the capital of banks if they express a need. So if there was an extraordinary event, this mechanism is place, "a statement which does not seem inconsistent with the alleged proposal of the French authorities cited by the JDD.
According to the JDD, "the state has offered to support French banks in the same way in 2008.""The pattern was to inject this time between 10 and 15 billion euros of public money to strengthen their capital base."
"Many intervention schemes were under consideration, simple loan to the issuance of preferred shares with warrants," the paper said.
Societe Generale, whose share price tumbled, accepted this solution provided all the French banks involved but "BNP Paribas declined to be supportive, burying the project immediately," the JDD.
Contacted by Reuters, BNP Paribas and Societe Generale had no comment.
To address the financial crisis following the collapse of U.S. bank Lehman Brothers, the French government established in the fall of 2008 a plan to help the banking sector by mobilizing a budget of 360 billion euros, including 40 billion to build equity and 320 billion to help banks refinance themselves via the Company's financing of the French economy (SFEF).
Axa has hired investment bank Credit Suisse to explore the sale of its private equity division, told Reuters on Friday two sources familiar with the matter.
The British news channel SkyNews had indicated this morning that the French group insurance decided to sell its subsidiary AXA Private Equity, adding that it could be worth one billion pounds (1.15 billion euros ).
"It's like any new process," said one source, noting that the figure of one billion sterling mentioned as selling prices seemed quite high.
Axa and its subsidiary did not wish to make comments.
A spokesman for Axa said Axa Private Equity, an AXA IM managed $ 28 billion in assets.
Axa PE announced in August with the acquisition of HSH Nordbank much of a portfolio of 620 million euros, having already completed in June the acquisition of a portfolio of Citigroup for $ 1.7 billion (1, 17 billion) and another from Barclays for 740 million dollars.
In April 2010, AXA Private Equity acquired for $ 1.9 billion of private equity investment in Bank of America, when signing the largest-ever by a single buyer in this market.
Greek Prime Minister George Papandreou would consider the possibility of consulting the Greeks on solutions to overcome the debt crisis, says the Greek press. The abandonment of the euro would be an option. Athens has denied this information. The Temple of Zeus in Athens.
Greek Prime Minister George Papandreou would explore the possibility to consult the public in a referendum on how best to tackle the debt crisis, or remaining in the euro area, either by abandoning the single currency, a Greek daily said Tuesday.The Prime Minister would be based on a favorable outcome for the euro to continue its drastic austerity policies applied at the request of the creditors of the country, the euro area and the International Monetary Fund (IMF), the daily Kathimerini said, Citing "sources" unidentified.
A text of the bill was under development, understands the everyday., No confirmation could be obtained from official sources on Tuesday morning. The Greek Ministry of Finance on Tuesday denied that information. "It makes no sense," said a source at the Ministry of Finance told AFP. Given the scale of protests in Greece last spring, Mr.Papandreou announced June 19 the holding of a referendum in the fall to concentrate on "the great changes that the government aims for the country", including political reforms as the functioning of parliament, the electoral system as well as an overhaul of the judicial system.
According to opinion polls, the Greeks have lost confidence in their political and judicial system, which has never been able to stem the endemic corruption in the country. The information on a proposed referendum on the euro are published at the time the Minister of Finance negotiates fiercely with the troika of the country's creditors seeking the implementation of austerity measures decided in July (fewer staff, reducing public expenditure) before paying the next $ 8 billion euros of the loan in May 2010 to avoid bankruptcy the country.
Toyota announced Friday the hiring of 800 employees on fixed-term contract on its site Onnaing (North) from January to respond to the success of the Yaris III, who is built.
The announcement was made at the plant Onnaing by Makoto Sano, president of Toyota Motor Manufacturing France (TMMF).
Toyota will put in place from January 3rd a third shift of production to meet the specifications of orders for the Yaris III, stronger than expected in Italy and the countries of northern Europe.
Toyota will hire 800 employees with contracts of 18 months. Once recruitment is complete, the size of the Toyota plant to reach Onnaing 4300 employees, a record since it opened in 2001. Toyota Onnaing site is dedicated to the production of the Yaris.
Release said this morning that the CNT had reserved 35% of the black gold to France in exchange for his support for the rebellion. A soldier in the camp of Colonel Muammar Gaddafi near the oil refinery in Ras Lanouf, March 12, 2011.
The representative in Paris of the National Transition Council, the governing body of the rebellion Jamahiriya, denied Thursday that the CNT has signed with France a document promising him 35% of Libyan oil, in a statement to AFP.
Hours before the start of a summit dedicated to the democratic reconstruction of Libya in Paris, the French daily Liberation published a letter dated April 3, headed the "Popular Front for the Liberation of Libya" and addressed to the Emir of Qatar in which the CNT said it has signed an "agreement to give 35% of total crude oil in exchange for French support to our total and permanent
I've never heard of this front, "responded Mansour Sayf al-Nasr, special envoy of the CNT in Paris." All documents, all treaties are signed valid CNT ", he argued, rejecting any other document as invalid. The governing body of the Libyan rebels are known, since late February that as the National Transition Council.The only reference to a "Liberation Front" on the Internet refers to the letter of April 3, published by Liberation on Thursday and runs for weeks on the web.
Asked on RTL radio on Thursday, the French foreign minister Alain Juppe said "not aware of such a letter." "The CNT has said very formally in the reconstruction, he addressed preferentially to those who supported him, which seems quite logical and fair," he said, repeating does not have "knowledge of formal agreement. " "We are not alone. The Italians, the Americans are there," he said.
From London, the representative of al-CNT Guma Gamaty assured that future contracts on the exploitation of Libyan oil shall be granted "based on merit, not patronage."Libya, the fourth largest producer in Africa (after Nigeria, Angola and Algeria), exported before the insurrection against the regime of Muammar Gaddafi 80% of its black gold to Europe, especially Italy and France.
Libya has the largest oil reserves in Africa, with 44 billion barrels, far ahead of Nigeria (37.2 billion barrels) and Algeria (12.2 billion). These large companies are Italy's Eni, French giant Total and the Anglo-American BP, Shell and ExxonMobil. The country has also almost doubled its exports of natural gas in recent years, 5.4 billion m3 per year in 2005 to over 10 billion m3 of this year, according to OPEC, through a new pipeline to the Italy. Its reserves are estimated at 1,540 billion m3.In early August, the CNT was committed to honor, "he will govern as a temporary", "all financial contracts and petroleum agreements under Gaddafi."
Executive Director of the IMF believes that states should support the short-term recovery and redress public finances in the medium term. IMF Executive Director Christine Lagarde at a news conference in Washington July 6, 2011
Executive Director of the International Monetary Fund (IMF), Christine Lagarde, on Monday called on governments around the world, and first of all "advanced economies" not to kill growth by fighting against the debt. "Fiscal consolidation has to solve an equation delicate neither too fast too slow no," writes Christine Lagarde in an article published in the Financial Times, entitled "Do not let the slowdown budget block the global recovery."
For the IMF chief, "the current market turmoil [...] has shaken confidence in the economy in the world and prompted many to conclude that all the political possibilities had been exhausted," but " this impression is false and could lead to paralysis. " Christine Lagarde, who took office in July, thus ensuring the continuity of the message of his organization.
Under his predecessor, Dominique Strauss-Kahn, the IMF argued in effect for over a year for the advanced countries, which have seen their debt soar with the financial crisis occurred in 2007, implement strategies 'fiscal consolidation that are favorable to growth.
If the "crisis exit strategies" discussed in late 2009 and early 2010 are no longer appropriate for the advanced economies, the IMF regularly reminded that there is still room in the short term, for fiscal stimulus well-calibrated provided they are accompanied by a strong commitment to reduce deficits in the medium and long term.
In the United States was the route chosen initially by the government of President Barack Obama, but that it is unable to follow since the Republicans took over the House of Representatives in January.They have made deficit reduction their main policy objective and do not want to hear about stimulus spending.
The gallery of Christine Lagarde appeared while austerity voted or being prepared in a number of European countries are worried because of their size.
Oil prices had closed up Wednesday issued after the announcement that the United States had reduced their inventories last week.
The September contract on Brent crude has ended up 4.0%, or 4.11 dollars to 106.68 dollars.
Previously on the Nymex, the contract on September U.S. crude (WTI) had ended with a gain of 3.59 dollars, or 4.53% to 82.89 dollars a barrel.
The producer prices fell by 0.1% in France in June, the decline in oil prices continues, show figures released Friday by INSEE.
Eight economists polled by Reuters on average expected a 0.1% increase, with estimates ranging from -0.3% to 1.0%.
The index fell 0.5% in May, which elected its first decline in 20 months (September 2009).
In one year, the index of producer prices in the French industry is up sharply, by 6.1%.
Prices of petroleum products were down 2.2% in June after -4.6% in May The increase over one year remains 21.6%.
The food prices rose 0.4% in June as in May. In one year, their increase is 7.3%.
IBM has published a quarterly profit up 8% over the previous year, thanks to the business performance of its computers and software.
The world's leading IT services has reported a net profit of 3.66 billion dollars (2.5 billion euros) in the second quarter, three dollars per share, against $ 3.39 billion, or 2 , $ 61 per share, a year earlier.
Revenues rose 12% to $ 26.7 billion while the Thomson Reuters consensus I / B / E / S gave 25.35 billion dollars.
"After adjusting for currency, revenue is still up 5% from one year to another.It's still a lot given the size and defensive strategy for IBM, "notes Amit Daryanani, an analyst at RBC Capital Markets.
The turnover of the software division increased 17% over the quarter, reaching $ 6.2 billion.
IBM raised its forecast for 2011 and now expects annual GAAP earnings per share to 12.87 dollars less.
The title is returned to IBM after-hours trading, rising 2% after being closed down by 0.14% to 175.28 dollars in New York Stock Exchange.
The group added that he ended the quarter with $ 11.8 billion in cash available.
